Cellectar Biosciences (CLRB) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-36598
Entity Registrant Name	Cellectar Biosciences, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3321804
Entity Address, Address Line One	100 Campus Drive
Entity Address, City or Town	Florham Park
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07932
City Area Code	608
Local Phone Number	441-8120
Title of 12(b) Security	Common stock, par value $0.00001
Trading Symbol	CLRB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,385,272
Entity Central Index Key	0001279704
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 17,785,322	$ 35,703,975
Prepaid expenses and other current assets	975,936	867,485
Total current assets	18,761,258	36,571,460
Fixed assets, net	338,944	344,491
Right-of-use asset, net	138,097	204,644
Long-term and other assets	81,214	81,214
TOTAL ASSETS	19,319,513	37,201,809
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	6,367,035	3,854,914
Lease liability	148,200	135,449
Total current liabilities	6,515,235	3,990,363
Long-term lease liability, net of current portion	53,769	166,292
TOTAL LIABILITIES	6,569,004	4,156,655
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $0.00001 par value; 7,000 shares authorized; Series D preferred stock: 111 shares issued and outstanding	1,382,023	1,382,023
Common stock, $0.00001 par value; 160,000,000 shares authorized; 6,110,119 and 6,110,125 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	61	61
Additional paid-in capital	183,652,376	182,560,859
Accumulated deficit	(172,283,951)	(150,897,789)
Total stockholders' equity	12,750,509	33,045,154
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 19,319,513	$ 37,201,809

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	7,000	7,000
Preferred stock, issued	111	111
Preferred stock, outstanding	111	111
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized	160,000,000	160,000,000
Common stock, shares issued	6,110,119	6,110,125
Common stock, shares outstanding	6,110,119	6,110,125

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
COSTS AND EXPENSES:
Research and development	$ 5,380,190	$ 3,937,464	$ 13,765,846	$ 13,198,294
General and administrative	2,435,296	1,882,190	7,625,391	5,009,581
Total costs and expenses	7,815,486	5,819,654	21,391,237	18,207,875
LOSS FROM OPERATIONS	(7,815,486)	(5,819,654)	(21,391,237)	(18,207,875)
OTHER INCOME:
Interest income, net	4,164	590	5,075	3,611
Total other income	4,164	590	5,075	3,611
NET LOSS	$ (7,811,322)	$ (5,819,064)	$ (21,386,162)	$ (18,204,264)
BASIC NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE	$ (1.28)	$ (0.97)	$ (3.50)	$ (3.39)
DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE	$ (1.28)	$ (0.97)	$ (3.50)	$ (3.39)
SHARES USED IN COMPUTING BASIC NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE	6,110,119	5,986,837	6,110,123	5,363,342
SHARES USED IN COMPUTING DILUTED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE	6,110,119	5,986,837	6,110,123	5,363,342

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
BALANCE at Dec. 31, 2020	$ 20,035,849	$ 45	$ 161,534,062	$ (126,775,427)	$ 54,794,529
BALANCE (in shares) at Dec. 31, 2020	1,734	4,544,272
Stock-based compensation			124,564		124,564
Conversion of preferred shares for common shares	$ (8,288,652)	$ 6	8,288,646
Conversion of preferred shares for common shares (in shares)	(789)	627,823
Exercise of warrants for common shares		$ 1	1,213,923		1,213,924
Exercise of warrants for common shares (in shares)		100,532
Net loss				(6,357,170)	(6,357,170)
BALANCE at Mar. 31, 2021	$ 11,747,197	$ 52	171,161,195	(133,132,597)	49,775,847
BALANCE (in shares) at Mar. 31, 2021	945	5,272,627
BALANCE at Dec. 31, 2020	$ 20,035,849	$ 45	161,534,062	(126,775,427)	54,794,529
BALANCE (in shares) at Dec. 31, 2020	1,734	4,544,272
Conversion of preferred shares for common shares					18,653,826
Net loss					(18,204,264)
BALANCE at Sep. 30, 2021	$ 1,382,023	$ 61	182,183,011	(144,979,691)	38,585,404
BALANCE (in shares) at Sep. 30, 2021	111	6,110,126
BALANCE at Mar. 31, 2021	$ 11,747,197	$ 52	171,161,195	(133,132,597)	49,775,847
BALANCE (in shares) at Mar. 31, 2021	945	5,272,627
Stock-based compensation			200,617		200,617
Conversion of preferred shares for common shares	$ (3,109,552)	$ 3	3,109,549
Conversion of preferred shares for common shares (in shares)	(250)	250,000
Issuance of common stock, net of issuance costs			34,873		34,873
Issuance of common stock, net of issuance costs (in shares)		4,169
Retired shares (in shares)		(3)
Net loss				(6,028,030)	(6,028,030)
BALANCE at Jun. 30, 2021	$ 8,637,645	$ 55	174,506,234	(139,160,627)	43,983,307
BALANCE (in shares) at Jun. 30, 2021	695	5,526,793
Stock-based compensation			421,161		421,161
Conversion of preferred shares for common shares	$ (7,255,622)	$ 6	7,255,616
Conversion of preferred shares for common shares (in shares)	(584)	583,333
Net loss				(5,819,064)	(5,819,064)
BALANCE at Sep. 30, 2021	$ 1,382,023	$ 61	182,183,011	(144,979,691)	38,585,404
BALANCE (in shares) at Sep. 30, 2021	111	6,110,126
BALANCE at Dec. 31, 2021	$ 1,382,023	$ 61	182,560,859	(150,897,789)	33,045,154
BALANCE (in shares) at Dec. 31, 2021	111	6,110,126
Stock-based compensation			303,805		303,805
Retired shares (in shares)		(1)
Net loss				(6,139,797)	(6,139,797)
BALANCE at Mar. 31, 2022	$ 1,382,023	$ 61	182,864,664	(157,037,586)	27,209,162
BALANCE (in shares) at Mar. 31, 2022	111	6,110,125
BALANCE at Dec. 31, 2021	$ 1,382,023	$ 61	182,560,859	(150,897,789)	33,045,154
BALANCE (in shares) at Dec. 31, 2021	111	6,110,126
Net loss					(21,386,162)
BALANCE at Sep. 30, 2022	$ 1,382,023	$ 61	183,652,376	(172,283,951)	12,750,509
BALANCE (in shares) at Sep. 30, 2022	111	6,110,119
BALANCE at Mar. 31, 2022	$ 1,382,023	$ 61	182,864,664	(157,037,586)	27,209,162
BALANCE (in shares) at Mar. 31, 2022	111	6,110,125
Stock-based compensation			419,953		419,953
Retired shares (in shares)		(2)
Net loss				(7,435,043)	(7,435,043)
BALANCE at Jun. 30, 2022	$ 1,382,023	$ 61	183,284,617	(164,472,629)	20,194,072
BALANCE (in shares) at Jun. 30, 2022	111	6,110,123
Stock-based compensation			367,759		367,759
Retired shares (in shares)		(4)
Net loss				(7,811,322)	(7,811,322)
BALANCE at Sep. 30, 2022	$ 1,382,023	$ 61	$ 183,652,376	$ (172,283,951)	$ 12,750,509
BALANCE (in shares) at Sep. 30, 2022	111	6,110,119

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (21,386,162)	$ (18,204,264)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	110,276	110,624
Stock-based compensation expense	1,091,517	746,342
Noncash lease expense	66,547	57,160
Loss on disposal of fixed assets	3,386	2,938
Changes in:
Prepaid expenses and other current assets	(108,451)	(273,650)
Lease liability	(99,772)	(88,268)
Accounts payable and accrued liabilities	2,512,121	(408,708)
Cash used in operating activities	(17,810,538)	(18,057,826)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(108,115)	(11,622)
Cash used in investing activities	(108,115)	(11,622)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance costs		34,874
Proceeds from exercise of warrants		1,213,924
Cash provided by financing activities		1,248,798
NET DECREASE IN CASH AND CASH EQUIVALENTS	(17,918,653)	(16,820,650)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	35,703,975	57,165,377
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 17,785,322	40,344,727
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Conversion of preferred stock to common stock		$ 18,653,826

NATURE OF BUSINESS AND ORGANIZA

NATURE OF BUSINESS AND ORGANIZATION	9 Months Ended
	Sep. 30, 2022
NATURE OF BUSINESS AND ORGANIZATION
NATURE OF BUSINESS AND ORGANIZATION	1. NATURE OF BUSINESS AND ORGANIZATION Cellectar Biosciences, Inc. (the “Company”) is a late-stage clinical biopharmaceutical company focused on the discovery and development of drugs for the treatment of cancer leveraging our proprietary phospholipid drug conjugate™ (PDC™) delivery platform designed to specifically target cancer cells and to deliver improved efficacy and better safety as a result of fewer off-target effects. The Company has incurred losses since inception in devoting substantially all of its efforts toward research and development and has an accumulated deficit of approximately $172,284,000 $21,386,000 After the third quarter ended, in October 2022, the Company completed a registered direct offering and concurrent private placement of shares of the Company’s common stock, prefunded warrants and common warrants. The offering and private placements resulted in total gross proceeds of approximately $10.7 million with net proceeds to the Company of approximately $9.7 million after deducting estimated offering expenses (see Note 8). The Company’s ability to execute its current operating plan depends on its ability to obtain additional funding via the sale of equity and/or debt securities, a strategic transaction or other source of capital. The Company plans to continue actively pursuing financing alternatives, however, there can be no assurance that it will obtain the necessary funding, raising substantial doubt about the Company’s ability to continue as a going concern within one year of the date these financial statements are issued. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. The accompanying Condensed Consolidated Balance Sheet as of December 31, 2021 has been derived from our audited financial statements. The accompanying unaudited Condensed Consolidated Balance Sheet as of September 30, 2022, and the Condensed Consolidated Statements of Operations, the Condensed Statements of Stockholders’ Equity for the three and nine months ended September 30, 2022 and 2021, the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021, and the related interim information contained within the Notes to the Condensed Consolidated Financial Statements, have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions, rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all the information and the notes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments which are of a nature necessary for the fair presentation of the Company’s consolidated financial position at September 30, 2022 and the consolidated results of its operations and stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, and cash flows for the nine months ended September 30, 2022 and 2021. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of future results. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 21, 2022. Principles of Consolidation Fixed Assets 3 Right-of-Use (ROU) Asset and Lease Liabilities Leases Stock-Based Compensation Research and Development Income Taxes Fair Value of Financial Instruments Financial Instruments Concentration of Credit Risk Recently Adopted Accounting Pronouncements New Accounting Pronouncements – Issued but Not Yet Adopted

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2022
FAIR VALUE
FAIR VALUE	2. FAIR VALUE In accordance with the Fair Value Measurements and Disclosures Topic of the FASB ASC 820, the Company groups its financial assets and financial liabilities generally measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value: ● Level 1: Input prices quoted in an active market for identical financial assets or liabilities. ● Level 2: Inputs other than prices quoted in Level 1, such as prices quoted for similar financial assets and liabilities in active markets, prices for identical assets, and liabilities in markets that are not active or other inputs that are observable or can be corroborated by observable market data. ● Level 3: Input prices quoted that are significant to the fair value of the financial assets or liabilities which are not observable or supported by an active market. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The carrying value of cash and cash equivalents approximates fair value as maturities are less than three months. The carrying amounts reported in the Condensed Consolidated Balance sheets for other current financial assets and liabilities approximate fair value because of their short-term nature.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2022
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	3. STOCKHOLDERS’ EQUITY 2022 Reverse Stock Split At the annual stockholders’ meeting held on June 24, 2022, the Company’s stockholders approved an amendment to the Company’s certificate of incorporation to effect a reverse split of the Company’s common stock at a ratio between 1 1 1 1 Authorized Share Increase At a special meeting held on February 25, 2021, the Company’s stockholders approved the amendment of the Company’s Second Amended and Restated Certificate of Incorporation, as amended, to increase the authorized common stock from 80,000,000 shares to 160,000,000 shares. The Reverse Stock Split did not change the amount of authorized common stock. Equity Distribution Agreement On August 11, 2020, the Company entered into an equity distribution agreement (the “Sales Agreement”) with Oppenheimer & Co. Inc. (the “Sales Agent”). Pursuant to the Sales Agreement, the Company may offer and sell from time to time through the Sales Agent, up to $14.5 million of shares of the Company’s common stock, par value $0.00001 per share (the “ATM Shares”). The Sales Agent will receive from the Company a commission of 3.0% of the gross proceeds from the sales of the ATM Shares pursuant to the terms of the Sales Agreement. The offering of the ATM Shares pursuant to the Sales Agreement will terminate upon the earliest of (i) the sale of all ATM Shares subject to the Sales Agreement, or (ii) the termination of the Sales Agreement by the Company or the Sales Agent. Net proceeds from the sale of the ATM Shares will be used for general corporate purposes, including working capital. The ATM Shares issued under the Sales Agreement are offered pursuant to a registration statement on Form S-3, which was declared effective by the SEC on August 20, 2020 (see Note 8). In June 2021, the Company issued and sold an aggregate of 4,169 ATM Shares pursuant to the Sales Agreement and received gross proceeds of approximately $69,000 and net proceeds of $35,000 after deducting commissions to the Sales Agent and other offering expenses. December 2020 Public Offering and Private Placement On December 23, 2020, the Company issued and sold 1,814,813 shares of common stock, par value $0.00001 per share, at a public offering price of $13.50 per share of common stock, prior to deducting underwriting discounts and commissions and estimated offering expenses. In a concurrent private placement, the Company issued and sold 1,518.5180 shares of Series D convertible preferred stock. These preferred shares are convertible into a number of shares of common stock equal to $13,500 divided by $13.50 (or 1,000 shares of common stock for each share of Series D preferred stock converted) and were issued at a price of $13,500 per share of Series D preferred stock. The preferred shares were only convertible into common stock upon receipt of stockholder approval of the issuance of the underlying shares of common stock as required by Nasdaq Marketplace Rule 5635(d) at a special stockholder meeting to be called for that purpose. At a special meeting of stockholders held on February 25, 2021, the stockholders approved, in accordance with Nasdaq Listing Rule 5635(d), the issuance of shares of the Company’s common stock upon the conversion of the Series D preferred stock. During the three months ended March 31, 2021, 574.0736 shares of our Series D convertible preferred stock were converted into 574,073 shares of common stock at the established conversion rate. During the three months ended June 30, 2021, 250 shares of our Series D convertible preferred stock were converted into 250,000 of common stock. During the three months ended September 30, 2021, 583.33 shares of our Series D convertible preferred stock were converted into 583,333 shares of common stock. There were no preferred stock conversions in the three months ended December 31, 2021, or the nine months ended September 30, 2022. The net proceeds of the December public offering and private placement to the Company, after deducting underwriting discounts and commissions, placement agency fees, and estimated offering expenses payable by the Company, were approximately $41.4 million. The common stock issued in the public offering was offered by the Company pursuant to a registration statement on Form S-3, which was declared effective by the SEC on August 20, 2020. The common stock issuable upon conversion of the Series D preferred stock in the private placement was offered by the Company pursuant to a registration statement on Form S-3, which was declared effective by the SEC on February 1, 2021. In accordance with the concept of ASC 820 regarding the December 2020 public offering, the Company allocated the value of the proceeds to the common stock and preferred stock utilizing a relative fair value basis. Using the Nasdaq closing trading price for our stock on December 28, 2020, the Company computed the fair value of the shares sold. The fair value of the preferred stock was estimated on a relative fair value basis. This valuation did not impact the total increase to Stockholders’ Equity of $45.0 million, but is an internal, proportionate calculation allocating gross proceeds of approximately $24.5 million to common stock and $20.5 million to preferred stock. Common Stock Warrants The following table summarizes information regarding outstanding warrants to purchase common stock as of September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ ​ ​ ​ ​ Issuable Upon ​ ​ ​ ​ ​ ​ Exercise of ​ ​ ​ ​ ​ ​ Outstanding ​ Exercise ​ Offering Warrants Price Expiration Date June 2020 Series H Warrants ​ 720,796 ​ $ 12.075 ​ June 5, 2025 May 2019 Series F Warrants ​ 195,700 ​ $ 24.00 ​ May 20, 2024 May 2019 Series G Warrants ​ 201,800 ​ $ 24.00 ​ May 20, 2024 July 2018 Series E Warrants 414,000 ​ $ 40.00 July 31, 2023 October 2017 Series D Warrants ​ 31,085 ​ $ 178.00 October 14, 2024 Total 1,563,381 ​ ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	4. STOCK-BASED COMPENSATION Accounting for Stock-Based Compensation 2021 Stock Incentive Plan The 2021 Stock Incentive Plan (the “2021 Plan”) was adopted on June 23, 2021, with an initial authorization of an aggregate of 600,000 shares of common stock for grants of incentive or nonqualified stock options, rights to purchase restricted and unrestricted shares of common stock, stock appreciation rights and performance share grants. The Compensation Committee determines exercise prices, vesting periods and any performance requirements on the date of grant, subject to the provisions of the 2021 Plan. Options are granted at or above the fair market value of the common stock at the grant date and expire on the tenth anniversary of the grant date. Vesting periods are generally between one At the 2022 annual meeting of stockholders held on June 24, 2022, the Company’s stockholders approved an increase in the number of shares of common stock available for issuance under our 2021 Stock Incentive Plan by 500,000 shares. As of September 30, 2022, there are an aggregate of 612,742 shares available for future grants under the 2021 Plan. During the nine-month periods ended September 30, 2022 and 2021, options granted were 340,250 and 353,750, respectively. The following table summarizes amounts charged to expense for stock-based compensation related to employee and director stock option grants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee and director stock option grants: ​ ​ ​ ​ Research and development ​ $ 37,211 ​ $ 62,655 ​ $ 123,638 ​ $ 133,450 General and administrative ​ 330,548 ​ 358,506 ​ 967,879 ​ 612,892 Total stock-based compensation ​ $ 367,759 ​ $ 421,161 ​ $ 1,091,517 ​ $ 746,342 ​ On March 4, 2021, the Company granted 281,000 contingent non-statutory stock option awards at an exercise price of $17.40 per share to its employees. Each of these grants was contingent on approval of the 2021 Plan that was voted on and approved by the stockholders at the Annual Meeting of Stockholders held on June 23, 2021. In accordance with the timing of the stockholder approval, the Company recognized the compensation expense of the contingent non-statutory stock option awards issued in March 2021 beginning in June 2021 and continuing through the remaining vesting period. Assumptions Used in Determining Fair Value Valuation and amortization method Volatility. Risk-free interest rate Expected term Forfeitures. Dividends. Exercise prices for all grants made during the nine months ended September 30, 2022 were equal to the market value of the Company’s common stock on the date of grant. Stock Option Activity A summary of stock option activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Number of ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Shares Issuable ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ Upon Exercise ​ Weighted ​ Contracted ​ Aggregate ​ ​ of Outstanding ​ Average ​ Term in ​ Intrinsic ​ Options Exercise Price Years Value Outstanding at December 31, 2021 423,820 ​ $ 22.70 ​ ​ ​ $ — Granted 277,850 ​ $ 5.47 ​ ​ ​ ​ ​ Forfeited ​ (95,200) ​ $ 12.78 ​ ​ ​ ​ ​ Outstanding at March 31, 2022 ​ 606,470 ​ $ 16.37 ​ 9.03 ​ $ — Granted ​ 62,400 ​ $ 4.69 ​ ​ ​ ​ ​ Forfeited (11,543) ​ $ 9.09 ​ ​ Outstanding at June 30, 2022 ​ 657,327 ​ $ 15.39 ​ 8.84 ​ $ — Granted ​ — ​ ​ ​ ​ ​ ​ ​ ​ Forfeited (3,064) ​ $ 36.04 ​ ​ Outstanding at September 30, 2022 654,263 ​ $ 15.29 ​ 8.63 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, September 30, 2022 202,398 ​ $ 28.00 ​ 7.73 ​ $ — Unvested, September 30, 2022 451,865 ​ $ 9.59 ​ 9.04 ​ $ — ​ The aggregate intrinsic value of options outstanding is calculated based on the positive difference between the estimated per-share fair value of common stock at the end of the respective period and the exercise price of the underlying options. There have been no option exercises to date. Shares of common stock issued upon the exercise of options are from authorized but unissued shares. As of September 30, 2022, there was approximately $2,144,000 of total unrecognized compensation cost related to unvested stock-based compensation arrangements. Of this total amount, the Company expects to recognize approximately $366,000, $1,244,900, $501,100, and $32,000 during 2022, 2023, 2024, and 2025, respectively. The Company’s expense estimates are based upon the expectation that all unvested options will vest in the future. The weighted-average grant-date fair value of vested and unvested options outstanding as of September 30, 2022 was $20.41 and $6.14, respectively. As of September 30, 2021, the weighted-average grant-date fair value of vested and unvested options was $42.40 and $9.20, respectively.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
INCOME TAXES
INCOME TAXES	5. INCOME TAXES The Company accounts for income taxes in accordance with the liability method of accounting. Deferred tax assets or liabilities are computed based on the difference between the financial statement and income tax basis of assets and liabilities, and net operating loss carryforwards (“NOLs”), using the enacted tax rates. Deferred income tax expense or benefit is based on changes in the asset or liability from period to period. The Company did not record a provision or benefit for federal, state or foreign income taxes for the nine months ended September 30, 2022 or 2021, because the Company has experienced losses on a tax basis since inception. Because of the limited operating history, continuing losses and uncertainty associated with the utilization of the NOLs in the future, management has provided a full allowance against the value of its gross deferred tax assets. The Company also accounts for the uncertainty in income taxes related to the recognition and measurement of a tax position taken or expected to be taken in an income tax return. The Company follows the applicable accounting guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition related to the uncertainty in income tax positions. No uncertain tax positions have been identified.

NET LOSS PER SHARE

NET LOSS PER SHARE	9 Months Ended
	Sep. 30, 2022
NET LOSS PER SHARE
NET LOSS PER SHARE	6. NET LOSS PER SHARE Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the sum of the weighted average number of shares of common stock and the dilutive potential common stock equivalents then outstanding. Potential common stock equivalents consist of stock options, warrants, preferred shares convertible into common stock and, pre-funded warrants. Since there is a net loss attributable to common stockholders for all periods presented, the inclusion of common stock equivalents in the computation for each period would be antidilutive. The following potentially dilutive securities have been excluded from the computation of diluted net loss per share since their inclusion would be antidilutive: ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ 2022 2021 Warrants 1,563,381 1,607,961 Preferred shares as convertible into common stock 111,111 694,444 Stock options 654,263 470,178 Total potentially dilutive shares 2,328,755 2,772,583 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	7. COMMITMENTS AND CONTINGENCIES Real Property Leases Florham Park, New Jersey On June 4, 2018, the Company entered into an Agreement of Lease for 3,893 square feet for its corporate headquarters in Borough of Florham Park, New Jersey (the “HQ Lease”). The HQ Lease commencement date was October 2018 and terminates in February 2024. The Company has an option to extend the term of the HQ Lease for one additional 60-month period. Under the terms of the HQ Lease, the Company paid a security deposit of $75,000 and the aggregate rent due over the term of the HQ Lease is approximately $828,000, which will be reduced to approximately $783,000 after certain rent abatements. The Company is required to pay its proportionate share of certain operating expenses and real estate taxes applicable to the leased premises. After certain rent abatements the rent is approximately $12,500 per month for the first year and then escalates thereafter by 2% per year until the termination date. Madison, Wisconsin The Company presently rents office space in Madison for approximately $3,000 per month under an agreement that expires on October 31, 2022. Operating Lease Liability In June 2018, the Company entered into the HQ Lease. The HQ Lease commenced upon completion of certain improvements by the landlord in October 2018 and terminates in February 2024 with an option to extend the term of the lease for one additional 60-month period. As of December 31, 2018, the Company recorded a deferred lease liability of approximately $176,000 for the improvements funded by the landlord on the consolidated balance sheet. The Company amortizes the deferred liability as a reduction to rent expense in the consolidated statement of operations over the term of the lease. Under the HQ Lease, the Company will pay a fixed rent amount monthly based on an approximate rate per rentable square foot which ranges between approximately $12,400 to $13,600 over the lease period. In addition, the Company received certain rent abatements and lease incentives subject to the limitations in the HQ Lease. The HQ Lease’s net ROU asset and lease liability are approximately $138,000 and ($202,000), respectively, as of September 30, 2022 and rental expense for the nine months ended September 30, 2022 was approximately $85,000. Discount Rate The Company has determined the interest rate implicit in the lease considering factors such as Company’s credit rating, borrowing terms offered by the U.S. Small Business Administration, amount of lease payments, quality of collateral and alignment of the borrowing term and lease term. The Company considered 10% per annum as reasonable to use as the incremental borrowing rate for purposes of the calculation of lease liabilities at their inception. Maturity Analysis of Short-Term and Operating Leases The following table approximates the Company’s undiscounted payments for its short-term leases and operating lease liabilities as of September 30, 2022: ​ ​ ​ ​ ​ Years ending December 31, ​ ​ Remainder of 2022 ​ $ 40,000 2023 ​ ​ 161,000 2024 ​ ​ 14,000 Total undiscounted lease payments ​ ​ 215,000 Less: Imputed interest ​ ​ (13,000) Present value of lease liabilities ​ $ 202,000 ​ Legal The Company may be involved in legal matters and disputes in the ordinary course of business. We do not anticipate that the outcome of such matters and disputes will materially affect the Company’s financial statements.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Sep. 30, 2022
SUBSEQUENT EVENT.
SUBSEQUENT EVENT	8. SUBSEQUENT EVENT On October 25, 2022, we completed a registered direct offering of 3,275,153 shares of the Company’s common stock at $2.085 per share and warrants to purchase up to an aggregate of 3,275,153 shares of common stock in a concurrent private placement priced at-the-market under Nasdaq rules. In a separate concurrent private placement transaction, the Company offered and sold pre-funded warrants to purchase an aggregate of 1,875,945 shares of common stock and warrants to purchase an aggregate of 1,875,945 shares of common stock. The warrants are immediately exercisable at an exercise price of $1.96 per share and will expire on the fifth anniversary of the closing date. Each pre-funded warrant had a purchase price of $2.08499, is immediately exercisable at an exercise price of $0.00001 per share and will not expire until exercised in full. The registered direct offering and private placements resulted in total gross proceeds of approximately $10.7 million with net proceeds to the Company of approximately $9.7 million after deducting estimated offering expenses. In conjunction with this offering, the Company filed a prospectus supplement suspending the ATM program discussed in Note 3. The Company will not make any sales of its common stock pursuant to the Equity Distribution Agreement unless and until a new prospectus supplement is filed with the SEC; however, the Equity Distribution Agreement remains in full force and effect.

NATURE OF BUSINESS AND ORGANI_2

NATURE OF BUSINESS AND ORGANIZATION (Policies)	9 Months Ended
	Sep. 30, 2022
NATURE OF BUSINESS AND ORGANIZATION
Principles of Consolidation	Principles of Consolidation
Fixed Assets Right-of-Use (ROU) Asset and Lease Liabilities	Fixed Assets 3 Right-of-Use (ROU) Asset and Lease Liabilities Leases
Stock-Based Compensation	Stock-Based Compensation
Research and Development	Research and Development
Income Taxes	Income Taxes
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial Instruments
Concentration of Credit Risk	Concentration of Credit Risk
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements New Accounting Pronouncements – Issued but Not Yet Adopted

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2022
STOCKHOLDERS' EQUITY
Schedule of outstanding warrants to purchase common stock	The following table summarizes information regarding outstanding warrants to purchase common stock as of September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ ​ ​ ​ ​ ​ ​ Issuable Upon ​ ​ ​ ​ ​ ​ Exercise of ​ ​ ​ ​ ​ ​ Outstanding ​ Exercise ​ Offering Warrants Price Expiration Date June 2020 Series H Warrants ​ 720,796 ​ $ 12.075 ​ June 5, 2025 May 2019 Series F Warrants ​ 195,700 ​ $ 24.00 ​ May 20, 2024 May 2019 Series G Warrants ​ 201,800 ​ $ 24.00 ​ May 20, 2024 July 2018 Series E Warrants 414,000 ​ $ 40.00 July 31, 2023 October 2017 Series D Warrants ​ 31,085 ​ $ 178.00 October 14, 2024 Total 1,563,381 ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
STOCK-BASED COMPENSATION
Schedule of amounts charged to expense for stock-based compensation related to employee and director stock option grants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee and director stock option grants: ​ ​ ​ ​ Research and development ​ $ 37,211 ​ $ 62,655 ​ $ 123,638 ​ $ 133,450 General and administrative ​ 330,548 ​ 358,506 ​ 967,879 ​ 612,892 Total stock-based compensation ​ $ 367,759 ​ $ 421,161 ​ $ 1,091,517 ​ $ 746,342
Schedule of stock options activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Number of ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Shares Issuable ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ Upon Exercise ​ Weighted ​ Contracted ​ Aggregate ​ ​ of Outstanding ​ Average ​ Term in ​ Intrinsic ​ Options Exercise Price Years Value Outstanding at December 31, 2021 423,820 ​ $ 22.70 ​ ​ ​ $ — Granted 277,850 ​ $ 5.47 ​ ​ ​ ​ ​ Forfeited ​ (95,200) ​ $ 12.78 ​ ​ ​ ​ ​ Outstanding at March 31, 2022 ​ 606,470 ​ $ 16.37 ​ 9.03 ​ $ — Granted ​ 62,400 ​ $ 4.69 ​ ​ ​ ​ ​ Forfeited (11,543) ​ $ 9.09 ​ ​ Outstanding at June 30, 2022 ​ 657,327 ​ $ 15.39 ​ 8.84 ​ $ — Granted ​ — ​ ​ ​ ​ ​ ​ ​ ​ Forfeited (3,064) ​ $ 36.04 ​ ​ Outstanding at September 30, 2022 654,263 ​ $ 15.29 ​ 8.63 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, September 30, 2022 202,398 ​ $ 28.00 ​ 7.73 ​ $ — Unvested, September 30, 2022 451,865 ​ $ 9.59 ​ 9.04 ​ $ —

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
NET LOSS PER SHARE
Schedule of antidilutive securities excluded from computation of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ 2022 2021 Warrants 1,563,381 1,607,961 Preferred shares as convertible into common stock 111,111 694,444 Stock options 654,263 470,178 Total potentially dilutive shares 2,328,755 2,772,583

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES
Schedule of the Company's undiscounted payments for its short-term leases and operating lease liabilities	The following table approximates the Company’s undiscounted payments for its short-term leases and operating lease liabilities as of September 30, 2022: ​ ​ ​ ​ ​ Years ending December 31, ​ ​ Remainder of 2022 ​ $ 40,000 2023 ​ ​ 161,000 2024 ​ ​ 14,000 Total undiscounted lease payments ​ ​ 215,000 Less: Imputed interest ​ ​ (13,000) Present value of lease liabilities ​ $ 202,000 ​

NATURE OF BUSINESS AND ORGANI_3

NATURE OF BUSINESS AND ORGANIZATION (Details) - USD ($)		3 Months Ended						6 Months Ended	9 Months Ended
	Oct. 25, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Accumulated deficit		$ (172,283,951)						$ (172,283,951)	$ (172,283,951)		$ (150,897,789)
Net loss		(7,811,322)	$ (7,435,043)	$ (6,139,797)	$ (5,819,064)	$ (6,028,030)	$ (6,357,170)		(21,386,162)	$ (18,204,264)
Long-lived fixed asset impairment charges								0
Uninsured cash balances		$ 17,300,000						$ 17,300,000	$ 17,300,000		$ 35,200,000
Leasehold Improvements
Property and equipment useful lives									64 months
Minimum
Property and equipment useful lives									3 years
Stock option grants issued									1 year
Maximum
Property and equipment useful lives									10 years
Stock option grants issued									3 years
SUBSEQUENT EVENTS | Separate concurrent private placement transaction
Gross proceeds	$ 10,700,000
Net proceeds	$ 9,700,000

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Class of Warrant or Right [Line Items]
Number of shares issuable upon exercise of outstanding warrants (in shares)	1,563,381
June 2020 Series H Warrants
Class of Warrant or Right [Line Items]
Number of shares issuable upon exercise of outstanding warrants (in shares)	720,796
Exercise price of warrants (in dollars per share) | $ / shares	$ 12.075
Warrants expiration date	Jun. 05, 2025
May 2019 Series F Warrants
Class of Warrant or Right [Line Items]
Number of shares issuable upon exercise of outstanding warrants (in shares)	195,700
Exercise price of warrants (in dollars per share) | $ / shares	$ 24
Warrants expiration date	May 20, 2024
May 2019 Series G Warrants
Class of Warrant or Right [Line Items]
Number of shares issuable upon exercise of outstanding warrants (in shares)	201,800
Exercise price of warrants (in dollars per share) | $ / shares	$ 24
Warrants expiration date	May 20, 2024
July 2018 Series E Warrants
Class of Warrant or Right [Line Items]
Number of shares issuable upon exercise of outstanding warrants (in shares)	414,000
Exercise price of warrants (in dollars per share) | $ / shares	$ 40
Warrants expiration date	Jul. 31, 2023
October 2017 Series D Warrants
Class of Warrant or Right [Line Items]
Number of shares issuable upon exercise of outstanding warrants (in shares)	31,085
Exercise price of warrants (in dollars per share) | $ / shares	$ 178
Warrants expiration date	Oct. 14, 2024

STOCKHOLDERS' EQUITY - Equity D

STOCKHOLDERS' EQUITY - Equity Distribution Agreement (Details) - USD ($)		1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 11, 2020	Jun. 30, 2021	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Class of Warrant or Right [Line Items]
Aggregate value of shares issued			$ 34,873
Common stock par value					$ 0.00001	$ 0.00001
Gross proceeds				$ 34,874
Equity Distribution Agreement | Sales Agent
Class of Warrant or Right [Line Items]
Aggregate value of shares issued	$ 14,500,000
Common stock par value	$ 0.00001
Commission paid on sale of shares (in percentage)	3%
Issuance of common stock, net of issuance costs (in shares)		4,169
Gross proceeds		$ 69,000
Net proceeds		$ 35,000

STOCKHOLDERS' EQUITY - Addition

STOCKHOLDERS' EQUITY - Additional Information (Details)

3 Months Ended

9 Months Ended

12 Months Ended

Jun. 27, 2022

Jun. 24, 2022

Dec. 28, 2020 USD ($)

Dec. 23, 2020 USD ($) $ / shares shares

Jun. 30, 2022 shares

Sep. 30, 2021 shares

Jun. 30, 2021 USD ($)

Mar. 31, 2021 shares

Sep. 30, 2022 USD ($) $ / shares shares

Sep. 30, 2021 USD ($)

Dec. 31, 2021 USD ($) $ / shares shares

Feb. 25, 2021 shares

Feb. 24, 2021 shares

Class of Warrant or Right [Line Items]

Reverse stock split ratio

0.10

Common stock, shares authorized | shares

160,000,000

160,000,000

160,000,000

80,000,000

Common stock par value | $ / shares

$ 0.00001

$ 0.00001

Preferred stock conversions

$ 0

Issuance of common stock, net of issuance costs

$ 34,873

Proceeds from issuance of common stock, net of issuance costs

$ 34,874

Series D Preferred stock

Class of Warrant or Right [Line Items]

Sale of shares (in shares) | shares

1,518.5180

Number of shares converted | shares

250

583.33

574.0736

Number of shares issued upon conversion | shares

250,000

583,333

574,073

Private Placement | Series D Preferred stock

Class of Warrant or Right [Line Items]

Sale of shares (in shares) | shares

1,000

Issue price | $ / shares

$ 13,500

Preferred shares are convertible into a number of shares of common stock

$ 13,500

Preferred shares are convertible into a number of shares of common stock (per shares)

13.50

Private Placement | December 2020 Public Offering and Private Placement

Class of Warrant or Right [Line Items]

Sale of shares (in shares) | shares

1,814,813

Common stock par value | $ / shares

$ 0.00001

Public offering price of share | $ / shares

$ 13.50

Proceeds from issuance of preferred stock

$ 20,500,000

Net proceeds from stockholders' equity

$ 41,400,000

Issuance of common stock, net of issuance costs

45,000,000

Proceeds from issuance of common stock, net of issuance costs

$ 24,500,000

Minimum

Class of Warrant or Right [Line Items]

Reverse stock split ratio

0.10

Maximum

Class of Warrant or Right [Line Items]

Reverse stock split ratio

0.20

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Line Items]
Total stock-based compensation			$ 1,091,517	$ 746,342
Employee and director stock option grants
Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Line Items]
Total stock-based compensation	$ 367,759	$ 421,161	1,091,517	746,342
Employee and director stock option grants | Research and development
Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Line Items]
Total stock-based compensation	37,211	62,655	123,638	133,450
Employee and director stock option grants | General and administrative
Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Line Items]
Total stock-based compensation	$ 330,548	$ 358,506	$ 967,879	$ 612,892

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Option Activity (Details) - Stock options - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding - Number of Shares Issuable Upon Exercise of Outstanding Options	657,327	606,470	423,820	423,820
Granted - Number of Shares Issuable Upon Exercise of Outstanding Options	0	62,400	277,850
Forfeited - Number of Shares Issuable Upon Exercise of Outstanding Options	(3,064)	(11,543)	(95,200)
Outstanding - Number of Shares Issuable Upon Exercise of Outstanding Options	654,263	657,327	606,470	654,263
Exercisable - Number of Shares Issuable Upon Exercise of Outstanding Options	202,398			202,398
Unvested - Number of Shares Issuable Upon Exercise of Outstanding Options	451,865			451,865
Outstanding - Weighted Average Exercise Price (in dollars per share)	$ 15.39	$ 16.37	$ 22.70	$ 22.70
Granted - Weighted Average Exercise Price (in dollars per share)		4.69	5.47
Forfeited - Weighted Average Exercise Price (in dollars per share)	36.04	9.09	12.78
Outstanding - Weighted Average Exercise Price (in dollars per share)	15.29	$ 15.39	$ 16.37	15.29
Exercisable - Weighted Average Exercise Price (in dollars per share)	28			28
Unvested - Weighted Average Exercise Price (in dollars per share)	$ 9.59			$ 9.59
Outstanding - Weighted Average Remaining Contracted Term in Years	8 years 7 months 17 days	8 years 10 months 2 days	9 years 10 days
Exercisable - Weighted Average Remaining Contracted Term in Years				7 years 8 months 23 days
Unvested - Weighted Average Remaining Contracted Term in Years				9 years 14 days
Outstanding - Aggregate Intrinsic Value	$ 0	$ 0	$ 0	$ 0	$ 0
Exercisable - Aggregate Intrinsic Value (in dollars)	0			0
Unvested - Aggregate Intrinsic Value (in dollars)	$ 0			$ 0

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($)			6 Months Ended		9 Months Ended
	Jun. 24, 2022	Mar. 04, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 23, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		281,000	340,250	353,750
Stock option awards at an exercise price (in per share)		$ 17.40
Total unrecognized compensation cost related to unvested stock-based compensation arrangements			$ 2,144,000		$ 2,144,000
2022					366,000
2023					1,244,900
2024					501,100
2025					$ 32,000
Weighted-average grant-date fair value of vested options outstanding (in per shares)					$ 20.41	$ 42.40
Weighted-average grant-date fair value of unvested options outstanding (in per shares)			$ 6.14	$ 9.20	$ 6.14	$ 9.20
2021 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in common stock available for issuance	500,000
Aggregate of shares of common stock for grants of incentive or nonqualified stock options							600,000
Aggregate shares available for future grants			612,742		612,742
2021 Stock Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)					1 year
2021 Stock Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)					3 years

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	2,328,755	2,772,583
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	1,563,381	1,607,961
Preferred shares as convertible into common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	111,111	694,444
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	654,263	470,178

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details)		9 Months Ended
	Jun. 04, 2018 USD ($) ft²	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2018 USD ($)	Jun. 30, 2018
Loss Contingencies [Line Items]
Lease liability aggregate rent due over the term		$ 13,000
Lease payments after certain rent abatements		215,000
Deferred lease liability				$ 176,000
Right-of-use asset, net		$ 138,097	$ 204,644
Reasonable to use as the incremental borrowing rate (in percentage)		10%
Florham Park New Jersey
Loss Contingencies [Line Items]
Area of land | ft²	3,893
Lease option to extend the term	60 months				60 months
Payments for leases security deposits	$ 75,000
Lease liability aggregate rent due over the term	828,000
Lease payments after certain rent abatements	783,000
Operating leases rent expense net	$ 12,500	$ 85,000
Lease rent termination date (in percentage)	2%
Right-of-use asset, net		138,000
Madison Wisconsin
Loss Contingencies [Line Items]
Operating leases rent expense net		3,000
Maximum | Florham Park New Jersey
Loss Contingencies [Line Items]
Operating leases rent expense net		13,600
Minimum | Florham Park New Jersey
Loss Contingencies [Line Items]
Operating leases rent expense net		$ 12,400

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Short-term Leases and Operating Lease Liabilities (Details)	Sep. 30, 2022 USD ($)
LEASES
Remainder of 2022	$ 40,000
2023	161,000
2024	14,000
Total undiscounted lease payments	215,000
Less: Imputed interest	(13,000)
Present value of lease liabilities	$ 202,000

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Oct. 25, 2022	Jun. 30, 2021	Sep. 30, 2022
Subsequent Event [Line Items]
Warrants issued to purchase shares			1,563,381
Common Stock
Subsequent Event [Line Items]
Sale of shares (in shares)		4,169
SUBSEQUENT EVENTS | Warrants
Subsequent Event [Line Items]
Warrants issued to purchase shares	1,875,945
Exercise price of warrants (in dollars per share)	$ 1.96
Purchase price	$ 0.00001
SUBSEQUENT EVENTS | Pre-funded warrants
Subsequent Event [Line Items]
Warrants issued to purchase shares	1,875,945
Purchase price	$ 2.08499
SUBSEQUENT EVENTS | Registered Direct Offerings | Common Stock
Subsequent Event [Line Items]
Sale of shares (in shares)	3,275,153
Price per share	$ 2.085
SUBSEQUENT EVENTS | Concurrent private placements priced at-the-market under Nasdaq rules | Common Stock
Subsequent Event [Line Items]
Sale of shares (in shares)	3,275,153
SUBSEQUENT EVENTS | Separate concurrent private placement transaction
Subsequent Event [Line Items]
Gross proceeds	$ 10.7
Net proceeds	$ 9.7