PDS Biotechnology (PDSB) 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 07, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	001-37568
Entity Registrant Name	PDS Biotechnology Corp
Entity Central Index Key	0001472091
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-4231384
Entity Address, Address Line One	25B Vreeland Road,
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Florham Park,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07932
City Area Code	800
Local Phone Number	208-3343
Title of 12(b) Security	Common Stock, par value $0.00033 per share
Trading Symbol	PDSB
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		28,508,688

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 71,642,437	$ 65,242,622
Prepaid expenses and other	2,768,906	1,597,569
Total current assets	74,411,343	66,840,191
Property and equipment, net	0	86
Financing lease right-to-use assets	269,070	0
Operating lease right-to-use asset	206,346	357,611
Total assets	74,886,759	67,197,888
Current liabilities:
Accounts payable	2,037,390	1,309,403
Accrued expenses	2,428,503	2,187,704
Financing lease obligation-short term	61,273	0
Operating lease obligation-short term	313,976	258,924
Total current liabilities	4,841,142	3,756,031
Noncurrent liabilities:
Note payable, net of debt discount	22,909,652	0
Financing lease obligation-long term	77,129	0
Operating lease obligation-long term	0	231,430
Total liabilities:	27,827,923	3,987,461
STOCKHOLDERS' EQUITY
Common stock, $0.00033 par value, 75,000,000 shares authorized at September 30, 2022 and December 31, 2021, 28,458,688 shares and 28,448,612 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	9,391	9,387
Additional paid-in capital	129,470,179	123,904,602
Accumulated deficit	(82,420,734)	(60,703,562)
Total stockholders' equity	47,058,836	63,210,427
Total liabilities and stockholders' equity	$ 74,886,759	$ 67,197,888

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
STOCKHOLDERS' EQUITY
Common stock, par value (in dollars per share)	$ 0.00033	$ 0.00033
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	28,458,688	28,448,612
Common stock shares outstanding (in shares)	28,458,688	28,448,612

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Research and development expenses	$ 4,352,987	$ 3,687,999	$ 13,275,947	$ 7,865,249
General and administrative expenses	2,926,209	3,274,325	9,575,122	7,252,371
Total operating expenses	7,279,196	6,962,324	22,851,069	15,117,620
Loss from operations	(7,279,196)	(6,962,324)	(22,851,069)	(15,117,620)
Interest (expenses) income, net:
Interest (expense) income, net	(145,254)	1,358	(65,008)	2,617
Loss before income taxes	(7,424,450)	(6,960,966)	(22,916,077)	(15,115,003)
Benefit from income taxes	0	0	1,198,905	4,516,488
Net loss	(7,424,450)	(6,960,966)	(21,717,172)	(10,598,515)
Comprehensive loss	$ (7,424,450)	$ (6,960,966)	$ (21,717,172)	$ (10,598,515)
Per share information:
Net loss per share, basic (in dollars per share)	$ (0.26)	$ (0.24)	$ (0.76)	$ (0.43)
Net loss per share, diluted (in dollars per share)	$ (0.26)	$ (0.24)	$ (0.76)	$ (0.43)
Weighted average common shares outstanding, basic (in shares)	28,458,688	28,425,850	28,452,997	24,639,299
Weighted average common shares outstanding, diluted (in shares)	28,458,688	28,425,850	28,452,997	24,639,299

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2020	$ 7,346	$ 70,907,315	$ (43,785,085)	$ 27,129,576
Balance (in shares) at Dec. 31, 2020	22,261,619
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	257,622	0	257,622
Issuance of common stock from 401K match	$ 0	35,747	0	35,747
Issuance of common stock from 401K match (in shares)	16,642
Net loss	$ 0	0	(3,048,618)	(3,048,618)
Balance at Mar. 31, 2021	$ 7,346	71,200,684	(46,833,703)	24,374,327
Balance (in shares) at Mar. 31, 2021	22,278,261
Balance at Dec. 31, 2020	$ 7,346	70,907,315	(43,785,085)	27,129,576
Balance (in shares) at Dec. 31, 2020	22,261,619
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				(10,598,515)
Balance at Sep. 30, 2021	$ 9,383	122,231,115	(54,383,600)	67,856,898
Balance (in shares) at Sep. 30, 2021	28,435,067
Balance at Mar. 31, 2021	$ 7,346	71,200,684	(46,833,703)	24,374,327
Balance (in shares) at Mar. 31, 2021	22,278,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	441,598	0	441,598
Issuance of common stock from 401K match	$ 5	(5)	0	0
Issuance of common stock from 401K match (in shares)	0
Issuances of common stock, from exercise of stock options	$ 17	220,586	0	220,603
Issuances of common stock, from exercise of stock options (in shares)	51,413
Issuances of common stock, net of issuance costs	$ 2,009	48,542,989	0	48,544,998
Issuances of common stock, net of issuance costs (in shares)	6,088,235
Net loss	$ 0	0	(588,931)	(588,931)
Balance at Jun. 30, 2021	$ 9,377	120,405,851	(47,422,634)	72,992,594
Balance (in shares) at Jun. 30, 2021	28,417,909
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	1,701,763	0	1,701,763
Issuances of common stock, from exercise of stock options	$ 6	123,501	0	123,507
Issuances of common stock, from exercise of stock options (in shares)	17,158
Net loss	$ 0	0	(6,960,966)	(6,960,966)
Balance at Sep. 30, 2021	$ 9,383	122,231,115	(54,383,600)	67,856,898
Balance (in shares) at Sep. 30, 2021	28,435,067
Balance at Dec. 31, 2021	$ 9,387	123,904,602	(60,703,562)	63,210,427
Balance (in shares) at Dec. 31, 2021	28,448,612
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	1,128,973	0	1,128,973
Issuances of common stock, from exercise of stock options	$ 1	7,487	0	7,488
Issuances of common stock, from exercise of stock options (in shares)	2,282
Net loss	$ 0	0	(8,473,522)	(8,473,522)
Balance at Mar. 31, 2022	$ 9,388	125,041,062	(69,177,084)	55,873,366
Balance (in shares) at Mar. 31, 2022	28,450,894
Balance at Dec. 31, 2021	$ 9,387	123,904,602	(60,703,562)	63,210,427
Balance (in shares) at Dec. 31, 2021	28,448,612
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss				(21,717,172)
Balance at Sep. 30, 2022	$ 9,391	129,470,179	(82,420,734)	47,058,836
Balance (in shares) at Sep. 30, 2022	28,458,688
Balance at Mar. 31, 2022	$ 9,388	125,041,062	(69,177,084)	55,873,366
Balance (in shares) at Mar. 31, 2022	28,450,894
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	1,348,601	0	1,348,601
Issuances of common stock, from exercise of stock options	$ 3	22,426	0	22,429
Issuances of common stock, from exercise of stock options (in shares)	7,794
Net loss	$ 0	0	(5,819,200)	(5,819,200)
Balance at Jun. 30, 2022	$ 9,391	126,412,089	(74,996,284)	51,425,196
Balance (in shares) at Jun. 30, 2022	28,458,688
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	$ 0	1,344,349	0	1,344,349
Issuances of common stock, net of issuance costs				0
Issuance of warrants	0	1,713,741	0	1,713,741
Net loss	0	0	(7,424,450)	(7,424,450)
Balance at Sep. 30, 2022	$ 9,391	$ 129,470,179	$ (82,420,734)	$ 47,058,836
Balance (in shares) at Sep. 30, 2022	28,458,688

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (21,717,172)	$ (10,598,515)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	3,821,923	2,400,980
Stock-based 401K company common match	0	35,747
Amortization of debt discount	72,722	0
Depreciation expense	86	4,406
Operating lease expense	180,772	180,775
Finance lease amortization expense	37,417	0
Changes in assets and liabilities:
Prepaid expenses and other assets	(1,171,337)	(99,145)
Finance lease right-to-use asset	(306,487)	0
Accounts payable	727,987	30,361
Accrued expenses	240,799	188,524
Finance lease liabilities	138,402	0
Operating lease liabilities	(205,885)	(127,804)
Net cash used in operating activities	(18,180,773)	(7,984,671)
Cash flows from financing activities:
Proceeds from issuance of note payable	25,000,000	0
Payment for debt issuance costs	(449,329)	0
Proceeds from exercise of stock options	29,917	344,112
Proceeds from issuance of common stock, net of issuance costs	0	48,544,998
Net cash provided by financing activities	24,580,588	48,889,110
Net increase in cash and cash equivalents	6,399,815	40,904,439
Cash and cash equivalents at beginning of period	65,242,622	28,839,565
Cash and cash equivalents at end of period	71,642,437	69,744,004
Supplemental information of cash and non-cash transactions:
Cash paid for interest	62,500	0
Fair value of warrants issued in connection with debt	$ 1,713,741	$ 0

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2022
Nature of Operations [Abstract]
Nature of Operations	Note 1 – PDS Biotechnology Corporation, a Delaware corporation, including its subsidiary collectively (the “Company” or “PDS Biotech”), is a clinical-stage immunotherapy company developing a growing pipeline of targeted cancer and infectious disease immunotherapies based on the Company’s proprietary Versamune ® From the Company’s inception, it has devoted substantially all of its efforts to drug development, business planning, engaging regulatory, manufacturing and other technical consultants, acquiring operating assets, planning and executing clinical trials and raising capital. In December 2019, a novel (new) coronavirus known as SARS-CoV-2 was first detected in Wuhan, Hubei Province, People’s Republic of China, causing outbreaks of the coronavirus disease, known as COVID-19, that has now spread globally. On January 30, 2020, the World Health Organization (WHO) declared COVID-19 a public health emergency. The full impact of the COVID-19 pandemic continues to evolve. The COVID-19 pandemic has and could continue to negatively affect the Company’s liquidity and operations. The FDA issued and since updated guidance to assist sponsors in assuring the safety of trial participants, maintaining compliance with Good Clinical Practice (GCP) and minimizing risks to trial integrity. Clinical trial sites have implemented institution-specific measures securing the safety of patients and staff to ensure the integrity of the trials in the face of the ongoing pandemic. COVID-19 related travel and other restrictions may also impact the potential for on-site monitoring visiting and audits and inspections of Company personnel, third parties, and regulators. There may be shortages of site personnel and equipment necessary for the timely completion of clinical trials. PDS Biotech is providing support to address these challenges, but these mitigation measures may not overcome the obstacles that the pandemic has wrought which continue to impede progress of clinical trials. Although there is uncertainty related to the anticipated impact of the COVID-19 pandemic on the Company’s future results, management believes the current cash reserves, leave the Company well-positioned to manage the business through this crisis as it continues to unfold. However, the impacts of the COVID-19 pandemic are broad-reaching and continuing and the financial impacts associated with the COVID-19 pandemic are still uncertain.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies (A) Unaudited interim financial statements: The interim balance sheet at September 30, 2022, the statements of operations and comprehensive loss and changes in stockholders’ equity and cash flows for the three and nine months ended September 30, 2022 and 2021 are unaudited. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments that are necessary for a fair statement of its financial information. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other future annual or interim period. The balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2021, filed by the Company with the SEC in its Annual Report on Form 10-K on March 31, 2022. (B) Use of estimates: The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of expenses at the date of the consolidated financial statements and during the reporting periods, and to disclose contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates. The most significant estimate relates to the fair value of securities underlying stock-based compensation. (C) Significant risks and uncertainties: The Company’s operations are subject to a number of factors that may affect its operating results and financial condition. Such factors include, but are not limited to: the clinical and regulatory development of its products, the Company’s ability to preserve its cash resources, the Company’s review of strategic alternatives, the Company’s ability to add product candidates to its pipeline, the Company’s intellectual property, the ability to efficiently and effectively conduct its clinical trials, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company products if approved for sale, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, the Company’s ability to raise capital, and the effects of health epidemics, pandemics, or outbreaks of infectious diseases, including the COVID-19 pandemic and its variants. The Company currently has no commercially approved products. As such, there can be no assurance that the Company’s future research and development programs will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and consultants and obtaining and protecting its intellectual property. (D) Cash equivalents and concentration of cash balance: The Company considers all highly liquid securities with a maturity weighted average of less than three months to be cash equivalents. The Company’s cash and cash equivalents in bank deposit accounts, at times, may exceed federally insured limits. (E) Research and development: Costs incurred in connection with research and development activities are expensed as incurred. These costs include licensing fees to use certain technology in the Company’s research and development projects as well as fees paid to consultants and entities that perform certain research and testing on behalf of the Company. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data, such as patient enrollment, clinical site activations or information provided by vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred. (F) Patent costs: The Company expenses patent costs as incurred and classifies such costs as general and administrative expenses in the accompanying statements of operations and comprehensive loss. (G) Stock-based compensation: The Company accounts for its stock-based compensation in accordance with ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires all stock-based payments to employees, directors and non-employees to be recognized as expense in the consolidated statements of operations and comprehensive loss based on their grant date fair values. In order to determine the fair value of stock options on the date of grant, the Company uses the Black-Scholes option-pricing model. Inherent in this model are assumptions related to expected stock-price volatility, option term, risk-free interest rate and dividend yield. While the risk-free interest rate and dividend yield are less subjective assumptions that are based on factual data derived from public sources, the expected stock-price volatility and option term assumptions require a greater level of judgment. The Company expenses the fair value of its stock-based compensation awards to employees and directors on a straight-line basis over the requisite service period, which is generally the vesting period. The Company recognizes forfeitures as they occur. (H) Net loss per common share: Basic and diluted net loss per common share is determined by dividing net loss attributable to common stockholders by the weighted average common shares outstanding during the period. For all periods presented, the common shares underlying the stock options and warrants have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted average shares outstanding used to calculate both basic and diluted loss per common share is the same. The potentially dilutive securities excluded from the determination of diluted loss per share as their effect is antidilutive, are as follows: As of September 30, 2022 2021 Stock options to purchase Common Stock 4,370,846 2,951,852 Warrants to purchase Common Stock 506,229 197,518 Total 4,877,075 3,149,370

Liquidity

Liquidity	9 Months Ended
	Sep. 30, 2022
Liquidity [Abstract]
Liquidity	Note 3 – Liquidity As of September 30, 2022, the Company had $71.6 million of cash and cash equivalents. The Company’s primary uses of cash are to fund operating expenses, primarily research and development expenditures. Cash used to fund operating expenses is impacted by the timing of when the Company pays these expenses, as reflected in the change to the Company’s outstanding accounts payable and accrued expenses. In July 2020, the Company filed a shelf registration statement, or the 2020 Shelf Registration Statement, with the SEC, for the issuance of common stock, preferred stock, warrants, rights, debt securities and units, which the Company refers to collectively as the Shelf Securities, up to an aggregate amount of $100 million. The 2020 Shelf Registration Statement was declared effective on July 31, 2020. The 2020 Registration Statement was terminated upon effectiveness of the 2022 Registration Statement (as discussed below). In August 2020, the Company sold 6,900,000 shares of its common stock at a public offering price of $2.75 per share pursuant to the 2020 Shelf Registration Statement, which includes 900,000 shares issued upon the exercise by the underwriter of its option to purchase additional shares at the public offering price, minus underwriting discounts and commissions. The Company received gross proceeds of approximately $19.0 million and net proceeds of approximately $17.1 million, after deducting underwriting discounts and offering expenses. In May 2021, the Company received approximately $4.5 million from the net sale of tax benefits through 2019 to an unrelated, profitable New Jersey corporation pursuant the Company’s participation in the New Jersey Technology Business Tax Certificate Transfer Net Operating Loss (NOL) program for State Fiscal Year 2020. In June 2021, the Company completed an underwritten public offering in which it sold 6,088,235 shares of common stock at a public offering price of $8.50 per share pursuant to the 2020 Shelf Registration Statement, which includes 794,117 shares issued upon the exercise by the underwriter of its option to purchase additional shares at the public offering price, minus underwriting discounts and commissions. The Company received gross proceeds of approximately $51.7 million and net proceeds of approximately $48.5 million, after deducting underwriting discounts and offering expenses. In April 2022, the Company received approximately $1.2 million from the net sale of tax benefits to an unrelated, profitable New Jersey corporation pursuant the Company’s participation in the New Jersey Technology Business Tax Certificate Transfer NOL program for State Fiscal Year 2021. In August 2022, the Company filed a shelf registration statement, or the 2022 Shelf Registration Statement, with the SEC for the issuance of common stock, preferred stock, warrants, rights, debt securities, and units, which the Company refers to collectively as the Shelf Securities, up to an aggregate amount of $150 million, $50 million of which covers the offer, issuance and sale by the Company of its common stock under the Sales Agreement (as discussed below). The 2022 Shelf Registration Statement was declared effective on September 2, 2022. In August 2022, the Company entered into an At Market Issuance Sales Agreement, or the Sales Agreement, with B. Riley Securities, Inc. and BTIG, LLC, each an Agent and collectively the Agents, with respect to an at-the-market offering program under which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, having an aggregate offering price of up to $50.0 million, or the Placement Shares, through or to the Agents, as sales agents or principals. Upon delivery of a placement notice and subject to the terms and conditions of the Sales Agreement, the Agents may sell the Placement Shares by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act of 1933, as amended, including, without limitation, sales made through The Nasdaq Capital Market or on any other existing trading market for the Company’s common stock. The Agents will use commercially reasonable efforts to sell the Placement Shares from time to time, based upon the Company’s instructions (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay the Agents a commission equal to three percent (3%) of the gross sales proceeds of any Placement Shares sold through the Agents under the Sales Agreement, and the Company has also provided the Agents with customary indemnification and contribution rights. The Company is not obligated to make any sales of its common stock under the Sales Agreement. The offering of Placement Shares pursuant to the Sales Agreement will terminate upon the earlier of (i) the sale of all Placement Shares subject to the Sales Agreement or (ii) termination of the Sales Agreement in accordance with its terms. During the quarter ended September 30, 2022, the Company did not sell any shares of common stock pursuant to the Sales Agreement. In August 2022, the Company entered into a venture loan and security agreement, or the Loan and Security Agreement, with Horizon Technology Finance Corporation, as lender and collateral agent for itself and the other lenders. The Loan and Security Agreement provides for the following 6 separate and independent term loans: (a) a term loan in the amount of $7,500,000, or Loan A, (b) a term loan in the amount of $10,000,000, or Loan B, (c) a term loan in the amount of $3,750,000, or Loan C, (d) a term loan in the amount of $3,750,000, or Loan D, (e) a term loan in the amount of $5,000,000, or Loan E, and (f) a term loan in the amount of $5,000,000, or Loan F, (with each of Loan A, Loan B, Loan C, Loan D, Loan E, and Loan F, individually a Loan and, collectively, the Loans). Loan A, Loan B, Loan C, and Loan D were delivered to the Company on August 24, 2022. Loan E and Loan F are uncommitted Loans that may be advanced by the lenders upon their discretion prior to July 31, 2023 upon the satisfaction of certain conditions. The Company may only use the proceeds of the Loans for working capital or general corporate purposes. Each Loan matures on the 48-month anniversary following the applicable funding date unless accelerated pursuant to certain events of default. The principal balance of each Loan bears a floating interest. The interest rate is calculated initially and, thereafter, each calendar month as the sum of (a) the per annum rate of interest from time to time published in The Wall Street Journal as contemplated by the Loan and Security Agreement, or any successor publication thereto, as the “prime rate” then in effect, plus (b) 5.75%; provided that, in the event such rate of interest is less than 4.00%, such rate shall be deemed to be 4.00% for purposes of calculating the interest rate. Interest is payable on a monthly basis based on each Loan principal amount outstanding the preceding month. The Company, at its option upon at least ten (10) business days’ written notice to the lenders, may prepay all (and not less than all) of the outstanding Loan by simultaneously paying to each lender an amount equal to (i) any accrued and unpaid interest on the outstanding principal balance of the Loans; plus (ii) an amount equal to (A) if such Loan is prepaid on or before the Loan Amortization Date (as defined in the Loan and Security Agreement) applicable to such Loan, 3% of the then outstanding principal balance of such Loan, (B) if such Loan is prepaid after the Loan Amortization Date applicable to such Loan, but on or before the date that is 12 months after such Loan Amortization Date, 2% of the then outstanding principal balance of such Loan, or (C) if such Loan is prepaid more than 12 months after the Loan Amortization Date but prior to the stated maturity date applicable to such Loan, 1% of the then outstanding principal balance of such Loan; plus (iii) the outstanding principal balance of such Loan; plus (iv) all other sums, if any, that shall have become due and payable thereunder. No prepayment premium will be applied to any outstanding balance of any Loan paid on the stated maturity date. The Loan and Security Agreement contains customary representations, warranties and covenants, including covenants by the Company limiting additional indebtedness, liens, including on intellectual property, guaranties, mergers and consolidations, substantial asset sales, investments and loans, certain corporate changes, transactions with affiliates and fundamental changes. The Company’s primary uses of cash are to fund operating expenses, primarily research and development expenditures. Cash used to fund operating expenses is impacted by the timing of when the Company pays these expenses, as reflected in the change in its outstanding accounts payable and accrued expenses. The Company evaluated whether there are any conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the filing of this Quarterly Report on Form 10-Q. The Company’s budgeted cash requirements in 2022 and beyond include expenses related to continuing development and clinical studies. Based on its available cash resources and cash flow projections as of the date the consolidated financial statements were available for issuance, management believes there are sufficient funds to continue operations and research and development programs for at least one year after the date of this Quarterly Report on Form 10-Q. The Company plans to continue to fund its operations and capital funding needs through equity and/or debt financings. However, the Company cannot be certain that additional financing will be available when needed or that, if available, financing will be obtained on terms favorable to the Company or its existing stockholders. The Company may also enter into government funding programs and consider selectively partnering for clinical development and commercialization. The sale of additional equity would result in additional dilution to the Company’s stockholders. Incurring debt financing would result in debt service obligations, and the instruments governing such debt could provide for operating and financing covenants that would restrict its operations. If the Company is unable to raise additional capital in sufficient amounts or on acceptable terms, we may be required to delay, limit, reduce, or terminate its product development or future commercialization efforts or grant rights to develop and market immunotherapies that the Company would otherwise prefer to develop and market itself. Any of these actions could harm its business, results of operations and prospects. Failure to obtain adequate financing also may adversely affect the Company’s ability to operate as a going concern.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	Note 4 – Fair Value of Financial Instruments There were no transfers among Levels 1, 2, or 3 during 2022 or 2021. Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets (Level 1) Quoted Prices in Inactive Markets (Level 2) Significant Unobservable Inputs (Level 3) As of September 30 2022 Cash and cash equivalents $ 71,642,437 $ 71,642,437 $ – $ – As of December 31, 2021 Cash and cash equivalents $ 65,242,622 $ 65,242,622 $ – $ – The carrying value of the Loan and Security Agreement approximated its fair value at September 30, 2022 due to its variable rate.

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	Note 5 – Leases Operating Lease: Effective March 5, 2020, the Company entered into a sublease for approximately 11,200 square feet of office space located at 25B Vreeland Road, Suite 300, Florham Park, NJ. The sublease commenced on May 1, 2020 and will continue for a term of forty (40) months with an option to renew through October 31, 2027. As of September 30, 2022 there are eleven (11) months remaining in the lease term. Upon inception of the lease, the Company recognized approximately $0.7 million of a ROU asset and operating lease liabilities. The discount rate used to measure the operating lease liability as of May 1, 2020 was 9.15%. Throughout the period described above the Company has maintained, and continues to maintain, a month-to-month lease for its research facilities at the Princeton Innovation Center BioLabs located at 303A College Road E, Princeton NJ, 08540. Supplemental cash flow information related to operating leases is as follows: As of September 30, 2022 2021 Cash paid for operating lease liabilities $ 205,885 $ 127,804 Maturity of the Company’s operating lease liability is as follows: Year ended December 31, 2022 (remaining three months) $ 89,103 2023 239,470 2024 – 2025 – 2026 and after – Total future minimum lease payments 328,573 Less imputed interest (14,597 ) $ 313,976
Leases	Financing Lease: The Company has financed certain laboratory equipment as follows: As of September 30, 2022 2021 Cash paid for finance lease liabilities $ 306,487 $ – Year ended December 31, 2022 (remaining three months) $ 34,916 2023 44,358 2024 35,694 2025 35,694 2026 and after 5,952 Total future minimum lease payments 156,614 Less imputed interest (18,212 ) Remaining lease liability $ 138,402 The Company entered into three financing leases for laboratory equipment with a total cost of $306,487 with two

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2022
Accrued Expenses [Abstract]
Accrued Expenses	Note 6 – Accrued Expenses Accrued expenses and other liabilities consist of the following: As of September 30, 2022 As of December 31, 2021 Accrued research and development $ 584,372 $ 227,400 Accrued professional fees 415,327 485,400 Accrued compensation 1,189,741 1,458,310 Accrued interest on debt 239,063 – Accrued rent – 16,594 Total $ 2,428,503 $ 2,187,704

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 7 – Stock-Based Compensation The Company has three equity compensation plans: the 2009 Stock Option Plan, 2014 Equity Incentive Plan and the 2018 Stock Incentive Plan (the “Plans”). In 2014, the Company’s stockholders approved the 2014 Equity Incentive Plan pursuant to which the Company may grant up to 91,367 shares as ISOs, NQs and restricted stock units (“RSUs”), subject to increases as hereafter described (the “Plan Limit”). In addition, on January 1, 2015 and each January 1 thereafter and prior to the termination of the 2014 Equity Incentive Plan, pursuant to the terms of the 2014 Equity Incentive Plan, the Plan Limit was and shall be increased by the lesser of (x) 4% of the number of shares of Common Stock outstanding as of the immediately preceding December 31 and (y) such lesser number as the Board of Directors may determine in its discretion. In March 2019, the Plan was amended and restated which removed the annual increase component and was limited to 826,292 shares. As previously disclosed, on December 8, 2020, the Board of Directors of the Company adopted, subject to stockholder approval, the Second Amended and Restated PDS Biotechnology Corporation 2014 Equity Inventive Plan (the “Restated Plan”), which would amend and restate the Amended and Restated PDS Biotechnology Corporation 2014 Equity Incentive Plan (the “Current Plan”). At the annual meeting of stockholders on June 17, 2021 the stockholders voted to approve the Restated Plan at the Annual Meeting. The Restated Plan is identical to the Current Plan in all material respects, except as follows: (a) the number of shares of Common Stock authorized for issuance under the Restated Plan will increase from 826,292 shares to 3,339,243 shares, plus the total number of shares that remained available for issuance, that are not covered by outstanding awards issued under the Current Plan, immediately prior to December 8, 2020; and (b) the Restated Plan will terminate on December 7, 2030, unless earlier terminated. As of September 30, 2022, there were 1,303,113 shares available for grant under the Restated Plan. In 2018, the Company’s stockholders approved the 2018 Stock Incentive Plan pursuant to which the Company may grant up to 558,071 shares as (i) Stock Options, (ii) Stock Appreciation Rights, (iii) Restricted Stock, (iv) Preferred Stock, (v) Stock Reload Options and/or (vi) Other Stock-Based Awards. On December 8, 2020, the Company amended the Inducement Plan solely to increase the total number of shares of Common Stock reserved for issuance under the Inducement Plan from 200,000 shares to 500,000 shares. The Company’s stock-based compensation expense related to stock options was recognized in operating expense as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (unaudited) (unaudited) Stock-Based Compensation Research and development $ 493,083 $ 596,762 $ 1,349,665 $ 824,580 General and administrative 851,267 1,105,000 2,472,259 1,576,401 Total $ 1,344,350 $ 1,701,762 $ 3,821,924 $ 2,400,981 The fair value of options granted during the three and nine months ended September 30, 2022 and 2021 was estimated using the Black-Scholes option valuation model utilizing the following assumptions. There was 87,000 and 1,526,005 of options granted during the three and nine month periods ended September 30, 2022, respectively. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Weighted Average Weighted Average Weighted Average Weighted Average (unaudited) (unaudited) Volatility 101.43 % 100.16 % 99.56 % 100.58 % Risk-Free Interest Rate 3.03 % 0.77 % 1.70 % 55.88 % Expected Term in Years 6.08 6.08 6.41 6.28 Dividend Rate – – – – Fair Value of Option on Grant Date $ 2.58 $ 11.81 $ 4.80 $ 7.43 The following table summarizes the number of options outstanding and the weighted average exercise price: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Options outstanding at December 31, 2021 3,163,835 $ 5.57 7.90 $ 10,839,589 Granted 1,526,005 5.59 Exercised (10,076 ) 2.51 Forfeited and expired (308,918 ) 5.24 Options outstanding at September 30, 2022 4,370,846 $ 5.61 7.71 $ 1,125,638 Vested and expected to vest at September 30, 2022 4,370,846 $ 5.61 7.71 $ 1,125,638 Exercisable at September 30, 2022 1,893,907 $ 6.01 6.18 $ 572,659 At September 30, 2022 there was approximately $13,426,873 of unamortized stock option compensation expense, which is expected to be recognized over a remaining average vesting period of 3 years.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Taxes [Abstract]
Income Taxes	Note 8 – Income Taxes In assessing the realizability of the net deferred tax assets, the Company considers all relevant positive and negative evidence to determine whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The realization of the gross deferred tax assets is dependent on several factors, including the generation of sufficient taxable income prior to the expiration of the net operating loss carryforwards. The Company expects to have a loss for 2022 and there will be no current income tax expense. Additionally, there was a full valuation allowance against the net deferred tax assets as of September 30, 2022 and December 31, 2021. As such, the Company recorded no income tax benefit due to realization uncertainties. The Company’s U.S. statutory rate is 21%. The primary factor impacting the effective tax rate for the three and nine months ended September 30, 2022 is the anticipated full year operating loss which will require full valuation allowances against any associated net deferred tax assets. Entities are also required to evaluate, measure, recognize and disclose any uncertain income tax provisions taken on their income tax returns. The Company has analyzed its tax positions and has concluded that as of September 30, 2022, there were no uncertain positions. The Company’s U.S. federal and state net operating losses have occurred since its inception and as such, tax years subject to potential tax examination could apply from that date because the utilization of net operating losses from prior years opens the relevant year to audit by the IRS and/or state taxing authorities. The Company did not have any unrecognized tax benefits and has not accrued any interest or penalties for the three and nine months ended September 30, 2022 and for the year ended December 31, 2021. In accordance with the State of New Jersey’s Technology Business Tax Certificate Program, which allows certain high technology and biotechnology companies to sell unused NOL carryforwards to other New Jersey-based corporate taxpayers, the Company sold New Jersey NOL carryforwards, resulting in the recognition of $1.2 and $4.5 million of income tax benefit, net of transaction costs in the nine months ended September 30, 2022 and 2021, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 9 – Commitments and Contingencies Employment Matters 12 months and 24 months of severance benefits to be paid to an executive (as well as certain potential bonus, COBRA and equity award benefits), subject to the effectiveness of a general release of claims, if the executive terminates his or her employment for good reason or if the Company terminates the executive’s employment without cause. Such severance payments may be provided 90 days prior to and for as long as months following the effective date of a change in control. The continued provision of severance benefits is conditioned on each executive’s compliance with the terms of the Company’s confidentiality and invention and assignment agreement as well as his or her release of claims. Rent For month-to-month arrangements not impacted by the adoption of ASC 842, rent for the three and nine months ended September 30, 2022 was $55,500 and $166,500 respectively, compared to the three and nine months ended September 2021 of $52,000 and $130,493. Legal Proceedings On or about December 27, 2021, Seth Van Voorhees, the former Chief Financial Officer of the Company, filed a Demand for Arbitration against the Company with the American Arbitration Association, asserting that he was wrongfully terminated. In his demand, Dr. Van Voorhees contends that his alleged damages are expected to be no less than $3,000,000, plus interest, arbitration costs, attorneys’ fees and punitive damages. In July 2022, the Company and Dr. Van Voorhees entered into a confidential settlement agreement which includes the customary dismissal of action, full release of claims with no admission of liability. There were no material changes to the Company’s accrued liabilities in connection with this matter. While there can be no assurances as to the ultimate outcome of any legal proceeding or other loss contingency involving the Company, management does not believe any pending matter will be resolved in a manner that would have a material adverse effect on its financial position, results of operations or cash flows. The Company may be involved, from time to time, in additional legal proceedings and claims arising in the ordinary course of its business. Such matters are subject to many uncertainties and outcomes are not predictable with assurance.

Venture Loan and Security Agree

Venture Loan and Security Agreement	9 Months Ended
	Sep. 30, 2022
Venture Loan and Security Agreement [Abstract]
Venture Loan and Security Agreement	Note 10 – Venture Loan and Security Agreement In August 2022, the Company entered into a Venture Loan and Security Agreement (the “Loan and Security Agreement”) with Horizon Technology Finance Corporation, as a lender and collateral agent for itself and the other Lenders (in such capacity, the “Collateral Agent”), and the other persons party thereto from time to time as lenders (“Lenders”). Term loan Amounts . The Loan and Security Agreement provides for the following six (6) separate and independent term loans: (a) a term loan in the amount of $7,500,000 (“Loan A”), (b) a term loan in the amount of $10,000,000 (“Loan B”), (c) a term loan in the amount of $3,750,000 (“Loan C”), (d) a term loan in the amount of $3,750,000 (“Loan D”), (e) a term loan in the amount of $5,000,000 (“Loan E”), and (f) a term loan in the amount of $5,000,000 (“Loan F”) (with each of Loan A, Loan B, Loan C, Loan D, Loan E, and Loan F, individually a “Loan” and, collectively, the “Loans”). Loan A, Loan B, Loan C, and Loan D were delivered to the Company on August 24, 2022. Loan E and Loan F are uncommitted Loans that may be advanced by the Lenders upon their discretion prior to July 31, 2023 upon the satisfaction by the Company of certain agreed upon conditions precedents. The Company may only use the proceeds of the Loans for working capital or general corporate purposes. Maturity. Each Loan matures on the 48 month anniversary following the applicable date on which a Loan is made to or on account of the Company Interest Rate . The principal balance of each Loan bears a floating interest. The interest rate is calculated initially and, thereafter, each calendar month as the sum of (a) the per annum rate of interest from time to time published in The Wall Street Journal as contemplated by the Loan and Security Agreement, or any successor publication thereto, as the “prime rate” then in effect, plus (b) 5.75%; provided that, in the event such rate of interest is less than 4.00%, such rate shall be deemed to be 4.00% for purposes of calculating the interest rate. Interest is payable on a monthly basis based on each Loan principal amount outstanding the preceding month. Amortization. Each Loan shall commence amortization upon the date set forth on the promissory note executed in connection with the respective Loan, upon which the Company Prepayment Premium. The Company plus plus Security . Covenants; Representations and Warranties; Other Provisions . The Loan and Security Agreement contains customary representations, warranties and covenants, including covenants by the Company limiting additional indebtedness, liens, including on intellectual property, guaranties, mergers and consolidations, substantial asset sales, investments and loans, certain corporate changes, transactions with affiliates and fundamental changes. Default Provisions . The Loan and Security Agreement provides for events of default customary for term loans of this type, including but not limited to non-payment, breaches or defaults in the performance of covenants, insolvency, and bankruptcy by and/or of the Company. Warrant and Debt Discount. 10 3.11% 93.8% no 449,329 3,027,847 374,286 72,722

Retirement Plan

Retirement Plan	9 Months Ended
	Sep. 30, 2022
Retirement Plan [Abstract]
Retirement Plan	Note 11 – Retirement Plan The Company has a 401(k) defined contribution plan for the benefit for all employees and permits voluntary contributions by employees subject to IRS-imposed limitations. The 401(k) employer contributions were $31,515 and $119,232 for the three and nine months ended September 30, 2022,

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 12– Subsequent Events Subsequent events have been evaluated through the date these financial statements were issued.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies [Abstract]
Unaudited Interim Financial Statements	(A) Unaudited interim financial statements: The interim balance sheet at September 30, 2022, the statements of operations and comprehensive loss and changes in stockholders’ equity and cash flows for the three and nine months ended September 30, 2022 and 2021 are unaudited. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments that are necessary for a fair statement of its financial information. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other future annual or interim period. The balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as of that date. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2021, filed by the Company with the SEC in its Annual Report on Form 10-K on March 31, 2022.
Use of Estimates	(B) Use of estimates: The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of expenses at the date of the consolidated financial statements and during the reporting periods, and to disclose contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates. The most significant estimate relates to the fair value of securities underlying stock-based compensation.
Significant Risks and Uncertainties	(C) Significant risks and uncertainties: The Company’s operations are subject to a number of factors that may affect its operating results and financial condition. Such factors include, but are not limited to: the clinical and regulatory development of its products, the Company’s ability to preserve its cash resources, the Company’s review of strategic alternatives, the Company’s ability to add product candidates to its pipeline, the Company’s intellectual property, the ability to efficiently and effectively conduct its clinical trials, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, Company products if approved for sale, the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, the Company’s ability to raise capital, and the effects of health epidemics, pandemics, or outbreaks of infectious diseases, including the COVID-19 pandemic and its variants. The Company currently has no commercially approved products. As such, there can be no assurance that the Company’s future research and development programs will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and consultants and obtaining and protecting its intellectual property.
Cash Equivalents and Concentration of Cash Balance	(D) Cash equivalents and concentration of cash balance: The Company considers all highly liquid securities with a maturity weighted average of less than three months to be cash equivalents. The Company’s cash and cash equivalents in bank deposit accounts, at times, may exceed federally insured limits.
Research and Development	(E) Research and development: Costs incurred in connection with research and development activities are expensed as incurred. These costs include licensing fees to use certain technology in the Company’s research and development projects as well as fees paid to consultants and entities that perform certain research and testing on behalf of the Company. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data, such as patient enrollment, clinical site activations or information provided by vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred.
Patent Costs	(F) Patent costs: The Company expenses patent costs as incurred and classifies such costs as general and administrative expenses in the accompanying statements of operations and comprehensive loss.
Stock-Based Compensation	(G) Stock-based compensation: The Company accounts for its stock-based compensation in accordance with ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). ASC 718 requires all stock-based payments to employees, directors and non-employees to be recognized as expense in the consolidated statements of operations and comprehensive loss based on their grant date fair values. In order to determine the fair value of stock options on the date of grant, the Company uses the Black-Scholes option-pricing model. Inherent in this model are assumptions related to expected stock-price volatility, option term, risk-free interest rate and dividend yield. While the risk-free interest rate and dividend yield are less subjective assumptions that are based on factual data derived from public sources, the expected stock-price volatility and option term assumptions require a greater level of judgment. The Company expenses the fair value of its stock-based compensation awards to employees and directors on a straight-line basis over the requisite service period, which is generally the vesting period. The Company recognizes forfeitures as they occur.
Net Loss per Common Share	(H) Net loss per common share: Basic and diluted net loss per common share is determined by dividing net loss attributable to common stockholders by the weighted average common shares outstanding during the period. For all periods presented, the common shares underlying the stock options and warrants have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted average shares outstanding used to calculate both basic and diluted loss per common share is the same. The potentially dilutive securities excluded from the determination of diluted loss per share as their effect is antidilutive, are as follows: As of September 30, 2022 2021 Stock options to purchase Common Stock 4,370,846 2,951,852 Warrants to purchase Common Stock 506,229 197,518 Total 4,877,075 3,149,370

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies [Abstract]
Antidilutive Securities	The potentially dilutive securities excluded from the determination of diluted loss per share as their effect is antidilutive, are as follows: As of September 30, 2022 2021 Stock options to purchase Common Stock 4,370,846 2,951,852 Warrants to purchase Common Stock 506,229 197,518 Total 4,877,075 3,149,370

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	There were no transfers among Levels 1, 2, or 3 during 2022 or 2021. Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets (Level 1) Quoted Prices in Inactive Markets (Level 2) Significant Unobservable Inputs (Level 3) As of September 30 2022 Cash and cash equivalents $ 71,642,437 $ 71,642,437 $ – $ – As of December 31, 2021 Cash and cash equivalents $ 65,242,622 $ 65,242,622 $ – $ –

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Supplemental Cash Flow Information Related to Operating Leases	Supplemental cash flow information related to operating leases is as follows: As of September 30, 2022 2021 Cash paid for operating lease liabilities $ 205,885 $ 127,804
Future Payments for Operating Lease Liabilities	Maturity of the Company’s operating lease liability is as follows: Year ended December 31, 2022 (remaining three months) $ 89,103 2023 239,470 2024 – 2025 – 2026 and after – Total future minimum lease payments 328,573 Less imputed interest (14,597 ) $ 313,976
Supplemental Cash Flow Information Related to Finance Lease	The Company has financed certain laboratory equipment as follows: As of September 30, 2022 2021 Cash paid for finance lease liabilities $ 306,487 $ –
Future Payments for Finance Lease Liabilities	Year ended December 31, 2022 (remaining three months) $ 34,916 2023 44,358 2024 35,694 2025 35,694 2026 and after 5,952 Total future minimum lease payments 156,614 Less imputed interest (18,212 ) Remaining lease liability $ 138,402

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
Accrued Expenses [Abstract]
Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consist of the following: As of September 30, 2022 As of December 31, 2021 Accrued research and development $ 584,372 $ 227,400 Accrued professional fees 415,327 485,400 Accrued compensation 1,189,741 1,458,310 Accrued interest on debt 239,063 – Accrued rent – 16,594 Total $ 2,428,503 $ 2,187,704

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Stock-Based Compensation [Abstract]
Stock-Based Compensation Expense	The Company’s stock-based compensation expense related to stock options was recognized in operating expense as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (unaudited) (unaudited) Stock-Based Compensation Research and development $ 493,083 $ 596,762 $ 1,349,665 $ 824,580 General and administrative 851,267 1,105,000 2,472,259 1,576,401 Total $ 1,344,350 $ 1,701,762 $ 3,821,924 $ 2,400,981
Assumptions Used to Value Stock Options and Warrants Granted	The fair value of options granted during the three and nine months ended September 30, 2022 and 2021 was estimated using the Black-Scholes option valuation model utilizing the following assumptions. There was 87,000 and 1,526,005 of options granted during the three and nine month periods ended September 30, 2022, respectively. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Weighted Average Weighted Average Weighted Average Weighted Average (unaudited) (unaudited) Volatility 101.43 % 100.16 % 99.56 % 100.58 % Risk-Free Interest Rate 3.03 % 0.77 % 1.70 % 55.88 % Expected Term in Years 6.08 6.08 6.41 6.28 Dividend Rate – – – – Fair Value of Option on Grant Date $ 2.58 $ 11.81 $ 4.80 $ 7.43
Stock Option Activity	The following table summarizes the number of options outstanding and the weighted average exercise price: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Options outstanding at December 31, 2021 3,163,835 $ 5.57 7.90 $ 10,839,589 Granted 1,526,005 5.59 Exercised (10,076 ) 2.51 Forfeited and expired (308,918 ) 5.24 Options outstanding at September 30, 2022 4,370,846 $ 5.61 7.71 $ 1,125,638 Vested and expected to vest at September 30, 2022 4,370,846 $ 5.61 7.71 $ 1,125,638 Exercisable at September 30, 2022 1,893,907 $ 6.01 6.18 $ 572,659

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Net Loss per Common Share [Abstract]
Antidilutive impact to EPS (in shares)	4,877,075	3,149,370
Stock Options to Purchase Common Stock [Member]
Net Loss per Common Share [Abstract]
Antidilutive impact to EPS (in shares)	4,370,846	2,951,852
Warrants to Purchase Common Stock [Member]
Net Loss per Common Share [Abstract]
Antidilutive impact to EPS (in shares)	506,229	197,518

Liquidity (Details)

Liquidity (Details)	1 Months Ended					3 Months Ended		9 Months Ended
	Aug. 31, 2022 USD ($)	Apr. 30, 2022 USD ($)	Jun. 30, 2021 USD ($) $ / shares shares	May 31, 2021 USD ($)	Aug. 31, 2020 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) Loan	Jun. 30, 2021 USD ($) $ / shares	Sep. 30, 2022 USD ($) Loan	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jul. 31, 2020 USD ($)
Liquidity [Abstract]
Cash and cash equivalents						$ 71,642,437		$ 71,642,437		$ 65,242,622
Registered securities in Shelf Registration Statement available for future sale	$ 150,000,000										$ 100,000,000
Proceeds from sale of tax benefits		$ 1,200,000		$ 4,500,000
Issuance of common stock (in shares) | shares			6,088,235		6,900,000
Sales price (in dollars per share) | $ / shares			$ 8.5		$ 2.75		$ 8.5
Proceeds from issuance of shares			$ 51,700,000		$ 19,000,000			$ 0	$ 48,544,998
Proceeds from issuance of shares, net of underwriting discounts and commissions			$ 48,500,000		$ 17,100,000
Placement Shares included in at-the-market offering program	$ 50,000,000
Commission paid on Placement Shares sold	3%
Issuance of common stock						$ 0	$ 48,544,998
Term Loans [Member]
Liquidity [Abstract]
Number of independent term loans | Loan						6		6
Term								48 months
Prepayment premium paid if loan is prepaid on or before Loan Amortization date								3%
Prepayment premium paid if load is prepaid after Loan Amortization date, but on or before date that is 12 months after such Loan Amortization Date								2%
Prepayment premium paid if loan is prepaid more than 12 months after Loan Amortization Date but prior to stated Maturity Date.								1%
Prepayment premium paid if loan is paid on stated maturity date								0%
Term Loans [Member] | Minimum [Member]
Liquidity [Abstract]
Minimum base rate used to compute floating interest rate								4%
Written notice period for prepayment of outstanding loan								10 days
Term Loans [Member] | Prime Rate [Member]
Liquidity [Abstract]
Margin on variable rate								5.75%
Loan A [Member]
Liquidity [Abstract]
Face amount	$ 7,500,000
Loan B [Member]
Liquidity [Abstract]
Face amount	10,000,000
Loan C [Member]
Liquidity [Abstract]
Face amount	3,750,000
Loan D [Member]
Liquidity [Abstract]
Face amount	$ 3,750,000
Loan E [Member]
Liquidity [Abstract]
Uncommitted loan						$ 5,000,000		$ 5,000,000
Loan F [Member]
Liquidity [Abstract]
Uncommitted loan						$ 5,000,000		$ 5,000,000
Over-Allotment Option [Member]
Liquidity [Abstract]
Issuance of common stock (in shares) | shares			794,117		900,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Fair Value Transfers Between Levels [Abstract]
Transfers into Level 3	$ 0	$ 0
Transfers out of Level 3	0	0
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	71,642,437	65,242,622
Quoted Prices in Active Markets (Level 1) [Member]
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	71,642,437	65,242,622
Quoted Prices in Inactive Markets (Level 2) [Member]
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	0	0
Significant Unobservable Inputs (Level 3) [Member]
Fair Value of Financial Instruments [Abstract]
Cash and cash equivalents	$ 0	$ 0

Leases, Operating Lease (Detail

Leases, Operating Lease (Details)	Sep. 30, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)	May 01, 2020 USD ($)
Operating Lease [Abstract]
Area of office space under sub-lease | ft²	11,200
Term of sub-lease agreement	40 months
Remaining lease term	11 months
Right-of-use asset	$ 206,346	$ 357,611	$ 700,000
Operating lease liability	$ 313,976		$ 700,000
Discount rate used to measure operating lease liability			9.15%

Leases, Supplemental Cash Flow

Leases, Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Information Related to Operating Leases [Abstract]
Cash paid for operating lease liabilities	$ 205,885	$ 127,804

Leases, Future Payments for Ope

Leases, Future Payments for Operating Lease Liabilities (Details) - USD ($)	Sep. 30, 2022	May 01, 2020
Future Payments for Operating Lease Liabilities [Abstract]
2022 (remaining three months)	$ 89,103
2023	239,470
2024	0
2025	0
2026 and after	0
Total future minimum lease payments	328,573
Less imputed interest	(14,597)
Operating lease liability	$ 313,976	$ 700,000

Leases, Supplemental Cash Flo_2

Leases, Supplemental Cash Flow Information Related to Finance Lease (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Information Related to Finance Lease [Abstract]
Cash paid for finance lease liabilities	$ 306,487	$ 0

Leases, Future Payments for Fin

Leases, Future Payments for Finance Lease Liabilities (Details)	Sep. 30, 2022 USD ($)
Future Payments for Finance Lease Liabilities [Abstract]
2022 (remaining three months)	$ 34,916
2023	44,358
2024	35,694
2025	35,694
2026 and after	5,952
Total future minimum lease payments	156,614
Less imputed interest	(18,212)
Remaining lease liability	$ 138,402

Leases, Financing Lease (Detail

Leases, Financing Lease (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) Lease
Financing Lease [Abstract]
Number of financing leases entered into | Lease	3
Total cost of financing leases	$ 306,487
Finance lease liability capitalized interest rate	9.15%
Aggregate monthly rental payments	$ 12,000
Minimum [Member]
Financing Lease [Abstract]
Term of financing lease	2 years
Maximum [Member]
Financing Lease [Abstract]
Term of financing lease	4 years

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Accrued Expenses [Abstract]
Accrued research and development	$ 584,372	$ 227,400
Accrued professional fees	415,327	485,400
Accrued compensation	1,189,741	1,458,310
Accrued interest on debt	239,063	0
Accrued rent	0	16,594
Total	$ 2,428,503	$ 2,187,704

Stock-Based Compensation, Equit

Stock-Based Compensation, Equity Compensation Plans (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2022 Plan shares	Dec. 31, 2014 shares	May 17, 2022 shares	May 16, 2022 shares	Jun. 17, 2021 shares	Dec. 08, 2020 shares	Dec. 07, 2020 shares	Mar. 31, 2019 shares	Dec. 31, 2018 shares
Stock Options [Abstract]
Number of equity compensation plans | Plan	3
The Plans [Member]
Stock Options [Abstract]
Term of plan	10 years
The Plans [Member] | Incentive Stock Options [Member]
Stock Options [Abstract]
Vesting period	4 years
The Plans [Member] | Incentive Stock Options [Member] | Maximum [Member]
Stock Options [Abstract]
Term of option	10 years
2014 Equity Incentive Plan [Member]
Stock Options [Abstract]
Number of shares authorized for issuance (in shares)		91,367			3,339,243			826,292
Percentage of Common Stock outstanding used to determine annual increase in the plan limit		4%
Shares available for grant (in shares)	1,303,113
2018 Equity Incentive Plan [Member]
Stock Options [Abstract]
Number of shares authorized for issuance (in shares)									558,071
2019 Inducement Plan [Member]
Stock Options [Abstract]
Shares available for grant (in shares)	285,215
Common stock reserved for issuance (in shares)			1,100,000	500,000		500,000	200,000

Stock-Based Compensation, Stock

Stock-Based Compensation, Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 1,344,350	$ 1,701,762	$ 3,821,924	$ 2,400,981
Research and Development [Member]
Stock-Based Compensation [Abstract]
Stock-based compensation expense	493,083	596,762	1,349,665	824,580
General and Administrative [Member]
Stock-Based Compensation [Abstract]
Stock-based compensation expense	$ 851,267	$ 1,105,000	$ 2,472,259	$ 1,576,401

Stock-Based Compensation, Assum

Stock-Based Compensation, Assumptions Used to Value Stock Options and Warrants Granted (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Assumptions Used in Determining Fair Value of Stock Options and Warrants Granted [Abstract]
Volatility	101.43%	100.16%	99.56%	100.58%
Risk-free interest rate	3.03%	0.77%	1.70%	55.88%
Expected term	6 years 29 days	6 years 29 days	6 years 4 months 28 days	6 years 3 months 10 days
Dividend rate	0%	0%	0%	0%
Fair value of option on grant date (in dollars per share)	$ 2.58	$ 11.81	$ 4.8	$ 7.43
Stock Options [Member]
Stock-Based Compensation [Abstract]
Options granted (in shares)	87,000		1,526,005

Stock-Based Compensation, Sto_2

Stock-Based Compensation, Stock Option Activity (Details) - Stock Options [Member] - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Number of Shares [Roll Forward]
Options outstanding, beginning balance (in shares)		3,163,835
Granted (in shares)	87,000	1,526,005
Exercised (in shares)		(10,076)
Forfeited and expired (in shares)		(308,918)
Options outstanding, ending balance (in shares)	4,370,846	4,370,846	3,163,835
Vested and expected to vest (in shares)	4,370,846	4,370,846
Exercisable (in shares)	1,893,907	1,893,907
Weighted Average Exercise Price [Roll Forward]
Options outstanding, beginning balance (in dollars per share)		$ 5.57
Granted (in dollars per share)		5.59
Exercised (in dollars per share)		2.51
Forfeited and expired (in dollars per share)		5.24
Options outstanding, ending balance (in dollars per share)	$ 5.61	5.61	$ 5.57
Vested and expected to vest (in dollars per share)	5.61	5.61
Exercisable (in dollars per share)	$ 6.01	$ 6.01
Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value [Abstract]
Options outstanding, weighted average remaining contractual life		7 years 8 months 15 days	7 years 10 months 24 days
Vested and expected to vest, weighted average remaining contractual life		7 years 8 months 15 days
Exercisable, weighted average remaining contractual life		6 years 2 months 4 days
Options outstanding, aggregate intrinsic value		$ 10,839,589
Options outstanding, aggregate intrinsic value	$ 1,125,638	1,125,638	$ 10,839,589
Vested and expected to vest, aggregate intrinsic value	1,125,638	1,125,638
Exercisable, aggregate intrinsic value	572,659	572,659
Unamortized Stock Compensation Expense [Abstract]
Unamortized stock compensation expense	$ 13,426,873	$ 13,426,873
Period for recognition		3 years

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Taxes [Abstract]
Current income tax expense			$ 0
Income tax benefit due to realization uncertainties			$ 0
Federal statutory rate	21%		21%
Uncertain tax positions	$ 0		$ 0
Unrecognized tax benefits	0		0		$ 0
Accrued interest and penalties	0		0		$ 0
Tax Carryforwards [Abstract]
Benefit from income taxes	$ 0	$ 0	(1,198,905)	$ (4,516,488)
New Jersey [Member]
Tax Carryforwards [Abstract]
Benefit from income taxes			$ 1,200,000	$ 4,500,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies [Abstract]
Rent expense	$ 55,500	$ 52,000	$ 166,500	$ 130,493
Employment Agreements [Member]
Commitments and Contingencies [Abstract]
Term for payment of severance benefits			24 months
Employment Agreements [Member] | Minimum [Member]
Commitments and Contingencies [Abstract]
Term for payment of severance benefits			12 months
Employment Agreements [Member] | Maximum [Member]
Commitments and Contingencies [Abstract]
Term for payment of severance benefits			24 months
Demand for Arbitration [Member] | Minimum [Member]
Loss Contingency, Information about Litigation Matters [Abstract]
Alleged damages			$ 3,000,000

Venture Loan and Security Agr_2

Venture Loan and Security Agreement, Term Loans (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) Loan	Aug. 31, 2022 USD ($)
Term Loans [Member]
Venture Loan and Security Agreement [Abstract]
Number of independent term loans | Loan	6
Term	48 months
Prepayment premium paid if loan is prepaid on or before Loan Amortization date	3%
Prepayment premium paid if load is prepaid after Loan Amortization date, but on or before date that is 12 months after such Loan Amortization Date	2%
Prepayment premium paid if loan is prepaid more than 12 months after Loan Amortization Date but prior to stated Maturity Date.	1%
Prepayment premium paid if loan is paid on stated maturity date	0%
Term Loans [Member] | Minimum [Member]
Venture Loan and Security Agreement [Abstract]
Minimum base rate used to compute floating interest rate	4%
Written notice period for prepayment of outstanding loan	10 days
Term Loans [Member] | Prime Rate [Member]
Venture Loan and Security Agreement [Abstract]
Margin on variable rate	5.75%
Loan A [Member]
Venture Loan and Security Agreement [Abstract]
Face amount		$ 7,500,000
Loan B [Member]
Venture Loan and Security Agreement [Abstract]
Face amount		10,000,000
Loan C [Member]
Venture Loan and Security Agreement [Abstract]
Face amount		3,750,000
Loan D [Member]
Venture Loan and Security Agreement [Abstract]
Face amount		$ 3,750,000
Loan E [Member]
Venture Loan and Security Agreement [Abstract]
Uncommitted loan	$ 5,000,000
Loan F [Member]
Venture Loan and Security Agreement [Abstract]
Uncommitted loan	$ 5,000,000

Venture Loan and Security Agr_3

Venture Loan and Security Agreement, Warrant and Debt Discount (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Aug. 31, 2022 $ / shares shares
Warrant and Debt Discount [Abstract]
Number of shares of common stock that can be purchased with warrants (in shares) | shares				381,625
Exercise price of warrants (in dollars per share) | $ / shares				$ 3.6685
Term of warrants	10 years	10 years
Debt issuance costs		$ 449,329	$ 0
Unamortized debt discount	$ 3,027,847	3,027,847
Interest expense	374,286	374,286
Amortization of debt discount	$ 72,722	$ 72,722	$ 0
Minimum [Member]
Warrant and Debt Discount [Abstract]
Percentage of voting power disposed off		50%
Expected Term [Member]
Warrant and Debt Discount [Abstract]
Term of warrants	10 years	10 years
Risk-free Rate [Member]
Warrant and Debt Discount [Abstract]
Warrants measurement input	0.0311	0.0311
Expected Volatility [Member]
Warrant and Debt Discount [Abstract]
Warrants measurement input	0.938	0.938
Estimated Dividend Yield [Member]
Warrant and Debt Discount [Abstract]
Warrants measurement input	0	0

Retirement Plan (Details)

Retirement Plan (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Retirement Plan [Abstract]
401(k) employer contributions	$ 31,515	$ 25,803	$ 119,232	$ 71,214