2023 Q2 Form 10-Q Financial Statement
#000095017023021974 Filed on May 15, 2023
Income Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
Revenue | $116.4K | $64.52K | $46.03K |
YoY Change | 1676.71% | 40.17% | -96.73% |
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $1.783M | $1.925M | $1.670M |
YoY Change | 7.14% | 15.32% | 4.31% |
% of Gross Profit | |||
Research & Development | $4.536M | $2.854M | $3.017M |
YoY Change | 52.09% | -5.4% | 24.06% |
% of Gross Profit | |||
Depreciation & Amortization | $159.2K | $5.043K | $0.00 |
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $6.319M | $4.779M | $4.687M |
YoY Change | 35.99% | 1.98% | 16.22% |
Operating Profit | -$6.202M | -$4.715M | -$4.641M |
YoY Change | 33.67% | 1.6% | 76.77% |
Interest Expense | $424.4K | $237.2K | $5.00 |
YoY Change | 4743300.0% | -99.96% | |
% of Operating Profit | |||
Other Income/Expense, Net | |||
YoY Change | |||
Pretax Income | -$5.778M | -$4.478M | -$4.641M |
YoY Change | 24.53% | -3.51% | 75.78% |
Income Tax | $0.00 | $0.00 | $0.00 |
% Of Pretax Income | |||
Net Earnings | -$5.778M | -$4.478M | -$4.641M |
YoY Change | 24.53% | -3.51% | 75.98% |
Net Earnings / Revenue | -4963.46% | -6940.03% | -10081.47% |
Basic Earnings Per Share | -$1.11 | -$0.16 | -$0.18 |
Diluted Earnings Per Share | -$1.11 | -$0.16 | -$184.1K |
COMMON SHARES | |||
Basic Shares Outstanding | 31.06M | 28.98M | 25.23M |
Diluted Shares Outstanding | 5.226M | 27.51M | 25.21M |
Balance Sheet
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $20.94M | $25.72M | $36.61M |
YoY Change | -35.01% | -29.75% | 280.97% |
Cash & Equivalents | $1.905M | $3.957M | $36.61M |
Short-Term Investments | $19.03M | $21.76M | |
Other Short-Term Assets | $969.2K | $1.846M | $1.730M |
YoY Change | -44.0% | 6.68% | -10.34% |
Inventory | |||
Prepaid Expenses | $425.2K | $923.1K | $565.3K |
Receivables | $79.60K | $64.52K | $47.98K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $21.98M | $27.63M | $38.39M |
YoY Change | -35.25% | -28.03% | 223.38% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $86.52K | $231.5K | |
YoY Change | 100.8% | ||
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $363.6K | $534.8K | -$4.00 |
YoY Change | 743.87% | -13368900.0% | -100.14% |
TOTAL ASSETS | |||
Total Short-Term Assets | $21.98M | $27.63M | $38.39M |
Total Long-Term Assets | $363.6K | $534.8K | -$4.00 |
Total Assets | $22.35M | $28.16M | $38.39M |
YoY Change | -34.26% | -26.64% | 223.31% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $754.1K | $959.1K | $806.2K |
YoY Change | -12.35% | 18.96% | 12.75% |
Accrued Expenses | $1.831M | $1.558M | $3.574M |
YoY Change | -49.56% | -56.4% | 469.65% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $0.00 | ||
YoY Change | -100.0% | ||
Total Short-Term Liabilities | $2.733M | $2.664M | $4.380M |
YoY Change | -39.13% | -39.18% | 22.06% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | ||
Other Long-Term Liabilities | $150.0K | $178.1K | |
YoY Change | |||
Total Long-Term Liabilities | $150.0K | $178.1K | $0.00 |
YoY Change | -100.0% | ||
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $2.733M | $2.664M | $4.380M |
Total Long-Term Liabilities | $150.0K | $178.1K | $0.00 |
Total Liabilities | $2.883M | $2.842M | $4.380M |
YoY Change | -35.79% | -35.11% | 14.14% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$58.13M | -$52.35M | -$34.46M |
YoY Change | 48.67% | 51.92% | 95.02% |
Common Stock | $77.59M | $77.50M | $68.47M |
YoY Change | 13.11% | 13.2% | 166.36% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | $196.0K | $385.9K | |
YoY Change | -37.63% | ||
Treasury Stock Shares | |||
Shareholders Equity | $19.46M | $25.32M | $34.01M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $22.35M | $28.16M | $38.39M |
YoY Change | -34.26% | -26.64% | 223.31% |
Cashflow Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$5.778M | -$4.478M | -$4.641M |
YoY Change | 24.53% | -3.51% | 75.98% |
Depreciation, Depletion And Amortization | $159.2K | $5.043K | $0.00 |
YoY Change | |||
Cash From Operating Activities | -$4.565M | -$5.972M | -$3.934M |
YoY Change | 4.81% | 51.8% | 0.0% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $14.24K | ||
YoY Change | -133.05% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $2.564M | -$5.839M | |
YoY Change | |||
Cash From Investing Activities | $2.550M | -$5.839M | $0.00 |
YoY Change | -6017.57% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | -35.98K | 8.579M | -204.8K |
YoY Change | -4289.61% | -50.02% | |
NET CHANGE | |||
Cash From Operating Activities | -4.565M | -5.972M | -3.934M |
Cash From Investing Activities | 2.550M | -5.839M | 0.000 |
Cash From Financing Activities | -35.98K | 8.579M | -204.8K |
Net Change In Cash | -2.051M | -3.232M | -4.139M |
YoY Change | -53.36% | -21.91% | -4.72% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$4.565M | -$5.972M | -$3.934M |
Capital Expenditures | $14.24K | ||
Free Cash Flow | -$4.580M | ||
YoY Change | 6.19% |
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CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4640601 | |
CY2023Q1 | us-gaap |
Depreciation
Depreciation
|
5043 | |
CY2022Q1 | us-gaap |
Depreciation
Depreciation
|
0 | |
CY2023Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
123273 | |
CY2022Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
123229 | |
CY2023Q1 | ikt |
Non Cash Consulting Fees
NonCashConsultingFees
|
0 | |
CY2022Q1 | ikt |
Non Cash Consulting Fees
NonCashConsultingFees
|
67000 | |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
24638 | |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-62165 | |
CY2023Q1 | ikt |
Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
|
25380 | |
CY2022Q1 | ikt |
Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
|
0 | |
CY2023Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
759312 | |
CY2022Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-337653 | |
CY2023Q1 | ikt |
Increase Decrease In Prepaid Research And Development
IncreaseDecreaseInPrepaidResearchAndDevelopment
|
-194488 | |
CY2022Q1 | ikt |
Increase Decrease In Prepaid Research And Development
IncreaseDecreaseInPrepaidResearchAndDevelopment
|
458301 | |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-192095 | |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-283582 | |
CY2023Q1 | ikt |
Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
|
26276 | |
CY2022Q1 | ikt |
Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
|
0 | |
CY2023Q1 | us-gaap |
Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
|
-840215 | |
CY2022Q1 | us-gaap |
Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
|
858240 | |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-5972130 | |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-3934197 | |
CY2023Q1 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
21611032 | |
CY2022Q1 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
0 | |
CY2023Q1 | ikt |
Maturities Of Investments Marketable Securitie
MaturitiesOfInvestmentsMarketableSecuritie
|
15772190 | |
CY2022Q1 | ikt |
Maturities Of Investments Marketable Securitie
MaturitiesOfInvestmentsMarketableSecuritie
|
0 | |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-5838842 | |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
0 | |
CY2023Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
0 | |
CY2022Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
44142 | |
CY2023Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
8579023 | |
CY2022Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
0 | |
CY2023Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
0 | |
CY2022Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
248911 | |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
8579023 | |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-204769 | |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-3231949 | |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-4138966 | |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
7188553 | |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
40750133 | |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
3956604 | |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
36611167 | |
CY2023Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
0 | |
CY2022Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
973 | |
CY2023Q1 | ikt |
Issuance Costs
IssuanceCosts
|
1420398 | |
CY2022Q1 | ikt |
Issuance Costs
IssuanceCosts
|
0 | |
CY2023Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="text-indent:0.0%;display:flex;margin-top:12.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.333%;">1.</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;">Nature of Business </span></div></div><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;">Inhibikase Therapeutics, Inc. (the “Company,” “we” or “our”) is a clinical-stage pharmaceutical company developing protein kinase inhibitor therapeutics to modify the course of Parkinson’s disease ("PD"), Parkinson’s-related disorders and other diseases of the Abelson Tyrosine Kinases. The Company’s multi-therapeutic pipeline has a primary focus on neurodegeneration and its lead program utilizing IkT-148009, a selective inhibitor of the non-receptor Abelson Tyrosine Kinases, targets the treatment of Parkinson’s disease inside and outside the brain as well as other diseases that arise from Abelson Tyrosine Kinases. In 2021, we commenced clinical development of IkT-148009, which we believe can modify the course of Parkinson’s disease including its manifestation in the gastrointestinal tract, or GI. The U.S. Food and Drug Administration (“FDA”) review of the Phase 1/1b data and the protocol for the Phase 2a three-month dosing study resulted in the FDA agreeing with the Company’s view that it was appropriate for the Phase 2a study to begin, prompting the Company to initiate the Phase 2a study, the 201 trial, at the end of May 2022. In October 2022, an IND to expand use of IkT-148009 into the Parkinson’s-related disease Multiple System Atrophy, or MSA, was filed with the FDA. On November 7, 2022, following review of the IND for IkT-148009 as a treatment for MSA, the FDA notified the Company that it was placing the IkT-148009 programs for Parkinson’s disease and MSA on clinical hold. The FDA lifted the full clinical hold in January 2023 for the Parkinson’s programs and in March 2023 on the MSA program, opening the IND for MSA. 20 of 36 planned sites have completed site opening procedures and 7 sites are currently screening patients.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;">The Company is also developing platform technologies for alternate ways to deliver protein kinase inhibitors in patients. Our first example of this technology is IkT-001Pro, a prodrug of the anticancer agent imatinib mesylate, to treat Stable Phase Chronic Myelogenous Leukemia (SP-CML). Pursuant to its IND, which was cleared by the FDA in August 2022, IkT-001Pro is being evaluated in a two-part dose finding/dose equivalence study in up to 59 healthy volunteers (the 501 trial). The study is designed to evaluate the 96-hour pharmacokinetics of imatinib delivered as IkT-001Pro and determine the dose of IkT-001Pro that can deliver the equivalent 400 mg imatinib, the standard-of-care dose for SP-CML. As of the date of this Report, four of four dose escalation cohorts have completed the trial. Only four mild adverse events have been observed, none of clinical significance for IkT-001Pro. IkT-001Pro has high oral bioavailability and a pharmacokinetic profile of delivered imatinib that closely matches the exposure of imatinib delivered as 400 mg imatinib mesylate. Following the 501 study, Inhibikase will confer with the FDA and seek agreement on the requirements for the New Drug Application (“NDA”) process following the proposed approval path for IkT-001Pro under the 505(b)(2) approval pathway. The Company plans to simultaneously pursue a superiority study comparing the selected doses of IkT-001Pro to standard-of-care 400 mg imatinib in SP-CML patients using a novel, two-period-wait-list-crossover-switching study.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;"> For both IkT-148009 and IkT-001Pro, we have completed clinical batch manufacturing of a film-coated tablet formulation. The bioequivalence studies with IkT-001Pro have already implemented these tablets into the study.</span></p> | |
CY2023Q1 | ikt |
Working Capital
WorkingCapital
|
24964381 | |
CY2023Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-52349620 | |
CY2023Q1 | us-gaap |
Cash
Cash
|
3956604 | |
CY2023Q1 | us-gaap |
Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
|
21761564 | |
CY2023Q1 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
2664200 | |
CY2023Q2 | us-gaap |
Treasury Stock Value
TreasuryStockValue
|
195982 | |
CY2023Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:"Times New Roman", serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:"Times New Roman", serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:3.733%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;">The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company utilizes certain estimates in the determination of our liquidity and working capital adequacy, the fair value of its stock options and warrants, deferred tax valuation allowances and revenue recognition, to record expenses relating to research and development contracts and accrued expenses. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;"> </span></p> | |
CY2023Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:"Times New Roman", serif;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:"Times New Roman", serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:3.733%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;">For the three months ended March 31, 2023 and 2022, the Company d</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;">erived </span><span style="font-size:10.0pt;font-family:"Times New Roman", serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;">100</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;">% of its to</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:"Times New Roman", serif;min-width:fit-content;">tal revenue from a single source, the United States Government, in the form of federal research grants.</span></p> | |
CY2022Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
243255 | |
CY2023Q1 | us-gaap |
Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
|
11766 | |
CY2023Q1 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
21595742 | |
CY2023Q1 | us-gaap |
Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
|
165822 | |
CY2023Q1 | us-gaap |
Debt Securities Realized Gain Loss
DebtSecuritiesRealizedGainLoss
|
0 | |
CY2023Q1 | us-gaap |
Marketable Securities
MarketableSecurities
|
21761564 | |
CY2022Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
15756902 | |
CY2022 | us-gaap |
Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
|
104718 | |
CY2022 | us-gaap |
Debt Securities Realized Gain Loss
DebtSecuritiesRealizedGainLoss
|
0 | |
CY2022Q4 | us-gaap |
Marketable Securities
MarketableSecurities
|
15861620 | |
CY2023Q1 | us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
15700000 | |
CY2022 | us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
4960000 | |
CY2023Q1 | us-gaap |
Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
|
0 | |
CY2022 | us-gaap |
Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
|
0 | |
CY2023Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
243255 | |
CY2022Q4 | us-gaap |
Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
|
6723 | |
CY2023Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
231489 | |
CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
236532 | |
CY2023Q1 | us-gaap |
Depreciation
Depreciation
|
5043 | |
CY2022 | us-gaap |
Depreciation
Depreciation
|
6723 | |
CY2023Q1 | ikt |
Accrued Consulting Current
AccruedConsultingCurrent
|
423464 | |
CY2022Q4 | ikt |
Accrued Consulting Current
AccruedConsultingCurrent
|
232390 | |
CY2023Q1 | us-gaap |
Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
|
283657 | |
CY2022Q4 | us-gaap |
Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
|
459997 | |
CY2023Q1 | ikt |
Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
|
851000 | |
CY2022Q4 | ikt |
Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
|
1696129 | |
CY2023Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
100 | |
CY2022Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
9920 | |
CY2023Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
1558221 | |
CY2022Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
2398436 | |
CY2023Q1 | ikt |
Common Stock Per Share Entitled To Vote
CommonStockPerShareEntitledToVote
|
1 | |
CY2023Q1 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
24221725 | |
CY2023Q1 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
3028398 | |
CY2023Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
8.6 | |
CY2023Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
123273 | |
CY2022Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
123229 | |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4477778 | |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4640601 | |
CY2023Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
27510077 | |
CY2023Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
27510077 | |
CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
25205454 | |
CY2022Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
25205454 | |
CY2023Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.16 | |
CY2023Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.16 | |
CY2022Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.18 | |
CY2022Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.18 | |
CY2023Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
24221725 | |
CY2022Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
5409313 | |
CY2023Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
CY2022Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
CY2023Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
146901 | |
CY2023Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
178110 | |
CY2023Q1 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
35296 | |
CY2023Q1 | us-gaap |
Short Term Lease Payments
ShortTermLeasePayments
|
5788 | |
CY2022Q1 | us-gaap |
Short Term Lease Payments
ShortTermLeasePayments
|
19063 | |
CY2023Q1 | us-gaap |
Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
|
109643 | |
CY2023Q1 | us-gaap |
Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
|
150095 | |
CY2023Q1 | us-gaap |
Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
|
114966 | |
CY2023Q1 | us-gaap |
Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
|
374704 | |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
49693 | |
CY2023Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
325011 | |
CY2023Q1 | us-gaap |
Subsequent Event Description
SubsequentEventDescription
|
On January 24, 2023 and July 25, 2022, we received written notices from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying us that based upon the closing bid price of the Company’s common stock, for the 30 consecutive business days prior to the notice, the Company no longer met the requirement to maintain a minimum closing bid price of $1.00 per share, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”). On January 24, 2023, the Company received notice from Nasdaq indicating that, while the Company has not regained compliance with the Minimum Bid Price Requirement, Nasdaq has determined that the Company is eligible for an additional 180-day period, or until July 24, 2023, to regain compliance. According to the notice from Nasdaq, the Staff’s determination was based on (i) the Company meeting the continued listing requirement for the market value of its publicly held shares and all other Nasdaq initial listing standards, with the exception of the Minimum Bid Price Requirement, and (ii) the Company’s written notice to Nasdaq of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If at any time during this second 180-day compliance period, the closing bid price of the common stock is at least $1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide the Company with written confirmation of compliance. | |
CY2023Q1 | ikt |
Closing Price Of Common Stock
ClosingPriceOfCommonStock
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1.00 | |
CY2023Q1 | us-gaap |
Debt Instrument Convertible Threshold Consecutive Trading Days1
DebtInstrumentConvertibleThresholdConsecutiveTradingDays1
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10 |