Commitments (Details Narrative) - USD ($) |
6 Months Ended | ||||
|---|---|---|---|---|---|
Apr. 16, 2019 |
Apr. 02, 2019 |
Sep. 12, 2016 |
Feb. 19, 2016 |
Jun. 30, 2019 |
|
| Funds provide for support | $ 157,405 | ||||
| Initial term | 3 years | ||||
| Revenue recognition, milestone fee on achieving sales threshold | $ 100,000 | ||||
| License costs | $ 10,000 | ||||
| License agreement, description | The Amended and Restated Exclusive License Agreement provides for, among other things, the payment of (1) royalties on a tiered basis between low single digits and the mid-single digits of net sales of products using such licensed technology, (2) a one-time sales milestone fee of $100,000 when and if sales of products using the licensed technology reach the specified sales threshold and (3) an annual license fee of initially $10,000, increasing to $50,000 over the term of the license agreement. | ||||
| Maximum [Member] | |||||
| License costs | $ 50,000 | ||||
| Series A Preferred Stock [Member] | |||||
| Royalty payment rights, description | The Company is required to pay to the holders of the Series A Preferred Stock, subject to certain vesting requirements, in the aggregate, a royalty (the "Royalty Payment Rights") equal to (i) 4.5% of Net Sales (as defined in the Series A Certificate of Designation), subject in all cases to a cap of $25 million per calendar year, and (ii) 7.5% of Licensing Proceeds (as defined in the Series A Certificate of Designation), subject in all cases to a cap of $10 million per calendar year. | The Series A Preferred Stock includes the right, as a group, to receive: (i) a royalty of 4.5% of the net sales of the Company's MAT2203 and MAT2501 product candidates, in each case from and after the date, respectively, such product candidate has received FDA or EMA approval, and (ii) a royalty of 7.5% of the proceeds, if any, received by the Company in connection with the licensing or other disposition by the Company of MAT2203 and/or MAT2501 ("Royalty Payment Rights"). | |||
| Royalty payment rights expire description | The Royalty Payment Rights will expire when the patents covering the applicable product expire, which is currently expected to be in 2033. | ||||
| Series A Preferred Stock [Member] | Maximum [Member] | |||||
| Accrued royalties | $ 35,000,000 | ||||
| Cooperative Research and Development Agreements [Member] | |||||
| Funds provide for support | $ 200,000 | ||||
| Initial term | 3 years | 3 years | |||
| Other commitment | $ 200,000 |