Protagenic Therapeutics (PTIX) 10-K 31 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2023	Jun. 30, 2022
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	000-51353
Entity Registrant Name	Protagenic Therapeutics, Inc.\new
Entity Central Index Key	0001022899
Entity Tax Identification Number	06-1390025
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	149 Fifth Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10010
City Area Code	(212)
Local Phone Number	994-8200
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 12,514,529
Entity Common Stock, Shares Outstanding		4,321,445
Documents Incorporated by Reference	None
ICFR Auditor Attestation Flag	false
Auditor Firm ID	206
Auditor Name	MaloneBailey, LLP
Auditor Location	Houston, Texas
Common Stock [Member]
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	PTIX
Security Exchange Name	NASDAQ
Warrant [Member]
Title of 12(b) Security	Common Stock Purchase Warrant
Trading Symbol	PTIXW
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash	$ 215,189	$ 541,171
Marketable securities	7,763,517	9,830,085
Prepaid expenses	56,939	688,667
TOTAL CURRENT ASSETS	8,035,645	11,059,923
Equipment - net	1,775
TOTAL ASSETS	8,037,420	11,059,923
CURRENT LIABILITIES
Accounts payable and accrued expenses	669,704	499,535
Accounts payable and accrued expenses - related party	105,928	300,000
PIK convertible notes payable, net of debt discount	150,591
PIK convertible notes payable, net of debt discount - related parties	193,639
TOTAL CURRENT LIABILITIES	1,119,862	799,535
PIK convertible notes payable, net of debt discount		132,284
PIK convertible notes payable, net of debt discount - related parties		186,149
TOTAL LIABILITIES	1,119,862	1,117,968
STOCKHOLDERS’ EQUITY
Common stock, $.0001 par value, 100,000,000 shares authorized, 4,321,315 and 4,302,403 shares issued and outstanding at December 31, 2022, and December 31, 2021	434	432
Additional paid-in-capital	33,371,406	32,411,742
Accumulated deficit	(25,777,375)	(22,221,870)
Accumulated other comprehensive loss	(676,907)	(248,349)
TOTAL STOCKHOLDERS’ EQUITY	6,917,558	9,941,955
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	8,037,420	11,059,923
Preferred Stock [Member]
STOCKHOLDERS’ EQUITY
Series B convertible preferred stock, $0.000001 par value;18,000,000 shares authorized; 0 and 0 shares issued and outstanding at December 31, 2022, and December 31, 2021
Series B Convertible Preferred Stock [Member]
STOCKHOLDERS’ EQUITY
Series B convertible preferred stock, $0.000001 par value;18,000,000 shares authorized; 0 and 0 shares issued and outstanding at December 31, 2022, and December 31, 2021

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Preferred stock, par value	$ 0.000001	$ 0.000001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	4,321,315	4,302,403
Common stock, shares outstanding	4,321,315	4,302,403
Series B Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.000001	$ 0.000001
Preferred stock, shares authorized	18,000,000	18,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Preferred Stock [Member]
Preferred stock, par value	$ 0.000001	$ 0.000001
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
OPERATING AND ADMINISTRATIVE EXPENSES
Research and development	$ 1,589,239	$ 1,136,790
General and administrative	1,968,549	3,003,623
TOTAL OPERATING AND ADMINISTRATIVE EXPENSES	3,557,788	4,140,413
LOSS FROM OPERATIONS	(3,557,788)	(4,140,413)
OTHER (EXPENSE) INCOME
Interest income	185,790	33,207
Interest expense	(137,456)	(496,912)
Realized loss on marketable securities	(46,051)	(2,486)
Change in fair value of derivative liability		83,670
TOTAL OTHER INCOME (EXPENSES)	2,283	(382,521)
LOSS BEFORE TAX	(3,555,505)	(4,522,934)
INCOME TAX EXPENSE
NET LOSS	(3,555,505)	(4,522,934)
Other Comprehensive Loss - net of tax
Net unrealized loss on marketable securities	(421,738)	(77,029)
Foreign exchange translation income (loss)	(6,820)	266
TOTAL COMPREHENSIVE LOSS	$ (3,984,063)	$ (4,599,697)
Net loss per common share - Basic and Diluted	$ (0.82)	$ (1.24)
Weighted average common shares - Basic and Diluted	4,317,875	3,685,206

Consolidated Statements of Chan

Consolidated Statements of Change in Stockholders' Equity - USD ($)	Series B Convertible Preferred Stock [Member] Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance at Dec. 31, 2020	$ 1	$ 260	$ 16,720,525	$ (17,698,936)	$ (171,586)	$ (1,149,736)
Beginning balance, shares at Dec. 31, 2020	872,766	2,590,120
Foreign currency translation gain					266	266
Unrealized gain on marketable securities					(77,029)	(77,029)
Stock compensation - stock options			1,518,756			1,518,756
Exercise of options		$ 9	542,491			542,500
Exercise of options, shares		92,500
Exercise of warrants		$ 27	327,098			327,125
Exercise of warrants, shares		269,170
Issuance of shares and warrants from offering, net of offering costs		$ 80	11,707,959			11,708,039
Issuance of shares and warrants from offering, net of offering costs, shares		795,000
Conversion of preferred stock	$ (1)	$ 22	(21)
Conversion of preferred stock,Shares	(872,766)	218,192
Conversion of notes and interest		$ 32	1,594,936			1,594,968
Conversion of notes and interest, shares		317,546
Stock issued for underwriter		$ 2	(2)
Stock issued for underwriter, shares		19,875
Net loss				(4,522,934)		(4,522,934)
Ending balance at Dec. 31, 2021		$ 432	32,411,742	(22,221,870)	(248,349)	9,941,955
Ending balance, shares at Dec. 31, 2021		4,302,403
Foreign currency translation gain					(6,820)	(6,820)
Unrealized gain on marketable securities					(421,738)	(421,738)
Stock compensation - stock options			844,248			844,248
Conversion of notes and interest		$ 2	94,893			$ 94,985
Conversion of notes and interest, shares		18,912				18,911
Net loss				(3,555,505)		$ (3,555,505)
Stock compensation - warrants			20,433			20,433
Ending balance at Dec. 31, 2022		$ 434	$ 33,371,406	$ (25,777,375)	$ (676,907)	$ 6,917,558
Ending balance, shares at Dec. 31, 2022		4,321,315

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss	$ (3,555,505)	$ (4,522,934)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation expense	30
Stock-based compensation	864,681	1,518,756
Change in fair value of the derivative liability		(83,670)
Realized loss on sale of marketable securities	46,051	2,486
Amortization of debt discount	110,797	427,137
Changes in operating assets and liabilities
Prepaid expenses	631,728	(480,510)
Accounts payable and accrued expenses	(91,596)	340,121
NET CASH USED IN OPERATING ACTIVITIES	(1,993,814)	(2,798,614)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of marketable securities	1,632,901	485,946
Purchase of marketable securities	(34,122)	(10,395,547)
Purchase of fixed assets	(1,805)
NET CASH PROVIDED BY INVESTING ACTIVITIES	1,596,974	(9,909,601)
CASH FLOWS FROM FINANCING ACTIVITIES
Exercise of warrants for cash		327,125
Exercise of options for cash		542,500
Issuance of shares and warrants from offering, net of offering costs		11,708,039
Proceeds from notes payable		100,000
Repayment of notes payable		(100,000)
NET CASH PROVIDED BY FINANCING ACTIVITIES		12,577,664
Effect of exchange rate changes on cash	70,858	631
NET CHANGE IN CASH	(325,982)	(129,920)
CASH, BEGINNING OF THE PERIOD	541,171	671,091
CASH, END OF THE PERIOD	215,189	541,171
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest expense
Cash paid for income taxes
NONCASH FINANCING AND INVESTING TRANSACTIONS
Shares issued for conversion of notes and interest	94,985	1,594,968
Unrealized loss on marketable securities	$ 421,738	$ 77,029

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND NATURE OF BUSINESS	NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Company Background Protagenic Therapeutics, Inc. (“we,” “our,” “Protagenic” or “the Company”), formerly known as Atrinsic, Inc., is a Delaware corporation with one subsidiary named Protagenic Therapeutics Canada (2006) Inc. (“PTI Canada”), a corporation formed in 2006 under the laws of the Province of Ontario, Canada. We are a biopharmaceutical company specializing in the discovery and development of therapeutics to treat stress-related neuropsychiatric and mood disorders. Reverse Stock Split On March 22, 2023, the Company effectuated a 1 for 4 reverse stock split

LIQUIDITY

LIQUIDITY	12 Months Ended
	Dec. 31, 2022
Liquidity
LIQUIDITY	NOTE 2 - LIQUIDITY As shown in the accompanying consolidated financial statements, the Company has incurred significant recurring losses resulting in an accumulated deficit. The Company anticipates further losses in the development of its business. The Company also had negative cash flows used in operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Based on its cash resources and positive working capital as of December 31, 2022, the Company has sufficient resources to fund its operations at least until the end of the third quarter of 2024. The positive working capital as of December 31, 2022 was due to funds raised by the Company from its equity offering during the year ended December 31, 2021. Absent generation of sufficient revenue from the execution of the Company’s business plan, the Company will need to obtain debt or equity financing by the third quarter of 2024. Because the Company has sufficient resources on hand to fund operations through the next twelve months from the date these consolidated financial statements are available to be issued, the Company believes that this alleviates the substantial doubt in connection with its ability to continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation Principles of consolidation The consolidated financial statements include the accounts of Protagenic Therapeutics, Inc., and its wholly owned Canadian subsidiary, PTI Canada. All significant intercompany balances and transactions have been eliminated. Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Significant estimates underlying the consolidated financial statements include valuation of stock options and warrants and assessment of deferred tax asset valuation allowance. Concentrations of Credit Risk The Company maintains its cash accounts at financial institutions which are insured by the Federal Deposit Insurance Corporation. At times, the Company may have deposits in excess of federally insured limits. As of December 31, 2022, the Company has bank balances that exceeds the federally insured limits. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of December 31, 2022 and December 31, 2021 the Company did not have any cash equivalents. Marketable Securities The Company accounts for marketable debt securities, the only type of securities it owns, in accordance with the FASB Accounting Standards Codification 320, Investments – Debt and Equity Securities (“ASC 320”). Pursuant to ASC 320-10-35-1, investments in debt securities that are classified as available for sale shall be measured subsequently at fair value in the consolidated balance sheets at each balance sheet date. Unrealized holding gains and losses for available-for-sale securities (including those classified as current assets) shall be excluded from earnings and reported in other comprehensive income until realized. During the year ended December 31, 2022 the Company purchased $ 34,122 1,632,901 46,051 421,738 7,763,517 9,830,085 Equipment Equipment is stated at cost less accumulated depreciation. Cost includes expenditures for computer equipment. Maintenance and repairs are charged to expense as incurred. When assets are sold, retired, or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in operations. The cost of equipment is depreciated using the straight-line method over the estimated useful lives of the related assets which is three years. Depreciation expense was not material for the year ended December 31, 2022. Fair Value Measurements ASC 820, “Fair Value Measurements and Disclosure,” defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not adjusted for transaction costs. ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels are described below: Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that is accessible by the Company; Level 2 Inputs – Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; Level 3 Inputs – Unobservable inputs for the asset or liability including significant assumptions of the Company and other market participants. The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts payable and accrued expenses approximate their fair value because of the short term maturity of those instruments. The carrying value of long-term debt approximates fair value since the related rates of interest approximate current market rates. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. The assets or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. The following table provides a summary of financial instruments that are measured at fair value on a recurring basis as of December 31, 2022. SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIC Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Marketable securities $ 7,763,517 $ 7,763,517 $ — $ — $ 7,763,517 The following table provides a summary of financial instruments that are measured at fair value on a recurring basis as of December 31, 2021. Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Marketable securities $ 9,830,085 $ 9,830,085 $ — $ — $ 9,830,085 Stock-Based Compensation The Company accounts for stock based compensation costs under the provisions of ASC 718, “Compensation—Stock Compensation”, which requires the measurement and recognition of compensation expense related to the fair value of stock based compensation awards that are ultimately expected to vest. Stock based compensation expense recognized includes the compensation cost for all stock based payments granted to employees, officers, non-employees, and directors based on the grant date fair value estimated in accordance with the provisions of ASC 718. ASC. 718 is also applied to awards modified, repurchased, or cancelled during the periods reported. If any award granted under the Company’s 2016 Equity Compensation Plan (the “2016 Plan”) payable in shares of common stock is forfeited, cancelled, or returned for failure to satisfy vesting requirements, otherwise terminates without payment being made, or if shares of common stock are withheld to cover withholding taxes on options or other awards, the number of shares of common stock as to which such option or award was forfeited, or which were withheld, will be available for future grants under the 2016 Plan. The Company recognizes the impact of forfeitures when they occur. Basic and Diluted Net (Loss) per Common Share Basic (loss) per common share is computed by dividing the net (loss) by the weighted average number of shares of common stock outstanding for each period. Diluted (loss) per share is computed by dividing the net (loss) by the weighted average number of shares of common stock outstanding plus the dilutive effect of shares issuable through the common stock equivalents. The effect of dilution on net loss becomes anti-dilutive and therefore is not reflected on the consolidated statements of operations and comprehensive loss. SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE Potentially Outstanding For the Years Ended December 31, 2022 For the Years Ended December 31, 2021 Conversion Feature Shares Stock Options 1,357,466 1,380,215 Warrants 1,537,158 1,533,158 Convertible Notes 86,000 103,000 Total potentially outstanding dilutive common shares 2,980,624 3,016,373 Research and Development Research and development expenses are charged to operations as incurred. Foreign Currency Translation The Company follows ASC 830, Foreign Currency Matters The functional currency of each foreign subsidiary is determined based on management’s judgment and involves consideration of all relevant economic facts and circumstances affecting the subsidiary. Generally, the currency in which the subsidiary transacts a majority of its transactions, including billings, financing, payroll and other expenditures, would be considered the functional currency, but any dependency upon the parent and the nature of the subsidiary’s operations must also be considered. If a subsidiary’s functional currency is deemed to be the local currency, then any gain or loss associated with the translation of that subsidiary’s financial statements is included in accumulated other comprehensive income. However, if the functional currency is deemed to be the U.S. Dollar, then any gain or loss associated with the re-measurement of these financial statements from the local currency to the functional currency would be included in the condensed consolidated statements of operations and comprehensive income (loss). If the Company disposes of foreign subsidiaries, then any cumulative translation gains or losses would be recorded into the condensed consolidated statements of operations and comprehensive income (loss). If the Company determines that there has been a change in the functional currency of a subsidiary to the U.S. Dollar, any translation gains or losses arising after the date of change would be included within the condensed consolidated statements of operations and comprehensive loss. Based on an assessment of the factors discussed above, the management of the Company determined its subsidiary’s local currency (i.e. the Canadian dollar) to be the functional currency for its foreign subsidiary. Recent Accounting Pronouncements Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	NOTE 4 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following at: SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES December 31, 2022 December 31, 2021 Accounting $ 36,750 $ 68,151 Research and development 557,934 375,427 Legal 25,462 77,000 Other 155,486 278,957 Total $ 775,632 $ 799,535

NOTE PAYABLE AND CONVERTIBLE NO

NOTE PAYABLE AND CONVERTIBLE NOTE PAYABLE	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
NOTE PAYABLE AND CONVERTIBLE NOTE PAYABLE	NOTE 5 – NOTE PAYABLE AND CONVERTIBLE NOTE PAYABLE Convertible Notes Payable During the years ended December 31, 2022 and 2021, the Company amortized $ 110,797 333,400 79,409 182,716 During the year ended December 31, 2022, a total of 18,912 85,000 9,985 As of December 31, 2022 and December 31, 2021, the Company owes $ 230,000 315,000 Convertible Notes Payable – Related Parties During the years ended December 31, 2022 and 2021, the Company amortized $ 7,490 93,737 6,361 13,851 As of December 31, 2022 and December 31, 2021, the Company owes $ 200,000 200,000

STOCKHOLDERS_ DEFICIT

STOCKHOLDERS’ DEFICIT	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
STOCKHOLDERS’ DEFICIT	NOTE 6 - STOCKHOLDERS’ DEFICIT Common Stock During the years ended December 31, 2022, the Company issued 18,911 shares of common stock for the conversion of notes and interest. (See Note 5). Stock-Based Compensation The Company adopted an Employee, Director and Consultant Stock Plan on June 17, 2016 (the “2016 Plan”). Pursuant to the 2016 Plan, the Company’s Compensation Committee may grant awards to any employee, officer, director, consultant, advisor or other individual service provider of the Company or any subsidiary. Due to an annual “evergreen” provision in the 2016 Plan, the number of shares reserved for future grants was increased by 184,260 142,457 1,543,872 1,359,612 There were 1,357,466 SCHEDULE OF SHARE-BASED PAYMENT AWARD, STOCK OPTIONS, VALUATION ASSUMPTIONS Exercise price $ 4.84 Expected dividend yield 0 % Risk free interest rate 1.73 % Expected life in years 10 Expected volatility 146 % There were 1,380,216 Exercise price $ 7.84 22.40 Expected dividend yield 0 % Risk free interest rate 0.81% 1.58 % Expected life in years 5 10 Expected volatility 147% 158 % The following is an analysis of the stock option grant activity under the Plan: SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTIONS, ACTIVITY Weighted Weighted Number Exercise Price Remaining Life Stock Options Outstanding December 31, 2020 1,399,466 $ 5.88 6.48 Granted 145,750 $ 19.08 9.12 Expired (72,500 ) $ 4.00 - Exercised (92,500 ) $ 5.92 - Outstanding December 31, 2021 1,380,216 $ 7.36 6.32 Granted 12,500 $ 4.84 9.02 Expired (35,250 ) $ 6.09 - Exercised - $ - - Outstanding December 31, 2022 1,357,466 $ 7.39 5.41 A summary of the status of the Company’s nonvested options as of December 31, 2022, and changes during the years ended December 31, 2022 and 2021, is presented below: SCHEDULE OF SHARE-BASED COMPENSATION NONVESTED SHARES Nonvested Options Options Weighted-Average Nonvested at December 31, 2020 215,708 $ 7.00 Granted 145,750 $ 19.08 Vested 158,875 $ 12.28 Forfeited - $ - Nonvested at December 31, 2021 202,583 $ 12.32 Granted 12,500 $ 4.84 Vested (96,896 ) $ 10.44 Forfeited - $ - Nonvested at December 31, 2022 118,187 $ 13.07 As of December 31, 2022, the Company had 1,357,466 7.39 0 The total number of options granted during the years ended December 31, 2022 and 2021 was 12,500 145,750 4.84 22.40 The Company recognized compensation expense related to options issued of $ 844,248 1,518,756 747,830 1,513,835 96,418 4,921 182,748 769,479 661,500 749,277 As of December 31, 2022, the unamortized stock option expense was $ 1,342,673 8,566 1,334,107 3.37 On January 6, 2022, the Company issued a total of 12,500 68,614 4.84 10 Warrants: A summary of warrant issuances are as follows: SUMMARY OF WARRANT ISSUANCES Weighted Weighted Number Exercise Price Remaining Life Warrants Outstanding December 31, 2020 1,001,765 4.24 1.86 Granted 914,250 19.92 4.83 Expired (37,562 ) 5.00 - Exercised (345,295 ) 4.52 - Outstanding December 31, 2021 1,533,158 $ 13.52 3.15 Granted 4,000 5.00 4.02 Expired - - - Exercised - - - Outstanding December 31, 2022 1,537,158 $ 13.49 2.15 As of December 31, 2022, the Company had 1,537,158 13.49 0 The Company recognized compensation expense related to warrants issued of $ 20,433 0 On January 6, 2022, the Company cancelled 4,000 4,000 5 5.00

COLLABORATIVE AGREEMENTS

COLLABORATIVE AGREEMENTS	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COLLABORATIVE AGREEMENTS	NOTE 7 - COLLABORATIVE AGREEMENTS The Company and the University of Toronto (the “University”) entered into an agreement effective April 1, 2014 (the “New Research Agreement”) for the performance of a research project titled “Teneurin C-terminal Associated Peptide (“TCAP”) mediated stress attenuation in vertebrates: Establishing the role of organismal and intracellular energy and glucose regulation and metabolism” (the “New Project”). The New Project is to perform research related to work done by Dr. David A. Lovejoy, a professor at the University and stockholder of the Company, in regard to TCAP mediated stress attenuation in vertebrates: Establishing the role of organismal and intracellular energy and glucose regulation and metabolism. In addition to the New Research Agreement, Dr. Lovejoy entered into an agreement with the University in order to commercialize certain technologies. The New Research Agreement expired on March 30, 2016. In February 2017, the New Research Agreement was extended to December 31, 2017. The extension allowed for further development of the technologies and use of their applications. On April 10, 2018, the agreement was amended and the research agreement has been further extended to December 31, 2023. Prior to January 1, 2016, the University has been granted 6,250 4.00 ten year 138,325 113,325 25,000 These have an exercise price of $4.00, $5.00 or $7.00 and are exercisable over a period ranging from 10 to 13 years. The sponsorship research and development expenses pertaining to the Research Agreements were $ 28,645 0

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 8 - COMMITMENTS AND CONTINGENCIES Licensing Agreements On July 31, 2005, the Company had entered into a Technology License Agreement (“License Agreement”) with the University pursuant to which the University agreed to license to the Company patent rights and other intellectual property, among other things (the “Technologies”). The Technology License Agreement was amended on February 18, 2015 and currently does not provide for an expiration date. Pursuant to the License Agreement and its amendment, the Company obtained an exclusive worldwide license to make, have made, use, sell and import products based upon the Technologies, or to sublicense the Technologies in accordance with the terms of the License Agreement and amendment. In consideration, the Company agreed to pay to the University a royalty payment of 2.5 10 2.5 no In the event the Company fails to provide the University with semi-annual reports on the progress or fails to continue to make reasonable commercial efforts towards obtaining regulatory approval for products based on the Technologies, the University may convert our exclusive license into a non-exclusive arrangement. Interest on any amounts owed under the License Agreement and amendment will be at 3 2.5 The patent applications were made in the name of Dr. Lovejoy and other inventors, but the Company’s exclusive, worldwide rights to such patent applications are included in the License Agreement and its amendment with the University. The Company maintains exclusive licensing agreements and it currently controls the five intellectual patent properties. Legal Proceedings From time to time we may be named in claims arising in the ordinary course of business. Currently, no legal proceedings, government actions, administrative actions, investigations or claims are pending against us or involve us that, in the opinion of our management, could reasonably be expected to have a material adverse effect on our business and financial condition.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS The Company is provided free office space consisting of a conference room by the Company Executive Chairman, Dr. Armen. The Company does not pay any rent for the use of this space. This space is used for quarterly board meetings and our annual shareholder meeting. During the year ended December 31, 2021, the Company engaged Agenus Inc., a related party, to perform research and development services. Agenus Inc. is a related party due to the Company’s Director and Chairman of the Board being the CEO and Chairman of the Board for Agenus Inc. The Company accrued $ 300,000 105,928 105,928 During the year ended December 31, 2022, the Company engaged CTC North, GmbH (“CTC”) to perform research and development services. CTC is a related party due to the Company’s Director and Chairman of the Board being the CEO and Chairman of the Board for Agenus Inc, CTC’s parent company. The total commitment for this agreement is $ 1.3 105,801 0

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 10 – INCOME TAXES The components of loss before income taxes are as follows: SCHEDULE OF LOSS BEFORE INCOME TAX 2022 2021 Domestic (3,522,834 ) (4,522,862 ) Foreign (32,671 ) (72 ) Loss before income taxes (3,555,505 ) (4,522,934 ) The Company had no income tax expense due to operating losses incurred for the years ended December 31, 2022 and 2021. For the years ended December 31, 2022 and 2021, a reconciliation of the Company’s effective tax rate to the statutory U.S. Federal rate is as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2022 2021 Income taxes at Federal statutory rate (21.0 )% (21.0 )% State income taxes, net of Federal income tax effect (8.8 )% (8.9 )% Perm difference 0.0 % 0.0 % Foreign tax rate differential (0.2 )% 0.0 % Change in valuation allowance 30.0 % 29.9 % Other 0.0 % 0.0 % Income tax provision 0.0 % 0.0 % The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2022 2021 U.S. net operating loss carryforwards 3,620,000 3,779,000 Stock compensation 1,931,000 1,672,000 Canadian Provincial income tax losses 7,000 (3,000 ) Canadian Provincial scientific investment tax credits - (27,000 ) Deferred tax assets, gross 5,558,000 5,421,000 Valuation allowance (5,558,000 ) (5,421,000 ) Net deferred tax assets - - As of December 31, 2022 the Company had federal net operating loss carryforwards (“NOL”) of approximately $ 10.8 80 % of a corporation’s taxable income (subject to Section 382 of the Internal Revenue Code of 1986, as amended). Also, there will be no carryback for losses incurred after 2017. Losses incurred prior to 2018 will generally be deductible to the extent of the lesser of a corporation’s net operating loss carryover or 100 % of a corporation’s taxable income and be available for twenty years from the period the loss was generated. The federal net operating losses generated prior to 2018 of $0.1 million will expire at various dates through 2037. As of December 31, 2022 and 2021, the Company had state and local net operating loss carryforwards of approximately $ 9,568,415 and $ 6,921,574 , respectively, to reduce future state tax liabilities also through 2035. As of December 31, 2022 and 2021, the Company had Canadian NOL of approximately $ 1,413,000 1,446,000 0 0 As a result of losses and uncertainty of future profit, the net deferred tax asset has been fully reserved. The net change in the valuation allowance during the years ended December 31, 2022 and 2021 was an increase of $ 137,000 1,300,000 Foreign earnings are assumed to be permanently reinvested. U.S. Federal income taxes have not been provided on undistributed earnings of our foreign subsidiary. The Company recognizes interest and penalties related to uncertain tax positions in selling, general and administrative expenses. The Company has not identified any uncertain tax positions requiring a reserve as of December 31, 2022 and 2021. The Company is required to file U.S. federal and state income tax returns. These returns are subject to audit by tax authorities beginning with the year ended December 31, 2017.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation
Principles of consolidation	Principles of consolidation The consolidated financial statements include the accounts of Protagenic Therapeutics, Inc., and its wholly owned Canadian subsidiary, PTI Canada. All significant intercompany balances and transactions have been eliminated.
Use of estimates	Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. Significant estimates underlying the consolidated financial statements include valuation of stock options and warrants and assessment of deferred tax asset valuation allowance.
Concentrations of Credit Risk	Concentrations of Credit Risk The Company maintains its cash accounts at financial institutions which are insured by the Federal Deposit Insurance Corporation. At times, the Company may have deposits in excess of federally insured limits. As of December 31, 2022, the Company has bank balances that exceeds the federally insured limits. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of December 31, 2022 and December 31, 2021 the Company did not have any cash equivalents.
Marketable Securities	Marketable Securities The Company accounts for marketable debt securities, the only type of securities it owns, in accordance with the FASB Accounting Standards Codification 320, Investments – Debt and Equity Securities (“ASC 320”). Pursuant to ASC 320-10-35-1, investments in debt securities that are classified as available for sale shall be measured subsequently at fair value in the consolidated balance sheets at each balance sheet date. Unrealized holding gains and losses for available-for-sale securities (including those classified as current assets) shall be excluded from earnings and reported in other comprehensive income until realized. During the year ended December 31, 2022 the Company purchased $ 34,122 1,632,901 46,051 421,738 7,763,517 9,830,085
Equipment	Equipment Equipment is stated at cost less accumulated depreciation. Cost includes expenditures for computer equipment. Maintenance and repairs are charged to expense as incurred. When assets are sold, retired, or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in operations. The cost of equipment is depreciated using the straight-line method over the estimated useful lives of the related assets which is three years. Depreciation expense was not material for the year ended December 31, 2022.
Fair Value Measurements	Fair Value Measurements ASC 820, “Fair Value Measurements and Disclosure,” defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, not adjusted for transaction costs. ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels giving the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels are described below: Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that is accessible by the Company; Level 2 Inputs – Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; Level 3 Inputs – Unobservable inputs for the asset or liability including significant assumptions of the Company and other market participants. The carrying amount of the Company’s financial assets and liabilities, such as cash, accounts payable and accrued expenses approximate their fair value because of the short term maturity of those instruments. The carrying value of long-term debt approximates fair value since the related rates of interest approximate current market rates. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. The assets or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. The following table provides a summary of financial instruments that are measured at fair value on a recurring basis as of December 31, 2022. SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIC Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Marketable securities $ 7,763,517 $ 7,763,517 $ — $ — $ 7,763,517 The following table provides a summary of financial instruments that are measured at fair value on a recurring basis as of December 31, 2021. Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Marketable securities $ 9,830,085 $ 9,830,085 $ — $ — $ 9,830,085
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock based compensation costs under the provisions of ASC 718, “Compensation—Stock Compensation”, which requires the measurement and recognition of compensation expense related to the fair value of stock based compensation awards that are ultimately expected to vest. Stock based compensation expense recognized includes the compensation cost for all stock based payments granted to employees, officers, non-employees, and directors based on the grant date fair value estimated in accordance with the provisions of ASC 718. ASC. 718 is also applied to awards modified, repurchased, or cancelled during the periods reported. If any award granted under the Company’s 2016 Equity Compensation Plan (the “2016 Plan”) payable in shares of common stock is forfeited, cancelled, or returned for failure to satisfy vesting requirements, otherwise terminates without payment being made, or if shares of common stock are withheld to cover withholding taxes on options or other awards, the number of shares of common stock as to which such option or award was forfeited, or which were withheld, will be available for future grants under the 2016 Plan. The Company recognizes the impact of forfeitures when they occur.
Basic and Diluted Net (Loss) per Common Share	Basic and Diluted Net (Loss) per Common Share Basic (loss) per common share is computed by dividing the net (loss) by the weighted average number of shares of common stock outstanding for each period. Diluted (loss) per share is computed by dividing the net (loss) by the weighted average number of shares of common stock outstanding plus the dilutive effect of shares issuable through the common stock equivalents. The effect of dilution on net loss becomes anti-dilutive and therefore is not reflected on the consolidated statements of operations and comprehensive loss. SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE Potentially Outstanding For the Years Ended December 31, 2022 For the Years Ended December 31, 2021 Conversion Feature Shares Stock Options 1,357,466 1,380,215 Warrants 1,537,158 1,533,158 Convertible Notes 86,000 103,000 Total potentially outstanding dilutive common shares 2,980,624 3,016,373
Research and Development	Research and Development Research and development expenses are charged to operations as incurred.
Foreign Currency Translation	Foreign Currency Translation The Company follows ASC 830, Foreign Currency Matters The functional currency of each foreign subsidiary is determined based on management’s judgment and involves consideration of all relevant economic facts and circumstances affecting the subsidiary. Generally, the currency in which the subsidiary transacts a majority of its transactions, including billings, financing, payroll and other expenditures, would be considered the functional currency, but any dependency upon the parent and the nature of the subsidiary’s operations must also be considered. If a subsidiary’s functional currency is deemed to be the local currency, then any gain or loss associated with the translation of that subsidiary’s financial statements is included in accumulated other comprehensive income. However, if the functional currency is deemed to be the U.S. Dollar, then any gain or loss associated with the re-measurement of these financial statements from the local currency to the functional currency would be included in the condensed consolidated statements of operations and comprehensive income (loss). If the Company disposes of foreign subsidiaries, then any cumulative translation gains or losses would be recorded into the condensed consolidated statements of operations and comprehensive income (loss). If the Company determines that there has been a change in the functional currency of a subsidiary to the U.S. Dollar, any translation gains or losses arising after the date of change would be included within the condensed consolidated statements of operations and comprehensive loss. Based on an assessment of the factors discussed above, the management of the Company determined its subsidiary’s local currency (i.e. the Canadian dollar) to be the functional currency for its foreign subsidiary.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIC	The assets or liability’s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. The following table provides a summary of financial instruments that are measured at fair value on a recurring basis as of December 31, 2022. SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIC Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Marketable securities $ 7,763,517 $ 7,763,517 $ — $ — $ 7,763,517 The following table provides a summary of financial instruments that are measured at fair value on a recurring basis as of December 31, 2021. Carrying Fair Value Measurement Using Value Level 1 Level 2 Level 3 Total Marketable securities $ 9,830,085 $ 9,830,085 $ — $ — $ 9,830,085
SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE	SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE Potentially Outstanding For the Years Ended December 31, 2022 For the Years Ended December 31, 2021 Conversion Feature Shares Stock Options 1,357,466 1,380,215 Warrants 1,537,158 1,533,158 Convertible Notes 86,000 103,000 Total potentially outstanding dilutive common shares 2,980,624 3,016,373

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES	Accounts payable and accrued expenses consist of the following at: SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES December 31, 2022 December 31, 2021 Accounting $ 36,750 $ 68,151 Research and development 557,934 375,427 Legal 25,462 77,000 Other 155,486 278,957 Total $ 775,632 $ 799,535

STOCKHOLDERS_ DEFICIT (Tables)

STOCKHOLDERS’ DEFICIT (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
SCHEDULE OF SHARE-BASED PAYMENT AWARD, STOCK OPTIONS, VALUATION ASSUMPTIONS	SCHEDULE OF SHARE-BASED PAYMENT AWARD, STOCK OPTIONS, VALUATION ASSUMPTIONS Exercise price $ 4.84 Expected dividend yield 0 % Risk free interest rate 1.73 % Expected life in years 10 Expected volatility 146 % There were 1,380,216 Exercise price $ 7.84 22.40 Expected dividend yield 0 % Risk free interest rate 0.81% 1.58 % Expected life in years 5 10 Expected volatility 147% 158 %
SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTIONS, ACTIVITY	The following is an analysis of the stock option grant activity under the Plan: SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTIONS, ACTIVITY Weighted Weighted Number Exercise Price Remaining Life Stock Options Outstanding December 31, 2020 1,399,466 $ 5.88 6.48 Granted 145,750 $ 19.08 9.12 Expired (72,500 ) $ 4.00 - Exercised (92,500 ) $ 5.92 - Outstanding December 31, 2021 1,380,216 $ 7.36 6.32 Granted 12,500 $ 4.84 9.02 Expired (35,250 ) $ 6.09 - Exercised - $ - - Outstanding December 31, 2022 1,357,466 $ 7.39 5.41
SCHEDULE OF SHARE-BASED COMPENSATION NONVESTED SHARES	A summary of the status of the Company’s nonvested options as of December 31, 2022, and changes during the years ended December 31, 2022 and 2021, is presented below: SCHEDULE OF SHARE-BASED COMPENSATION NONVESTED SHARES Nonvested Options Options Weighted-Average Nonvested at December 31, 2020 215,708 $ 7.00 Granted 145,750 $ 19.08 Vested 158,875 $ 12.28 Forfeited - $ - Nonvested at December 31, 2021 202,583 $ 12.32 Granted 12,500 $ 4.84 Vested (96,896 ) $ 10.44 Forfeited - $ - Nonvested at December 31, 2022 118,187 $ 13.07
SUMMARY OF WARRANT ISSUANCES	A summary of warrant issuances are as follows: SUMMARY OF WARRANT ISSUANCES Weighted Weighted Number Exercise Price Remaining Life Warrants Outstanding December 31, 2020 1,001,765 4.24 1.86 Granted 914,250 19.92 4.83 Expired (37,562 ) 5.00 - Exercised (345,295 ) 4.52 - Outstanding December 31, 2021 1,533,158 $ 13.52 3.15 Granted 4,000 5.00 4.02 Expired - - - Exercised - - - Outstanding December 31, 2022 1,537,158 $ 13.49 2.15

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
SCHEDULE OF LOSS BEFORE INCOME TAX	The components of loss before income taxes are as follows: SCHEDULE OF LOSS BEFORE INCOME TAX 2022 2021 Domestic (3,522,834 ) (4,522,862 ) Foreign (32,671 ) (72 ) Loss before income taxes (3,555,505 ) (4,522,934 )
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION	For the years ended December 31, 2022 and 2021, a reconciliation of the Company’s effective tax rate to the statutory U.S. Federal rate is as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2022 2021 Income taxes at Federal statutory rate (21.0 )% (21.0 )% State income taxes, net of Federal income tax effect (8.8 )% (8.9 )% Perm difference 0.0 % 0.0 % Foreign tax rate differential (0.2 )% 0.0 % Change in valuation allowance 30.0 % 29.9 % Other 0.0 % 0.0 % Income tax provision 0.0 % 0.0 %
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES	The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2022 2021 U.S. net operating loss carryforwards 3,620,000 3,779,000 Stock compensation 1,931,000 1,672,000 Canadian Provincial income tax losses 7,000 (3,000 ) Canadian Provincial scientific investment tax credits - (27,000 ) Deferred tax assets, gross 5,558,000 5,421,000 Valuation allowance (5,558,000 ) (5,421,000 ) Net deferred tax assets - -

ORGANIZATION AND NATURE OF BU_2

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative)	Mar. 22, 2023
Subsequent Event [Member]
Subsequent Event [Line Items]
Reverse stock split	1 for 4 reverse stock split

SCHEDULE OF FAIR VALUE ASSETS A

SCHEDULE OF FAIR VALUE ASSETS AND LIABILITIES MEASURED ON RECURRING BASIC (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, current	$ 7,763,517	$ 9,830,085
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	7,763,517	9,830,085
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	7,763,517	9,830,085
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure

SCHEDULE OF ANTIDILUTIVE SECURI

SCHEDULE OF ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially outstanding dilutive common shares	2,980,624	3,016,373
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially outstanding dilutive common shares	1,357,466	1,380,215
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially outstanding dilutive common shares	1,537,158	1,533,158
Convertible Notes [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially outstanding dilutive common shares	86,000	103,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Purchase of marketable securities	$ 34,122	$ 10,395,547
Proceeds from sale of marketable securities	1,632,901
Realized gain on marketable securities	46,051
Unrealized gain on marketable securities	421,738
Marketable securities	$ 7,763,517	$ 9,830,085

SCHEDULE OF ACCOUNTS PAYABLE AN

SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounting	$ 36,750	$ 68,151
Research and development	557,934	375,427
Legal	25,462	77,000
Other	155,486	278,957
Total	$ 775,632	$ 799,535

NOTE PAYABLE AND CONVERTIBLE _2

NOTE PAYABLE AND CONVERTIBLE NOTE PAYABLE (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Amortization of debt discount	$ 110,797	$ 427,137
Convertible Notes Payable [Member]
Short-Term Debt [Line Items]
Amortization of debt discount	110,797	333,400
Unamortization of debt discount	$ 79,409	182,716
Debt conversion of shares	18,912
Debt instrument principal amount	$ 85,000
Debt instrument interest amount	9,985
Convertible notes payable	230,000	315,000
Convertible Notes Payable Related Party [Member]
Short-Term Debt [Line Items]
Amortization of debt discount	7,490	93,737
Unamortization of debt discount	6,361	13,851
Convertible notes payable	$ 200,000	$ 200,000

SCHEDULE OF SHARE-BASED PAYMENT

SCHEDULE OF SHARE-BASED PAYMENT AWARD, STOCK OPTIONS, VALUATION ASSUMPTIONS (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Exercise price	$ 4.84
Expected dividend yield	0%	0%
Risk free interest rate	1.73%
Expected life in years	10 years
Expected volatility	146%
Minimum [Member]
Exercise price		$ 7.84
Risk free interest rate		0.81%
Expected life in years		5 years
Expected volatility		147%
Maximum [Member]
Exercise price		$ 22.40
Risk free interest rate		1.58%
Expected life in years		10 years
Expected volatility		158%

SCHEDULE OF SHARE-BASED COMPENS

SCHEDULE OF SHARE-BASED COMPENSATION, STOCK OPTIONS, ACTIVITY (Details) - $ / shares		12 Months Ended
	Jan. 06, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock Options Outstanding, Beginning		1,380,216
Stock Options, Granted		12,500	145,750
Stock Options Outstanding, Ending		1,357,466	1,380,216
Weighted Average Exercisable Price, Stock Options Outstanding, Ending		$ 7.39
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock Options Outstanding, Beginning		1,380,216	1,399,466
Weighted Average Exercisable Price, Stock Options Outstanding, Beginning		$ 7.36	$ 5.88
Weighted average remaining life, stock options outstanding, ending	10 years	5 years 4 months 28 days	6 years 3 months 25 days	6 years 5 months 23 days
Stock Options, Granted	12,500	12,500	145,750
Weighted Average Exercisable Price, Stock Options Outstanding, Granted	$ 4.84	$ 4.84	$ 19.08
Weighted average remaining contractual term		9 years 7 days	9 years 1 month 13 days
Stock Options, Expired		(35,250)	(72,500)
Weighted Average Exercisable Price, Stock Options Outstanding, Expired		$ 6.09	$ 4
Stock Option, Exercised			(92,500)
Weighted Average Exercisable Price, Stock Options Outstanding, Exercised			$ 5.92
Stock Option, Exercised			92,500
Stock Options Outstanding, Ending		1,357,466	1,380,216	1,399,466
Weighted Average Exercisable Price, Stock Options Outstanding, Ending		$ 7.39	$ 7.36	$ 5.88

SCHEDULE OF SHARE-BASED COMPE_2

SCHEDULE OF SHARE-BASED COMPENSATION NONVESTED SHARES (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Nonvested Options, Beginning Balance	202,583	215,708
Nonvested, Weighterd Average Exercise Price, Beginning Balance	$ 12.32	$ 7
Nonvested Options, Granted	12,500	145,750
Nonvested, Weighterd Average Exercise Price, Granted	$ 4.84	$ 19.08
Nonvested Options, Vested	96,896	158,875
Nonvested, Weighterd Average Exercise Price, Vested	$ 10.44	$ 12.28
Nonvested Options, Forfeited
Nonvested, Weighterd Average Exercise Price, Forfeited
Nonvested Options, Vested	(96,896)	(158,875)
Nonvested Options, Ending Balance	118,187	202,583
Nonvested, Weighterd Average Exercise Price, Ending Balance	$ 13.07	$ 12.32

SUMMARY OF WARRANT ISSUANCES (D

SUMMARY OF WARRANT ISSUANCES (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Number of Warrants Outstanding, Beginning	1,533,158	1,001,765
Number of Warrants Outstanding, Weighted Average Exercise Price, Beginning	$ 13.52	$ 4.24
Number of Warrants Outstanding, Weighted Average Remaining Life	2 years 1 month 24 days	3 years 1 month 24 days	1 year 10 months 9 days
Number of Warrants Outstanding, Granted	4,000	914,250
Number of Warrants Outstanding, Weighted Average Exercise Price, Granted	$ 5	$ 19.92
Number of Warrants Outstanding, Weighted Average Remaining Life	4 years 7 days	4 years 9 months 29 days
Number of Warrants Outstanding, Expired		(37,562)
Number of Warrants Outstanding, Weighted Average Exercise Price, Expired		$ 5
Number of Warrants Outstanding, Exercised		(345,295)
Number of Warrants Outstanding, Weighted Average Exercise Price, Exercised		$ 4.52
Number of Warrants Outstanding, Expired		37,562
Number of Warrants Outstanding, Exercised		345,295
Number of Warrants Outstanding, Ending	1,537,158	1,533,158	1,001,765
Number of Warrants Outstanding, Weighted Average Exercise Price, Ending	$ 13.49	$ 13.52	$ 4.24

STOCKHOLDERS_ DEFICIT (Details

STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($)				12 Months Ended
	Jan. 06, 2022	Jan. 01, 2022	Jan. 01, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares issued, conversion of convertible securities				18,911
Stock options outstanding				1,357,466	1,380,216
Stock options outstanding weighted average exercise price				$ 7.39
Stock options. intrinsic value				$ 0
Options to purchase shares				12,500	145,750
Weighted average period for unamortized stock compensation				3 years 4 months 13 days
Warrant shares, outstanding				1,537,158	1,533,158	1,001,765
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share based compensation expense				$ 20,433	$ 0
Warrant shares, outstanding				1,537,158
Warrant exercise price				$ 13.49
Class of warrant or right, outstanding, intrinsic value				$ 0
Option forfeited	4,000
Warrants to purchase common stock	4,000
Warrant term	5 years
Warrant exercise price	$ 5
Employees [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share based compensation expense				182,748	769,479
Unamortized stock option expense				8,566
Non-Employees [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share based compensation expense				661,500	$ 749,277
Unamortized stock option expense				$ 1,334,107
Share-Based Payment Arrangement, Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock options outstanding				1,357,466	1,380,216	1,399,466
Stock options outstanding weighted average exercise price				$ 7.39	$ 7.36	$ 5.88
Options to purchase shares	12,500			12,500	145,750
Stock options exercise price	$ 4.84			$ 4.84	$ 19.08
Share based compensation expense				$ 844,248	$ 1,518,756
Stock options, fair value	$ 68,614
Stock options, weighted average remaining contractual term	10 years			5 years 4 months 28 days	6 years 3 months 25 days	6 years 5 months 23 days
Share-Based Payment Arrangement, Option [Member] | General and Administrative Expense [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share based compensation expense				$ 747,830	$ 1,513,835
Share-Based Payment Arrangement, Option [Member] | Research and Development Expense [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share based compensation expense				$ 96,418	$ 4,921
Share-Based Payment Arrangement, Option [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock options exercise price				$ 4.84
Share-Based Payment Arrangement, Option [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock options exercise price				$ 22.40
Equity Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unamortized stock option expense				$ 1,342,673
2016 Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of additional shares granted		184,260	142,457
Number of shares available for grant				1,543,872	1,359,612

COLLABORATIVE AGREEMENTS (Detai

COLLABORATIVE AGREEMENTS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2015
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of stock options vested	96,896	158,875
Research and development expense	$ 1,589,239	$ 1,136,790
Research Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expense	$ 28,645	$ 0
University of Toronto [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Share-based compensation stock options, grants			6,250
Share-based compensation weighted average exercise price			$ 4
Share-based payment award, expiration period			10 years
Dr. David Lovejoy [Member] | Share-Based Payment Arrangement, Option [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Share-based compensation stock options, grants	138,325
Number of stock options vested	113,325
Number of stock options expired	25,000
Options expiration date, description	These have an exercise price of $4.00, $5.00 or $7.00 and are exercisable over a period ranging from 10 to 13 years.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Royalty payment on behalf of sublicensee percentage	2.50%
Sales revenue	$ 0	$ 0
Interest on amounts owed under license agreement, rate	3%
Licensing Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Royalty payment, percentage	2.50%
Up-front sub-license fees, percentage	10%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Agenus Inc. [Member]
Related Party Transaction [Line Items]
Accrued expense related to services	$ 105,928	$ 300,000
Related party balance	105,928
CTC North, GmbH [Member]
Related Party Transaction [Line Items]
Commitment for agreement	1,300,000
Agreement expenses	105,801
Related party payments	$ 0

SCHEDULE OF LOSS BEFORE INCOME

SCHEDULE OF LOSS BEFORE INCOME TAX (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ (3,522,834)	$ (4,522,862)
Foreign	(32,671)	(72)
LOSS BEFORE TAX	$ (3,555,505)	$ (4,522,934)

SCHEDULE OF EFFECTIVE INCOME TA

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income taxes at Federal statutory rate	(21.00%)	(21.00%)
State income taxes, net of Federal income tax effect	(8.80%)	(8.90%)
Perm difference	0%	0%
Foreign tax rate differential	(0.20%)	0%
Change in valuation allowance	30%	29.90%
Other	0%	0%
Income tax provision	0%	0%

SCHEDULE OF DEFERRED TAX ASSETS

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. net operating loss carryforwards	$ 3,620,000	$ 3,779,000
Stock compensation	1,931,000	1,672,000
Canadian Provincial income tax losses	7,000	(3,000)
Canadian Provincial scientific investment tax credits		(27,000)
Deferred tax assets, gross	5,558,000	5,421,000
Valuation allowance	(5,558,000)	(5,421,000)
Net deferred tax assets

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
[custom:OperatingLossCarryforwardsExpirationDescription]	The federal net operating losses generated prior to 2018 of $0.1 million will expire at various dates through 2037.
Research and development investment tax credits	$ 0	$ 0
No change in valuation allowance	$ 137,000	1,300,000
Losses Incurred After 2017 [Member]
Operating Loss Carryforwards [Line Items]
[custom:PercentageOfCorporationsTaxableIncome-0]	80%
Losses Incurred Prior To 2018 [Member]
Operating Loss Carryforwards [Line Items]
[custom:PercentageOfCorporationsTaxableIncome-0]	100%
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 10,800,000
State And Local [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	9,568,415	6,921,574
CANADA
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 1,413,000	$ 1,446,000