0001437749-21-012395.txt : 20210517 0001437749-21-012395.hdr.sgml : 20210517 20210517075658 ACCESSION NUMBER: 0001437749-21-012395 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 40 CONFORMED PERIOD OF REPORT: 20210331 FILED AS OF DATE: 20210517 DATE AS OF CHANGE: 20210517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Genprex, Inc. CENTRAL INDEX KEY: 0001595248 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 900772347 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38244 FILM NUMBER: 21927632 BUSINESS ADDRESS: STREET 1: 1601 TRINITY STREET, BLDG. B STREET 2: SUITE 3.322 CITY: AUSTIN STATE: TX ZIP: 78712 BUSINESS PHONE: 512-537-7997 MAIL ADDRESS: STREET 1: 1601 TRINITY STREET, BLDG. B STREET 2: SUITE 3.322 CITY: AUSTIN STATE: TX ZIP: 78712 10-Q 1 gnpx20210331_10q.htm FORM 10-Q gnpx20190331b_10q.htm
 

 

UNITED STATES

 

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549  

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________________ to ______________

 

Commission file number: 001-38244

 

GENPREX, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

90 - 0772347

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

 

 

3300 Bee Cave Road, #650-227, Austin, TX

78746

(Address of principal executive offices)

(Zip Code)

 

(512) 537-7997

(Registrant’s telephone number, including area code)

 

1601 Trinity Street, Bldg. B, Suite 3.322, Austin, TX 78712

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.001 per share

 

GNPX

 

The Nasdaq Capital Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒   No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☒    

 

As of May 10, 2021, the registrant had 47,363,729 shares of common stock, par value $0.001 per share, outstanding.

 


 

 

 

 

 

 
 

GENPREX, INC.

TABLE OF CONTENTS

 

 

 

 

 

Page No.

 

 

 

 

 

PART I

 

FINANCIAL INFORMATION

 

5

 

 

 

 

 

ITEM 1.

 

FINANCIAL STATEMENTS

 

5

 

 

Condensed Balance Sheets as of March 31, 2021 (unaudited) and December 31, 2020

 

5

 

 

Condensed Statements of Operations for the Three Months Ended March 31, 2021 and 2020 (unaudited)

 

6

    Condensed Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2021 and 2020 (unaudited)   7

 

 

Condensed Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020 (unaudited)

 

8

 

 

Notes to Unaudited Condensed Financial Statements

 

9

ITEM 2.

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

21

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK   26

ITEM 4.

 

CONTROLS AND PROCEDURES

 

26

 

 

 

 

 

PART II

 

OTHER INFORMATION

 

27

 

 

 

 

 

ITEM 1.

 

LEGAL PROCEEDINGS

 

27

ITEM 1A.

 

RISK FACTORS

 

27

ITEM 2.

 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

27

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES   27
ITEM 4.   MINE SAFETY DISCLOSURES   27

ITEM 5.

 

OTHER INFORMATION

 

27

ITEM 6.

 

EXHIBITS

 

27

SIGNATURES

29

 

3

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA

 

This Quarterly Report on Form 10-Q contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements may be identified by such forward-looking terminology as “may,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. Our forward-looking statements are based on a series of expectations, assumptions, estimates and projections about our company, are not guarantees of future results or performance and involve substantial risks and uncertainty. We may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements. Our business and our forward-looking statements involve substantial known and unknown risks and uncertainties, including the risks and uncertainties inherent in our statements regarding:

 

 

our business strategies;

  

 

the timing of regulatory submissions;

  

 

our ability to obtain and maintain regulatory approval of our existing product candidates and any other product candidates we may develop, and the labeling under any approval we may obtain;

  

 

the timing and costs of clinical trials and the timing and costs of other expenses;

  

 

the ultimate impact of the current coronavirus pandemic, or any other health epidemic, on our business, our clinical trials, our research programs, healthcare systems or the global economy as a whole;

  

 

market acceptance of our products;

  

 

our intellectual property;

  

 

our reliance on third party organizations;

  

 

our competitive position;

  

 

our industry environment;

  

 

our anticipated financial and operating results, including anticipated sources of revenues;

  

 

assumptions regarding the size of the available market, benefits of our products, product pricing and timing of product launches;

  

 

management’s expectation with respect to future acquisitions;

  

 

our goals, intentions, plans and expectations, including the introduction of new products and markets; and

  

 

our cash needs and financing plans.

 

All of our forward-looking statements are as of the date of this Quarterly Report on Form 10-Q only. In each case, actual results may differ materially from such forward-looking information. We can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of, or any material adverse change in, one or more of the risk factors or risks and uncertainties referred to in this Quarterly Report on Form 10-Q or included in our other public disclosures or our other periodic reports or other documents or filings filed with or furnished to the U.S. Securities and Exchange Commission (the “SEC”) could materially and adversely affect our business, prospects, financial condition and results of operations. Except as required by law, we do not undertake or plan to update or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections or other circumstances affecting such forward-looking statements occurring after the date of this Quarterly Report on Form 10-Q, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. Any public statements or disclosures by us following this Quarterly Report on Form 10-Q that modify or impact any of the forward-looking statements contained in this Quarterly Report on Form 10-Q will be deemed to modify or supersede such statements in this Quarterly Report on Form 10-Q.

 

This Quarterly Report on Form 10-Q may include market data and certain industry data and forecasts, which we may obtain from internal company surveys, market research, consultant surveys, publicly available information, reports of governmental agencies and industry publications, articles and surveys. Industry surveys, publications, consultant surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but the accuracy and completeness of such information is not guaranteed. While we believe that such studies and publications are reliable, we have not independently verified market and industry data from third-party sources.

 

References to Genprex

 

Throughout this Quarterly Report on Form 10-Q, the “Company,” “Genprex,” “we,” “us,” and “our” refers to Genprex, Inc. and “our board of directors” refers to the board of directors of Genprex, Inc.

 

 

4

 

 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Genprex, Inc.

 

Condensed Balance Sheets (unaudited)

 

   

March 31,

   

December 31,

 
   

2021

   

2020

 
Assets     (unaudited)          

Current assets:

               

Cash and cash equivalents

  $ 47,068,703     $ 27,319,685  

Accounts receivable

    127       127  

Prepaid expenses and other

    201,004       384,553  
Supplies     3,107,900       3,011,042  

Total current assets

    50,377,734       30,715,407  

Property and equipment, net

    37,300       39,441  

Other assets:

               

Security deposits

    10,741       10,741  

Intellectual property, net

    610,696       601,625  

Total other assets

    621,437       612,366  

Total assets

  $ 51,036,471     $ 31,367,214  

Liabilities and Stockholders’ Equity

               

Current liabilities:

               

Accounts payable and accrued expenses

  $ 338,968     $ 192,968  

Other current liabilities

    274,658       257,756  

Total current liabilities

    613,626       450,724  

Stockholders’ equity:

               
Preferred stock $0.001 par value: 10,000,000 shares authorized; no shares issued and outstanding            

Common stock $0.001 par value: 200,000,000 shares authorized; 47,314,820 and 43,117,681 shares issued and outstanding, respectively

    47,315       43,118  

Additional paid-in capital

    115,287,472       89,295,601  

Accumulated deficit

    (64,911,942 )     (58,422,229 )

Total stockholders’ equity

    50,422,845       30,916,490  

Total liabilities and stockholders’ equity

  $ 51,036,471     $ 31,367,214  

 

See accompanying notes to the unaudited condensed financial statements.

 

5

 

 

 

Genprex, Inc.

 

Condensed Statements of Operations (unaudited)

 

   

Three Months Ended

 
   

March 31,

 
   

2021

   

2020

 

Revenues

  $     $  

Cost and expenses:

               

Depreciation

    6,242       5,353  

Research and development

    2,169,143       1,477,877  

General and administrative

    4,316,310       4,092,996  

Total costs and expenses

    6,491,695       5,576,226  

Operating loss

    (6,491,695 )     (5,576,226 )

Interest income

    1,982       10,006  

Net loss

  $ (6,489,713 )   $ (5,566,220 )

Net loss per share—basic and diluted

  $ (0.14 )   $ (0.20 )

Weighted average number of common shares— basic and diluted

    45,546,106       27,952,742  

 

See accompanying notes to the unaudited condensed financial statements.

 

6

 

 

 

Genprex, Inc.

 

Condensed Statements of Changes in Stockholders' Equity (unaudited)

 

   

Common Stock

   

Additional

   

Accumulated

         
   

Shares

   

Amount

   

Paid-In Capital

   

Deficit

   

Total

 

Balance at December 31, 2019

    19,263,841     $ 19,264     $ 43,483,740     $ (40,479,459 )   $ 3,023,545  

Issuance of stock for cash

    13,581,000       13,581       25,718,059             25,731,640  

Issuance of stock for services

    5,000       5       1,545             1,550  

Share based compensation

                752,444             752,444  

Net loss

                      (5,566,220 )     (5,566,220 )

Balance at March 31, 2020

    32,849,841     $ 32,850     $ 69,955,788     $ (46,045,679 )   $ 23,942,959  
                                         

Balance at December 31, 2020

    43,117,681     $ 43,118     $ 89,295,601     $ (58,422,229 )   $ 30,916,490  

Issuance of stock for cash

    4,192,139       4,192       25,320,138             25,324,330  

Issuance of stock for services

    5,000       5       20,645             20,650  

Share based compensation

                651,088             651,088  

Net loss

                      (6,489,713 )     (6,489,713 )

Balance at March 31, 2021

    47,314,820     $ 47,315     $ 115,287,472     $ (64,911,942 )   $ 50,422,845  

 

See accompanying notes to the unaudited condensed financial statements.

 

7

 

 

 

Genprex, Inc.

 

Condensed Statements of Cash Flows (unaudited)

 

   

Three Months Ended March 31,

 
   

2021

   

2020

 

Cash flows from operating activities:

               

Net loss

  $ (6,489,713 )   $ (5,566,220 )

Adjustments to reconcile net loss to net cash used in operating activities:

               

Depreciation

    6,242       5,353  

Share based compensation

    671,738       753,994  

Changes in operating assets and liabilities:

               

Accounts receivable

          655  

Prepaid expenses and other

    187,282       102,148  

Accounts payable and accrued expenses

    146,493       202,134  

Other current liabilities

    12,676       (15,592 )

Net cash used in operating activities

    (5,465,282 )     (4,517,528 )

Cash flows from investing activities:

               

Additions to property and equipment

    (91,701 )     (11,412 )

Additions to intellectual property

    (9,071 )     (44,744 )
Additions to research and development supplies     (9,258 )     (80,857 )

Net cash used in investing activities

    (110,030 )     (137,013 )

Cash flows from financing activities:

               
Proceeds from issuances of stock     25,324,330       25,731,640  

Net cash provided by financing activities

    25,324,330       25,731,640  

Net increase in cash and cash equivalents

    19,749,018       21,077,099  

Cash and cash equivalents, beginning of period

    27,319,685       2,002,492  

Cash and cash equivalents, end of period

  $ 47,068,703     $ 23,079,591  
                 

Supplemental Disclosure of Cash Flow Information

               

Cash paid for interest

  $     $  

Cash paid for taxes

  $     $  

 

See accompanying notes to the unaudited condensed financial statements.

 

8

 

 

GENPREX, INC.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

 

 

Note 1 - Description of Business and Basis of Presentation

 

We are a clinical stage gene therapy company focused on developing life-changing treatments for cancer and diabetes. Our lead cancer drug candidate, REQORSA™ Immunogene therapy drug (sometimes referred to as GPX-001), is being developed to treat non-small cell lung cancer ("NSCLC"). The active agent in REQORSA is a TUSC2 gene expressing plasmid that is encapsulated in a DOTAP cholesterol nanoparticle.  TUSC2 is a tumor suppressor gene which has both tumor killing (via apoptosis) and immunomodulatory effects. We utilize our novel proprietary ONCOPREX® Nanoparticle Delivery System to deliver the TUSC2 gene expressing plasmid to cancer cells. The TUSC2 gene is one of a series of genes whose therapeutic use is covered by our exclusive worldwide licenses from The University of Texas MD Anderson Cancer Center ("MD Anderson"). 

 

We are planning to initiate our Acclaim-1 and Acclaim-2 clinical trials in 2021. Acclaim-1 is a Phase 1/2 clinical trial using a combination of REQORSA with AstraZeneca PLC’s Tagrisso® in patients with late-stage NSCLC with mutated epidermal growth factor receptors ("EGFRs") whose disease progressed after treatment with Tagrisso. In January 2020, we received Food and Drug Administration ("FDA") Fast Track Designation for the Acclaim-1 patient population. Acclaim-2 is a Phase 1/2 clinical trial using a combination of REQORSA with Merck & Co.’s Keytruda® in late-stage NSCLC patients.

 

In diabetes, we are developing a gene therapy that is exclusively licensed from the University of Pittsburgh of the Commonwealth System of Higher Education ("University of Pittsburgh") for the treatment of Type 1 and Type 2 diabetes. This potential treatment is designed to work by transforming alpha cells in the pancreas into functional beta-like cells, which can produce insulin but are distinct enough from beta cells to evade the body’s immune system. Our diabetes product candidate is currently being evaluated in preclinical studies.

 

Oncology Platform

 

Utilizing our non-viral ONCOPREX Nanoparticle Delivery System, we are developing cancer treatments that are designed to administer cancer fighting genes. We encapsulate the gene-expressing plasmids using ONCOPREX lipid nanoparticles, and administer them intravenously, where they are then taken up by tumor cells and express proteins that are missing or found in low quantities in the tumor cells. With our lead drug candidate, REQORSA, there is a multimodal mechanism of action whereby REQORSA interrupts cell signaling pathways that cause replication and proliferation of cancer cells, re-establishes pathways for apoptosis, or programmed cell death, in cancer cells, and modulates the immune response against cancer cells. REQORSA has also been shown to block mechanisms that create drug resistance.

 

We believe that our ONCOPREX Nanoparticle Delivery System could allow delivery of a number of cancer-fighting genes, alone or in combination with other cancer therapies, to combat multiple types of cancer. We believe that REQORSA’s combination of pan-kinase inhibition, direct induction of apoptosis, anti-cancer immune modulation and complementary action with targeted drugs and immunotherapies is unique, and positions REQORSA to provide treatment for patients with NSCLC and possibly other cancers, who are not benefitting from current therapies.

 

Diabetes Gene Therapy

 

Our diabetes gene therapy, also referred to as GPX-002, was developed by lead researcher Dr. George Gittes, at the Rangos Research Center at the University of Pittsburgh Medical Center Children’s Hospital. This potential treatment is designed to work by transforming alpha cells in the pancreas into functional beta-like cells, which can produce insulin but are distinct enough from beta cells to evade the body’s immune system. The therapy utilizes a procedure in which an adeno-associated virus vector delivers Pdx1 and MafA genes to the pancreas.

 

Capital Requirements, Liquidity and Going Concern Considerations

 

Our condensed financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, as shown in the accompanying condensed financial statements, we have sustained substantial losses from operations since inception and have no current source of revenue. In addition, we have used, rather than provided, cash in our operations. We expect to continue to incur significant expenditures to further clinical trials for the commercial development of our product candidates.

 

Management recognizes that we must obtain additional capital resources to successfully commercialize our product candidates.  To date, we have received funding in the form of equity and debt, and we plan to seek additional funding in the future. However, no assurances can be given that we will be successful in raising additional capital.  If we are not able to timely and successfully raise additional capital, the timing of our clinical trials, financial condition and results of operations may be materially and adversely affected. These condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities.

 

 

9

 

Note 2 - Summary of Significant Accounting Policies

 

The Company’s condensed financial statements have been prepared in accordance with GAAP. However, they do not include all the information and footnotes required by GAAP for complete financial statements. In our opinion, the unaudited condensed financial statements include all adjustments (consisting of normal recurring accruals) necessary to make the unaudited condensed financial statements not misleading. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the final results that may be expected for the year ending December 31, 2021. For more complete financial information, these unaudited condensed financial statements should be read in conjunction with the Company's audited financial statements for the year ended December 31, 2020 included in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 26, 2021. A summary of our significant accounting policies consistently applied in the preparation of the accompanying condensed financial statements follows.

 

Capital Stock

 

In connection with the Company’s initial public offering ("IPO") in April 2018, all of the Company’s preferred stock and non-voting common stock were converted into shares of the Company’s common stock. The Company’s common stock was then forward-split at a ratio of 6.6841954-to-1. Furthermore, prior to the closing of the IPO, the Company’s Certificate of Incorporation was amended and restated to provide the Company with the authority to issue up to 210,000,000 shares of stock consisting of 200,000,000 shares of common stock at a par value of $0.001 per share and 10,000,000 shares of preferred stock at a par value of $0.001 per share.

 

Use of Estimates

 

The preparation of our condensed financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

 

Cash and Cash Equivalents

 

We consider all highly liquid short-term investments with an initial maturity of three months or less to be cash equivalents. Any amounts of cash in financial institutions which exceed FDIC insured limits expose us to cash concentration risk. We have cash equivalents in a J.P. Morgan money market account and had $47,256,175 and $27,091,596 in excess of FDIC insured limits of $250,000 at March 31, 2021 and December 31, 2020, respectively.

 

Fair Value of Financial Instruments

 

The carrying amounts reported in the balance sheet for cash, accounts receivable, accounts payable and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial instruments.

 

Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures, defines fair value, provides a consistent framework for measuring fair value under GAAP and expands fair value financial statement disclosure requirements. ASC 820’s valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC 820 classifies these inputs into the following hierarchy:

 

Level 1: Quoted prices for identical instruments in active markets.

 

Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

 

Level 3: Instruments with primarily unobservable value drivers.

 

10

 

Property and Equipment

 

Furniture and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from three to five years. Routine maintenance and repairs are charged to expense as incurred and major renovations or improvements are capitalized.

 

Research and Development Costs

 

Research and development expenditures consist of costs incurred to conduct research and development activities. These include payments to collaborative research partners, manufacturing partners, and clinical strategy partners, wages and associated employee benefits, facilities and overhead costs. These expenditures relate to our preclinical, Phase 1, and Phase 2 clinical trials and are expensed as incurred. Purchased materials to be used in future research are capitalized and included in research and development supplies. Research and development supplies purchased and capitalized for future use were $3,107,900 and $3,011,042 at March 31, 2021 and December 31, 2020, respectively.

 

Awards

 

In 2010, we were awarded $4.5 million from the State of Texas Emerging Technology Fund (“TETF”). The award was received in two tranches of $2.25 million each during 2010 and 2011. The award proceeds were used to further the development and future commercialization of REQORSA, our lead product candidate for NSCLC. In consideration of the award, we provided the TETF with an investment unit that consisted of a promissory note ("Note") and a warrant to purchase equity ("Warrant"). The Warrant was exercised in March 2014 and TETF was issued 1,235,219 shares of our common stock. The investment unit, including the Note, was terminated on August 15, 2019. 

 

In 2010, we also were awarded approximately $244,500 from the U.S. Treasury Department for our QTDP Program Nanoparticle Therapy for Lung Cancer. The award was received during 2011 for our historical activities, and required no prospective expenditures. We accounted for these funds received as revenue at that time.

 

Intellectual Property

 

Intellectual property consists of legal and related costs associated with patents and other proprietary technology and rights developed, acquired, licensed by, or maintained by us that we believe contribute to a probable economic benefit toward such patents and activities. These costs incurred in connection with obtaining and maintaining intellectual property protection, such as patent applications and patent maintenance, are capitalized. Intellectual property is stated at cost, to be amortized on a straight-line basis over the estimated useful lives of the assets.

 

11

 

Accounting for Stock-Based Compensation

 

We use the fair value-based method of accounting for stock-based compensation for options granted to employees, independent consultants and contractors. We measure options granted at fair value determined as of the grant date, and recognize the expense over the periods in which the related services are rendered based on the terms and conditions of the award. Generally, where the award only has a service condition, the requisite service period is the same as the vesting period.

 

Long-Lived Assets

 

We review long-lived assets and certain identifiable intangibles held and used for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In evaluating the fair value and future benefits of its intangible assets, management performs an analysis of the anticipated undiscounted future net cash flow of the individual assets over the remaining amortization period. We recognize an impairment loss if the carrying value of the asset exceeds the expected future cash flows. During the three months ended March 31, 2021 and the year ended December 31, 2020, there were no deemed impairments of our long-lived assets.

 

Recent Accounting Developments

 

Accounting pronouncements issued but not effective until after March 31, 2021 are not expected to have a significant effect on our financial condition, results of operations, or cash flows.

 

Note 3 - Intellectual Property

 

On February 11, 2020, we entered into an exclusive license agreement with the University of Pittsburgh for patented gene therapy technologies relating to the potential treatment of type 1 and type 2 diabetes. 

 

On May 4, 2020, the Company entered into an exclusive worldwide license agreement with The Board of Regents of the University of Texas System on behalf of MD Anderson relating to a portfolio of 16 patent applications and related technology for the treatment of cancer using the Company’s lead drug candidate and immunotherapies. 

 

We have exclusive license agreements on 28 issued patents and 18 pending patent applications worldwide for technologies developed by researchers at the National Cancer Institute, MD Anderson, the University of Texas Southwestern Medical Center, and the University of Pittsburgh. These patents comprise various therapeutic, diagnostic, technical and processing claims. These license rights will be amortized on a straight-line basis over the estimated period of useful lives of the underlying patents or the license agreements.

 

12

 

 

Note 4 - Equity

 

Registered Direct Offerings

 

On January 21, 2020, the Company completed a registered direct offering in which the Company sold to an accredited investor 961,000 shares of the Company’s common stock at $0.24 per share. The Company received net proceeds of approximately $200,000 after commissions and expenses.

 

On January 23, 2020, the Company completed a registered direct offering in which the Company sold to investors an aggregate of 7,620,000 shares of the Company’s common stock at $1.05 per share. The Company received net proceeds of approximately $7.2 million after commissions and expenses.

 

On February 19, 2020, the Company amended its Registration Statement on Form S-3 to increase the maximum offering size by approximately $3,000,000. On February 21, 2020, the Company completed a registered direct offering pursuant to the amended S-3 Registration Statement, in which the Company sold to investors an aggregate of 5,000,000 shares of the Company’s common stock at $3.50 per share. The Company received net proceeds of approximately $16.0 million after commissions and expenses. 

 

On December 24, 2020, the Company completed a registered direct offering in which the Company sold to an accredited investor 3,116,884 shares of the Company’s common stock at $3.85 per share. The Company received net proceeds of approximately $11.2 million after commissions and expenses.

 

On February 10, 2021, the Company completed a registered direct offering in which the Company sold to investors an aggregate of 4,000,000 shares of the Company's common stock at $6.25 per share. The Company received net proceeds of approximately $23.2 million after commissions and expenses.

 

Stock Issuances

 

During the three months ended March 31, 2021, we issued (i) 4,000,000 shares of common stock in a registered direct offering for gross proceeds of $25,000,000, (ii) 192,139 shares of common stock upon the exercise of options for cash proceeds of $324,330, and (iii) 5,000 shares of common stock for services provided to us, valued at $20,650.

 

During the year ended December 31, 2020, we issued (i) 16,697,884 shares of common stock from registered direct offerings for gross proceeds of $37,731,643, (ii) 1,277,743 shares of common stock upon the exercise of options for cash proceeds of $1,320,155, (iii) 5,511,599 shares of common stock upon the exercise of warrants for cash proceeds of $2,537,731, (iv) 199,630 shares of common stock upon the exercise of warrants on a cashless basis, and (v) 51,432 shares of common stock for service provided to us valued at $154,648.

 

13

 

Preferred Stock

 

In connection with the Company’s IPO, all preferred stock included in Series A through Series G preferred stock, totaling 1,394,953 shares were converted to an aggregate of 9,324,177 shares of the Company's common stock in connection with the forward-split (See Note 2 - Capital Stock). Upon the completion of the IPO, the Company became authorized to issue 10,000,000 shares of preferred stock with a par value of $0.001 per share, none of which are outstanding at March 31, 2021.

 

Common Stock

 

Upon the completion of the IPO, all of the Company’s non-voting common stock automatically converted into voting common stock on a one-for-one basis. Immediately following the completion of the IPO, the Company became authorized to issue 200,000,000 shares of common stock with a par value of $0.001 per share, all of which are voting common stock. There were 47,314,820 shares of the Company's common stock outstanding at March 31, 2021.

 

Common Stock Purchase Warrants

 

Common stock purchase warrant activity for the period and year ended March 31, 2021 and December 31, 2020 is as follows:

 

   

Number of

   

Weighted Avg.

 
   

Warrants

   

Exercise Price

 

Outstanding at January 1, 2020

    7,476,056     $ 1.45  

Issued

    550,000       2.41  

Cancelled or expired

    (44,528 )     0.50  

Exercised

    (5,826,781 )     0.47  

Outstanding at December 31, 2020

    2,154,747     $ 4.37  

Issued

    25,000       7.22  

Cancelled or expired

           

Exercised

           

Outstanding at March 31, 2021

    2,179,747     $ 4.40  
Vested or expected to vest at March 31, 2021     25,000       7.22  
Exercisable at March 31, 2021     1,929,747     $ 4.64  

 

 

During the three-month period ended March 31, 2021, the Company issued warrants to purchase up to 25,000 shares of common stock to Bear Creek Capital, LLC, a service provider, at an exercise price of $7.22 per share. During the three-month period ended March 31, 2021, we recorded share-based compensation of $115,628 associated with this warrant. 

 

During the year ending December 31, 2020, (i) investors and placement agents of the Company's May 2018 private placement and November 2019 registered direct offering exercised warrants to purchase 5,511,599 shares of common stock for cash proceeds of $2,537,731, (ii) the Company issued 315,182 shares of common stock to the placement agents of the November 2019 registered direct offering upon the exercise of warrants on a cashless basis, and (iii) the Company issued warrants to purchase up to 550,000 shares of common stock to service providers, including 500,000 shares of common stock to Cancer Revolution, LLC, an entity owned and managed by Viet Ly, an advisor to the Company, at an exercise price of $2.27 per share and 50,000 shares of common stock to Capital City Technical Consulting, Inc., a service provider, at an exercise price of $3.81 per share. During the year ending December 31, 2020, we recorded share-based compensation of $450,000 associated with Company milestone-based vesting of the Cancer Revolution, LLC warrants. We expect to record $124,000 of share-based compensation for time-based vesting over the next three years and another $300,000 of share-based compensation based on performance-based vesting. 

 

On January 29, 2018, the Company entered into an agreement with a consultant whereby the Company agreed to grant warrants to purchase up to 6,000 shares of common stock at an exercise price of $5.00 per share in consideration of services valued at $30,000 provided to the Company. At March 31, 2021, the Company has not issued these warrants.

 

14

 

 

2018 Equity Incentive Plan

 

The Company’s board of directors and stockholders approved and adopted the Company’s 2018 Equity Incentive Plan (“2018 Plan”), which became effective on the completion of the IPO on April 3, 2018. The 2018 Plan provides for the grant of incentive stock options (“ISOs”), nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards, other forms of equity compensation and performance cash awards. ISOs may be granted only to employees. All other awards may be granted to employees, including officers, and to the Company’s non-employee directors and consultants.

 

A total of 4,160,000 shares of common stock were originally reserved for issuance under the 2018 Plan, which includes 554,963 shares of common stock reserved for issuance under our 2009 Equity Incentive Plan that were added to the 2018 Plan. No grants have been made under the 2009 Plan since our IPO, and no further grants will be made under the 2009 Plan. Any shares subject to outstanding stock options under the 2009 Plan that would otherwise be returned to the 2009 Plan will instead be added to the shares initially reserved under the 2018 Plan.

 

In addition, the number of shares of common stock reserved for issuance under the 2018 Plan is automatically increased on January 1 of each calendar year, beginning on January 1, 2019 by 5% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the administrator of the 2018 Plan. On January 1, 2019, 2020, and 2021, the number of shares of common stock reserved for issuance under the 2018 Plan was increased by an aggregate of 761,957, 963,192, and 2,155,884 shares, respectively.

 

2018 Employee Stock Purchase Plan

 

The Company’s board of directors and stockholders approved and adopted the Company’s 2018 Employee Stock Purchase Plan (“ESPP”), which became effective on the completion of the IPO on April 3, 2018. The ESPP has not yet been utilized as a benefit available to our employees. The ESPP authorizes the issuance of 208,500 shares of the Company’s common stock pursuant to purchase rights that may be granted to our eligible employees. The number of shares of common stock reserved for issuance under the ESPP is automatically increased on January 1 of each calendar year, beginning on January 1, 2019, by 2% of the total number of shares of the Company's common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the administrator of the ESPP. The administrator of the ESPP determined not to increase the number of shares reserved for issuance under the ESPP on January 1, 2021.

 

Stock Options

 

As of March 31, 2021, the Company had outstanding stock options to purchase 7,974,430 shares of common stock that have been granted to various executives, employees, directors, and independent contractors. These options can vest immediately or over periods ranging from 12 to 48 months, are exercisable for a period of up to ten years, and enable the holders to purchase shares of our common stock at exercise prices ranging from $0.001 to $9.80 per share. The per-share fair values of these options range from $0.001 to $7.93, based on Black-Scholes-Merton pricing models with the following assumptions:

 

Expected term:

 

10 years

Risk-free rate:

 

0.07% – 2.63%

Volatility:

 

75.98% – 83.31%

Dividend yield:

 

0%

 

 

15

 

During the three-month period ending March 31, 2021, the Company (i) granted stock options to purchase an aggregate of 1,332,500 shares of the Company's common stock with exercise prices ranging from $3.66 to $7.22 per share to employees, board members, and consultants, (ii) cancelled options to purchase 10,000 shares of common stock at an exercise price of $7.22 per share due to the termination of a former employee, and (iii) issued 192,139 shares of the Company's common stock upon the exercise of options held by a consultant, a former board member, and a former executive, with exercise prices ranging from $1.28 to $2.15 per share.

 

During the year ending December 31, 2020, the Company (i) granted stock options to purchase an aggregate of 2,466,529 shares of the Company's common stock with exercise prices ranging from $1.28 to $4.42 per share to employees, board members, and consultants, (ii) cancelled options to purchase 327,640 shares of common stock at exercise prices ranging from $5.29 to $9.80 due to expiration of options and separation of a former executive, and (iii) issued 1,277,743 shares of the Company's common stock upon the exercise of options held by former board members and a former executive with exercise prices ranging from $0.015 to $2.15 per share.

 

The weighted average remaining contractual term for the outstanding options at March 31, 2021 and December 31, 2020 is 7.34 and 7.06 years, respectively.
 

Stock option activity for the three months ended March 31, 2021 and year ended December 31, 2020 is as follows:

 

   

Number of

   

Weighted Avg.

 
   

Shares

   

Exercise Price

 

Outstanding at January 1, 2020

    5,982,923     $ 2.66  

Options granted

    2,466,529       2.87  

Options exercised

    (1,277,743 )      

Options expired

    (327,640 )      

Outstanding at December 31, 2020

    6,844,069     $ 2.81  

Options granted

    1,332,500       5.43  

Options exercised

    (192,139 )     1.69  

Options expired or cancelled

    (10,000 )     7.22  

Outstanding at March 31, 2021

    7,974,430     $ 3.27  
Vested or expected to vest at March 31, 2021     4,673,149       4.00  
Exercisable at March 31, 2021     373,746     $ 2.91  

 

Share-Based Compensation

 

For the three months ended March 31, 2021, the Company's total share-based compensation was approximately $0.7 million, nearly all of which represents the vesting of options and warrants issued to service providers, executives, employees, and board members. The Company’s total compensation cost related to non-vested time-based stock option awards granted to executives, employees, and board members and not yet recognized was approximately $8.5 million for the quarter ended March 31, 2021. The Company expects to record this stock-based compensation expense over the next three years using a graded vesting method. As of March 31, 2021, the weighted average term over which these expenses are expected to be recognized is 2.30 years. 

 

As of March 31, 2021, there are no performance-based stock option awards outstanding. 

 

16

 

 

 

Note 5 - Related Party Transactions

 

Introgen Research Institute

 

Introgen Research Institute (“IRI”) is a Texas-based technology company, currently affiliated with Rodney Varner, our Chief Executive Officer and director. In April 2009, prior to Mr. Varner becoming an officer and director of our Company in August 2012, we entered into an Assignment and Collaboration Agreement with IRI, which provides us with the exclusive right to commercialize a portfolio of intellectual property. This agreement was amended in 2011 to include additional sublicensing of additional intellectual property made available to IRI from MD Anderson.

 

Viet Ly

 

The Company entered into a consulting agreement with Viet Ly, an advisor to the Company, on April 19, 2018. The Company agreed to pay Mr. Ly $175,000 initially, with compensation variable from time-to-time as determined by the Company, for strategic consulting services. The Company paid Mr. Ly an aggregate of $28,500 during the three months ended March 31, 2021 for strategic services. In April 2020, the Company issued Cancer Revolution LLC, an entity owned by Mr. Ly, a warrant to purchase up to 500,000 shares of common stock at the fair market value of the common stock on the issuance date of the grant that vests based on the achievement of certain Company milestones. On February 10, 2021, the Company issued an option to Mr. Ly to purchase up to 100,000 shares of common stock at the fair market value of the common stock on the issuance date of the grant that vests ratably per month through February 2022. 

 

 

Note 6 - Commitments and Contingencies

 

Leases

 

On April 16, 2018, the Company executed a service agreement with CIC Innovation Communities, LLC to establish and lease offices at the Cambridge Innovation Center in Cambridge, Massachusetts. On April 1, 2020, the Company provided notice of cancellation of our lease in the Cambridge Innovation Center in Cambridge, Massachusetts, effective as of April 30, 2020. 

 

On April 16, 2018, the Company executed a space utilization agreement with the Board of Regents of the University of Texas System to establish and lease offices at the Dell Medical School in Austin, Texas. On March 23, 2021, the Company was informed by Dell Medical School that the University of Texas desired to use the space and not renew the space utilization agreement. The lease terminates on April 30, 2021 and the Company pays $462 per month to occupy this location. See Note 8 - Subsequent Events.

 

17

 

Commitments

 

MD Anderson Cancer Center

 

The Company entered into a clinical study agreement with the MD Anderson, to administer the Company’s phase 1/2 clinical trial, combining REQORSA-nanoparticles and Tarceva in Stage 4 lung cancer patients. The trial was expected to run through the end of 2018 with a projected total cost of approximately $2 million. Payments are due and payable when invoiced throughout the clinical trial period. The agreement may be terminated at any time. In 2020, the Company received Fast Track Designation ("FTD") from the FDA for its Acclaim-1 trial which combines REQORSA plus Tagrisso in patients who have previously failed Tagrisso treatment. Given the FTD and with Tagrisso now considered a new standard of care in the U.S. for NSCLC with an epidermal growth factor receptor ("EGFR") mutation, the Company is no longer enrolling ONC-002 and plan to initiate Acclaim-1 and Acclaim-2 in 2021.


In July 2018, the Company entered into a two-year sponsored research agreement with MD Anderson to sponsor preclinical studies focused on the combination of REQORSA with an immunotherapy with a projected total cost of approximately $2 million. Payments are due and payable when invoiced throughout the clinical trial period. The agreement may be terminated at any time. This agreement has been extended through May 2022.

 

In 2011, the Company agreed to assume certain contractual and other obligations of IRI in consideration for the sublicense rights, expertise, and assistance associated with certain technologies and intellectual property originally licensed to another party under a 1994 License Agreement with MD Anderson (“Original MD Anderson License Agreement”). These technologies and intellectual property were later sublicensed to IRI (the “IRI Sublicense”). The Company also agreed to pay royalties of 1% on sales of certain licensed products for a period of 21 years following the termination of the later of the Original MD Anderson License Agreement and the IRI Sublicense. The Company assumed patent prosecution costs and an annual minimum royalty of $20,000 payable to the National Institutes of Health.

 

On March 3, 2021, the Company entered into an amendment (the “MD License Amendment”) to the Patent and Technology License Agreement dated May 4, 2020 with MD Anderson. The MD License Amendment grants the Company a worldwide, exclusive, sublicensable license to an additional portfolio of six patents and one patent application and related technology for methods for treating cancer by administration of a TUSC2 therapy in conjunction with EGFR inhibitors or other anti-cancer therapies in patients predicted to be responsive to TUSC2 therapy. Pursuant to the MD License Amendment, the Company agreed to (i) pay annual maintenance fees ranging from the mid five figures to the low six figures, (ii) total milestone payments of $6,150,000, (iii) a one-time fee in the mid five figures and (iv) certain patent related expenses.

 

18

 

National Institutes of Health

 

Our $191,393 payment obligation to the National Institutes of Health (“NIH”) represented a current obligation, of which $15,393 of 2016 patent prosecution costs were paid in the fourth quarter of 2016 and $176,000 was included in accounts payable at December 31, 2016 (consisting of accrued annual royalties of $140,000 and patent costs of $36,000). During the first quarter of 2017, we modified the terms of our accrued royalty obligation to NIH. Under the modified agreement, NIH agreed to extinguish $120,000 of the accrued royalties payable to it in consideration of payment by us of (i) accrued patent costs of $36,000, (ii) a royalty payment of $20,000, and (iii) a contingent payment of $240,000, increasing by $20,000 per year starting in 2018, to be paid upon our receipt of FDA approval. The payments for the patent costs of $36,000 and royalties of $20,000 were paid during the second quarter of 2017.

 

As a result of our modified agreement with the NIH, we have recognized the exchange of the $120,000 fixed obligation for the $240,000 contingent obligation as a $120,000 reduction to intellectual property expense (classified within general and administrative expense) during the first quarter of 2017. The $240,000 contingent obligation, which increases annually by $20,000 and is $300,000 as of December 31, 2020, will be recognized when we obtain regulatory approval (the event that triggers the payment obligation).

 

University of Pittsburgh

 

Pursuant to the Exclusive License Agreement dated February 11, 2020 by and between the Company and the University of Pittsburgh, the Company agreed to pay (i) an initial licensing fee of $25,000, (ii) annual maintenance fees of $25,000 for the first three years and $40,000 for each subsequent year following the first anniversary of the agreement, (iii) royalties ranging from 1.5% to 3% of net sales of licensed technologies, (iv) an annual minimal royalty payment of $250,000 per year beginning in the year of the first commercial sale of licensed technology, (v) a share of non-royalty sublicense income of 20%, and (vi) an aggregate of of $3,975,000 in milestone payments. Unless earlier terminated pursuant to its terms, the agreement expires upon the later of (i) 20 years after the first commercial sale of the licensed technology thereunder and (ii) expiration of the last valid claim under the patent rights.

 

Contingencies

 

From time to time we may become subject to threatened and/or asserted claims arising in the ordinary course of our business. Management is not aware of any matters, either individually or in the aggregate, that are reasonably likely to have a material impact on our financial condition, results of operations or liquidity.

 

19

 

 

Note 7 - Significant Events

 

In March 2020, the outbreak of COVID-19 caused by a novel strain of the coronavirus was recognized as a pandemic by the World Health Organization. The pandemic has become widespread in the United States, including markets in which the Company operates or may operate in the future. The COVID-19 pandemic has had a notable impact on general economic conditions, including, but not limited to, the temporary closures of many businesses, “shelter in place” orders and other governmental regulations, reduced consumer spending due to both job losses and other effects attributable to the COVID-19, in addition to many other unknowns. To date, the Company has not experienced any material impact on its financial results or operations as a result of the COVID-19 pandemic. The extent to which the COVID-19 pandemic could impact the Company's operations or financial results is uncertain. The Company continues to monitor the impact of the COVID-19 pandemic closely.

 

 

Note 8 - Subsequent Events

 

Share Issuance

On April 1, 2021, the Company issued 5,000 shares of common stock to a service provider in consideration of services to be provided through June 30, 2021.

 

Option Exercises

On April 21, 2021, the Company issued 43,909 shares of common stock to a former executive upon the exercise of options for cash proceeds of $71,133. 

 

Leases

On April 30, 2021, the Company's space utilization agreement with the Board of Regents of the University of Texas System to lease offices at the Dell Medical School in Austin, Texas was terminated by the University of Texas due to their need to utilize the space. The Company is actively searching for a new location for office space.

 

 

20

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

You should read the following discussion and analysis of our financial condition and results of operations together with our interim condensed financial statements and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the section titled Risk Factors included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 , as may be amended, supplemented or superseded from time to time by other reports we file with the SEC. All amounts in this report are in U.S. dollars, unless otherwise noted.

 

Overview

 

We are a clinical stage gene therapy company focused on developing life-changing treatments for cancer and diabetes. Our lead cancer drug candidate, REQORSA™ Immunogene therapy drug (also referred to as GPX-001), is being developed to treat non-small cell lung cancer ("NSCLC"). The active agent in REQORSA is a TUSC2 gene expressing plasmid that is encapsulated in a DOTAP cholesterol nanoparticle.  TUSC2 is a tumor suppressor gene which has both tumor killing (via apoptosis) and immunomodulatory effects. We utilize our novel proprietary ONCOPREX® Nanoparticle Delivery System to deliver the TUSC2 gene expressing plasmid to cancer cells. The TUSC2 gene is one of a series of genes whose therapeutic use is covered by our exclusive worldwide licenses from The University of Texas MD Anderson Cancer Center. 

 

We are planning to initiate our Acclaim-1 and Acclaim-2 clinical trials in 2021. Acclaim-1 is a Phase 1/2 clinical trial using a combination of REQORSA with AstraZeneca PLC’s Tagrisso® in patients with late-stage NSCLC with mutated epidermal growth factor receptors ("EGFRs") whose disease progressed after treatment with Tagrisso. In January 2020, we received U.S. Food and Drug Administration Fast Track Designation for the Acclaim-1 patient population. Acclaim-2 is a Phase 1/2 clinical trial using a combination of REQORSA with Merck & Co.’s Keytruda® in late-stage NSCLC patients.

 

In diabetes, we are developing a gene therapy that is exclusively licensed from the University of Pittsburgh of the Commonwealth System of Higher Education for the treatment of Type 1 and Type 2 diabetes. This potential treatment is designed to work by transforming alpha cells in the pancreas into functional beta-like cells, which can produce insulin but are distinct enough from beta cells to evade the body’s immune system. Our diabetes product candidate is currently being evaluated in preclinical studies.

 

Oncology Platform

 

Utilizing our non-viral ONCOPREX Nanoparticle Delivery System, we are developing cancer treatments that are designed to administer cancer fighting genes. We encapsulate the gene-expressing plasmids using ONCOPREX lipid nanoparticles, and administer them intravenously, where they are then taken up by tumor cells and express proteins that are missing or found in low quantities in the tumor cells. With our lead drug candidate, REQORSA, there is a multimodal mechanism of action whereby REQORSA interrupts cell signaling pathways that cause replication and proliferation of cancer cells, re-establishes pathways for apoptosis, or programmed cell death, in cancer cells, and modulates the immune response against cancer cells. REQORSA has also been shown to block mechanisms that create drug resistance.

 

We believe that our ONCOPREX Nanoparticle Delivery System could allow delivery of a number of cancer-fighting genes, alone or in combination with other cancer therapies, to combat multiple types of cancer. We believe that REQORSA’s combination of pan-kinase inhibition, direct induction of apoptosis, anti-cancer immune modulation and complementary action with targeted drugs and immunotherapies is unique, and positions REQORSA to provide treatment for patients with NSCLC and possibly other cancers, who are not benefitting from current therapies.

 

Diabetes Gene Therapy

 

Our diabetes gene therapy, also referred to as GPX-002, was developed by lead researcher Dr. George Gittes, at the Rangos Research Center at the University of Pittsburgh Medical Center Children’s Hospital. This potential treatment is designed to work by transforming alpha cells in the pancreas into functional beta-like cells, which can produce insulin but are distinct enough from beta cells to evade the body’s immune system. The therapy utilizes a procedure in which an adeno-associated virus vector delivers Pdx1 and MafA genes to the pancreas.

 

 

21

 

JOBS Act

 

On April 5, 2012, the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) was enacted. Section 107 of the JOBS Act provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. Although we are an emerging growth company, we have irrevocably elected not to avail ourselves of this extended transition period and, as a result, we will adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies. We have implemented all new accounting pronouncements that are in effect and may affect our financial statements, and we do not believe that there are any other new accounting pronouncements that have been issued that would have a material impact on our financial position or results of operations.

 

Notwithstanding the foregoing, subject to certain conditions set forth in the JOBS Act, as an “emerging growth company,” we intend to rely on certain exemptions, including, without limitation, the exemption from the requirements (i) to provide an auditor’s attestation report on our system of internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended, and (ii) to comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements, known as the auditor discussion and analysis. We will remain an “emerging growth company” until the earliest of (i) the last day of the fiscal year in which we have total annual gross revenues of $1.07 billion or more; (ii) the last day of our fiscal year following the fifth anniversary of the date of our initial public offering; (iii) the date on which we have issued more than $1.0 billion in nonconvertible debt during the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC.

 

Recently Issued Accounting Pronouncements

 

A description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations is disclosed in Note 2 to our condensed financial statements appearing elsewhere in this Quarterly Report on Form 10-Q.

 

Critical Accounting Policies and Significant Judgments and Estimates

 

Our condensed financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP"). The preparation of these condensed financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed financial statements, and the reported amounts of expenses incurred during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

We believe that the following accounting policies are the most critical to aid in fully understanding and evaluating our reported financial results, and they require our most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain.

 

Research and Development Costs

 

We record accrued expenses for costs invoiced from research and development activities conducted on our behalf by third-party service providers, which include the conduct of preclinical studies and clinical trials and use of contract research and manufacturing activities. We record the costs of research and development activities based upon the amount of services provided, and we include these costs in accrued liabilities in the condensed balance sheets and within research and development expense in the condensed statements of operations. These costs are a significant component of our research and development expenses. Purchased materials to be used in future research are capitalized and included in research and development supplies.

 

We estimate the amount of work completed through discussions with internal personnel and external service providers as to the progress or stage of completion of the services and the agreed-upon fee to be paid for such services. We make significant judgments and estimates in determining the accrued balance in each reporting period. As actual costs become known, we adjust our accrued estimates. Although we do not expect our estimates to be materially different from amounts actually incurred, our understanding of the status and timing of services performed, the number of patients enrolled and the rate of patient enrollment in any of our clinical trials may vary from our estimates and could result in our reporting amounts that are too high or too low in any particular period. Our accrued expenses are dependent, in part, upon the receipt of timely and accurate reporting from contract research organizations ("CROs") and other third-party service providers. To date, there have been no material differences from our accrued expenses to actual expenses. 

 

22

 

Income Taxes

 

Deferred tax assets or liabilities are recorded for temporary differences between financial statement and tax basis of assets and liabilities, using applicable rates in effect for the year in which the differences are expected to reverse. A valuation allowance is recorded if it is more likely than not that a deferred tax asset will not be realized. We have provided a full valuation allowance on our deferred tax assets, which primarily consist of cumulative net operating losses from April 1, 2009 (inception) to March 31, 2021. Due to our history of operating losses since inception and losses expected to be incurred in the foreseeable future, a full valuation allowance was considered necessary.

 

Impairment of Long-Lived Assets

 

Management reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be realizable or at a minimum annually during the fourth quarter of the year. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared to the asset’s carrying value to determine if an impairment of such asset is necessary. The effect of any impairment would be to expense the difference between the fair value of such asset and its carrying value.

 

Off-Balance Sheet Arrangements

 

As of March 31, 2021, we did not have any off-balance sheet arrangements or any commitments or contractual obligations.

 

Components of our Results of Operations and Financial Condition

 

Operating expenses

 

We classify our operating expenses into three categories: research and development, general and administrative and depreciation.

 

Research and development. Research and development expenses consist primarily of:

 

 

costs incurred to conduct research, such as the discovery and development of our current and potential product candidates;

  costs related to production and storage of clinical supplies, including fees paid to contract manufacturers, manufacturing consultants, and cold-storage facilities;
 

fees paid to clinical consultants, clinical trial sites and vendors, including CROs in conjunction with implementing and monitoring our clinical trials and acquiring and evaluating clinical trial data, including all related fees, such as patient screening fees, laboratory work, and statistical compilation and analysis; 

 

costs related to compliance with drug development regulatory requirements; and

  costs related to staffing and personnel associated with research and development activities, including wages, taxes, benefits, leases, overheads, supplies, and share-based compensation.

 

We recognize all research and development costs as they are incurred. Clinical trial costs, contract manufacturing and other development costs incurred by third parties are expensed as the contracted work is performed.

 

We expect our research and development expenses to increase in the future as we advance our current and future product candidates into and through clinical trials, as we pursue regulatory approval of our current and potential product candidates in the United States and Europe, and as we expand our research programs to include new therapies and new therapy combinations. The process of conducting the necessary clinical research to obtain regulatory approval is costly and time-consuming. The actual probability of success for our current and potential product candidates may be affected by a variety of factors including the quality of our current and potential product candidates, early clinical data, investment in our clinical program, competition, manufacturing capability and commercial viability. We may never succeed in achieving regulatory approval for any of our current or future product candidates. As a result of the uncertainties discussed above, we are unable to determine the duration and completion costs of our research and development projects or when and to what extent we will generate revenue from the commercialization and sale of our product candidates, if at all.

 

General and administrative. General and administrative expense consists of personnel related costs, which include salaries, as well as the costs of professional services, such as accounting and legal, travel, facilities, information technology and other administrative expenses. We expect our general and administrative expense to increase in future periods due to the anticipated growth of our business and related infrastructure as well as accounting, insurance, investor relations, and other costs associated with being a public company.

 

Depreciation. Depreciation expense consists of depreciation from our fixed assets consisting of our property, equipment, and furniture. We depreciate our assets over their estimated useful life. We estimate furniture and computer and office equipment to have a five-year life.

 

23

 

Results of Operations

 

Comparison of the Three Months Ended March 31, 2021 and 2020

 

The following summarizes our results of operations for the three months ended March 31, 2021 and 2020.

 

Research and Development Expense

 

Research and development ("R&D") expense for the three months ended March 31, 2021 was $2,169,143 as compared to 1,477,877 for the three months ended March 31, 2020. The increase of $691,266, or 47%, is due to the hiring of new employees and consultants to develop strategy for and execute on the launch of our Acclaim-1 and Acclaim-2 clinical trials, major advancements in our manufacturing programs providing drug product for our Acclaim-1 and Acclaim-2 clinical trials, and research of novel therapeutic approaches for the treatment of cancer using REQORSA and immunotherapies. These R&D activities will continue throughout 2021 and thereafter and will continue to include costs related to the launch and conduct of the Acclaim-1 and Acclaim-2 clinical trials, the development and execution on related manufacturing strategies and processes required to support these, and potentially other, clinical programs, and additional preclinical research. 

 

General and Administrative Expense

 

General and administrative ("G&A") expense for the three months ended March 31, 2021 was $4,316,310 as compared to $4,092,996 for the three months ended March 31, 2020. The increase of $223,314, or 5%, is primarily due to an increase in headcount and consultant activities associated with business strategy and marketing activities and licensing fees associated with recently acquired or amended technology license agreements. 

 

Interest Income. Interest income was $1,982 and $10,006 for the three months ended March 31, 2021 and 2020, respectively, a decrease of $8,024, or 80%. The decrease in interest income for the three months ended March 31, 2021 was primarily due to changes in interest rates associated with money market instruments between the periods. 

 

Depreciation Expense. Depreciation expense was $6,242 and $5,353 for the three months ended March 31, 2021 and 2020, respectively, an increase of $889, or 17%. The increase in depreciation expense during the three months ended March 31, 2021, was driven by an increase in purchases of computer equipment for new hires during 2020 as we ramped up personnel to support our upcoming Acclaim-1 and Acclaim-2 clinical trails.  

 

Liquidity and Capital Resources

 

From inception through March 31, 2021, we have never generated revenue from product sales and have incurred net losses in each year. As of March 31, 2021, we had an accumulated deficit of $64,911,942. We have funded our operations primarily through the sale and issuance of capital stock. For the year ended December 31, 2020, we sold an aggregate of 16,697,884 shares of common stock for total net proceeds of $34,493,423 pursuant to registered direct offerings and issued 7,104,524 shares of common stock upon the exercise of warrants and options for gross proceeds of $3,857,886. During the three months ended March 31, 2021, we sold an aggregate of 4,000,000 shares of common stock for total gross proceeds of $25,000,000 pursuant to a registered direct offering and issued 192,139 shares of common stock upon the exercise of options for gross proceeds of $324,330. 

 

24

 

 

As of March 31, 2021, we had $47,068,703 in cash and cash equivalents.   

 

We do not expect to generate revenue from product sales unless and until we successfully complete development of, obtain regulatory approval for and begin to commercialize one or more of our current and potential product candidates, which we expect will take a number of years and which is subject to significant uncertainty. Accordingly, we anticipate that we will need to raise additional capital to fund our future operations, which include conducting our Acclaim-1 and Acclaim-2 clinical trials expected to be initiated in 2021. Until such time as we can generate substantial revenue from product sales, if ever, we expect to finance our operating activities through a combination of equity offerings and debt financings and we may seek to raise additional capital through strategic collaborations. However, we may be unable to raise additional funds or enter into such arrangements when needed on favorable terms, or at all, which would have a negative impact on our financial condition and could force us to delay, limit, reduce or terminate our development programs or commercialization efforts or grant rights to others to develop or market product candidates that we would otherwise prefer to develop and market ourselves. Failure to receive additional funding could cause us to curtail or cease our operations. Furthermore, even if we believe we have sufficient funds for our current or future operating plans, we may seek additional capital due to favorable market conditions or strategic considerations.

 

Based on our current cash and cash equivalents, we estimate that we will be able to fund our expenditure requirements for our current operations and planned clinical trial activities into 2024. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we currently plan due to incorrect assumptions or due to a decision to expand our activities beyond those currently planned.

 

The following table sets forth the primary sources and uses of cash and cash equivalents during the three months ended March 31, 2021 and 2020:

 

   

Three Months Ended March 31,

 
   

2021

   

2020

 

Net cash used in operating activities

  $ (5,465,282 )   $ (4,517,528 )

Net cash used in investing activities

    (110,030 )     (137,013 )

Net cash provided by financing activities

    25,324,330       25,731,640  

Net increase in cash

  $ 19,749,018     $ 21,077,099  

 

Cash used in operating activities

 

Net cash used in operating activities was $5,465,282 and $4,517,528 for the three months ended March 31, 2021 and 2020, respectively. The $947,754, or 21%increase in net cash used in operating activities during the three months ended March 31, 2021 was due to us increasing headcount by approximately 200% between January 1, 2020 and March 31, 2021 in preparation for the launch of our Acclaim-1 and Acclaim-2 clinical trials planned for 2021.

 

Cash used in investing activities

 

Net cash used in investing activities was $110,030 for the three months ended March 31, 2021 and net cash used by investing activities was $137,013 for the three months ended March 31, 2020. This decrease of $26,983, or 20%, was primarily due to timing of manufacturing programs to develop REQORSA. Investments in property and equipment were negligible between the three months ended March 31, 2021 and 2020 and investments in intellectual property decreased slightly for the three months ended March 31, 2021 compared to the three months ended March 31, 2020 due to timing of patent prosecution costs related to defending our technologies.

 

Cash provided by financing activities

 

Net cash provided by financing activities was $25,324,330 and $25,731,640 during the three months ended March 31, 2021 and 2020, respectively. The $407,310 decrease, or 2%, in net cash provided by financing activities was due to our selling of more common stock in capital raising activities during the three months ended March 31, 2020 compared to the three months ended March 31, 2021.

 

25

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

The Company is not required to provide the information required by this Item as it is a “smaller reporting company,” as defined in Rule 12b-2 of the Exchange Act.

 

Item 4. Controls and Procedures

 

Disclosure Controls and Procedures

 

As required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2021. The term “disclosure controls and procedures” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of March 31, 2021, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were not effective due to the material weakness in our internal control over financial reporting due to the lack of segregation of duties. 

 

Due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. However, to the extent possible, the initiation of transactions, the custody of assets and the recording of transactions should be performed by separate individuals. Management evaluated the impact of our failure to maintain effective segregation of duties on our assessment of our internal control over financial reporting and has concluded that the control deficiency represents a material weakness. 

 

In response to the material weakness described above, during the three months ended March 31, 2021, we performed additional analysis and other post-closing procedures to ensure our financial statements were prepared in accordance with GAAP. Accordingly, we believe that the financial statements included in this report fairly present, in all material respects, our financial condition, results of operations and cash flows for the periods presented.

 

Remediation Plans

 

Our management has engaged in and is continuing to engaged in efforts to remediate the control deficiency that led to the material weakness. The remediation plan includes implementing the following steps:

 

 

new accounting software, processes, and workflows to further segregate duties among limited accounting staff;

 

 

specific review procedures, including the added involvement of our General Counsel to review all accounting transactions following a given period in an effort to enhance accuracy of reporting;

 

 

specific review procedures, including the added involvement of our manufacturing staff to enhance controls associated with the reporting of inventory values; 

 

 

the formation of a formal Disclosure Committee that has oversight responsibility for the accuracy and timeliness of disclosures made by the Company through the establishment of controls and procedures and the monitoring of their integrity and effectiveness; and

 

 

additional hiring of accounting staff to further segregate accounting responsibilities. 

 

We plan to have our enhanced review procedures and documentation standards in place and operating by the end of 2021. Our goal is to remediate the material weakness by the end of 2022, subject to there being sufficient opportunities to conclude, through testing, that the enhanced controls are operating effectively.

 

Changes in Internal Control over Financial Reporting

 

During the three months ended March 31, 2021, management continued to implement certain remediation measures to improve the Company’s internal controls over financial reporting and to remediate previously identified material weaknesses. However, there were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

Inherent Limitations of Disclosure Controls and Internal Control over Financial Reporting

 

Because of their inherent limitations, our disclosure controls and procedures and our internal control over financial reporting may not prevent material errors or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. The effectiveness of our disclosure controls and procedures and our internal control over financial reporting is subject to risks, including that the controls may become inadequate because of changes in conditions or that the degree of compliance with our policies or procedures may deteriorate.

 

26

 

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

 

From time to time, we may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings or claims that will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.

 

Item 1A. Risk Factors

 

The Company is not required to provide the information required by this Item as it is a “smaller reporting company,” as defined in Rule 12b-2 of the Exchange Act.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

During the three months ended March 31, 2021, we issued and sold the following unregistered securities:

 

 

1)

On January 1, 2021, we issued 5,000 shares of our common stock to a consultant in consideration for services during the three months ended March 31, 2021.

     
  2) On February 10, 2021, we issued a warrant to purchase up to 25,000 shares of our common stock at an exercise price of $7.22 per share to a consultant in consideration for services.

 

The foregoing issuance of securities was not registered under the Securities Act or the securities laws of any state, and the securities were offered and issued in reliance on the exemption from registration under the Securities Act afforded by Section 4(a)(2).

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

 

27

 

 

INDEX TO EXHIBITS

 

Exhibit

Number

 

Description of Exhibit

4.1*   Form of Warrant Agreement, dated as of February 10, 2021.
     
10.1   Form of Securities Purchase Agreement dated February 8, 2021 (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 9, 2021).
     
10.2+   First Amendment to Executive Employment Agreement dated as of March 24, 2021 by and between Genprex, Inc. and Catherine Vaczy  (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 25, 2021).
     
10.3+   First Amendment to Executive Employment Agreement dated as of March 24, 2021 by and between Genprex, Inc. and Michael Redman  (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on March 25, 2021).
     

31.1*

 

Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

 

31.2*

 

Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

 

32.1*

 

Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

101.INS*

 

XBRL Instance document.

 

 

101.SCH*

 

XBRL Taxonomy Extension Schema Document.

 

 

101.CAL*

 

XBRL Taxonomy Extension Calculation Linkbase Document.

 

 

101.DEF*

 

XBRL Taxonomy Extension Definition Linkbase Document.

 

 

101.LAB*

 

XBRL Taxonomy Extension Label Linkbase Document.

 

 

101.PRE*

 

XBRL Taxonomy Extension Presentation Document.

 

* Filed herewith.

 

28

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

GENPREX, INC.

 

 

 

Date: May 17, 2021

By:

/s/ J. Rodney Varner

 

 

J. Rodney Varner

 

 

Chief Executive Officer

 

 

(Principal Executive Officer)

 

 

 

 

By:

/s/ Ryan M. Confer

 

 

Ryan M. Confer

 

 

Chief Financial Officer

 

 

(Principal Financial and Accounting Officer)

 

29

EX-4.1 2 ex_240206.htm EXHIBIT 4.1 ex_213674.htm

Exhibit 4.1

 

 

THE PURCHASE RIGHTS EVIDENCED BY THIS WARRANT AGREEMENT AND THE SHARES OF CAPITAL STOCK ISSUABLE UPON EXERCISE OF SUCH PURCHASE RIGHTS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY STATE SECURITIES LAWS.  SUCH SECURITIES CANNOT BE SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF WITHOUT REGISTRATION OF SUCH SECURITIES UNDER ALL APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR COMPLIANCE WITH AN APPLICABLE EXEMPTION THEREFROM. 

 

GENPREX, INC. 

WARRANT AGREEMENT

February 10, 2021

 

No. 2021W-1

 

THIS CERTIFIES THAT, for value received, Bear Creek Capital LLC or its successors and permitted assigns pursuant to the terms hereof (the “Warrantholder”), is entitled to purchase from Genprex, Inc., a Delaware corporation (the “Company”), subject to the terms set forth below, twenty five thousand (25,000) fully paid and non-assessable shares (subject to adjustment as provided herein) (the “Warrant Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at a purchase price of $7.22 in cash per Warrant Share (the “Exercise Price”), subject to the provisions and upon the terms and conditions hereinafter set forth.  The term “Warrant Agreement” as used herein shall refer to this Warrant Agreement, as the same may be amended or amended and restated. 

 

 

1.

Exercise Period.  Subject to the terms and conditions of this Warrant Agreement, the purchase rights evidenced by this Warrant Agreement may be exercised as follows:

 

 

2.

Exercise. With respect to all 25,000 Warrant Shares, in whole or in part, at any time and from time to time after February 10, 2021 and before the earliest to occur of  (i) 5:00 p.m. (Central Time) on the fifth year following the termination of the May 13, 2021 Consulting Agreement or extension thereof between the Warrantholder and the Company for any reason or no reason, (ii) the consummation of an Extraordinary Transaction (as defined herein) and (iii) 5:00 p.m. (Central Time) on the ten-year anniversary of the date of this Warrant Agreement (the earliest to occur of (i), (ii) and (iii), the “Expiration Date”).  

 

 

a.

Cash Exercise.  The purchase rights evidenced by this Warrant Agreement may be exercised by the Warrantholder, in whole or in part, by the surrender of this Warrant Agreement (with a duly completed and executed notice of exercise in the form attached hereto as Exhibit A (the “Notice of Exercise”)) at the principal office of the Company, accompanied by the payment to the Company, in cash, by wire transfer or by certified check payable to the Company, of an amount equal to the product of (i) the Exercise Price times (ii) the number of Warrant Shares as to which the purchase rights evidenced by this Warrant Agreement are being exercised (which number of Warrant Shares shall be stated in the duly executed Notice of Exercise).  Upon receipt by the Company at such office of this Warrant Agreement and a duly executed Notice of Exercise in proper form for exercise, together with the aggregate Exercise Price due to the Company, the Warrantholder shall be deemed to have become, and shall be treated for all purposes as, the record holder of the number of the Warrant Shares as to which the purchase rights set forth in this Warrant Agreement have been so exercised (and such Warrant Shares shall be deemed, to the fullest extent permitted by law, to have been issued) immediately prior to the close of business on the date upon which the purchase rights evidenced by this Warrant Agreement are exercised as aforesaid.

 

 

 

 

b.

Cashless Exercise. In lieu of exercising the purchase rights evidenced by this Warrant Agreement by payment in cash by wire transfer or certified check pursuant to Section 2(a) above, the Warrantholder may elect to receive the number of Warrant Shares equal to the value of the purchase rights evidenced by this Warrant Agreement (or the portion thereof being exercised), by surrender of this Warrant Agreement to the Company, together with a duly completed and executed Notice of Exercise, in which event the Company shall issue to the Warrantholder Warrant Shares in accordance with the following formula:

 

X = Y(A-B)/A

 

where

 

X = The number of Warrant Shares to be issued to the Warrantholder;

 

Y = The number of Warrant Shares for which the purchase rights evidenced by this Warrant Agreement are being exercised;

 

A = The Fair Market Value of one share of the Company’s common stock (a “Share”); and

 

B = The Exercise Price.

 

For purposes of this Section 2, the “Fair Market Value” of a Share is defined as follows:

 

 

i.

if the Company’s Common Stock is traded on a securities exchange, the value shall be deemed to be the average of the closing prices of the Shares on such exchange for the five (5) trading day period prior to the date the Notice of Exercise is submitted in connection with the exercise of the purchase rights evidenced by this Warrant Agreement;

 

 

ii.

if the Company’s Common Stock is actively traded over-the-counter, the value shall be deemed to be the average of the closing bid prices of the Shares for the five (5) trading day period prior to the date the Notice of Exercise is submitted in connection with the exercise of the purchase rights evidenced by this Warrant Agreement; or

 

 

iii.

if there is no active public market, the value shall be the fair market value thereof, as determined in good faith by the Company’s Board of Directors.

 

 

 

 

c.

Certificates; Partial Exercise. In the event of any exercise of the purchase rights evidenced by this Warrant Agreement pursuant to this Section 2, the Company will use commercially reasonable efforts to execute and deliver a certificate or certificates evidencing the Warrant Shares so purchased to the Warrantholder within five (5) Business Days (as defined below) after the Company’s receipt of the Notice of Exercise and payment as described in this Section 2.  If the purchase rights evidenced by this Warrant Agreement are exercised in part only, unless the purchase rights evidenced by this Warrant Agreement have been fully exercised or expired, the Company shall use commercially reasonable efforts to deliver within such five (5) Business Day period to the Warrantholder a new Warrant Agreement evidencing the rights of the Warrantholder to purchase the balance of the Warrant Shares purchasable hereunder.  For purposes of this Warrant Agreement, “Business Day” means any day, except a Saturday, Sunday or legal holiday, on which banking institutions in New York, New York, are required to be open. 

 

 

d.

Fractions of a Warrant Share.  The Company shall not be required to issue any fraction of a Warrant Share in connection with the exercise of the purchase rights evidenced by this Warrant Agreement pursuant to this Section 2.  At its option, the Company may pay to the Warrantholder, in lieu of any fraction of a Warrant Share resulting from the exercise of the purchase rights evidenced by this Warrant Agreement, an amount of cash equal to the product of (a) the applicable fraction of a Warrant Share multiplied by (b) the Fair Market Value of a share of Common Stock. 

 

 

3.

Exercise in Connection with an Extraordinary Transaction

 

 

a.

Definitions.  For purposes of this Section 3, “Extraordinary Transaction” shall mean (i) a merger or consolidation in which the Company is a constituent corporation and the shares of Common Stock are converted, exchanged or cancelled, (ii) a conversion, reorganization or reclassification of the capital stock of the Company in which the shares of Common Stock are converted, exchanged or cancelled (other than a merger or consolidation provided in clause (i) hereof), (iii) a transaction or series of related transactions which constitute(s) a sale, lease or exchange of all or substantially all of the property and assets of the Company, including its goodwill and its corporate franchises, or (iv) a transaction or series of related transactions which constitute(s) a dissolution or liquidation of the Company.

 

 

b.

Early Termination.  If there shall occur any Extraordinary Transaction, then, to the extent not previously exercised, the purchase rights evidenced by this Warrant Agreement shall expire and terminate upon the consummation of such Extraordinary Transaction.

 

 

c.

Conditional Exercise.  Notwithstanding any other provision of this Warrant Agreement, if an exercise of all or any portion of the purchase rights evidenced by this Warrant Agreement is to be made in connection with an Extraordinary Transaction, the exercise of all or any portion of the purchase rights evidenced by this Warrant Agreement may, at the election of the Warrantholder, be conditioned upon the consummation of such Extraordinary Transaction, in which case, such exercise shall not be deemed to be effective until immediately prior to the consummation of such Extraordinary Transaction.

 

 

4.

Stock Fully Paid; Reservation of Warrant Shares.  The Company covenants and agrees that all Warrant Shares from time to time issuable upon exercise of the purchase rights evidenced by this Warrant Agreement have been duly authorized and, when issued upon such exercise, shall be validly issued, fully paid and non-assessable, and free from all taxes, liens and charges with respect to the issuance thereof.  The Company hereby covenants and agrees that the Company will, at all times through the Expiration Date, reserve and keep available out of its aggregate authorized but unissued shares of Common Stock, the number of Warrant Shares deliverable upon the exercise of the purchase rights evidenced by this Warrant Agreement. 

 

 

 

 

5.

Adjustment.  The number of Warrant Shares purchasable upon the exercise of the purchase rights evidenced by this Warrant Agreement shall be subject to adjustment from time to time upon the occurrence of certain events, as follows:

 

 

a.

In case the outstanding shares of Common Stock shall be subdivided into a greater number of shares or combined into a smaller number of shares, the number of Warrant Shares to be received by the Warrantholder upon exercise of the purchase rights evidenced by this Warrant Agreement shall be appropriately adjusted such that the proportion of the number of Warrant Shares issuable upon exercise of the purchase rights evidenced by this Warrant Agreement to the total number of outstanding shares of Common Stock immediately prior to such subdivision or combination is equal to the proportion of the number of Warrant Shares issuable upon exercise of the purchase rights evidenced by this Warrant Agreement to the total number of outstanding shares of Common Stock immediately after such subdivision or combination, and the Exercise Price shall be proportionately adjusted such that the aggregate Exercise Price of all the purchase rights then evidenced by this Warrant Agreement shall remain unchanged.

 

 

b.

In the case the Company shall hereafter declare a dividend or distribution to all holders of the outstanding shares of Common Stock in shares of Common Stock, the number of Warrant Shares issuable upon exercise of the purchase rights evidenced by this Warrant Agreement shall be increased by dividing such number by a fraction, (i) the numerator of which shall be the number of shares of Common Stock outstanding at the close of business on such record date, and (ii) the denominator of which shall be the sum of (x) the number of shares of Common Stock outstanding at the close of business on such record date and (y) the total number of shares of Common Stock constituting such dividend or distribution.  If any dividend or distribution of the type described in this Section 5(b) is declared but not so paid or made, the number of Warrant Shares issuable upon exercise of the purchase rights evidenced by this Warrant Agreement shall again be adjusted to the number of Warrant Shares that would be issuable upon exercise of the purchase rights evidenced by this Warrant Agreement if such dividend or distribution had not been declared. 

 

 

c.

The Company will not, by amendment of its certificate of incorporation or through any reorganization, recapitalization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at times in good faith assist in the carrying out of all the provisions of this Section 5 and in the taking of all such lawful action as may be necessary or appropriate in order to protect the rights of the Warrantholder under this Section 5 against impairment.

 

 

6.

Notices of Record Dates and Adjustments

 

 

a.

If at any time prior to the full exercise or expiration of the purchase rights evidenced by this Warrant Agreement, (i) an Extraordinary Transaction shall occur or (ii) the Company shall make or issue, or fix a record date for the determination of holders of shares of Common Stock entitled to receive, a dividend or other distribution payable in any securities of the Company other than shares of Common Stock (including, but not limited to, any other class of capital stock or debt securities), then in each such event, the Company shall give written notice of such event at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the stockholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up, sale or Extraordinary Transaction. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be.

 

 

b.

Whenever an adjustment is required pursuant to Section 5, the Company shall, within thirty (30) days after such adjustment, deliver a certificate signed by its chief executive officer or chief financial officer to the Warrantholder setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated and number of Warrant Shares (or other securities) purchasable upon exercise of the purchase rights evidenced by this Warrant Agreement after giving effect to such adjustment.

 

 

 

 

7.

Legend.  Each certificate evidencing Warrant Shares issued upon exercise of this Warrant Agreement shall bear the following legend substantially in the form set forth below:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS.  SUCH SECURITIES CANNOT BE SOLD, TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF WITHOUT REGISTRATION OF SUCH SECURITIES UNDER ALL APPLICABLE FEDERAL AND STATE SECURITIES LAWS OR COMPLIANCE WITH AN APPLICABLE EXEMPTION THEREFROM.”

 

 

8.

Rights as Stockholder.  Notwithstanding any other provision of this Warrant Agreement, prior to the proper exercise of the purchase rights evidenced by this Warrant Agreement by the Warrantholder in accordance with the terms of this Warrant Agreement, no Warrantholder, as such, shall be entitled to vote or receive dividends or distributions or be deemed the holder of Warrant Shares, nor shall anything contained herein be construed to confer upon the Warrantholder, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof (or by written consent in lieu of any such meeting), or to receive notice of meetings, or to receive dividends or distributions or otherwise.  Upon the proper exercise of the purchase rights evidenced by this Warrant Agreement in accordance with the terms of this Warrant Agreement, the Warrantholder shall for all purposes be deemed to have become the holder of record of the Warrant Shares represented thereby on, and such certificate shall be dated as of, the date upon which the purchase rights evidenced by this Warrant Agreement are exercised with respect to such Warrant Shares in accordance with the terms hereof. 

 

 

9.

Modification and Waiver.  The Company may change, waive, discharge, terminate or amend any provision of this Warrant Agreement with the consent of Warrantholder. 

 

 

10.

Termination.  The purchase rights evidenced by this Warrant Agreement shall terminate on the Expiration Date.  Notwithstanding the foregoing, the purchase rights evidenced by this Warrant Agreement will terminate on any earlier date when all of the purchase rights evidenced by this Warrant Agreement have been exercised or pursuant to Section 3(b)

 

 

11.

Notices.  Any notice required to be given or delivered to the Warrantholder or the Company shall be sent by certified or registered mail, postage prepaid, or by overnight courier, to such Warrantholder at its address indicated on the signature page of this Agreement or as shown on the books and records of the Company or to the Company at the address indicated on the signature page of this Warrant Agreement.  All such notices shall be effective on the day following the date such notice is deposited in the mails or with such overnight courier, as the case may be, in each case addressed as aforesaid, unless otherwise provided herein. 

 

 

12.

Restrictions on Assignment; Transfer of Shares

 

 

a.

This Warrant Agreement, the purchase rights evidenced by this Warrant Agreement and the Warrant Shares issued upon the exercise of the purchase rights evidenced by this Warrant Agreement (collectively, the “Securities”) shall not be assigned, sold, pledged, transferred or otherwise disposed of except in compliance with the Securities Act of 1933, as amended, and applicable state securities laws.  None of the Securities shall be transferred unless and until: (i) the Company has received the opinion of counsel for the Warrantholder that the Securities may be transferred pursuant to an exemption from registration under the Securities Act and applicable state securities laws, the availability of which is established to the reasonable satisfaction of the Company, or (ii) a registration statement relating to the offer and sale of the Securities has been filed by the Company and declared effective by the Commission and compliance with applicable state securities law has been established.

 

 

b.

In addition to the requirements set forth in Section 12(a), in order to make any permitted assignment, the Warrantholder must deliver to the Company the assignment form attached hereto duly executed and completed, together with this Warrant Agreement and payment of all transfer taxes, if any, and upon compliance with the requirements of Section 12(a), payable in connection therewith. The Company shall within ten (10) business days after receipt of such assignment form and payment, if any, transfer this Warrant Agreement on the books of the Company and shall execute and deliver a new Warrant Agreement or Warrant Agreements of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Warrant Shares purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

 

 

 

 

13.

Binding Effect on Successors.  To the fullest extent permitted by law, and except as otherwise provided in this Warrant Agreement, this Warrant Agreement shall be binding upon any entity succeeding the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets, and all of the covenants and agreements of the Company shall inure to the benefit of the successors and permitted assigns of the Warrantholder.  This Warrant Agreement shall be binding upon and inure to the benefit of the Company and the Warrantholder and their respective successors and permitted assigns. 

 

 

14.

Lost Warrant Agreement.  The Company covenants to the Warrantholder that upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant Agreement and, in the case of any such loss, theft or destruction, upon receipt of the Warrantholder’s unsecured indemnification agreement, or in the case of any such mutilation upon surrender and cancellation of this Warrant Agreement, the Company will make and deliver a new Warrant Agreement in lieu of the lost, stolen, destroyed or mutilated Warrant Agreement. 

 

 

15.

Governing Law.  This Warrant Agreement shall be governed in all respects by and construed in accordance with the laws of the State of Delaware (without regard to any conflict of laws principle that would apply the law of another jurisdiction), whether as to its validity, construction, capacity, performance or otherwise. 

 

 

16.

Consent to Jurisdiction.  ANY LEGAL ACTION, SUIT OR PROCEEDING ARISING OUT OF OR BASED UPON THIS WARRANT AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF TEXAS, IN EACH CASE, LOCATED IN THE CITY OF AUSTIN, TEXAS, AND TO THE FULLEST EXTENT PERMITTED BY LAW, EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS.  TO THE FULLEST EXTENT PERMITTED BY LAW, IN ANY SUCH ACTION, SUIT OR PROCEEDING, SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S ADDRESS SET FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT.  TO THE FULLEST EXTENT PERMITTED BY LAW, THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY ACTION, SUIT OR PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

 

 

17.

Waiver of Jury Trial.  EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS WARRANT AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS WARRANT AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.  EACH PARTY TO THIS WARRANT AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (ii) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (iii) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (iv) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 17

 

[Signature Page Follows]

 

 

 

 

IN WITNESS WHEREOF, this Warrant Agreement is executed as of the date first written above.

 

COMPANY:

 

GENPREX, INC.                                                       

 

                                                           

 

Name: Rodney Varner

Title: Chief Executive Officer

 

Address:

3300 Bee Cave Road, #650-227

Austin, TX 78746

 

ACCEPTED AND AGREED:

WARRANTHOLDER:

                                               

BEAR CREEK CAPITAL, LLC.

By:                                                     

                                               

Name:                                                

Title:                                                  

Address:

                                                           

                                                           

                                                           

           

 
EX-31.1 3 ex_240207.htm EXHIBIT 31.1 ex_147950.htm

Exhibit 31.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER OF GENPREX, INC. PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, J. Rodney Varner, certify that:

 

 

1.

I have reviewed this quarterly report on Form 10-Q of Genprex, Inc., a Delaware corporation (the “registrant”);

 

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

 

4.

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

 

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

 

5.

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

 

 

 

 

 

 

 

 

 

 

 

 Date: May 17, 2021

By:

/s/ J. Rodney Varner

 

 

 

J. Rodney Varner 

 

 

 

Chief Executive Officer 

 

    (Principal Executive Officer)  

 

 

EX-31.2 4 ex_240208.htm EXHIBIT 31.2 ex_147951.htm

Exhibit 31.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER OF GENPREX, INC. PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Ryan M. Confer, certify that:

 

 

1.

I have reviewed this quarterly report on Form 10-Q of Genprex, Inc., a Delaware corporation (the “registrant”);

 

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

 

4.

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

 

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

 

5.

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

 

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

 

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: May 17, 2021

By:

/s/ Ryan M. Confer

 

 

Ryan M. Confer

Chief Financial Officer

(Principal Financial and Accounting Officer)

 

 

EX-32.1 5 ex_240209.htm EXHIBIT 32.1 ex_147952.htm

Exhibit 32.1

 

CERTIFICATIONS OF CEO AND CFO PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report on Form 10-Q of Genprex, Inc. (the “Company”) for the quarter ended March 31, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, J. Rodney Varner, Chief Executive Officer of the Company, and Ryan M. Confer, Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

 

 

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

 

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

 Date: May 17, 2021

By:

/s/ J. Rodney Varner

 

 

 

J. Rodney Varner 

 

 

 

Chief Executive Officer 

 

    (Principal Executive Officer)  
       
       
  By: /s/ Ryan M. Confer  
    Ryan M. Confer  
    Chief Financial Officer  
    (Principal Financial and Accounting Officer)  

 

This certification accompanies the Report, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Report), irrespective of any general incorporation language contained in such filing.

 

 

 

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The award was received in <div style="display: inline; font-style: italic; font: inherit;">two</div> tranches of <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$2.25</div></div> million each during <div style="display: inline; font-style: italic; font: inherit;">2010</div> and <div style="display: inline; font-style: italic; font: inherit;">2011.</div> The award proceeds were used to further the development and future commercialization of REQORSA, our lead product candidate for NSCLC. In consideration of the award, we provided the TETF with an investment unit that consisted of a promissory note ("Note") and a warrant&nbsp;to purchase equity ("Warrant"). The Warrant was exercised in <div style="display: inline; font-style: italic; font: inherit;"> March 2014 </div>and TETF was issued <div style="display: inline; font-style: italic; font: inherit;">1,235,219</div> shares of our common stock. The investment unit, including the Note, was terminated on <div style="display: inline; font-style: italic; font: inherit;"> August 15, 2019.&nbsp;</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font: inherit;">2010,</div> we also were awarded approximately <div style="display: inline; font-style: italic; font: inherit;">$244,500</div> from the U.S. Treasury Department for our QTDP Program Nanoparticle Therapy for Lung Cancer. The award was received during <div style="display: inline; font-style: italic; font: inherit;">2011</div> for our historical activities, and required <div style="display: inline; font-style: italic; font: inherit;">no</div> prospective expenditures. We accounted for these funds received as revenue at that time.</div></div></div> 210000000 44528 0.50 1929747 4.64 5826781 0.47 2.27 3.81 2.41 7.22 0 550000 25000 25000 7.22 20000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Note <div style="display: inline; font-style: italic; font: inherit;">7</div>&nbsp;- Significant Events</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font: inherit;"> March 2020, </div>the outbreak of COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> caused by a novel strain of the coronavirus was&nbsp;recognized as a pandemic by the World Health Organization. The pandemic has become widespread in the United States, including markets in which the Company operates or <div style="display: inline; font-style: italic; font: inherit;"> may </div>operate in the future. The COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div>&nbsp;pandemic has had a notable impact on general economic conditions, including, but <div style="display: inline; font-style: italic; font: inherit;">not</div> limited to, the temporary closures of many businesses, &#x201c;shelter in place&#x201d; orders and other governmental regulations, reduced consumer spending due to both job losses and other effects attributable to the COVID-<div style="display: inline; font-style: italic; font: inherit;">19,</div>&nbsp;in addition to many other unknowns. To date, the Company has <div style="display: inline; font-style: italic; font: inherit;">not</div> experienced any material impact on its financial results or operations&nbsp;as a result of the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic.&nbsp;The extent to which the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic could impact the Company's operations or financial results is uncertain.&nbsp;The Company continues to monitor the impact of the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic closely.</div></div> 13581 25718059 25731640 4192 25320138 25324330 6150000 25000 2000000 2000000 3975000 1 462 9258 80857 0.015 2250000 2250000 3000000 28500 175000 3107900 3011042 0.01 20000 0.03 P21Y 0.05 0.02 0.2 124000 300000 4500000 199630 5511599 338968 192968 30000 176000 140000 115287472 89295601 752444 752444 651088 651088 115628 450000 700000 51036471 31367214 50377734 30715407 47068703 27319685 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Cash and Cash Equivalents</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We consider all highly liquid short-term investments with an initial maturity of <div style="display: inline; font-style: italic; font: inherit;">three</div> months or less to be cash equivalents.&nbsp;Any amounts of cash in financial institutions which exceed FDIC insured limits expose us to cash concentration risk. We have cash equivalents in a J.P. Morgan money market account&nbsp;and had $<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">47,256,175</div></div>&nbsp;and $<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">27,091,596</div></div> in excess of FDIC insured limits of <div style="display: inline; font-style: italic; font: inherit;">$250,000</div> at <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>&nbsp;and <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020</div></div>, respectively.</div></div></div> 27319685 2002492 47068703 23079591 19749018 21077099 47256175 27091596 7.22 5 1.45 4.37 4.40 550000 500000 50000 25000 315182 6000 500000 7476056 2154747 2179747 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Note <div style="display: inline; font-style: italic; font: inherit;">6</div>&nbsp;- Commitments and Contingencies</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Leases</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font: inherit;"> April 16, 2018, </div>the Company executed a service agreement with CIC Innovation Communities, LLC&nbsp;to establish and lease offices at the Cambridge Innovation Center in Cambridge, Massachusetts. On <div style="display: inline; font-style: italic; font: inherit;"> April 1, 2020, </div>the Company provided notice of cancellation of our lease in the Cambridge Innovation Center in Cambridge, Massachusetts, effective as of <div style="display: inline; font-style: italic; font: inherit;"> April 30, 2020.&nbsp;</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font: inherit;"> April 16, 2018, </div>the Company executed a space utilization agreement with the Board of Regents of the University of Texas System to establish and lease offices at the Dell Medical School in Austin, Texas. On <div style="display: inline; font-style: italic; font: inherit;"> March 23, 2021, </div>the Company was informed&nbsp;by Dell Medical School that the University of Texas desired to use the space and&nbsp;<div style="display: inline; font-style: italic; font: inherit;">not</div> renew&nbsp;the space utilization agreement.&nbsp;The lease terminates on <div style="display: inline; font-style: italic; font: inherit;"> April 30, 2021&nbsp;</div>and the Company pays <div style="display: inline; font-style: italic; font: inherit;">$462</div> per month to occupy this location. See Note <div style="display: inline; font-style: italic; font: inherit;">8</div>&nbsp;- Subsequent Events.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Commitments</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">MD Anderson Cancer Center</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">The Company entered into a clinical study agreement with the MD Anderson, to administer the Company's phase <div style="display: inline; font-style: italic; font: inherit;">1/2</div> clinical trial, combining REQORSA-nanoparticles and Tarceva in Stage <div style="display: inline; font-style: italic; font: inherit;">4</div> lung cancer&nbsp;patients. The trial was expected to run through the end of <div style="display: inline; font-style: italic; font: inherit;">2018</div> with a projected total cost of approximately <div style="display: inline; font-style: italic; font: inherit;">$2</div> million. Payments are due and payable when invoiced throughout the clinical trial period.&nbsp;The agreement <div style="display: inline; font-style: italic; font: inherit;"> may </div>be terminated at any time. In <div style="display: inline; font-style: italic; font: inherit;">2020,</div> the Company received Fast Track Designation ("FTD") from the FDA&nbsp;for its Acclaim-<div style="display: inline; font-style: italic; font: inherit;">1</div> trial which combines REQORSA&nbsp;plus Tagrisso in patients who have previously failed Tagrisso treatment. Given the FTD and with Tagrisso now considered a new standard of care in the U.S. for NSCLC with an epidermal growth factor receptor ("EGFR") mutation, the Company is <div style="display: inline; font-style: italic; font: inherit;">no</div> longer enrolling ONC-<div style="display: inline; font-style: italic; font: inherit;">002</div> and plan to initiate Acclaim-<div style="display: inline; font-style: italic; font: inherit;">1</div> and Acclaim-<div style="display: inline; font-style: italic; font: inherit;">2</div> in <div style="display: inline; font-style: italic; font: inherit;">2021.</div></div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><br /> In <div style="display: inline; font-style: italic; font: inherit;"> July 2018, </div>the Company entered into a <div style="display: inline; font-style: italic; font: inherit;">two</div>-year sponsored research agreement with MD Anderson to sponsor preclinical studies focused on the combination of REQORSA with an immunotherapy&nbsp;with a projected total cost of approximately <div style="display: inline; font-style: italic; font: inherit;">$2</div> million. Payments are due and payable when invoiced throughout the clinical trial period. The agreement <div style="display: inline; font-style: italic; font: inherit;"> may </div>be terminated at any time. This agreement&nbsp;has been extended through <div style="display: inline; font-style: italic; font: inherit;"> May 2022.</div></div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 8pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font: inherit;">2011,</div> the Company agreed to assume certain contractual and other obligations of IRI in consideration for the sublicense rights, expertise, and assistance associated with certain technologies&nbsp;and intellectual property originally licensed to another party under a <div style="display: inline; font-style: italic; font: inherit;">1994</div> License Agreement with MD Anderson (&#x201c;Original MD Anderson License Agreement&#x201d;). These technologies and intellectual property were later sublicensed to IRI (the &#x201c;IRI Sublicense&#x201d;). The Company also agreed to pay royalties of <div style="display: inline; font-style: italic; font: inherit;">1%</div> on sales of certain licensed products for a period of <div style="display: inline; font-style: italic; font: inherit;">21</div> years following the termination of the later of the Original MD Anderson License Agreement and the&nbsp;IRI Sublicense. The Company assumed patent prosecution costs and an annual minimum royalty of <div style="display: inline; font-style: italic; font: inherit;">$20,000</div>&nbsp;payable to the National Institutes of Health.</div> <div style=" text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> March 3, 2021, </div>the Company entered into an amendment (the &#x201c;MD License Amendment&#x201d;) to the Patent and Technology License Agreement dated <div style="display: inline; font-style: italic; font: inherit;"> May 4, 2020 </div>with MD Anderson. The MD License&nbsp;Amendment grants the Company a worldwide, exclusive, sublicensable license to an additional portfolio of <div style="display: inline; font-style: italic; font: inherit;">six</div> patents and <div style="display: inline; font-style: italic; font: inherit;">one</div> patent application and related technology for methods for treating&nbsp;cancer by administration of a <div style="display: inline; font-style: italic; font: inherit;">TUSC2</div> therapy in conjunction with EGFR inhibitors or other anti-cancer therapies in patients predicted to be responsive to <div style="display: inline; font-style: italic; font: inherit;">TUSC2</div> therapy. Pursuant to the MD License&nbsp;Amendment, the Company agreed to (i) pay annual maintenance fees ranging from the mid <div style="display: inline; font-style: italic; font: inherit;">five</div> figures to the low <div style="display: inline; font-style: italic; font: inherit;">six</div> figures, (ii) total milestone payments of <div style="display: inline; font-style: italic; font: inherit;">$6,150,000,</div> (iii) a <div style="display: inline; font-style: italic; font: inherit;">one</div>-time fee in the mid <div style="display: inline; font-style: italic; font: inherit;">five</div>&nbsp;figures and (iv) certain patent related expenses.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">National Institutes of Health</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">Our <div style="display: inline; font-style: italic; font: inherit;">$191,393</div> payment obligation to the National Institutes of Health (&#x201c;NIH&#x201d;) represented a current obligation, of which <div style="display: inline; font-style: italic; font: inherit;">$15,393</div> of <div style="display: inline; font-style: italic; font: inherit;">2016</div> patent prosecution costs were paid in the <div style="display: inline; font-style: italic; font: inherit;">fourth</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2016</div> and <div style="display: inline; font-style: italic; font: inherit;">$176,000</div> was included in accounts payable at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2016 (</div>consisting of accrued annual royalties of <div style="display: inline; font-style: italic; font: inherit;">$140,000</div> and patent costs of <div style="display: inline; font-style: italic; font: inherit;">$36,000</div>). During the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2017,</div> we modified the terms of our accrued royalty obligation to NIH. Under the modified agreement, NIH agreed to extinguish <div style="display: inline; font-style: italic; font: inherit;">$120,000</div> of the accrued royalties payable to it in consideration of payment by us of (i) accrued patent costs of <div style="display: inline; font-style: italic; font: inherit;">$36,000,</div> (ii) a royalty payment of <div style="display: inline; font-style: italic; font: inherit;">$20,000,</div> and (iii) a contingent payment of <div style="display: inline; font-style: italic; font: inherit;">$240,000,</div> increasing by <div style="display: inline; font-style: italic; font: inherit;">$20,000</div> per year starting in <div style="display: inline; font-style: italic; font: inherit;">2018,</div> to be paid upon our receipt of FDA approval. The payments for the patent costs of <div style="display: inline; font-style: italic; font: inherit;">$36,000</div> and royalties of <div style="display: inline; font-style: italic; font: inherit;">$20,000</div> were paid during the <div style="display: inline; font-style: italic; font: inherit;">second</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2017.</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">As a result of our modified agreement with the NIH, we have recognized the exchange of the <div style="display: inline; font-style: italic; font: inherit;">$120,000</div> fixed obligation for the <div style="display: inline; font-style: italic; font: inherit;">$240,000</div> contingent obligation as a <div style="display: inline; font-style: italic; font: inherit;">$120,000</div> reduction to intellectual property expense (classified within general and administrative expense) during the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2017.</div> The <div style="display: inline; font-style: italic; font: inherit;">$240,000</div> contingent obligation, which increases annually by <div style="display: inline; font-style: italic; font: inherit;">$20,000</div> and is <div style="display: inline; font-style: italic; font: inherit;">$300,000</div> as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>will be recognized when we obtain regulatory approval (the event that triggers the payment obligation).</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">University of Pittsburgh</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">Pursuant to the Exclusive License Agreement dated <div style="display: inline; font-style: italic; font: inherit;"> February 11, 2020 </div>by and between the Company and the University of Pittsburgh, the Company&nbsp;agreed to pay (i) an initial licensing fee of <div style="display: inline; font-style: italic; font: inherit;">$25,000,</div> (ii) annual maintenance fees of <div style="display: inline; font-style: italic; font: inherit;">$25,000</div> for the <div style="display: inline; font-style: italic; font: inherit;">first</div> <div style="display: inline; font-style: italic; font: inherit;">three</div> years and <div style="display: inline; font-style: italic; font: inherit;">$40,000</div> for each subsequent year following the <div style="display: inline; font-style: italic; font: inherit;">first</div> anniversary of the agreement, (iii) royalties ranging from <div style="display: inline; font-style: italic; font: inherit;">1.5%</div> to <div style="display: inline; font-style: italic; font: inherit;">3%</div>&nbsp;of net sales of licensed technologies, (iv) an annual minimal royalty payment of <div style="display: inline; font-style: italic; font: inherit;">$250,000</div> per year beginning in the year of the <div style="display: inline; font-style: italic; font: inherit;">first</div> commercial sale of licensed technology, (v) a share of non-royalty sublicense income of <div style="display: inline; font-style: italic; font: inherit;">20%,</div> and (vi) an aggregate of of <div style="display: inline; font-style: italic; font: inherit;">$3,975,000</div> in milestone payments. Unless earlier terminated pursuant to its terms, the agreement expires upon the later of (i) <div style="display: inline; font-style: italic; font: inherit;">20</div> years after&nbsp;the <div style="display: inline; font-style: italic; font: inherit;">first</div> commercial sale of the licensed technology thereunder and (ii) expiration of the last valid claim under the patent rights.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Contingencies</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">From time to time we <div style="display: inline; font-style: italic; font: inherit;"> may </div>become subject to threatened and/or asserted claims arising in the ordinary course of our business. Management is <div style="display: inline; font-style: italic; font: inherit;">not</div> aware of any matters, either individually or in the aggregate, that are reasonably likely to have a material impact on our financial condition, results of operations or liquidity.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div></div> 554963 0.001 0.001 0.001 0.001 200000000 200000000 200000000 200000000 47314820 43117681 47314820 43117681 47315 43118 1394953 1235219 9324177 6491695 5576226 10741 10741 6242 5353 -0.14 -0.20 8500000 P3Y P2Y109D 120000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Fair Value of Financial Instruments</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The carrying amounts reported in the balance sheet for cash, accounts receivable, accounts payable and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial instruments.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Accounting Standards Codification ("ASC") <div style="display: inline; font-style: italic; font: inherit;">820,</div> Fair Value Measurements and Disclosures, defines fair value, provides a consistent framework for measuring fair value under GAAP and expands fair value financial statement disclosure requirements. ASC <div style="display: inline; font-style: italic; font: inherit;">820's</div> valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC <div style="display: inline; font-style: italic; font: inherit;">820</div> classifies these inputs into the following hierarchy:</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Level <div style="display: inline; font-style: italic; font: inherit;">1:</div>&nbsp;Quoted prices for identical instruments in active markets.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Level <div style="display: inline; font-style: italic; font: inherit;">2:</div> Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are <div style="display: inline; font-style: italic; font: inherit;">not</div> active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Level <div style="display: inline; font-style: italic; font: inherit;">3:</div>&nbsp;Instruments with primarily unobservable value drivers.</div></div></div> -120000 4316310 4092996 0 0 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Long-Lived Assets</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We review long-lived assets and certain identifiable intangibles held and used for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable. In evaluating the fair value and future benefits of its intangible assets, management performs an analysis of the anticipated undiscounted future net cash flow of the individual assets over the remaining amortization period. We recognize an impairment loss if the carrying value of the asset exceeds the expected future cash flows. During the <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div> and the year ended <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020</div></div>, there were <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">no</div></div> deemed impairments of our long-lived assets.</div></div></div> 146493 202134 -655 12676 -15592 -187282 -102148 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Note <div style="display: inline; font-style: italic; font: inherit;">3</div> - Intellectual Property</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">On <div style="display: inline; font-style: italic; font: inherit;"> February 11, 2020, </div>we entered into an exclusive&nbsp;license agreement with the University of Pittsburgh for patented gene therapy technologies relating to the potential treatment of type <div style="display: inline; font-style: italic; font: inherit;">1</div> and type <div style="display: inline; font-style: italic; font: inherit;">2</div> diabetes.&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> May 4, 2020, </div>the Company entered into an exclusive worldwide license agreement with The Board of Regents of the University of Texas System on behalf of MD Anderson relating&nbsp;to a portfolio of <div style="display: inline; font-style: italic; font: inherit;">16</div> patent applications and related technology for the treatment of cancer using the Company's lead drug candidate and immunotherapies.&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We have exclusive license agreements on <div style="display: inline; font-style: italic; font: inherit;">28</div>&nbsp;issued patents and <div style="display: inline; font-style: italic; font: inherit;">18</div>&nbsp;pending patent applications worldwide for technologies developed by researchers at the National Cancer Institute, MD Anderson,&nbsp;the University of Texas Southwestern Medical Center, and the University of Pittsburgh.&nbsp;These patents comprise various therapeutic, diagnostic, technical and processing claims. These license rights will be amortized on a straight-line basis over the estimated period of useful lives of the underlying patents or the license agreements.</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Intellectual Property</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Intellectual property consists of&nbsp;legal and related costs associated with patents and other proprietary technology and rights developed, acquired, licensed by, or maintained by us that we believe contribute to a probable economic benefit toward such patents and activities. These costs incurred in connection with obtaining and maintaining intellectual property protection, such as patent applications and patent maintenance, are capitalized. Intellectual property is stated at cost, to be amortized on a straight-line basis over the estimated useful lives of the assets.</div></div></div> 610696 601625 1982 10006 15393 51036471 31367214 613626 450724 25324330 25731640 -110030 -137013 -5465282 -4517528 -6489713 -5566220 -5566220 -6489713 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Recent Accounting Developments</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Accounting pronouncements issued but <div style="display: inline; font-style: italic; font: inherit;">not</div> effective until after <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div> are <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to have a significant effect on our financial condition, results of operations, or cash flows.</div></div></div> -6491695 -5576226 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Note <div style="display: inline; font-style: italic; font: inherit;">1</div> - Description of Business and Basis of Presentation</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">We are a clinical stage gene therapy company focused on developing life-changing treatments for cancer and diabetes.&nbsp;Our lead cancer drug candidate, REQORSA&#x2122; Immunogene therapy drug (sometimes referred to as GPX-<div style="display: inline; font-style: italic; font: inherit;">001</div>)<div style="display: inline; font-style: italic;">,</div>&nbsp;is being developed to treat non-small cell lung cancer ("NSCLC"). The active agent in REQORSA is a <div style="display: inline; font-style: italic; font: inherit;">TUSC2</div> gene expressing plasmid that is encapsulated in a DOTAP cholesterol nanoparticle.&nbsp; <div style="display: inline; font-style: italic; font: inherit;">TUSC2</div> is a tumor suppressor gene which has both tumor killing (via apoptosis) and immunomodulatory effects.&nbsp;We utilize our novel proprietary ONCOPREX&reg; Nanoparticle Delivery System to deliver the <div style="display: inline; font-style: italic; font: inherit;">TUSC2</div> gene expressing plasmid to cancer cells.&nbsp;The <div style="display: inline; font-style: italic; font: inherit;">TUSC2</div> gene is <div style="display: inline; font-style: italic; font: inherit;">one</div> of a series of genes whose therapeutic use is covered by our exclusive worldwide licenses from The University of Texas MD Anderson Cancer Center ("MD Anderson").&nbsp;</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">We are planning to initiate our Acclaim-<div style="display: inline; font-style: italic; font: inherit;">1</div> and Acclaim-<div style="display: inline; font-style: italic; font: inherit;">2</div> clinical trials in <div style="display: inline; font-style: italic; font: inherit;">2021.</div>&nbsp;Acclaim-<div style="display: inline; font-style: italic; font: inherit;">1</div> is a Phase <div style="display: inline; font-style: italic; font: inherit;">1/2</div> clinical trial using a combination of REQORSA with AstraZeneca PLC's Tagrisso&reg; in patients with late-stage NSCLC with mutated epidermal growth factor receptors ("EGFRs") whose disease progressed after treatment with Tagrisso.&nbsp;In <div style="display: inline; font-style: italic; font: inherit;"> January 2020, </div>we received Food and Drug Administration ("FDA") Fast Track Designation for the Acclaim-<div style="display: inline; font-style: italic; font: inherit;">1</div> patient population. Acclaim-<div style="display: inline; font-style: italic; font: inherit;">2</div> is a Phase <div style="display: inline; font-style: italic; font: inherit;">1/2</div> clinical trial using a combination of REQORSA with Merck &amp; Co.'s Keytruda&reg; in late-stage NSCLC patients.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">In diabetes, we are developing a gene therapy that is exclusively licensed from the University of Pittsburgh of the Commonwealth System of Higher Education ("University of Pittsburgh") for the treatment of Type <div style="display: inline; font-style: italic; font: inherit;">1</div> and Type <div style="display: inline; font-style: italic; font: inherit;">2</div> diabetes.&nbsp;This potential treatment is designed to work by transforming alpha cells in the pancreas into functional beta-like cells, which can produce insulin but are distinct enough from beta cells to evade the body's immune system. Our diabetes product candidate is currently being evaluated in preclinical studies.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Oncology Platform</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Utilizing our non-viral ONCOPREX Nanoparticle Delivery System, we are developing cancer treatments that are designed to administer cancer fighting genes.&nbsp;We encapsulate the gene-expressing plasmids using&nbsp;ONCOPREX lipid nanoparticles, and administer them intravenously, where they are then taken up by tumor cells and express proteins that are missing or found in low quantities in the tumor cells. With our lead drug candidate, REQORSA, there is a multimodal mechanism of action whereby REQORSA&nbsp;interrupts cell signaling pathways that cause replication and proliferation of cancer cells, re-establishes pathways for apoptosis, or programmed cell death, in cancer cells, and modulates the immune response against cancer cells. REQORSA has also been shown to block mechanisms that create drug resistance.</div> <div style=" font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">We believe that our ONCOPREX Nanoparticle Delivery System&nbsp;could allow delivery of a number of cancer-fighting genes, alone or in combination with other cancer therapies, to combat multiple types of cancer. We believe that REQORSA's combination of pan-kinase inhibition, direct induction of apoptosis, anti-cancer immune modulation and complementary action with targeted drugs and immunotherapies is unique, and positions REQORSA to provide treatment for patients with NSCLC and possibly other cancers, who are <div style="display: inline; font-style: italic; font: inherit;">not</div> benefitting from current therapies.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Diabetes Gene Therapy</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">Our diabetes gene therapy, also referred to as GPX-<div style="display: inline; font-style: italic; font: inherit;">002,</div> was developed by lead researcher Dr. George Gittes, at the Rangos Research Center at the University of Pittsburgh Medical Center Children's Hospital. This potential treatment is designed to work&nbsp;by transforming alpha cells in the pancreas into functional beta-like cells, which can produce insulin but are distinct enough from beta cells to evade the body's immune system. The therapy&nbsp;utilizes a&nbsp;procedure in which an adeno-associated virus vector delivers <div style="display: inline; font-style: italic; font: inherit;">Pdx1</div> and MafA genes to the pancreas.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Capital Requirements, Liquidity and Going Concern Considerations</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Our condensed financial statements are prepared in accordance with U.S. generally accepted accounting principles (&#x201c;GAAP&#x201d;) applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, as shown in the accompanying condensed financial statements, we have sustained substantial losses from operations since inception and have <div style="display: inline; font-style: italic; font: inherit;">no</div> current source of revenue. In addition, we have used, rather than provided, cash in our operations. We expect to continue to incur significant expenditures to further clinical trials for the commercial development of our product candidates.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Management recognizes that we must obtain additional capital resources to successfully commercialize our product candidates.&nbsp;&nbsp;To date, we have received funding in the form of equity and debt, and we plan to seek additional funding in the future. However, <div style="display: inline; font-style: italic; font: inherit;">no</div> assurances can be given that we will be successful in raising additional capital.&nbsp;&nbsp;If we are <div style="display: inline; font-style: italic; font: inherit;">not</div> able to timely and successfully raise additional capital, the timing of our clinical trials, financial condition and results of operations <div style="display: inline; font-style: italic; font: inherit;"> may </div>be materially and adversely affected. These condensed financial statements do <div style="display: inline; font-style: italic; font: inherit;">not</div> include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities.</div></div> 621437 612366 191393 300000 36000 274658 257756 240000 20000 20000 36000 9071 44744 91701 11412 0.001 0.001 0.001 10000000 10000000 10000000 10000000 0 0 0 0 201004 384553 200000 7200000 16000000 11200000 23200000 25000000 37731643 25324330 25731640 71133 2537731 37300 39441 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Property and Equipment</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Furniture and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from <div style="display: inline; font-style: italic; font: inherit;">three</div> to <div style="display: inline; font-style: italic; font: inherit;">five</div> years. Routine maintenance and repairs are charged to expense as incurred and major renovations or improvements are capitalized.</div></div></div> P3Y P5Y 127 127 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Note <div style="display: inline; font-style: italic; font: inherit;">5</div>&nbsp;- Related Party Transactions</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Introgen Research Institute</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Introgen Research Institute (&#x201c;IRI&#x201d;) is a Texas-based technology company, currently affiliated with Rodney Varner, our Chief Executive Officer and director. In <div style="display: inline; font-style: italic; font: inherit;"> April 2009, </div>prior to Mr. Varner becoming an officer and director of our Company in <div style="display: inline; font-style: italic; font: inherit;"> August 2012, </div>we entered into an Assignment and Collaboration Agreement with IRI, which provides us with the exclusive right to commercialize a portfolio of intellectual property. This agreement was amended in <div style="display: inline; font-style: italic; font: inherit;">2011</div> to include additional sublicensing of additional intellectual property made available to IRI from MD Anderson.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Viet Ly</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company entered into a consulting agreement with Viet Ly, an&nbsp;advisor to the Company,&nbsp;on <div style="display: inline; font-style: italic; font: inherit;"> April 19, 2018. </div>The Company agreed to pay Mr. Ly <div style="display: inline; font-style: italic; font: inherit;">$175,000</div> initially, with compensation variable from time-to-time as determined by the Company, for strategic consulting services. The Company paid Mr. Ly an aggregate of <div style="display: inline; font-style: italic; font: inherit;">$28,500</div>&nbsp;during the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div> for strategic services.&nbsp;In <div style="display: inline; font-style: italic; font: inherit;"> April 2020, </div>the Company issued Cancer Revolution LLC, an entity owned by Mr. Ly, a warrant to purchase up to <div style="display: inline; font-style: italic; font: inherit;">500,000</div> shares of common stock&nbsp;at the fair market value of the common stock on the issuance date of the grant&nbsp;that vests based on the achievement of certain Company milestones. On&nbsp;<div style="display: inline; font-style: italic; font: inherit;"> February 10, 2021, </div>the Company issued an option to Mr. Ly to purchase up to <div style="display: inline; font-style: italic; font: inherit;">100,000</div> shares of common stock&nbsp;at the fair market value of the common stock on the issuance&nbsp;date of the grant&nbsp;that vests ratably per month through <div style="display: inline; font-style: italic; font: inherit;"> February 2022.&nbsp;</div></div></div> 2169143 1477877 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Research and Development&nbsp;Costs</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Research and development expenditures consist of costs incurred to conduct research and development activities. These include payments to collaborative research partners, manufacturing partners, and clinical strategy partners,&nbsp;wages and associated employee benefits, facilities and overhead costs. These expenditures relate to our preclinical, Phase <div style="display: inline; font-style: italic; font: inherit;">1,</div> and Phase <div style="display: inline; font-style: italic; font: inherit;">2</div>&nbsp;clinical trials and are expensed as incurred. Purchased materials to be used in future research are capitalized and included in research and development supplies. Research and development supplies&nbsp;purchased and capitalized for future use were $<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">3,107,900</div></div>&nbsp;and $<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">3,011,042</div></div>&nbsp;at <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div> and <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020</div></div>, respectively.</div></div></div> -64911942 -58422229 244500 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Number of</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Weighted Avg.</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Shares</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Exercise Price</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 62%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at January 1, 2020</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">5,982,923</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">2.66</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Options granted</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">2,466,529</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">2.87</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Options exercised</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">(1,277,743</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Options expired</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(327,640</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at December 31, 2020</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">6,844,069</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">2.81</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Options granted</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,332,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">5.43</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Options exercised</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">(192,139</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1.69</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Options expired or cancelled</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(10,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">7.22</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at March 31, 2021</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">7,974,430</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">3.27</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">Vested or expected to vest at March 31, 2021</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">4,673,149</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">4.00</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">Exercisable at March 31, 2021</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">373,746</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">2.91</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0pt" cellspacing="0pt" style="margin-left: 36.3%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; min-; min-width: 700px;"> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="vertical-align: middle; width: 45.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Expected term:</div> </td> <td style="vertical-align: middle; width: 5%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="vertical-align: middle; width: 49.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-style: italic; font: inherit;">10 years</div></div> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="vertical-align: middle; width: 45.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Risk-free rate:</div> </td> <td style="vertical-align: middle; width: 5%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="vertical-align: middle; width: 49.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-style: italic; font: inherit;">0.07%</div> &#x2013; <div style="display: inline; font-style: italic; font: inherit;">2.63%</div></div> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="vertical-align: middle; width: 45.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Volatility:</div> </td> <td style="vertical-align: middle; width: 5%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="vertical-align: middle; width: 49.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-style: italic; font: inherit;">75.98%</div> &#x2013; <div style="display: inline; font-style: italic; font: inherit;">83.31%</div></div> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="vertical-align: middle; width: 45.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Dividend yield:</div> </td> <td style="vertical-align: middle; width: 5%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="vertical-align: middle; width: 49.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-style: italic; font: inherit;">0%</div></div> </td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Number of</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Weighted Avg.</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Warrants</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Exercise Price</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 62%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at January 1, 2020</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">7,476,056</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1.45</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Issued</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">550,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">2.41</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Cancelled or expired</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">(44,528</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">0.50</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Exercised</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(5,826,781</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">0.47</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at December 31, 2020</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">2,154,747</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">4.37</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Issued</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">25,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">7.22</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Cancelled or expired</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Exercised</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at March 31, 2021</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">2,179,747</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">4.40</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">Vested or expected to vest at March 31, 2021</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">25,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">7.22</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">Exercisable at March 31, 2021</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,929,747</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">4.64</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> </tr> </table></div> 671738 753994 P1Y P4Y 0 0.7598 0.8331 0.0007 0.0263 761957 963192 2155884 208500 4160000 373746 2.91 327640 10000 327640 7.22 5.29 9.80 1332500 2466529 100000 2466529 7974430 0 5982923 6844069 0.001 9.80 2.66 2.81 3.27 4673149 4 1.69 3.66 7.22 1.28 4.42 2.87 5.43 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Accounting for Stock-Based Compensation</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We use the fair value-based method of accounting for stock-based compensation for options granted to employees, independent consultants and contractors. We measure options granted at fair value determined as of the grant date, and recognize the expense over the periods in which the related services are rendered based on the terms and conditions of the award. Generally, where the award only has a service condition, the requisite service period is the same as the vesting period.</div></div></div> P10Y P10Y P7Y124D P7Y21D 0.001 7.93 0.24 1.05 3.50 3.85 6.25 1.28 2.15 0.015 2.15 19263841 32849841 43117681 47314820 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Note <div style="display: inline; font-style: italic; font: inherit;">2</div> - Summary of Significant Accounting Policies</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company's condensed financial statements have been prepared in accordance with GAAP. However, they do <div style="display: inline; font-style: italic; font: inherit;">not</div> include all the information and footnotes required by GAAP for complete financial statements. In our opinion, the unaudited condensed financial statements include all adjustments (consisting of normal recurring accruals) necessary to make the unaudited condensed financial statements <div style="display: inline; font-style: italic; font: inherit;">not</div> misleading. Operating results for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended&nbsp;<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div> are <div style="display: inline; font-style: italic; font: inherit;">not</div> necessarily indicative of the final results that <div style="display: inline; font-style: italic; font: inherit;"> may </div>be expected for the year ending <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2021</div></div>. For more complete financial information, these unaudited condensed financial statements should be read in conjunction with the Company's audited financial statements for the year ended <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020</div></div> included in the Company's Annual Report on Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K filed with the U.S. Securities and Exchange Commission on <div style="display: inline; font-style: italic; font: inherit;"> March 26, 2021. </div>A summary of our significant accounting policies consistently applied in the preparation of the accompanying condensed financial statements follows.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Capital Stock</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In connection with the Company's initial public offering ("IPO") in <div style="display: inline; font-style: italic; font: inherit;"> April 2018, </div>all of the Company's preferred stock and non-voting common stock were converted into shares of the Company's common stock. The Company's common stock&nbsp;was then forward-split at a ratio of <div style="display: inline; font-style: italic; font: inherit;">6.6841954</div>-to-<div style="display: inline; font-style: italic; font: inherit;">1.</div> Furthermore, prior to the closing of the IPO, the Company's Certificate of Incorporation was amended and restated to provide the Company with the authority to issue up to <div style="display: inline; font-style: italic; font: inherit;">210,000,000</div> shares of stock consisting of <div style="display: inline; font-style: italic; font: inherit;">200,000,000</div> shares of common stock at a par value of <div style="display: inline; font-style: italic; font: inherit;">$0.001</div> per share and <div style="display: inline; font-style: italic; font: inherit;">10,000,000</div> shares of preferred stock at a par value of <div style="display: inline; font-style: italic; font: inherit;">$0.001</div> per share.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The preparation of our condensed financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Cash and Cash Equivalents</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We consider all highly liquid short-term investments with an initial maturity of <div style="display: inline; font-style: italic; font: inherit;">three</div> months or less to be cash equivalents.&nbsp;Any amounts of cash in financial institutions which exceed FDIC insured limits expose us to cash concentration risk. We have cash equivalents in a J.P. Morgan money market account&nbsp;and had $<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">47,256,175</div></div>&nbsp;and $<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">27,091,596</div></div> in excess of FDIC insured limits of <div style="display: inline; font-style: italic; font: inherit;">$250,000</div> at <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>&nbsp;and <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020</div></div>, respectively.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Fair Value of Financial Instruments</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The carrying amounts reported in the balance sheet for cash, accounts receivable, accounts payable and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial instruments.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Accounting Standards Codification ("ASC") <div style="display: inline; font-style: italic; font: inherit;">820,</div> Fair Value Measurements and Disclosures, defines fair value, provides a consistent framework for measuring fair value under GAAP and expands fair value financial statement disclosure requirements. ASC <div style="display: inline; font-style: italic; font: inherit;">820's</div> valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC <div style="display: inline; font-style: italic; font: inherit;">820</div> classifies these inputs into the following hierarchy:</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Level <div style="display: inline; font-style: italic; font: inherit;">1:</div>&nbsp;Quoted prices for identical instruments in active markets.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Level <div style="display: inline; font-style: italic; font: inherit;">2:</div> Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are <div style="display: inline; font-style: italic; font: inherit;">not</div> active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Level <div style="display: inline; font-style: italic; font: inherit;">3:</div>&nbsp;Instruments with primarily unobservable value drivers.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Property and Equipment</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Furniture and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from <div style="display: inline; font-style: italic; font: inherit;">three</div> to <div style="display: inline; font-style: italic; font: inherit;">five</div> years. Routine maintenance and repairs are charged to expense as incurred and major renovations or improvements are capitalized.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Research and Development&nbsp;Costs</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">Research and development expenditures consist of costs incurred to conduct research and development activities. These include payments to collaborative research partners, manufacturing partners, and clinical strategy partners,&nbsp;wages and associated employee benefits, facilities and overhead costs. These expenditures relate to our preclinical, Phase <div style="display: inline; font-style: italic; font: inherit;">1,</div> and Phase <div style="display: inline; font-style: italic; font: inherit;">2</div>&nbsp;clinical trials and are expensed as incurred. Purchased materials to be used in future research are capitalized and included in research and development supplies. Research and development supplies&nbsp;purchased and capitalized for future use were $<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">3,107,900</div></div>&nbsp;and $<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">3,011,042</div></div>&nbsp;at <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div> and <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020</div></div>, respectively.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Awards</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font: inherit;">2010,</div> we were awarded <div style="display: inline; font-style: italic; font: inherit;">$4.5</div> million from the State of Texas Emerging Technology Fund (&#x201c;TETF&#x201d;). The award was received in <div style="display: inline; font-style: italic; font: inherit;">two</div> tranches of <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$2.25</div></div> million each during <div style="display: inline; font-style: italic; font: inherit;">2010</div> and <div style="display: inline; font-style: italic; font: inherit;">2011.</div> The award proceeds were used to further the development and future commercialization of REQORSA, our lead product candidate for NSCLC. In consideration of the award, we provided the TETF with an investment unit that consisted of a promissory note ("Note") and a warrant&nbsp;to purchase equity ("Warrant"). The Warrant was exercised in <div style="display: inline; font-style: italic; font: inherit;"> March 2014 </div>and TETF was issued <div style="display: inline; font-style: italic; font: inherit;">1,235,219</div> shares of our common stock. The investment unit, including the Note, was terminated on <div style="display: inline; font-style: italic; font: inherit;"> August 15, 2019.&nbsp;</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In <div style="display: inline; font-style: italic; font: inherit;">2010,</div> we also were awarded approximately <div style="display: inline; font-style: italic; font: inherit;">$244,500</div> from the U.S. Treasury Department for our QTDP Program Nanoparticle Therapy for Lung Cancer. The award was received during <div style="display: inline; font-style: italic; font: inherit;">2011</div> for our historical activities, and required <div style="display: inline; font-style: italic; font: inherit;">no</div> prospective expenditures. We accounted for these funds received as revenue at that time.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Intellectual Property</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Intellectual property consists of&nbsp;legal and related costs associated with patents and other proprietary technology and rights developed, acquired, licensed by, or maintained by us that we believe contribute to a probable economic benefit toward such patents and activities. These costs incurred in connection with obtaining and maintaining intellectual property protection, such as patent applications and patent maintenance, are capitalized. Intellectual property is stated at cost, to be amortized on a straight-line basis over the estimated useful lives of the assets.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Accounting for Stock-Based Compensation</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We use the fair value-based method of accounting for stock-based compensation for options granted to employees, independent consultants and contractors. We measure options granted at fair value determined as of the grant date, and recognize the expense over the periods in which the related services are rendered based on the terms and conditions of the award. Generally, where the award only has a service condition, the requisite service period is the same as the vesting period.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Long-Lived Assets</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We review long-lived assets and certain identifiable intangibles held and used for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be recoverable. In evaluating the fair value and future benefits of its intangible assets, management performs an analysis of the anticipated undiscounted future net cash flow of the individual assets over the remaining amortization period. We recognize an impairment loss if the carrying value of the asset exceeds the expected future cash flows. During the <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div> and the year ended <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020</div></div>, there were <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">no</div></div> deemed impairments of our long-lived assets.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"></div></div></div> <div style="display: inline; font-style: italic; font: inherit;"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Recent Accounting Developments</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">Accounting pronouncements issued but <div style="display: inline; font-style: italic; font: inherit;">not</div> effective until after <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div> are <div style="display: inline; font-style: italic; font: inherit;">not</div> expected to have a significant effect on our financial condition, results of operations, or cash flows.</div></div></div> 5000 51432 5000 5000 5000 961000 7620000 5000000 3116884 4000000 4000000 16697884 5511599 13581000 4192139 192139 1277743 43909 1277743 20650 154648 5 1545 1550 5 20645 2537731 324330 1320155 19264 43483740 -40479459 3023545 32850 69955788 -46045679 23942959 43118 89295601 -58422229 30916490 47315 115287472 -64911942 50422845 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;">Note <div style="display: inline; font-style: italic; font: inherit;">4</div>&nbsp;- Equity</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Registered Direct Offerings</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> January 21, 2020, </div>the Company completed a registered direct&nbsp;offering&nbsp;in which the Company sold to an accredited investor <div style="display: inline; font-style: italic; font: inherit;">961,000</div> shares of the Company's common stock at <div style="display: inline; font-style: italic; font: inherit;">$0.24</div> per share. The Company received net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$200,000</div> after commissions and expenses.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> January 23, 2020, </div>the Company completed a registered direct&nbsp;offering&nbsp;in which the Company sold to investors an aggregate of <div style="display: inline; font-style: italic; font: inherit;">7,620,000</div> shares of the Company's common stock at <div style="display: inline; font-style: italic; font: inherit;">$1.05</div> per share. The Company received net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$7.2</div> million after commissions and expenses.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> February 19, 2020, </div>the Company amended its Registration Statement on Form S-<div style="display: inline; font-style: italic; font: inherit;">3</div>&nbsp;to increase the maximum offering size by approximately <div style="display: inline; font-style: italic; font: inherit;">$3,000,000.</div> On <div style="display: inline; font-style: italic; font: inherit;"> February 21, 2020, </div>the Company completed a registered direct&nbsp;offering pursuant to the amended S-<div style="display: inline; font-style: italic; font: inherit;">3</div> Registration Statement, in which the Company sold to investors an aggregate of <div style="display: inline; font-style: italic; font: inherit;">5,000,000</div> shares of the Company's common stock at <div style="display: inline; font-style: italic; font: inherit;">$3.50</div> per share. The Company received net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$16.0</div> million after commissions and expenses.&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> December 24, 2020, </div>the Company completed a registered direct offering&nbsp;in which the Company sold to an accredited investor <div style="display: inline; font-style: italic; font: inherit;">3,116,884</div> shares of the Company's common stock at <div style="display: inline; font-style: italic; font: inherit;">$3.85</div> per share.&nbsp;The Company received net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$11.2</div> million after commissions and expenses.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> February 10, 2021, </div>the Company completed a registered direct offering&nbsp;in which the Company sold to investors an aggregate of <div style="display: inline; font-style: italic; font: inherit;">4,000,000</div> shares of the Company's common stock at <div style="display: inline; font-style: italic; font: inherit;">$6.25</div> per share.&nbsp;The Company received net proceeds of approximately <div style="display: inline; font-style: italic; font: inherit;">$23.2</div> million after commissions and expenses.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Stock Issuances</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">During the <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>, we issued (i) <div style="display: inline; font-style: italic; font: inherit;">4,000,000</div> shares of common stock in a registered direct offering&nbsp;for gross proceeds of <div style="display: inline; font-style: italic; font: inherit;">$25,000,000,</div> (ii) <div style="display: inline; font-style: italic; font: inherit;">192,139</div> shares of common stock upon the exercise of options for cash proceeds of <div style="display: inline; font-style: italic; font: inherit;">$324,330,</div> and&nbsp;(iii)&nbsp;<div style="display: inline; font-style: italic; font: inherit;">5,000</div> shares of common stock for services provided to us, valued at <div style="display: inline; font-style: italic; font: inherit;">$20,650.</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">During the year ended <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020</div></div>, we issued (i) <div style="display: inline; font-style: italic; font: inherit;">16,697,884</div> shares of common stock from registered direct offerings for gross proceeds of <div style="display: inline; font-style: italic; font: inherit;">$37,731,643,</div> (ii) <div style="display: inline; font-style: italic; font: inherit;">1,277,743</div> shares of common stock upon the exercise of options for cash proceeds of <div style="display: inline; font-style: italic; font: inherit;">$1,320,155,</div> (iii) <div style="display: inline; font-style: italic; font: inherit;">5,511,599</div> shares of common stock upon the exercise of warrants for cash proceeds of <div style="display: inline; font-style: italic; font: inherit;">$2,537,731,</div> (iv) <div style="display: inline; font-style: italic; font: inherit;">199,630</div> shares of common stock upon the exercise of warrants on a cashless basis, and (v) <div style="display: inline; font-style: italic; font: inherit;">51,432</div> shares of common stock for service provided to us&nbsp;valued at <div style="display: inline; font-style: italic; font: inherit;">$154,648.</div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Preferred Stock</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In connection with the Company's IPO, all preferred stock included in Series A through Series G preferred stock, totaling <div style="display: inline; font-style: italic; font: inherit;">1,394,953</div> shares were converted to an aggregate of <div style="display: inline; font-style: italic; font: inherit;">9,324,177</div> shares of the Company's common stock in connection with the forward-split (See Note <div style="display: inline; font-style: italic; font: inherit;">2</div> - Capital Stock). Upon the completion of the IPO, the Company became&nbsp;authorized to issue <div style="display: inline; font-style: italic; font: inherit;">10,000,000</div> shares of preferred stock with a par value of <div style="display: inline; font-style: italic; font: inherit;">$0.001</div> per share, <div style="display: inline; font-style: italic; font: inherit;">none</div> of which are&nbsp;outstanding at <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Common Stock</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Upon the completion of the IPO, all of the Company's non-voting common stock automatically converted into voting common stock on a <div style="display: inline; font-style: italic; font: inherit;">one</div>-for-<div style="display: inline; font-style: italic; font: inherit;">one</div> basis. Immediately following the completion of the IPO, the Company became&nbsp;authorized to issue <div style="display: inline; font-style: italic; font: inherit;">200,000,000</div> shares of common stock with a par value of <div style="display: inline; font-style: italic; font: inherit;">$0.001</div> per share, all of which are voting common stock. There were <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">47,314,820</div></div>&nbsp;shares of the Company's common stock outstanding at <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Common Stock Purchase Warrants</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Common stock purchase warrant activity for the period and year ended <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div> and <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020</div></div>&nbsp;is as follows:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Number of</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Weighted Avg.</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Warrants</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Exercise Price</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 62%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at January 1, 2020</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">7,476,056</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1.45</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Issued</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">550,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">2.41</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Cancelled or expired</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">(44,528</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">0.50</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Exercised</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(5,826,781</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">0.47</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at December 31, 2020</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">2,154,747</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">4.37</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Issued</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">25,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">7.22</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Cancelled or expired</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Exercised</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at March 31, 2021</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">2,179,747</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">4.40</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">Vested or expected to vest at March 31, 2021</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">25,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">7.22</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">Exercisable at March 31, 2021</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,929,747</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">4.64</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> </tr> </table> </div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">During the <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">three</div></div>-month period ended <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>, the Company issued warrants&nbsp;to purchase up to <div style="display: inline; font-style: italic; font: inherit;">25,000</div> shares of common stock to Bear Creek Capital, LLC, a service provider,&nbsp;at an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$7.22</div> per share. During the <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">three</div></div>-month period ended <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>, we recorded share-based compensation of <div style="display: inline; font-style: italic; font: inherit;">$115,628</div>&nbsp;associated with&nbsp;this&nbsp;warrant.&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">During the year ending <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, (</div>i) investors and placement agents of the Company's <div style="display: inline; font-style: italic; font: inherit;"> May 2018 </div>private placement and <div style="display: inline; font-style: italic; font: inherit;"> November 2019 </div>registered direct offering exercised warrants to purchase <div style="display: inline; font-style: italic; font: inherit;">5,511,599</div> shares of common stock for&nbsp;cash proceeds of <div style="display: inline; font-style: italic; font: inherit;">$2,537,731,</div> (ii)&nbsp;the Company issued <div style="display: inline; font-style: italic; font: inherit;">315,182</div> shares of common stock to the placement agents of the <div style="display: inline; font-style: italic; font: inherit;"> November 2019 </div>registered direct offering upon the&nbsp;exercise of&nbsp;warrants on a cashless basis, and (iii) the Company issued warrants&nbsp;to purchase up to <div style="display: inline; font-style: italic; font: inherit;">550,000</div> shares of common stock to service providers, including <div style="display: inline; font-style: italic; font: inherit;">500,000</div> shares of common stock to Cancer Revolution, LLC, an entity owned and managed by Viet Ly, an advisor to the Company, at an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$2.27</div> per share and <div style="display: inline; font-style: italic; font: inherit;">50,000</div> shares of common stock to Capital City Technical Consulting, Inc., a service provider,&nbsp;at an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$3.81</div> per share. During the year ending <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>we recorded share-based compensation of <div style="display: inline; font-style: italic; font: inherit;">$450,000</div> associated with Company milestone-based vesting of the Cancer Revolution, LLC warrants. We&nbsp;expect&nbsp;to record <div style="display: inline; font-style: italic; font: inherit;">$124,000</div> of share-based compensation for time-based vesting over the next <div style="display: inline; font-style: italic; font: inherit;">three</div> years and another <div style="display: inline; font-style: italic; font: inherit;">$300,000</div> of share-based compensation based on performance-based vesting.&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font: inherit;"> January 29, 2018, </div>the Company entered into an agreement with a consultant whereby the Company agreed to grant warrants to purchase up to <div style="display: inline; font-style: italic; font: inherit;">6,000</div> shares of common stock at an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$5.00</div> per share in consideration of services valued at <div style="display: inline; font-style: italic; font: inherit;">$30,000</div> provided to the Company. At <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>, the Company has <div style="display: inline; font-style: italic; font: inherit;">not</div> issued these warrants.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font: inherit;">2018</div> Equity Incentive Plan</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company's board of directors and stockholders approved and adopted the Company's <div style="display: inline; font-style: italic; font: inherit;">2018</div> Equity Incentive Plan (<div style="display: inline; font-style: italic; font: inherit;">&#x201c;2018</div>&nbsp;Plan&#x201d;), which became effective on the completion of the IPO on <div style="display: inline; font-style: italic; font: inherit;"> April 3, 2018. </div>The <div style="display: inline; font-style: italic; font: inherit;">2018</div>&nbsp;Plan provides for the grant of incentive stock options (&#x201c;ISOs&#x201d;), nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards, other forms of equity compensation and performance cash awards. ISOs <div style="display: inline; font-style: italic; font: inherit;"> may </div>be granted only to employees. All other awards <div style="display: inline; font-style: italic; font: inherit;"> may </div>be granted to employees, including officers, and to the Company's non-employee directors and consultants.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">A total of <div style="display: inline; font-style: italic; font: inherit;">4,160,000</div> shares of common stock were originally reserved for issuance under the <div style="display: inline; font-style: italic; font: inherit;">2018</div>&nbsp;Plan, which includes <div style="display: inline; font-style: italic; font: inherit;">554,963</div> shares of common stock reserved for issuance under our <div style="display: inline; font-style: italic; font: inherit;">2009</div> Equity Incentive Plan that were added to&nbsp;the <div style="display: inline; font-style: italic; font: inherit;">2018</div>&nbsp;Plan. <div style="display: inline; font-style: italic; font: inherit;">No</div> grants have been made under the <div style="display: inline; font-style: italic; font: inherit;">2009</div> Plan since our IPO, and <div style="display: inline; font-style: italic; font: inherit;">no</div> further grants will be made under the <div style="display: inline; font-style: italic; font: inherit;">2009</div> Plan.&nbsp;Any shares subject to outstanding stock options under the <div style="display: inline; font-style: italic; font: inherit;">2009</div> Plan that would otherwise be returned to the <div style="display: inline; font-style: italic; font: inherit;">2009</div> Plan will instead be added to the shares initially reserved under the <div style="display: inline; font-style: italic; font: inherit;">2018</div>&nbsp;Plan.<div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;"> </div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">In addition, the number of shares of common stock reserved for issuance under the <div style="display: inline; font-style: italic; font: inherit;">2018</div>&nbsp;Plan is automatically increased on <div style="display: inline; font-style: italic; font: inherit;"> January 1 </div>of each calendar year, beginning on <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019&nbsp;</div>by <div style="display: inline; font-style: italic; font: inherit;">5%</div> of the total number of shares of the Company's common stock outstanding on <div style="display: inline; font-style: italic; font: inherit;"> December 31 </div>of the preceding calendar year, or a lesser number of shares determined by the administrator of the <div style="display: inline; font-style: italic; font: inherit;">2018</div>&nbsp;Plan. On&nbsp;<div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019, </div><div style="display: inline; font-style: italic; font: inherit;">2020,</div> and <div style="display: inline; font-style: italic; font: inherit;">2021,</div> the number of shares of common stock reserved for issuance under the&nbsp;<div style="display: inline; font-style: italic; font: inherit;">2018</div>&nbsp;Plan&nbsp;was increased by an aggregate of <div style="display: inline; font-style: italic; font: inherit;">761,957,</div> <div style="display: inline; font-style: italic; font: inherit;">963,192,</div> and <div style="display: inline; font-style: italic; font: inherit;">2,155,884</div> shares, respectively.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-style: italic; font: inherit;">2018</div> Employee Stock Purchase Plan</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company's board of directors and stockholders approved and adopted the Company's <div style="display: inline; font-style: italic; font: inherit;">2018</div> Employee Stock Purchase Plan (&#x201c;ESPP&#x201d;), which became effective on the completion of the IPO on <div style="display: inline; font-style: italic; font: inherit;"> April 3, 2018.&nbsp;</div>The ESPP has <div style="display: inline; font-style: italic; font: inherit;">not</div> yet been utilized as a benefit available to our employees.&nbsp;The ESPP authorizes the issuance of <div style="display: inline; font-style: italic; font: inherit;">208,500</div> shares of the Company's common stock pursuant to purchase rights that <div style="display: inline; font-style: italic; font: inherit;"> may </div>be granted to our eligible employees. The number of shares of common stock reserved for issuance under the ESPP is automatically increased on <div style="display: inline; font-style: italic; font: inherit;"> January 1 </div>of each calendar year, beginning on <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2019, </div>by <div style="display: inline; font-style: italic; font: inherit;">2%</div> of the total number of shares of the Company's common stock outstanding on <div style="display: inline; font-style: italic; font: inherit;"> December 31 </div>of the preceding calendar year, or a lesser number of shares determined by the administrator of the ESPP. The administrator of the ESPP determined <div style="display: inline; font-style: italic; font: inherit;">not</div> to increase the number of shares reserved for issuance under the ESPP on&nbsp;<div style="background-color: rgb(255, 255, 255); color: rgb(51, 51, 51); font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;"> January 1, 2021</div></div>.</div> <div style=" margin: 0; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</div> <div style=" margin: 0; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Stock Options</div></div></div> <div style=" margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">As of <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>, the Company had&nbsp;outstanding stock options to purchase <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">7,974,430</div></div>&nbsp;shares of common stock that have been granted to various executives, employees, directors, and independent contractors. These options can vest immediately or over periods ranging from <div style="display: inline; font-style: italic; font: inherit;">12</div>&nbsp;to <div style="display: inline; font-style: italic; font: inherit;">48</div>&nbsp;months, are exercisable for a period of up to <div style="display: inline; font-style: italic; font: inherit;">ten</div> years, and enable the holders to purchase shares of our common stock at exercise prices ranging from <div style="display: inline; font-style: italic; font: inherit;">$0.001</div> to&nbsp;<div style="display: inline; font-style: italic; font: inherit;">$9.80</div> per share. The per-share fair values of these options range from <div style="display: inline; font-style: italic; font: inherit;">$0.001</div> to <div style="display: inline; font-style: italic; font: inherit;">$7.93,</div> based on Black-Scholes-Merton pricing models with the following assumptions:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div> <table cellpadding="0pt" cellspacing="0pt" style="margin-left: 36.3%; text-indent: 0px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; min-width: 700px;"> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="vertical-align: middle; width: 45.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Expected term:</div> </td> <td style="vertical-align: middle; width: 5%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="vertical-align: middle; width: 49.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-style: italic; font: inherit;">10 years</div></div> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="vertical-align: middle; width: 45.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Risk-free rate:</div> </td> <td style="vertical-align: middle; width: 5%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="vertical-align: middle; width: 49.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-style: italic; font: inherit;">0.07%</div> &#x2013; <div style="display: inline; font-style: italic; font: inherit;">2.63%</div></div> </td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="vertical-align: middle; width: 45.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Volatility:</div> </td> <td style="vertical-align: middle; width: 5%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="vertical-align: middle; width: 49.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-style: italic; font: inherit;">75.98%</div> &#x2013; <div style="display: inline; font-style: italic; font: inherit;">83.31%</div></div> </td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="vertical-align: middle; width: 45.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Dividend yield:</div> </td> <td style="vertical-align: middle; width: 5%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="vertical-align: middle; width: 49.4%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-style: italic; font: inherit;">0%</div></div> </td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">During&nbsp;the <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">three</div></div>-month period ending <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>, the Company (i) granted stock options to purchase an aggregate of&nbsp;<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">1,332,500</div></div> shares of the Company's common stock with exercise prices ranging from <div style="display: inline; font-style: italic; font: inherit;">$3.66</div> to <div style="display: inline; font-style: italic; font: inherit;">$7.22</div> per share to employees, board members,&nbsp;and consultants, (ii) cancelled options to purchase <div style="display: inline; font-style: italic; font: inherit;">10,000</div> shares of common stock at an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$7.22</div> per share due&nbsp;to the termination&nbsp;of a former employee, and (iii) issued <div style="display: inline; font-style: italic; font: inherit;">192,139</div> shares of the Company's common stock upon the exercise of options held by a consultant, a former board member, and a former executive, with exercise prices ranging from&nbsp;<div style="display: inline; font-style: italic; font: inherit;">$1.28</div>&nbsp;to <div style="display: inline; font-style: italic; font: inherit;">$2.15</div> per share.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">During&nbsp;the year ending <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the Company (i) granted stock options to purchase an aggregate of <div style="display: inline; font-style: italic; font: inherit;">2,466,529</div> shares of the Company's common stock with exercise prices ranging from <div style="display: inline; font-style: italic; font: inherit;">$1.28</div> to&nbsp;<div style="display: inline; font-style: italic; font: inherit;">$4.42</div> per share to employees, board members, and consultants, (ii) cancelled options to purchase <div style="display: inline; font-style: italic; font: inherit;">327,640</div> shares of common stock at exercise prices ranging from <div style="display: inline; font-style: italic; font: inherit;">$5.29</div> to <div style="display: inline; font-style: italic; font: inherit;">$9.80</div> due to expiration of&nbsp;options and separation of a former executive, and (iii) issued <div style="display: inline; font-style: italic; font: inherit;">1,277,743</div> shares of the Company's common stock upon the exercise of options held by former board members and a former executive with&nbsp;exercise prices ranging from <div style="display: inline; font-style: italic; font: inherit;">$0.015</div> to <div style="display: inline; font-style: italic; font: inherit;">$2.15</div> per share.</div> <div style="font-size: 10pt;"> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> </div> <div style="font-size: 10pt;"> The weighted average remaining contractual term for the outstanding options at&nbsp; <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>&nbsp;and&nbsp; <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020</div></div>&nbsp;is <div style="display: inline; font-style: italic; font: inherit;">7.34</div> and <div style="display: inline; font-style: italic; font: inherit;">7.06</div> years, respectively. </div> <div style="font-size: 10pt;"> &nbsp; </div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0">Stock option activity for the <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">three</div></div> months&nbsp;ended <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div> and year ended&nbsp;<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020</div></div>&nbsp;is as follows:</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; margin-left: 10%; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Number of</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt;"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Weighted Avg.</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Shares</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" background-color:#FFFFFF;font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">Exercise Price</div></div></div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255); padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 62%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at January 1, 2020</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">5,982,923</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">2.66</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Options granted</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">2,466,529</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">2.87</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Options exercised</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">(1,277,743</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Options expired</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(327,640</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">&#x2014;</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Outstanding at December 31, 2020</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">6,844,069</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">2.81</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Options granted</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,332,500</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">5.43</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Options exercised</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">(192,139</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1.69</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; vertical-align: top;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 13.7pt; text-align: left; text-indent: 0pt;">Options expired or cancelled</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(10,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; 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text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">7,974,430</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">3.27</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">Vested or expected to vest at March 31, 2021</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">4,673,149</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">4.00</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> </tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">Exercisable at March 31, 2021</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">373,746</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);">$</td> <td style="width: 16%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: thin solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">2.91</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Share-Based Compensation</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">For the&nbsp;<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>, the Company's&nbsp;total share-based compensation was approximately <div style="display: inline; font-style: italic; font: inherit;">$0.7</div>&nbsp;million, nearly all of which&nbsp;represents the vesting of options and warrants issued to service providers, executives, employees, and board members.&nbsp;The Company's total compensation cost related to non-vested time-based stock option awards granted to executives, employees, and board&nbsp;members and <div style="display: inline; font-style: italic; font: inherit;">not</div> yet recognized was approximately <div style="display: inline; font-style: italic; font: inherit;">$8.5</div>&nbsp;million for the quarter ended&nbsp;<div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>. The Company expects to record this stock-based compensation expense over the next <div style="display: inline; font-style: italic; font: inherit;">three</div> years using a graded vesting method. As of <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>, the weighted average term over which these expenses are expected to be recognized is <div style="display: inline; font-style: italic; font: inherit;">2.30</div>&nbsp;years.&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">As of <div style="display: inline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div>, there are&nbsp;<div style="display: inline; font-style: italic; font: inherit;">no</div>&nbsp;performance-based stock option awards outstanding.&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">&nbsp;</div></div> 6.6841954 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Capital Stock</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In connection with the Company's initial public offering ("IPO") in <div style="display: inline; font-style: italic; font: inherit;"> April 2018, </div>all of the Company's preferred stock and non-voting common stock were converted into shares of the Company's common stock. The Company's common stock&nbsp;was then forward-split at a ratio of <div style="display: inline; font-style: italic; font: inherit;">6.6841954</div>-to-<div style="display: inline; font-style: italic; font: inherit;">1.</div> Furthermore, prior to the closing of the IPO, the Company's Certificate of Incorporation was amended and restated to provide the Company with the authority to issue up to <div style="display: inline; font-style: italic; font: inherit;">210,000,000</div> shares of stock consisting of <div style="display: inline; font-style: italic; font: inherit;">200,000,000</div> shares of common stock at a par value of <div style="display: inline; font-style: italic; font: inherit;">$0.001</div> per share and <div style="display: inline; font-style: italic; font: inherit;">10,000,000</div> shares of preferred stock at a par value of <div style="display: inline; font-style: italic; font: inherit;">$0.001</div> per share.</div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; text-decoration: underline;">Note <div style="display: inline; font-style: italic; font: inherit;">8</div>&nbsp;- Subsequent Events</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Share Issuance</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> April 1, 2021, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">5,000</div> shares of common stock to a&nbsp;service provider&nbsp;in consideration of services to be provided through <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2021.</div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Option&nbsp;Exercises</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> April 21, 2021, </div>the Company issued <div style="display: inline; font-style: italic; font: inherit;">43,909</div> shares of common stock&nbsp;to a former executive upon the exercise of options for cash proceeds of <div style="display: inline; font-style: italic; font: inherit;">$71,133.</div>&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Leases</div></div></div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">On <div style="display: inline; font-style: italic; font: inherit;"> April 30, 2021, </div>the Company's space utilization agreement&nbsp;with the Board of Regents of the University of Texas System to lease offices at the Dell Medical School in Austin, Texas was terminated by the University of Texas due to their need to utilize the space. The Company is actively searching for a new location for office space.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&nbsp;</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The preparation of our condensed financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</div></div></div> 45546106 27952742 xbrli:shares xbrli:pure iso4217:USD iso4217:USD xbrli:shares 0001595248 gnpx:NationalInstituteOfHealthMember 2009-01-01 2009-12-31 0001595248 2010-01-01 2010-12-31 0001595248 gnpx:UsTreasuryDepartmentMember us-gaap:GrantMember 2010-01-01 2010-12-31 0001595248 2011-01-01 2011-12-31 0001595248 gnpx:ConversionOfPreferredStockToCommonStockMember 2014-03-01 2014-03-31 0001595248 gnpx:NationalInstituteOfHealthMember 2016-01-01 2016-12-31 0001595248 gnpx:NationalInstituteOfHealthMember 2016-10-01 2016-12-31 0001595248 gnpx:NationalInstituteOfHealthMember 2017-01-01 2017-03-31 0001595248 gnpx:NationalInstituteOfHealthMember 2017-04-01 2017-06-30 0001595248 gnpx:ConversionOfPreferredStockToCommonStockMember 2018-03-31 2018-03-31 0001595248 2018-04-03 2018-04-03 0001595248 2018-04-16 2018-04-16 0001595248 gnpx:MdAndersonMember gnpx:ResearchAgreementMember 2018-07-01 2018-07-31 0001595248 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Document And Entity Information - shares
3 Months Ended
Mar. 31, 2021
May 10, 2021
Document Information [Line Items]    
Entity Registrant Name Genprex, Inc.  
Entity Central Index Key 0001595248  
Trading Symbol gnpx  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Current Reporting Status Yes  
Entity Emerging Growth Company true  
Entity Ex Transition Period true  
Entity Small Business true  
Entity Interactive Data Current Yes  
Entity Common Stock, Shares Outstanding (in shares)   47,363,729
Entity Shell Company false  
Document Type 10-Q  
Document Period End Date Mar. 31, 2021  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Title of 12(b) Security Common Stock, par value $0.001 per share  
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Condensed Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 47,068,703 $ 27,319,685
Accounts receivable 127 127
Prepaid expenses and other 201,004 384,553
Supplies 3,107,900 3,011,042
Total current assets 50,377,734 30,715,407
Property and equipment, net 37,300 39,441
Other assets:    
Security deposits 10,741 10,741
Intellectual property, net 610,696 601,625
Total other assets 621,437 612,366
Total assets 51,036,471 31,367,214
Current liabilities:    
Accounts payable and accrued expenses 338,968 192,968
Other current liabilities 274,658 257,756
Total current liabilities 613,626 450,724
Stockholders’ equity:    
Preferred stock $0.001 par value: 10,000,000 shares authorized; no shares issued and outstanding
Common stock $0.001 par value: 200,000,000 shares authorized; 47,314,820 and 43,117,681 shares issued and outstanding, respectively 47,315 43,118
Additional paid-in capital 115,287,472 89,295,601
Accumulated deficit (64,911,942) (58,422,229)
Total stockholders’ equity 50,422,845 30,916,490
Total liabilities and stockholders’ equity $ 51,036,471 $ 31,367,214
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Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Mar. 31, 2021
Dec. 31, 2020
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 47,314,820 43,117,681
Common stock, shares outstanding (in shares) 47,314,820 43,117,681
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Condensed Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenues
Cost and expenses:    
Depreciation 6,242 5,353
Research and development 2,169,143 1,477,877
General and administrative 4,316,310 4,092,996
Total costs and expenses 6,491,695 5,576,226
Operating loss (6,491,695) (5,576,226)
Interest income 1,982 10,006
Net loss $ (6,489,713) $ (5,566,220)
Net loss per share—basic and diluted (in dollars per share) $ (0.14) $ (0.20)
Weighted average number of common shares— basic and diluted (in shares) 45,546,106 27,952,742
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Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balance (in shares) at Dec. 31, 2019 19,263,841      
Balance at Dec. 31, 2019 $ 19,264 $ 43,483,740 $ (40,479,459) $ 3,023,545
Issuance of stock for cash (in shares) 13,581,000      
Issuance of stock for cash $ 13,581 25,718,059 25,731,640
Issuance of stock for services (in shares) 5,000      
Issuance of stock for services $ 5 1,545 1,550
Share based compensation 752,444 752,444
Net loss (5,566,220) (5,566,220)
Balance (in shares) at Mar. 31, 2020 32,849,841      
Balance at Mar. 31, 2020 $ 32,850 69,955,788 (46,045,679) 23,942,959
Balance (in shares) at Dec. 31, 2019 19,263,841      
Balance at Dec. 31, 2019 $ 19,264 43,483,740 (40,479,459) $ 3,023,545
Issuance of stock for cash (in shares)       5,511,599
Issuance of stock for services (in shares)       51,432
Issuance of stock for services       $ 154,648
Balance (in shares) at Dec. 31, 2020 43,117,681      
Balance at Dec. 31, 2020 $ 43,118 89,295,601 (58,422,229) 30,916,490
Issuance of stock for cash (in shares) 4,192,139      
Issuance of stock for cash $ 4,192 25,320,138 $ 25,324,330
Issuance of stock for services (in shares) 5,000     5,000
Issuance of stock for services $ 5 20,645 $ 20,650
Share based compensation 651,088 651,088
Net loss (6,489,713) (6,489,713)
Balance (in shares) at Mar. 31, 2021 47,314,820      
Balance at Mar. 31, 2021 $ 47,315 $ 115,287,472 $ (64,911,942) $ 50,422,845
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (6,489,713) $ (5,566,220)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 6,242 5,353  
Share based compensation 671,738 753,994  
Changes in operating assets and liabilities:      
Accounts receivable 655  
Prepaid expenses and other 187,282 102,148  
Accounts payable and accrued expenses 146,493 202,134  
Other current liabilities 12,676 (15,592)  
Net cash used in operating activities (5,465,282) (4,517,528)  
Cash flows from investing activities:      
Additions to property and equipment (91,701) (11,412)  
Additions to intellectual property (9,071) (44,744)  
Additions to research and development supplies (9,258) (80,857)  
Net cash used in investing activities (110,030) (137,013)  
Cash flows from financing activities:      
Proceeds from issuances of stock 25,324,330 25,731,640  
Net cash provided by financing activities 25,324,330 25,731,640  
Net increase in cash and cash equivalents 19,749,018 21,077,099  
Cash and cash equivalents, beginning of period 27,319,685 2,002,492 $ 2,002,492
Cash and cash equivalents, end of period 47,068,703 23,079,591 $ 27,319,685
Supplemental Disclosure of Cash Flow Information      
Cash paid for interest  
Cash paid for taxes  
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.1
Note 1 - Description of Business and Basis of Presentation
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
Note
1
- Description of Business and Basis of Presentation
 
We are a clinical stage gene therapy company focused on developing life-changing treatments for cancer and diabetes. Our lead cancer drug candidate, REQORSA™ Immunogene therapy drug (sometimes referred to as GPX-
001
)
,
 is being developed to treat non-small cell lung cancer ("NSCLC"). The active agent in REQORSA is a
TUSC2
gene expressing plasmid that is encapsulated in a DOTAP cholesterol nanoparticle. 
TUSC2
is a tumor suppressor gene which has both tumor killing (via apoptosis) and immunomodulatory effects. We utilize our novel proprietary ONCOPREX® Nanoparticle Delivery System to deliver the
TUSC2
gene expressing plasmid to cancer cells. The
TUSC2
gene is
one
of a series of genes whose therapeutic use is covered by our exclusive worldwide licenses from The University of Texas MD Anderson Cancer Center ("MD Anderson"). 
 
We are planning to initiate our Acclaim-
1
and Acclaim-
2
clinical trials in
2021.
 Acclaim-
1
is a Phase
1/2
clinical trial using a combination of REQORSA with AstraZeneca PLC's Tagrisso® in patients with late-stage NSCLC with mutated epidermal growth factor receptors ("EGFRs") whose disease progressed after treatment with Tagrisso. In
January 2020,
we received Food and Drug Administration ("FDA") Fast Track Designation for the Acclaim-
1
patient population. Acclaim-
2
is a Phase
1/2
clinical trial using a combination of REQORSA with Merck & Co.'s Keytruda® in late-stage NSCLC patients.
 
In diabetes, we are developing a gene therapy that is exclusively licensed from the University of Pittsburgh of the Commonwealth System of Higher Education ("University of Pittsburgh") for the treatment of Type
1
and Type
2
diabetes. This potential treatment is designed to work by transforming alpha cells in the pancreas into functional beta-like cells, which can produce insulin but are distinct enough from beta cells to evade the body's immune system. Our diabetes product candidate is currently being evaluated in preclinical studies.
 
Oncology Platform
 
Utilizing our non-viral ONCOPREX Nanoparticle Delivery System, we are developing cancer treatments that are designed to administer cancer fighting genes. We encapsulate the gene-expressing plasmids using ONCOPREX lipid nanoparticles, and administer them intravenously, where they are then taken up by tumor cells and express proteins that are missing or found in low quantities in the tumor cells. With our lead drug candidate, REQORSA, there is a multimodal mechanism of action whereby REQORSA interrupts cell signaling pathways that cause replication and proliferation of cancer cells, re-establishes pathways for apoptosis, or programmed cell death, in cancer cells, and modulates the immune response against cancer cells. REQORSA has also been shown to block mechanisms that create drug resistance.
 
We believe that our ONCOPREX Nanoparticle Delivery System could allow delivery of a number of cancer-fighting genes, alone or in combination with other cancer therapies, to combat multiple types of cancer. We believe that REQORSA's combination of pan-kinase inhibition, direct induction of apoptosis, anti-cancer immune modulation and complementary action with targeted drugs and immunotherapies is unique, and positions REQORSA to provide treatment for patients with NSCLC and possibly other cancers, who are
not
benefitting from current therapies.
 
Diabetes Gene Therapy
 
Our diabetes gene therapy, also referred to as GPX-
002,
was developed by lead researcher Dr. George Gittes, at the Rangos Research Center at the University of Pittsburgh Medical Center Children's Hospital. This potential treatment is designed to work by transforming alpha cells in the pancreas into functional beta-like cells, which can produce insulin but are distinct enough from beta cells to evade the body's immune system. The therapy utilizes a procedure in which an adeno-associated virus vector delivers
Pdx1
and MafA genes to the pancreas.
 
Capital Requirements, Liquidity and Going Concern Considerations
 
Our condensed financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, as shown in the accompanying condensed financial statements, we have sustained substantial losses from operations since inception and have
no
current source of revenue. In addition, we have used, rather than provided, cash in our operations. We expect to continue to incur significant expenditures to further clinical trials for the commercial development of our product candidates.
 
Management recognizes that we must obtain additional capital resources to successfully commercialize our product candidates.  To date, we have received funding in the form of equity and debt, and we plan to seek additional funding in the future. However,
no
assurances can be given that we will be successful in raising additional capital.  If we are
not
able to timely and successfully raise additional capital, the timing of our clinical trials, financial condition and results of operations
may
be materially and adversely affected. These condensed financial statements do
not
include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities.
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Note 2 - Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Significant Accounting Policies [Text Block]
Note
2
- Summary of Significant Accounting Policies
 
The Company's condensed financial statements have been prepared in accordance with GAAP. However, they do
not
include all the information and footnotes required by GAAP for complete financial statements. In our opinion, the unaudited condensed financial statements include all adjustments (consisting of normal recurring accruals) necessary to make the unaudited condensed financial statements
not
misleading. Operating results for the
three
months ended 
March 31, 2021
are
not
necessarily indicative of the final results that
may
be expected for the year ending
December 31, 2021
. For more complete financial information, these unaudited condensed financial statements should be read in conjunction with the Company's audited financial statements for the year ended
December 31, 2020
included in the Company's Annual Report on Form
10
-K filed with the U.S. Securities and Exchange Commission on
March 26, 2021.
A summary of our significant accounting policies consistently applied in the preparation of the accompanying condensed financial statements follows.
 
Capital Stock
 
In connection with the Company's initial public offering ("IPO") in
April 2018,
all of the Company's preferred stock and non-voting common stock were converted into shares of the Company's common stock. The Company's common stock was then forward-split at a ratio of
6.6841954
-to-
1.
Furthermore, prior to the closing of the IPO, the Company's Certificate of Incorporation was amended and restated to provide the Company with the authority to issue up to
210,000,000
shares of stock consisting of
200,000,000
shares of common stock at a par value of
$0.001
per share and
10,000,000
shares of preferred stock at a par value of
$0.001
per share.
 
Use of Estimates
 
The preparation of our condensed financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
 
Cash and Cash Equivalents
 
We consider all highly liquid short-term investments with an initial maturity of
three
months or less to be cash equivalents. Any amounts of cash in financial institutions which exceed FDIC insured limits expose us to cash concentration risk. We have cash equivalents in a J.P. Morgan money market account and had $
47,256,175
 and $
27,091,596
in excess of FDIC insured limits of
$250,000
at
March 31, 2021
 and
December 31, 2020
, respectively.
 
Fair Value of Financial Instruments
 
The carrying amounts reported in the balance sheet for cash, accounts receivable, accounts payable and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial instruments.
 
Accounting Standards Codification ("ASC")
820,
Fair Value Measurements and Disclosures, defines fair value, provides a consistent framework for measuring fair value under GAAP and expands fair value financial statement disclosure requirements. ASC
820's
valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC
820
classifies these inputs into the following hierarchy:
 
Level
1:
 Quoted prices for identical instruments in active markets.
 
Level
2:
Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are
not
active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
 
Level
3:
 Instruments with primarily unobservable value drivers.
 
Property and Equipment
 
Furniture and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from
three
to
five
years. Routine maintenance and repairs are charged to expense as incurred and major renovations or improvements are capitalized.
 
Research and Development Costs
 
Research and development expenditures consist of costs incurred to conduct research and development activities. These include payments to collaborative research partners, manufacturing partners, and clinical strategy partners, wages and associated employee benefits, facilities and overhead costs. These expenditures relate to our preclinical, Phase
1,
and Phase
2
 clinical trials and are expensed as incurred. Purchased materials to be used in future research are capitalized and included in research and development supplies. Research and development supplies purchased and capitalized for future use were $
3,107,900
 and $
3,011,042
 at
March 31, 2021
and
December 31, 2020
, respectively.
 
Awards
 
In
2010,
we were awarded
$4.5
million from the State of Texas Emerging Technology Fund (“TETF”). The award was received in
two
tranches of
$2.25
million each during
2010
and
2011.
The award proceeds were used to further the development and future commercialization of REQORSA, our lead product candidate for NSCLC. In consideration of the award, we provided the TETF with an investment unit that consisted of a promissory note ("Note") and a warrant to purchase equity ("Warrant"). The Warrant was exercised in
March 2014
and TETF was issued
1,235,219
shares of our common stock. The investment unit, including the Note, was terminated on
August 15, 2019. 
 
In
2010,
we also were awarded approximately
$244,500
from the U.S. Treasury Department for our QTDP Program Nanoparticle Therapy for Lung Cancer. The award was received during
2011
for our historical activities, and required
no
prospective expenditures. We accounted for these funds received as revenue at that time.
 
Intellectual Property
 
Intellectual property consists of legal and related costs associated with patents and other proprietary technology and rights developed, acquired, licensed by, or maintained by us that we believe contribute to a probable economic benefit toward such patents and activities. These costs incurred in connection with obtaining and maintaining intellectual property protection, such as patent applications and patent maintenance, are capitalized. Intellectual property is stated at cost, to be amortized on a straight-line basis over the estimated useful lives of the assets.
 
Accounting for Stock-Based Compensation
 
We use the fair value-based method of accounting for stock-based compensation for options granted to employees, independent consultants and contractors. We measure options granted at fair value determined as of the grant date, and recognize the expense over the periods in which the related services are rendered based on the terms and conditions of the award. Generally, where the award only has a service condition, the requisite service period is the same as the vesting period.
 
Long-Lived Assets
 
We review long-lived assets and certain identifiable intangibles held and used for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset
may
not
be recoverable. In evaluating the fair value and future benefits of its intangible assets, management performs an analysis of the anticipated undiscounted future net cash flow of the individual assets over the remaining amortization period. We recognize an impairment loss if the carrying value of the asset exceeds the expected future cash flows. During the
three
months ended
March 31, 2021
and the year ended
December 31, 2020
, there were
no
deemed impairments of our long-lived assets.
 
Recent Accounting Developments
 
Accounting pronouncements issued but
not
effective until after
March 31, 2021
are
not
expected to have a significant effect on our financial condition, results of operations, or cash flows.
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Note 3 - Intellectual Property
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Intangible Assets Disclosure [Text Block]
Note
3
- Intellectual Property
 
On
February 11, 2020,
we entered into an exclusive license agreement with the University of Pittsburgh for patented gene therapy technologies relating to the potential treatment of type
1
and type
2
diabetes. 
 
On
May 4, 2020,
the Company entered into an exclusive worldwide license agreement with The Board of Regents of the University of Texas System on behalf of MD Anderson relating to a portfolio of
16
patent applications and related technology for the treatment of cancer using the Company's lead drug candidate and immunotherapies. 
 
We have exclusive license agreements on
28
 issued patents and
18
 pending patent applications worldwide for technologies developed by researchers at the National Cancer Institute, MD Anderson, the University of Texas Southwestern Medical Center, and the University of Pittsburgh. These patents comprise various therapeutic, diagnostic, technical and processing claims. These license rights will be amortized on a straight-line basis over the estimated period of useful lives of the underlying patents or the license agreements.
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Note 4 - Equity
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
Note
4
 - Equity
 
Registered Direct Offerings
 
On
January 21, 2020,
the Company completed a registered direct offering in which the Company sold to an accredited investor
961,000
shares of the Company's common stock at
$0.24
per share. The Company received net proceeds of approximately
$200,000
after commissions and expenses.
 
On
January 23, 2020,
the Company completed a registered direct offering in which the Company sold to investors an aggregate of
7,620,000
shares of the Company's common stock at
$1.05
per share. The Company received net proceeds of approximately
$7.2
million after commissions and expenses.
 
On
February 19, 2020,
the Company amended its Registration Statement on Form S-
3
 to increase the maximum offering size by approximately
$3,000,000.
On
February 21, 2020,
the Company completed a registered direct offering pursuant to the amended S-
3
Registration Statement, in which the Company sold to investors an aggregate of
5,000,000
shares of the Company's common stock at
$3.50
per share. The Company received net proceeds of approximately
$16.0
million after commissions and expenses. 
 
On
December 24, 2020,
the Company completed a registered direct offering in which the Company sold to an accredited investor
3,116,884
shares of the Company's common stock at
$3.85
per share. The Company received net proceeds of approximately
$11.2
million after commissions and expenses.
 
On
February 10, 2021,
the Company completed a registered direct offering in which the Company sold to investors an aggregate of
4,000,000
shares of the Company's common stock at
$6.25
per share. The Company received net proceeds of approximately
$23.2
million after commissions and expenses.
 
Stock Issuances
 
During the
three
months ended
March 31, 2021
, we issued (i)
4,000,000
shares of common stock in a registered direct offering for gross proceeds of
$25,000,000,
(ii)
192,139
shares of common stock upon the exercise of options for cash proceeds of
$324,330,
and (iii) 
5,000
shares of common stock for services provided to us, valued at
$20,650.
 
During the year ended
December 31, 2020
, we issued (i)
16,697,884
shares of common stock from registered direct offerings for gross proceeds of
$37,731,643,
(ii)
1,277,743
shares of common stock upon the exercise of options for cash proceeds of
$1,320,155,
(iii)
5,511,599
shares of common stock upon the exercise of warrants for cash proceeds of
$2,537,731,
(iv)
199,630
shares of common stock upon the exercise of warrants on a cashless basis, and (v)
51,432
shares of common stock for service provided to us valued at
$154,648.
 
Preferred Stock
 
In connection with the Company's IPO, all preferred stock included in Series A through Series G preferred stock, totaling
1,394,953
shares were converted to an aggregate of
9,324,177
shares of the Company's common stock in connection with the forward-split (See Note
2
- Capital Stock). Upon the completion of the IPO, the Company became authorized to issue
10,000,000
shares of preferred stock with a par value of
$0.001
per share,
none
of which are outstanding at
March 31, 2021
.
 
Common Stock
 
Upon the completion of the IPO, all of the Company's non-voting common stock automatically converted into voting common stock on a
one
-for-
one
basis. Immediately following the completion of the IPO, the Company became authorized to issue
200,000,000
shares of common stock with a par value of
$0.001
per share, all of which are voting common stock. There were
47,314,820
 shares of the Company's common stock outstanding at
March 31, 2021
.
 
Common Stock Purchase Warrants
 
Common stock purchase warrant activity for the period and year ended
March 31, 2021
and
December 31, 2020
 is as follows:
 
   
Number of
   
Weighted Avg.
 
   
Warrants
   
Exercise Price
 
Outstanding at January 1, 2020
   
7,476,056
    $
1.45
 
Issued
   
550,000
     
2.41
 
Cancelled or expired
   
(44,528
)    
0.50
 
Exercised
   
(5,826,781
)    
0.47
 
Outstanding at December 31, 2020
   
2,154,747
    $
4.37
 
Issued
   
25,000
     
7.22
 
Cancelled or expired
   
     
 
Exercised
   
     
 
Outstanding at March 31, 2021
   
2,179,747
    $
4.40
 
Vested or expected to vest at March 31, 2021    
25,000
     
7.22
 
Exercisable at March 31, 2021    
1,929,747
    $
4.64
 
 
 
During the
three
-month period ended
March 31, 2021
, the Company issued warrants to purchase up to
25,000
shares of common stock to Bear Creek Capital, LLC, a service provider, at an exercise price of
$7.22
per share. During the
three
-month period ended
March 31, 2021
, we recorded share-based compensation of
$115,628
 associated with this warrant. 
 
During the year ending
December 31, 2020, (
i) investors and placement agents of the Company's
May 2018
private placement and
November 2019
registered direct offering exercised warrants to purchase
5,511,599
shares of common stock for cash proceeds of
$2,537,731,
(ii) the Company issued
315,182
shares of common stock to the placement agents of the
November 2019
registered direct offering upon the exercise of warrants on a cashless basis, and (iii) the Company issued warrants to purchase up to
550,000
shares of common stock to service providers, including
500,000
shares of common stock to Cancer Revolution, LLC, an entity owned and managed by Viet Ly, an advisor to the Company, at an exercise price of
$2.27
per share and
50,000
shares of common stock to Capital City Technical Consulting, Inc., a service provider, at an exercise price of
$3.81
per share. During the year ending
December 31, 2020,
we recorded share-based compensation of
$450,000
associated with Company milestone-based vesting of the Cancer Revolution, LLC warrants. We expect to record
$124,000
of share-based compensation for time-based vesting over the next
three
years and another
$300,000
of share-based compensation based on performance-based vesting. 
 
On
January 29, 2018,
the Company entered into an agreement with a consultant whereby the Company agreed to grant warrants to purchase up to
6,000
shares of common stock at an exercise price of
$5.00
per share in consideration of services valued at
$30,000
provided to the Company. At
March 31, 2021
, the Company has
not
issued these warrants.
 
2018
Equity Incentive Plan
 
The Company's board of directors and stockholders approved and adopted the Company's
2018
Equity Incentive Plan (
“2018
 Plan”), which became effective on the completion of the IPO on
April 3, 2018.
The
2018
 Plan provides for the grant of incentive stock options (“ISOs”), nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards, other forms of equity compensation and performance cash awards. ISOs
may
be granted only to employees. All other awards
may
be granted to employees, including officers, and to the Company's non-employee directors and consultants.
 
A total of
4,160,000
shares of common stock were originally reserved for issuance under the
2018
 Plan, which includes
554,963
shares of common stock reserved for issuance under our
2009
Equity Incentive Plan that were added to the
2018
 Plan.
No
grants have been made under the
2009
Plan since our IPO, and
no
further grants will be made under the
2009
Plan. Any shares subject to outstanding stock options under the
2009
Plan that would otherwise be returned to the
2009
Plan will instead be added to the shares initially reserved under the
2018
 Plan.
 
In addition, the number of shares of common stock reserved for issuance under the
2018
 Plan is automatically increased on
January 1
of each calendar year, beginning on
January 1, 2019 
by
5%
of the total number of shares of the Company's common stock outstanding on
December 31
of the preceding calendar year, or a lesser number of shares determined by the administrator of the
2018
 Plan. On 
January 1, 2019,
2020,
and
2021,
the number of shares of common stock reserved for issuance under the 
2018
 Plan was increased by an aggregate of
761,957,
963,192,
and
2,155,884
shares, respectively.
 
2018
Employee Stock Purchase Plan
 
The Company's board of directors and stockholders approved and adopted the Company's
2018
Employee Stock Purchase Plan (“ESPP”), which became effective on the completion of the IPO on
April 3, 2018. 
The ESPP has
not
yet been utilized as a benefit available to our employees. The ESPP authorizes the issuance of
208,500
shares of the Company's common stock pursuant to purchase rights that
may
be granted to our eligible employees. The number of shares of common stock reserved for issuance under the ESPP is automatically increased on
January 1
of each calendar year, beginning on
January 1, 2019,
by
2%
of the total number of shares of the Company's common stock outstanding on
December 31
of the preceding calendar year, or a lesser number of shares determined by the administrator of the ESPP. The administrator of the ESPP determined
not
to increase the number of shares reserved for issuance under the ESPP on 
January 1, 2021
.
 
Stock Options
 
As of
March 31, 2021
, the Company had outstanding stock options to purchase
7,974,430
 shares of common stock that have been granted to various executives, employees, directors, and independent contractors. These options can vest immediately or over periods ranging from
12
 to
48
 months, are exercisable for a period of up to
ten
years, and enable the holders to purchase shares of our common stock at exercise prices ranging from
$0.001
to 
$9.80
per share. The per-share fair values of these options range from
$0.001
to
$7.93,
based on Black-Scholes-Merton pricing models with the following assumptions:
 
Expected term:
 
10 years
Risk-free rate:
 
0.07%
2.63%
Volatility:
 
75.98%
83.31%
Dividend yield:
 
0%
 
During the
three
-month period ending
March 31, 2021
, the Company (i) granted stock options to purchase an aggregate of 
1,332,500
shares of the Company's common stock with exercise prices ranging from
$3.66
to
$7.22
per share to employees, board members, and consultants, (ii) cancelled options to purchase
10,000
shares of common stock at an exercise price of
$7.22
per share due to the termination of a former employee, and (iii) issued
192,139
shares of the Company's common stock upon the exercise of options held by a consultant, a former board member, and a former executive, with exercise prices ranging from 
$1.28
 to
$2.15
per share.
 
During the year ending
December 31, 2020,
the Company (i) granted stock options to purchase an aggregate of
2,466,529
shares of the Company's common stock with exercise prices ranging from
$1.28
to 
$4.42
per share to employees, board members, and consultants, (ii) cancelled options to purchase
327,640
shares of common stock at exercise prices ranging from
$5.29
to
$9.80
due to expiration of options and separation of a former executive, and (iii) issued
1,277,743
shares of the Company's common stock upon the exercise of options held by former board members and a former executive with exercise prices ranging from
$0.015
to
$2.15
per share.
 
The weighted average remaining contractual term for the outstanding options at 
March 31, 2021
 and 
December 31, 2020
 is
7.34
and
7.06
years, respectively.
 
Stock option activity for the
three
months ended
March 31, 2021
and year ended 
December 31, 2020
 is as follows:
 
   
Number of
   
Weighted Avg.
 
   
Shares
   
Exercise Price
 
Outstanding at January 1, 2020
   
5,982,923
    $
2.66
 
Options granted
   
2,466,529
     
2.87
 
Options exercised
   
(1,277,743
)    
 
Options expired
   
(327,640
)    
 
Outstanding at December 31, 2020
   
6,844,069
    $
2.81
 
Options granted
   
1,332,500
     
5.43
 
Options exercised
   
(192,139
)    
1.69
 
Options expired or cancelled
   
(10,000
)    
7.22
 
Outstanding at March 31, 2021
   
7,974,430
    $
3.27
 
Vested or expected to vest at March 31, 2021    
4,673,149
     
4.00
 
Exercisable at March 31, 2021    
373,746
    $
2.91
 
 
Share-Based Compensation
 
For the 
three
months ended
March 31, 2021
, the Company's total share-based compensation was approximately
$0.7
 million, nearly all of which represents the vesting of options and warrants issued to service providers, executives, employees, and board members. The Company's total compensation cost related to non-vested time-based stock option awards granted to executives, employees, and board members and
not
yet recognized was approximately
$8.5
 million for the quarter ended 
March 31, 2021
. The Company expects to record this stock-based compensation expense over the next
three
years using a graded vesting method. As of
March 31, 2021
, the weighted average term over which these expenses are expected to be recognized is
2.30
 years. 
 
As of
March 31, 2021
, there are 
no
 performance-based stock option awards outstanding. 
 
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.21.1
Note 5 - Related Party Transactions
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
Note
5
 - Related Party Transactions
 
Introgen Research Institute
 
Introgen Research Institute (“IRI”) is a Texas-based technology company, currently affiliated with Rodney Varner, our Chief Executive Officer and director. In
April 2009,
prior to Mr. Varner becoming an officer and director of our Company in
August 2012,
we entered into an Assignment and Collaboration Agreement with IRI, which provides us with the exclusive right to commercialize a portfolio of intellectual property. This agreement was amended in
2011
to include additional sublicensing of additional intellectual property made available to IRI from MD Anderson.
 
Viet Ly
 
The Company entered into a consulting agreement with Viet Ly, an advisor to the Company, on
April 19, 2018.
The Company agreed to pay Mr. Ly
$175,000
initially, with compensation variable from time-to-time as determined by the Company, for strategic consulting services. The Company paid Mr. Ly an aggregate of
$28,500
 during the
three
months ended
March 31, 2021
for strategic services. In
April 2020,
the Company issued Cancer Revolution LLC, an entity owned by Mr. Ly, a warrant to purchase up to
500,000
shares of common stock at the fair market value of the common stock on the issuance date of the grant that vests based on the achievement of certain Company milestones. On 
February 10, 2021,
the Company issued an option to Mr. Ly to purchase up to
100,000
shares of common stock at the fair market value of the common stock on the issuance date of the grant that vests ratably per month through
February 2022. 
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.21.1
Note 6 - Commitments and Contingencies
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]
Note
6
 - Commitments and Contingencies
 
Leases
 
On
April 16, 2018,
the Company executed a service agreement with CIC Innovation Communities, LLC to establish and lease offices at the Cambridge Innovation Center in Cambridge, Massachusetts. On
April 1, 2020,
the Company provided notice of cancellation of our lease in the Cambridge Innovation Center in Cambridge, Massachusetts, effective as of
April 30, 2020. 
 
On
April 16, 2018,
the Company executed a space utilization agreement with the Board of Regents of the University of Texas System to establish and lease offices at the Dell Medical School in Austin, Texas. On
March 23, 2021,
the Company was informed by Dell Medical School that the University of Texas desired to use the space and 
not
renew the space utilization agreement. The lease terminates on
April 30, 2021 
and the Company pays
$462
per month to occupy this location. See Note
8
 - Subsequent Events.
 
Commitments
 
MD Anderson Cancer Center
 
The Company entered into a clinical study agreement with the MD Anderson, to administer the Company's phase
1/2
clinical trial, combining REQORSA-nanoparticles and Tarceva in Stage
4
lung cancer patients. The trial was expected to run through the end of
2018
with a projected total cost of approximately
$2
million. Payments are due and payable when invoiced throughout the clinical trial period. The agreement
may
be terminated at any time. In
2020,
the Company received Fast Track Designation ("FTD") from the FDA for its Acclaim-
1
trial which combines REQORSA plus Tagrisso in patients who have previously failed Tagrisso treatment. Given the FTD and with Tagrisso now considered a new standard of care in the U.S. for NSCLC with an epidermal growth factor receptor ("EGFR") mutation, the Company is
no
longer enrolling ONC-
002
and plan to initiate Acclaim-
1
and Acclaim-
2
in
2021.

In
July 2018,
the Company entered into a
two
-year sponsored research agreement with MD Anderson to sponsor preclinical studies focused on the combination of REQORSA with an immunotherapy with a projected total cost of approximately
$2
million. Payments are due and payable when invoiced throughout the clinical trial period. The agreement
may
be terminated at any time. This agreement has been extended through
May 2022.
 
In
2011,
the Company agreed to assume certain contractual and other obligations of IRI in consideration for the sublicense rights, expertise, and assistance associated with certain technologies and intellectual property originally licensed to another party under a
1994
License Agreement with MD Anderson (“Original MD Anderson License Agreement”). These technologies and intellectual property were later sublicensed to IRI (the “IRI Sublicense”). The Company also agreed to pay royalties of
1%
on sales of certain licensed products for a period of
21
years following the termination of the later of the Original MD Anderson License Agreement and the IRI Sublicense. The Company assumed patent prosecution costs and an annual minimum royalty of
$20,000
 payable to the National Institutes of Health.
 
On
March 3, 2021,
the Company entered into an amendment (the “MD License Amendment”) to the Patent and Technology License Agreement dated
May 4, 2020
with MD Anderson. The MD License Amendment grants the Company a worldwide, exclusive, sublicensable license to an additional portfolio of
six
patents and
one
patent application and related technology for methods for treating cancer by administration of a
TUSC2
therapy in conjunction with EGFR inhibitors or other anti-cancer therapies in patients predicted to be responsive to
TUSC2
therapy. Pursuant to the MD License Amendment, the Company agreed to (i) pay annual maintenance fees ranging from the mid
five
figures to the low
six
figures, (ii) total milestone payments of
$6,150,000,
(iii) a
one
-time fee in the mid
five
 figures and (iv) certain patent related expenses.
 
National Institutes of Health
 
Our
$191,393
payment obligation to the National Institutes of Health (“NIH”) represented a current obligation, of which
$15,393
of
2016
patent prosecution costs were paid in the
fourth
quarter of
2016
and
$176,000
was included in accounts payable at
December 31, 2016 (
consisting of accrued annual royalties of
$140,000
and patent costs of
$36,000
). During the
first
quarter of
2017,
we modified the terms of our accrued royalty obligation to NIH. Under the modified agreement, NIH agreed to extinguish
$120,000
of the accrued royalties payable to it in consideration of payment by us of (i) accrued patent costs of
$36,000,
(ii) a royalty payment of
$20,000,
and (iii) a contingent payment of
$240,000,
increasing by
$20,000
per year starting in
2018,
to be paid upon our receipt of FDA approval. The payments for the patent costs of
$36,000
and royalties of
$20,000
were paid during the
second
quarter of
2017.
 
As a result of our modified agreement with the NIH, we have recognized the exchange of the
$120,000
fixed obligation for the
$240,000
contingent obligation as a
$120,000
reduction to intellectual property expense (classified within general and administrative expense) during the
first
quarter of
2017.
The
$240,000
contingent obligation, which increases annually by
$20,000
and is
$300,000
as of
December 31, 2020,
will be recognized when we obtain regulatory approval (the event that triggers the payment obligation).
 
University of Pittsburgh
 
Pursuant to the Exclusive License Agreement dated
February 11, 2020
by and between the Company and the University of Pittsburgh, the Company agreed to pay (i) an initial licensing fee of
$25,000,
(ii) annual maintenance fees of
$25,000
for the
first
three
years and
$40,000
for each subsequent year following the
first
anniversary of the agreement, (iii) royalties ranging from
1.5%
to
3%
 of net sales of licensed technologies, (iv) an annual minimal royalty payment of
$250,000
per year beginning in the year of the
first
commercial sale of licensed technology, (v) a share of non-royalty sublicense income of
20%,
and (vi) an aggregate of of
$3,975,000
in milestone payments. Unless earlier terminated pursuant to its terms, the agreement expires upon the later of (i)
20
years after the
first
commercial sale of the licensed technology thereunder and (ii) expiration of the last valid claim under the patent rights.
 
Contingencies
 
From time to time we
may
become subject to threatened and/or asserted claims arising in the ordinary course of our business. Management is
not
aware of any matters, either individually or in the aggregate, that are reasonably likely to have a material impact on our financial condition, results of operations or liquidity.
 
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.21.1
Note 7 - Significant Events
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Effect of Covid 19 Pandemic [Text Block]
Note
7
 - Significant Events
 
In
March 2020,
the outbreak of COVID-
19
caused by a novel strain of the coronavirus was recognized as a pandemic by the World Health Organization. The pandemic has become widespread in the United States, including markets in which the Company operates or
may
operate in the future. The COVID-
19
 pandemic has had a notable impact on general economic conditions, including, but
not
limited to, the temporary closures of many businesses, “shelter in place” orders and other governmental regulations, reduced consumer spending due to both job losses and other effects attributable to the COVID-
19,
 in addition to many other unknowns. To date, the Company has
not
experienced any material impact on its financial results or operations as a result of the COVID-
19
pandemic. The extent to which the COVID-
19
pandemic could impact the Company's operations or financial results is uncertain. The Company continues to monitor the impact of the COVID-
19
pandemic closely.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.21.1
Note 8 - Subsequent Events
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Subsequent Events [Text Block]
Note
8
 - Subsequent Events
 
Share Issuance
On
April 1, 2021,
the Company issued
5,000
shares of common stock to a service provider in consideration of services to be provided through
June 30, 2021.
 
Option Exercises
On
April 21, 2021,
the Company issued
43,909
shares of common stock to a former executive upon the exercise of options for cash proceeds of
$71,133.
 
 
Leases
On
April 30, 2021,
the Company's space utilization agreement with the Board of Regents of the University of Texas System to lease offices at the Dell Medical School in Austin, Texas was terminated by the University of Texas due to their need to utilize the space. The Company is actively searching for a new location for office space.
 
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.21.1
Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Stockholders' Equity, Policy [Policy Text Block]
Capital Stock
 
In connection with the Company's initial public offering ("IPO") in
April 2018,
all of the Company's preferred stock and non-voting common stock were converted into shares of the Company's common stock. The Company's common stock was then forward-split at a ratio of
6.6841954
-to-
1.
Furthermore, prior to the closing of the IPO, the Company's Certificate of Incorporation was amended and restated to provide the Company with the authority to issue up to
210,000,000
shares of stock consisting of
200,000,000
shares of common stock at a par value of
$0.001
per share and
10,000,000
shares of preferred stock at a par value of
$0.001
per share.
Use of Estimates, Policy [Policy Text Block]
Use of Estimates
 
The preparation of our condensed financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents, Policy [Policy Text Block]
Cash and Cash Equivalents
 
We consider all highly liquid short-term investments with an initial maturity of
three
months or less to be cash equivalents. Any amounts of cash in financial institutions which exceed FDIC insured limits expose us to cash concentration risk. We have cash equivalents in a J.P. Morgan money market account and had $
47,256,175
 and $
27,091,596
in excess of FDIC insured limits of
$250,000
at
March 31, 2021
 and
December 31, 2020
, respectively.
Fair Value of Financial Instruments, Policy [Policy Text Block]
Fair Value of Financial Instruments
 
The carrying amounts reported in the balance sheet for cash, accounts receivable, accounts payable and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial instruments.
 
Accounting Standards Codification ("ASC")
820,
Fair Value Measurements and Disclosures, defines fair value, provides a consistent framework for measuring fair value under GAAP and expands fair value financial statement disclosure requirements. ASC
820's
valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC
820
classifies these inputs into the following hierarchy:
 
Level
1:
 Quoted prices for identical instruments in active markets.
 
Level
2:
Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are
not
active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
 
Level
3:
 Instruments with primarily unobservable value drivers.
Property, Plant and Equipment, Policy [Policy Text Block]
Property and Equipment
 
Furniture and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from
three
to
five
years. Routine maintenance and repairs are charged to expense as incurred and major renovations or improvements are capitalized.
Research and Development Expense, Policy [Policy Text Block]
Research and Development Costs
 
Research and development expenditures consist of costs incurred to conduct research and development activities. These include payments to collaborative research partners, manufacturing partners, and clinical strategy partners, wages and associated employee benefits, facilities and overhead costs. These expenditures relate to our preclinical, Phase
1,
and Phase
2
 clinical trials and are expensed as incurred. Purchased materials to be used in future research are capitalized and included in research and development supplies. Research and development supplies purchased and capitalized for future use were $
3,107,900
 and $
3,011,042
 at
March 31, 2021
and
December 31, 2020
, respectively.
Awards [Policy Text Block]
Awards
 
In
2010,
we were awarded
$4.5
million from the State of Texas Emerging Technology Fund (“TETF”). The award was received in
two
tranches of
$2.25
million each during
2010
and
2011.
The award proceeds were used to further the development and future commercialization of REQORSA, our lead product candidate for NSCLC. In consideration of the award, we provided the TETF with an investment unit that consisted of a promissory note ("Note") and a warrant to purchase equity ("Warrant"). The Warrant was exercised in
March 2014
and TETF was issued
1,235,219
shares of our common stock. The investment unit, including the Note, was terminated on
August 15, 2019. 
 
In
2010,
we also were awarded approximately
$244,500
from the U.S. Treasury Department for our QTDP Program Nanoparticle Therapy for Lung Cancer. The award was received during
2011
for our historical activities, and required
no
prospective expenditures. We accounted for these funds received as revenue at that time.
Intangible Assets, Finite-Lived, Policy [Policy Text Block]
Intellectual Property
 
Intellectual property consists of legal and related costs associated with patents and other proprietary technology and rights developed, acquired, licensed by, or maintained by us that we believe contribute to a probable economic benefit toward such patents and activities. These costs incurred in connection with obtaining and maintaining intellectual property protection, such as patent applications and patent maintenance, are capitalized. Intellectual property is stated at cost, to be amortized on a straight-line basis over the estimated useful lives of the assets.
Share-based Payment Arrangement [Policy Text Block]
Accounting for Stock-Based Compensation
 
We use the fair value-based method of accounting for stock-based compensation for options granted to employees, independent consultants and contractors. We measure options granted at fair value determined as of the grant date, and recognize the expense over the periods in which the related services are rendered based on the terms and conditions of the award. Generally, where the award only has a service condition, the requisite service period is the same as the vesting period.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]
Long-Lived Assets
 
We review long-lived assets and certain identifiable intangibles held and used for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset
may
not
be recoverable. In evaluating the fair value and future benefits of its intangible assets, management performs an analysis of the anticipated undiscounted future net cash flow of the individual assets over the remaining amortization period. We recognize an impairment loss if the carrying value of the asset exceeds the expected future cash flows. During the
three
months ended
March 31, 2021
and the year ended
December 31, 2020
, there were
no
deemed impairments of our long-lived assets.
New Accounting Pronouncements, Policy [Policy Text Block]
Recent Accounting Developments
 
Accounting pronouncements issued but
not
effective until after
March 31, 2021
are
not
expected to have a significant effect on our financial condition, results of operations, or cash flows.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.21.1
Note 4 - Equity (Tables)
3 Months Ended
Mar. 31, 2021
Notes Tables  
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]
   
Number of
   
Weighted Avg.
 
   
Warrants
   
Exercise Price
 
Outstanding at January 1, 2020
   
7,476,056
    $
1.45
 
Issued
   
550,000
     
2.41
 
Cancelled or expired
   
(44,528
)    
0.50
 
Exercised
   
(5,826,781
)    
0.47
 
Outstanding at December 31, 2020
   
2,154,747
    $
4.37
 
Issued
   
25,000
     
7.22
 
Cancelled or expired
   
     
 
Exercised
   
     
 
Outstanding at March 31, 2021
   
2,179,747
    $
4.40
 
Vested or expected to vest at March 31, 2021    
25,000
     
7.22
 
Exercisable at March 31, 2021    
1,929,747
    $
4.64
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
Expected term:
 
10 years
Risk-free rate:
 
0.07%
2.63%
Volatility:
 
75.98%
83.31%
Dividend yield:
 
0%
Share-based Payment Arrangement, Option, Activity [Table Text Block]
   
Number of
   
Weighted Avg.
 
   
Shares
   
Exercise Price
 
Outstanding at January 1, 2020
   
5,982,923
    $
2.66
 
Options granted
   
2,466,529
     
2.87
 
Options exercised
   
(1,277,743
)    
 
Options expired
   
(327,640
)    
 
Outstanding at December 31, 2020
   
6,844,069
    $
2.81
 
Options granted
   
1,332,500
     
5.43
 
Options exercised
   
(192,139
)    
1.69
 
Options expired or cancelled
   
(10,000
)    
7.22
 
Outstanding at March 31, 2021
   
7,974,430
    $
3.27
 
Vested or expected to vest at March 31, 2021    
4,673,149
     
4.00
 
Exercisable at March 31, 2021    
373,746
    $
2.91
 
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.21.1
Note 2 - Summary of Significant Accounting Policies (Details Textual)
1 Months Ended 3 Months Ended 12 Months Ended
Apr. 03, 2018
$ / shares
shares
Mar. 31, 2018
$ / shares
shares
Mar. 31, 2014
shares
Mar. 31, 2021
USD ($)
$ / shares
shares
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2011
USD ($)
Dec. 31, 2010
USD ($)
Stockholders' Equity Note, Stock Split, Conversion Ratio 6.6841954              
Capital Stock, Shares Authorized (in shares) | shares   210,000,000            
Common Stock, Shares Authorized (in shares) | shares 200,000,000 200,000,000   200,000,000   200,000,000    
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares $ 0.001 $ 0.001   $ 0.001   $ 0.001    
Preferred Stock, Shares Authorized (in shares) | shares 10,000,000 10,000,000   10,000,000   10,000,000    
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares   $ 0.001   $ 0.001   $ 0.001    
Cash, Uninsured Amount       $ 47,256,175   $ 27,091,596    
Research and Development Assets, Current       3,107,900   3,011,042    
State of Texas Emerging Technology Fund Award Amount               $ 4,500,000
Proceeds from State of Texas Emerging Technology Fund Award             $ 2,250,000 2,250,000
Revenues, Total            
Impairment of Long-Lived Assets Held-for-use       $ 0   $ 0    
Grant [Member] | U.S. Treasury Department [Member]                
Revenues, Total               $ 244,500
Conversion of Preferred Stock to Common Stock [Member]                
Conversion of Stock, Shares Issued (in shares) | shares   9,324,177 1,235,219          
Minimum [Member]                
Property, Plant and Equipment, Useful Life (Year)       3 years        
Maximum [Member]                
Property, Plant and Equipment, Useful Life (Year)       5 years        
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.21.1
Note 4 - Equity (Details Textual)
1 Months Ended 3 Months Ended 12 Months Ended
Feb. 10, 2021
USD ($)
$ / shares
shares
Jan. 01, 2021
shares
Dec. 31, 2020
$ / shares
shares
Dec. 24, 2020
USD ($)
$ / shares
shares
Feb. 21, 2020
USD ($)
$ / shares
shares
Feb. 19, 2020
USD ($)
Jan. 23, 2020
USD ($)
$ / shares
shares
Jan. 21, 2020
USD ($)
$ / shares
shares
Jan. 01, 2020
shares
Jan. 01, 2019
shares
Mar. 31, 2018
$ / shares
shares
Mar. 31, 2014
shares
Mar. 31, 2021
USD ($)
$ / shares
shares
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
$ / shares
shares
Dec. 30, 2020
USD ($)
shares
Apr. 30, 2020
shares
Dec. 31, 2019
$ / shares
Apr. 03, 2018
$ / shares
shares
Jan. 29, 2018
USD ($)
$ / shares
shares
Stock Issued During Period, Shares, New Issues (in shares)                             5,511,599          
Proceeds from Issuance of Common Stock | $                         $ 25,324,330 $ 25,731,640            
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)     1,277,743                   192,139   1,277,743          
Stock Issued During Period, Value, Stock Options Exercised | $                         $ 324,330   $ 1,320,155          
Stock Issued During Period, Shares, Issued for Services (in shares)                         5,000   51,432          
Stock Issued During Period, Value, Issued for Services | $                         $ 20,650 $ 1,550 $ 154,648          
Stock Issued During Period, Value, New Issues | $                             $ 2,537,731          
Stock Issued During Period, Shares, Exercise of Cashless Warrants (in shares)                             199,630          
Preferred Stock, Shares Authorized (in shares)     10,000,000               10,000,000   10,000,000   10,000,000       10,000,000  
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares     $ 0.001               $ 0.001   $ 0.001   $ 0.001          
Preferred Stock, Shares Outstanding, Ending Balance (in shares)     0                   0   0          
Non-voting To Voting Common Stock, Conversion Ratio                                     1  
Common Stock, Shares Authorized (in shares)     200,000,000               200,000,000   200,000,000   200,000,000       200,000,000  
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares     $ 0.001               $ 0.001   $ 0.001   $ 0.001       $ 0.001  
Common Stock, Shares, Outstanding, Ending Balance (in shares)     43,117,681                   47,314,820   43,117,681          
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)     315,182                       315,182          
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares     $ 4.37                   $ 4.40   $ 4.37     $ 1.45    
Stock Issued During Period, Shares, Warrants Issued (in shares)                               5,511,599        
Proceeds from Warrant Exercises | $                               $ 2,537,731        
Class of Warrant or Right, Issued During Period, Exercise Price (in dollars per share) | $ / shares                         $ 7.22   $ 2.41          
Class of Warrant or Right, Issued in Period (in shares)                         25,000   550,000          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)     6,844,069                   7,974,430   6,844,069 5,982,923        
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)                         10 years              
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ / shares     $ 2.81                   $ 3.27   $ 2.81     $ 2.66    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)     2,466,529                   1,332,500   2,466,529          
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares                         $ 5.43   $ 2.87          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Total (in shares)                         10,000   327,640          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares                         $ 7.22            
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)                         7 years 124 days   7 years 21 days          
Minimum [Member]                                        
Shares Issued, Price Per Share (in dollars per share) | $ / shares     $ 0.015                   $ 1.28   $ 0.015          
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month)                         1 year              
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ / shares                         $ 0.001              
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares                         0.001              
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares                         3.66   1.28          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares                             5.29          
Maximum [Member]                                        
Shares Issued, Price Per Share (in dollars per share) | $ / shares     $ 2.15                   $ 2.15   2.15          
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month)                         4 years              
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ / shares                         $ 9.80              
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares                         7.93              
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares                         $ 7.22   4.42          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares                             $ 9.80          
The 2018 Equity Incentive Plan [Member]                                        
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)                                     4,160,000  
Share Based Compensation Arrangement By Share Based Payment Award, Percentage Applied on Outstanding Shares of Common Stock For Automatically Increase on Each Year                                     5.00%  
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)   2,155,884             963,192 761,957                    
The 2009 Plan [Member]                                        
Common Stock, Capital Shares Reserved for Future Issuance (in shares)                                     554,963  
The 2018 Employee Stock Purchase Plan [Member]                                        
Share Based Compensation Arrangement By Share Based Payment Award, Percentage Applied on Outstanding Shares of Common Stock For Automatically Increase on Each Year                                     2.00%  
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)                                     208,500  
Time Based Options [Member]                                        
Share-based Payment Arrangement, Expense, Future Milestone | $                             $ 124,000          
Performance Shares [Member]                                        
Share-based Payment Arrangement, Expense, Future Milestone | $                             300,000          
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)                         0              
Share-based Payment Arrangement, Option [Member]                                        
Share-based Payment Arrangement, Expense | $                         $ 700,000              
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $                         $ 8,500,000              
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)                         3 years              
Share-based Payment Arrangement, Option [Member] | Graded Vesting Method [Member]                                        
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)                         2 years 109 days              
Bear Creek Capital Warrants [Member]                                        
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)                         25,000              
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares                         $ 7.22              
Share-based Payment Arrangement, Expense | $                         $ 115,628              
Warrants Issued for Services [Member]                                        
Share-based Payment Arrangement, Expense | $                             $ 450,000          
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)     550,000                       550,000          
Warrants Issued to Cancer Revolution LLC, an entity owned by Viet Ly [Member]                                        
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)                                 500,000      
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)     500,000                       500,000          
Class of Warrant or Right, Issued During Period, Exercise Price (in dollars per share) | $ / shares                             $ 2.27          
Warrants Issued to Capital City Technical Consulting Inc [Member]                                        
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)     50,000                       50,000          
Class of Warrant or Right, Issued During Period, Exercise Price (in dollars per share) | $ / shares                             $ 3.81          
Conversion of Preferred Stock to Common Stock [Member]                                        
Conversion of Stock, Shares Converted (in shares)                     1,394,953                  
Conversion of Stock, Shares Issued (in shares)                     9,324,177 1,235,219                
FundAthena, Inc [Member] | Warrants Issued for Services [Member]                                        
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)                                       6,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares                                       $ 5
Accounts Payable, Total | $                                       $ 30,000
Class of Warrant or Right, Issued in Period (in shares)                             0          
Registered Direct Offering [Member]                                        
Stock Issued During Period, Shares, New Issues (in shares)                         4,000,000   16,697,884          
Proceeds from Issuance of Common Stock | $                         $ 25,000,000   $ 37,731,643          
Registered Direct Offerings, Maximum Offering Size, Increase | $           $ 3,000,000                            
Registered Direct Offering [Member] | Accredited Investor [Member]                                        
Stock Issued During Period, Shares, New Issues (in shares)       3,116,884       961,000                        
Shares Issued, Price Per Share (in dollars per share) | $ / shares       $ 3.85       $ 0.24                        
Proceeds from Issuance of Common Stock | $       $ 11,200,000       $ 200,000                        
Registered Direct Offering [Member] | Investors [Member]                                        
Stock Issued During Period, Shares, New Issues (in shares) 4,000,000       5,000,000   7,620,000                          
Shares Issued, Price Per Share (in dollars per share) | $ / shares $ 6.25       $ 3.50   $ 1.05                          
Proceeds from Issuance of Common Stock | $ $ 23,200,000       $ 16,000,000   $ 7,200,000                          
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.21.1
Note 4 - Equity - Common Stock Purchase Warrant Activity (Details) - $ / shares
3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Outstanding, number of warrants (in shares) 2,154,747 7,476,056
Outstanding, weighted average exercise price (in dollars per share) $ 4.37 $ 1.45
Issued, number of warrants (in shares) 25,000 550,000
Issued, weighted average exercise price (in dollars per share) $ 7.22 $ 2.41
Cancelled or expired, number of warrants (in shares) (44,528)
Cancelled or expired, weighted average exercise price (in dollars per share) $ 0.50
Exercised, number of warrants (in shares) (5,826,781)
Exercised, weighted average exercise price (in dollars per share) $ 0.47
Outstanding, number of warrants (in shares) 2,179,747 2,154,747
Outstanding, weighted average exercise price (in dollars per share) $ 4.40 $ 4.37
Vested or expected to vest, number of warrants (in shares) 25,000  
Vested or expected to vest, weighted average exercise price (in dollars per share) $ 7.22  
Exercisable, number of warrants (in shares) 1,929,747  
Exercisable, weighted average exercise price (in dollars per share) $ 4.64  
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.21.1
Note 4 - Equity - Assumptions (Details)
3 Months Ended
Mar. 31, 2021
Expected term: (Year) 10 years
Dividend yield: 0.00%
Minimum [Member]  
Risk-free rate: 0.07%
Volatility: 75.98%
Maximum [Member]  
Risk-free rate: 2.63%
Volatility: 83.31%
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.21.1
Note 4 - Equity - Stock Option Activity (Details) - $ / shares
3 Months Ended 12 Months Ended
Dec. 31, 2020
Mar. 31, 2021
Dec. 31, 2020
Outstanding, number of shares (in shares) 5,982,923 6,844,069  
Outstanding, weighted average exercise price (in dollars per share)   $ 2.81 $ 2.66
Options granted, number of shares (in shares) 2,466,529 1,332,500 2,466,529
Options granted, weighted average exercise price (in dollars per share)   $ 5.43 $ 2.87
Options exercised, number of shares (in shares) (1,277,743) (192,139) (1,277,743)
Options exercised, weighted average exercise price (in dollars per share)   $ 1.69
Options expired, number of shares (in shares) (327,640)    
Options expired, weighted average exercise price (in dollars per share)   $ 7.22
Options expired or cancelled, number of shares (in shares)   (10,000) (327,640)
Outstanding, number of shares (in shares) 6,844,069 7,974,430 6,844,069
Outstanding, weighted average exercise price (in dollars per share) $ 2.81 $ 3.27 $ 2.81
Vested or expected to vest, number of shares (in shares)   4,673,149  
Vested or expected to vest, weighted average exercise price (in dollars per share)   $ 4  
Exercisable, number of shares (in shares)   373,746  
Exercisable, weighted average exercise price (in dollars per share)   $ 2.91  
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.21.1
Note 5 - Related Party Transactions (Details Textual) - USD ($)
3 Months Ended 12 Months Ended
Feb. 10, 2021
Dec. 31, 2020
Mar. 31, 2021
Dec. 31, 2020
Apr. 30, 2020
Apr. 19, 2018
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)   315,182   315,182    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)   2,466,529 1,332,500 2,466,529    
Warrants Issued to Cancer Revolution LLC, an entity owned by Viet Ly [Member]            
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)         500,000  
Viet Ly [Member]            
Related Party, Initial Annual Consulting Compensation to be Paid           $ 175,000
Related Party, Consulting Compensation, Aggregate Amount     $ 28,500      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) 100,000          
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.21.1
Note 6 - Commitments and Contingencies (Details Textual) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended
Apr. 16, 2018
Jul. 31, 2018
Mar. 31, 2021
Mar. 31, 2020
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Dec. 31, 2020
Dec. 31, 2016
Dec. 31, 2009
Mar. 03, 2021
Feb. 11, 2020
Operating Lease, Rent Expense Per Month $ 462                      
Payments to Acquire Intangible Assets     $ 9,071 $ 44,744                
License Agreement Terms [Member]                        
License Agreement Milestone Payment                     $ 6,150,000  
National Institute of Health [Member]                        
Royalty on Sales, Percentage                   1.00%    
Royalty Term (Year)                   21 years    
Royalty Payment, Annual Minimum                   $ 20,000    
Other Commitment, Total             $ 191,393 $ 300,000 $ 191,393      
Legal Fees             15,393          
Accounts Payable, Other, Current             176,000   176,000      
Accrued Royalties, Current             $ 140,000   140,000      
Other Expenses, Total                 $ 36,000      
Extinguishment of Debt, Amount           $ 120,000            
Accrued Patent Costs, Current           36,000            
Payments for Royalties         $ 20,000 20,000            
Payment for Contingent Consideration Liability, Operating Activities           240,000            
Contingent Payments Annual Increase           20,000            
Payments to Acquire Intangible Assets         $ 36,000              
Finite-Lived Intangible Assets, Period Increase (Decrease), Total           $ (120,000)            
Clinical Trial Agreement [Member] | MD Anderson [Member]                        
Long Term Contract, Estimated Cost               $ 2,000,000        
Research Agreement [Member] | MD Anderson [Member]                        
Long Term Contract, Estimated Cost   $ 2,000,000                    
License Agreement [Member] | University of Pittsburgh [Member]                        
Licensing Fee, Amount                       $ 25,000
Annual Maintenance Fee, First Three Years, Amount                       25,000
Annual Maintenance Fee, After Year Three, Amount                       40,000
Annual Royalty Payment Per Year, Minimum                       $ 250,000
Share of Non-Royalty Sublicense Income, Percent                       20.00%
License Agreement [Member] | University of Pittsburgh [Member] | Dosing of First Human Patient in a Phase I Clinical Trial [Member]                        
Milestone Payment                       $ 3,975,000
License Agreement [Member] | University of Pittsburgh [Member] | Minimum [Member]                        
Percentage of Outstanding Shares for Warrant to Purchase Shares of Common Stock                       1.50%
License Agreement [Member] | University of Pittsburgh [Member] | Maximum [Member]                        
Royalty Percent, Licensed Technology Covered by Patent                       3.00%
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.21.1
Note 8 - Subsequent Events (Details Textual) - USD ($)
3 Months Ended 12 Months Ended
Apr. 21, 2021
Apr. 01, 2021
Dec. 31, 2020
Mar. 31, 2021
Dec. 31, 2020
Stock Issued During Period, Shares, Issued for Services (in shares)       5,000 51,432
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)     1,277,743 192,139 1,277,743
Subsequent Event [Member]          
Stock Issued During Period, Shares, Issued for Services (in shares)   5,000      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) 43,909        
Proceeds from Stock Options Exercised $ 71,133        
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