NeuBase Therapeutics (NBSE) 10-Q 11 Aug 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Entity File Number	001-35963
Entity Registrant Name	NEUBASE THERAPEUTICS, INC.
Entity Incorporation, State Code	DE
Entity Tax Identification Number	46-5622433
Entity Address, Address Line One	350 Technology Drive,
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15219
City Area Code	412
Local Phone Number	763-3350
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	NBSE
Security Exchange Name	NASDAQ
Entity's Reporting Status Current	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 Common Stock, Shares Outstanding		32,258,657
Entity Central Index Key	0001173281
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Sep. 30, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 29,846,825	$ 52,893,387
Prepaid insurance	460,804	499,061
Other prepaid expenses and current assets	1,314,057	1,536,186
Total current assets	31,621,686	54,928,634
EQUIPMENT, net	2,351,286	2,463,882
OTHER ASSETS
Investment	0	415,744
Right-of-use asset, operating lease asset	5,750,602	5,945,295
Security deposit	273,215	253,615
Other long-term assets	0	160,423
Total other assets	6,023,817	6,775,077
TOTAL ASSETS	39,996,789	64,167,593
CURRENT LIABILITIES
Accounts payable	1,655,789	1,807,885
Accrued expenses and other current liabilities	1,868,860	1,747,746
Insurance note payable	0	148,385
Operating lease liabilities	560,252	382,576
Finance lease liabilities	115,652	107,632
Total current liabilities	4,200,553	4,194,224
Long-term operating lease liability	5,463,797	5,794,096
Long-term finance lease liability	20,108	109,500
TOTAL LIABILITIES	9,684,458	10,097,820
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2022 and September 30, 2021	0	0
Common stock, $0.0001 par value; 250,000,000 shares authorized; 32,258,657 and 32,721,493 shares issued and outstanding as of June 30, 2022 and September 30, 2021, respectively	3,225	3,272
Additional paid-in capital	125,421,571	123,034,404
Accumulated deficit	(95,112,465)	(68,967,903)
Total stockholders' equity	30,312,331	54,069,773
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 39,996,789	$ 64,167,593

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Sep. 30, 2021
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized	250,000,000	250,000,000
Common stock, issued	32,258,657	32,721,493
Common stock, outstanding	32,258,657	32,721,493

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
OPERATING EXPENSES
General and administrative	$ 3,603,999	$ 3,470,104	$ 9,633,422	$ 8,833,214
Research and development	4,756,609	2,480,961	15,961,536	7,675,014
Research and development, Vera acquisition	0	2,888,029	0	2,888,029
TOTAL OPERATING EXPENSES	8,360,608	8,839,094	25,594,958	19,396,257
LOSS FROM OPERATIONS	(8,360,608)	(8,839,094)	(25,594,958)	(19,396,257)
OTHER INCOME (EXPENSE)
Interest expense	(2,819)	(3,074)	(21,354)	(19,271)
Interest income	37,147	2,054	41,846	11,520
Change in fair value of warrant liabilities	0	215,547	0	936,256
Equity in losses on equity method investment	0	(37,215)	(415,744)	(98,754)
Other (expense) income, net	(165,437)	(1,087)	(154,352)	315,637
Total other income (expense), net	(131,109)	176,225	(549,604)	1,145,388
NET LOSS	$ (8,491,717)	$ (8,662,869)	$ (26,144,562)	$ (18,250,869)
BASIC LOSS PER SHARE (in dollars per share)	$ (0.26)	$ (0.29)	$ (0.80)	$ (0.72)
DILUTED LOSS PER SHARE (in dollars per share)	$ (0.26)	$ (0.29)	$ (0.80)	$ (0.72)
WEIGHTED AVERAGE SHARES OUTSTANDING:
BASIC	32,258,657	30,092,493	32,556,035	25,482,082
DILUTED	32,258,657	30,092,493	32,556,035	25,482,082

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance, beginning at Sep. 30, 2020	$ 2,315	$ 74,850,935	$ (43,558,602)	$ 31,294,648
Balance, beginning, shares at Sep. 30, 2020	23,154,084
Stock-based compensation expense		1,176,585		1,176,585
Issuance of restricted stock for services (in shares)	1,931
Exercise of stock options	$ 2	112,444		112,446
Exercise of stock options (in shares)	21,576
Net loss			(4,066,431)	(4,066,431)
Balance, ending at Dec. 31, 2020	$ 2,317	76,139,964	(47,625,033)	28,517,248
Balance, ending, shares at Dec. 31, 2020	23,177,591
Balance, beginning at Sep. 30, 2020	$ 2,315	74,850,935	(43,558,602)	31,294,648
Balance, beginning, shares at Sep. 30, 2020	23,154,084
Net loss				(18,250,869)
Balance, ending at Jun. 30, 2021	$ 3,271	122,081,896	(61,809,471)	60,275,696
Balance, ending, shares at Jun. 30, 2021	32,716,827
Balance, beginning at Dec. 31, 2020	$ 2,317	76,139,964	(47,625,033)	28,517,248
Balance, beginning, shares at Dec. 31, 2020	23,177,591
Stock-based compensation expense		942,108		942,108
Issuance of restricted stock for services (in shares)	2,433
Net loss			(5,521,569)	(5,521,569)
Balance, ending at Mar. 31, 2021	$ 2,317	77,082,072	(53,146,602)	23,937,787
Balance, ending, shares at Mar. 31, 2021	23,180,024
Stock-based compensation expense		625,182		625,182
Issuance of restricted stock for services (in shares)	2,692
Exercise of stock options	$ 3	(3)
Exercise of stock options (in shares)	25,476
Issuance of common stock, net of issuance costs	$ 920	42,615,456		42,616,376
Issuance of common stock, net of issuance costs (in shares)	9,200,000
Issuance of common stock, Vera acquisition	$ 31	1,759,189		1,759,220
Issuance of common stock, Vera acquisition (in shares)	308,635
Net loss			(8,662,869)	(8,662,869)
Balance, ending at Jun. 30, 2021	$ 3,271	122,081,896	(61,809,471)	60,275,696
Balance, ending, shares at Jun. 30, 2021	32,716,827
Balance, beginning at Sep. 30, 2021	$ 3,272	123,034,404	(68,967,903)	54,069,773
Balance, beginning, shares at Sep. 30, 2021	32,721,493
Stock-based compensation expense		793,204		793,204
Issuance of restricted stock for services (in shares)	4,441
Exercise of stock options	$ 4	38		42
Exercise of stock options (in shares)	42,250
Net loss			(7,728,816)	(7,728,816)
Balance, ending at Dec. 31, 2021	$ 3,276	123,827,646	(76,696,719)	47,134,203
Balance, ending, shares at Dec. 31, 2021	32,768,184
Balance, beginning at Sep. 30, 2021	$ 3,272	123,034,404	(68,967,903)	54,069,773
Balance, beginning, shares at Sep. 30, 2021	32,721,493
Net loss				(26,144,562)
Balance, ending at Jun. 30, 2022	$ 3,225	125,421,571	(95,112,465)	30,312,331
Balance, ending, shares at Jun. 30, 2022	32,258,657
Balance, beginning at Dec. 31, 2021	$ 3,276	123,827,646	(76,696,719)	47,134,203
Balance, beginning, shares at Dec. 31, 2021	32,768,184
Stock-based compensation expense		952,828		952,828
Forfeiture of common stock	$ (51)	51
Forfeiture of common stock (in shares)	(509,527)
Net loss			(9,924,029)	(9,924,029)
Balance, ending at Mar. 31, 2022	$ 3,225	124,780,525	(86,620,748)	38,163,002
Balance, ending, shares at Mar. 31, 2022	32,258,657
Stock-based compensation expense		641,046		641,046
Net loss			(8,491,717)	(8,491,717)
Balance, ending at Jun. 30, 2022	$ 3,225	$ 125,421,571	$ (95,112,465)	$ 30,312,331
Balance, ending, shares at Jun. 30, 2022	32,258,657

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (26,144,562)	$ (18,250,869)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation	2,387,078	2,743,875
Research and development expense, Vera acquisition	0	2,888,029
Change in fair value of warrant liabilities	0	(936,256)
Depreciation and amortization	567,744	251,701
Loss on marketable securities	30	15,024
Loss on disposal of fixed assets	0	1,087
Equity in losses on equity method investment	415,744	98,754
Gain on sale of intellectual property	0	(316,724)
Amortization of right-of-use assets	359,306	69,423
Changes in operating assets and liabilities
Prepaid insurance, other prepaid expenses and current assets	260,386	(166,420)
Long-term prepaid insurance	0	145,250
Security deposit	(19,600)	(253,565)
Other long-term assets	160,423	0
Accounts payable	(164,339)	(173,913)
Accrued expenses and other current liabilities	121,114	394,258
Operating lease liability	(317,236)	58,809
Net cash used in operating activities	(22,373,912)	(13,431,537)
Cash flows from investing activities
Purchase of laboratory and office equipment	(442,905)	(1,096,781)
Purchase of marketable securities	(14,986,818)	(44,992,196)
Sale of marketable securities	14,986,788	44,977,172
Cash paid for Vera acquisition	0	(1,100,040)
Net cash used in investing activities	(442,935)	(2,211,845)
Cash flows from financing activities
Principal payment of financed insurance	(148,385)	(235,248)
Principal payment of finance lease liability	(81,372)	0
Proceeds from issuance of stock, net of issuance costs	0	42,616,376
Proceeds from exercise of stock options	42	112,446
Net cash (used in) provided by financing activities	(229,715)	42,493,574
Net (decrease) increase in cash and cash equivalents	(23,046,562)	26,850,192
Cash and cash equivalents, beginning of period	52,893,387	31,992,283
Cash and cash equivalents, end of period	29,846,825	58,842,475
Supplemental disclosure of cash flow information:
Cash paid for interest	0	10,400
Cash paid for income taxes	0	0
Non-cash investing and financing activities:
Issuance of common stock, Vera acquisition	0	1,759,220
Purchases of laboratory and office equipment in accounts payable	12,243	188,452
Preferred shares in DepYmed received as consideration for sale of intellectual property	0	316,724
Insurance financed through note payable	0	391,625
Right-of-use asset obtained in exchange for operating lease liabilities	$ 164,613	$ 0

Organization and Description of

Organization and Description of Business	9 Months Ended
	Jun. 30, 2022
Organization and Description of Business
Organization and Description of Business	1. Organization and Description of Business NeuBase Therapeutics, Inc. and subsidiaries (the “Company” or “NeuBase”) is developing a modular peptide-nucleic acid (“PNA”) antisense oligo (“PATrOL™”) platform to address genetic diseases, with a single, cohesive approach. The PATrOL™-enabled anti-gene therapies are designed to improve upon current genetic medicine strategies by combining the advantages of synthetic approaches with the precision of antisense technologies. NeuBase plans to use its platform to address diseases which have a genetic source, with an initial focus on Myotonic Dystrophy Type 1 (“DM1”), Huntington’s disease (“HD”) and oncology applications. NeuBase is a preclinical-stage biopharmaceutical company and continues to develop its clinical and regulatory strategy with its internal research and development team with a view toward prioritizing market introduction as quickly as possible. NeuBase’s programs are NT-0100 in HD, NT-0200 in DM1 and NT-0300 in KRAS-driven cancers: ● The NT-0100 program is a PATrOL™-enabled therapeutic program being developed to target the mutant expansion in the HD messenger ribonucleic acid (“mRNA”). The NT-0100 program includes proprietary PNAs which have the potential to be highly selective for the mutant transcript versus the wild-type transcribed allele and the expectation to be applicable for all HD patients as it directly targets the expansion itself and has the potential to be delivered systemically. PATrOL™-enabled drugs also have the unique ability to open RNA secondary structures and bind to either the primary nucleotide sequences or the secondary and/or tertiary structures. ● The NT-0200 program is a PATrOL™-enabled therapeutic program being developed to target the mutant expansion in the DM1 disease mRNA. The NT-0200 program has the potential to be highly selective for the mutant transcript versus the wild-type transcribed allele and the expectation to be effective for nearly all DM1 patients as it directly targets the expansion itself. ● The NT-0300 program is a PATrOL™-enabled therapeutic program being developed to target the mutated KRAS gene. The program is comprised of candidate compounds that target two activating mutations in the KRAS gene: G12D and G12V. NeuBase believes these candidate compounds, and subsequent further optimized compounds, have the potential to inhibit transcription and/or translation of the oncogenic mutations and slow or stop tumor growth. NeuBase believes its three aforementioned programs address unmet needs for diseases that currently have no effective therapeutics that target the etiologies of these conditions. NeuBase further believes there is a large opportunity in the U.S. and European markets for drugs in these areas. Liquidity and Going Concern The Company has had no revenues from product sales and has incurred operating losses since inception. As of June 30, 2022, the Company had $29.8 million in cash and cash equivalents, and during the nine months ended June 30, 2022, incurred a loss from operations of $25.6 million and used $22.4 million of cash in operating activities. The accompanying unaudited condensed consolidated financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to its ability to continue as a going concern. The Company’s future liquidity and capital funding requirements will depend on numerous factors, including: ● its ability to raise additional funds to finance its operations; ● its ability to maintain compliance with the listing requirements of The Nasdaq Capital Market (“Nasdaq”) ● the outcome, costs and timing of preclinical and clinical trial results for the Company’s current or future product candidates; ● the extent and amount of any indemnification claims; ● litigation expenses and the extent and amount of any indemnification claims; ● the emergence and effect of competing or complementary products; ● its ability to maintain, expand and defend the scope of its intellectual property portfolio, including the amount and timing of any payments the Company may be required to make, or that it may receive, in connection with the licensing, filing, prosecution, defense and enforcement of any patents or other intellectual property rights; ● its ability to retain its current employees and the need and ability to hire additional management and scientific and medical personnel; ● the trading price of its common stock; and ● its ability to increase the number of authorized shares outstanding to facilitate future financing events. The Company will likely need to raise substantial additional funds through issuance of equity or debt or completion of a licensing transaction for one or more of the Company’s pipeline assets. If the Company is unable to maintain sufficient financial resources, its business, financial condition and results of operations will be materially and adversely affected. This could affect future development and business activities and potential future clinical studies and/or other future ventures. Failure to obtain additional equity or debt financing will have a material, adverse impact on the Company’s business operations. There can be no assurance that the Company will be able to obtain the needed financing on acceptable terms or at all. Additionally, any equity financings will likely have a dilutive effect on the holdings of the Company’s existing stockholders. The Company expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future. Accordingly, there are material risks and uncertainties that raise substantial doubt about the Company’s ability to continue as a going concern.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Jun. 30, 2022
Significant Accounting Policies
Significant Accounting Policies	2. Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended September 30, 2021 included in the Company’s Annual Report on Form 10-K (the “Annual Report”) filed with the U.S. Securities and Exchange Commission (“SEC”) on December 23, 2021. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated during the consolidation process. The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, the accompanying unaudited condensed consolidated financial statements for the periods presented reflect all adjustments, consisting of only normal, recurring adjustments, necessary to fairly state the Company’s financial position, results of operations and cash flows. The unaudited condensed consolidated financial statements for the interim periods are not necessarily indicative of results for the full year. The preparation of these unaudited condensed consolidated financial statements requires the Company to make estimates and judgments that affect the amounts reported in the financial statements and the accompanying notes. The Company’s actual results may differ from these estimates under different assumptions or conditions. Use of Estimates The preparation of financial statements in conformity with 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 financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s unaudited condensed consolidated financial statements relate to the valuation of stock-based compensation, the valuation of licenses, the fair value of warrant liabilities and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. The Company assesses and updates estimates each period to reflect current information, such as the economic considerations related to the impact that the novel coronavirus disease (“COVID-19”) could have on its significant accounting estimates. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. Fair Value Measurements Fair value measurements are based on the premise that fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the following three-tier fair value hierarchy has been used in determining the inputs used in measuring fair value: Level 1 – Quoted prices in active markets for identical assets or liabilities on the reporting date. Level 2 – Pricing inputs are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Pricing inputs are generally unobservable and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require management’s judgment or estimation of assumptions that market participants would use in pricing the assets or liabilities. The fair values are therefore determined using factors that involve considerable judgment and interpretations, including but not limited to private and public comparables, third-party appraisals, discounted cash flow models, and fund manager estimates. Financial instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Management’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The use of different assumptions and/or estimation methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed, or initial amounts recorded may not be indicative of the amount that the Company or holders of the instruments could realize in a current market exchange. Net Loss Per Share Basic net loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted net loss per share includes the dilutive effect, if any, from the potential exercise or conversion of securities, such as convertible debt, warrants and stock options that would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation as the impact is anti-dilutive. The following potentially dilutive securities outstanding as of June 30, 2022 and 2021 have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ 2022 2021 Common stock purchase options 8,212,778 ​ 7,002,421 Restricted stock units — ​ 10,000 Common stock purchase warrants 180,000 ​ 820,939 ​ ​ 8,392,778 ​ 7,833,360 ​ Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The adoption of this standard as of October 1, 2021, did not impact the Company’s consolidated financial statements and related disclosures. In November 2021, the FASB issued ASU No. 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, which amends disclosures to increase transparency of government assistance, including (i) the types of assistance, (ii) accounting for the assistance and (iii) the effect of the assistance on an entity’s financial statements. The standard is effective for all business entities for annual periods beginning after December 15, 2021. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. In June 2022, the FASB issued ASU 2022-03, “ASC Subtopic 820 Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. ASU 2022-03 applies to both holders and issuers of equity and equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of this pronouncement on its consolidated financial statements and related disclosures.

Other Prepaid Expenses and Othe

Other Prepaid Expenses and Other Current Assets	9 Months Ended
	Jun. 30, 2022
Other Prepaid Expenses and Other Current Assets
Other Prepaid Expenses and Other Current Assets	3. Other Prepaid Expenses and Other Current Assets The Company’s prepaid expenses and other current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of September 30, ​ 2022 2021 Prepaid research and development expense ​ $ 670,420 ​ $ 583,267 Prepaid rent ​ ​ — ​ ​ 172,518 Other prepaid expenses and other current assets ​ 643,637 ​ 780,401 Total ​ $ 1,314,057 ​ $ 1,536,186 ​

Equipment

Equipment	9 Months Ended
	Jun. 30, 2022
Equipment
Equipment	4. Equipment The Company’s equipment consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of September 30, ​ 2022 2021 Laboratory equipment ​ $ 3,182,369 ​ $ 2,737,390 Office equipment ​ 259,978 ​ 259,978 Leasehold improvements ​ ​ 10,128 ​ ​ — Total ​ 3,452,475 ​ 2,997,368 Accumulated depreciation ​ (1,101,189) ​ (533,486) Property, plant and equipment, net ​ $ 2,351,286 ​ $ 2,463,882 ​ Depreciation expense for the three months ended June 30, 2022 and 2021 was approximately $0.2 million and $0.1 million, respectively. Depreciation expense for the nine months ended June 30, 2022 and 2021 was approximately $0.6 million and $0.3 million, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Jun. 30, 2022
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	5. Accrued Expenses and Other Current Liabilities The Company’s accrued expenses and other current liabilities consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of September 30, ​ 2022 2021 Accrued compensation and benefits ​ $ 959,405 ​ $ 880,707 Accrued consulting settlement ​ ​ 75,000 ​ ​ 200,000 Accrued professional fees ​ 441,116 ​ 299,557 Accrued research and development ​ 182,410 ​ 297,047 Accrued franchise tax ​ ​ 123,546 ​ ​ 30,720 Other accrued expenses ​ 87,383 ​ 39,715 Total ​ $ 1,868,860 ​ $ 1,747,746 ​

Notes Payable

Notes Payable	9 Months Ended
	Jun. 30, 2022
Notes Payable
Notes Payable	6. Notes Payable Insurance Note Payable As of September 30, 2021, the Company had the following insurance note payable outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stated ​ ​ ​ ​ Balance at ​ Balance at ​ ​ Maturity ​ Interest ​ Original ​ June 30, ​ September 30, ​ Date Rate Principal 2022 2021 Insurance Note Payable ​ ​ ​ 2021 Insurance Note January 2022 4.99 % $ 391,625 ​ $ — ​ $ 148,385 ​

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Jun. 30, 2022
Stockholders' Equity
Stockholders' Equity	7. Stockholders’ Equity Warrants Below is a summary of the Company’s issued and outstanding warrants as of June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants Expiration date Exercise Price Outstanding July 6, 2023 ​ 8.73 105,000 September 20, 2024 ​ ​ 6.50 ​ 75,000 ​ ​ ​ ​ 180,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ Average ​ Remaining ​ ​ ​ ​ Exercise ​ Contractual Life ​ Warrants Price (in years) Outstanding as of September 30, 2021 ​ 895,939 ​ $ 18.35 ​ ​ Expired ​ (715,939) ​ ​ 21.01 ​ ​ Outstanding as of June 30, 2022 ​ 180,000 ​ ​ 7.80 ​ 1.5 Exercisable as of June 30, 2022 ​ 180,000 ​ $ 7.80 ​ 1.5 ​

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Jun. 30, 2022
Stock-Based Compensation
Stock-Based Compensation	8. Stock-Based Compensation As of June 30, 2022, an aggregate of 6,018,136 shares of common stock were authorized under the Company’s 2019 Stock Incentive Plan (the “2019 Plan”), subject to an “evergreen” provision that will automatically increase the maximum number of shares of common stock that may be issued under the term of the 2019 Plan. As of June 30, 2022, 864,396 common shares were available for future grants under the 2019 Plan. As of June 30, 2022, 291,667 shares of common stock were authorized under the Company’s 2016 Consolidated Stock Incentive Plan (the “2016 Plan”) and 147,041 common shares were available for future grants under the 2016 Plan. The Company recorded stock-based compensation expense in the following expense categories of its unaudited condensed consolidated statements of operations for the three and nine months ended June 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended June 30, ​ Nine Months Ended June 30, ​ 2022 2021 2022 2021 General and administrative ​ $ 507,435 ​ $ 574,353 ​ $ 1,389,227 ​ $ 1,865,512 Research and development ​ 133,611 ​ ​ 50,829 ​ ​ 997,851 ​ ​ 878,363 Total ​ $ 641,046 ​ $ 625,182 ​ $ 2,387,078 ​ $ 2,743,875 ​ Stock Options Below is a table summarizing the options issued and outstanding as of and for the nine months ended June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ Total ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual Life ​ Intrinsic ​ Stock Options Price (in years) Value Outstanding at September 30, 2021 ​ 7,397,154 ​ $ 3.13 ​ ​ ​ ​ ​ Granted ​ 1,510,366 ​ ​ 2.14 ​ ​ ​ ​ ​ Exercised ​ (42,250) ​ ​ 0.00 ​ ​ ​ ​ ​ Forfeited ​ (652,492) ​ ​ 4.67 ​ ​ ​ ​ ​ Outstanding at June 30, 2022 ​ 8,212,778 ​ ​ 2.84 ​ 6.9 ​ $ 3,430,544 Exercisable as of June 30, 2022 ​ 5,628,339 ​ $ 2.49 ​ 6.0 ​ $ 3,429,894 ​ As of June 30, 2022, unrecognized compensation costs associated with the stock options of $3.1 million will be recognized over an estimated weighted-average amortization period of 1.4 years. The intrinsic value of options exercised during the nine months ended June 30, 2022 and 2021 was $0.1 million and $0.06 million, respectively. The weighted average grant date fair value of options granted during the nine months ended June 30, 2022 and 2021 was $1.40 and $4.29, respectively. Key assumptions used to estimate the fair value of the stock options granted during the nine months ended June 30, 2022 and 2021 included: ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, ​ 2022 2021 Expected term of options (years) ​ 5.1 - 6.1 ​ 5.5 - 7.0 Expected common stock price volatility ​ 73.8% - 77.2% ​ 83% - 83.7% Risk-free interest rate ​ 1.1% - 3.1% ​ 0.6% - 1.3% Expected dividend yield ​ 0% ​ 0% ​ Restricted Stock A summary of the changes in the unvested restricted stock during the nine months ended June 30, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ Grant Date ​ Unvested Restricted Fair Value ​ Stock Price Unvested as of September 30, 2021 ​ — ​ $ — Granted ​ ​ 4,441 ​ ​ 3.94 Vested ​ (4,441) ​ 3.94 Unvested as of June 30, 2022 ​ — ​ ​ — Total unrecognized expense remaining ​ $ — ​ Weighted-average years expected to be recognized over ​ — ​ ​ Restricted Stock Units ​ Below is a table summarizing the restricted stock units granted and outstanding as of and for the nine months ended June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ Grant Date ​ ​ Restricted Stock ​ Fair Value ​ Units Price Unvested as of September 30, 2021 ​ 10,000 ​ $ 5.09 Forfeited ​ ​ (10,000) ​ ​ 5.09 Unvested as of June 30, 2022 ​ — ​ — Total unrecognized expense remaining ​ $ — ​ ​ ​ Weighted-average years expected to be recognized over ​ — ​ ​ ​ ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jun. 30, 2022
Commitments and Contingencies
Commitments and Contingencies	9. Commitments and Contingencies Litigation The Company has become involved in certain legal proceedings and claims which arise in the normal course of business. The Company believes that an adverse outcome is unlikely, and it cannot reasonably estimate the potential loss at this point. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the Company’s results of operations, prospects, cash flows, financial position and brand. Costs associated with the Company’s involvement in legal proceedings are expensed as incurred. Securities Litigation On February 14, 2018, plaintiff Jeevesh Khanna, commenced an action in the Southern District of New York, against Ohr Pharmaceutical, Inc. (“Ohr”), which entered into a merger agreement with NeuBase Therapeutics, Inc. on January 2, 2019 and which merger closed on July 12, 2019, and several of its current and former officers and directors, alleging that they violated federal securities laws between June 24, 2014 and January 4, 2018. On August 7, 2018, the lead plaintiffs, now George Lehman and Insured Benefit Plans, Inc. filed an amended complaint, alleging a putative class period of April 8, 2014 through January 4, 2018. The plaintiffs did not quantify any alleged damages in their complaint, but, in addition to attorneys’ fees and costs, they seek to maintain the action as a class action and to recover damages on behalf of themselves and other persons who purchased or otherwise acquired Ohr common stock during the putative class period and purportedly suffered financial harm as a result. Ohr and the individuals dispute these claims and are defending the matter vigorously. On September 17, 2018, Ohr filed a motion to dismiss the complaint. On September 20, 2019, the district court issued an opinion and order granting the motion to dismiss. On October 23, 2019, the plaintiffs filed a notice of appeal of that order dismissing the action. After full briefing and oral argument, on October 9, 2020, the U.S. Court of Appeals for the Second Circuit issued a summary order affirming the district court’s order granting the motion to dismiss and remanding the action to the district court to make a determination on the record related to plaintiffs’ request for leave to file an amended complaint. On remand, the district court denied plaintiffs’ subsequent request to amend and dismissed with prejudice plaintiffs’ claims. On December 16, 2020, plaintiffs filed a notice of appeal of that order denying plaintiffs leave to amend. On December 16, 2021, the Second Circuit affirmed the decision and order of the district court denying plaintiffs’ motion for leave to amend, thereby dismissing the appeal and action in its entirety. Plaintiffs have neither sought reconsideration of the Second Circuit’s decision nor filed a writ of certiorari for review by the Supreme Court. This matter is now considered closed. Derivative Lawsuit On May 3, 2018, plaintiff Adele J. Barke, derivatively on behalf of Ohr, commenced an action against Michael Ferguson, Orin Hirschman, Thomas M. Riedhammer, June Almenoff and Jason Slakter in the Supreme Court, State of New York, alleging that the action was brought in the right and for the benefit of Ohr seeking to remedy their “breach of fiduciary duties, corporate waste and unjust enrichment that occurred between June 24, 2014 and the present.” It does not quantify any alleged damages. On March 30, 2022, plaintiff filed a notice of voluntary dismissal of the complaint in this action. This matter is now considered closed. Joint Proxy Statement Lawsuit Following the issuance of the preliminary joint proxy statement/prospectus related to the merger of the Company and Ohr, on March 18, 2019, the Gomez Action was filed by an individual shareholder in the United States District Court for the Southern District of New York against Ohr and its board of directors. The plaintiff in the Gomez Action alleges that the preliminary joint proxy/prospectus statement filed by Ohr with the SEC on March 8, 2019 contained false and misleading statements and omitted material information in violation of Section 14(a) of the Exchange Act and SEC Rule 14a-9 promulgated thereunder, and further that the individual defendants are liable for those alleged misstatements and omissions under Section 20(a) of the Exchange Act. On March 19, 2019, the Barke Action was filed in the United States District Court for the Southern District of New York asserting similar Section 14(a) and Section 20(a) claims against Ohr’s board of directors and additionally naming NeuBase and Ohr Acquisition Corp., but not Ohr, as defendants. On March 20, 2019, the Wheby Action was filed in the United States District Court for District of Delaware asserting similar claims under Section 14(a) and Section 20(a) and naming as defendants Ohr and its board of directors, NeuBase, and Ohr Acquisition Corp. On March 20, 2019, the Lowinger Action was filed in the Court of Chancery of the State of Delaware asserting a breach of fiduciary duty claim against Ohr’s board of directors arising out of the same facts and circumstances regarding certain alleged omissions in the preliminary joint proxy/prospectus statement. On April 4, 2019, the Garaygordobil Action was filed in the United States District Court for the Southern District of New York asserting similar Section 14(a) and Section 20(a) claims against Ohr and its board of directors. Each of the Gomez, Barke, Garaygordobil, and Lowinger Actions have been dismissed, and on July 12, 2019, the Company and Ohr consummated the Merger. On March 23, 2022, plaintiffs in the Wheby Action filed a notice of voluntary dismissal of the complaint and this case was closed.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2022
Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended September 30, 2021 included in the Company’s Annual Report on Form 10-K (the “Annual Report”) filed with the U.S. Securities and Exchange Commission (“SEC”) on December 23, 2021. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated during the consolidation process. The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, the accompanying unaudited condensed consolidated financial statements for the periods presented reflect all adjustments, consisting of only normal, recurring adjustments, necessary to fairly state the Company’s financial position, results of operations and cash flows. The unaudited condensed consolidated financial statements for the interim periods are not necessarily indicative of results for the full year. The preparation of these unaudited condensed consolidated financial statements requires the Company to make estimates and judgments that affect the amounts reported in the financial statements and the accompanying notes. The Company’s actual results may differ from these estimates under different assumptions or conditions.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with 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 financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s unaudited condensed consolidated financial statements relate to the valuation of stock-based compensation, the valuation of licenses, the fair value of warrant liabilities and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. The Company assesses and updates estimates each period to reflect current information, such as the economic considerations related to the impact that the novel coronavirus disease (“COVID-19”) could have on its significant accounting estimates. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.
Fair Value Measurements	Fair Value Measurements Fair value measurements are based on the premise that fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the following three-tier fair value hierarchy has been used in determining the inputs used in measuring fair value: Level 1 – Quoted prices in active markets for identical assets or liabilities on the reporting date. Level 2 – Pricing inputs are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Pricing inputs are generally unobservable and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require management’s judgment or estimation of assumptions that market participants would use in pricing the assets or liabilities. The fair values are therefore determined using factors that involve considerable judgment and interpretations, including but not limited to private and public comparables, third-party appraisals, discounted cash flow models, and fund manager estimates. Financial instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Management’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The use of different assumptions and/or estimation methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed, or initial amounts recorded may not be indicative of the amount that the Company or holders of the instruments could realize in a current market exchange.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted net loss per share includes the dilutive effect, if any, from the potential exercise or conversion of securities, such as convertible debt, warrants and stock options that would result in the issuance of incremental shares of common stock. In computing the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation as the impact is anti-dilutive. The following potentially dilutive securities outstanding as of June 30, 2022 and 2021 have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ 2022 2021 Common stock purchase options 8,212,778 ​ 7,002,421 Restricted stock units — ​ 10,000 Common stock purchase warrants 180,000 ​ 820,939 ​ ​ 8,392,778 ​ 7,833,360 ​
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The adoption of this standard as of October 1, 2021, did not impact the Company’s consolidated financial statements and related disclosures. In November 2021, the FASB issued ASU No. 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, which amends disclosures to increase transparency of government assistance, including (i) the types of assistance, (ii) accounting for the assistance and (iii) the effect of the assistance on an entity’s financial statements. The standard is effective for all business entities for annual periods beginning after December 15, 2021. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. In June 2022, the FASB issued ASU 2022-03, “ASC Subtopic 820 Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 amends ASC 820 to clarify that a contractual sales restriction is not considered in measuring an equity security at fair value and to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. ASU 2022-03 applies to both holders and issuers of equity and equity-linked securities measured at fair value. The amendments in this ASU are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of this pronouncement on its consolidated financial statements and related disclosures.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Jun. 30, 2022
Significant Accounting Policies
Schedule of anti dilutive securities excluded from the computation of diluted weighted average shares	​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ 2022 2021 Common stock purchase options 8,212,778 ​ 7,002,421 Restricted stock units — ​ 10,000 Common stock purchase warrants 180,000 ​ 820,939 ​ ​ 8,392,778 ​ 7,833,360

Other Prepaid Expenses and Ot_2

Other Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Jun. 30, 2022
Other Prepaid Expenses and Other Current Assets
Summary of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of September 30, ​ 2022 2021 Prepaid research and development expense ​ $ 670,420 ​ $ 583,267 Prepaid rent ​ ​ — ​ ​ 172,518 Other prepaid expenses and other current assets ​ 643,637 ​ 780,401 Total ​ $ 1,314,057 ​ $ 1,536,186

Equipment (Tables)

Equipment (Tables)	9 Months Ended
	Jun. 30, 2022
Equipment
Schedule of equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of September 30, ​ 2022 2021 Laboratory equipment ​ $ 3,182,369 ​ $ 2,737,390 Office equipment ​ 259,978 ​ 259,978 Leasehold improvements ​ ​ 10,128 ​ ​ — Total ​ 3,452,475 ​ 2,997,368 Accumulated depreciation ​ (1,101,189) ​ (533,486) Property, plant and equipment, net ​ $ 2,351,286 ​ $ 2,463,882

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Jun. 30, 2022
Accrued Expenses and Other Current Liabilities
Schedule of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ As of September 30, ​ 2022 2021 Accrued compensation and benefits ​ $ 959,405 ​ $ 880,707 Accrued consulting settlement ​ ​ 75,000 ​ ​ 200,000 Accrued professional fees ​ 441,116 ​ 299,557 Accrued research and development ​ 182,410 ​ 297,047 Accrued franchise tax ​ ​ 123,546 ​ ​ 30,720 Other accrued expenses ​ 87,383 ​ 39,715 Total ​ $ 1,868,860 ​ $ 1,747,746

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Jun. 30, 2022
Notes Payable
Schedule of insurance notes payable outstanding	As of September 30, 2021, the Company had the following insurance note payable outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stated ​ ​ ​ ​ Balance at ​ Balance at ​ ​ Maturity ​ Interest ​ Original ​ June 30, ​ September 30, ​ Date Rate Principal 2022 2021 Insurance Note Payable ​ ​ ​ 2021 Insurance Note January 2022 4.99 % $ 391,625 ​ $ — ​ $ 148,385

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Jun. 30, 2022
Stockholders' Equity
Schedule of warrants issued and outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants Expiration date Exercise Price Outstanding July 6, 2023 ​ 8.73 105,000 September 20, 2024 ​ ​ 6.50 ​ 75,000 ​ ​ ​ ​ 180,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ Average ​ Remaining ​ ​ ​ ​ Exercise ​ Contractual Life ​ Warrants Price (in years) Outstanding as of September 30, 2021 ​ 895,939 ​ $ 18.35 ​ ​ Expired ​ (715,939) ​ ​ 21.01 ​ ​ Outstanding as of June 30, 2022 ​ 180,000 ​ ​ 7.80 ​ 1.5 Exercisable as of June 30, 2022 ​ 180,000 ​ $ 7.80 ​ 1.5

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Jun. 30, 2022
Stock-Based Compensation
Schedule of stock-based compensation expense	The Company recorded stock-based compensation expense in the following expense categories of its unaudited condensed consolidated statements of operations for the three and nine months ended June 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ended June 30, ​ Nine Months Ended June 30, ​ 2022 2021 2022 2021 General and administrative ​ $ 507,435 ​ $ 574,353 ​ $ 1,389,227 ​ $ 1,865,512 Research and development ​ 133,611 ​ ​ 50,829 ​ ​ 997,851 ​ ​ 878,363 Total ​ $ 641,046 ​ $ 625,182 ​ $ 2,387,078 ​ $ 2,743,875
Summary of stock options issued and outstanding	Below is a table summarizing the options issued and outstanding as of and for the nine months ended June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ Total ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual Life ​ Intrinsic ​ Stock Options Price (in years) Value Outstanding at September 30, 2021 ​ 7,397,154 ​ $ 3.13 ​ ​ ​ ​ ​ Granted ​ 1,510,366 ​ ​ 2.14 ​ ​ ​ ​ ​ Exercised ​ (42,250) ​ ​ 0.00 ​ ​ ​ ​ ​ Forfeited ​ (652,492) ​ ​ 4.67 ​ ​ ​ ​ ​ Outstanding at June 30, 2022 ​ 8,212,778 ​ ​ 2.84 ​ 6.9 ​ $ 3,430,544 Exercisable as of June 30, 2022 ​ 5,628,339 ​ $ 2.49 ​ 6.0 ​ $ 3,429,894
Schedule of key assumptions used to estimate the fair value of the stock options granted	Key assumptions used to estimate the fair value of the stock options granted during the nine months ended June 30, 2022 and 2021 included: ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, ​ 2022 2021 Expected term of options (years) ​ 5.1 - 6.1 ​ 5.5 - 7.0 Expected common stock price volatility ​ 73.8% - 77.2% ​ 83% - 83.7% Risk-free interest rate ​ 1.1% - 3.1% ​ 0.6% - 1.3% Expected dividend yield ​ 0% ​ 0%
Summary of changes in the outstanding restricted stock	A summary of the changes in the unvested restricted stock during the nine months ended June 30, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ Grant Date ​ Unvested Restricted Fair Value ​ Stock Price Unvested as of September 30, 2021 ​ — ​ $ — Granted ​ ​ 4,441 ​ ​ 3.94 Vested ​ (4,441) ​ 3.94 Unvested as of June 30, 2022 ​ — ​ ​ — Total unrecognized expense remaining ​ $ — ​ Weighted-average years expected to be recognized over ​ — ​
Summary of restricted stock units granted and outstanding	Below is a table summarizing the restricted stock units granted and outstanding as of and for the nine months ended June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ Grant Date ​ ​ Restricted Stock ​ Fair Value ​ Units Price Unvested as of September 30, 2021 ​ 10,000 ​ $ 5.09 Forfeited ​ ​ (10,000) ​ ​ 5.09 Unvested as of June 30, 2022 ​ — ​ — Total unrecognized expense remaining ​ $ — ​ ​ ​ Weighted-average years expected to be recognized over ​ — ​ ​ ​

Organization and Description _2

Organization and Description of Business (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2021
Cash and cash equivalents	$ 29,846,825		$ 29,846,825		$ 52,893,387
Loss from operations	(8,360,608)	$ (8,839,094)	(25,594,958)	$ (19,396,257)
Private NeuBase
Cash and cash equivalents	$ 29,800,000		29,800,000
Loss from operations			25,600,000
Used cash in operating activities			$ 22,400,000

Significant Accounting Polici_4

Significant Accounting Policies - Potentially dilutive securities outstanding (Details) - shares	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,392,778	7,833,360
Common stock purchase options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,212,778	7,002,421
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		10,000
Common stock purchase warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	180,000	820,939

Other Prepaid Expenses and Ot_3

Other Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2022	Sep. 30, 2021
Other Prepaid Expenses and Other Current Assets
Prepaid research and development expense	$ 670,420	$ 583,267
Prepaid rent		172,518
Other prepaid expenses and other current assets	643,637	780,401
Total	$ 1,314,057	$ 1,536,186

Equipment (Details)

Equipment (Details) - USD ($)	Jun. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment, Gross	$ 3,452,475	$ 2,997,368
Accumulated depreciation	(1,101,189)	(533,486)
Property, plant and equipment, net	2,351,286	2,463,882
Laboratory equipment
Property, Plant and Equipment, Gross	3,182,369	2,737,390
Office equipment
Property, Plant and Equipment, Gross	259,978	$ 259,978
Leasehold improvements
Property, Plant and Equipment, Gross	$ 10,128

Equipment - Additional Informat

Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Equipment
Depreciation	$ 200	$ 100	$ 600	$ 300

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Jun. 30, 2022	Sep. 30, 2021
Accrued Expenses and Other Current Liabilities
Accrued compensation and benefits	$ 959,405	$ 880,707
Accrued consulting settlement	75,000	200,000
Accrued professional fees	441,116	299,557
Accrued research and development	182,410	297,047
Accrued franchise tax	123,546	30,720
Other accrued expenses	87,383	39,715
Total	$ 1,868,860	$ 1,747,746

Notes Payable - Insurance notes

Notes Payable - Insurance notes payable outstanding (Details) - USD ($)	Jun. 30, 2022	Sep. 30, 2021
Short-term Debt [Line Items]
Outstanding balance	$ 0	$ 148,385
2021 Insurance Note
Short-term Debt [Line Items]
Stated Interest Rate (as a percent)		4.99%
Original Principal		$ 391,625
Outstanding balance		$ 148,385

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants issued and outstanding (Details)	9 Months Ended
	Jun. 30, 2022 $ / shares shares
Warrants [Roll Forward]
Warrants, Outstanding at the beginning of the period | shares	895,939
Warrants, Expired | shares	(715,939)
Warrants, Outstanding at the end of the period | shares	180,000
Warrants, Exercisable at the end of the period | shares	180,000
Weighted average exercise price, Outstanding at the beginning of the period | $ / shares	$ 18.35
Weighted average exercise price, Expired | $ / shares	21.01
Weighted average exercise price, Outstanding at the end of the period | $ / shares	7.80
Weighted average exercise price, Exercisable at the end of the period | $ / shares	$ 7.80
Weighted average remaining contractual term, Outstanding at the end of the period	1 year 6 months
Weighted average remaining contractual term, Exercisable at the end of the period	1 year 6 months
July 6, 2023
Warrants [Roll Forward]
Exercise price of warrants (in dollars per share) | $ / shares	$ 8.73
Warrants, Outstanding at the end of the period | shares	105,000
September 20, 2024
Warrants [Roll Forward]
Exercise price of warrants (in dollars per share) | $ / shares	$ 6.50
Warrants, Outstanding at the end of the period | shares	75,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based compensation expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-Based Compensation expense
Total stock based compensation for options granted	$ 641,046	$ 625,182	$ 2,387,078	$ 2,743,875
General and administrative
Stock-Based Compensation expense
Total stock based compensation for options granted	507,435	574,353	1,389,227	1,865,512
Research and development
Stock-Based Compensation expense
Total stock based compensation for options granted	$ 133,611	$ 50,829	$ 997,851	$ 878,363

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock options (Details) - Stock Options	9 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Stock Options
Outstanding, Beginning balance | shares	7,397,154
Granted | shares	1,510,366
Exercised | shares	(42,250)
Forfeited | shares	(652,492)
Outstanding, Ending balance | shares	8,212,778
Exercisable | shares	5,628,339
Weighted Average Exercise Price per Share
Outstanding, Beginning balance | $ / shares	$ 3.13
Granted | $ / shares	2.14
Exercised | $ / shares	0
Forfeited | $ / shares	4.67
Outstanding, Ending balance | $ / shares	2.84
Exercisable | $ / shares	$ 2.49
Weighted Average remaining contractual term (years) and Aggregate Intrinsic Value
Outstanding	6 years 10 months 24 days
Exercisable	6 years
Outstanding | $	$ 3,430,544
Exercisable | $	$ 3,429,894

Stock-Based Compensation - Key

Stock-Based Compensation - Key Assumptions Estimate Fair Value Of Stock Options (Details)	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Key assumptions used to estimate the fair value of the stock options granted
Expected dividend yield	0%	0%
Minimum
Key assumptions used to estimate the fair value of the stock options granted
Expected term of options (years)	5 years 1 month 6 days	5 years 6 months
Expected common stock price volatility, minimum	73.80%	83%
Risk-free interest rate, minimum	1.10%	0.60%
Maximum
Key assumptions used to estimate the fair value of the stock options granted
Expected term of options (years)	6 years 1 month 6 days	7 years
Expected common stock price volatility, maximum	77.20%	83.70%
Risk-free interest rate, maximum	3.10%	1.30%

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock (Details) - USD ($)	9 Months Ended
	Jun. 30, 2022	Sep. 30, 2021
Stock-Based Compensation
Weighted-average years expected to be recognized over	1 year 4 months 24 days
Unvested restricted stock
Stock-Based Compensation
Unvested, Beginning balance	0
Granted	4,441
Vested	4,441
Unvested, Ending balance	0
Total unrecognized expense remaining	$ 0
Weighted-average years expected to be recognized over	0 years
Weighted Average Grant Date Fair Value Price
Unvested, Beginning balance	$ 0	$ 0
Granted	3.94
Vested	3.94
Unvested, Ending balance	$ 0	0
Restricted stock units
Stock-Based Compensation
Unvested, Beginning balance	10,000
Forfeited	(10,000)
Weighted-average years expected to be recognized over	0 years
Weighted Average Grant Date Fair Value Price
Unvested, Beginning balance		5.09
Forfeited	$ 5.09
Unvested, Ending balance		$ 5.09

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional information (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Stock-Based Compensation
Unrecognized compensation costs	$ 3,100
Weighted-average amortization period	1 year 4 months 24 days
Intrinsic value of stock options exercised	$ 100	$ 60
Weighted average grant date fair value of options granted	$ 1.40	$ 4.29
Unvested restricted stock
Stock-Based Compensation
Weighted-average amortization period	0 years
2016 Plan
Stock-Based Compensation
Number of common stock authorized	291,667
Common shares were available for future grants	147,041
2019 Plan
Stock-Based Compensation
Number of common stock authorized	6,018,136
Common shares were available for future grants	864,396