Inhibitor Therapeutics (INTI) 10-K 31 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2023	Jun. 30, 2022
Cover [Abstract]
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	001-13467
Entity Registrant Name	Inhibitor Therapeutics, Inc.
Entity Central Index Key	0001042418
Entity Tax Identification Number	30-0793665
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	900 West Platt St Suite 200
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33606-2173
City Area Code	813
Local Phone Number	864-2562
Title of 12(g) Security	Common stock, par value $.0001
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			$ 7.8
Entity Common Stock, Shares Outstanding		171,793,134
ICFR Auditor Attestation Flag	false
Auditor Firm ID	677
Auditor Name	Cherry Bekaert LLP
Auditor Location	Tampa, Florida

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 11,951,224	$ 30,626
Prepaid expenses	23,900	28,158
Total current assets	11,975,124	58,784
Total assets	11,975,124	58,784
Current liabilities:
Accounts payable	145,161	279,842
Dividends payable, related party		100,823
Note payable, related party	411,000	231,000
Interest payable, related party		14,965
Accrued expenses and other liabilities	122,621	53,000
Total current liabilities	678,782	679,630
Deferred revenue, related party	3,000,000	3,000,000
Total liabilities	3,678,782	3,679,630
Commitments and contingencies (Note 9)
Stockholders’ equity (deficit):
Common stock, $0.0001 par value; 500,000,000 shares authorized; 171,793,134 and 376,858,323 shares issued and outstanding at December 31, 2022 and December 31, 2021	17,179	37,686
Additional paid-in capital	54,033,084	50,051,711
Accumulated deficit	(45,753,921)	(57,671,109)
Total stockholders’ equity (deficit)	8,296,342	(3,620,846)
Total liabilities and stockholders’ equity (deficit)	11,975,124	58,784
Series A Preferred Stock [Member]
Stockholders’ equity (deficit):
Preferred Stock value
Series B Convertible Preferred Stock [Member]
Stockholders’ equity (deficit):
Preferred Stock value		3,960,866
Undesignated Preferred Stock [Member]
Stockholders’ equity (deficit):
Preferred Stock value

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Common Stock, par value	$ 0.0001	$ 0.0001
Common Stock, shares authorized	500,000,000	500,000,000
Common stock, shares outstanding	171,793,134	376,858,323
Common stock, shares issued	171,793,134	376,858,323
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	7,246,377	7,246,377
Preferred stock, shares issued	0	5,797,102
Preferred stock, shares outstanding	0	5,797,102
Undesignated Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	2,253,623	2,253,623
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues:
Expenses:
Research and development	6,150	4,905
General and administrative	651,776	320,490
Total expenses	657,926	325,395
Loss from operations	(657,926)	(325,395)
Other income/(expenses):
Gain on loan forgiveness		41,600
Gain on legal settlement	12,619,492
Gain on forgiveness of legal fees	223,007
Interest expense	(23,234)	(14,837)
Income (loss) before income tax expense	12,161,339	(298,632)
Income tax expense	55,109
Net income (loss)	12,106,230	(298,632)
Preferred stock dividend	(189,042)	(200,001)
Net income (loss) applicable to common shareholders	$ 11,917,188	$ (498,633)
Basic income (loss) per share	$ 0.03	$ 0
Diluted income (loss) per share	$ 0.03	$ 0
Weighted average common shares outstanding – basic	366,183,697	376,247,777
Weighted average common shares outstanding – diluted	367,776,961	376,247,777

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Deficit) - USD ($)	Series B Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2020	$ 3,960,866	$ 37,364	$ 49,814,043	$ (57,172,476)	$ (3,360,203)
Beginning balance, shares at Dec. 31, 2020	5,797,102	373,635,873
Issuance of common stock for payment of dividends on Preferred Stock, related party		$ 322	199,678		200,000
Issuance of common stock for payment of dividends on Preferred Stock, related party, shares		3,222,450
Stock based compensation			37,990		37,990
Preferred stock dividends, related party				(200,001)	(200,001)
Net income (loss)				(298,632)	(298,632)
Ending balance, value at Dec. 31, 2021	$ 3,960,866	$ 37,686	50,051,711	(57,671,109)	(3,620,846)
Beginning balance, shares at Dec. 31, 2021	5,797,102	376,858,323
Preferred stock dividends, related party				(189,042)	(189,042)
Net income (loss)				12,106,230	12,106,230
Cancellation of preferred and common stock	$ (3,960,866)	$ (20,507)	3,981,373
Cancellation of preferred and common stock, shares	(5,797,102)	(205,065,189)
Ending balance, value at Dec. 31, 2022		$ 17,179	$ 54,033,084	$ (45,753,921)	$ 8,296,342
Beginning balance, shares at Dec. 31, 2022		171,793,134

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
Net income (loss)	$ 12,106,230	$ (298,632)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities
Stock based compensation		37,990
Gain on loan forgiveness		(41,600)
Gain on legal settlement	(330,830)
Gain on forgiveness of legal fees	(176,889)
Changes in assets and liabilities:
Prepaid expense and other assets	4,258	28,542
Accounts payable and other current liabilities	137,829	53,267
Net cash provided by (used in) operating activities	11,740,598	(220,433)
FINANCING ACTIVITIES
Proceeds from term debt facility, related party	180,000	176,000
Net cash provided by financing activities	180,000	176,000
Net increase (decrease) in cash and cash equivalents	11,920,598	(44,433)
Cash and cash equivalents at beginning of year	30,626	75,059
Cash and cash equivalents at end of year	11,951,224	30,626
Supplemental disclosure of non-cash financing activities:
Issuance of common stock for payment of Preferred Stock dividend		200,000
Cancellation of Mayne Equity	3,981,373
Accrued, but unpaid dividends	$ 189,042	$ 100,823

Corporate overview

Corporate overview	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Corporate overview	1. Corporate overview Overview The accompanying audited financial statements of Inhibitor Therapeutics, Inc., a Delaware corporation (the “Company”, “INTI”, “we”, “us” or similar terminology) as successor to Commonwealth Biotechnologies, Inc., a Virginia corporation (“CBI”), have been prepared by the Company as a going concern, and in accordance with accounting principles generally accepted in the United States of America (“GAAP”). As used herein, the term “common stock” means the Company’s common stock, $ 0.0001 Nature of the Business The Company is a pharmaceutical development company that is focused on developing and ultimately commercializing innovative therapeutics for patients with certain cancers and certain non-cancerous proliferation disorders. The Company has explored and expects to continue to explore acquiring or licensing other innovative therapeutics addressing unmet needs and orphan indications beyond cancer. While the Company is not presently conducting research and development activities with respect to its currently in-licensed technologies and its own intellectual property as a result of recently settled litigation involving the Company (see Note 9), the Company expects to continue to explore acquiring or licensing innovative preclinical and clinical stage therapeutics. The Company’s current primary focus is on the development of therapies initially for prostate and lung cancer in the U.S. market utilizing itraconazole, a drug currently approved by the U.S. Food and Drug Administration (“FDA”) for, and has been extensively used to, treat fungal infections, and has an extensive history of safe and effective use in humans. The Company has developed, optioned, and licensed intellectual property and know-how related to the treatment of cancer patients using itraconazole and certain itraconazole analogues.

Liquidity and management_s plan

Liquidity and management’s plans	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity and management’s plans	2. Liquidity and management’s plans Due in significant part to the ongoing litigation in which the Company is involved (see Note 9), the Company has had very little cash and has been unable for some time to secure substantive additional funding to resume research and development activities. As a result, there had been substantial doubt about the Company’s ability to continue as a going concern. As discussed in Note 9, a settlement agreement was executed that went into effect on December 13, 2022, which among other stipulations resulted in the payment of approximately $ 14.3 On December 31, 2022, the Company had approximately $ 12

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Recent accounting pronouncements Management has considered all other recent accounting pronouncements that are issued, but not effective, and it does not believe that they will have a significant impact on the Company’s results of operations or financial position. Estimates The preparation of financial statements 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 financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. INHIBITOR THERAPEUTICS, INC. NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2022 AND 2021 3. Summary of Significant Accounting Policies – stock-based compensation Revenue Recognition The Company currently has no ongoing source of revenues. Miscellaneous income, including interest, is recognized when earned by the Company. Deferred revenue represents cash received for royalties in advance of being earned. Such payments are reflected as deferred revenue until recognized under the Company’s revenue recognition policy. Deferred revenue would be classified as current if management believes the Company will be able to recognize the deferred amount as revenue within twelve months of the balance sheet date. Deferred revenue will be recognized when the product is sold and the royalty is earned. Since all deferred revenue is related to the BCCNS product which is yet to be approved by FDA, the Company has determined that 100% 3.0 Legal Settlement Gain on legal settlement includes a legal settlement awarded to and received by the Company in accordance with a Settlement Agreement, along with various other items, including legal costs incurred relating to the litigation and forgiveness of certain balances due to the Defendants. Forgiveness of Legal Fees Gain on forgiveness of legal fees includes the forgiveness of legal fees previously incurred and owed to external legal counsel. Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. At times, the Company may maintain cash balances in bank accounts in excess of Federal Deposit Insurance Corporation insured amounts of $ 250,000 Research and Development Expenses Research and development costs are expensed in the period in which they are incurred and include the expenses paid to third parties who conduct research and development activities on behalf of the Company as well as purchased in-process research and development. Stock-Based Compensation The Company accounts for stock-based awards to employees and non-employees using Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718 – Accounting for Share-Based Payments, which provides for the use of the fair value-based method to determine compensation for all arrangements where shares of stock or equity instruments are issued for compensation. Fair values of restricted stock units issued are determined by the Company based predominantly on the trading price of the common stock on the date of grant. Fair value of each common stock option is estimated on the date of grant using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. Expected volatility is based on historical volatility of a peer group’s common stock and other factors estimated over the expected term of the options. The expected term of the options granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus the contract term. The risk-free rate is based on the U.S. Treasury yield. No stock-based awards were issued during the year ended December 31, 2022. Income taxes Deferred tax assets and liabilities are recognized for future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that are expected to apply to the differences in the periods that they are expected to reverse. See Note 6 for details. Management has evaluated the guidance relating to accounting for uncertainty in income taxes and has determined that the Company had no uncertain income tax positions that could have a significant effect on the financial statements for the years ended December 31, 2022 or 2021. INHIBITOR THERAPEUTICS, INC. NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2022 AND 2021

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2022
Notes Payable
Notes Payable	4. Notes Payable On May 3, 2020, the Company received loan proceeds of $ 41,600 The PPP Loan, which was in the form of a promissory note dated May 2, 2020, was to mature on May 2, 2022 1% The loan was forgiven by the SBA under the terms of the CARES Act on March 31, 2021. Under the terms of the CARES Act, PPP loans and accrued interest are forgivable after eight weeks as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The Company used the loan proceeds for purposes consistent with the CARES Act.

Mayne Term Debt Facility

Mayne Term Debt Facility	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Mayne Term Debt Facility	5. Mayne Term Debt Facility On December 12, 2020, the Company and Mayne Pharma entered into a letter agreement for a term debt facility (the “Loan Agreement”) pursuant to which Mayne Pharma provided an aggregate $ 231,000 US Bank Prime Rate plus 5.00% 24 The Facility was available to the Company as follows: (i) $ 81,000 75,000 25,000 The Facility was unsecured, contained no financial covenants, required no guarantees and was not accompanied by any equity component. The Loan Agreement included certain limited representations and warranties and negative covenants of the Company. The Loan Agreement was negotiated and approved on behalf of the Company by a special committee of disinterested, independent members of the Company’s Board of Directors (the “Board”) which was formed on November 17, 2020 for such purpose. The special Board committee consisted of W. Mark Watson, R. Dana Ono and Debra Peattie, who are each disinterested with respect to Mayne Pharma. The balance at December 31, 2021 was $ 231,000 During 2022, the Company executed several agreements with Mayne Pharma to amend the Loan Agreement and the Facility (the “Loan Amendments”). Under the terms of the Loan Amendments: (i) the amount of the Facility was increased several times, ultimately to $ 411,000 180,000 411,000 INHIBITOR THERAPEUTICS, INC. NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2022 AND 2021

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes The components of the income tax expense for the years ended December 31, 2022 and 2021 were as follows: Schedule of Components of Income Tax Expense 2022 2021 Years Ended December 31, 2022 2021 Current: Federal $ 22,850 $ - State 32,259 - Total current expense 55,109 - Deferred: Federal - - State - - Total deferred expense - - Income tax expense $ 55,109 $ - The difference between expected income tax expense (benefit) and income tax expense (benefit) recorded in the financial statements is explained below: Schedule of Expected Income Tax Expense (Benefit) 2022 2021 Years Ended December 31, 2022 2021 Income taxes expense (benefit) computed at statutory rate $ 2,514,182 $ (62,713 ) State income tax expense (benefit), net 520,196 (12,976 ) Other (70,951 ) (905 ) Change in valuation allowance (2,908,318 ) 76,594 Total $ 55,109 $ — The significant components of deferred income tax assets and liabilities consist of the following: Schedule of Significant Components of Deferred Income Tax Assets and Liabilities Deferred tax assets (liabilities) 2022 2021 December 31, Deferred tax assets (liabilities) 2022 2021 In-process research and development $ 742,574 $ 742,574 Net operating loss carry forward 3,870,413 6,685,183 R&D credit 78,336 171,884 Share-based compensation 34,231 34,231 Other 6,061 6,061 Total deferred tax assets 4,731,615 7,639,933 Less: valuation allowance (4,731,615 ) (7,639,933 ) Total $ — $ — In accordance with GAAP, it is required that a deferred tax asset be reduced by a valuation allowance if, based on the weight of available evidence it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized 100% The Company has historically generated federal and state net operating loss (“NOLs”). Under Section 382 and 383 of the Internal Revenue Code, if an ownership change occurs with respect to a “loss corporation”, as defined, there are annual limitations on the amount of the NOLs and other deductions which are available to the Company. Although the NOLs are available to be used to offset the taxable income generated from the Settlement Agreement, otherwise the NOLs incurred prior to December 13, 2022 are subject to this limitation. As such, the use of these NOLs to offset taxable income is limited to approximately $ 37,000 0.7 15.3 26.4 INHIBITOR THERAPEUTICS, INC. NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2022 AND 2021

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Stockholders’ Equity	7. Stockholders’ Equity Employee Stock Plans A 2009 Stock Incentive Plan was adopted by the Board of Directors and approved by the shareholders of CBI, the Company’s predecessor company. There are no options outstanding under this plan. On July 18, 2014, the EIP was adopted by the Company’s Board of Directors. On September 30, 2014, the EIP was approved by the majority of stockholders. The 2014 EIP initially authorized the issuance of up to 32,583,475 11 43,583,475 Pursuant to the Settlement Agreement, Mayne Pharma agreed to surrender for cancellation 205,065,189 5,797,102 17,391,306 4,347,827 10,773,815 Stock option activity for the years ended December 31, 2022 and 2021 is as follows: Schedule of Stock Option Activity Number of Shares Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Outstanding at December 31, 2020 13,349,461 $ 0.10 $ 14,587 Granted — - Exercise — Forfeited — Outstanding at December 31, 2021 13,349,461 $ 0.10 $ 1,072,144 Granted - - Exercise - Forfeited (10,773,815 ) Outstanding at December 31, 2022 2,575,646 $ 0.09 $ 111,774 Options outstanding (all are exercisable) at December 31, 2022 are as follows: Schedule of Stock Options Outstanding Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Aggregate Intrinsic Value $ 0.03 0.10 2,015,646 7.48 $ 0.04 $ 111,774 $ 0.11 0.30 560,000 4.29 $ 0.25 $ - 2,575,646 $ 111,774 There were no INHIBITOR THERAPEUTICS, INC. NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2022 AND 2021 7. Stockholders’ Equity (continued): Incentive awards may be in the form of stock options, restricted stock, restricted stock units and performance and other awards. In the case of incentive stock options, the exercise price will not be less than 100% 110% 10% three-year ten years five years 10 Stock-based compensation expense is determined based on the fair value of the stock-based awards and recognized over the vesting period. The Company recognized $ 0 37,990 no There were no

Related party transactions

Related party transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related party transactions	8. Related party transactions The Company had significant contractual agreements with Mayne Pharma, a majority stockholder prior to the Settlement Agreement discussed in Note 9. There were amounts due to Mayne Pharma at December 31, 2022 and December 31, 2021 as discussed in Note 5 – Mayne Term Debt Facility.

Legal Proceedings

Legal Proceedings	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	9. Legal Proceedings : The Company may from time to time become a party to various legal proceedings arising in the ordinary course of business. Except as discussed below, the Company is not the subject of any pending legal proceedings. On September 15, 2022, Hedgepath, LLC (“HPLLC”), a significant minority stockholder of the Company, filed a civil action in the Delaware Court of Chancery (the “Court”) captioned Hedgepath, LLC v. Magrab, et al., C.A. No. 2019-0529-JTL (the “Action”) against certain of the Company’s current and former directors, and its President and Chief Executive Officer (the “Individual Defendants”), as well as the Company’s majority stockholder, Mayne Pharma Ventures Pty Ltd. (“Mayne Pharma”, and collectively with the Individual Defendants, the “Defendants”). The Company was named as a nominal defendant given the derivative nature of the claims. On December 3, 2019, HPLLC filed its Verified Amended and Supplemental Complaint (the “Complaint”). The Complaint asserts various claims, either directly on behalf of HPLLC or derivatively on behalf of the Company, for alleged breaches of fiduciary duty, violation of Delaware statute, waste, fraudulent misrepresentation, declaratory judgment, and dilution of stockholder equity arising out of transactions previously entered into between the Company and Mayne Pharma and Mayne Pharma’s relationship with the Company generally. The Complaint seeks unspecified damages and other relief. Additionally, on March 23, 2020, a Stockholder Class Action Complaint was filed in the Court by Company stockholder and purported class representative Samuel P. Sears purportedly on behalf of a class of certain holders of the Company’s common stock. That lawsuit, captioned Sears v. Magrab et al., C.A. No. 2020-0215-JTL (the “Putative Class Action”), asserts claims against the same Defendants (with the exception of the Company), and the facts underlying the claims largely mirror those alleged in the Action. On December 10, 2020, the Court entered a stipulated Order coordinating the Action and the Putative Class Action (together, the “Coordinated Actions”). On September 9, 2022, HPLLC, Sears, the Company, the Individual Defendants and Mayne Pharma entered into a Stipulation and Agreement of Compromise, Settlement, and Release, dated and filed with the Court (together with the exhibits thereto, the “Settlement Agreement”), which the Court approved, and the Settlement Agreement went into effect on December 13, 2022 (the “Effective Date”). INHIBITOR THERAPEUTICS, INC. NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2022 AND 2021 9. Legal Proceedings (continued): Pursuant to the Settlement Agreement, (i) the Defendants will cause $ 14,250,000 The Cash Consideration received by the Company pursuant to the Settlement Agreement in the amount of $ 14.25 2.0 0.3 0.04 55,000 On December 10, 2022, and in furtherance of the transactions contemplated by the Settlement Agreement, W. Mark Watson, Stefan J. Cross, Dr. R. Dana Ono, and Robert D. Martin (collectively, the “Resigning Directors”) gave notice of the Company of their resignation from the Board to be effective on December 13, 2022. The purpose of resignation of the Resigning Directors is in relation to the Settlement Agreement and not based on any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. Pursuant to the Settlement Agreement, the stock options and warrants held by the Resigning Directors were cancelled. On December 10, 2022, and in furtherance of the transactions contemplated by the Settlement Agreement, Nicholas J. Virca and Garrison J. Hasara (collectively, the “Resigning Officers”) gave notice of the Company of their resignation from their officer positions to be effective on December 13, 2022. The purpose of resignation of the Resigning Officers is in relation to the Settlement Agreement and not based on any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. Pursuant to the Settlement Agreement, the stock options and warrants held by the Resigning Officers were cancelled.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events In February 2023, the Company repaid the outstanding balance on the Mayne Term Debt Facility, in the amount of approximately $ 0.4

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Recent accounting pronouncements	Recent accounting pronouncements Management has considered all other recent accounting pronouncements that are issued, but not effective, and it does not believe that they will have a significant impact on the Company’s results of operations or financial position.
Estimates	Estimates The preparation of financial statements 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 financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. INHIBITOR THERAPEUTICS, INC. NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2022 AND 2021 3. Summary of Significant Accounting Policies – stock-based compensation
Revenue Recognition	Revenue Recognition The Company currently has no ongoing source of revenues. Miscellaneous income, including interest, is recognized when earned by the Company. Deferred revenue represents cash received for royalties in advance of being earned. Such payments are reflected as deferred revenue until recognized under the Company’s revenue recognition policy. Deferred revenue would be classified as current if management believes the Company will be able to recognize the deferred amount as revenue within twelve months of the balance sheet date. Deferred revenue will be recognized when the product is sold and the royalty is earned. Since all deferred revenue is related to the BCCNS product which is yet to be approved by FDA, the Company has determined that 100% 3.0
Legal Settlement	Legal Settlement Gain on legal settlement includes a legal settlement awarded to and received by the Company in accordance with a Settlement Agreement, along with various other items, including legal costs incurred relating to the litigation and forgiveness of certain balances due to the Defendants.
Forgiveness of Legal Fees	Forgiveness of Legal Fees Gain on forgiveness of legal fees includes the forgiveness of legal fees previously incurred and owed to external legal counsel.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. At times, the Company may maintain cash balances in bank accounts in excess of Federal Deposit Insurance Corporation insured amounts of $ 250,000
Research and Development Expenses	Research and Development Expenses Research and development costs are expensed in the period in which they are incurred and include the expenses paid to third parties who conduct research and development activities on behalf of the Company as well as purchased in-process research and development.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based awards to employees and non-employees using Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718 – Accounting for Share-Based Payments, which provides for the use of the fair value-based method to determine compensation for all arrangements where shares of stock or equity instruments are issued for compensation. Fair values of restricted stock units issued are determined by the Company based predominantly on the trading price of the common stock on the date of grant. Fair value of each common stock option is estimated on the date of grant using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. Expected volatility is based on historical volatility of a peer group’s common stock and other factors estimated over the expected term of the options. The expected term of the options granted is derived using the “simplified method” which computes expected term as the average of the sum of the vesting term plus the contract term. The risk-free rate is based on the U.S. Treasury yield. No stock-based awards were issued during the year ended December 31, 2022.
Income taxes	Income taxes Deferred tax assets and liabilities are recognized for future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that are expected to apply to the differences in the periods that they are expected to reverse. See Note 6 for details. Management has evaluated the guidance relating to accounting for uncertainty in income taxes and has determined that the Company had no uncertain income tax positions that could have a significant effect on the financial statements for the years ended December 31, 2022 or 2021.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The components of the income tax expense for the years ended December 31, 2022 and 2021 were as follows: Schedule of Components of Income Tax Expense 2022 2021 Years Ended December 31, 2022 2021 Current: Federal $ 22,850 $ - State 32,259 - Total current expense 55,109 - Deferred: Federal - - State - - Total deferred expense - - Income tax expense $ 55,109 $ -
Schedule of Expected Income Tax Expense (Benefit)	The difference between expected income tax expense (benefit) and income tax expense (benefit) recorded in the financial statements is explained below: Schedule of Expected Income Tax Expense (Benefit) 2022 2021 Years Ended December 31, 2022 2021 Income taxes expense (benefit) computed at statutory rate $ 2,514,182 $ (62,713 ) State income tax expense (benefit), net 520,196 (12,976 ) Other (70,951 ) (905 ) Change in valuation allowance (2,908,318 ) 76,594 Total $ 55,109 $ —
Schedule of Significant Components of Deferred Income Tax Assets and Liabilities	The significant components of deferred income tax assets and liabilities consist of the following: Schedule of Significant Components of Deferred Income Tax Assets and Liabilities Deferred tax assets (liabilities) 2022 2021 December 31, Deferred tax assets (liabilities) 2022 2021 In-process research and development $ 742,574 $ 742,574 Net operating loss carry forward 3,870,413 6,685,183 R&D credit 78,336 171,884 Share-based compensation 34,231 34,231 Other 6,061 6,061 Total deferred tax assets 4,731,615 7,639,933 Less: valuation allowance (4,731,615 ) (7,639,933 ) Total $ — $ —

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Stock Option Activity	Stock option activity for the years ended December 31, 2022 and 2021 is as follows: Schedule of Stock Option Activity Number of Shares Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Outstanding at December 31, 2020 13,349,461 $ 0.10 $ 14,587 Granted — - Exercise — Forfeited — Outstanding at December 31, 2021 13,349,461 $ 0.10 $ 1,072,144 Granted - - Exercise - Forfeited (10,773,815 ) Outstanding at December 31, 2022 2,575,646 $ 0.09 $ 111,774
Schedule of Stock Options Outstanding	Options outstanding (all are exercisable) at December 31, 2022 are as follows: Schedule of Stock Options Outstanding Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Aggregate Intrinsic Value $ 0.03 0.10 2,015,646 7.48 $ 0.04 $ 111,774 $ 0.11 0.30 560,000 4.29 $ 0.25 $ - 2,575,646 $ 111,774

Corporate overview (Details Nar

Corporate overview (Details Narrative) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001

Liquidity and management_s pl_2

Liquidity and management’s plans (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash Equivalents	$ 11,951,224	$ 30,626
Settlement Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash consideration	$ 14,300,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Product Information [Line Items]
Cash, FDIC insured amount	$ 250,000
Royalty [Member]
Product Information [Line Items]
Deferred revenue	$ 3,000,000	$ 3,000,000
Royalty [Member] | Mayne Pharma [Member]
Product Information [Line Items]
Ownership percent	100%

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - Citibank [Member] - Paycheck Protection Program [Member] - USD ($)	May 03, 2020	May 02, 2020
Line of Credit Facility [Line Items]
Proceeds from notes payable	$ 41,600
Debt instrument maturity date		May 02, 2022
Interest rate		1%

Mayne Term Debt Facility (Detai

Mayne Term Debt Facility (Details Narrative) - Mayne Pharma [Member] - USD ($)		12 Months Ended
	Dec. 12, 2020	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 231,000
Line of credit facility, interest rate description	US Bank Prime Rate plus 5.00%
Debt instrument, term	24 months
Line of credit facility, current borrowing capacity	$ 81,000
Line of credit facility, remaining borrowing capacity	75,000
Line of credit facility, periodic payment	$ 25,000
Loan Agreement [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 411,000
Line of credit facility		411,000	$ 231,000
Letter Agreement [Member]
Line of Credit Facility [Line Items]
Proceeds from line of credit		$ 180,000

Schedule of Components of Incom

Schedule of Components of Income Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 22,850
State	32,259
Total current expense	55,109
Deferred:
Federal
State
Total deferred expense
Income tax expense	$ 55,109

Schedule of Expected Income Tax

Schedule of Expected Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income taxes expense (benefit) computed at statutory rate	$ 2,514,182	$ (62,713)
State income tax expense (benefit), net	520,196	(12,976)
Other	(70,951)	(905)
Change in valuation allowance	(2,908,318)	76,594
Income tax expense	$ 55,109

Schedule of Significant Compone

Schedule of Significant Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
In-process research and development	$ 742,574	$ 742,574
Net operating loss carry forward	3,870,413	6,685,183
R&D credit	78,336	171,884
Share-based compensation	34,231	34,231
Other	6,061	6,061
Total deferred tax assets	4,731,615	7,639,933
Less: valuation allowance	(4,731,615)	(7,639,933)
Total

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Valluation allowance description	In accordance with GAAP, it is required that a deferred tax asset be reduced by a valuation allowance if, based on the weight of available evidence it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized
Valuation allowance percentage	100%	100%
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 15,300,000	$ 26,400,000
Settlement Agreement [Member]
Operating Loss Carryforwards [Line Items]
Operating loss amount used to offset against taxable income	37,000
Operating loss amount used to offset against taxable income	$ 700,000

Schedule of Stock Option Activi

Schedule of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Number of Shares, Outstanding, Beginning Balance	13,349,461	13,349,461
Weighted Average Exercise Price per Share	$ 0.09	$ 0.10	$ 0.10
Aggregate intrinsic value	$ 1,072,144	$ 14,587
Number of Shares, Granted
Number of Shares, Exercised
Number of Shares, Forfeited	(10,773,815)
Number of Shares, Outstanding, Ending Balance	2,575,646	13,349,461	13,349,461
Aggregate intrinsic value	$ 111,774	$ 1,072,144	$ 14,587

Schedule of Stock Options Outst

Schedule of Stock Options Outstanding (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based payment award, options, outstanding, number	2,575,646	13,349,461	13,349,461
Aggregate intrinsic value	$ 111,774	$ 1,072,144	$ 14,587
Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Lower Range of Exercise Prices	$ 0.03
Upper Range of Exercise Prices	$ 0.10
Share-based payment award, options, outstanding, number	2,015,646
Weighted average remaining contractual term	7 years 5 months 23 days
Weighted average exercise price	$ 0.04
Aggregate intrinsic value	$ 111,774
Range Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Lower Range of Exercise Prices	$ 0.11
Upper Range of Exercise Prices	$ 0.30
Share-based payment award, options, outstanding, number	560,000
Weighted average remaining contractual term	4 years 3 months 14 days
Weighted average exercise price	$ 0.25
Aggregate intrinsic value

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of options issued
Share-based Compensation			$ 37,990
Warrants outstanding		0
Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase price of common stock, percent		10%
Share-Based Payment Arrangement, Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Award vesting period		3 years
Expiration Period		10 years
Share-Based Payment Arrangement, Option [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase price of common stock, percent		100%
Share-Based Payment Arrangement, Option [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase price of common stock, percent		10%
Expiration Period		5 years
Restricted Stock Units (RSUs) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Compensation not yet recognized		$ 0
More Than 10% Common Stock Owners[Member] | Share-Based Payment Arrangement, Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase price of common stock, percent		110%
Settlement Agreement [Member] | Directors and Officers [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of options held		10,773,815
Mayne Pharma [Member] | Settlement Agreement [Member] | Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares surrender for cancellation		205,065,189
Number of shares convertible		17,391,306
Mayne Pharma [Member] | Settlement Agreement [Member] | Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares surrender for cancellation		5,797,102
Mayne Pharma [Member] | Settlement Agreement [Member] | Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of additional shares of warrant		4,347,827
2014 Equity Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares authorized	32,583,475
Stock options awarded, shares	11,000,000
2014 Equity Incentive Plan [Member] | Mayne Pharma [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares authorized	43,583,475

Legal Proceedings (Details Narr

Legal Proceedings (Details Narrative) - USD ($)		12 Months Ended
	Sep. 09, 2022	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Forgiveness of balances		$ 12,619,492
Tax liability		55,000
Mayne Pharma [Member]
Loss Contingencies [Line Items]
Forgiveness of balances		300,000
Litigation		2,000,000
Mayne Pharma [Member] | Individual Defendants [Member]
Loss Contingencies [Line Items]
Compensation		40,000
Settlement Agreement [Member]
Loss Contingencies [Line Items]
Defendants cash	$ 14,250,000
Settlement Agreement [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Forgiveness of balances		$ 14,250,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) $ in Millions	1 Months Ended
	Feb. 28, 2023 USD ($)
Mayne Pharma [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt outstanding	$ 0.4