License Agreement with Elion Oncology, Inc. (Details Narrative) - License Agreement [Member] - Elion Oncology, Inc. [Member] - USD ($) |
Oct. 06, 2020 |
Aug. 23, 2020 |
|---|---|---|
| Common stock, lock-up description | The grant of license was conditioned on the closing of our underwritten public offering and successful up-listing to Nasdaq, which closed on October 6, 2020. Following the satisfaction of the conditions, we paid Elion $100,000 and will issue Elion 825,000 shares of our common stock, based on the $4.00 per share price in our underwritten public offering. Such shares will be subject to a lock-up, with 50% of such shares released from such lock up after six months and the remaining 25% tranches to be released following 9 months and 12 months, respectively. | |
| Milestone payments, description | As additional consideration, we will pay Elion development and regulatory milestone payments (a portion of which are payable in shares of our common stock and a portion of which are payable in cash) upon the achievement of certain milestones, which include 100,000 shares of common stock due on the first two annual anniversaries of the effective date of the agreement, FDA or other regulatory approval and dosing a patient. We are also required to split any milestone payments received with Elion based on any sub-license agreement we may enter into. | |
| Performance of milestone conditions, description | Specific diligence milestones that consist of: (i) dosing a first patient in a Phase 1B clinical trial with a product within 12 months; and (ii) dosing a first patient with a product in a Phase 2 or 3 clinical trial within 48 months. | |
| Subsequent Event [Member] | ||
| Payment for license grant | $ 100,000 | |
| Number of common stock issued during period | 825,000 | |
| Price per share | $ 4.00 |