0001410578-22-000649 | 10-K | XBRL Viewer

Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 19,461,850	$ 28,371,828
Deferred license costs		1,600,000
License fee and expense reimbursements receivable	1,805,065	2,966,039
Prepaid expenses and other current assets	734,942	453,478
Total Current Assets	22,001,857	33,391,345
Restricted cash	7,875,000
Property and equipment, net	1,271,225	396,380
Security and equipment deposits	510,976	119,035
Total Assets	31,659,058	33,906,760
Current Liabilities:
Accounts payable	1,614,104	1,461,665
Accrued compensation	1,543,618	1,150,672
Accrued expenses and other current liabilities	845,719	1,480,692
Deferred rent - current portion	18,685	7,809
Deferred license fee		14,000,000
Notes payable - current portion, net	7,150,368	97,539
Total Current Liabilities	11,172,494	18,198,377
Deferred rent - non-current portion	19,949	38,684
Notes payable - non-current portion, net	0	365,814
Total Liabilities	11,192,443	18,602,875
Commitments and contingencies (Note 9)
Stockholders' Equity:
Preferred stock, $0.0001 par value, 6,000,000 shares authorized; 0 shares issued and outstanding as of December 31, 2021 and 2020, respectively	0	0
Common stock, $0.0001 par value, 90,000,000 shares authorized; 28,426,616 and 24,978,585 shares issued and outstanding as of December 31, 2021 and 2020, respectively	2,844	2,498
Additional paid-in capital	110,683,077	92,742,306
Accumulated deficit	(90,219,306)	(77,440,919)
Total Stockholders' Equity	20,466,615	15,303,885
Total Liabilities and Stockholders' Equity	$ 31,659,058	$ 33,906,760

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Balance Sheets
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	6,000,000	6,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	90,000,000	90,000,000
Common Stock, Shares, Issued	28,426,616	24,978,585
Common Stock, Shares, Outstanding	28,426,616	24,978,585

Statements of Operations - USD ($)	12 Months Ended
Statements of Operations - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Operating Income
Revenue	$ 14,000,000	$ 2,000,000
Cost of revenue	(1,600,000)	(800,000)
Gross Profit	12,400,000	1,200,000
Operating Expenses:
Research and development	14,509,525	13,363,251
General and administrative	10,794,158	7,625,974
Total Operating Expenses	25,303,683	20,989,225
Loss From Operations	(12,903,683)	(19,789,225)
Other Income (Expense):
Small Business Administration Economic Injury Disaster Grant		10,000
Extinguishment of PPP 7(a) loan	463,353	0
Other income, net	47,183
Interest expense	(387,756)	(17,042)
Interest income	2,516	26,400
Net Loss	$ (12,778,387)	$ (19,769,867)
Net Loss Per Share
- Basic	$ (0.49)	$ (0.94)
- Diluted	$ (0.49)	$ (0.94)
Weighted Average Number of Common Shares Outstanding
- Basic	26,324,081	21,054,706
- Diluted	26,324,081	21,054,706

Statements of Changes in Stockholders' Equity - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2019	$ 1,710	$ 69,409,949	$ (57,671,052)	$ 11,740,607
Balance (in shares) at Dec. 31, 2019	17,100,726
Issuance of common stock and warrants in private placement	$ 267	5,451,475	0	5,451,742
Issuance of common stock and warrants in private placement(in shares)	2,675,293
Issuance of common stock and warrants in public offering (in shares)	3,833,334
Issuance of common stock and warrants in public offering	$ 383	12,495,325	0	12,495,708
Exercise of stock warrants	$ 134	2,820,228	0	2,820,362
Exercise of stock warrants (in shares)	1,332,841
Exercise of stock options	$ 4	82,157	0	82,161
Exercise of stock options (in shares)	36,391
Stock-based compensation	$ 0	2,483,172	0	2,483,172
Net loss	0	0	(19,769,867)	(19,769,867)
Balance at Dec. 31, 2020	$ 2,498	92,742,306	(77,440,919)	15,303,885
Balance (in shares) at Dec. 31, 2020	24,978,585
Issuance of SVB warrants	$ 0	351,390	0	351,390
Exercise of stock warrants	$ 89	2,124,815	0	2,124,904
Exercise of stock warrants (in shares)	885,482
Exercise of stock options	$ 12	203,114	0	$ 203,126
Exercise of stock options (in shares)	121,261			121,261
Shares withheld from option exercise for employee tax liability	$ (1)	(26,323)	0	$ (26,324)
Stock Redeemed or Called During Period, Shares	(13,675)
Issuance of common stock in At the Market offering [3]	$ 244	12,401,675	0	12,401,919
Issuance of common stock in At the Market offering [3] (in shares)	2,435,604
Issuance of common stock related to vested restricted stock units	$ 2	(2)	0	0
Issuance of common stock related to vested restricted stock units (in shares)	19,359
Stock-based compensation	$ 0	2,886,102	0	2,886,102
Net loss	0	0	(12,778,387)	(12,778,387)
Balance at Dec. 31, 2021	$ 2,844	$ 110,683,077	$ (90,219,306)	$ 20,466,615
Balance (in shares) at Dec. 31, 2021	28,426,616

Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$ 3,149
Fair value of warrants	354,539
Common Stock One [Member]
Proceeds Of Stock Issued During Period Gross		$ 5,984,931
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs		533,189
Common Stock Two [Member]
Proceeds Of Stock Issued During Period Gross		13,800,002
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs		$ 1,304,294
Common Stock Three [Member]
Proceeds Of Stock Issued During Period Gross	12,785,483
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$ 383,564

Condensed Statements of Cash Flows

12 Months Ended

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Cash Flows From Operating Activities

Net loss

$ (12,778,387)

$ (19,769,867)

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

Stock-based compensation

2,886,102

2,483,172

Depreciation of property and equipment

221,563

95,415

Amortization of debt discount

68,376

Gain on forgiveness of PPP 7(a) Loan

(463,353)

Expense Reimbursement

(51,588)

Gain on disposal of property and equipment

(55,194)

Changes in operating assets and liabilities:

Prepaid expenses and other current assets

423,896

218,418

License fee and expense reimbursements receivables

1,397,924

(2,966,039)

Deferred license costs

1,600,000

(1,600,000)

Accounts payable

126,115

(79,693)

Accrued compensation

392,946

233,799

Accrued expenses and other current liabilities

(634,973)

1,000,612

Deferred license fee

(14,000,000)

14,000,000

Security and equipment deposits

(1,235)

Deferred rent

(7,859)

1,142

Net Cash Used In Operating Activities

(20,874,432)

(6,384,276)

Cash Flows From Investing Activities

Purchases of property and equipment

(1,226,576)

(261,257)

Vendor deposits for property and equipment

(391,941)

Net Cash Used In Investing Activities

(1,618,517)

(261,257)

Cash Flows From Financing Activities

Proceeds from sale of common stock and warrants in private placement [1]

^[1]

5,569,136

^[1]

Proceeds from sale of common stock in public offering [2]

12,734,002

Issuance of common stock in At the Market Offering- October-November 2021 [3]

12,401,919

^[2]

Proceeds from exercise of stock warrants

2,124,904

2,820,362

Proceeds from PPP 7(a) loan

^[3]

463,353

^[3]

Proceeds from SVB loan

7,500,000

Repayments of notes payable

(705,360)

(475,216)

Payment of offering issuance costs

(329,038)

Payment of loan issuance costs

(66,618)

Proceeds from exercise of stock options

203,126

82,161

Net Cash Provided By Financing Activities

21,457,971

20,864,760

Net (Decrease) Increase in Cash and Cash Equivalents

(1,034,978)

14,219,227

Cash and cash equivalents - Beginning of Period

28,371,828

14,152,601

Cash and cash equivalents - End of Period

27,336,850

28,371,828

Cash, cash equivalents and restricted cash consisted of the following:

Cash and cash equivalents

19,461,850

28,371,828

Restricted cash

7,875,000

Total

27,336,850

28,371,828

Supplemental Disclosure of Cash Flow Information:

Interest

227,171

$ 13,974

Supplemental Disclosure of Non-Cash Investing and Financing Activities

Purchase of insurance premium financed by note payable

705,360

Shares withheld from option exercise for employee tax liability

26,324

Issuance of common stock related to vested restriced stock units

Warrants issued for debt issuance costs

$ 351,390

[1]	Includes gross proceeds of $5,984,931, less issuance costs of $415,795 deducted directly from the private placement.
[2]	Includes gross proceeds of $13,800,002, less issuance costs of $1,066,000 deducted directly from the offering proceeds.
[3]	Includes gross proceeds of $12,785,483, less total issuance costs of $383,564.

Condensed Statements of Cash Flows (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Common Stock One [Member]
Proceeds Of Stock Issued During Period Gross		$ 5,984,931
Payments of Debt Issuance Costs		415,795
Common Stock Two [Member]
Proceeds Of Stock Issued During Period Gross		13,800,002
Payments of Debt Issuance Costs		$ 1,066,000
Common Stock Three [Member]
Proceeds Of Stock Issued During Period Gross	$ 12,785,483
Payments of Debt Issuance Costs	$ 383,564

Business Organization, Nature of Operations and Basis of Presentation

12 Months Ended

Dec. 31, 2021

Business Organization, Nature of Operations and Basis of Presentation

Business Organization, Nature of Operations and Basis of Presentation

Note 1 – Business Organization and Nature of Operations

Eyenovia, Inc. (“Eyenovia” or the “Company”) is a clinical stage ophthalmic company developing a pipeline of advanced therapeutics based on the Company’s proprietary microdose array print (MAP^TM) platform technology. The Company aims to achieve clinical microdosing of next-generation formulations of novel and existing ophthalmic pharmaceutical agents using its high-precision targeted ocular delivery system, branded the Optejet®. Optejet µ-therapeutics have the potential to replace conventional eye dropper delivery and improve safety, tolerability, patient compliance and topical delivery success for ophthalmic eye treatments. In the clinic, the Optejet has demonstrated that its targeted horizontal microdose delivery can achieve a significantly higher rate of successful ocular topical delivery compared to the established rate reported with traditional eye drops (~ 90% vs. ~ 50%). The Company’s technology is designed to achieve single-digit µl-volume physiologic drug delivery with up to a 75% reduction in ocular drug and preservative topical dosing and has demonstrated significant improvement in the therapeutic index in drugs used for presbyopia, mydriasis and IOP lowering through six Phase II and Phase III trials. Conventional eye formulations lack high-precision micro-volume delivery and expose the ocular surface to approximately 300% more medication and preservatives than are physiologically indicated leading to clinically recognized ocular and non-ocular side effects. Using the Optejet, the Company is developing the next generation of smart ophthalmic therapeutics which target new indications or new combinations where there are currently none or few drug therapies approved by the U.S. Food and Drug Administration, or the FDA. The Company’s microdose therapeutics follow the FDA-designated combination product registration and regulatory process. The Company’s products are classified by the FDA as drug-device combination products with drug primary mode of action, meaning that the Center for Drug Evaluation and Research, or CDER, is designated as the lead center with primary jurisdictional oversight. Accordingly, the product candidates are submitted to FDA CDER for premarket review and approval under new drug applications, or NDAs.

Risks and Uncertainties

Due to the COVID-19 pandemic, there have been delays in trial enrollment as a result of supply chain issues with the Company’s third party suppliers, which in turn diminished the Company’s inventory supply.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Liquidity and Going Concern

As of December 31, 2021, the Company had unrestricted cash and cash equivalents of approximately $19.5 million and an accumulated deficit of approximately $90.2 million. For the years ended December 31, 2021 and 2020, the Company incurred net losses of approximately $12.8 million and $19.8 million, respectively, and used cash in operations of approximately $20.9 million and $6.4 million, respectively. The Company does not have recurring revenue and has not yet achieved profitability. The Company expects to continue to incur cash outflows from operations. The Company expects that its research and development and general and administrative expenses will continue to increase and, as a result, it will eventually need to generate significant product revenues to achieve profitability. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date that these financial statements are issued. Implementation of the Company’s plans and its ability to continue as a going concern will depend upon the Company’s ability to generate sufficient recurring revenues or the Company’s ability to raise further capital, through the sale of additional equity or debt securities or otherwise, to support its future operations.

The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its products and services, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement its product and service offerings. If the Company is unable to generate sufficient recurring revenues or secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash.

On March 3, 2022, the Company raised approximately $15 million through the issuance and sale of 3,000,000 shares of common stock, pre-funded warrants to purchase an aggregate of 1,870,130 shares of common stock and warrants to purchase an aggregate of 4,870,130 shares of common stock at an exercise price of $3.54 per share. See Note 13 – Subsequent Events – Securities Purchase Agreement.

Subsequent to December 31, 2021, the Company received approximately $0.9 million in gross and net proceeds from the sale of 252,449 shares of its common stock pursuant to the December 2021 Sales Agreement. See Note 11 – Stockholders’ Equity - At-The-Market Offering and Note 13 – Subsequent Events – December 2021 Sales Agreement.

Use of Estimates

Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and the amounts disclosed in the related notes to the financial statements. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amounts of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, fair value calculations for equity securities, establishment of valuation allowances for deferred tax assets, revenue recognition, the recoverability and useful lives of long-lived assets, the recovery of deferred costs and the deferral of revenues. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that actual results could differ from those estimates.

See Note 2 - Summary of Significant Accounting Policies — Stock-Based Compensation for additional discussion of the use of estimates in estimating the fair value of the Company’s common stock.

Reclassifications

Certain prior period balances have been reclassified in order to conform to current period presentation. These reclassifications have no effect on previously reported results of operations or loss per share.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements.

Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain executed agreements are recorded as restricted cash on the balance sheets, such as the collateralized money market account pursuant to the Loan and Security Agreement, dated May 7, 2021 with Silicon Valley Bank (“SVB”), as amended on September 29, 2021 by the First Amendment to the Loan and Security Agreement. See Note 7 - Notes Payable - Silicon Valley Bank Loan. In connection with this loan, the Company has pledged to establish and maintain a collateralized money market account in the amount of $7,875,000. The restricted cash is classified as non-current because management does not expect the restricted cash to be available to satisfy current liabilities during the next twelve months.

The Company has cash deposits and U.S. treasury bills in financial institutions which, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. As of December 31, 2021 and 2020, the Company had cash and cash equivalent balances in excess of FDIC insurance limits of $19,211,850 and $28,121,828, respectively.

Property and Equipment, Net

Property and equipment are stated at cost, net of accumulated depreciation, which is recorded commencing at the in-service date using the straight-line method at rates sufficient to charge the cost of depreciable assets to operations over their estimated useful lives, which range from 1 to 10 years. Leasehold improvements are amortized over the lesser of (a) the useful life of the asset; or (b) the remaining lease term. Maintenance and repairs are charged to operations as incurred. The Company capitalizes costs attributable to the betterment of property and equipment when such betterment extends the useful life of the assets.

Impairment of Long-lived Assets

The Company reviews for the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable. An impairment would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. The Company did not record any impairment losses during the years ended December 31, 2021 and 2020.

Fair Value of Financial Instruments

The Company measures the fair value of financial assets and liabilities based on Accounting Standards Codification (“ASC”) Topic 820 “Fair Value Measurements and Disclosures” (“ASC 820”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:

Level 1 — quoted prices in active markets for identical assets or liabilities;

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable; and

Level 3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions).

The carrying amounts of the Company’s financial instruments, such as cash and cash equivalents, accounts payable, and notes payable approximate fair values due to the short-term nature or effective interest rates of these instruments.

Income Taxes

The Company is subject to Federal, New York State and City, and State of California income taxes and files tax returns in those jurisdictions.

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which such temporary differences are expected to reverse.

The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.

The Company’s policy is to classify assessments, if any, for tax-related interest as interest expense and penalties as general and administrative expenses in the statements of operations.

Deferred License Fee

The Company enters into license agreements which provides for the receipt of non-refundable, upfront licensing payments. These payments are recorded as deferred license fees and will be earned and recognized as revenue upon the satisfaction of performance obligations. See Revenue Recognition below for additional details.

Deferred License Costs

The Company enters into license agreements which provides for payment of license costs in connection with the Company’s receipt of license fees. These payments are recorded as deferred license costs and will be recorded as an expense when the related license fee revenue is recognized. See Note 10 – Related Party Transactions for additional details.

Revenue Recognition

The Company’s revenues are generated primarily through research, development and commercialization agreements. The terms of such agreements may contain multiple promised goods and services, which may include (i) licenses to its intellectual property, and (ii) in certain cases, payment in connection with the manufacturing and delivery of clinical supply materials. Payments to us under these arrangements typically include one or more of the following: non-refundable, upfront license fees; milestone payments; payments for clinical product supply, and royalties on future product sales.

The Company analyzes its arrangements to assess whether such arrangements involve joint operating activities. For collaboration arrangements that are deemed to be within the scope of ASC Topic 808, “Collaborative Arrangements” (“ASC 808”), the Company allocates the contract consideration between such joint operating activities and elements that are reflective of a vendor-customer relationship and, therefore, within the scope of ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). The Company’s policy is to recognize amounts allocated to joint operating activities as a reduction in research and development expense.

Under ASC 606, the Company recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps:

●

Step 1: Identify the contract with the customer;

●

Step 2: Identify the performance obligations in the contract;

●

Step 3: Determine the transaction price;

●

Step 4: Allocate the transaction price to the performance obligations in the contract; and

●

Step 5: Recognize revenue when the company satisfies a performance obligation.

The Company must make significant judgments in its revenue recognition process, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation. In addition, arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered discretionary purchase options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations.

For upfront license fees, the Company must consider how many performance obligations are in the contract and, if more than one, how to allocate the fee to those performance obligations upon satisfaction of the performance obligation(s). Milestone payments represent variable consideration that will be recognized when the performance obligation is achieved. Sales-based royalty payments derived from usage of intellectual property are recognized when those sales occur.

During 2020, the Company entered into a license agreement (the “Arctic Vision License Agreement”) with Arctic Vision (Hong Kong) Limited (“Arctic Vision”) and a license agreement (the “Bausch License Agreement”) with Bausch Health Companies, Inc. (“Bausch Health”). Each license has three revenue components:

an upfront license fee;

milestone payments and

royalty payments.

Arctic Vision License Agreement

On August 10, 2020, the Company entered into the Arctic Vision License Agreement pursuant to which Arctic Vision may develop and commercialize MicroPine for the treatment of progressive myopia and MicroLine for the treatment of presbyopia in Greater China (mainland China, Hong Kong, Macau and Taiwan) and South Korea. On September 14, 2021, the Company and Arctic Vision executed Amendment 1 to the Arctic Vision License Agreement (“Arctic Vision Amendment 1”), pursuant to which Arctic Vision may develop and commercialize MicroStat for the treatment of mydriasis in Greater China and South Korea.

Upfront License Fees

Under the terms of the Arctic Vision License Agreement, in August 2020, the Company received a non-refundable, upfront payment of $4.0 million, which was recorded as deferred license fees until such time that the related performance obligation was satisfied and the payment was earned. Payment is earned and revenue is recognized once certain trial data has been fully submitted to Arctic Vision, permitting Arctic Vision to seek regulatory approval with the National Medical Products Administration of China. The trial data for one of the two products (MicroPine) was fully submitted to Arctic Vision in March 2021 and trial data for the other product (MicroLine) was fully submitted to Arctic Vision in June 2021. As a result, the Company recognized the deferred license fees during the year ended December 31, 2021. Pursuant to the terms of the Senju License Agreement (see Note 10 – Related Party Transactions) the Company is required to pay Senju a percentage of payments received from Arctic Vision. Accordingly, the Company paid $1.6 million to Senju in connection with the $4.0 million upfront license fees received from Arctic Vision, which is reflected as cost of revenue in the accompanying statements of operations. In connection with Arctic Vision Amendment 1, Arctic Vision paid the Company a $250,000 upfront fee, which in turn, the Company paid to Senju in connection with Senju Amendment 2 (see Note 10 – Related Party Transactions). The Company did not recognize revenue for the $250,000 upfront payment because it was passed through to Senju.

Milestone Payments

The Company may receive up to a total of $43.75 million in milestone payments in connection with the Arctic Vision License Agreement, as amended, based on various development and regulatory milestones, including the initiation of clinical research and regulatory approvals in Greater China and South Korea, which could result in payments of up to $39.75 million (including aggregate potential milestone revenues related to the filing of Marketing Authorization Applications (“MAA”s) of approximately $15.23 million and the receipt of regulatory approvals of approximately $24.52 million), and development costs of up to $4.0 million. In December 2020, the Company satisfied a milestone performance obligation to file an MAA for a MicroStat product in the United States of America (the “United States”) whereby the Company earned and recognized $2.0 million of milestone revenues. The Company currently anticipates the remaining milestone related performance obligations to be achieved between late 2023 and late 2025.

Royalty Payments

Arctic Vision also will purchase its supply of MicroPine, MicroLine and MicroStat from the Company or, for such products not supplied by the Company, pay the Company a mid-single digit percentage royalty on net sales of such products, subject to certain adjustments. No royalty payments were earned through December 31, 2021. The Company will pay a percentage in the range from 30 to 40 percent of such payments, royalties, or net proceeds of such supply to Senju pursuant to the Senju License Agreement. See Note 10—Related Party Transactions—Senju License Agreement for additional details.

Bausch License Agreement

On October 9, 2020, the Company entered into the Bausch License Agreement pursuant to which Bausch Health may develop and commercialize the Bausch Licensed Product in the Licensed Territory. Bausch Health may terminate the Bausch License Agreement, with respect to the Bausch Licensed Product to either country in the Licensed Territory, at any time for convenience upon 90 days’ written notice. Both parties have the right to terminate the Bausch License Agreement in the event of (i) an uncured material breach after a 60-day period or (ii) a bankruptcy event.

Upfront License Fees

In connection with the Bausch License Agreement, Bausch Health paid the Company a non-refundable, upfront payment of $10.0 million on October 14, 2020. The Company recorded this payment as a deferred license fee until certain trial data were fully submitted to Bausch Health and clinical trial supervisory oversight was transferred to Bausch Health, permitting Bausch Health to assume supervisory oversight of the ongoing MicroPine study (the CHAPERONE study). The required trial data and oversight functions were transferred to Bausch Health during the fourth quarter of 2021. Accordingly, the upfront payment was earned and recognized as revenue during the year ended December 31, 2021.

Milestone Payments

Bausch Health could also pay the Company up to an aggregate of approximately $35.0 million in additional payments, depending on the achievement of certain regulatory and launch-based milestones. No milestone payments were earned during the year ended December 31, 2021. The Company currently anticipates that the aforementioned milestone payments will be earned between late 2024 and late 2025.

Royalty Payments

Under the terms of the Bausch License Agreement, on a country-to-country basis and Bausch Licensed Product-by- Bausch Licensed Product basis, Bausch Health will pay the Company royalties on a tiered basis (ranging from mid-single digit to mid-teen percentages) on gross profits from the sales of the Bausch Licensed Product in the Licensed Territory, subject to certain adjustments in the event of generic entry, negative gross profits or patent expiration, for a period of the later to occur of the 10^th anniversary of the first commercial sale of a Bausch Licensed Product in such country in the Licensed Territory or the expiration of the last valid patent claim for a Bausch Licensed Product in such country in the Licensed Territory. No royalty payments were earned during the year ended December 31, 2021.

Research and Development

Research and development expenses are charged to operations as incurred. The Company records prepaid expenses on its balance sheet for the payment of research and development expenses in advance of services being provided.

The Company’s license agreements were determined to represent collaborative arrangements. Pursuant to these collaborative arrangements, the licensee is required to reimburse the Company for certain research and development expenses. Providing research and development activities in the context of a collaboration agreement is not an ordinary activity for the Company. Accordingly, the licensee is not a customer with respect to the reimbursements and such payments are not subject to ASC 606 – Revenue Recognition. The Company’s policy is to recognize the reimbursements as contra – research and development expense. The receivable for such payments, plus other license payments, is included in “license fee and expense reimbursements receivable” on the accompanying balance sheets.

Stock-Based Compensation

The Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. The fair value of the award is measured on the grant date and the fair value amount is then recognized over the period during which services are required to be provided in exchange for the award, usually the vesting period. Upon the exercise of an option, the Company issues new shares of common stock out of the shares reserved for issuance under its equity plans.

Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock.

The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:


	December 31,
	2021	2020
Warrants	1,217,715	2,011,313
Options	4,377,398	3,427,705
Restricted stock units	41,778	104,083
Total potentially dilutive shares	5,636,891	5,543,101

Subsequent Events

The Company has evaluated subsequent events through the date which the financial statements were issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the financial statements, except as disclosed.

Recently Adopted Accounting Standards

In July 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-11 “Earnings Per Share (Topic 260) and Derivatives and Hedging (Topic 815) - Accounting for Certain Financial Instruments with Down Round Features” (“ASU 2017-11”). Equity-linked instruments, such as warrants and convertible instruments may contain down round features that result in the strike price being reduced on the basis of the pricing of future equity offerings. Under ASU 2017-11, a down round feature will no longer require a freestanding equity-linked instrument (or embedded conversion option) to be classified as a liability that is remeasured at fair value through the income statement (i.e. marked-to-market). However, other features of the equity-linked instrument (or embedded conversion option) must still be evaluated to determine whether liability or equity classification is appropriate. Equity classified instruments are not marked-to-market. For earnings per share (“EPS”) reporting, the ASU requires companies to recognize the effect of the down round feature only when it is triggered by treating it as a dividend and as a reduction of income available to common shareholders in basic EPS. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. This standard, which the Company adopted on January 1, 2020, did not have a material impact on the Company’s financial position, results of operations, or cash flows.

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13 “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). The amendments in ASU 2018-13 modify the disclosure requirements on fair value measurements based on the concepts in the FASB Concepts Statement, including the consideration of costs and benefits. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The amendments are effective for fiscal years beginning after December 15, 2020. The Company adopted ASU 2018-13 effective January 1, 2021. This standard did not have a material impact on the Company’s financial position, results of operations or cash flow.

In March 2020, the FASB issued ASU 2020-03 “Codification Improvements to Financial Instruments” (“ASU 2020-03”). ASU 2020-03 improves and clarifies various financial instruments topics. ASU 2020-03 includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The Company adopted ASU 2020-03 upon issuance, which did not have a material impact on the Company’s financial position, results of operations or cash flow.

Recently Issued Accounting Standards

In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. ASU 2016-02, as amended, is now effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. The FASB issued ASU 2019-01 “Leases (Topic 842) Codification Improvements” in March 2019 and ASU 2018-10 “Codification Improvements to Topic 842, Leases” and ASU 2018-11 “Leases (Topic 842) Targeted Improvements” in July 2018, and ASU 2018-20 “Leases (Topic 842) - Narrow Scope Improvements for Lessors” in December 2018. ASU 2019-01, ASU 2018-10 and ASU 2018-20 provide certain amendments that affect narrow aspects of the guidance issued in ASU 2016-02. ASU 2018-11 allows all entities adopting ASU 2016-02 to choose an additional (and optional) transition method of adoption, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In June 2020, the FASB issued ASC 2020-05, which defers the effective date for non-public and emerging growth companies until fiscal years ended after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022. The Company expects that the adoption of this ASU will have a material impact on the Company’s financial statements, primarily as a result of recording right of use assets and lease liabilities for its operating leases.

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021. The Company does not expect the adoption of ASU 2019-12 to have a material impact financial position, results of operations, and cash flows.

On May 3, 2021, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2021-04, “Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options.” This new standard provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. This standard is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Issuers should apply the new standard prospectively to modifications or exchanges occurring after the effective date of the new standard. Early adoption is permitted, including adoption in an interim period. If an issuer elects to early adopt the new standard in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes that interim period. The Company does not expect the adoption of ASU 2021-04 to have a material impact on its financial position, results of operations, and cash flows.

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2021

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

Note 3 – Prepaid Expenses and Other Current Assets

As of December 31, 2021 and 2020, prepaid expenses and other current assets consisted of the following:


	December 31,
	2021		2020
Payroll tax receivable	$	343,785	$	151,942
Prepaid insurance expenses		171,370		110,094
Prepaid general and administrative expenses		71,375		—
Prepaid board of directors fees		66,250		68,250
Prepaid patent expenses		32,797		—
Prepaid rent and security deposit		32,254		25,004
Prepaid conference expenses		12,586		29,403
Other		4,525		11,734
Prepaid licenses and subscriptions		—		57,051
Total prepaid expenses and other current assets	$	734,942	$	453,478

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property and Equipment, Net

Property and Equipment, Net

Note 4 – Property and Equipment, Net

As of December 31, 2021 and 2020, property and equipment consisted of the following:


	December 31,
	2021		2020
Equipment	$	854,060	$	435,521
Equipment not yet placed in service		254,864		—
Leasehold improvements		490,709		137,765
		1,599,633		573,286
Less: accumulated depreciation and amortization		(328,408)		(176,906)
Property and equipment, net	$	1,271,225	$	396,380

Depreciation expense was $221,563 and $95,415 for the years ended December 31, 2021 and 2020, respectively, of which $211,604 and $67,595 was included within research and development expenses and $9,959 and $27,820 was included in general and administrative expenses in the statements of operations for the years ended December 31, 2021 and 2020, respectively.

In December 2021, the Company sold equipment used in the CHAPERONE trial with a book value of $130,168 to Bausch Health. The gross proceeds of the sale were $185,362, which resulted in a gain on sale of $55,194.

As of December 31, 2021, the Company had $391,941 of outstanding deposits for equipment purchases which are included within Security and Equipment Deposits in the accompanying balance sheet.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2021

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Note 5 – Accrued Expenses and Other Current Liabilities

As of December 31, 2021 and 2020, accrued expenses and other current liabilities consisted of the following:


	December 31,
	2021		2020
Accrued research and development expenses	$	436,840	$	348,254
Accrued consulting and professional services		250,000		235,355
Accrued interest		94,792		3,068
Other		42,407		1,627
Credit card payable		20,000		50,002
Accrued franchise tax		1,680		32,480
Accrued licensing fees		—		804,447
Accrued expense reimbursements		—		5,459
Total accrued expenses and other current liabilities	$	845,719	$	1,480,692

Accrued Compensation

12 Months Ended

Dec. 31, 2021

Accrued Compensation

Accrued Compensation

Note 6 – Accrued Compensation

As of December 31, 2021 and 2020, accrued compensation consisted of the following:


	December 31,
	2021		2020
Accrued bonus expenses	$	1,245,795	$	938,873
Accrued payroll expenses		297,823		211,799
Total accrued compensation	$	1,543,618	$	1,150,672

Notes Payable

12 Months Ended

Dec. 31, 2021

Notes Payable.

Notes Payable

Note 7 – Notes Payable

As of December 31, 2021 and 2020, notes payable consisted of the following:


	December 31, 2021						December 31, 2020
	Notes Payable		Debt Discount		Net		Notes Payable		Debt Discount		Net
Paycheck Protection Program loan	$	—	$	—	$	—	$	463,353	$	—	$	463,353
Silicon Valley Bank loan		7,500,000		(349,632)		7,150,368		—		—		—
Total		7,500,000		(349,632)		7,150,368		463,353		—		463,353
Less: Current portion
Paycheck Protection Program loan		—		—		—		(97,539)		—		(97,539)
Silicon Valley Bank loan		(7,500,000)		349,632		(7,150,368)		—		—		—
Notes Payable, Non-Current	$	—	$	—	$	—	$	365,814	$	—	$	365,814

BankDirect Capital Finance Loan

On February 24, 2021, the Company issued a note payable for the purchase of a directors and officers liability insurance policy. The note payable was payable in nine monthly payments consisting of principal and interest amounting to $79,343 for an aggregate amount of $705,360. The note accrued interest at a rate of 2.96% per year and matured on November 24, 2021.The note payable was repaid during the year ended December 31, 2021.

Paycheck Protection Program Loan

On May 8, 2020, the Company received cash proceeds of $463,353 pursuant to a loan provided in connection with the Paycheck Protection Program under the CARES Act (the “PPP Loan”). The PPP Loan provided for monthly installment payments of $19,508 beginning in August 2021 with the remaining balance due on May 3, 2022, the maturity date. The PPP Loan incurred interest at a fixed rate of 1.00% per annum.

Under the terms of the CARES Act, as amended by the Paycheck Protection Program Flexibility Act of 2020, the Company was eligible to apply for and receive forgiveness for all or a portion of its PPP Loan. The Company applied for loan forgiveness on the PPP Loan in March 2021. The Company received notification in August 2021 that it had received approval for full loan forgiveness of the PPP Loan in the amount of $463,353. The Company has recorded this extinguishment as other income in the statements of operations for the year ended December 31, 2021. The Company also received notification of forgiveness of accrued interest payable of $5,738, which has been reversed from interest expense.

Silicon Valley Bank Loan

On May 7, 2021 (the “Effective Date”), the Company entered into a Loan and Security Agreement (the “Loan”) with Silicon Valley Bank (“SVB”) for an aggregate principal amount of up to $25.0 million. The Loan bears interest at an annual rate equal to the greater of (a) the sum of 1.25% plus the prime rate as reported in The Wall Street Journal and (b) 5.00%. The Loan is secured by all of the Company’s tangible assets. The Loan matures on May 1, 2025. The Loan requires monthly interest-only payments until June 1, 2022. The interest-only period can be extended to June 1, 2023, upon the occurrence of a milestone event. Upon the end of the interest-only period, the Company will make regular monthly amortizing payments of principal and interest through the maturity date. The Loan indicates a prepayment fee of 1.0% to 3.0%, as follows: i) prepayment fee of 3.0% of the principal balance made on or prior to the first anniversary of the Effective Date; ii) prepayment fee of 2.0% of the principal balance made on or prior to the second anniversary of the Effective Date; or iii) prepayment fee of 1.0% of the principal balance made on or prior to the third anniversary of the Effective Date. The Loan also provides for a final payment in an amount equal to the original aggregate principal amount of the multiplied by 5.0%. The final payment is in addition to and not a substitution for the regular monthly payments of principal plus accrued interest and is due on the earliest to occur of the loan maturity date, the repayment of the loan in full or the termination of the Loan Agreement. The Company is accreting the final payment as accrued interest over the term of the Loan.

The initial tranche of the Loan, in the amount of $7.5 million was received by the Company on May 7, 2021. At the Company’s option, the Company has the ability to draw down the remaining $17.5 million in gross proceeds in two tranches over the next two years based upon the achievement of several milestones in accordance with the terms of the Loan.

On September 29, 2021, the Company and SVB executed the First Amendment to the Loan and Security Agreement (the “Amendment”). In accordance with the Amendment, the Company must maintain a collateralized money market account in the amount of $7,875,000. The Company has recorded this amount as restricted cash. See Note 2 - Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash. This account must be maintained until the Release Event occurs, which was defined as when the Company has received approval by the FDA of Mydcombi and has achieved the minimum equity raise under the terms of the amended agreement, on or prior to November 30, 2021.

On October 25, 2021, the Company announced the reclassification of Mydcombi as a drug-device combination product by the FDA in a CRL received on October 22, 2021. The Company has prepared the necessary documents for expedited resubmission of the NDA for Mydcombi in response to the CRL. Given the FDA’s recent reclassification of Mydcombi as a drug-device combination and the need to file an NDA resubmission in 2022, the restricted cash became callable on November 30, 2021, at SVB’s election, to satisfy the Loan obligations. Therefore, the Loan has been fully classified as a current note payable. On February 8, 2022, the Company issued a press release announcing that it successfully completed a Type A meeting with the FDA related to the filing of the NDA resubmission for Mydcombi. Following the Type A meeting, the Company and the FDA reached alignment on the path forward toward an NDA resubmission. The Company expects to file the NDA resubmission during the third quarter of 2022.

On November 30, 2021, the Company entered into a Waiver Agreement, pursuant to which SVB waived the Company’s existing default related to the Company’s failure to comply with the minimum equity raise financial covenant set forth in the Loan. However, the Loan is currently callable by SVB due to the Company having not yet received FDA approval of Mydcombi.

In connection with the Loan, the Company issued warrants to SVB to purchase 91,884 shares of common stock at an exercise price per share equal to $4.76. The warrants are exercisable for a period of ten years from the date of issuance. The Company determined that the warrants should be equity-classified and that the relative fair value was $354,539, by using the Black-Scholes option pricing methodology using the following assumptions: stock price of $4.76; expected term of 10.0 years; volatility of 89.0% and a risk-free interest rate of 1.60%. The Company incurred $66,618 of debt issuance costs, of which $63,469 was allocated to the debt and $3,149 was allocated to the warrants. The relative fair value of the warrants and the issuance costs allocated to the debt were recorded as debt discount and are being amortized over the four-year term of the note.

During the year ended December 31, 2021, the Company recorded interest expense relating to the Loan of $317,333, including amortization of debt discount of $68,376.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes

Income Taxes

Note 8 – Income Taxes

The provision for income taxes consists of the following expenses (benefits):


	For The Years Ended
	December 31,
	2021		2020
Deferred tax provision (benefit):
Federal		(1,248,043)		(3,797,052)
State and local		(2,358,623)		(434,082)
		(3,606,666)		(4,231,134)
Change in valuation allowance		3,606,666		4,231,134
Provision for income taxes	$	—	$	—

The provision for income taxes differs from the United States Federal statutory rate as follows:


	For The Years Ended
	December 31,
	2021		2020
Federal statutory rate	(21.0)	%	(21.0)	%
State tax rate, net of federal benefit	(7.3)	%	(0.1)	%
Permanent differences	4.3	%	0.5	%
Research & development tax credits	(0.6)	%	(1.4)	%
Prior period adjustments and other	0.2	%	0.6	%
Rate changes	(3.8)	%	0.0	%
Change in valuation allowance	28.2	%	21.4	%
Effective income tax rate	0.0	%	0.0	%

Deferred tax assets consist of the following:


	For The Years Ended
	December 31,
	2021		2020
Net operating loss carry forwards	$	17,415,488	$	12,972,865
Stock-based compensation		2,070,759		1,385,554
Intangible assets		531,454		409,705
Research and development tax credits		605,919		1,861,938
Deferred tax assets, gross		20,623,620		16,630,062
Property and equipment		(463,442)		(76,550)
Deferred tax assets, net before allowance		20,160,178		16,553,512
Valuation allowance		(20,160,178)		(16,553,512)
Deferred tax assets, net	$	—	$	—

As of December 31, 2021, the Company had approximately $72,000,000 of domestic federal net operating loss carryforwards (“NOLs”) that may be available to offset future federal taxable income. Approximately $10,800,000 of those NOLs will expire during the years ranging from 2034 to 2037. The remaining NOLs of approximately $61,200,000 have no expiration dates. Internal Revenue Code Section 382 limits the utilization of approximately $35,000,000 of those NOLs to approximately $918,000 on an annual basis as a result of ownership changes that occurred through July 15, 2019. As of December 31, 2021, the Company had approximately $27,200,000 of state NOLs and $7,400,000 of local NOLs. The state NOLs expire in 2040, while the local NOLs have no expiration date.

The Company has assessed the likelihood that deferred tax assets will be realized in accordance with the provisions of ASC 740 “Income Taxes Accounting” (“ASC 740”). ASC 740 requires that such a review considers all available positive and negative evidence, including the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies. ASC 740 requires that a valuation allowance be established when it is “more likely than not” that all, or a portion of, deferred tax assets will not be realized. After the performance of such reviews as of December 31, 2021 and 2020, management believes that uncertainty exists with respect to future realization of its deferred tax assets and has, therefore, established a full valuation allowance as of those dates.

Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s financial statements as of December 31, 2021 and 2020. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date.

No tax audits were commenced or were in process during the years ended December 31, 2021 and 2020. No tax related interest or penalties were incurred during the years ended December 31, 2021 and 2020. The Company’s federal, state and local income tax returns beginning with the year ended December 31, 2018 remain subject to examination.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies

Commitments and Contingencies

Note 9 – Commitments and Contingencies

Employment Agreements

Effective February 15, 2019, the Company entered into at-will executive employment agreements (the “Executive Employment Agreements”) with Tsontcho Ianchulev, its Chief Executive Officer and Chief Medical Officer, John Gandolfo, its Chief Financial Officer, and Michael Rowe, its Chief Commercial Officer. Mr. Rowe’s Executive Employment Agreement was amended on February 1, 2021 to provide for his new role at the Company. In addition, on February 14, 2022, the Compensation Committee of the Board approved amendments to the Executive Employment Agreements to provide for twelve months of severance pay for each of the executive officers. See Note 13 – Subsequent Events – Employment Agreement Addendums for details regarding further amendments to the Executive Employment Agreements.

Prior to the amendments to the Executive Employment Agreements, each of the Executive Employment Agreements provided that if the executive’s employment is terminated by the Company without “Cause” or the executive suffers an “Involuntarily Termination” (each as defined in the Executive Employment Agreements), provided that the executive has signed a full release of all claims, the executive will be entitled to receive: (i) severance pay equal to three months of his or her then-current base salary (currently estimated at approximately $332,750 in the aggregate), and (ii) a reimbursement for health insurance benefits under COBRA for the executive and his or her spouse and dependents for a period of three months or until the executive becomes eligible for comparable insurance benefits from another employer, whichever is earlier.

Prior to the amendments to the Executive Employment Agreements, each of the Executive Employment Agreements also provided that if, within 12 months following any “Corporate Transaction” (as defined in the Executive Employment Agreements) of the Company, the executive’s employment is terminated by the Company without Cause or the executive suffers an Involuntary Termination, provided that the executive has signed a full release of all claims, the executive will be entitled to receive, in lieu of what is described in the above paragraph: (i) severance pay equal to 12 months of his or her then-current base salary (currently estimated at approximately $1,331,000 in the aggregate), and (ii) a reimbursement for health insurance benefits under COBRA for the executive and his or her spouse and dependents for a period of 12 months or until the executive becomes eligible for comparable insurance benefits from another employer, whichever is earlier.

Operating Leases

On August 8, 2018, the Company entered into a lease agreement to lease approximately 3,800 square feet of office space in New York, NY. The monthly base rent ranges from $19,633 to $22,486 per month over the term of the lease. The lease expires on September 30, 2023. The security deposit is approximately $119,000.

On January 20, 2020, the Company entered into a lease agreement to lease 660 square feet of office space in Laguna Hills, California. The monthly base rent was $1,234 per month. The lease term was one year. The lease has been renewed each year since. The current renewal term expires on April 30, 2022. The monthly base rent is $1,292 per month. In addition, the Company agreed to lease the adjoining premises as part of the lease extension. The additional office space is 660 square feet. The lease term for this space expires April 30, 2023. The monthly rent ranges from $1,750 to $1,838 per month.

On July 17, 2020, the Company entered into a lease agreement to lease approximately 3,000 square feet of office space in Redwood City, California (the “Gross Industrial Lease”). The monthly base rent was for $7,500 per month over the term of the lease through August 31, 2021 with a security deposit of $7,500. On December 1, 2020, the Company agreed to amend the terms of the Gross Industrial Lease for a base rent that ranges from $7,500 to $7,957 per month over the term of the lease. The amended Gross Industrial Lease expires on August 31, 2023.

Concurrent with the amendment to the Gross Industrial Lease on December 1, 2020, the Company entered into a lease agreement to lease approximately 1,500 square feet of additional office space in Redwood City, California. The monthly base rent ranges from $3,000 to $3,183 per month over the term of the lease. The lease expires on August 31, 2023. The security deposit is $3,000.

Also concurrent with the amendment to the Gross Industrial Lease on December 1, 2020, the Company entered into an additional lease agreement to lease 2,169 square feet of additional office space in Redwood City, California. The monthly base rent ranges from $4,468 to $4,602 per month over the term of the lease. The lease expires on August 31, 2023. The security deposit is $4,468.

The Company leases 953 square feet of office space in Reno, NV for research and development activities from a company owned by the Company’s Former VP of R&D. The lease, as amended, expires on September 14, 2022 and provides for lease payments of $5,404 per month and a security deposit in the amount of $5,404. Since the inception of the lease, the Company made $112,600 of leasehold improvements related to this lease which are included in property and equipment, net on the accompanying balance sheets. The Company’s rent expense amounted to $64,848 and $59,724 for the years ended December 31, 2021 and 2020, respectively.

Future minimum payments under the Company’s operating lease agreements are as follows :


For the Year Ending
December 31,	Minimum Lease Payments
2022	$	464,452
2023		331,442
	$	795,894

Litigations, Claims and Assessments

In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements.

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

Related Party Transactions

Note 10 – Related Party Transactions

See Note 9 - Commitments and Contingencies for certain commitments and contingencies entered into with certain related parties.

Consulting Agreements

A company of which a member of the Company’s Board of Directors is part owner is a party to a consulting agreement with the Company dated July 6, 2017 that provides for the payment of $9,567 per month, and $250 per hour for any additional work, for advisory services performed by such director. The consulting agreement was terminated on September 1, 2020. The director remains on the Board. The Company incurred expenses of $76,536 during the year ended December 31, 2020 related to the agreement which is included within general and administrative expenses on the statements of operations.

Senju License Agreement

During 2015, the Company entered into an exclusive license agreement with Senju (the “Senju License Agreement”) whereby the Company agreed to grant to Senju an exclusive, royalty-bearing license for its microdose product candidates for Asia to sublicense, develop, make, have made, manufacture, use, import, market, sell, and otherwise distribute the microdose product candidates. In consideration for the license, Senju agreed to pay to Eyenovia five percent (5%) royalties on sales (net of certain manufacturing costs) for the term of the Senju License Agreement, subject to certain adjustments upon the loss of patent coverage for the term of the license agreement. The agreement will continue in full force and effect, on a country-by-country basis, until the latest to occur of: (i) the tenth (10th) anniversary of the first commercial sale of such a product candidate in a country; or (ii) the expiration of the licensed patents in a country. As of the date of this filing, there have been no commercial sales of such a product in Asia; therefore, no royalties have been earned. Senju is owned by the family of a former member of the Company’s Board of Directors and, together, they beneficially own greater than 5% of the Company’s common stock.

On April 8, 2020, Eyenovia entered into an amendment (the “Senju License Amendment”) to the Senju License Agreement. Pursuant to the Senju License Amendment, the Company can license to any third party the right to research, develop, commercialize, manufacture or use certain products identified below (the “Senju Licensed Products”) previously licensed to Senju in China (including the People’s Republic of China, Hong Kong, Macao, and Taiwan) and South Korea (the “Territory”) in the agreement executed by the Company on April 8, 2021. The Senju Licensed Products are those using piezo-print technology in a microdose dispenser with (i) atropine sulfate as its sole active ingredient to treat myopia in humans and (ii) pilocarpine as its sole active ingredient to treat presbyopia in humans.

Pursuant to the Senju License Amendment, the Company must pay Senju (a) a percentage in the range of 30 to 40 percent of revenue on any lump-sum payments the Company receives from the third party, revenue (net of costs) obtained by the Company from contract research and/or development of the Senju Licensed Product in the Territory, and revenue (net of costs) obtained by the Company from contract manufacture for the device of the Senju Licensed Product in the Territory, the aggregate of which must be at least a $9 million minimum payment to Senju; and (b) a percentage in the range of 30 to 40 percent of any sales royalty revenue the Company receives

from the third party. Since the Company executed a third-party license prior to April 8, 2021, the License Amendment will remain in effect for the duration of the license, subject to early termination.

The Senju License Agreement was further amended in a Letter Agreement by and between the Company and Senju on August 10, 2020 (the “Letter Agreement”). Pursuant to the Letter Agreement, the Company will pay a percentage in the range of 30 to 40 percent of certain payments, royalties, or net proceeds received from Arctic Vision in connection with the Arctic Vision License Agreement to Senju.The Senju License Agreement was amended further by the License Amendment 2, effective September 14, 2021 (the “Amendment 2”). The Amendment 2 excludes Greater China and South Korea from the territory in which Senju was granted an exclusive royalty-bearing license from the Company. In consideration for this exclusion, and upon and after the execution of Amendment 1 with Arctic Vision, the Company must make payments to Senju based on non-royalty license revenue and sales revenue, including the following:

a one-time upfront payment of $250,000, paid on September 17, 2021, which represented an inducement to Senju to approve Amendment 1 of the Arctic Vision License Agreement related to the MicroStat product.

a percentage in the range from thirty percent to forty percent of any upfront or milestone lump sum payments, or net revenues received by the Company in connection with any licensed product using piezo-print technology in a microdose dispenser containing: (a) the chemical substance atropine sulfate as its sole active ingredient and that is used for the treatment of myopia in humans; (b) the chemical substance pilocarpine as its sole active ingredient and that is used for the treatment of presbyopia in humans; or (c) the chemical substances phenylephrine and tropicamide in combination as active ingredients that are used for pharmaceutical mydriasis in humans (the “LA2 Licensed Product”) from certain third parties, and

a percentage in the range from thirty to forty percent of the amounts received by the Company in connection with sales of the LA2 Licensed Product in China and South Korea by certain third parties.

See Note 2 – Summary of Significant Accounting Policies – Revenue - Arctic Vision License Agreement for additional details regarding the Arctic Vision License Agreement.

Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity

Stockholders' Equity

Note 11 – Stockholders’ Equity

Authorized Capital

The Company is authorized to issue 90,000,000 shares of common stock, par value of $0.0001 per share, and 6,000,000 shares of preferred stock, par value of $0.0001 per share. The holders of the Company’s common stock are entitled to one vote per share. The Board of Directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, redemption, voting or other rights.

Equity Incentive Plans

On April 7, 2020, the Company’s Board of Directors approved the Company’s Amended and Restated 2018 Omnibus Stock Incentive Plan (the “Restated Plan”), which stockholders approved on June 30, 2020. The Restated Plan makes certain changes to the Company’s 2018 Omnibus Stock Incentive Plan, as amended (the “2018 Plan, as amended”). The Restated Plan increases the number of shares of the Company’s common stock reserved for issuance under the 2018 Plan, as amended to 2,950,000 shares. The Restated Plan requires that all equity awards issued under the Restated Plan vest at least twelve months from the applicable grant date, subject to accelerated vesting, and provides that no dividend or dividend equivalent will be paid on any unvested equity award, although dividends with respect to unvested portions of equity may accrue and be paid when, and if, the awards later vest and the shares are actually issued to the grantee. In addition, the Restated Plan sets an annual limit on the grant date fair value of awards to any non-employee director, together with any cash fees paid during the year, of $150,000, subject to certain exceptions for a non-executive chair of the Board. Finally, the Restated Plan made several administrative changes to the 2018 Plan, as amended, including to clarify that awards made under the Restated Plan are intended to be exempt from or comply with Section 409(A) of the Internal Revenue Code of 1986, as amended. The Restated Plan was further amended (the “Amended Restated Plan”) on June 30, 2021 to increase the number of shares of the Company’s common stock reserved for future issuance under the Restated Plan to 4,200,000 shares. As of December 31, 2021, the number of securities remaining available for future issuance under equity compensation plans was 700,741.

Warrants

A summary of the warrant activity during the year ended December 31, 2021 is presented below:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number of	Exercise		Life	Intrinsic
	Warrants	Price		In Years	Value
Outstanding January 1, 2021	2,011,313	$	2.43
Granted	91,884		4.76
Exercised	(885,482)		2.40
Outstanding December 31, 2021	1,217,715	$	2.69	3.7	$	1,667,925

Exercisable December 31, 2021	1,217,715	$	2.69	3.7	$	1,667,925

The following table presents information related to warrants as of December 31, 2021:


Warrants Outstanding		Warants Exercisable
		Weighted
	Outstanding	Average	Exercisable
Exercise	Number of	Remaining Life	Number of
Price	Warrants	In Years	Warrants
$2.4696	909,451	3.2	909,451
$2.7240	216,380	3.2	216,380
$4.7600	91,884	9.3	91,884
	1,217,715	3.7	1,217,715

During the year ended December 31, 2021, warrants for the purchase of 885,482 shares of the Company’s common stock with exercise prices between $2.058 and $2.4696 per share, respectively, were exercised for aggregate proceeds of approximately $2.1 million.

Securities Purchase Agreement

On March 24, 2020, the Company closed on a private placement of approximately $6.0 million of Units. Each Unit consists of (i) one share of the Company’s common stock, (ii) a one-year warrant to purchase 0.5 of a share of common stock (“Class A Warrant”), and (iii) a five-year warrant to purchase 0.75 of a share of common stock (“Class B Warrant”) (collectively, the Class A Warrants and Class B Warrants, the “Warrants”). The Units were sold to the public at a price of $2.21425 per Unit and to certain directors and executive officers at a price of $2.42625 per Unit. The Company generated approximately $5.45 million of net proceeds in the offering after deducting placement agent fees and offering expenses of $0.53 million. In the offering, the Company issued an aggregate of 2,675,293 shares of common stock, Class A Warrants to purchase up to 1,337,659 shares of common stock, and Class B Warrants to purchase up to 2,006,495 shares of common stock. The exercise price of the Class A Warrants issued to the public is $2.058 per share and the exercise price of the Class A Warrants issued to the directors and officers is $2.27 per share. The exercise price of the Class B Warrants issued to the public is $2.4696 per share and the exercise price of the Class B Warrants issued to the directors and officers is $2.724 per share. See “Warrants” above for additional details.

In connection with the private placement, on March 23, 2020, the Company also entered into a Registration Rights Agreement with the investors. Pursuant to the Registration Rights Agreement, the Company agreed to file with the SEC, no later than 30 days following the date on which the Company filed its Form 10-¬K for the year ended December 31, 2019 with the SEC, a registration statement on Form S-3 covering the shares of common stock issued in the offering and the shares of common stock underlying the Warrants. The Company timely filed the registration statement on Form S-3 (Registration Statement No. 333¬237790), which was declared effective on May 13, 2020 and remains in effect.

Underwritten Public Offering

On August 19, 2020, the Company entered into an Underwriting Agreement (the “Underwriting Agreement”) with several underwriters (the “Underwriters”) in connection with the public offering (the “Offering”) of 3,333,334 shares of the Company’s common stock at a price of $3.60 per share, less underwriting discounts and commissions. In addition, pursuant to the terms of the Underwriting Agreement, the Company granted the Underwriters a 30-day option to purchase up to an additional 500,000 shares of the Company’s common stock at the same price. The Underwriting Agreement contains customary representations, warranties and covenants of the Company and also provides for customary indemnification by the Company and the Underwriters against certain liabilities and customary contribution provisions in respect of those liabilities.

The closing of the Offering occurred on August 21, 2020. At closing, the Company issued 3,833,334 shares of common stock and received net proceeds of approximately $12.5 million after deducting underwriting discounts and commissions and offering expenses of approximately $1.2 million.

The Offering was made pursuant to the Company’s effective registration statement on Form S-3 (Registration Statement No. 333-229365), including the prospectus dated February 12, 2019, as supplemented by the prospectus supplement dated August 19, 2020.

Stock-Based Compensation Expense

The Company records stock-based compensation expense related to stock options and restricted stock units (“RSUs”). For the years ended December 31, 2021 and 2020, the Company recorded expense of $2,886,102 ($1,612,942 of which was included within research and development expenses and $1,273,160 was included within general and administrative expenses on the statements of operations) and $2,483,172 ($1,350,894 of which was included within research and development expenses and $1,132,278 was included within general and administrative expenses on the statements of operations), respectively.

Restricted Stock Units

A summary of the restricted stock units activity during the year ended December 31, 2021 is presented below:


		Weighted
		Average
	Number of	Exercise
	RSUs	Price
RSUs non-vested January 1, 2021	104,083	$	3.84
Granted	49,964		3.59
Vested	(105,306)		3.86
Forfeited	(6,963)		3.59
RSUs non-vested December 31, 2021	41,778	$	3.59

On September 11, 2020, the Company granted members of its Board of Directors an aggregate of 43,728 RSUs under the Restated Plan. Each RSU is subject to settlement into one share of the Company’s common stock. The RSUs vested on the earlier of (i) the one-year anniversary of the date of grant and (ii) the date of the 2021 annual stockholders meeting, subject to the grantee remaining on the Board until then. The RSUs had a grant date fair value of $150,000, which will be recognized over the vesting period.

Between March 31, 2021 and November 17, 2021 the Company granted members of its Board of Directors an aggregate of 49,964 RSUs under the Restated Plan. Each RSU is subject to settlement into one share of the Company’s common stock. The RSUs vest on the earlier of (i) the one-year anniversary of the date of grant and (ii) the date of the 2022 annual stockholders meeting, subject to the grantee remaining on the Board until then. The RSUs had a grant date fair value of $181,200, which will be recognized over the vesting period.

As of December 31, 2021, there was $121,875 of unrecognized stock-based compensation expense related to RSUs which will be recognized over a weighted average period of 0.9 years.

At-The-Market Offering

May 2021 Sales Agreement

On May 14, 2021, the Company entered into a Sales Agreement (the “May 2021 Sales Agreement”) with SVB Leerink LLC (“SVB Leerink”) under which the Company was able to offer and sell, from time to time at its sole discretion, shares of its common stock having an aggregate offering price of up to $30 million through SVB Leerink as its sales agent. Subject to the terms and conditions of the May 2021 Sales Agreement, SVB Leerink was able to sell the common stock by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended. SVB Leerink was obligated to use commercially reasonable efforts to sell the common stock from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company had to pay SVB Leerink a commission equal to three percent (3.0)% of the gross sales proceeds of any common stock sold through SVB Leerink under the May 2021 Sales Agreement.

Pursuant to the May 2021 Sales Agreement, the Company commenced sales of its common stock on October 6, 2021. During the year ended December 31, 2021, the Company received approximately $12.8 million in gross proceeds and $12.4 million in net proceeds from the sale of 2,435,604 shares of its common stock under the May 2021 Sales Agreement.

December 2021 Sales Agreement

On December 14, 2021, the Company entered into a Sales Agreement (the “December 2021 Sales Agreement”) with SVB Leerink under which the Company may offer and sell, from time to time at its sole discretion, shares of common stock for gross proceeds of up to $50.0 million through SVB Leerink as its sales agent (the “Offering”). The May 2021 Sales Agreement was terminated upon the effectiveness of the December 2021 Sales Agreement. The issuance and sale of shares, if any, of common stock by the Company under the December 2021 Sales Agreement will be pursuant to the Company’s Registration Statement on Form S-3 (File No. 333-261638) filed with the SEC on December 14, 2021 (the “Registration Statement”), and the prospectus relating to the Offering filed therewith that forms a part of the Registration Statement.

Subject to the terms and conditions of the December 2021 Sales Agreement, SVB Leerink may sell the common stock by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended. SVB Leerink will use commercially reasonable efforts to sell the common stock from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay SVB Leerink a commission equal to three percent (3.0)% of the gross sales proceeds of any common stock sold through SVB Leerink under the December 2021 Sales Agreement, and also has provided SVB Leerink with certain indemnification rights. The Company did not sell any shares of its Common Stock pursuant to the December 2021 Sales Agreement during the fiscal year ended December 31, 2021.

Stock Option Exercises

During the year ended December 31, 2021, stock options for the purchase of an aggregate of 121,261 shares of common stock, with exercise prices ranging from $1.95 to $3.11 per share, were exercised. One of the exercises was a cashless exercise, whereby 13,675 shares were withheld and not issued, to cover the cost to exercise and payroll taxes. Consequently, the exercises resulted in the issuance of 107,586 shares of common stock and the receipt of $203,125 of cash proceeds.

Stock Options

In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions:


	For the Year Ended
	December 31,
	2021	2020
Expected term (years)	5.85 - 10.00	5.85 - 10.00
Risk free interest rate	0.45% - 1.58%	0.26% -1.32%
Expected volatility	92% - 94%	96% - 99%
Expected dividends	0.00%	0.00%

The Company has computed the fair value of stock options granted using the Black-Scholes option pricing model. Option forfeitures are accounted for at the time of occurrence. The expected term used for options issued is the estimated period of time that options granted are expected to be outstanding. The Company utilizes the “simplified” method to develop an estimate of the expected term of “plain vanilla” option grants. The Company does not currently have a sufficient trading history to support its historical volatility calculations. Accordingly, the Company is utilizing an expected volatility figure based on a review of the historical volatility of three comparable entities over a period of time equivalent to the expected life of the instrument being valued. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued. The Company has not declared dividends, is currently in the development stage and has no plan to declare future dividends at this time.

The weighted average estimated grant date fair value of the stock options granted for the years ended December 31, 2021 and 2020 was approximately $5.39 and $3.01 per share, respectively.

A summary of the option activity during the year ended December 31, 2021 is presented below:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number of	Exercise		Life	Intrinsic
	Options	Price		In Years	Value
Outstanding, January 1, 2021	3,427,705	$	3.37
Granted	1,106,107		5.39
Exercised	(121,261)		2.07
Forfeited	(35,153)		3.67
Outstanding, December 31, 2021	4,377,398	$	3.89	7.6	$	3,809,684

Exercisable, December 31, 2021	2,525,368	$	3.48	6.6	$	3,003,992

The following table presents information related to stock options as of December 31, 2021:


Options Outstanding		Options Exercisable
		Weighted
	Outstanding	Average	Exercisable
Exercise	Number of	Remaining Life	Number of
Price	Options	In Years	Options
$1.24	260,000	3.2	260,000
$1.95	567,636	5.5	567,636
$2.72	764,419	8.4	382,210
$2.74	667	7.0	500
$2.89	249,751	8.4	128,868
$3.11	656,078	7.6	519,514
$3.43	58,920	8.7	24,554
$3.48	35,000	8.7	14,584
$3.59	57,918	—	—
$3.71	43,000	8.6	20,306
$4.00	2,000	6.9	2,000
$4.06	35,000	—	—
$4.53	127,000	—	—
$4.68	20,000	8.1	12,223
$4.81	219,000	—	—
$5.10	6,000	6.7	5,833
$5.11	1,637	—	—
$5.19	16,500	6.7	16,500
$5.25	26,668	4.8	26,668
$5.77	50,000	9.0	16,667
$6.01	652,899	—	—
$6.20	300,387	6.6	300,387
$6.30	60,000	6.5	60,000
$8.72	166,918	6.3	166,918
	4,377,398	6.6	2,525,368

As of December 31, 2021, there was $5,260,000 of unrecognized stock-based compensation expense related to stock options which will be recognized over a weighted average period of 1.9 years.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Employee Benefit Plans

Employee Benefit Plans

Note 12 – Employee Benefit Plans

401(k) Plan

In April 2019, the Company adopted the Eyenovia 401(k) Plan (the “Plan”), which went into effect in May 2019. All Company employees are able to participate in the Plan, subject to eligibility requirements as outlined in the Plan documents. Under the terms of the Plan, eligible employees are able to defer a percentage of their pay every pay period up to annual limitations set by Congress and the Internal Revenue Service under Section 401(k) of the Internal Revenue Code. For 2019, the Company’s Board of Directors has approved a matching contribution equal to 100% of elective deferrals up to 4% of eligible earnings with the matching contribution subject to certain vesting requirements as outlined in the Plan documents. For the years ended December 31, 2021 and 2020, the Company recorded expense of $175,352 and $138,785 associated with its matching contributions, respectively.

Subsequent Events

12 Months Ended

Dec. 31, 2021

Subsequent Events

Subsequent Events

Note 13 – Subsequent Events

December 2021 Sales Agreement

Securities Purchase Agreement

On March 3, 2022, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with a certain institutional and accredited investor (the “Purchaser”), relating to the issuance and sale of 3,000,000 shares (the “Shares”) of common stock, pre-funded warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 1,870,130 shares of Common Stock and warrants to purchase an aggregate of 4,870,130 shares of common stock (the “Investor Warrants”), (the “March 2022 Offering”).

The offering price for the Shares was $3.08 per Share and the offering price for the Pre-Funded Warrants was $3.07 per Pre-Funded Warrant, which represents the per Share public offering price less $0.01 per share exercise price for each Pre-Funded Warrant. The Investor Warrants will have an exercise price of $3.54 per share and each Investor Warrant will be exercisable for one share of Common Stock. The Investor Warrants will be exercisable beginning six months from the date of issuance and the Pre-Funded Warrants will be exercisable immediately upon issuance. The Pre-Funded Warrants shall terminate when fully exercised and the Investor Warrants will terminate five years from the initial exercisability date. The aggregate gross proceeds to the Company from the March 2022 Offering were approximately $15 million, excluding the proceeds, if any, from the exercise of the Pre-Funded Warrants and the Investor Warrants. No underwriter or placement agent participated in the March 2022 Offering.

The March 2022 Offering was made pursuant to an effective registration statement on Form S-3 (Registration Statement No. 333-261638), as previously filed with and declared effective by the Securities and Exchange Commission and a related prospectus.

Employment Agreement Addendums

On March 10, 2022, the Compensation Committee of the Board approved amendments to the Executive Employment Agreements (the “Employment Agreement Addendums”) for three executive officers. Each of the Employment Agreement Addendums provides that if the executive’s employment is terminated by the Company without “Cause” or the executive suffers an “Involuntarily Termination” (each as defined in the employment agreements), provided that the executive has signed a full release of all claims, the executive will be entitled to receive: (i) severance pay equal to twelve months of his or her then-current base salary (currently estimated at approximately $1,331,000 in the aggregate), and (ii) a reimbursement for health insurance benefits under COBRA for the executive and his or her spouse and dependents for a period of twelve months or until the executive becomes eligible for comparable insurance benefits from another employer, whichever is earlier.

Stock Options

Subsequent to December 31, 2021, the Company issued ten-year stock options to certain employees and consultants to purchase an aggregate of 389,422 shares of common stock of the Company at exercise prices ranging from $3.10 to $3.60 per share. The options vest as follows: (i) one-third of the shares vest on the one-year anniversary of the issuance date; and (ii) the remaining two-thirds vest in equal installments beginning 13 months from the issuance date and ending 36 months from the issuance date. The fair value of the options will be recognized over the vesting period.

Restricted Stock Units

Subsequent to December 31, 2021, the Company approved to amend the terms of an aggregate amount of 13,926 unvested RSUs issued to certain former directors that had been forfeited on their departure date. Pursuant to the amendment, the unvested RSUs shall continue to vest until the earlier of: (i) twelve months from the date of grant; or (ii) the Company’s 2022 annual meeting of stockholders.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Liquidity and Going Concern

Use of Estimates

See Note 2 - Summary of Significant Accounting Policies — Stock-Based Compensation for additional discussion of the use of estimates in estimating the fair value of the Company’s common stock.

Reclassifications

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements.

Property and Equipment, Net

Impairment of Long-lived Assets

Fair Value of Financial Instruments

Level 1 — quoted prices in active markets for identical assets or liabilities;

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable; and

Level 3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions).

Income Taxes

The Company is subject to Federal, New York State and City, and State of California income taxes and files tax returns in those jurisdictions.

The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.

The Company’s policy is to classify assessments, if any, for tax-related interest as interest expense and penalties as general and administrative expenses in the statements of operations.

Deferred License Fee

Deferred License Costs

Revenue Recognition

●

Step 1: Identify the contract with the customer;

●

Step 2: Identify the performance obligations in the contract;

●

Step 3: Determine the transaction price;

●

Step 4: Allocate the transaction price to the performance obligations in the contract; and

●

Step 5: Recognize revenue when the company satisfies a performance obligation.

an upfront license fee;

milestone payments and

royalty payments.

Arctic Vision License Agreement

Upfront License Fees

Milestone Payments

Royalty Payments

Bausch License Agreement

Upfront License Fees

Milestone Payments

Royalty Payments

Research and Development

Stock-Based Compensation

Net Loss Per Common Share

The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:


	December 31,
	2021	2020
Warrants	1,217,715	2,011,313
Options	4,377,398	3,427,705
Restricted stock units	41,778	104,083
Total potentially dilutive shares	5,636,891	5,543,101

Subsequent Events

Recently Adopted Accounting Standards

Recently Issued Accounting Standards

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Schedule of anti-dilutive weighted average diluted common shares

The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:


	December 31,
	2021	2020
Warrants	1,217,715	2,011,313
Options	4,377,398	3,427,705
Restricted stock units	41,778	104,083
Total potentially dilutive shares	5,636,891	5,543,101

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

Prepaid Expenses and Other Current Assets

Schedule of prepaid expenses and other current assets

As of December 31, 2021 and 2020, prepaid expenses and other current assets consisted of the following:


	December 31,
	2021		2020
Payroll tax receivable	$	343,785	$	151,942
Prepaid insurance expenses		171,370		110,094
Prepaid general and administrative expenses		71,375		—
Prepaid board of directors fees		66,250		68,250
Prepaid patent expenses		32,797		—
Prepaid rent and security deposit		32,254		25,004
Prepaid conference expenses		12,586		29,403
Other		4,525		11,734
Prepaid licenses and subscriptions		—		57,051
Total prepaid expenses and other current assets	$	734,942	$	453,478

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property and Equipment, Net

Schedule of property and equipment

As of December 31, 2021 and 2020, property and equipment consisted of the following:


	December 31,
	2021		2020
Equipment	$	854,060	$	435,521
Equipment not yet placed in service		254,864		—
Leasehold improvements		490,709		137,765
		1,599,633		573,286
Less: accumulated depreciation and amortization		(328,408)		(176,906)
Property and equipment, net	$	1,271,225	$	396,380

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Accrued Expenses and Other Current Liabilities

Schedule of accrued expenses and other current liabilities

As of December 31, 2021 and 2020, accrued expenses and other current liabilities consisted of the following:


	December 31,
	2021		2020
Accrued research and development expenses	$	436,840	$	348,254
Accrued consulting and professional services		250,000		235,355
Accrued interest		94,792		3,068
Other		42,407		1,627
Credit card payable		20,000		50,002
Accrued franchise tax		1,680		32,480
Accrued licensing fees		—		804,447
Accrued expense reimbursements		—		5,459
Total accrued expenses and other current liabilities	$	845,719	$	1,480,692

Accrued Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Accrued Compensation

Schedule of accrued compensation

As of December 31, 2021 and 2020, accrued compensation consisted of the following:


	December 31,
	2021		2020
Accrued bonus expenses	$	1,245,795	$	938,873
Accrued payroll expenses		297,823		211,799
Total accrued compensation	$	1,543,618	$	1,150,672

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2021

Notes Payable.

Schedule of notes payable

As of December 31, 2021 and 2020, notes payable consisted of the following:


	December 31, 2021						December 31, 2020
	Notes Payable		Debt Discount		Net		Notes Payable		Debt Discount		Net
Paycheck Protection Program loan	$	—	$	—	$	—	$	463,353	$	—	$	463,353
Silicon Valley Bank loan		7,500,000		(349,632)		7,150,368		—		—		—
Total		7,500,000		(349,632)		7,150,368		463,353		—		463,353
Less: Current portion
Paycheck Protection Program loan		—		—		—		(97,539)		—		(97,539)
Silicon Valley Bank loan		(7,500,000)		349,632		(7,150,368)		—		—		—
Notes Payable, Non-Current	$	—	$	—	$	—	$	365,814	$	—	$	365,814

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of provision for income taxes

The provision for income taxes consists of the following expenses (benefits):


	For The Years Ended
	December 31,
	2021		2020
Deferred tax provision (benefit):
Federal		(1,248,043)		(3,797,052)
State and local		(2,358,623)		(434,082)
		(3,606,666)		(4,231,134)
Change in valuation allowance		3,606,666		4,231,134
Provision for income taxes	$	—	$	—

Schedule of effective income tax rate reconciliation

The provision for income taxes differs from the United States Federal statutory rate as follows:


	For The Years Ended
	December 31,
	2021		2020
Federal statutory rate	(21.0)	%	(21.0)	%
State tax rate, net of federal benefit	(7.3)	%	(0.1)	%
Permanent differences	4.3	%	0.5	%
Research & development tax credits	(0.6)	%	(1.4)	%
Prior period adjustments and other	0.2	%	0.6	%
Rate changes	(3.8)	%	0.0	%
Change in valuation allowance	28.2	%	21.4	%
Effective income tax rate	0.0	%	0.0	%

Schedule of deferred tax assets

Deferred tax assets consist of the following:


	For The Years Ended
	December 31,
	2021		2020
Net operating loss carry forwards	$	17,415,488	$	12,972,865
Stock-based compensation		2,070,759		1,385,554
Intangible assets		531,454		409,705
Research and development tax credits		605,919		1,861,938
Deferred tax assets, gross		20,623,620		16,630,062
Property and equipment		(463,442)		(76,550)
Deferred tax assets, net before allowance		20,160,178		16,553,512
Valuation allowance		(20,160,178)		(16,553,512)
Deferred tax assets, net	$	—	$	—

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies

Schedule of future minimum operating lease payments

Future minimum payments under the Company’s operating lease agreements are as follows :


For the Year Ending
December 31,	Minimum Lease Payments
2022	$	464,452
2023		331,442
	$	795,894

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity

Summary of the Warrant activity and related information

A summary of the warrant activity during the year ended December 31, 2021 is presented below:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number of	Exercise		Life	Intrinsic
	Warrants	Price		In Years	Value
Outstanding January 1, 2021	2,011,313	$	2.43
Granted	91,884		4.76
Exercised	(885,482)		2.40
Outstanding December 31, 2021	1,217,715	$	2.69	3.7	$	1,667,925

Exercisable December 31, 2021	1,217,715	$	2.69	3.7	$	1,667,925

The following table presents information related to warrants as of December 31, 2021:


Warrants Outstanding		Warants Exercisable
		Weighted
	Outstanding	Average	Exercisable
Exercise	Number of	Remaining Life	Number of
Price	Warrants	In Years	Warrants
$2.4696	909,451	3.2	909,451
$2.7240	216,380	3.2	216,380
$4.7600	91,884	9.3	91,884
	1,217,715	3.7	1,217,715

Schedule of Black-Scholes option pricing model to stock options granted

In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions:


	For the Year Ended
	December 31,
	2021	2020
Expected term (years)	5.85 - 10.00	5.85 - 10.00
Risk free interest rate	0.45% - 1.58%	0.26% -1.32%
Expected volatility	92% - 94%	96% - 99%
Expected dividends	0.00%	0.00%

Schedule of the stock option activity

A summary of the option activity during the year ended December 31, 2021 is presented below:


				Weighted
		Weighted		Average
		Average		Remaining	Aggregate
	Number of	Exercise		Life	Intrinsic
	Options	Price		In Years	Value
Outstanding, January 1, 2021	3,427,705	$	3.37
Granted	1,106,107		5.39
Exercised	(121,261)		2.07
Forfeited	(35,153)		3.67
Outstanding, December 31, 2021	4,377,398	$	3.89	7.6	$	3,809,684

Exercisable, December 31, 2021	2,525,368	$	3.48	6.6	$	3,003,992

Schedule of information related to stock options

The following table presents information related to stock options as of December 31, 2021:


Options Outstanding		Options Exercisable
		Weighted
	Outstanding	Average	Exercisable
Exercise	Number of	Remaining Life	Number of
Price	Options	In Years	Options
$1.24	260,000	3.2	260,000
$1.95	567,636	5.5	567,636
$2.72	764,419	8.4	382,210
$2.74	667	7.0	500
$2.89	249,751	8.4	128,868
$3.11	656,078	7.6	519,514
$3.43	58,920	8.7	24,554
$3.48	35,000	8.7	14,584
$3.59	57,918	—	—
$3.71	43,000	8.6	20,306
$4.00	2,000	6.9	2,000
$4.06	35,000	—	—
$4.53	127,000	—	—
$4.68	20,000	8.1	12,223
$4.81	219,000	—	—
$5.10	6,000	6.7	5,833
$5.11	1,637	—	—
$5.19	16,500	6.7	16,500
$5.25	26,668	4.8	26,668
$5.77	50,000	9.0	16,667
$6.01	652,899	—	—
$6.20	300,387	6.6	300,387
$6.30	60,000	6.5	60,000
$8.72	166,918	6.3	166,918
	4,377,398	6.6	2,525,368

Business Organization, Nature of Operations and Basis of Presentation (Details)	12 Months Ended
	Dec. 31, 2021
Business Organization, Nature of Operations and Basis of Presentation
Percentage Of Success Rate Of Optejet	90.00%
Percentage of Successful Rate of Traditional Eye Drops	50.00%

Summary of Significant Accounting Policies - Anti-dilutive weighted average diluted common shares (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Total potentially dilutive shares	5,636,891	5,543,101
Restricted stock units
Total potentially dilutive shares	41,778	104,083
Employee Stock Options
Total potentially dilutive shares	4,377,398	3,427,705
Warrants
Total potentially dilutive shares	1,217,715	2,011,313

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)									1 Months Ended	12 Months Ended
	Mar. 03, 2022	Jan. 01, 2022	Dec. 14, 2021	Sep. 17, 2021	Oct. 14, 2020	Oct. 09, 2020	Apr. 08, 2020	Mar. 24, 2020	Aug. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Cash and cash equivalents										$ 19,461,850	$ 28,371,828
Amount pledged to establish and maintain a collateralized money market account										7,875,000
Accumulated deficit										(90,219,306)	(77,440,919)
Net loss										(12,778,387)	(19,769,867)
Cash used in operations										$ (20,874,432)	(6,384,276)
Stock issued during the period								2,675,293
Number of warrants issued										885,482
Cash, Uninsured Amount										$ 19,211,850	$ 28,121,828
Percentage of royalty to be transferred, Range1							30.00%			30.00%
Percentage of royalty to be transferred, Range2							40.00%			40.00%
Senju Pharmaceutical Co
Due to related party							$ 9,000,000
Upfront payments				$ 250,000
Percentage of royalty to be transferred, Range1							30.00%
Percentage of royalty to be transferred, Range2							40.00%
Bausch License Agreement
Upfront payment received					$ 10,000,000.0
Maximum additional payments receivable						$ 35,000,000.0
Milestone Revenue Payments										$ 0
Royalty Revenue Payments										0
Written notice period						90 days
Notice period on breach and bankruptcy						60 days
Arctic Vision License Agreement
Upfront payment received									$ 4,000,000.0
Maximum additional payments receivable										43,750,000
Initiation of clinical research and regulatory approval payments										39,750,000
Aggregate milestone revenue related to filing of marketing authorization applications										15,230,000
Receipt of regulatory approvals										24,520,000
Development costs										4,000,000.0
Milestone Revenue Payments										2,000,000.0
Royalty Revenue Payments										0
Arctic Vision License Agreement \| Senju Pharmaceutical Co
Upfront payments										250,000
Arctic Vision License Agreement \| Senju Pharmaceutical Co \| Cost of sales
Payment made form upfront license fee										$ 1,600,000
Securities purchase agreement
Proceeds from issuance of common stock	$ 15,000,000
Stock issued during the period	3,000,000
Securities purchase agreement \| March 2022 offering
Exercise price	$ 3.54
Securities purchase agreement \| Pre-Funded Warrants
Number of warrants issued	1,870,130
Securities purchase agreement \| Investor Warrants
Number of warrants issued	4,870,130
Maximum
Property, Plant and Equipment, Useful Life										10 years
Minimum
Property, Plant and Equipment, Useful Life										1 year
December 2021 Sales Agreement
Proceeds from issuance of common stock		$ 900,000	$ 50,000,000.0
Net proceeds										$ 900,000
Stock issued during the period		252,449
Subsequent Event \| Securities purchase agreement
Stock issued during the period	3,000,000
Subsequent Event \| Securities purchase agreement \| March 2022 offering
Proceeds from issuance of common stock	$ 15,000,000
Subsequent Event \| Securities purchase agreement \| Pre-Funded Warrants
Number of warrants issued	1,870,130
Subsequent Event \| Securities purchase agreement \| Investor Warrants
Number of warrants issued	4,870,130

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Prepaid Expenses and Other Current Assets
Payroll tax receivable	$ 343,785	$ 151,942
Prepaid insurance expenses	171,370	110,094
Prepaid general and administrative expenses	71,375	0
Prepaid board of directors fees	66,250	68,250
Prepaid patent expenses	32,797	0
Prepaid rent and security deposit	32,254	25,004
Prepaid conference expenses	12,586	29,403
Other	4,525	11,734
Prepaid licenses and subscriptions	0	57,051
Total prepaid expenses and other current assets	$ 734,942	$ 453,478

Property and Equipment, Net - Property and Equipment (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Property and equipment, gross	$ 1,599,633	$ 573,286
Less: accumulated depreciation and amortization	(328,408)	(176,906)
Property and equipment, net	1,271,225	396,380
Equipment purchases
Property and equipment, gross	854,060	435,521
Equipment not yet placed in service
Property and equipment, gross	254,864
Leasehold improvements
Property and equipment, gross	$ 490,709	$ 137,765

Property and Equipment, Net - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Depreciation expense		$ 221,563	$ 95,415
Research and development expenses		14,509,525	13,363,251
General and administrative expenses		10,794,158	7,625,974
Book value of equipment	$ 1,271,225	1,271,225	396,380
Gain on sale of equipment		55,194	0
Outstanding deposits of property and equipments		391,941	0
Equipment purchases
Proceeds from sale of equipment	185,362
Gain on sale of equipment	55,194
Outstanding deposits of property and equipments		391,941
Equipment purchases \| Baush Health
Book value of equipment	$ 130,168	130,168
Property, Plant and Equipment [Member]
Depreciation expense		221,563	95,415
Research and development expenses		211,604	67,595
General and administrative expenses		$ 9,959	$ 27,820

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Accrued Expenses and Other Current Liabilities
Accrued research and development expenses	$ 436,840	$ 348,254
Accrued consulting and professional services	250,000	235,355
Accrued interest	94,792	3,068
Other	42,407	1,627
Credit card payable	20,000	50,002
Accrued franchise tax	1,680	32,480
Accrued licensing fees	0	804,447
Accrued expense reimbursements	0	5,459
Total accrued expenses and other current liabilities	$ 845,719	$ 1,480,692

Accrued Compensation (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Accrued Compensation
Accrued bonus expenses	$ 1,245,795	$ 938,873
Accrued payroll expenses	297,823	211,799
Total accrued compensation	$ 1,543,618	$ 1,150,672

Notes Payable - Schedule of notes payable (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Notes Payable, Total	$ 7,500,000	$ 463,353
Notes Payable, Non-Current	0	365,814
Debt Discount, Total	(349,632)	0
Debt Discount, Non-Current portion	0	0
Notes payable, Net of Debt Discount, Total	7,150,368	463,353
Notes Payable Non Current, Net of Debt Discount Non Current, Non Current Portion	0	365,814
Paycheck Protection Program loan
Notes Payable, Total	0	463,353
Notes Payable, Current portion	0	(97,539)
Debt Discount, Total	0	0
Debt Discount, Current portion	0	0
Notes payable, Net of Debt Discount, Total	0	463,353
Notes Payable Current, Net of Debt Discount Current, Current Portion	0	(97,539)
Silicon Valley Bank loan
Notes Payable, Total	7,500,000	0
Notes Payable, Current portion	(7,500,000)	0
Debt Discount, Total	(349,632)	0
Debt Discount, Current portion	349,632	0
Notes payable, Net of Debt Discount, Total	7,150,368	0
Notes Payable Current, Net of Debt Discount Current, Current Portion	$ (7,150,368)	$ 0

Notes Payable - Additional Information (Details) - USD ($)				12 Months Ended
	May 07, 2021	Feb. 24, 2021	May 08, 2020	Dec. 31, 2021	Dec. 31, 2020	Sep. 29, 2021	Aug. 31, 2021
Notes Payable
Repayments of loan				$ 705,360	$ 475,216
Number of warrants issued				885,482
Amount pledged to establish and maintain a collateralized money market account				$ 7,875,000
Fair Value Adjustment of Warrants				354,539
Debt issuance costs				$ 66,618	$ 0
Minimum
Notes Payable
Risk free interest rate				0.45%	0.26%
Expected term (years)				5 years 10 months 6 days	5 years 10 months 6 days
Expected volatility				92.00%	96.00%
Maximum
Notes Payable
Risk free interest rate				1.58%	1.32%
Expected term (years)				10 years	10 years
Expected volatility				94.00%	99.00%
Notes payable
Notes Payable
Number of monthly payments		9 months
Debt Instrument, Periodic Payment		$ 79,343
Aggregate principal payments		$ 705,360
Interest rate (as a percent)		2.96%
Maturity date		Nov. 24, 2021
Paycheck Protection Program loan
Notes Payable
Debt Instrument, Periodic Payment			$ 19,508
Interest rate (as a percent)			1.00%
Cash proceeds from loan			$ 463,353
Amount of principal forgiveness on PPP loan							$ 463,353
Amount of accrued interest forgiveness on PPP loan							$ 5,738
Silicon Valley Bank loan
Notes Payable
Aggregate principal amount	$ 25,000,000.0
Interest rate (as a percent)	5.00%
Maturity date	May 01, 2025
Debt instrument effective stated rate	1.25% plus the prime rate
Aggregate loan percentage	5.00%
Long-term Debt	$ 7,500,000
Number of warrants issued				91,884
Exercise price				$ 4.76
Warrant exercisable term				10 years
Loan received	$ 17,500,000
Amount pledged to establish and maintain a collateralized money market account						$ 7,875,000
Interest expense				$ 317,333
Amortization of debt discount				68,376
Debt issuance costs				66,618
Silicon Valley Bank loan \| Debt
Notes Payable
Loan issuance costs				63,469
Silicon Valley Bank loan \| Warrants
Notes Payable
Fair Value Adjustment of Warrants				$ 354,539
Risk free interest rate				1.60%
Stock price				$ 4.76
Expected term (years)				10 years
Expected volatility				89.00%
Loan issuance costs				$ 3,149
Silicon Valley Bank loan \| Prior to First Anniversary
Notes Payable
Prepayment fee percentage	3.00%
Silicon Valley Bank loan \| Prior to Second Anniversary
Notes Payable
Prepayment fee percentage	2.00%
Silicon Valley Bank loan \| Prior to Third Anniversary
Notes Payable
Prepayment fee percentage	1.00%
Silicon Valley Bank loan \| Minimum
Notes Payable
Prepayment fee percentage	1.00%
Silicon Valley Bank loan \| Maximum
Notes Payable
Prepayment fee percentage	3.00%

Income Taxes - provision for income taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Deferred tax provision (benefit):
Federal	$ (1,248,043)	$ (3,797,052)
State and local	(2,358,623)	(434,082)
Total	(3,606,666)	(4,231,134)
Change in valuation allowance	$ 3,606,666	$ 4,231,134

Income Taxes - Effective income tax rate reconciliation (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Federal statutory rate	(21.00%)	(21.00%)
State tax rate, net of federal benefit	(7.30%)	(0.10%)
Permanent differences	4.30%	0.50%
Research & development tax credits	(0.60%)	(1.40%)
Prior period adjustments and other	0.20%	0.60%
Development costs	(3.80%)	0.00%
Change in valuation allowance	28.20%	21.40%
Effective income tax rate	0.00%	0.00%

Income Taxes - Deferred tax assets (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets:
Net operating loss carry forwards	$ 17,415,488	$ 12,972,865
Stock-based compensation	2,070,759	1,385,554
Intangible assets	531,454	409,705
Research and development tax credits	605,919	1,861,938
Deferred tax assets, gross	20,623,620	16,630,062
Property and equipment	(463,442)	(76,550)
Deferred tax assets, net before allowance	20,160,178	16,553,512
Valuation allowance	$ (20,160,178)	$ (16,553,512)

Income Taxes - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards	$ 72,000,000
Net Operating Loss Limit for Utilization as per Internal Revenue Code	35,000,000
Net Operating Loss Annual Utilization Limit as per Internal Revenue Code	$ 918,000
Operating Loss Carry forwards Expiration Term	2034 to 2037
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration	$ 61,200,000
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration	10,800,000
Tax related interest or penalties were incurred	0	$ 0
State
Operating Loss Carryforwards	27,200,000
Local
Operating Loss Carryforwards	$ 7,400,000

Commitments and Contingencies - Future Minimum Payments under Operating Lease Agreement (Details)	Dec. 31, 2021 USD ($)
Commitments and Contingencies
2022	$ 464,452
2023	331,442
Minimum Lease Payments	$ 795,894

Commitments and Contingencies - Additional Information (Details)						1 Months Ended	12 Months Ended
	Dec. 01, 2020 USD ($) ft²	Oct. 14, 2020 USD ($)	Jul. 17, 2020 USD ($) ft²	Jan. 20, 2020 USD ($) ft²	Aug. 08, 2018 USD ($) ft²	Aug. 31, 2020 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) ft²	Oct. 09, 2020 USD ($)
Lease Expiration Date	Aug. 31, 2023				Sep. 30, 2023
Supplemental Unemployment Benefits, Salary Continuation							$ 1,331,000
Severance Costs							332,750
Net rentable area \| ft²			3,000	660	3,800
Lease, Monthly Base Rent			$ 7,500	$ 1,234
Operating lease, term of contract				1 year
Security and equipment deposits			$ 7,500		$ 119,000
Vice President of Research And Development
Net rentable area \| ft²								953
Lease, Monthly Base Rent								$ 5,404
Security and equipment deposits								5,404
Leasehold improvements								112,600
Operating Leases, Rent Expense							64,848	59,724
Arctic Vision License Agreement
Upfront payment received						$ 4,000,000.0
Maximum additional payments receivable							43,750,000
Initiation of clinical research and regulatory approval payments							39,750,000
Development costs							4,000,000.0
Royalty payments earned							0
Milestone payments earned							2,000,000.0
Bausch License Agreement
Upfront payment received		$ 10,000,000.0
Maximum additional payments receivable									$ 35,000,000.0
Royalty payments earned							0
Milestone payments earned							$ 0
Minimum
Lease, Monthly Base Rent	$ 7,500				19,633
Maximum
Lease, Monthly Base Rent	$ 7,957				$ 22,486
Additional Office Space
Lease Expiration Date	Aug. 31, 2023
Net rentable area \| ft²	1,500			660
Lease, Monthly Base Rent				$ 1,292
Security and equipment deposits	$ 3,000
Additional Office Space \| Vice President of Research And Development
Lease, Monthly Base Rent				1,838
Additional Office Space \| Minimum
Lease, Monthly Base Rent	3,000			$ 1,750
Additional Office Space \| Maximum
Lease, Monthly Base Rent	$ 3,183
Additional office space as per amendment
Security and equipment deposits								$ 4,468
Additional office space as per amendment \| Vice President of Research And Development
Net rentable area \| ft²								2,169
Additional office space as per amendment \| Minimum
Lease, Monthly Base Rent								$ 4,468
Additional office space as per amendment \| Maximum
Lease, Monthly Base Rent								$ 4,602

Related Party Transactions (Details)								12 Months Ended
Related Party Transactions (Details)	Sep. 17, 2021 USD ($)	Dec. 01, 2020 USD ($) ft²	Jul. 17, 2020 USD ($) ft²	Apr. 08, 2020 USD ($)	Jan. 20, 2020 USD ($) ft²	Aug. 08, 2018 USD ($) ft²	Jul. 06, 2017 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) ft²	Dec. 31, 2015
Net Rentable Area \| ft²			3,000		660	3,800
Lease, Monthly Base Rent			$ 7,500		$ 1,234
Security Deposit			7,500			$ 119,000
Lease, Monthly Base Rent			$ 7,500		$ 1,234
Percentage of royalty to be transferred, Range1				30.00%				30.00%
Percentage of royalty to be transferred, Range2				40.00%				40.00%
Additional Office Space
Net Rentable Area \| ft²		1,500			660
Lease, Monthly Base Rent					$ 1,292
Security Deposit		$ 3,000
Lease, Monthly Base Rent					1,292
License Agreement
Minority Interest Ownership Percentage In Company										5.00%
Vice President of Research And Development
Net Rentable Area \| ft²									953
Lease, Monthly Base Rent									$ 5,404
Operating Leases, Rent Expense								$ 64,848	59,724
Security Deposit									5,404
Leasehold Improvements, Gross									112,600
Lease, Monthly Base Rent									$ 5,404
Vice President of Research And Development \| Additional Office Space
Lease, Monthly Base Rent					1,838
Lease, Monthly Base Rent					1,838
Senju Pharmaceutical Co
Royalty Percentage										5.00%
Upfront payments	$ 250,000
Due to Related Parties				$ 9,000,000
Percentage of royalty to be transferred, Range1				30.00%
Percentage of royalty to be transferred, Range2				40.00%
Milestone Upfront Payments	$ 250,000
Senju Pharmaceutical Co \| Arctic Vision License Agreement
Upfront payments								250,000
Milestone Upfront Payments								250,000
Consulting Agreement \| Cura Partners
Consulting agreement payment							$ 9,567
Consulting agreement payment, Per hour							$ 250
Consulting Agreement \| Cura Partners \| General and Administrative Expense [Member]
Related Party Transaction, Expenses from Transactions with Related Party								$ 76,536
Minimum
Lease, Monthly Base Rent		7,500				19,633
Lease, Monthly Base Rent		7,500				19,633
Minimum \| Additional Office Space
Lease, Monthly Base Rent		3,000			1,750
Lease, Monthly Base Rent		3,000			$ 1,750
Maximum
Lease, Monthly Base Rent		7,957				22,486
Lease, Monthly Base Rent		7,957				$ 22,486
Maximum \| Additional Office Space
Lease, Monthly Base Rent		3,183
Lease, Monthly Base Rent		$ 3,183

Stockholders' Equity - Black Scholes option (Details)	12 Months Ended
Stockholders' Equity - Black Scholes option (Details)	Dec. 31, 2021	Dec. 31, 2020
Expected dividends	0.00%	0.00%
Minimum
Expected term (years)	5 years 10 months 6 days	5 years 10 months 6 days
Risk free interest rate	0.45%	0.26%
Expected volatility	92.00%	96.00%
Maximum
Expected term (years)	10 years	10 years
Risk free interest rate	1.58%	1.32%
Expected volatility	94.00%	99.00%

Stockholders' Equity - Summary of option activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Options Exercised \| Shares	(121,261)
Weighted Average Exercise Price, Granted \| $ / Shares	$ 5.39	$ 3.01
Stock Options
Number of Options Outstanding \| Shares	3,427,705
Number of Options Granted \| Shares	1,106,107
Number of Options Exercised \| Shares	(121,261)
Number of Options Forfeited \| Shares	(35,153)
Number of Options Outstanding \| Shares	4,377,398	3,427,705
Number of Options Exercisable \| Shares	2,525,368
Weighted Average Exercise Price, Outstanding \| $ / Shares	$ 3.37
Weighted Average Exercise Price, Granted \| $ / Shares	5.39
Weighted Average Exercise Price, Exercised \| $ / Shares	2.07
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	3.67
Weighted Average Exercise Price, Outstanding \| $ / Shares	3.89	$ 3.37
Weighted Average Exercise Price, Exercisable \| $ / Shares	$ 3.48
Weighted Average Remaining Life In Years, Outstanding	7 years 7 months 6 days
Weighted Average Remaining Life In Years, Exercisable	6 years 7 months 6 days
Aggregate Intrinsic Value, Outstanding \| $	$ 3,809,684
Aggregate Intrinsic Value, Exercisable	$ 3,003,992

Stockholders' Equity - Summary of information related to stock options (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Options Outstanding, Outstanding Number of Options	4,377,398
Options Exercisable, Weighted Average Remaining Life In Years	6 years 7 months 6 days
Options Exercisable, Exercisable Number of Options	2,525,368
Exercise Price 1.24 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 1.24
Options Outstanding, Outstanding Number of Options	260,000
Options Exercisable, Weighted Average Remaining Life In Years	3 years 2 months 12 days
Options Exercisable, Exercisable Number of Options	260,000
Exercise Price 1.95 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 1.95
Options Outstanding, Outstanding Number of Options	567,636
Options Exercisable, Weighted Average Remaining Life In Years	5 years 6 months
Options Exercisable, Exercisable Number of Options	567,636
Exercise Price 2.72 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 2.72
Options Outstanding, Outstanding Number of Options	764,419
Options Exercisable, Weighted Average Remaining Life In Years	8 years 4 months 24 days
Options Exercisable, Exercisable Number of Options	382,210
Exercise Price 2.74 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 2.74
Options Outstanding, Outstanding Number of Options	667
Options Exercisable, Weighted Average Remaining Life In Years	7 years
Options Exercisable, Exercisable Number of Options	500
Exercise Price 2.89 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 2.89
Options Outstanding, Outstanding Number of Options	249,751
Options Exercisable, Weighted Average Remaining Life In Years	8 years 4 months 24 days
Options Exercisable, Exercisable Number of Options	128,868
Exercise Price 3.11 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 3.11
Options Outstanding, Outstanding Number of Options	656,078
Options Exercisable, Weighted Average Remaining Life In Years	7 years 7 months 6 days
Options Exercisable, Exercisable Number of Options	519,514
Exercise Price 3.43 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 3.43
Options Outstanding, Outstanding Number of Options	58,920
Options Exercisable, Weighted Average Remaining Life In Years	8 years 8 months 12 days
Options Exercisable, Exercisable Number of Options	24,554
Exercise Price 3.48 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 3.48
Options Outstanding, Outstanding Number of Options	35,000
Options Exercisable, Weighted Average Remaining Life In Years	8 years 8 months 12 days
Options Exercisable, Exercisable Number of Options	14,584
Exercise Price 3.59 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 3.59
Options Outstanding, Outstanding Number of Options	57,918
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise Price 3.71 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 3.71
Options Outstanding, Outstanding Number of Options	43,000
Options Exercisable, Weighted Average Remaining Life In Years	8 years 7 months 6 days
Options Exercisable, Exercisable Number of Options	20,306
Exercise Price 4.00 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 4.00
Options Outstanding, Outstanding Number of Options	2,000
Options Exercisable, Weighted Average Remaining Life In Years	6 years 10 months 24 days
Options Exercisable, Exercisable Number of Options	2,000
Exercise Price 4.06 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 4.06
Options Outstanding, Outstanding Number of Options	35,000
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise Price 4.53 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 4.53
Options Outstanding, Outstanding Number of Options	127,000
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise Price 4.68 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 4.68
Options Outstanding, Outstanding Number of Options	20,000
Options Exercisable, Weighted Average Remaining Life In Years	8 years 1 month 6 days
Options Exercisable, Exercisable Number of Options	12,223
Exercise Price 4.81 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 4.81
Options Outstanding, Outstanding Number of Options	219,000
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise Price 5.10 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 5.10
Options Outstanding, Outstanding Number of Options	6,000
Options Exercisable, Weighted Average Remaining Life In Years	6 years 8 months 12 days
Options Exercisable, Exercisable Number of Options	5,833
Exercise Price 5.11 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 5.11
Options Outstanding, Outstanding Number of Options	1,637
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise Price 5.19 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 5.19
Options Outstanding, Outstanding Number of Options	16,500
Options Exercisable, Weighted Average Remaining Life In Years	6 years 8 months 12 days
Options Exercisable, Exercisable Number of Options	16,500
Exercise Price 5.25 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 5.25
Options Outstanding, Outstanding Number of Options	26,668
Options Exercisable, Weighted Average Remaining Life In Years	4 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	26,668
Exercise Price 5.77 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 5.77
Options Outstanding, Outstanding Number of Options	50,000
Options Exercisable, Weighted Average Remaining Life In Years	9 years
Options Exercisable, Exercisable Number of Options	16,667
Exercise Price 6.01 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 6.01
Options Outstanding, Outstanding Number of Options	652,899
Options Exercisable, Weighted Average Remaining Life In Years	0 years
Options Exercisable, Exercisable Number of Options	0
Exercise Price 6.20 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 6.20
Options Outstanding, Outstanding Number of Options	300,387
Options Exercisable, Weighted Average Remaining Life In Years	6 years 7 months 6 days
Options Exercisable, Exercisable Number of Options	300,387
Exercise Price 6.30 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 6.30
Options Outstanding, Outstanding Number of Options	60,000
Options Exercisable, Weighted Average Remaining Life In Years	6 years 6 months
Options Exercisable, Exercisable Number of Options	60,000
Exercise Price 8.72 [Member]
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 8.72
Options Outstanding, Outstanding Number of Options	166,918
Options Exercisable, Weighted Average Remaining Life In Years	6 years 3 months 18 days
Options Exercisable, Exercisable Number of Options	166,918

Stockholders' Equity - Warrants Activity (Details)	12 Months Ended
Stockholders' Equity - Warrants Activity (Details)	Dec. 31, 2021 USD ($) $ / shares shares
Stockholders' Equity
Outstanding at beginning balance \| shares	2,011,313
Granted \| shares	91,884
Exercised \| shares	885,482
Outstanding at ending balance \| shares	1,217,715
Exercisable Number of warrants \| shares	1,217,715
Outstanding at beginning balance \| $ / shares	$ 2.43
Granted \| $ / shares	4.76
Exercised \| $ / shares	2.40
Outstanding at ending balance \| $ / shares	2.69
Exercisable \| $ / shares	$ 2.69
Weighted Average Remaining Life, Outstanding	3 years 8 months 12 days
Weighted Average Remaining Life, Exercisable	3 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding \| $	$ 1,667,925
Aggregate Intrinsic Value, Exercisable \| $	$ 1,667,925

Stockholders' Equity - Additional information related to Warrants (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Outstanding Number of Warrants	1,217,715	2,011,313
Weighted Average Remaining Life, Exercisable	3 years 8 months 12 days
Exercisable Number of Warrants	1,217,715
Number of warrants exercised	(885,482)
Proceeds from exercise of warrants	$ 2,124,904	$ 2,820,362
Warrants at exercise price of $2.4696
Class of Warrant or Right [Line Items]
Exercise price	$ 2.4696
Outstanding Number of Warrants	909,451
Weighted Average Remaining Life, Exercisable	3 years 2 months 12 days
Exercisable Number of Warrants	909,451
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.4696
Warrants at exercise price of $2.7240
Class of Warrant or Right [Line Items]
Exercise price	$ 2.7240
Outstanding Number of Warrants	216,380
Weighted Average Remaining Life, Exercisable	3 years 2 months 12 days
Exercisable Number of Warrants	216,380
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.7240
Warrants at exercise price of $4.7600
Class of Warrant or Right [Line Items]
Exercise price	$ 4.7600
Outstanding Number of Warrants	91,884
Weighted Average Remaining Life, Exercisable	9 years 3 months 18 days
Exercisable Number of Warrants	91,884
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 4.7600
Warrants at exercise price of $2.058
Class of Warrant or Right [Line Items]
Exercise price	2.058
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.058

Stockholders' Equity - Restricted stock units activity (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Number of RSUs
RSUs non-vested at beginning of period \| shares	104,083
Granted \| shares	49,964
Vested \| shares	(105,306)
Forfeited \| shares	(6,963)
RSUs non-vested at end of the period \| shares	41,778
Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Outstanding Weighted Average Exercise Price [Rollforward]
RSUs non-vested January 1, 2021 \| $ / shares	$ 3.84
Granted \| $ / shares	3.59
Vested \| $ / shares	3.86
Forfeited \| $ / shares	3.59
RSUs non-vested December 31, 2021 \| $ / shares	$ 3.59

Stockholders' Equity - Additional Information (Details) - USD ($)									12 Months Ended
	Jan. 01, 2022	Dec. 14, 2021	May 14, 2021	Sep. 11, 2020	Aug. 21, 2020	Aug. 19, 2020	Apr. 07, 2020	Mar. 24, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Common stock, shares authorized									90,000,000	90,000,000
Common Stock, Par or Stated Value Per Share									$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized									6,000,000	6,000,000
Preferred Stock, Par or Stated Value Per Share									$ 0.0001	$ 0.0001
Stock-based compensation									$ 2,886,102	$ 2,483,172
Stock issued during the period								2,675,293
Net Proceeds From Issuance Of Common Stock								$ 5,450,000
Share-based Compensation									2,886,102	2,483,172
Unrecognized stock - based compensation expense									$ 5,260,000
Weighted average period of recognition									1 year 10 months 24 days
Number of awards granted									49,964
Proceeds from Stock Options Exercised									$ 203,126	$ 82,161
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price									$ 5.39	$ 3.01
Number of warrants issued									885,482
Proceeds from exercise of stock warrants									$ 2,124,904	$ 2,820,362
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period									121,261
Placement agent fees and offering expenses								$ 530,000
Research and Development Expense [Member]
Stock-based compensation									$ 1,612,942
Share-based Compensation										1,350,894
General and Administrative Expense [Member]
Stock-based compensation									$ 1,273,160
Share-based Compensation										1,132,278
Restricted stock units
Weighted average period of recognition									10 months 24 days
Number of awards granted				43,728					49,964
Unrecognized stock-based compensation expense									$ 121,875
Grant date fair value				$ 150,000					$ 181,200
Class A Warrants [Member]
Stock issued during the period								1,337,659
Shares Issued, Price Per Share								$ 2.058
Exercise price of warrants								$ 2.27
Class B Warrants [Member ]
Stock issued during the period								2,006,495
Shares Issued, Price Per Share								$ 2.4696
Exercise price of warrants								$ 2.724
Stock Option
Common stock reserved for issuance									13,675
Stock issued during the period									107,586
Net proceeds									$ 203,125
Common Stock
Stock-based compensation									$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period									121,261	36,391
IPO
Number of common shares								1
Stock issued during the period								6,000,000.0
Shares Issued, Price Per Share								$ 2.21425
IPO \| Directors And Executive Officers [Member]
Shares Issued, Price Per Share								2.42625
IPO \| Class A Warrants [Member]
Shares Issued, Price Per Share								$ 0.5
Warrant to purchase common stock in period								1 year
IPO \| Class B Warrants [Member ]
Shares Issued, Price Per Share								$ 0.75
Warrant to purchase common stock in period								5 years
Underwritten Public Offering
Stock issued during the period					3,833,334
Number of shares agreed to be issued (in shares)						3,333,334
Share price						$ 3.60
Proceeds from Issuance of Common Stock					$ 12,500,000
Payments of Stock Issuance Costs					$ 1,200,000
Over Allotment Option
Number of shares agreed to be issued (in shares)						500,000
Over-allotment option period						30 days
May 2021 Sales Agreement
Stock issued during the period									2,435,604
Proceeds from Issuance of Common Stock									$ 12,800,000
Net proceeds									12,400,000
May 2021 Sales Agreement \| Common Stock
Aggregate offering price			$ 30,000,000
Percentage on gross sale			3.00%
December 2021 Sales Agreement
Stock issued during the period	252,449
Proceeds from Issuance of Common Stock	$ 900,000	$ 50,000,000.0
Net proceeds									$ 900,000
December 2021 Sales Agreement \| Common Stock
Percentage on gross sale		3.00%
Minimum
Shares Issued, Price Per Share									$ 1.95
Maximum
Shares Issued, Price Per Share									$ 3.11
Omnibus Stock Incentive Plan 2018 [Member]
Common stock reserved for issuance							2,950,000		700,741		4,200,000
Cash fee paid							$ 150,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period							12 months
Warrants at exercise price of $2.4696
Exercise price of warrants									$ 2.4696
Warrants at exercise price of $4.7600
Exercise price of warrants									4.7600
Warrants at exercise price of $2.058
Exercise price of warrants									$ 2.058

Employee Benefit Plans (Details) - USD ($)	1 Months Ended	12 Months Ended
Employee Benefit Plans (Details) - USD ($)	Apr. 30, 2019	Dec. 31, 2021	Dec. 31, 2020
Employee Benefit Plans
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100.00%
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage	4.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount		$ 175,352	$ 138,785

Subsequent Events (Details) - USD ($)				12 Months Ended
Subsequent Events (Details) - USD ($)	Jan. 01, 2022	Dec. 14, 2021	Mar. 24, 2020	Dec. 31, 2021
Subsequent Event [Line Items]
Stock issued during the period			2,675,293
December 2021 Sales Agreement
Subsequent Event [Line Items]
Proceeds from issuance of common stock	$ 900,000	$ 50,000,000.0
Net proceeds				$ 900,000
Stock issued during the period	252,449

Subsequent Events - Securities Purchase Agreement (Details) - USD ($)	Mar. 03, 2022	Mar. 24, 2020	Mar. 10, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Stock issued during the period		2,675,293
Number of warrants issued				885,482
Subsequent Event
Subsequent Event [Line Items]
Amount of severance pay			$ 1,331,000
Securities purchase agreement
Subsequent Event [Line Items]
Stock issued during the period	3,000,000
Proceeds from issuance of common stock	$ 15,000,000
Securities purchase agreement \| Subsequent Event
Subsequent Event [Line Items]
Stock issued during the period	3,000,000
Share price	$ 3.08
Securities purchase agreement \| March 2022 offering \| Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of common stock	$ 15,000,000
Securities purchase agreement \| Pre-Funded Warrants
Subsequent Event [Line Items]
Number of warrants issued	1,870,130
Securities purchase agreement \| Pre-Funded Warrants \| Subsequent Event
Subsequent Event [Line Items]
Number of warrants issued	1,870,130
Share price	$ 3.07
Decrease in exercise price	$ 0.01
Securities purchase agreement \| Investor Warrants
Subsequent Event [Line Items]
Number of warrants issued	4,870,130
Securities purchase agreement \| Investor Warrants \| Subsequent Event
Subsequent Event [Line Items]
Number of warrants issued	4,870,130
Share price	$ 3.54

Subsequent Event - Stock Options (Details) - $ / shares		1 Months Ended
Subsequent Event - Stock Options (Details) - $ / shares	Mar. 24, 2020	Jan. 31, 2022
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues	2,675,293
Subsequent Event \| Employee Stock Options
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues		389,422
Subsequent Event \| Employee Stock Options \| Minimum
Subsequent Event [Line Items]
Share Price		$ 3.10
Subsequent Event \| Employee Stock Options \| Maximum
Subsequent Event [Line Items]
Share Price		$ 3.60

Subsequent Event - Restricted Stock Units (Details) - shares	Jan. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
RSUs non-vested of an aggregate amount		41,778	104,083
Subsequent Event \| Restricted stock units
Subsequent Event [Line Items]
RSUs non-vested of an aggregate amount	13,926