Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Details)

v3.22.2
Commitments and Contingencies (Details)
1 Months Ended 3 Months Ended 6 Months Ended
May 13, 2022
USD ($)
Mar. 01, 2020
Jul. 05, 2019
Nov. 16, 2018
Jan. 26, 2021
Mar. 24, 2019
Oct. 31, 2018
Jun. 30, 2022
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2022
EUR (€)
Apr. 28, 2022
USD ($)
Apr. 28, 2022
EUR (€)
Dec. 31, 2021
USD ($)
Commitments and Contingencies (Details) [Line Items]                          
License fees and milestone payments, description                 the Company paid UVA LVG a license issue fee and is obligated to pay UVA LVG (i) annual minimum royalties of $40,000 commencing in 2017; (ii) a $20,000 milestone payments upon dosing the first patient under a Phase 3 human clinical trial of a licensed product, $155,000 upon the earlier of the completion of a Phase 3 trial of a licensed product, partnering of a licensed product, or sale of the Company, $275,000 upon acceptance of an NDA by the FDA, and $1,000,000 upon approval for sale of AD04 in the U.S., Europe or Japan; as well as (iii) royalties equal to a 2% and 1% of net sales of licensed products in countries in which a valid patent exists or does not exist, respectively, with royalties paid quarterly. In the event of a sublicense to a third party, the Company is obligated to pay royalties to UVA LVG equal to a percentage of what the Company would have been required to pay to UVA LVG had it sold the products under sublicense ourselves. In addition, the Company is required to pay to UVA LVG 15% of any sublicensing income. the Company paid UVA LVG a license issue fee and is obligated to pay UVA LVG (i) annual minimum royalties of $40,000 commencing in 2017; (ii) a $20,000 milestone payments upon dosing the first patient under a Phase 3 human clinical trial of a licensed product, $155,000 upon the earlier of the completion of a Phase 3 trial of a licensed product, partnering of a licensed product, or sale of the Company, $275,000 upon acceptance of an NDA by the FDA, and $1,000,000 upon approval for sale of AD04 in the U.S., Europe or Japan; as well as (iii) royalties equal to a 2% and 1% of net sales of licensed products in countries in which a valid patent exists or does not exist, respectively, with royalties paid quarterly. In the event of a sublicense to a third party, the Company is obligated to pay royalties to UVA LVG equal to a percentage of what the Company would have been required to pay to UVA LVG had it sold the products under sublicense ourselves. In addition, the Company is required to pay to UVA LVG 15% of any sublicensing income.      
License royalty expenses               $ 10,000 $ 20,000        
Accrued license royalty expense $ 155,000                        
Accrued expenses, related party               $ 175,000 175,000       $ 0
Master services agreement, description     It is anticipated that the compensation to be paid to PEPCO for services under the PEPCO MSA will total approximately $300,000.       The MSA has a term of five years, automatically renewed for two-year periods, unless either party gives written notice of a decision not to renew the agreement six months prior to automatic renewal.            
Service agreement, description       On November 16, 2018, the Company and Crown entered into Service Agreement 1 under the MSA for a 24 week, multi-centered, randomized, double-blind, placebo-controlled, parallel-group, Phase 3 clinical study of AD04 for fees, as amended, of $3,319,734 (€3,168,895 converted to dollars at the Euro/US Dollar exchange rate of 1.0476 as of June 30, 2022), payable upon attainment of certain milestones. On March 22, 2022, the Company acknowledged the occurrence of the milestone event of 90% of trial case report forms having been monitored, and made a payment of $148,875. On May 13, 2022, the Company acknowledged the milestone event of the last patient having made the last clinical visit and made a payment of $146,765, and on June 30, 2022 the Company acknowledged the additional milestone event of the trial database being locked at which time it recognized a payable of $137,375.                   
Settlement amount                     $ 454,034 € 410,000  
Non cash income                 275,516        
Non-cash income                 $ 80,206        
Remaining lease term               5 years 5 years        
Estimated incremental borrowing rate         9.00%                
Lease commitments related party, description   the Company entered into a sublease with Purnovate, LLC, a private company in which the Company’s CEO had a 28.7% equity interest, for the lease of three offices at 1180 Seminole Trail, Suite 495, Charlottesville, VA 22901. The lease had a term of two years, and the monthly rent was $1,400. During both the three and six months ended June 30, 2021, the rent expense associated with this lease was $1,400. On acquisition of Purnovate, the sublease was terminated and the Company assumed the obligations of Purnovate’s lease.                      
Consulting agreement, description           the Company entered into a consulting agreement (the “Consulting Agreement”) with Dr. Bankole A. Johnson, who at the time of the agreement was serving as the Chairman of the Board of Directors, for his service as Chief Medical Officer of the Company. The Consulting Agreement has a term of three years, unless terminated by mutual consent or by the Company for cause, which term was extended on March 22, 2022 for an additional three years commencing as of March 24, 2022. Dr. Johnson resigned as Chairman of the Board of Directors at the time of execution of the consulting agreement. Under the terms of the Consulting Agreement, Dr. Johnson’s annual fee of $375,000 per year is paid twice per month. The Consulting Agreement had an expiration date of March 31, 2022, which was extended on March 22, 2022 for an additional three years commencing as of March 24, 2022. The Company recognized $93,750 and $187,500 in compensation expense in the both the three and six months ended June 30, 2022 and 2021, respectively, as a result of this agreement.              
Agreement payments                 $1,409,000 $1,409,000      
Advance payment                 $ 579,000        
Future cash               $ 1,500,000 1,500,000        
Service Agreement 1 [Member]                          
Commitments and Contingencies (Details) [Line Items]                          
Accrued R&D expenses                 187,160        
Estimated cost                 2,300,000 € 2,200,000      
Estimated future site costs                 $ 3,500,000