0001603978-22-000022 | 10-Q | XBRL Viewer | Aquabounty Technologies INC

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	May 04, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Fiscal Period Focus	Q1
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-36426
Entity Registrant Name	AquaBounty Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3156167
Entity Address, Address Line One	2 Mill & Main Place
Entity Address, Address Line Two	Suite 395
Entity Address, City or Town	Maynard
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01754
City Area Code	978
Local Phone Number	648-6000
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AQB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		71,109,701
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Entity Central Index Key	0001603978

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 75,509,793	$ 88,454,988
Marketable securities	103,365,156	101,773,781
Inventory	1,675,682	1,259,910
Prepaid expenses and other current assets	1,695,159	1,536,484
Total current assets	182,245,790	193,025,163
Property, plant and equipment, net	37,828,165	33,815,119
Right of use assets, net	269,426	284,320
Intangible assets, net	228,417	231,842
Restricted cash	1,000,000	1,000,000
Other assets	75,957	79,548
Total assets	221,647,755	228,435,992
Current liabilities:
Accounts payable and accrued liabilities	2,913,028	4,317,615
Accrued employee compensation	512,173	874,589
Current debt	657,828	627,365
Other current liabilities	67,497	66,269
Total current liabilities	4,150,526	5,885,838
Long-term lease obligations	206,734	224,058
Long-term debt, net	8,419,290	8,523,333
Total liabilities	12,776,550	14,633,229
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value, 80,000,000 shares authorized at March 31, 2022 and December 31, 2021; 71,109,701 and 71,025,738 shares outstanding at March 31, 2022 and December 31, 2021, respectively	71,110	71,026
Additional paid-in capital	385,063,351	384,852,107
Accumulated other comprehensive loss	(286,748)	(255,588)
Accumulated deficit	(175,976,508)	(170,864,782)
Total stockholders’ equity	208,871,205	213,802,763
Total liabilities and stockholders’ equity	$ 221,647,755	$ 228,435,992

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	80,000,000	80,000,000
Common stock, shares outstanding (in shares)	71,109,701	71,025,738

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Product revenues	$ 962,881	$ 74,372
Costs and expenses
Product costs	3,275,690	1,554,655
Sales and marketing	247,572	318,635
Research and development	167,189	500,620
General and administrative	2,376,236	1,785,510
Total costs and expenses	6,066,687	4,159,420
Operating loss	(5,103,806)	(4,085,048)
Other income (expense)
Interest expense	(75,288)	(78,804)
Other income (expense), net	67,368	4,961
Total other income (expense)	(7,920)	(73,843)
Net loss	(5,111,726)	(4,158,891)
Other comprehensive income (loss):
Foreign currency	82,905	80,039
Unrealized gains	(114,065)
Total other comprehensive income (loss)	(31,160)	80,039
Comprehensive loss	$ (5,142,886)	$ (4,078,852)
Basic and diluted net loss per share	$ (0.07)	$ (0.06)
Weighted average number of common shares -
basic and diluted	71,004,454	64,550,920

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Total
Beginning balance (in shares) at Dec. 31, 2020	55,497,133
Beginning balance at Dec. 31, 2020	$ 55,497	$ 263,629,116	$ (267,258)	$ (148,542,194)	$ 114,875,161
Net loss				(4,158,891)	(4,158,891)
Other comprehensive income (loss)			80,039		80,039
Issuance of common stock, net of expenses (in shares)	14,950,000
Issuance of common stock, net of expenses	$ 14,950	119,105,487			119,120,437
Cashless exercise of options for common stock (in shares)	4,354
Cashless exercise of options for common stock	$ 4	(4)
Exercise of warrants for common stock (in shares)	491,133
Exercise of warrants for common stock	$ 491	1,595,691			1,596,182
Share based compensation (in shares)	40,525
Share based compensation	$ 41	129,674			129,715
Ending balance (in shares) at Mar. 31, 2021	70,983,145
Ending balance at Mar. 31, 2021	$ 70,983	384,459,964	(187,219)	(152,701,085)	231,642,643
Beginning balance (in shares) at Dec. 31, 2021	71,025,738
Beginning balance at Dec. 31, 2021	$ 71,026	384,852,107	(255,588)	(170,864,782)	213,802,763
Net loss				(5,111,726)	(5,111,726)
Other comprehensive income (loss)			(31,160)		(31,160)
Share based compensation (in shares)	83,963
Share based compensation	$ 84	211,244			211,328
Ending balance (in shares) at Mar. 31, 2022	71,109,701
Ending balance at Mar. 31, 2022	$ 71,110	$ 385,063,351	$ (286,748)	$ (175,976,508)	$ 208,871,205

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net loss	$ (5,111,726)	$ (4,158,891)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	490,563	422,185
Share-based compensation	211,328	129,715
Other non-cash charge	4,251	4,203
Changes in operating assets and liabilities:
Inventory	(411,794)	(577,154)
Prepaid expenses and other assets	(139,671)	(63,966)
Accounts payable and accrued liabilities	(6,949)	(211,347)
Accrued employee compensation	(362,416)	(63,139)
Net cash used in operating activities	(5,326,414)	(4,518,394)
Investing activities
Purchase of property, plant and equipment	(5,762,143)	(1,208,183)
Purchases of marketable securities, net	(1,705,440)
Other investing activities		(11,010)
Net cash used in investing activities	(7,467,583)	(1,219,193)
Financing activities
Proceeds from issuance of debt		187,120
Repayment of term debt	(159,304)	(38,885)
Proceeds from the issuance of common stock, net		119,120,437
Proceeds from the exercise of stock options and warrants		1,596,182
Net cash provided by financing activities	(159,304)	120,864,854
Effect of exchange rate changes on cash, cash equivalents and restricted cash	8,106	21,007
Net change in cash, cash equivalents and restricted cash	(12,945,195)	115,148,274
Cash, cash equivalents and restricted cash at beginning of period	89,454,988	96,251,160
Cash, cash equivalents and restricted cash at end of period	76,509,793	211,399,434
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet:
Cash and cash equivalents	75,509,793	210,899,434
Restricted cash	1,000,000	500,000
Supplemental disclosure of cash flow information and non-cash transactions:
Interest paid in cash	71,037	73,685
Property and equipment included in accounts payable and accrued liabilities	$ 1,507,514	$ 82,068

Nature of Business and Organization

3 Months Ended

Mar. 31, 2022

Nature of Business and Organization [Abstract]

Nature of Business and Organization

1. Nature of business and organization

AquaBounty Technologies, Inc. (the “Parent” and, together with its wholly owned subsidiaries, the “Company”) was incorporated in December 1991 in the State of Delaware for the purpose of conducting research and development of the commercial viability of a group of proteins commonly known as antifreeze proteins. In 1996, the Parent obtained the exclusive licensing rights for a gene construct (transgene) used to create a breed of farm-raised Atlantic salmon that exhibit growth rates that are substantially faster than conventional salmon. In 2015, the Parent obtained regulatory approval from the U.S. Food and Drug Administration (“FDA”) for the production and sale of its GE Atlantic salmon in the United States and in 2016, the Parent obtained regulatory approval from Health Canada for the production and sale of its GE Atlantic salmon in Canada. In 2021, the Parent obtained regulatory approval from the National Biosafety Technical Commission for the sale of its GE Atlantic salmon in Brazil. In 2021, the Company began harvesting and selling its GE Atlantic salmon in the United States and Canada.

Basis of Presentation

3 Months Ended

Mar. 31, 2022

Basis of Presentation [Abstract]

Basis of Presentation

2. Basis of presentation

The unaudited interim condensed consolidated financial statements include the accounts of AquaBounty Technologies, Inc. and its wholly owned direct subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation.

The unaudited interim condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) consistent with those applied in, and should be read in conjunction with, the Company’s audited financial statements and related notes for the year ended December 31, 2021. The unaudited interim condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of March 31, 2022, results of operations and cash flows for the interim periods presented, and are not necessarily indicative of results for subsequent interim periods or for the full year. The unaudited interim condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements, as allowed by the relevant U.S. Securities and Exchange Commission (“SEC”) rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading.

Liquidity

The Company had $179.9 million in cash and cash equivalents, marketable securities and restricted cash as of March 31, 2022. While the Company has experienced net losses and negative cash flows from operations since inception, management believes that it has sufficient cash to meet the Company's requirements beyond the next twelve months from the filing date of these condensed consolidated financial statements. However, until such time as the Company reaches profitability, it may require additional financing to fund its operations and execute its business plan.

Inventories

Inventories are mainly comprised of feed, eggs, fish in process and finished goods. Fish in process inventory is measured based on the estimated biomass of fish on hand. The Company has established a standard procedure to estimate the biomass of fish on hand using counting and sampling techniques. The Company measures inventory at the lower of cost or net realizable value (NRV). The NRV calculation contains various estimates and assumptions in regard to the calculation of the biomass, including expected yield, the market value of the biomass and estimated costs of completion and transportation. The Company considers fish that has been harvested and transported from its farm to be finished goods inventory.

Revenue recognition

The Company generates revenue from the sale of its products. Revenue is recognized when the customer takes physical control of the goods, in an amount that reflects the transaction price consideration that the Company expects to receive in exchange for the goods. Revenue excludes any sales tax collected and includes any estimate of future credits.

During the period ended March 31, 2022, the Company recognized the following product revenue:


	Quarter Ended March 31, 2022
		U.S.		Canada		Total
GE Atlantic salmon	$	788,977	$	131,860	$	920,837
Non-GE Atlantic salmon fry		-		41,807		41,807
Other revenue		-		237		237
Total Revenue	$	788,977	$	173,904	$	962,881

During the period ended March 31, 2022, the Company had the following customer concentration of revenue:


	Quarter Ended
	March 31, 2022
Customer A		34%
Customer B		21%
Customer C		14%
All other		31%
Total of all customers		100%

Net loss per share

Basic and diluted net loss per share available to common stockholders has been calculated by dividing net loss by the weighted average number of Common Shares outstanding during the year. Basic net loss per share is based solely on the number of Common Shares outstanding during the year. Common Shares outstanding exclude any issued, but unvested restricted shares. Fully diluted net loss per share includes the number of Common Shares issuable upon the exercise of warrants and options with an exercise price less than the fair value of the Common Shares, as well as all issued but unvested restricted shares. Since the Company is reporting a net loss for all periods presented, all potential Common Shares are considered anti-dilutive and are excluded from the calculation of diluted net loss per share.

The following table shows the impact of potentially dilutive securities outstanding:


	March 31, 2022	December 31, 2021
Shares issued and outstanding, excluding unvested restricted shares	71,087,504	70,992,361
Reserve for issued stock options	873,180	663,425
Reserve for issued warrants	418,441	418,441
Reserve for issued but unvested restricted shares	184,645	65,100
Fully diluted shares	72,563,770	72,139,327

Accounting Pronouncements

Management does not expect any recently issued, but not yet effective, accounting standards to have a material effect on its results of operations or financial condition.

Risks and Uncertainties

3 Months Ended

Mar. 31, 2022

Risks and Uncertainties [Abstract]

Risks and Uncertainties

3. Risks and uncertainties

The Company is subject to risks and uncertainties common in the biotechnology and aquaculture industries. Such risks and uncertainties include, but are not limited to: (i) results from current and planned product development studies and trials; (ii) decisions made by the FDA or similar regulatory bodies in other countries with respect to approval and commercial sale of any of the Company’s proposed products; (iii) the commercial acceptance of any products approved for sale and the Company’s ability to produce, distribute, and sell for a profit any products approved for sale; (iv) the Company’s ability to obtain the necessary patents and proprietary rights to effectively protect its technologies; and (v) the outcome of any collaborations or alliances entered into by the Company.

COVID-19

Although the COVID-19 pandemic has diminished in the United States and other parts of the world as vaccines have become more readily available, several variants of the virus continue to spread. Local governmental authorities in the United States and Canada have issued, and continue to update, directives aimed at minimizing the spread of the virus and the Company continues to monitor its status. The ultimate impact of the evolving COVID-19 pandemic on the Company’s operations will depend on future developments, which cannot be predicted with confidence, and the Company cannot predict the extent or impact of the extended period of continued business interruption and reduced operations caused by the COVID-19 pandemic or any additional preventative or protective measures

taken in response. In connection with the COVID-19 pandemic, management continues to make modifications to biosecurity procedures and employee welfare practices at the Company’s farm sites to adapt to local requirements and to provide a safe work environment.

Concentration of credit risk

Financial instruments that potentially subject the Company to credit risk consist principally of cash, cash equivalents, and marketable securities. This risk is mitigated by the Company’s policy of maintaining all balances with highly rated financial institutions, investing cash equivalents with maturities of less than 90 days, and investing marketable securities with maturities of less than 180 days. The Company’s cash balances may at times exceed insurance limitations. The Company holds cash balances in bank accounts located in Canada to fund its local operations. These amounts are subject to foreign currency exchange risk, which is minimized by the Company’s policy to limit the balances held in these accounts. Balances in Canadian bank accounts totaled $147 thousand and $224 thousand at March 31, 2022 and December 31, 2021, respectively. The Company also holds cash equivalent investments in a highly liquid investment account at a major financial institution. As of March 31, 2022 and December 31, 2021 the cash equivalent investment balance was $56.7 million and $73.3 million, respectively.

Marketable Securities

3 Months Ended

Mar. 31, 2022

Marketable Securities [Abstract]

Marketable Securities

4. Marketable Securities

Marketable securities are classified as available-for-sale. The following tables summarize the amortized cost, gross unrealized gains and losses, and the fair value as of March 31, 2022 and December 31, 2021:


		Amortized		Unrealized		Unrealized		Market
		Cost		Gains		Losses		Value
	December 31, 2021
Government bonds	$	28,453,161	$	82	$	(18,255)	$	28,434,988
Corporate bonds		29,874,696		-		(21,928)		29,852,768
Commercial paper		43,486,025		-		-		43,486,025
Marketable securities	$	101,813,882	$	82	$	(40,183)	$	101,773,781

	March 31, 2022
Government bonds	$	37,488,888	$	33	$	(86,090)	$	37,402,831
Corporate bonds		26,549,151		15		(68,035)		26,481,132
Commercial paper		39,481,194		-		-		39,481,194
Marketable securities	$	103,519,232	$	48	$	(154,125)	$	103,365,156

Inventory

3 Months Ended

Mar. 31, 2022

Inventory [Abstract]

Inventory

5. Inventory

Major classifications of inventory are summarized as follows:


	March 31, 2022		December 31, 2021
Feed, net	$	306,635		162,047
Eggs and fry		97,939		—
Fish in process		1,209,012		926,360
Finished goods		62,096		171,503
Inventory, net	$	1,675,682		1,259,910

Property, Plant and Equipment

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

6. Property, plant and equipment

Major classifications of property, plant and equipment are summarized as follows:


	March 31, 2022		December 31, 2021
Land	$	730,345	$	725,799
Building and improvements		15,712,641		15,580,385
Construction in process		12,286,984		8,119,575
Equipment		16,220,935		15,981,408
Office furniture and equipment		242,102		240,939
Vehicles		36,837		36,280
Total property and equipment	$	45,229,844	$	40,684,386
Less accumulated depreciation and amortization		(7,401,679)		(6,869,267)
Property, plant and equipment, net	$	37,828,165	$	33,815,119

Depreciation expense was $484 thousand and $416 thousand, for the three-month period ended March 31, 2022 and 2021, respectively.

Included in construction in process is $2.1 million for construction related to the Rollo Bay farm site and improvements to the Fortune Bay hatchery, $819 thousand for construction related to the Indiana farm site, and $9.4 million related to design work and construction activities for the Ohio farm. An additional $19.4 million has been contractually committed for these farm sites, though if a contract were terminated, a portion of this total would be refundable based on the amount of work completed as of the date of the contract termination.

Debt

3 Months Ended

Mar. 31, 2022

Debt [Abstract]

Debt

7. Debt

The current material terms and conditions of debt outstanding are as follows:


	Interest ‎rate	Monthly ‎repayment	Maturity ‎date	March 31, 2022		December 31, 2021
ACOA AIF Grant	0%	Royalties	-	$	2,296,099	$	2,261,349
ACOA term loan #1	0%	C$3,120	Feb 2027		147,204		152,346
ACOA term loan #2	0%	C$4,630	Sep 2029		333,120		339,015
ACOA term loan #3	0%	C$6,945	Dec 2025		199,875		196,850
Kubota Canada Ltd	0%	C$1,142	Jan 2025		31,054		33,283
DFO term loan	0%	C$2,091	Aug 2032		411,935		405,700
PEI Finance term loan	4%	C$16,313	Nov 2023		1,957,755		1,947,510
First Farmers Bank & Trust term loan	5.375%	$56,832	Oct 2028		3,764,506		3,883,325
Total debt				$	9,141,548	$	9,219,378
less: debt issuance costs					(64,430)		(68,680)
less: current portion					(657,828)		(627,365)
Long-term debt, net				$	8,419,290	$	8,523,333

Estimated principal payments remaining on loan debt are as follows:


	Total
2022 (remainder of the year)	$	486,634
2023		2,595,928
2024		732,581
2025		752,978
2026		717,174
Thereafter		3,856,253
Total	$	9,141,548

In September 2020, the Canadian Subsidiary entered into a Contribution Agreement with the Department of Fisheries and Ocean's Atlantic Fisheries Fund, whereby it is eligible to receive up to C$1.9 million ($1.4 million) to finance new equipment for its Rollo Bay farm (the “DFO Term Loan”). On April 6, 2022, the Canadian Subsidiary borrowed an additional C$53,456 ($42,241) under the DFO Term Loan. Borrowings are interest free and monthly repayments commence in March 2023, with maturity in August 2032. All funding requests must be submitted by August 22, 2022.

In August 2020, the Indiana Subsidiary entered into a term loan agreement with First Farmers Bank and Trust (“FFBT”) in the amount of $4 million, which is secured by the assets of the Indiana subsidiary and a corporate guarantee. The agreement contains certain financial and non-financial covenants, which if not met, could result in an event of default pursuant to the terms of the loan. At March 31, 2022, the Indiana subsidiary was in non-compliance with one of its loan covenants. Subsequent to period-end, FFBT revised the covenant and the Indiana subsidiary returned to compliance.

The Company recognized interest expense of $75 thousand and $79 thousand for the three months ended March 31, 2022 and 2021, respectively, on its interest-bearing debt.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

8. Leases

Lease expense for the three months ended March 31, 2022 and 2021, amounted to $21 thousand and $22 thousand, respectively. The weighted average remaining lease term of the Company’s operating leases was 24 years as of March 31, 2022. Lease payments included in operating cash flows totaled $25 thousand and $22 thousand for the three months ended March 31, 2022 and 2021, respectively.

The table below summarizes the Company’s lease obligations and remaining payments at March 31, 2022 and December 31, 2021:



	March 31, 2022		December 31, 2021
		Lease Liability		Lease Liability
Total leases	$	274,231	$	290,327
Less: current portion		(67,497)		(66,269)
Long-term leases	$	206,734	$	$ 224,058

Remaining payments under leases are as follows:


Year		Amount
2022 (remainder of the year)	$	50,173
2023		20,831
2024		4,495
2025		4,340
2026		4,215
Thereafter		190,177
Total lease payments	$	274,231

Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Stockholders' Equity [Abstract]

Stockholders' Equity

9. Stockholders’ equity

Recent issuances

On February 8, 2021, the Company completed a public offering of 14,950,000 Common Shares for net proceeds of approximately $119.1 million.

Warrants

At March 31, 2022 and December 31, 2021, there were 418,441 warrants outstanding at an exercise price of $3.25, all of which were issued in conjunction with a public equity offering in January 2018. All remaining warrants have an expiration date of January 17, 2023.

Share-based compensation

At March 31, 2022, the Company has reserved 873,180 Common Shares issuable upon the exercise of outstanding stock options awarded under its 2006 and 2016 Equity Incentive Plans. An additional 465,984 Common Shares are reserved for future award and issuance under the 2016 Equity Incentive Plan.

Restricted stock

A summary of the Company’s restricted Common Shares for the three months ended March 31, 2022, is as follows:


	Shares	Weighted ‎average grant ‎date fair value
Unvested at December 31, 2021	65,100	$	4.10
Granted	240,777		1.52
Vested	(121,232)		2.14
Forfeited	—		—
Unvested at March 31, 2022	184,645	$	2.03

During the three months ended March 31, 2022 and 2021, the Company expensed $168 thousand and $107 thousand, respectively related to the restricted stock awards. At March 31, 2022, the balance of unearned share-based compensation to be expensed in future periods related to the restricted stock awards is $347 thousand. The period over which the unearned share-based compensation is expected to be earned is approximately 2 years.

Stock options

The Company’s option activity is summarized as follows:


	Number of ‎options	Weighted ‎average ‎exercise price
Outstanding at December 31, 2021	663,425	$	4.31
Issued	209,755		1.55
Exercised	—		—
Forfeited	—		—
Expired	—		—
Outstanding at March 31, 2022	873,180	$	3.65
Exercisable at March 31, 2022	624,075	$	4.31

Unless otherwise indicated, options issued to employees, members of the Board of Directors, and non-employees are vested daily over one to three years and are exercisable for a term of ten years from the date of issuance.

The fair values of stock option grants to employees and members of the Board of Directors during 2022 were measured on the date of grant using Black-Scholes, with the following weighted average assumptions:


		2022
Expected volatility		103%
Risk free interest rate		2.10%
Expected dividend yield		0%
Expected life (in years)		5

The weighted average fair value of stock options granted during the three months ended March 31, 2022 was $1.12.

The total intrinsic value of all options outstanding was $73 thousand and $18 thousand at March 31, 2022, and December 31, 2021, respectively. The total intrinsic value of exercisable options was $1 thousand and $11 thousand at March 31, 2022 and December 31, 2021, respectively.

The following table summarizes information about options outstanding and exercisable at March 31, 2022:


Weighted ‎average exercise ‎price of outstanding ‎options	Number of ‎options ‎outstanding	Weighted ‎average remaining ‎estimated life ‎(in years)	Number of ‎options ‎exercisable
$1.52 - $2.50	732,288	7.9	503,779
$5.44 - $6.72	55,402	8.2	34,789
$7.50 - $10.80	16,403	2.1	16,403
$14.20 - $23.40	69,087	4.0	69,087
	873,180		624,058

Total share-based compensation on stock options amounted to $43 thousand and $22 thousand for the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022, the balance of unearned share-based compensation to be expensed in future periods related to unvested share-based awards was $374 thousand. The period over which the unearned share-based compensation is expected to be earned is approximately 2 years.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies [Abstract]

Commitments and Contingencies

10. Commitments and contingencies

The Company recognizes and discloses commitments when it enters into executed contractual obligations with other parties. The Company accrues contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.

The Company is subject to legal proceedings and claims arising in the normal course of business. The Company records estimated losses from these legal proceedings and claims when it determines that it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Litigation is subject to many factors that are difficult to predict so that there can be no assurance, in the event of a material unfavorable result in one or more claims, the Company will not incur material costs. There have been no other material changes to the commitments and contingencies disclosed in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2021.

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Taxes [Abstract]

Income Taxes

11. Income Taxes

The Company estimates an annual effective tax rate of 0% for the year ending December 31, 2022 as the Company incurred losses for the three months ended March 31, 2022 and is forecasting additional losses through the remainder of the year ending December 31, 2022, resulting in an estimated net loss for both financial statement and tax purposes for the year ending December 31, 2022. Therefore, no federal or state income taxes are expected and none have been recorded at this time. Income taxes have been accounted for using the liability method.

Due to the Company’s history of losses since inception, there is not enough evidence at this time to support that the Company will generate future income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets. Accordingly, the deferred tax assets have been reduced by a full valuation allowance, since the Company does not currently believe that realization of its deferred tax assets is more likely than not.

As of March 31, 2022, the Company had no unrecognized income tax benefits that would reduce the Company’s effective tax rate if recognized.

- 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.

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+ Details

Nature of Business and Organization (Policy)	3 Months Ended
Nature of Business and Organization (Policy)	Mar. 31, 2022
Nature of Business and Organization [Abstract]
Nature of Business and Organization	AquaBounty Technologies, Inc. (the “Parent” and, together with its wholly owned subsidiaries, the “Company”) was incorporated in December 1991 in the State of Delaware for the purpose of conducting research and development of the commercial viability of a group of proteins commonly known as antifreeze proteins. In 1996, the Parent obtained the exclusive licensing rights for a gene construct (transgene) used to create a breed of farm-raised Atlantic salmon that exhibit growth rates that are substantially faster than conventional salmon. In 2015, the Parent obtained regulatory approval from the U.S. Food and Drug Administration (“FDA”) for the production and sale of its GE Atlantic salmon in the United States and in 2016, the Parent obtained regulatory approval from Health Canada for the production and sale of its GE Atlantic salmon in Canada. In 2021, the Parent obtained regulatory approval from the National Biosafety Technical Commission for the sale of its GE Atlantic salmon in Brazil. In 2021, the Company began harvesting and selling its GE Atlantic salmon in the United States and Canada.

Basis of Presentation (Policy)

3 Months Ended

Mar. 31, 2022

Basis of Presentation [Abstract]

Consolidation

Basis of Presentation

Liquidity

Inventories

Revenue Recognition

Revenue recognition

During the period ended March 31, 2022, the Company recognized the following product revenue:


	Quarter Ended March 31, 2022
		U.S.		Canada		Total
GE Atlantic salmon	$	788,977	$	131,860	$	920,837
Non-GE Atlantic salmon fry		-		41,807		41,807
Other revenue		-		237		237
Total Revenue	$	788,977	$	173,904	$	962,881

During the period ended March 31, 2022, the Company had the following customer concentration of revenue:


	Quarter Ended
	March 31, 2022
Customer A		34%
Customer B		21%
Customer C		14%
All other		31%
Total of all customers		100%

Net Loss Per Share

Net loss per share

Accounting Pronouncements

Management does not expect any recently issued, but not yet effective, accounting standards to have a material effect on its results of operations or financial condition.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

Basis of Presentation (Table)

3 Months Ended

Mar. 31, 2022

Basis of Presentation [Abstract]

Schedule of Product Information [Table Text Block]


	Quarter Ended March 31, 2022
		U.S.		Canada		Total
GE Atlantic salmon	$	788,977	$	131,860	$	920,837
Non-GE Atlantic salmon fry		-		41,807		41,807
Other revenue		-		237		237
Total Revenue	$	788,977	$	173,904	$	962,881

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]


	Quarter Ended
	March 31, 2022
Customer A		34%
Customer B		21%
Customer C		14%
All other		31%
Total of all customers		100%

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2022

Marketable Securities [Abstract]

Schedule of Marketable Securities


		Amortized		Unrealized		Unrealized		Market
		Cost		Gains		Losses		Value
	December 31, 2021
Government bonds	$	28,453,161	$	82	$	(18,255)	$	28,434,988
Corporate bonds		29,874,696		-		(21,928)		29,852,768
Commercial paper		43,486,025		-		-		43,486,025
Marketable securities	$	101,813,882	$	82	$	(40,183)	$	101,773,781

	March 31, 2022
Government bonds	$	37,488,888	$	33	$	(86,090)	$	37,402,831
Corporate bonds		26,549,151		15		(68,035)		26,481,132
Commercial paper		39,481,194		-		-		39,481,194
Marketable securities	$	103,519,232	$	48	$	(154,125)	$	103,365,156

Inventory (Tables)

3 Months Ended

Mar. 31, 2022

Inventory [Abstract]

Schedule of Inventory


	March 31, 2022		December 31, 2021
Feed, net	$	306,635		162,047
Eggs and fry		97,939		—
Fish in process		1,209,012		926,360
Finished goods		62,096		171,503
Inventory, net	$	1,675,682		1,259,910

Property, Plant and Equipment (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


	March 31, 2022		December 31, 2021
Land	$	730,345	$	725,799
Building and improvements		15,712,641		15,580,385
Construction in process		12,286,984		8,119,575
Equipment		16,220,935		15,981,408
Office furniture and equipment		242,102		240,939
Vehicles		36,837		36,280
Total property and equipment	$	45,229,844	$	40,684,386
Less accumulated depreciation and amortization		(7,401,679)		(6,869,267)
Property, plant and equipment, net	$	37,828,165	$	33,815,119

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt [Abstract]

Terms and Conditions of Long-term Debt Outstanding


	Interest ‎rate	Monthly ‎repayment	Maturity ‎date	March 31, 2022		December 31, 2021
ACOA AIF Grant	0%	Royalties	-	$	2,296,099	$	2,261,349
ACOA term loan #1	0%	C$3,120	Feb 2027		147,204		152,346
ACOA term loan #2	0%	C$4,630	Sep 2029		333,120		339,015
ACOA term loan #3	0%	C$6,945	Dec 2025		199,875		196,850
Kubota Canada Ltd	0%	C$1,142	Jan 2025		31,054		33,283
DFO term loan	0%	C$2,091	Aug 2032		411,935		405,700
PEI Finance term loan	4%	C$16,313	Nov 2023		1,957,755		1,947,510
First Farmers Bank & Trust term loan	5.375%	$56,832	Oct 2028		3,764,506		3,883,325
Total debt				$	9,141,548	$	9,219,378
less: debt issuance costs					(64,430)		(68,680)
less: current portion					(657,828)		(627,365)
Long-term debt, net				$	8,419,290	$	8,523,333

Principal Payments Due on Long-term Debt


	Total
2022 (remainder of the year)	$	486,634
2023		2,595,928
2024		732,581
2025		752,978
2026		717,174
Thereafter		3,856,253
Total	$	9,141,548

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Summary of Lease Obligations and Remaining Payments



	March 31, 2022		December 31, 2021
		Lease Liability		Lease Liability
Total leases	$	274,231	$	290,327
Less: current portion		(67,497)		(66,269)
Long-term leases	$	206,734	$	$ 224,058

Summary of Remaining Payments under Leases


Year		Amount
2022 (remainder of the year)	$	50,173
2023		20,831
2024		4,495
2025		4,340
2026		4,215
Thereafter		190,177
Total lease payments	$	274,231

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

Stockholders' Equity [Abstract]

Restricted Stock Activity


	Shares	Weighted ‎average grant ‎date fair value
Unvested at December 31, 2021	65,100	$	4.10
Granted	240,777		1.52
Vested	(121,232)		2.14
Forfeited	—		—
Unvested at March 31, 2022	184,645	$	2.03

Stock Option Activity


	Number of ‎options	Weighted ‎average ‎exercise price
Outstanding at December 31, 2021	663,425	$	4.31
Issued	209,755		1.55
Exercised	—		—
Forfeited	—		—
Expired	—		—
Outstanding at March 31, 2022	873,180	$	3.65
Exercisable at March 31, 2022	624,075	$	4.31

Stock Option Grants Weighted Average Assumptions


		2022
Expected volatility		103%
Risk free interest rate		2.10%
Expected dividend yield		0%
Expected life (in years)		5

Information About Options Outstanding and Exercisable


Weighted ‎average exercise ‎price of outstanding ‎options	Number of ‎options ‎outstanding	Weighted ‎average remaining ‎estimated life ‎(in years)	Number of ‎options ‎exercisable
$1.52 - $2.50	732,288	7.9	503,779
$5.44 - $6.72	55,402	8.2	34,789
$7.50 - $10.80	16,403	2.1	16,403
$14.20 - $23.40	69,087	4.0	69,087
	873,180		624,058

Basis of Presentation (Details) $ in Millions	Mar. 31, 2022 USD ($)
Basis of Presentation [Abstract]
Cash, cash equivalents and marketable securities	$ 179.9

Basis of Presentation (Revenue Recognition) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues	$ 962,881	$ 74,372
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Concentration Risk, Percentage	100.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| All other customers [Member]
Concentration Risk, Percentage	31.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer C [Member]
Concentration Risk, Percentage	14.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer A [Member]
Concentration Risk, Percentage	34.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer B [Member]
Concentration Risk, Percentage	21.00%
U.S. [Member]
Revenues	$ 788,977
Canada [Member]
Revenues	173,904
Other Revenue [Member]
Revenues	237
Other Revenue [Member] \| Canada [Member]
Revenues	237
Non-GE Atlantic salmon fry [Member]
Revenues	41,807
Non-GE Atlantic salmon fry [Member] \| Canada [Member]
Revenues	41,807
GE Atlantic salmon [Member]
Revenues	920,837
GE Atlantic salmon [Member] \| U.S. [Member]
Revenues	788,977
GE Atlantic salmon [Member] \| Canada [Member]
Revenues	$ 131,860

Basis of Presentation (Impact of Potentially Dilutive Securities) (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Impact of potentially dilutive securities outstanding
Shares issued and outstanding, excluding unvested restricted shares	71,087,504	70,992,361
Reserve for issued stock options	873,180	663,425
Reserve for issued warrants	418,441	418,441
Reserve for issued but unvested restricted shares	184,645	65,100
Fully diluted shares	72,563,770	72,139,327

Risks and Uncertainties (Details) - Credit Concentration Risk [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Cash equivalent investment balance	$ 56,700	$ 73,300
Canada [Member]
Concentration Risk [Line Items]
Cash in Canadian bank accounts	$ 147	$ 224

Marketable Securities (Schedule of Marketable Securities) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Amortized cost	$ 103,519,232	$ 101,813,882
Unrealized Gains	48	82
Unrealized Losses	(154,125)	(40,183)
Market Value	103,365,156	101,773,781
Government Bonds [Member]
Marketable Securities [Line Items]
Amortized cost	37,488,888	28,453,161
Unrealized Gains	33	82
Unrealized Losses	(86,090)	(18,255)
Market Value	37,402,831	28,434,988
Corporate Bonds [Member]
Marketable Securities [Line Items]
Amortized cost	26,549,151	29,874,696
Unrealized Gains	15
Unrealized Losses	(68,035)	(21,928)
Market Value	26,481,132	29,852,768
Commercial Paper [Member]
Marketable Securities [Line Items]
Amortized cost	39,481,194	43,486,025
Unrealized Gains
Unrealized Losses
Market Value	$ 39,481,194	$ 43,486,025

Inventory (Schedule of Inventory) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Inventory [Line Items]
Inventory, net	$ 1,675,682	$ 1,259,910
Feed [Member]
Inventory [Line Items]
Inventory, net	306,635	162,047
Eggs And Fry [Member]
Inventory [Line Items]
Inventory, net	97,939
Fish In Process, Net [Member]
Inventory [Line Items]
Inventory, net	1,209,012	926,360
Finished Goods [Member]
Inventory [Line Items]
Inventory, net	$ 62,096	$ 171,503

Property, Plant and Equipment (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 484,000	$ 416,000
Gross property, plant, and equipment	45,229,844		$ 40,684,386
Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	12,286,984		$ 8,119,575
Rollo Bay Farm And Fortune Bay Hatchery [Member] \| Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	2,100,000
Indiana Farm [Member] \| Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	819,000
New 10,000 Metric Ton Farm [Member] \| Capital Addition Purchase Commitments [Member]
Property, Plant and Equipment [Line Items]
Commitments to purchase property, plant, and equipment	19,400,000
New 10,000 Metric Ton Farm [Member] \| Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Gross property, plant, and equipment	$ 9,400,000

Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 45,229,844	$ 40,684,386
Less accumulated depreciation and amortization	(7,401,679)	(6,869,267)
Property, plant and equipment, net	37,828,165	33,815,119
Land [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	730,345	725,799
Building And Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	15,712,641	15,580,385
Construction In Process [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	12,286,984	8,119,575
Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	16,220,935	15,981,408
Office Furniture And Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	242,102	240,939
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 36,837	$ 36,280

Debt (Narrative) (Details)	1 Months Ended		3 Months Ended
Debt (Narrative) (Details)	Sep. 30, 2020 CAD ($)	Sep. 30, 2020 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Apr. 06, 2022 CAD ($)	Apr. 06, 2022 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of debt				$ 187,120
DFO Term Loan [Member]
Debt Instrument [Line Items]
Maturity date			Aug 2032
Interest rate			0.00%
Interest expense			$ 75,000	$ 79,000
ACOA Term Loan #3 [Member]
Debt Instrument [Line Items]
Maturity date			Dec 2025
Interest rate			0.00%
Canadian Subsidiary [Member] \| Secured Debt [Member] \| DFO Term Loan [Member]
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 1,900,000	$ 1,400,000
Maturity date			August 2032
Canadian Subsidiary [Member] \| Secured Debt [Member] \| DFO Term Loan [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Amount borrowed					$ 53,456	$ 42,241

Debt (Terms and Conditions of Long-term Debt Outstanding) (Details)	3 Months Ended
	Mar. 31, 2022 CAD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Total debt		$ 9,141,548	$ 9,219,378
less: debt issuance costs		(64,430)	(68,680)
less: current portion		(657,828)	(627,365)
Long-term debt, net		$ 8,419,290	8,523,333
ACOA AIF Grant [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Maturity date	-	-
Total debt		$ 2,296,099	2,261,349
ACOA Term Loan #1 [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 3,120
Maturity date	Feb 2027	Feb 2027
Total debt		$ 147,204	152,346
ACOA Term Loan #2 [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 4,630
Maturity date	Sep 2029	Sep 2029
Total debt		$ 333,120	339,015
ACOA Term Loan #3 [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 6,945
Maturity date	Dec 2025	Dec 2025
Total debt		$ 199,875	196,850
Kubota Canada Ltd [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 1,142
Maturity date	Jan 2025	Jan 2025
Total debt		$ 31,054	33,283
PEI Finance Term Loan [Member]
Debt Instrument [Line Items]
Interest rate		4.00%
Monthly repayment	$ 16,313
Maturity date	Nov 2023	Nov 2023
Total debt		$ 1,957,755	1,947,510
DFO Term Loan [Member]
Debt Instrument [Line Items]
Interest rate		0.00%
Monthly repayment	$ 2,091
Maturity date	Aug 2032	Aug 2032
Total debt		$ 411,935	405,700
First Farmers Bank & Trust Term Loan [Member]
Debt Instrument [Line Items]
Interest rate		5.375%
Monthly repayment		$ 56,832
Maturity date	Oct 2028	Oct 2028
Total debt		$ 3,764,506	$ 3,883,325

Debt (Principal Payments Due on Long-term Debt) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Year
2021	$ 486,634
2022	2,595,928
2023	732,581
2024	752,978
2025	717,174
Thereafter	3,856,253
Total debt	9,141,548	$ 9,219,378
ACOA AIF Grant [Member]
Year
Total debt	2,296,099	2,261,349
PEI Finance Term Loan [Member]
Year
Total debt	1,957,755	1,947,510
Kubota Canada Ltd [Member]
Year
Total debt	31,054	33,283
DFO Term Loan [Member]
Year
Total debt	411,935	405,700
First Farmers Bank & Trust Term Loan [Member]
Year
Total debt	$ 3,764,506	$ 3,883,325

Leases (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
Leases (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Lease expense	$ 21	$ 22
Weighted average remaining lease term	24 years
Lease payment	$ 25	$ 22

Leases (Summary of Lease Obligations and Remaining Payments) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Lease Obligations [Abstract]
Remaining Payments	$ 274,231
Lease Liability	274,231	$ 290,327
Lease Liability - Less: current portion	(67,497)	(66,269)
Lease Liability - Long-term leases	$ 206,734	$ 224,058

Leases (Summary of Remaining Payments under Leases) (Details)	Mar. 31, 2022 USD ($)
Leases [Abstract]
2021	$ 50,173
2022	20,831
2023	4,495
2024	4,340
2025	4,215
Thereafter	190,177
Remaining Payments	$ 274,231

Stockholders' Equity (Narrative) (Details) - USD ($)		3 Months Ended
Stockholders' Equity (Narrative) (Details) - USD ($)	Feb. 08, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity
Share-based compensation		$ 211,328	$ 129,715
Class of Warrant or Right, Outstanding		418,441			418,441
Restricted Stock [Member]
Stockholders' Equity
Share-based compensation expense		$ 168,000	107,000
Unearned share-based compensation expense in future periods		$ 347,000
Unearned share-based compensation earn period		2 years
Stock Option [Member]
Stockholders' Equity
Unearned share-based compensation expense in future periods		$ 374,000
Unearned share-based compensation earn period		2 years
Weighted average fair value of stock options grants (in dollars per share)		$ 1.12
Intrinsic value of options outstanding		$ 73,000	18,000
Intrinsic value of exercisable options		1,000	11,000
Share-based compensation		$ 43,000	$ 22,000
2006 and 2016 Equity Incentive Plans [Member]
Stockholders' Equity
Common stock reserved for future issuances (in shares)		873,180
2016 Equity Incentive Plan [Member]
Stockholders' Equity
Common stock reserved for future issuances (in shares)		465,984
Warrant [Member]
Stockholders' Equity
Exercise price (in dollars per share)		$ 3.25		$ 3.25
Common Stock [Member] \| Warrant [Member]
Stockholders' Equity
Expiration date		Jan. 17, 2023
February 2021 Public Offering [Member] \| Common Stock [Member]
Stockholders' Equity
Issued (in shares)	14,950,000
Proceeds from issuance or sale of equity	$ 119,100,000

Stockholders' Equity (Restricted Stock Activity) (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Shares
Beginning balance \| shares	65,100
Granted \| shares	240,777
Vested \| shares	(121,232)
Ending balance \| shares	184,645
Weighted average grant date fair value
Beginning balance \| $ / shares	$ 4.10
Granted \| $ / shares	1.52
Vested \| $ / shares	2.14
Ending balance \| $ / shares	$ 2.03

Stockholders' Equity (Stock Option Activity) (Details) - Stock Option [Member]	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Number of options
Outstanding, beginning balance \| shares	663,425
Granted \| shares	209,755
Outstanding, ending balance \| shares	873,180
Exercisable \| shares	624,075
Weighted average exercise price
Outstanding, beginning balance \| $ / shares	$ 4.31
Issued \| $ / shares	1.55
Outstanding, ending balance \| $ / shares	3.65
Exercisable \| $ / shares	$ 4.31

Stockholders' Equity (Stock Option Grants Weighted Average Assumptions) (Details) - Stock Option [Member]	3 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	103.00%
Risk free interest rate	2.10%
Expected dividend yield	0.00%
Expected life (in years)	5 years

Stockholders' Equity (Information About Options Outstanding and Exercisable) (Details) - Stock Option [Member]	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	873,180
Number of options exercisable	624,058
$1.88 - $2.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	732,288
Weighted average remaining estimated life (in years)	7 years 10 months 24 days
Number of options exercisable	503,779
$3.30 - $6.72 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	55,402
Weighted average remaining estimated life (in years)	8 years 2 months 12 days
Number of options exercisable	34,789
$7.50 - $10.80 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	16,403
Weighted average remaining estimated life (in years)	2 years 1 month 6 days
Number of options exercisable	16,403
$14.20 - $23.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding	69,087
Weighted average remaining estimated life (in years)	4 years
Number of options exercisable	69,087
Minimum [Member] \| $1.88 - $2.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	$ 1.52
Minimum [Member] \| $3.30 - $6.72 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	5.44
Minimum [Member] \| $7.50 - $10.80 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	7.50
Minimum [Member] \| $14.20 - $23.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	14.20
Maximum [Member] \| $1.88 - $2.50 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	2.50
Maximum [Member] \| $3.30 - $6.72 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	6.72
Maximum [Member] \| $7.50 - $10.80 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	10.80
Maximum [Member] \| $14.20 - $23.40 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average exercise price of outstanding options \| $ / shares	$ 23.40

Income Taxes (Narrative) (Details) - USD ($)	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Tax Credit Carryforward [Line Items]
Unrecognized income tax benefits		$ 0
Forecast [Member]
Tax Credit Carryforward [Line Items]
Effective tax rate	0.00%