0001410578-22-000418 | 10-K | XBRL Viewer

For the Years Ended

December 31,

Other information:

Operating cash flows - operating leases

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 42,351,145	$ 21,352,382
Restricted Cash	1,146,186
Prepaid expenses and deposits	2,484,634	2,057,924
Other receivables	237	1,000,559
Total current assets	45,982,202	24,410,865
Non-current assets:
Property, plant and equipment, net	10,096,861	3,570,736
Construction in progress	2,225,610	6,789,098
Right-of-use assets, net	9,830,461	10,844,116
Total non-current assets	22,152,932	21,203,950
Total assets	68,135,134	45,614,815
Current liabilities:
Accounts payable and accrued liabilities	11,134,913	6,013,010
Lease liability	620,490	388,792
Deferred Revenue	1,146,186
Total current liabilities	12,901,589	6,401,802
Non-current liabilities:
Lease liability, net of current portion	11,247,950	11,868,440
Total non-current liabilities	11,247,950	11,868,440
Total liabilities	24,149,539	18,270,242
Stockholders' equity:
Preferred stock - $0.001 par value, 5 million shares authorized and 0 shares issued and outstanding at December 31, 2021 and 2020, respectively
Common stock, $0.001 par value, 150 million shares authorized, 83.1 million and 50.7 million shares issued and outstanding as of December 31, 2021 and 2020, respectively	83,079	50,731
Additional paid-in capital	442,020,871	383,533,326
Accumulated deficit	(398,118,355)	(356,239,484)
Total stockholders' equity	43,985,595	27,344,573
Total liabilities and stockholders' equity	$ 68,135,134	$ 45,614,815

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock par value	$ 0.001	$ 0.001
Preferred stock shares authorized	5,000,000	5,000,000
Preferred stock issued	0	0
Preferred stock outstanding	0	0
Common stock shares par value	$ 0.001	$ 0.001
Common stock shares authorized	150,000,000	150,000,000
Common stock shares issued	83,100,000	50,700,000
Common stock shares outstanding	83,100,000	50,700,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total revenues	$ 1,241,710	$ 466,785
Operating expenses:
Research and development	27,794,879	18,880,751
General and administrative	12,924,826	10,471,846
Total operating expenses	40,719,705	29,352,597
Loss from operations	(39,477,995)	(28,885,812)
Other income:
Change in fair value of warrant liabilities		31,000
Arbitration settlement	(2,406,576)
Interest income	5,700	148,742
Net loss	$ (41,878,871)	$ (28,706,070)
Net loss per share, basic	$ (0.55)	$ (0.61)
Net loss per share, diluted	$ (0.55)	$ (0.61)
Weighted average number of common shares outstanding, basic	76,505,675	47,039,862
Weighted average number of common shares outstanding, diluted	76,505,675	47,039,862
Grant income
Revenues:
Total revenues	$ 1,241,710	$ 466,785

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid- in Capital	Accumulated Deficit	Total
Beginning Balance at Dec. 31, 2019	$ 45,728	$ 371,573,909	$ (327,533,414)	$ 44,086,223
Beginning Balance, Shares at Dec. 31, 2019	45,728,831
Issuance of common stock for cash	$ 4,114	6,181,897	0	6,186,011
Issuance of common stock for cash, Shares	4,113,440
Warrants exercised for cash	$ 459	549,541	0	550,000
Warrants exercised for cash, shares	458,334
Issuance of common stock as commitment fee for future financing	$ 345	(345)	0	0
Issuance of common stock as commitment fee for future financing (Shares)	345,357
Stock-based compensation	$ 85	5,228,324	0	5,228,409
Stock-based compensation (in shares)	85,110
Net loss	$ 0	0	(28,706,070)	(28,706,070)
Ending Balance at Dec. 31, 2020	$ 50,731	383,533,326	(356,239,484)	27,344,573
Ending Balance, Shares at Dec. 31, 2020	50,731,072
Issuance of common stock for cash	$ 32,283	52,520,475	0	52,552,758
Issuance of common stock for cash, Shares	32,282,857
Stock options exercised for cash	$ 2	3,085	0	$ 3,087
Stock options exercised for cash (Shares)	1,456			1,456
Stock-based compensation	$ 63	5,963,985	0	$ 5,964,048
Stock-based compensation (in shares)	63,290
Net loss	$ 0	0	(41,878,871)	(41,878,871)
Ending Balance at Dec. 31, 2021	$ 83,079	$ 442,020,871	$ (398,118,355)	$ 43,985,595
Ending Balance, Shares at Dec. 31, 2021	83,078,675

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Offering costs	$ 3.9

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities:
Net loss	$ (41,878,871)	$ (28,706,070)
Reconciliation of net loss to net cash used in operating activities:
Depreciation and amortization	2,148,983	485,641
Changes in fair value of warrant liabilities		(31,000)
Stock-based compensation	5,964,048	5,228,409
Amortization on right-of-use assets	1,013,655	590,039
Changes in operating assets and liabilities:
Prepaid expenses and deposits	(426,710)	(531,482)
Other receivables	1,000,322	55,630
Accounts payable and accrued expenses	4,141,414	3,047,410
Deferred revenue	1,146,186
Lease liability	(388,792)	(173,268)
Net cash used in operating activities	(27,279,765)	(20,034,691)
Cash Flows from Investing Activities:
Purchase of property and equipment	(1,572,161)	(3,422,754)
Purchase of construction in progress	(1,558,970)	(5,830,133)
Net cash used in investing activities	(3,131,131)	(9,252,887)
Cash Flows from Financing Activities:
Proceeds from issuance of common stock, net	52,552,758	6,186,011
Proceeds from exercise of warrants		550,000
Proceeds from exercise of stock options	3,087
Net cash provided by financing activities	52,555,845	6,736,011
Net increase (decrease) in cash, cash equivalents and restricted cash	22,144,949	(22,551,567)
Cash, cash equivalents and restricted cash at beginning of the year	21,352,382	43,903,949
Cash, cash equivalents and restricted cash at end of the year	43,497,331	21,352,382
Supplemental schedule of non-cash financing and investing activities:
Reclassifications between construction in progress and fixed assets	6,789,098
Capital expenditures included in accounts payable	2,160,765	1,180,276
Issuance of common stock as commitment fee for future financing	0	345
Recognition of right-of-use assets and lease liability from new operating lease agreement	$ 0	$ 11,114,300

NATURE OF OPERATIONS

12 Months Ended

Dec. 31, 2021

NATURE OF OPERATIONS

NATURE OF OPERATIONS

NOTE 1: NATURE OF OPERATIONS

Marker Therapeutics, Inc., a Delaware corporation (the “Company” or “we”), is a clinical-stage immuno-oncology company specializing in the development and commercialization of novel T cell-based immunotherapies and innovative peptide-based vaccines for the treatment of hematological malignancies and solid tumor indications. The Company’s MultiTAA-specific T cell technology is based on the selective expansion of non-engineered, tumor-specific T cells that recognize tumor associated antigens, which are tumor targets, and kill tumor cells expressing those targets. These T cells are designed to recognize multiple tumor targets to produce broad spectrum anti-tumor activity. The Company was incorporated in Nevada in 1992 and reincorporated in Delaware in October 2018.

FINANCIAL CONDITION, GOING CONCERN AND MANAGEMENT PLANS

12 Months Ended

Dec. 31, 2021

FINANCIAL CONDITION, GOING CONCERN AND MANAGEMENT PLANS

FINANCIAL CONDITION, GOING CONCERN AND MANAGEMENT PLANS

NOTE 2: FINANCIAL CONDITION, GOING CONCERN AND MANAGEMENT PLANS

As of December 31, 2021, the Company had cash, cash equivalents and restricted cash of approximately $43.5 million. The Company’s activities since inception have consisted principally of acquiring product and technology rights, raising capital, and performing research and development. Successful completion of the Company’s development programs and, ultimately, the attainment of profitable operations are dependent on future events, including, among other things, its ability to access potential markets; secure financing; successfully progress its product candidates through preclinical and clinical development; obtain regulatory approval of one or more of its product candidates; maintain and enforce intellectual property rights; develop a customer base; attract, retain and motivate qualified personnel; and develop strategic alliances and collaborations. From inception, the Company has been funded by a combination of equity and debt financings.

On March 16, 2021, the Company issued an aggregate of 32,282,857 shares of its common stock, for net proceeds of $52.6 million.

In August 2021, the Company entered into a Controlled Equity Offering^SM Sales Agreement (the "ATM Agreement") with Cantor Fitzgerald & Co. and RBC Capital Markets, LLC (the "Sales Agents"), pursuant to which the Company can offer and sell, from time to time at its sole discretion through the Sales Agents, shares of its common stock having an aggregate offering price of up to $75.0 million. Any shares of its common stock sold will be issued pursuant to the Company's shelf registration statement on Form S-3 (File No. 333-258687), which the SEC declared effective on August 19, 2021. The Sales Agents will be entitled to compensation under the Sales Agreement at a commission rate equal to 3.0% of the gross sales price per share sold under the ATM Agreement, and the Company has provided each of the Sales Agents with indemnification and contribution rights. To date, the Company has not sold any shares of its common stock under the ATM Agreement.

In August 2021, the Company received notice of a Product Development Research award totaling approximately $13.1 million from the Cancer Prevention and Research Institute of Texas ("CPRIT") to support the Company's Phase 2 clinical trial of MT-401. The CPRIT award is intended to support the adjuvant arm of the Company's Phase 2 clinical trial evaluating MT-401 when given as an adjuvant therapy to patients with acute myeloid leukemia following a hematopoietic stem cell transplant. The primary objectives of the adjuvant arm of the trial are to evaluate relapse-free survival after MT-401 treatment when compared with a randomized control group. To date, the Company has received $2.4 million of funds from the CPRIT grant. The Company recorded $1.2 million of grant income related to the CPRIT grant as revenue for the year ended December 31, 2021. At December 31, 2021, $1.1 million was recorded as Restricted Cash and Deferred Revenue on the Company’s consolidated financial statements.

The Company expects to continue to incur substantial losses over the next several years during its development phase. To fully execute its business plan, the Company will need to complete certain research and development activities and clinical trials. Further, the Company’s product candidates will require regulatory approval prior to commercialization. These activities will span many years and require substantial expenditures to complete and may ultimately be unsuccessful. Any delays in completing these activities could adversely impact the Company. The Company plans to meet its capital requirements primarily through issuances of debt and equity securities and, in the longer term, revenue from sales of its product candidates, if approved.

Based on the Company’s clinical and research and development plans and its timing expectations related to the progress of its programs, the Company expects that its cash, cash equivalents and restricted cash as of December 31, 2021 will enable the Company to fund its operating expenses and capital expenditure requirements into the first quarter of 2023, as such these factors raise substantial doubt regarding the Company's ability to continue as a going concern. The Company has based this estimate on assumptions that may prove to be wrong, and the Company could utilize its available capital resources sooner than it currently expects. Furthermore, the Company’s operating plan may change, and it may need additional funds sooner than planned in order to meet operational needs and capital requirements for product development and commercialization. Because of the numerous risks and uncertainties associated with the development and commercialization of the Company’s product candidates and the extent to which the Company may enter into additional collaborations with third parties to participate in their development and commercialization, the Company is unable to estimate the amounts of increased capital outlays and operating expenditures associated with its current and anticipated clinical trials. The Company’s future funding requirements will depend on many factors, as it:

●

initiates or continues clinical trials of its product candidates;

●

continues the research and development of its product candidates and seeks to discover additional product candidates;

●

seeks regulatory approvals for any product candidates that successfully complete clinical trials;

●

maintains and enforces intellectual property rights;

●

establishes sales, marketing and distribution infrastructure and scale-up manufacturing capabilities to commercialize any product candidates that may receive regulatory approval;

●

evaluates strategic transactions the Company may undertake; and

●

enhances operational, financial and information management systems and hires additional personnel, including personnel to support development of product candidates and, if a product candidate is approved, commercialization efforts.

These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. The accompanying consolidated financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

In addition to the foregoing, based on the Company’s current assessment, the Company does not expect any material impact on its long-term liquidity due to the COVID-19 pandemic. However, the Company will continue to assess the effect of the pandemic on its operations, including its clinical programs. The extent to which the COVID-19 pandemic will impact the Company’s business and operations will depend on future developments that are highly uncertain and cannot be predicted with confidence, such as the ultimate geographic spread of the disease, the duration of the outbreak, the emergence of any new variant strains of COVID-19, the duration and effect of business disruptions and the short-term effects and ultimate effectiveness of the travel restrictions, quarantines, social distancing requirements, the timing, distribution, rate of public acceptance and efficacy of vaccines and other treatments, and business closures in the United States and other countries to contain and treat the disease. While the potential economic impact brought by, and the duration of the COVID-19 pandemic may be difficult to assess or predict it could result in significant disruption of global financial markets, reducing the Company’s ability to access capital, which could in the future negatively affect the Company’s liquidity. In addition, a recession or market correction resulting from the spread of COVID-19 and any variant strains thereof could materially affect the Company’s business and the value of its common stock.

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

NOTE 3: SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. Any reference in these footnotes to applicable guidance is meant to refer to the authoritative U.S. generally accepted accounting principles (“GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Principles of Consolidation

These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Marker Cell Therapy, Inc. and GeneMax Pharmaceuticals Inc. – a dormant subsidiary that wholly owns GeneMax Pharmaceuticals Canada, Inc. All significant intercompany balances and transactions are eliminated upon consolidation.

Prior Period Reclassification

Certain reclassifications have been made to reclass certain non-cash capital expenditures on the consolidated statements of cash flows from a cash outflow from investing activity to a non-cash investing activity. The Company has evaluated the materiality of this adjustment and concluded it was not material to the previously issued consolidated financial statements and had no impact to the reported consolidated balance sheets, consolidated statements of operations or net loss per share.

For the year ended December 31, 2020, this immaterial adjustment had the effect of increasing net cash used in operating activities and decreasing net cash used in investing activities by $1.2 million from what was previously reported.

Use of Estimates

Preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ materially from those estimates. Significant areas requiring management’s estimates and assumptions include valuation allowance on deferred tax assets, determining the fair value of stock-based compensation and stock-based transactions, the fair value of the components of the warrant liabilities and accrued liabilities.

Cash, Cash Equivalents, Restricted Cash and Credit Risk

The Company considers highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash, cash equivalents and restricted cash at December 31, 2021 consisted of cash and certificates of deposit in institutions in the United States. Balances at certain institutions have exceeded Federal Deposit Insurance Corporation insured limits and U.S. government agency securities.

The Company maintains cash in accounts which are in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limits of $250,000. As of December 31, 2021, approximately $3.2 million in cash was uninsured based upon the FDIC insurance coverage limits.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows.


		December 31,	December 31,
Cash, cash equivalents and restricted cash		2021		2020

Cash and cash equivalents	$	42,351,145	$	21,352,382
Restricted cash	$	1,146,186	$	—
Total cash, cash equivalents and restricted cash shown in statements of cash flows	$	43,497,331	$	21,352,382

Cash received from grants in advance of incurring qualifying costs are recorded as restricted cash and deferred revenue until they are earned and recorded to grant income.

Property and Equipment

Leasehold improvements, furniture, equipment and software are recorded at cost and are depreciated using the straight-line method over the estimated useful lives of the related assets, which range from three to five years. Leasehold improvements are amortized over the shorter of the estimated useful life or the remaining lease term.

Property and equipment - Construction in Progress

In June 2020, the Company entered into a lease for a manufacturing facility in Houston, Texas. In connection with the manufacturing facility, the Company has incurred costs pursuant to an agreement with a vendor to design, engineer, build and install modular cleanrooms in a manufacturing facility. The facility's construction was completed during December 2020, and a certificate of occupancy was delivered to the Company in January 2021, and as such was placed into service in January 2021. All costs associated with the buildout will be recorded as either manufacturing equipment and/or leasehold improvements and amortized over the estimated useful life of the asset and/or leasehold lease.

During the third and fourth quarters of 2021, and in connection with the Company's manufacturing facility in Houston, Texas, the Company incurred $2.2 million of costs pursuant to an agreement with a vendor to build and eventually install a second modular cleanroom. Such costs were recorded in fixed assets - construction in progress on the balance sheet as of December 31, 2021. Upon completion and installation of the modular cleanroom, all costs associated with the buildout will be recorded as manufacturing equipment and amortized over the estimated useful life.

Fair Value Measurements

The Company follows Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures,” (“ASC 820”) for the Company’s financial assets and liabilities that are re-measured and reported at fair value at each reporting period and are re-measured and reported at fair value at least annually using a fair value hierarchy that is broken down into three levels. Level inputs are defined as follows:

●

Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities.

●

Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as unadjusted quoted prices for similar assets and liabilities, unadjusted quoted prices in the markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, financial instruments and concentration of credit risk.

Patents and Patent Application Costs

Although the Company believes that its patents and underlying technology have continuing value, the amount of future benefits to be derived from the patents is uncertain. Patent costs are, therefore, expensed as incurred.

Stock-Based Compensation

The Company incurs stock-based compensation expense related to the issuance of common stock and stock options. The Company estimates the fair value of stock options granted using the Black-Scholes option pricing model. The Black-Scholes option pricing model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions, including the expected stock price volatility and expected option life:

Expected Term — The expected life of stock options was estimated using the "simplified method," as the Company has limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior for its stock options grants. The simplified method is based on the average of the vesting tranches and the contractual life of each grant.

Expected Volatility — The Company computes stock price volatility over expected terms based on its historical common stock trading prices.

Risk-Free Interest Rate — The Company bases the risk-free interest rate on the implied yield available on U. S. Treasury zero-coupon issues with an equivalent remaining term.

Expected Dividend — The Company has never declared or paid any cash dividends on its common shares and does not plan to pay cash dividends in the foreseeable future, and, therefore, uses an expected dividend yield of zero in its valuation models. The Company amortizes the fair value of the awards expected to vest on a straight-line basis over the requisite service period of the awards. The Company recognizes fair value of stock options granted to nonemployees as stock-based compensation expense over the period in which the related services are received as if the Company had paid cash for those services. Forfeitures are accounted for as incurred.

Research and Development Costs

Research and development expenses consist of expenses incurred in performing research and development activities, including compensation and benefits for research and development employees and consultants, facilities expenses, overhead expenses, cost of laboratory supplies, manufacturing expenses, fees paid to third parties and other outside expenses.

Research and development costs are expensed as incurred. Clinical trial and other development costs incurred by third parties are expensed as the contracted work is performed. The Company accrues for costs incurred as the services are being provided by monitoring the status of the clinical trial or project and the invoices received from its external service providers. The Company estimates depend on the timeliness and accuracy of the data provided by the vendors regarding the status of each project and total project spending. The Company adjusts its accrual as actual costs become known. Where contingent milestone payments are due to third parties under research and development arrangements, the milestone payment obligations are expensed when the milestone events are achieved.

Income Taxes

The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax balances. Potential deferred tax assets and liabilities are measured using enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on potential deferred tax assets and liabilities of a change in tax rates is recognized in the statement of operations in the period that includes the date of allowances against deferred tax assets.

Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of December 31, 2021 and 2020, no liability for unrecognized tax benefits was required to be reported. The guidance also discusses the classification of related interest and penalties on income taxes. The Company’s policy is to record interest and penalties on uncertain tax positions as a component of income tax expense. No interest or penalties were recorded during the years ended December 31, 2021 and 2020.

Grant Income

The Company recognizes grant income in accordance with the terms stipulated under the grant awarded to the Company’s collaborators at the Mayo Foundation from the U. S. Department of Defense. In various situations, the Company receives certain payments from the Mayo Foundation for reimbursement of clinical supplies. These payments are non-refundable and are not dependent on the Company’s ongoing future performance. The Company has adopted a policy of recognizing these payments when received and as revenue in accordance with Accounting Standards Update No. 2014 09, "Revenue from Contracts with Customers (Topic 606)" issued by FASB.

In August 2021, we received notice of a Product Development Research award totaling approximately $13.1 million from CPRIT to support our Phase 2 clinical trial of MT-401.

In accordance with ASC 730-20-25-8, the extent the financial risk associated with the research and development has been transferred to CPRIT, because repayment of the grant depends solely on the results of research and development having future economic benefit, the Company accounts for this obligation as a contract to perform research and development for others. The funds received from CPRIT will initially be recorded as a deferred credit in the Company’s balance sheet.

Restricted cash received from grants in advance of incurring qualifying costs is recorded as deferred revenue and recognized as revenue when qualifying costs are incurred. During the fourth quarter of 2021, the Company received $2.4 million advancement of funds in relation to the CPRIT grant. The Company recorded $1.2 million of grant income related to the CPRIT grant as revenue for the year ended December 31, 2021. At December 31, 2021, $1.1 million was recorded as restricted cash and deferred revenue on the Company's consolidated financial statements.

Loss per Common Share

Basic loss per share includes only the weighted average common shares outstanding, without consideration of potentially dilutive securities. Diluted loss per share includes the weighted average common shares outstanding and any potentially dilutive common stock equivalent shares in the calculation.

New Accounting Standards

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed, the Company does not believe that the impact of recently issued standards that are not yet effective will have a material impact on its financial position or results of operations upon adoption.

Recent Accounting Standards Adopted in the Year

Income Taxes

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), 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. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company has adopted the new standard effective January 1, 2021 and has concluded that the adoption of this standard did not have a material impact on its consolidated financial statements and related disclosures.

NET LOSS PER SHARE APPLICABLE TO COMMON SHAREHOLDERS

12 Months Ended

Dec. 31, 2021

NET LOSS PER SHARE APPLICABLE TO COMMON SHAREHOLDERS

NET LOSS PER SHARE APPLICABLE TO COMMON SHAREHOLDERS

NOTE 4: NET LOSS PER SHARE APPLICABLE TO COMMON SHAREHOLDERS

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

The following table sets forth the computation of net loss per share for the years ended December 31, 2021 and 2020, respectively:


	For the Years Ended
	December 31,
	2021		2020
Numerator:
Net loss	$	(41,878,871)	$	(28,706,070)

Denominator:
Weighted average common shares outstanding		76,505,675		47,039,862

Net loss per share:
Basic and diluted	$	(0.55)	$	(0.61)

The following securities, rounded to the thousand, were not included in the diluted net loss per share calculation because their effect was anti-dilutive for the periods presented:


	For the Years Ended
	December 31,
	2021	2020
Common stock options	7,686,000	6,002,000
Common stock purchase warrants	19,830,000	20,830,000
Potentially dilutive securities	27,516,000	26,832,000

OTHER RECEIVABLES

12 Months Ended

Dec. 31, 2021

OTHER RECEIVABLES

OTHER RECEIVABLES

NOTE 5: OTHER RECEIVABLE

Pursuant to the Company’s lease agreement for its manufacturing facility, the Company incurred and paid for the construction invoices directly for both the structural improvements of the facility and the building of the manufacturing modular cleanroom (i.e. leasehold improvements and manufacturing equipment). In accordance with the agreement, upon completion of the facility’s construction, the Company was owed up to $1.0 million as reimbursement, and as such a landlord receivable was recorded, which provides for a legal right to receive construction reimbursements from the landlord for tenant improvement allowances. During the fiscal year ended 2020, the Company recorded a $1.0 million receivable in its consolidated financial statements. The Company received the $1.0 million reimbursement in April 2021.

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2021

PROPERTY AND EQUIPMENT.

PROPERTY AND EQUIPMENT

NOTE 6: PROPERTY AND EQUIPMENT

Property and equipment consist of the following as of December 31, 2021 and 2020, respectively:


		December 31,		December 31,
	Estimated Useful Lives	2021		2020
Lab and manufacturing equipment	5 Years	$	7,851,000	$	2,360,000
Computers, equipment and software	3-5 Years		1,020,000		835,000
Office furniture	5 Years		793,000		678,000
Leasehold improvements	Lesser of lease term or estimated useful life		3,173,000		289,000
Total			12,837,000		4,162,000
Less: accumulated depreciation			(2,740,000)		(591,000)
Construction in progress			2,226,000		6,789,000
Total fixed assets, net		$	12,323,000	$	10,360,000

Depreciation expense for the years ended December 31, 2021 and 2020 was approximately $2.1 million and $0.5 million, respectively.

In June 2020, the Company entered into a lease for a manufacturing facility in Houston, Texas.The Company has incurred costs pursuant to an agreement with a vendor to design, engineer, build and eventually install modular cleanrooms in the manufacturing facility. $6.8 million is recorded in fixed assets – construction in progress on the balance sheet as of December 31, 2020. The completion of the facility’s construction occurred during December 2020 and the Company received its certificate of occupancy in January 2021, and as such was placed into service in January 2021. During January 2021, all costs associated with the buildout will be recorded as either manufacturing equipment and/or leasehold improvements and amortized over the estimated useful life of the asset and/or leasehold lease.

During the year ended December 31, 2021, and in connection with the opening of the Company’s manufacturing facility in Houston, Texas, the Company incurred $2.2 million of costs pursuant to an agreement with a vendor to build and eventually install a second modular cleanroom. Such costs were recorded in fixed assets – construction in progress on the balance sheet as of December 31, 2021.

LEASES

12 Months Ended

Dec. 31, 2021

LEASES

LEASES

NOTE 7: LEASES

The Company leases manufacturing, research and administrative facilities under operating leases. The Company evaluates its contracts to determine if an arrangement is a lease at inception and classify it as a finance or operating lease. Currently, all of the Company’s leases are classified as operating leases. Leased assets and corresponding liabilities are recognized based on the present value of the lease payments over the lease term. The lease terms may include options to extend when it is reasonably certain that the Company will exercise that option. The company did not consider that option in calculating Right-of-use assets and lease liability as the Company is not reasonably certain it will extend the contract beyond the current terms.

Topic ASC 842 requires the Company to 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. Right-of-use assets are recorded in non-current assets on the Company’s consolidated balance sheets. Current and non-current lease liabilities are recorded within current liabilities and non-current liabilities, respectively, on its consolidated balance sheets. Costs associated with operating leases are recognized on a straight-line basis within operating expenses over the term of the lease.

As of December 31, 2021, the Company had total operating lease liabilities of approximately $11.9 million and right-of-use assets of approximately $9.8 million, which were included in the consolidated balance sheet.

Such leases do not require any contingent rental payments, impose any financial restrictions, or contain any residual value guarantees. Certain of the Company’s leases include renewal options and escalation clauses; renewal options have not been included in the calculation of the lease liabilities and right-of-use assets as the Company is not reasonably certain to exercise the options. Variable

expenses generally represent the Company’s share of the landlord’s operating expenses. The Company does not act as a lessor or have any leases classified as financing leases.

The following summarizes quantitative information about the Company’s operating leases:



	For the Years Ended
	December 31,
	2021		2020
Operating lease expense summary:
Operating lease expense	$	1,702,000	$	960,000
Short-term lease expense		—		22,000
Variable lease expense		606,000		167,000
Total	$	2,308,000	$	1,149,000

The weighted-average remaining lease term as of December 31, 2021 and December 31, 2020 was approximately 8.4 years and 9.3 years, respectively. The weighted-average discount rate used to determine the operating lease liability as of December 31, 2021 and December 31, 2020 was approximately 5.7%.

Maturities of the Company’s operating leases, excluding short-term leases, are as follows:


Year ended December 31, 2022	$	1,278,000
Year ended December 31, 2023		1,542,000
Year ended December 31, 2024		1,826,000
Year ended December 31, 2025		1,874,000
Year ended December 31, 2026		1,775,000
Thereafter		6,997,000
Total		15,292,000
Less present value discount		(3,424,000)
Operating lease liabilities included in the Condensed Consolidated Balance Sheet at December 31, 2021	$	11,868,000

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2021

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

NOTE 8: ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payable and accrued liabilities consist of the following as of December 31, 2021 and 2020, respectively:


	December 31,		December 31,
	2021		2020
Accounts payable	$	5,144,000	$	2,935,000
Compensation and benefits		2,055,000		1,694,000
Process development expenses		385,000		277,000
Professional fees		644,000		875,000
Technology license fees		250,000		105,000
Arbitration settlement fees		2,407,000		—
Other		250,000		127,000
Total accounts payable and accrued liabilities	$	11,135,000	$	6,013,000

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2021

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE 9: STOCKHOLDERS’ EQUITY

Preferred Stock

The Company has authorized up to 5,000,000 shares of preferred stock, $0.001 par value per share, for issuance. The preferred stock will have such rights, privileges and restrictions, including voting rights, dividend conversion rights, redemption privileges and liquidation preferences, as shall be determined by the Company’s board of directors upon its issuance. To date, the Company has not issued any preferred shares.

Common Stock

The Company has authorized up to 150,000,000 shares of common stock, $0.001 par value per share, for issuance. Significant 2021 and 2020 common stock transactions were as follows:

2021 Common Stock Transactions

Exercise of Stock Options

During the year ended December 31, 2021, certain outstanding options were exercised for 1,456 shares of common stock providing aggregate proceeds to the Company of approximately $3,100.

Board Compensation

During the year ended December 31, 2021, the Company issued an aggregate of 0.1 million shares of common stock to its non-employee directors. The fair value of the common stock of approximately $0.2 million was recognized as a component of stock-based compensation expense in general and administrative expenses.

Underwritten Public Offering

On March 11, 2021, the Company entered into an underwriting agreement with Piper Sandler & Co., as representative of the several underwriters, to issue and sell 28,572,000 shares of common stock of the Company in an underwritten public offering. The offering price to the public was $1.75 per share. In addition, the Company granted the underwriters an option to purchase, for a period of 30 days, up to an additional 4,285,800 shares of common stock, which such option was partially exercised with respect to 3,710,857 shares. An aggregate of 32,282,857 shares of the Company’s common stock was issued for net proceeds of $52.6 million.

2020 Common Stock Transactions

Exercise of Stock Warrants

During the year ended December 31, 2020, certain outstanding warrants were exercised for 0.5 million shares of common stock providing aggregate proceeds to the Company of approximately $0.6 million.

Board Compensation

During the year ended December 31, 2020, the Company issued an aggregate of 0.1 million shares of common stock to its non-employee directors. The fair value of the common stock of approximately $0.2 million was recognized as a component of stock-based compensation expense in general and administrative expenses.

Aspire Capital

On February 28, 2020, the Company entered into a common stock purchase agreement (the “Purchase Agreement”) with Aspire Capital Fund, LLC (“Aspire Capital”) which provides that, upon the terms and subject to the conditions and limitations set forth therein, Aspire Capital is committed to purchase up to an aggregate of $30.0 million of shares of the Company’s common stock over the 30-month term of the purchase agreement. In consideration for entering into the purchase agreement, the Company issued to Aspire Capital 0.3 million

shares of the Company’s common stock as a commitment fee. The Company recorded the commitment fee to additional paid in capital. As of December 31, 2020, Aspire Capital had purchased 4.1 million shares under the Purchase Agreement, providing aggregate proceeds to the Company of approximately $6.2 million. Aspire Capital did not purchase any shares under the Purchase Agreement during the year ended December 31, 2021.

- 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

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

WARRANTS

12 Months Ended

Dec. 31, 2021

WARRANTS

WARRANTS

NOTE 10: WARRANTS

Share Purchase Warrants

A summary of the Company’s share purchase warrants as of December 31, 2021 and 2020, respectively, and changes during the period is presented below:


				Weighted Average
	Number of	Weighted Average		Remaining Contractual	Total Intrinsic
	Warrants	Exercise Price		Life (in years)	Value
Balance - January 1, 2020	22,664,000	$	4.71	3.33	$	954,000
Exercised for cash	(458,000)		1.20	—		—
Expired or cancelled	(1,376,000)		9.46	—		—
Balance - December 31, 2020	20,830,000		4.47	2.60		—
Expired or cancelled	(1,000,000)		5.50	—		—
Balance - December 31, 2021	19,830,000	$	4.42	1.70	$	—

2020 Warrant Transactions

Exercise of Stock Warrants

During the year ended December 31, 2020, certain outstanding warrants were exercised for 0.5 million shares of common stock providing aggregate proceeds to the Company of approximately $0.6 million.

STOCK OPTION PLANS

12 Months Ended

Dec. 31, 2021

STOCK OPTION PLANS

STOCK OPTION PLANS

NOTE 11: STOCK OPTION PLANS

Options to Purchase Shares of Common Stock

2021 Equity Incentive Awards

On May 19, 2020, the Board adopted the 2020 Equity Incentive Plan ("2020 Plan") which replaced the 2014 Omnibus Stock Option Plan. The 2020 Plan allows for grants of stock options, restricted shares, stock bonuses and other equity-based awards to employees and non-employee directors of the Company. Awards under the 2020 Plan may be at prices and for terms as determined by the Company's board of directors and may have vesting requirements as determined by the Board, provided that the exercise price for any stock option must be at least equal to the fair market value (as defined in the 2020 Plan) of a share of the stock on the grant date. Once granted, the exercise price of an option may not be reduced without the approval of the Company's stockholders, other than under certain limited circumstances such as a stock split or take any other action with respect to a stock option that would be treated as a repricing under the rules and regulations of the Nasdaq Stock Exchange.

Options granted under the 2020 Plan have a maximum term of ten years from the date of grant and generally vest over four years.

On February 10, 2021, pursuant to the Company's 2020 Equity Incentive Plan, the compensation committee of the Company's board of directors approved a total of 740,000 options to purchase the Company's common stock as equity-based incentive awards to the Company's executive officers, other than the Chief Executive Officer. Each option award was granted with an exercise price of $3.29 per share, the closing price of the Company's common stock on the Nasdaq Global Market on February 10, 2021, with the option award vesting in 48 equal monthly installments over a four-year period, subject to such executive officer's continued service on the applicable vesting date. Additionally, on February 10, 2021, the compensation committee of the Company's board of directors approved a total of 260,000 options to purchase the Company's common stock to non-executive employees of the Company as equity-based incentive awards. Each option award was granted with an exercise price of $3.29 per share, the closing price of the Company's common stock on

the Nasdaq Global Market on February 10, 2021, with the option award vesting in 48 equal monthly installments over a four-year period, subject to such employee's continued service on the applicable vesting date.

On February 11, 2021, upon the recommendation of the compensation committee and pursuant to the Company's 2020 Equity Incentive Plan, the Company's board of directors approved a total of 430,000 options to purchase the Company's common stock as (equity-based incentive awards to the Company's Chief Executive Officer. The option award was granted with an exercise price of $3.06 per share, the closing price of the Company's common stock on the Nasdaq Global Market on February 11, 2021, with the option award vesting in 48 equal monthly installments over a four-year period, subject to such Chief Executive Officer's continued service on the applicable vesting date.

The above awards were in addition to 90,000 stock option awards issued during the three months ended March 31, 2021 to new employees upon their commencement of employment with the Company. Each option award was granted with an exercise price of $1.47 per share, the closing price of the Company's common stock on the Nasdaq Global Market on January 4, 2021, with 25% of the option award vesting in one year and the remaining 75% vesting in 36 equal monthly installments thereafter over a three-year period, subject to such employee's continued service on the applicable vesting date.

100,000 stock option awards were issued during the three months ended June 30, 2021 to new employees upon their commencement of employment with the Company. Each option award was granted with an exercise price of $2.19 per share, the closing price of the Company's common stock on the Nasdaq Global Market on April 1, 2021, with 25% of the option award vesting in one year and the remaining 75% vesting in 36 equal monthly installments thereafter over a three-year period, subject to such employee's continued service on the applicable vesting date.

130,000 stock option awards were issued during the three months ended September 30, 2021 to new employees upon their commencement of employment with the Company. Each option award was granted with an exercise price of $2.88 per share, the closing price of the Company's common stock on the Nasdaq Global Market on July 1, 2021, with 25% of the option award vesting in one year and the remaining 75% vesting in 36 equal monthly installments thereafter over a three-year period, subject to such employee's continued service on the applicable vesting date.

40,000 stock option awards were issued during the three months ended December 31, 2021 to new employees upon their commencement of employment with the Company. Each option award was granted with an exercise price of $1.67 per share, the closing price of the Company's common stock on the Nasdaq Global Market on October 1, 2021, with 25% of the option award vesting in one year and the remaining 75% vesting in 36 equal monthly installments thereafter over a three-year period, subject to such employee's continued service on the applicable vesting date. Also, 125,000 stock option awards were issued to a new outside director. The option award was granted with an exercise price of $1.20 per share, the closing price of the Company's common stock on the Nasdaq Global Market on December 8, 2021, vesting in 36 equal monthly installments.

During the year ended December 31, 2021, 1,456 stock options were exercised for net proceeds of $3,100.

As of December 31, 2021, approximately 2.9 million options are available to be issued from the 2020 Plan.

Stock Options

A summary of the Company’s stock option activity is as follows for stock options:


						Weighted Average
						Remaining
		Weighted Average		Total Intrinsic		Contractual
	Number of Shares	Exercise Price		Value		Life (in years)
Outstanding as of January 1, 2021	6,001,814	$	6.22	$	—	8.3
Granted	1,915,000		2.90		—	8.9
Exercised	(1,456)		2.12		—	—
Canceled/Expired	(229,125)		3.59		—	—
Outstanding as of December 31, 2021	7,686,233	$	5.47	$	—	7.7
Options vested and exercisable	4,298,747	$	6.66	$	—	7.2

The Black-Scholes option pricing model is used to estimate the fair value of stock options granted under the Company’s share-based compensation plans. The weighted average assumptions used in calculating the fair values of stock options that were granted during the years ended December 31, 2021 and 2020, respectively, were as follows:


	For the Years Ended
	December 31,
	2021			2020
Exercise price	$	2.90		$	2.08
Expected term (years)		6.0			6.0
Expected stock price volatility		94	%		108	%
Risk-free rate of interest		1	%		1	%
Expected dividend rate		0	%		0	%

The following table sets forth stock-based compensation expenses recorded during the respective periods:


	For the Years Ended
	December 31,
	2021		2020
Stock Compensation expenses:
Research and development	$	2,856,000	$	2,588,000
General and administrative		3,108,000		2,640,000
Total stock compensation expenses	$	5,964,000	$	5,228,000

At December 31, 2021, the total stock-based compensation cost related to unvested awards not yet recognized was $8.6 million. The expected weighted average period compensation costs to be recognized was 2.0 years. Future option grants will impact the compensation expense recognized.

GRANT INCOME

12 Months Ended

Dec. 31, 2021

GRANT INCOME.

GRANT INCOME

NOTE 12: GRANT INCOME

During the years ended December 31, 2021 and 2020, the Company received $0 and $0.5 million, respectively, of a grant awarded to Mayo Foundation from the U.S. Department of Defense for the Phase 2 Clinical Trial of TPIV200. The grant compensated the Company for clinical supplies manufactured and provided by the Company for the clinical study.

Additionally, in August 2021, the Company received notice of a Product Development Research award totaling approximately $13.1 million from CPRIT to support the Company's Phase 2 clinical trial of MT-401. The CPRIT award is intended to support the adjuvant arm of the Company's Phase 2 clinical trial evaluating MT-401 when given as an adjuvant therapy to patients with acute myeloid leukemia following a hematopoietic stem cell transplant. The primary objectives of the adjuvant arm of the trial are to evaluate relapse-free survival after MT-401 treatment when compared with a randomized control group.

During the fourth quarter of 2021, the Company received $2.4 million advancement of funds in relation to the CPRIT grant. The Company recorded $1.2 million of grant income related to the CPRIT grant as revenue for the year ended December 31, 2021. At December 31, 2021 $1.1 million was recorded as Restricted Cash and Deferred Revenue on the Company's consolidated financial statements.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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

LEGAL PROCEEDINGS

12 Months Ended

Dec. 31, 2021

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS

NOTE 13: LEGAL PROCEEDINGS

From time to time, the Company may be party to ordinary, routine litigation incidental to their business. Other than below, the Company knows of no material, active or pending legal proceedings against the Company, nor is the Company involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of the Company’s directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to the Company’s interest.

An arbitration proceeding was brought against the Company before the Financial Industry Regulatory Authority, Inc. (“FINRA”) by a broker seeking to be paid compensation for two financing transactions that occurred in 2018, a warrant conversion and a private placement brokered by another broker. The broker's claims were based on a placement agent agreement for a private placement it brokered in 2017, under which it alleged it was entitled to compensation for the 2018 transactions. The FINRA panel found in favor of the broker and awarded the broker $2.4 million for compensation, interest and attorney fees. As of September 30, 2021, the Company recorded an accrual of $2.4 million in accrued liabilities on its consolidated balance sheet and a $2.4 million charge to other expenses. On September 17, 2021, the broker filed a petition to confirm the FINRA arbitration award in the Supreme Court of New York for the County of New York. The Company removed the case to the United States District Court for the Southern District of New York on September 27, 2021. On October 22, 2021, the Company filed a motion in federal court to vacate the award.

On March 9, 2022, the Company was notified that its motion to vacate the award was denied and the broker was awarded an additional $0.1 million in interest. Post judgment interest will continue to accrue at 1.02% until the judgement is paid.

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 14: RELATED PARTY TRANSACTIONS

The following table sets forth related party transaction expenses recorded for the years ended December 31, 2021 and 2020, respectively.


	For the Years Ended
	December 31,
	2021		2020
Baylor College of Medicine	$	2,851,000	$	1,818,000
Bio-Techne Corporation		306,000		152,000
Wilson Wolf Manufacturing Corporation		280,000		61,000
Total Research and development	$	3,437,000	$	2,031,000

$1.0 million of related party transactions are included in accounts payable and accrued liabilities as of December 31, 2021.

Agreements with The Baylor College of Medicine (“BCM”).

In November 2018, January 2020 and February 2020, the Company entered in Sponsored Research Agreements with BCM, which provided for the conduct of research for the Company by credentialed personnel at BCM’s Center for Cell and Gene Therapy.

In September 2019, May 2020 and July 2021, the Company entered into Clinical Supply Agreements with BCM, which provided for BCM to provide to the Company multi tumor antigen specific products.

In October 2019, the Company entered in a Workforce Grant Agreement with BCM, which provided for BCM to provide to the Company manpower costs of projects for manufacturing, quality control testing and validation run activities.

In August 2020, the Company entered in a Clinical Trial Agreement with BCM, which provided for BCM to provide to the Company investigator-initiated research studies.

Purchases from Bio-Techne Corporation.

The Company is currently utilizing Bio-Techne Corporation and two of its brands for the purchases of reagents, primarily cytokines. Mr. David Eansor is a member of the Company's board of directors and is serving as the President of the Protein Sciences Segment of Bio-Techne Corporation.

Purchases from Wilson Wolf Manufacturing Corporation.

The Company is currently utilizing Wilson Wolf Manufacturing Corporation for the purchases of cell culture devices called G-Rexes. Mr. John Wilson is a member of the Company's board of directors and is serving as the CEO of Wilson Wolf Manufacturing Corporation. Wilson Wolf Manufacturing became a related party during fiscal year 2021 and as such, $61,000 transactions for the period ended December 31, 2020 were included in the table above.

INCOME TAXES

12 Months Ended

Dec. 31, 2021

INCOME TAXES

INCOME TAXES

NOTE 15: INCOME TAXES

The Company has no income tax expense due to operating losses incurred for the years ended December 31, 2021 and 2020.

The effects of temporary differences that give rise to significant portions of the deferred tax assets as of December 31, 2021 and 2020 are as follows:


	As of December 31,
	2021	2020	2020
Deferred Tax Assets		(As revised)	(As reported)
Net Operating Loss Carryforward	29,087,000	21,783,000	21,783,000
Stock Compensation	5,599,000	4,718,000	6,775,000
Accrued Expenses	510,000	—	—
License Agreements	127,000	144,000	144,000
Research and Development	733,000	733,000	733,000
Charitable Contributions	8,000	8,000	8,000
Operating Lease Liability	2,514,000	2,626,000	2,626,000
	38,578,000	30,012,000	32,069,000
Less: Valuation Allowance	(36,401,000)	(27,632,000)	(29,689,000)
Total Deferred Tax Assets	2,177,000	2,380,000	2,380,000

Deferred Tax Liabilities
Fixed Assets	(94,000)	(57,000)	—
Right-of-Use Assets	(2,083,000)	(2,323,000)	(2,380,000)
Total Deferred Tax Liabilities	(2,177,000)	(2,380,000)	(2,380,000)

Net Deferred Tax Assets/(Liabilities)	—	—	—

The Company assesses the likelihood that deferred tax assets will be realized. To the extent that realization is not likely, a valuation allowance is established. Based upon the history of losses, management believes that it is more likely than not, that future benefits of deferred tax assets will not be realized and has established a full valuation allowance for the years ended December 31, 2021 and 2020. The Company decreased the prior period deferred tax asset by $2.1 million with a corresponding decrease in its valuation allowance. This immaterial adjustment mostly related to the correction of the cumulative value of cancelled non-qualified stock options. The Company has research and development tax credit carryforwards of $733,000 available to offset future federal income taxes. The research and development tax credit carryforwards begin to expire in 2030.

The Company has approximately $130.5 million of federal and $38.6 million of state Net Operating Losses (“NOL”s) that may be available to offset future taxable income, if any. The federal net operating loss carryforwards of $41.6 million, if not utilized, will expire between 2029 and 2037. The federal net operating loss carryforwards of $88.9 million generated in 2018 and thereafter are subject to an 80% limitation on taxable income, do not expire and will carry forward indefinitely. The state net operating loss carryforwards of

$21.9 million, if not utilized, will begin to expire in 2035. The state net operating loss carryforwards of $16.7 million generated in 2018 and thereafter are subject to an 80% limitation on taxable income, do not expire and will carry forward indefinitely.

In accordance with Section 382 of the Internal Revenue code, the usage of the Company’s net operating loss carryforwards may be limited in the event of a change in ownership. A full Section 382 analysis has not been prepared and NOLs could be subject to limitation under Section 382.

The Company’s income tax returns for 2017 to 2020 are still open and subject to audit. In addition, net operating losses arising from prior years are also subject to examination at the time they are utilized in future years.

For the years ended December 31, 2021 and 2020, the expected tax expense (benefit) based on the U. S. federal statutory rate is reconciled with the actual tax provision (benefit) as follows:


	For the Years Ended December 31,
	2021			2020
		Percent of			Percent of
	Amount	Pretax Loss		Amount	Pretax Loss
U.S. federal statutory rate	(8,795,000)	21.00	%	(6,028,000)	21.00	%
State taxes, net of federal benefit	(48,000)	0.11	%	(118,000)	0.41	%
Tax rate change	(291,000)	0.69	%	677,000	-2.36	%
Permanent Differences					0.00	%
- Change in fair value of derivative liabilities	—	0.00	%	(7,000)	0.02	%
- Other permanent differences	262,000	-0.63	%	182,000	-0.63	%
Change in valuation allowance	8,769,000	-20.94	%	5,057,000	-17.62	%
Deferred true-up	103,000	-0.25	%	237,000	-0.83	%
Income tax provision/(benefit)	—	0.00	%	—	0.00	%

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. As of December 31, 2020, and 2019, there were no unrecognized tax benefits. The Company recognizes accrued interest and penalties as income tax expense. No amounts were accrued for the payment of interest and penalties at December 31, 2021 and 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position in the next year.

On March 27, 2020, the CARES Act was enabled in response to COVID-19 pandemic. Under ASC 740, the effects of changes in tax rates and laws are recognized in the period which the new legislation is enacted. The CARES Act made various tax law changes including among other things (i) increasing the limitation under Section 163(j) of the Internal Revenue Code of 1986, as amended (the “IRC”) for 2019 and 2020 to permit additional expensing of interest, (ii) enacting a technical correction so that qualified improvement property can be immediately expensed under IRC Section 168(k),(iii) making modifications to the federal net operating loss rules including permitting federal net operating losses incurred in 2018, 2019 and 2020 to be carried back to the five preceding taxable years in order to generate a refund of previously paid income taxes and (iv) enhancing the recoverability of alternative minimum tax credits. Given the Company’s full valuation allowance position, the CARES Act did not have an impact on the financial statements.

- 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
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-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

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2021

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 16:SUBSEQUENT EVENTS

On February 16, 2022, the Company received a notice from the Nasdaq Global Market that the Company was not in compliance with Nasdaq's Listing Rule 5450(a)(1), as the minimum bid price of its common stock had been below $1.00 per share for 30 consecutive business days. The Company has 180 calendar days, or until August 15, 2022, to regain compliance with the minimum bid price requirement. To regain compliance, the minimum bid price of the Company's common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days during this 180-calendar day grace period. In the event the Company does not regain compliance with the minimum bid price requirement by August 15, 2022, the Company may be eligible for an additional 180-calendar day compliance period if it elects to transfer to the Nasdaq Capital Market to take advantage of the additional compliance period offered on that market. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the bid price deficiency during the second compliance period.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2021

SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Principles of Consolidation

Prior Period Reclassification

Use of Estimates

Cash, Cash Equivalents and Credit Risk

Cash, Cash Equivalents, Restricted Cash and Credit Risk


		December 31,	December 31,
Cash, cash equivalents and restricted cash		2021		2020

Cash and cash equivalents	$	42,351,145	$	21,352,382
Restricted cash	$	1,146,186	$	—
Total cash, cash equivalents and restricted cash shown in statements of cash flows	$	43,497,331	$	21,352,382

Property and Equipment

Cash received from grants in advance of incurring qualifying costs are recorded as restricted cash and deferred revenue until they are earned and recorded to grant income.

Property and Equipment

Property and equipment - Construction in Progress

Fair Value Measurements

●

Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities.

●

Patents and Patent Application Costs

Stock-Based Compensation

Expected Volatility — The Company computes stock price volatility over expected terms based on its historical common stock trading prices.

Risk-Free Interest Rate — The Company bases the risk-free interest rate on the implied yield available on U. S. Treasury zero-coupon issues with an equivalent remaining term.

Research and Development Costs

Income Taxes

Grant Income

In August 2021, we received notice of a Product Development Research award totaling approximately $13.1 million from CPRIT to support our Phase 2 clinical trial of MT-401.

Loss per Common Share

New Accounting Standards

Recent Accounting Standards Adopted in the Year

Income Taxes

NET LOSS PER SHARE APPLICABLE TO COMMON SHAREHOLDERS (Tables)

12 Months Ended

Dec. 31, 2021

NET LOSS PER SHARE APPLICABLE TO COMMON SHAREHOLDERS

Schedule of computation of loss per share


	For the Years Ended
	December 31,
	2021		2020
Numerator:
Net loss	$	(41,878,871)	$	(28,706,070)

Denominator:
Weighted average common shares outstanding		76,505,675		47,039,862

Net loss per share:
Basic and diluted	$	(0.55)	$	(0.61)

Schedule of anti-dilutive securities


	For the Years Ended
	December 31,
	2021	2020
Common stock options	7,686,000	6,002,000
Common stock purchase warrants	19,830,000	20,830,000
Potentially dilutive securities	27,516,000	26,832,000

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2021

PROPERTY AND EQUIPMENT.

Schedule of property and equipment


		December 31,		December 31,
	Estimated Useful Lives	2021		2020
Lab and manufacturing equipment	5 Years	$	7,851,000	$	2,360,000
Computers, equipment and software	3-5 Years		1,020,000		835,000
Office furniture	5 Years		793,000		678,000
Leasehold improvements	Lesser of lease term or estimated useful life		3,173,000		289,000
Total			12,837,000		4,162,000
Less: accumulated depreciation			(2,740,000)		(591,000)
Construction in progress			2,226,000		6,789,000
Total fixed assets, net		$	12,323,000	$	10,360,000

LEASES (Tables)

12 Months Ended

Dec. 31, 2021

LEASES

Schedule of quantitative information about operating leases

The following summarizes quantitative information about the Company’s operating leases:



	For the Years Ended
	December 31,
	2021		2020
Operating lease expense summary:
Operating lease expense	$	1,702,000	$	960,000
Short-term lease expense		—		22,000
Variable lease expense		606,000		167,000
Total	$	2,308,000	$	1,149,000

Schedule of maturities of operating leases


Year ended December 31, 2022	$	1,278,000
Year ended December 31, 2023		1,542,000
Year ended December 31, 2024		1,826,000
Year ended December 31, 2025		1,874,000
Year ended December 31, 2026		1,775,000
Thereafter		6,997,000
Total		15,292,000
Less present value discount		(3,424,000)
Operating lease liabilities included in the Condensed Consolidated Balance Sheet at December 31, 2021	$	11,868,000

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Schedule of accounts payable and accrued liabilities


	December 31,		December 31,
	2021		2020
Accounts payable	$	5,144,000	$	2,935,000
Compensation and benefits		2,055,000		1,694,000
Process development expenses		385,000		277,000
Professional fees		644,000		875,000
Technology license fees		250,000		105,000
Arbitration settlement fees		2,407,000		—
Other		250,000		127,000
Total accounts payable and accrued liabilities	$	11,135,000	$	6,013,000

WARRANTS (Tables)

12 Months Ended

Dec. 31, 2021

Common stock purchase warrants

Schedule of share purchase warrants


				Weighted Average
	Number of	Weighted Average		Remaining Contractual	Total Intrinsic
	Warrants	Exercise Price		Life (in years)	Value
Balance - January 1, 2020	22,664,000	$	4.71	3.33	$	954,000
Exercised for cash	(458,000)		1.20	—		—
Expired or cancelled	(1,376,000)		9.46	—		—
Balance - December 31, 2020	20,830,000		4.47	2.60		—
Expired or cancelled	(1,000,000)		5.50	—		—
Balance - December 31, 2021	19,830,000	$	4.42	1.70	$	—

STOCK OPTION PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Schedule or Description of Weighted Average Discount Rate


	For the Years Ended
	December 31,
	2021			2020
Exercise price	$	2.90		$	2.08
Expected term (years)		6.0			6.0
Expected stock price volatility		94	%		108	%
Risk-free rate of interest		1	%		1	%
Expected dividend rate		0	%		0	%

Schedule of stock-based compensation expenses

The following table sets forth stock-based compensation expenses recorded during the respective periods:


	For the Years Ended
	December 31,
	2021		2020
Stock Compensation expenses:
Research and development	$	2,856,000	$	2,588,000
General and administrative		3,108,000		2,640,000
Total stock compensation expenses	$	5,964,000	$	5,228,000

Common stock options

Summary of the Company's stock option activity

A summary of the Company’s stock option activity is as follows for stock options:


						Weighted Average
						Remaining
		Weighted Average		Total Intrinsic		Contractual
	Number of Shares	Exercise Price		Value		Life (in years)
Outstanding as of January 1, 2021	6,001,814	$	6.22	$	—	8.3
Granted	1,915,000		2.90		—	8.9
Exercised	(1,456)		2.12		—	—
Canceled/Expired	(229,125)		3.59		—	—
Outstanding as of December 31, 2021	7,686,233	$	5.47	$	—	7.7
Options vested and exercisable	4,298,747	$	6.66	$	—	7.2

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2021

RELATED PARTY TRANSACTIONS

The following table sets forth related party transaction expenses recorded for the years ended December 31, 2021 and 2020, respectively.


	For the Years Ended
	December 31,
	2021		2020
Baylor College of Medicine	$	2,851,000	$	1,818,000
Bio-Techne Corporation		306,000		152,000
Wilson Wolf Manufacturing Corporation		280,000		61,000
Total Research and development	$	3,437,000	$	2,031,000

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of Deferred Tax Assets and Liabilities


	As of December 31,
	2021	2020	2020
Deferred Tax Assets		(As revised)	(As reported)
Net Operating Loss Carryforward	29,087,000	21,783,000	21,783,000
Stock Compensation	5,599,000	4,718,000	6,775,000
Accrued Expenses	510,000	—	—
License Agreements	127,000	144,000	144,000
Research and Development	733,000	733,000	733,000
Charitable Contributions	8,000	8,000	8,000
Operating Lease Liability	2,514,000	2,626,000	2,626,000
	38,578,000	30,012,000	32,069,000
Less: Valuation Allowance	(36,401,000)	(27,632,000)	(29,689,000)
Total Deferred Tax Assets	2,177,000	2,380,000	2,380,000

Deferred Tax Liabilities
Fixed Assets	(94,000)	(57,000)	—
Right-of-Use Assets	(2,083,000)	(2,323,000)	(2,380,000)
Total Deferred Tax Liabilities	(2,177,000)	(2,380,000)	(2,380,000)

Net Deferred Tax Assets/(Liabilities)	—	—	—

Summary Of Expected Tax Expense Benefit Based On Federal Statutory Rates Reconciled With Actual Tax Provision Benefit


	For the Years Ended December 31,
	2021			2020
		Percent of			Percent of
	Amount	Pretax Loss		Amount	Pretax Loss
U.S. federal statutory rate	(8,795,000)	21.00	%	(6,028,000)	21.00	%
State taxes, net of federal benefit	(48,000)	0.11	%	(118,000)	0.41	%
Tax rate change	(291,000)	0.69	%	677,000	-2.36	%
Permanent Differences					0.00	%
- Change in fair value of derivative liabilities	—	0.00	%	(7,000)	0.02	%
- Other permanent differences	262,000	-0.63	%	182,000	-0.63	%
Change in valuation allowance	8,769,000	-20.94	%	5,057,000	-17.62	%
Deferred true-up	103,000	-0.25	%	237,000	-0.83	%
Income tax provision/(benefit)	—	0.00	%	—	0.00	%

FINANCIAL CONDITION, GOING CONCERN AND MANAGEMENT PLANS (Details) - USD ($)		1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 16, 2021	Aug. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Number of shares issued	32,282,857
Proceeds from issuance of common stock, net	$ 52,600,000			$ 52,552,758	$ 6,186,011
Amount of notice received		$ 13,100,000
Cash, cash equivalents and restricted cash				43,500,000
Funds received from CPRIT grant		2,400,000	$ 2,400,000
Restricted Cash			1,146,186	1,146,186
Deferred Revenue			$ 1,146,186	1,146,186
Revenue from CPRIT				$ 1,200,000
ATM Agreement \| Sales Agents
Aggregate offering price		$ 75,000,000.0
Commission rate		3.00%

SIGNIFICANT ACCOUNTING POLICIES- Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Aug. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Cash, FDIC Insured Amount		$ 250,000
Cash, Uninsured Amount		3,200,000
Receipt of product development research award	$ 13,100,000
Funds received from CPRIT grant		2,400,000
Revenue from CPRIT		1,200,000
Restricted Cash And Investment		$ 1,100,000
Property, Plant and Equipment, Estimated Useful Lives		the straight-line method over the estimated useful lives of the related assets, which range from three to five years
Property and equipment - Construction in Progress		$ 2,225,610	$ 6,789,098
Manufacturing facility in Houston, Texas
Property and equipment - Construction in Progress		$ 2,200,000	$ 6,800,000

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Aug. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
Funds received from CPRIT grant	$ 2,400,000	$ 2,400,000
Revenue from CPRIT			$ 1,200,000
Restricted Cash And Investment		1,100,000	1,100,000
Deferred Revenue		1,146,186	1,146,186
Cash and cash equivalents		42,351,145	42,351,145	$ 21,352,382
Restricted Cash		1,146,186	1,146,186
Total cash, cash equivalents and restricted cash shown in statements of cash flows		$ 43,497,331	$ 43,497,331	$ 21,352,382	$ 43,903,949

NET LOSS PER SHARE APPLICABLE TO COMMON SHAREHOLDERS - Computation of loss per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss	$ (41,878,871)	$ (28,706,070)
Denominator:
Weighted average common shares outstanding	76,505,675	47,039,862
Weighted Average Number of Shares Outstanding, Diluted	76,505,675	47,039,862
Net loss per share:
Net loss per share, basic	$ (0.55)	$ (0.61)
Net loss per share, diluted	$ (0.55)	$ (0.61)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

NET LOSS PER SHARE APPLICABLE TO COMMON SHAREHOLDERS - Dilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Potentially dilutive securities	27,516,000	26,832,000
Common stock options
Common stock purchase warrants	7,686,000	6,002,000
Common stock purchase warrants
Common stock purchase warrants	19,830,000	20,830,000

OTHER RECEIVABLES (Details) - USD ($)	Dec. 31, 2021	Apr. 30, 2021	Dec. 31, 2020
OTHER RECEIVABLES
Reimbursements	$ 1,000,000.0
Other receivables	$ 237	$ 1,000,000.0	$ 1,000,559

PROPERTY AND EQUIPMENT (Details) - USD ($)	12 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total	$ 12,837,000	$ 4,162,000
Less: accumulated depreciation	(2,740,000)	(591,000)
Construction in progress	2,226,000	6,789,000
Total fixed assets, net	12,323,000	10,360,000
Lab and manufacturing equipment
Property, Plant and Equipment [Line Items]
Total	$ 7,851,000	2,360,000
Estimated Useful Lives	5 years
Computers, equipment and software
Property, Plant and Equipment [Line Items]
Total	$ 1,020,000	835,000
Computers, equipment and software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Computers, equipment and software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Office furniture
Property, Plant and Equipment [Line Items]
Total	$ 793,000	678,000
Estimated Useful Lives	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total	$ 3,173,000	$ 289,000

PROPERTY AND EQUIPMENT - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Depreciation	$ 2,100,000	$ 500,000
Property and equipment - Construction in Progress	2,225,610	6,789,098
Manufacturing facility in Houston, Texas
Property and equipment - Construction in Progress	$ 2,200,000	$ 6,800,000

LEASES - Quantitative Information About Operating Leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating lease expense summary:
Operating lease expense	$ 1,702,000	$ 960,000
Short-term lease expense		22,000
Variable lease expense	606,000	167,000
Total	2,308,000	1,149,000
Other information:
Operating cash flows - operating leases	$ 1,077,000	$ 544,000
Weighted-average remaining lease term - operating leases	8 years 4 months 24 days	9 years 3 months 18 days
weighted-average discount rate used to determine the operating lease liability	5.70%	5.70%

LEASES - Maturities of Operating Leases (Details)	Dec. 31, 2021 USD ($)
LEASES
Year ended December 31, 2022	$ 1,278,000
Year ended December 31, 2023	1,542,000
Year ended December 31, 2024	1,826,000
Year ended December 31, 2025	1,874,000
Year ended December 31, 2026	1,775,000
Thereafter	6,997,000
Total	15,292,000
Less present value discount	(3,424,000)
Operating lease liabilities included in the Condensed Consolidated Balance Sheet at September 30, 2021	$ 11,868,000

LEASES - Additional Information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
LEASES
Total operating lease liabilities	$ 11,868,000
Operating lease, right-of-use asset	$ 9,830,461	$ 10,844,116

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable	$ 5,144,000	$ 2,935,000
Compensation and benefits	2,055,000	1,694,000
Process development expenses	385,000	277,000
Professional fees	644,000	875,000
Technology license fees	250,000	105,000
Arbitration settlement fees	2,407,000
Other	250,000	127,000
Total accounts payable and accrued liabilities	$ 11,134,913	$ 6,013,010

STOCKHOLDERS' EQUITY - Additional Information (Details) - $ / shares	Mar. 16, 2021	Dec. 31, 2021	Dec. 31, 2020
STOCKHOLDERS' EQUITY
Preferred Stock, Shares Authorized		5,000,000	5,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.001	$ 0.001
Common stock shares authorized		150,000,000	150,000,000
Common Stock, Par or Stated Value Per Share		$ 0.001	$ 0.001
Issuance of common stock for cash, Shares	32,282,857

STOCKHOLDERS' EQUITY - Underwritten Public Offering (Details) - USD ($)				12 Months Ended
	Mar. 16, 2021	Mar. 11, 2021	Feb. 28, 2020	Dec. 31, 2021	Dec. 31, 2020
Common Stock Capital Shares Reserved For Future Issuance [Line Items]
Number of shares issued	32,282,857
Proceeds from issuance of common stock, net	$ 52,600,000			$ 52,552,758	$ 6,186,011
Proceeds from Issuance of Warrants					600,000
Aggregate proceeds from shares issued under the purchase agreement				$ 52,552,758	$ 6,186,011
Underwritten Public Offering
Common Stock Capital Shares Reserved For Future Issuance [Line Items]
Number of shares authorized to issue and sell		28,572,000
Share price		$ 1.75
Option period		30 days
Number of additional shares authorized to issue and sell		4,285,800
Number of additional shares issued		3,710,857
Number of shares issued		32,282,857
Proceeds from issuance of common stock, net		$ 52,600,000
Exercise of Stock Warrants
Common Stock Capital Shares Reserved For Future Issuance [Line Items]
Issuance of shares of common stock				1,456	500,000
Proceeds from Issuance of Warrants				$ 3,100	$ 600,000
Aspire Capital
Common Stock Capital Shares Reserved For Future Issuance [Line Items]
Number of shares issued			4,100,000
Proceeds from issuance of common stock, net			$ 6,200,000
Aggregate shares of common stock			30,000,000.0
Agreement Term			30 months
Common shares issued			300,000
Board Compensation
Common Stock Capital Shares Reserved For Future Issuance [Line Items]
Issuance of shares of common stock				100,000	100,000
Fair value of common stock				$ 200,000	$ 200,000

WARRANTS - Summary of Share Purchase Warrants (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
WARRANTS
Number of Warrants, Beginning balance	20,830,000	22,664,000
Number of Warrants, Exercised for cash		(458,000)
Number of Warrants, Expired or cancelled	(1,000,000)	(1,376,000)
Number of Warrants, Ending balance	19,830,000	20,830,000	22,664,000
Weighted Average Exercise Price, Beginning Balance	$ 4.47	$ 4.71
Weighted Average Exercise Price, Exercised for cash		1.20
Weighted Average Exercise Price, Expired or cancelled	5.50	9.46
Weighted Average Exercise Price, Ending Balance	$ 4.42	$ 4.47	$ 4.71
Weighted Average Remaining Contractual Life (in years)	1 year 8 months 12 days	2 years 7 months 6 days	3 years 3 months 29 days
Total Intrinsic Value			$ 954,000

WARRANTS - Additional Information (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) shares
WARRANTS
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right \| shares	0.5
Proceeds from Issuance of Warrants \| $	$ 0.6

STOCK OPTION PLANS - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Shares Outstanding, Beginning Balance	6,001,814
Number of Shares, Granted	1,915,000
Number of Shares, Exercised	(1,456)
Number of Shares, Cancelled / Expired	(229,125)
Number of Shares Outstanding, Ending Balance	7,686,233	6,001,814
Number of Shares, Options vested and exercisable	4,298,747
Weighted Average Exercise Price per Share Outstanding, Beginning Balance	$ 6.22
Weighted Average Exercise Price per Share, Granted	2.90
Exercise price	2.12
Weighted Average Exercise Price per Share, Cancelled / Expired	3.59
Weighted Average Exercise Price per Share Outstanding, Ending Balance	5.47	$ 6.22
Weighted Average Exercise Price, Options vested and exercisable	$ 6.66
Weighted Average Remaining Contractual Life, Outstanding	7 years 2 months 12 days	8 years 3 months 18 days
Weighted Average Remaining Contractual Life, Options granted	8 years 10 months 24 days
Weighted Average Remaining Contractual Life, Options vested and exercisable	7 years 8 months 12 days

STOCK OPTION PLANS - Weighted Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
STOCK OPTION PLANS
Exercise price	$ 2.90	$ 2.08
Expected term (years)	6 years	6 years
Expected stock price volatility	94.00%	108.00%
Risk-free rate of interest	1.00%	1.00%
Expected dividend rate	0.00%	0.00%

STOCK OPTION PLANS - Stock-based compensation expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Total stock compensation expenses	$ 5,964,000	$ 5,228,000
Research and development
Total stock compensation expenses	2,856,000	2,588,000
General and administrative
Total stock compensation expenses	$ 3,108,000	$ 2,640,000

STOCK OPTION PLANS - Additional Information (Details) - USD ($)							3 Months Ended				12 Months Ended
	Dec. 08, 2021	Oct. 01, 2021	Jul. 01, 2021	Apr. 01, 2021	Feb. 11, 2021	Feb. 10, 2021	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Stock options exercised for cash (Shares)											1,456
Net proceeds from exercise of stock options											$ 3,087
Number of Shares, Granted											1,915,000
Exercise price							$ 2.90				$ 2.90	$ 2.08
Exercise price of options granted											$ 2.90
Compensation cost not yet recognized							$ 8,600,000				$ 8,600,000
Compensation cost not yet recognized, period for recognition											2 years
2020 Equity Incentive Plan
Expiration period											10 years
Stock options exercised for cash (Shares)											1,456
Net proceeds from exercise of stock options											$ 3,100
Award vesting period											4 years
Number of shares options available to be issued							2,900,000				2,900,000
2020 Equity Incentive Plan \| Chief Executive Officer, President and Chairman [Member]
Number of options to purchase shares					430,000
Exercise price of options granted					$ 3.06
2021 Equity Incentive Awards \| Employees
Exercise price		$ 1.67						$ 2.88	$ 2.19	$ 1.47
Award vesting period							3 years	3 years	3 years	3 years
Number of options to purchase shares							40,000	130,000	100,000	90,000	40,000
Vesting percentage		25.00%	25.00%	25.00%			75.00%	75.00%	75.00%	75.00%
2021 Equity Incentive Awards \| Non Employee Stock Option [Member]
Number of options to purchase shares	125,000
Exercise price of options granted	$ 1.20
2021 Equity Incentive Awards \| 2020 Equity Incentive Plan \| Executive officer
Number of Shares, Granted						740,000
Exercise price						$ 3.29
Award vesting period						4 years
2021 Equity Incentive Awards \| 2020 Equity Incentive Plan \| Non-executive employees
Number of Shares, Granted						260,000
Exercise price						$ 3.29
Award vesting period						4 years

GRANT INCOME (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
GRANT INCOME (Details) - USD ($) $ in Millions	Aug. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
GRANT INCOME.
Grands Awarded		$ 0.0	$ 0.5
Receipt of product development research award	$ 13.1
Funds received from CPRIT grant		2.4
Revenue from CPRIT		1.2
Restricted cash		1.1
Deferred revenue		$ 1.1

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

LEGAL PROCEEDINGS (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
LEGAL PROCEEDINGS (Details) - USD ($) $ in Millions	Mar. 09, 2022	Sep. 30, 2021	Dec. 31, 2021
LEGAL PROCEEDINGS
Compensation, interest and attorney fees			$ 2.4
Accrued liabilities		$ 2.4
Other expenses		$ 2.4
Legal Proceedings Broker Awarded Additional Interest Amount	$ 0.1
Percentage of accrual of post judgment interest	1.02%

RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
Total Research and development	$ 3,437,000	$ 2,031,000
Due to related party	1,000,000.0
Baylor College of Medicine
RELATED PARTY TRANSACTIONS
Total Research and development	2,851,000	1,818,000
Bio-Techne Corporation
RELATED PARTY TRANSACTIONS
Total Research and development	306,000	152,000
Wilson Wolf Manufacturing Corporation
RELATED PARTY TRANSACTIONS
Total Research and development	$ 280,000	$ 61,000

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

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+ Details

INCOME TAXES - Summary of Effects of Temporary Differences that Give Rise to Significant Portions of the Deferred Tax Assets (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Assets
Net Operating Loss Carryforward	$ 29,087,000	$ 21,783,000
Stock Compensation	5,599,000	6,775,000
Accrued Expenses	510,000
License Agreements	127,000	144,000
Research and Development	733,000	733,000
Charitable Contributions	8,000	8,000
Operating Lease Liability	2,514,000	2,626,000
Deferred Tax Assets	38,578,000	32,069,000
Less: Valuation Allowance	(36,401,000)	(29,689,000)
Total Deferred Tax Assets	2,177,000	2,380,000
Deferred Tax Liabilities
Fixed Assets	(94,000)
Right-of-Use Assets	(2,083,000)	(2,380,000)
Total Deferred Tax Liabilities	$ (2,177,000)	(2,380,000)
Previously Reported [Member]
Deferred Tax Assets
Net Operating Loss Carryforward		21,783,000
Stock Compensation		4,718,000
License Agreements		144,000
Research and Development		733,000
Charitable Contributions		8,000
Operating Lease Liability		2,626,000
Deferred Tax Assets		30,012,000
Less: Valuation Allowance		(27,632,000)
Total Deferred Tax Assets		2,380,000
Deferred Tax Liabilities
Fixed Assets		(57,000)
Right-of-Use Assets		(2,323,000)
Total Deferred Tax Liabilities		$ (2,380,000)

INCOME TAXES - Additional Information's (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax [Line Items]
Decreased Deferred Tax Assets	$ (2,100,000)
Deferred Tax Assets, Tax Credit Carryforwards, Research	733,000	$ 733,000
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	130,500,000	41,600,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	$ 38,600,000	21,900,000
Tax credit carryforwards expiration period	2029
Tax credit carryforwards expiration year end	2037
Foreign Tax Authority [Member]
Income Tax [Line Items]
Operating Loss Carryforwards		88,900,000
Operating Loss Carryforwards Limitation Percentage	80.00%
State and Local Jurisdiction [Member]
Income Tax [Line Items]
Operating Loss Carryforwards		$ 16,700,000
Operating Loss Carryforwards Limitation Percentage	80.00%

INCOME TAXES- Summary of Expected Tax Expense (Benefit) Based on the U.S. Federal Statutory Rate is Reconciled with the Actual Tax Provision (Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
U. S. federal statutory rate	$ (8,795,000)	$ (6,028,000)
State taxes, net of federal benefit	(48,000)	(118,000)
Tax rate change	$ (291,000)	$ 677,000
U. S. federal statutory rate, Percent	21.00%	21.00%
State taxes, net of federal benefit, Percent	0.11%	0.41%
Tax rate change, Percent	0.69%	(2.36%)
Permanent Differences
Permanent differences- Change in fair value of derivative liabilities		$ (7,000)
Permanent differences- Other permanent differences	$ 262,000	182,000
Change in valuation allowance	8,769,000	5,057,000
Deferred true-up	$ 103,000	$ 237,000
Permanent differences- Change in fair value of derivative liabilities, Percent	0.00%	0.02%
Permanent differences- Other permanent differences, Percent	(0.63%)	(0.63%)
Change in valuation allowance, Percent	(20.94%)	(17.62%)
Deferred true-up, Percent	(0.25%)	(0.83%)
Income tax provision (benefit), Percent	0.00%	0.00%
Unrecognized Tax Benefits		$ 0	$ 0
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued	$ 0	$ 0

SUBSEQUENT EVENTS (Details) - Subsequent event	Aug. 15, 2022 USD ($) $ / shares	Feb. 16, 2022 USD ($) $ / shares
Subsequent Event [Line Items]
Minimum bid price of its common stock \| $ / shares	$ 1.00	$ 1.00
Threshold consecutive business days for which notice received from NASDAQ for not maintaining the minimum bid price		30
Grace period	180
Minimum consecutive business days for which bid price must meet or exceed $1.00 per share to regain compliance	10