Annovis Bio (ANVS) 10-K 31 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 30, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-39202
Entity Registrant Name	Annovis Bio, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2540421
Entity Address, Address Line One	1055 Westlakes Drive, Suite 300
Entity Address, City or Town	Berwyn
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19312
City Area Code	610
Local Phone Number	727-3913
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	ANVS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 63,483,880
Entity Common Stock, Shares Outstanding		8,216,678
Entity Central Index Key	0001477845
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	WithumSmith+Brown, PC
Auditor Location	East Brunswick, New Jersey
Auditor Firm ID	100

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 28,377,693	$ 31,987,091	$ 35,974,251	$ 42,668,838	$ 45,686,014
Prepaid expenses and other current assets	7,644,376	5,131,337	3,992,967	1,428,742	315,464
Total current assets	36,022,069	37,118,428	39,967,218	44,097,580	46,001,478
Total assets	36,022,069	37,118,428	39,967,218	44,097,580	46,001,478
Current liabilities:
Accounts payable	3,961,254	1,845,705	901,841	928,997	688,074
Accrued expenses	3,737,285	680,830	397,544	468,125	818,440
Total current liabilities	7,698,539	2,526,535	1,299,385	1,397,122	1,506,514
Total liabilities	7,698,539	2,526,535	1,299,385	1,397,122	1,506,514
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock - $0.0001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding
Common stock - $0.0001 par value, 35,000,000 shares authorized and 8,163,923 and 8,100,570 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	816	816	816	816	810
Additional paid-in capital	82,377,488	80,919,684	78,563,673	76,659,912	73,220,361
Accumulated deficit	(54,054,774)	(46,328,607)	(39,896,656)	(33,960,270)	(28,726,207)
Total stockholders' equity	28,323,530	34,591,893	38,667,833	42,700,458	44,494,964	$ 7,540,954
Total liabilities and stockholders' equity	$ 36,022,069	$ 37,118,428	$ 39,967,218	$ 44,097,580	$ 46,001,478

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Balance Sheets
Preferred stock, par value (dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000
Preferred stock, shares issued	0	0	0	0	0
Preferred stock, shares outstanding	0	0	0	0	0
Common stock, par value (dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	35,000,000	35,000,000	35,000,000	35,000,000	35,000,000
Common stock, shares issued	8,163,923	8,163,923	8,163,923	8,163,923	8,100,570
Common stock, shares outstanding	8,163,923	8,163,923	8,163,923	8,163,923	8,100,570

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development	$ 4,123,538	$ 4,033,963	$ 2,149,641	$ 6,183,604	$ 10,307,142	$ 16,515,543	$ 8,479,031
General and administrative	2,361,299	1,938,447	3,104,071	5,042,518	7,403,817	8,995,736	6,058,190
Total operating expenses	6,484,837	5,972,410	5,253,712	11,226,122	17,710,959	25,511,279	14,537,221
Operating loss	(6,484,837)	(5,972,410)	(5,253,712)	(11,226,122)	(17,710,959)	(25,511,279)	(14,537,221)
Other income:
Interest income	52,886	36,024	19,649	55,673	108,559	182,712	13,335
Grant income							36,754
Total other income	52,886	36,024	19,649	55,673	108,559	182,712	50,089
Loss before income taxes	(6,431,951)	(5,936,386)	(5,234,063)	(11,170,449)	(17,602,400)	(25,328,567)	(14,487,132)
Income tax expense (benefit)
Net loss	$ (6,431,951)	$ (5,936,386)	$ (5,234,063)	$ (11,170,449)	$ (17,602,400)	$ (25,328,567)	$ (14,487,132)
Basic loss per common share	$ (0.79)	$ (0.73)	$ (0.64)	$ (1.37)	$ (2.16)	$ (3.10)	$ (1.90)
Diluted loss per common share	$ (0.79)	$ (0.73)	$ (0.64)	$ (1.37)	$ (2.16)	$ (3.10)	$ (1.90)
Weighted average number of common shares outstanding, basic	8,163,923	8,163,923	8,157,445	8,160,702	8,161,787	8,162,326	7,626,278
Weighted average number of common shares outstanding, diluted	8,163,923	8,163,923	8,157,445	8,160,702	8,161,787	8,162,326	7,626,278

Statements of Changes in Stockh

Statements of Changes in Stockholders' Equity - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2020	$ 689	$ 21,779,340	$ (14,239,075)	$ 7,540,954
Balance, shares at Dec. 31, 2020	6,891,608
Changes in Stockholders' Equity
Issuance of common stock, net of issuance costs	$ 100	46,648,313		46,648,413
Issuance of common stock, net of issuance costs (in shares)	1,000,000
Exercise of stock options	$ 16	95,086		$ 95,102
Exercise of stock options, shares	155,038			159,813
Cashless exercise of warrants	$ 5	(5)
Cashless exercise of warrants, shares	53,924
Stock-based compensation expense		4,697,627		$ 4,697,627
Net loss			(14,487,132)	(14,487,132)
Balance at Dec. 31, 2021	$ 810	73,220,361	(28,726,207)	44,494,964
Balance, shares at Dec. 31, 2021	8,100,570
Changes in Stockholders' Equity
Net loss				(5,234,063)
Balance at Mar. 31, 2022				42,700,458
Balance at Dec. 31, 2021	$ 810	73,220,361	(28,726,207)	44,494,964
Balance, shares at Dec. 31, 2021	8,100,570
Changes in Stockholders' Equity
Net loss				(11,170,449)
Balance at Jun. 30, 2022				38,667,833
Balance at Dec. 31, 2021	$ 810	73,220,361	(28,726,207)	44,494,964
Balance, shares at Dec. 31, 2021	8,100,570
Changes in Stockholders' Equity
Net loss				(17,602,400)
Balance at Sep. 30, 2022				34,591,893
Balance at Dec. 31, 2021	$ 810	73,220,361	(28,726,207)	44,494,964
Balance, shares at Dec. 31, 2021	8,100,570
Changes in Stockholders' Equity
Exercise of stock options	$ 6	4,607		$ 4,613
Exercise of stock options, shares	63,353			70,101
Stock-based compensation expense		9,152,520		$ 9,152,520
Net loss			(25,328,567)	(25,328,567)
Balance at Dec. 31, 2022	$ 816	$ 82,377,488	$ (54,054,774)	28,323,530
Balance, shares at Dec. 31, 2022	8,163,923
Balance at Mar. 31, 2022				42,700,458
Changes in Stockholders' Equity
Net loss				(5,936,386)
Balance at Jun. 30, 2022				38,667,833
Changes in Stockholders' Equity
Net loss				(6,431,951)
Balance at Sep. 30, 2022				$ 34,591,893

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (5,234,063)	$ (11,170,449)	$ (17,602,400)	$ (25,328,567)	$ (14,487,132)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	3,434,944	5,338,705	7,694,716	9,152,520	4,697,627
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,113,278)	(3,677,503)	(4,815,873)	(7,328,912)	(270,788)
Accounts payable	240,923		1,157,631	3,273,180	346,218
Accrued expenses	(350,315)		(137,610)	2,918,845	581,916
Net cash used in operating activities	(3,021,789)	(9,716,376)	(13,703,536)	(17,312,934)	(9,132,159)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs					46,648,413
Proceeds from exercise of stock options	4,613	4,613	4,613	4,613	95,102
Net cash provided by financing activities	4,613	4,613	4,613	4,613	46,743,515
Net (decrease) increase in cash and cash equivalents	(3,017,176)	(9,711,763)	(13,698,923)	(17,308,321)	37,611,356
Cash and cash equivalents, beginning of year	45,686,014	45,686,014	45,686,014	45,686,014	8,074,658
Cash and cash equivalents, end of year	$ 42,668,838	$ 35,974,251	$ 31,987,091	$ 28,377,693	$ 45,686,014

Nature of Business, Going Conce

Nature of Business, Going Concern and Management's Plans	12 Months Ended
	Dec. 31, 2022
Nature of Business, Going Concern and Management's Plans
Nature of Business, Going Concern and Management's Plans	(1) Nature of Business, Going Concern and Management’s Plans Annovis Bio, Inc. (the “Company” or “Annovis”) was incorporated on April 29, 2008, under the laws of the State of Delaware. Annovis is a clinical-stage drug platform company addressing neurodegeneration such as Alzheimer’s disease (“AD”) and Parkinson’s disease (“PD”). The toxic cascade in neurodegeneration begins with high levels of neurotoxic proteins which lead to impaired axonal transport, inflammation, death of nerve cells and loss of cognition and motor function. The Company’s lead product candidate, Buntanetap, is a small molecule administered orally that is designed to attack neurodegeneration by entering the brain and inhibiting the translation of multiple neurotoxic proteins thereby impeding the toxic cascade. Since its founding, the Company has been engaged in organizational activities, including raising capital, and research and development activities. The Company has not generated substantial revenues and has not yet achieved profitable operations, nor has it ever generated positive cash flows from operations. There is no assurance that profitable operations, if achieved, could be sustained on a continuing basis. The Company is subject to those risks associated with any clinical stage pharmaceutical company that has substantial expenditures for research and development. There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants. Further, the Company’s future operations are dependent on the success of the Company’s efforts to raise additional capital. The Company has a history of incurring net losses and anticipates incurring additional losses until such time, if ever, that it can generate significant revenue from its product candidates currently in development. The Company’s primary source of capital has been the issuance of equity securities. On May 26, 2021, the Company closed an underwritten public offering of 1,000,000 shares of its common stock at an offering price of $50.00 per share, for gross proceeds of $50.0 million. The net proceeds of the offering were approximately million, after deducting underwriting discounts and issuance costs paid by the Company. The Company’s common stock trades on the New York Stock Exchange under the ticker symbol “ANVS”. Since the Company's inception, the Company has incurred losses and negative cash flows from operations. At December 31, 2022, the Company had an accumulated deficit of $54.1 million. The Company's net loss was $25.3 million and $14.5 million for the years ended December 31, 2022 and 2021, respectively. The Company follows the provisions of Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, Topic 205-40, Presentation of Financial Statements-Going Concern, or ASC 205-40, which requires management to assess the Company's ability to continue as a going concern for one year after the date the financial statements are issued. The Company expects that its existing balance of cash and cash equivalents as of December 31, 2022 is sufficient to fund operations through the third quarter of 2023, but not for more than one year after the date of this filing and therefore management has concluded that substantial doubt exists about the Company's ability to continue as a going concern. Management's plans to mitigate this risk include raising additional capital through equity. Management's plans may also include the deferral of certain operating expenses unless and until additional capital is received. However, there can be no assurance that the Company will be successful in raising additional capital or that such capital, if available, will be on terms that are acceptable to the Company, or that the Company will be successful in deferring certain operating expenses. If the Company is unable to raise sufficient additional capital or defer sufficient operating expenses, the Company may be compelled to reduce the scope of its operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). (b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the financial statements, actual results may materially vary from these estimates. Significant items subject to such estimates and assumptions include progress towards completion of research and development projects, stock-based compensation expense, grant income and contingent liabilities. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. Accounting estimates used in the preparation of these financial statements change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. (c) Basic and Diluted Net Income per Share Basic net loss per share is determined using the weighted average number of shares of common stock outstanding during each period. Diluted net loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as stock options and warrants, which would result in the issuance of incremental shares of common stock. The computation of diluted net loss per shares does not include the conversion of securities that would have an anti-dilutive effect. (d) Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse effect on the Company’s financial condition, results of operations, and cash flows. (e) Issuance Costs Associated with Equity Issuances Issuance costs incurred in connection with the Company’s equity issuances, which primarily consisted of direct incremental legal, printing, listing and accounting fees, are offset against proceeds received in the issuances and charged to additional paid-in capital in the period the equity issuance is completed. (f) Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts payable and accrued expenses. Cash and cash equivalents are reported at fair value. The recorded carrying amount of accounts payable and accrued expenses reflect their fair value due to their short-term nature. (g) Research and Development Research and development costs are either expensed as incurred or recorded separately as a prepaid asset, and the expense recognized when the service is performed and are primarily comprised of personnel-related expenses and external research and development expenses incurred under arrangements with third parties, such as contract research organizations and consultants. At the end of each reporting period, the Company compares the payments made to each service provider to the estimated progress towards completion of the related project. Factors that the Company considers in preparing these estimates include the number of patients enrolled in studies, milestones achieved, and other criteria related to the efforts of its vendors. These estimates will be subject to change as additional information becomes available. Depending on the timing of payments to vendors and estimated services provided, the Company will record net prepaid or accrued expenses related to these costs. Prepaid clinical expenses represent valid future economic benefits based on our contracts with our vendors, and are realized in the ordinary course of business. (h) Grant Income Grants received are recognized as grant income in the statements of operations as and when they are earned for the specific research and development projects for which these grants are designated. Grants payments received in excess of grant income earned are recognized as deferred grant on the balance sheet and grant income earned in excess of grant payments received is recognized as grant receivable on the balance sheets. (i) Stock-Based Compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. Forfeitures are recognized in compensation expense in the period when they occur. For stock awards that vest based on performance conditions (e.g. achievement of certain milestones), expense is recognized when it is probable that the condition will be met. Stock option modification expense is calculated as the incremental fair value of the modified award over the fair value of the original award measured immediately before the award's terms were modified. For vested awards, the incremental fair value is recognized immediately. The Company uses the Black-Scholes option pricing model to value its option awards which requires the use of subjective assumptions, including the expected life of the option and expected share price volatility. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards. Upon exercise of stock options, the Company issues shares first from treasury stock, if available, then from authorized but unissued shares. (j) Income Taxes The Company provides for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2022 and 2021, the Company had a full valuation allowance against its deferred tax assets. The Company is subject to the provisions of ASC 740, Income Taxes, which prescribes a more likely-than-not threshold for the financial statement recognition of uncertain tax positions. ASC 740 clarifies the accounting for income taxes by prescribing a minimum recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. There are currently no open federal or state tax audits. The Company has not recorded any liability for uncertain tax positions at December 31, 2022 or 2021. (k) Recent Accounting Pronouncements In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments in ASU 2021-10 require annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The new disclosure requirements include information about the nature of the transactions and the related accounting policy used to account for the transactions; the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item; and significant terms and conditions of the transactions, including commitments and contingencies. The guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted, and may be adopted prospectively or retrospectively. We adopted this standard prospectively. As such, the adoption did not have an impact on our financial statements. ​

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Measurements
Fair Value Measurements	(3) Fair Value Measurements The Company measures certain assets and liabilities at fair value in accordance with ASC 820, Fair Value Measurements and Disclosures. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (the exit price) in an orderly transaction between market participants at the measurement date. The guidance in ASC 820 outlines a valuation framework and creates a fair value hierarchy that serves to increase the consistency and comparability of fair value measurements and the related disclosures. In determining fair value, the Company maximizes the use of quoted prices and observable inputs. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2—Valuations based on observable inputs and quoted prices in active markets for similar assets and liabilities. Level 3—Valuations based on unobservable inputs and models that are supported by little or no market activity. The following tables provides the carrying value and fair value of certain financial assets and liabilities of the Company measured at fair value on a recurring basis as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ ​ ​ ​ December 31, 2022 ​ Carrying Value Level 1 Level 2 Level 3 Cash equivalents ​ $ 26,001,934 ​ $ 26,001,934 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ ​ ​ ​ December 31, 2021 ​ Carrying Value Level 1 Level 2 Level 3 Cash equivalents ​ $ 60,031 ​ $ 60,031 ​ $ — ​ $ — ​

Grant Income

Grant Income	12 Months Ended
	Dec. 31, 2022
Grant Income
Grant Income	(4) Grant Income In September 2019, as modified in September 2020, the Company received a Notice of Award for a $1.9 million grant from the National Institute on Aging of the National Institutes of Health (the “NIH”) to cover costs of long-term chronic toxicology studies of Buntanetap in rats and dogs. The Company began the long-term chronic toxicology studies in November 2019. The Company recognized grant income of

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 2022
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	(5) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2021 Prepaid expenses ​ $ 67,532 ​ $ 43,736 Prepaid clinical trial expenses ​ ​ 7,528,250 ​ ​ 232,752 Prepaid insurance ​ ​ 37,356 ​ ​ 29,111 Security deposits ​ 11,238 ​ 9,865 ​ ​ $ 7,644,376 ​ $ 315,464 ​

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2022
Accrued Expenses
Accrued Expenses	(6) Accrued Expenses Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2021 Payroll and related benefits ​ $ 556,827 ​ $ 712,768 Accrued professional and clinical fees ​ 3,180,458 ​ 105,672 ​ ​ $ 3,737,285 ​ $ 818,440 ​ See Note 7 for further detail on the accrued license payments.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	(7) Commitments and Contingencies (a) Research & Development The Company has entered contracts with contract research organizations (CROs) and contract manufacturers (CMOs) related the Company's clinical trials. The contracts require upfront payments, milestone payments, and pass through cost reimbursement, to be made. While the contracts are cancellable with (written) notice, the Company is obligated for payments for services rendered through the termination date of the project with the CRO/CMO. (b) Leases The Company leases its office facilities under a month-to-month operating lease. Total rental expense was $66,802 and $51,760 for the years ended December 31, 2022 and 2021, respectively. (c) License Agreement The Company previously licensed the rights to certain chemical compounds, know-how and intellectual property rights that may be suitable for the development of human therapeutics from a subsidiary of Horizon Therapeutics, PLC (the “Licensor”). Under the license agreement, the Company paid a minimum annual fee of $46,000 and was required to make milestone payments upon attainment of certain milestone events, royalties based on net sales of products covered by the patent-related rights and a portion of any sublicense income received by the Company. The Licensor also granted the Company a buy-out option which was exercisable at any time during the term of the agreement at increasing amounts based on the achievement of certain milestones. The Company had the right to terminate the agreement at any time by giving 90 days advance notice subject to the payment of any amounts due under the agreement at that time. Expenses related to the license agreement were recognized in general and administrative expense in the statements of operations. In July 2021, the Company gave notice to the Licensor of its termination of the license agreement and the license agreement was terminated effective October 14, 2021. The Company has paid to the Licensor the prorated annual fees through the termination date. (d) Employment Agreements The Company has agreements with its executive officers that provide for severance payments to the employee upon termination of the agreement by the Company for any reason other than for cause, death or disability or by the employee for good reason. The maximum aggregate severance payments under the agreements were approximately $1,291,900 at December 31, 2022. (e) Litigation The Company is subject, from time to time, to claims by third parties under various legal disputes. The defense of such claims, or any adverse outcome relating to any such claims, could have a material adverse effect on the Company’s liquidity, financial condition and cash flows. During the year ended December 31, 2021, two securities class action complaints were filed against the Company and its executive officers following disclosure of interim results from the AD/PD Trials. Both complaints were voluntarily dismissed without prejudice by the plaintiffs. At December 31, 2022, the Company did not have any pending legal actions. (f) Risks and Uncertainties The extent to which the COVID-19 pandemic could have a material impact on the Company’s current or future clinical trials is dependent on the spread of the disease and government and healthcare system responses to such spread, which are presently highly uncertain. Management continues to evaluate the potential impact. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity
Stockholders' Equity	(8) Stockholders’ Equity (a) Common Stock 1. Dividends Subject to the rights of holders of all classes of Company stock outstanding having rights that are senior to or equivalent to holders of common stock, the holders of the common stock are entitled to receive dividends when and as declared by the Board of Directors (“Board”). 2. Liquidation Subject to the rights of holders of all classes of stock outstanding having rights that are senior to or equivalent to holders of common stock as to liquidation, upon the liquidation, dissolution or winding up of the Company, the assets of the Company will be distributed to the holders of common stock. 3. Voting The holders of common stock are entitled to one vote for each share of common stock held. There is no cumulative voting. (b) Preferred Stock Preferred stock may be issued from time to time by the Board in one or more series. (c) Warrants In conjunction with the IPO, the Company granted the underwriters 100,000 warrants to purchase shares of Company common stock at an exercise price of $7.50 per share, which is 125% of the initial public offering price. The warrants have a five of the warrants were tendered to the Company by the holders pursuant to cashless exercises. Warrants outstanding as of December 31, 2022 and 2021, were , respectively. The Company accounts for the warrants as a component of stockholders’ equity.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Stock-Based Compensation
Stock-Based Compensation	(9) Stock-Based Compensation Effective upon the closing of the Company’s IPO on January 31, 2020, the Company’s 2019 Equity Incentive Plan (the “2019 Plan”) became effective, succeeding the Company’s previous equity incentive plan. No new options may be issued under the previous plan, although shares subject to grants which are cancelled or forfeited will again be available under the 2019 Plan. Effective June 1, 2021, the 2019 Plan was amended to increase the number of shares authorized to be issued from 1,000,000 to 2,000,000. As of December 31, 2022, 392,874 shares were available for future grants. The 2019 Plan provides for grants to employees, members of the Board, consultants and advisors to the Company, in the form of stock options, stock awards and other equity-based awards. The amount and terms of grants are determined by the Board. Stock options have a maximum term of 10 years after date of grant and are exercisable in cash or as otherwise determined by the Board. Stock-based compensation expense in the statements of operations, including the fair value of stock awards to consultants and advisors for services rendered, for the years ended December 31, 2022 and 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2022 2021 General and administrative ​ $ 5,778,117 ​ $ 2,680,882 Research and development ​ 3,374,403 ​ 2,016,745 ​ ​ $ 9,152,520 ​ $ 4,697,627 ​ Stock option activity for the years ended December 31, 2022, and 2021, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ Weighted ​ Contractual ​ Aggregate ​ ​ Number of ​ Average ​ Term ​ Intrinsic ​ ​ Shares ​ Exercise Price ​ (Years) ​ Value Outstanding at December 31, 2020 1,111,466 ​ $ 2.57 ​ Granted 538,095 ​ $ 33.78 ​ Exercised (159,813) ​ $ 2.83 ​ Forfeited — ​ $ - ​ Outstanding at December 31, 2021 1,489,748 ​ $ 13.82 ​ ​ ​ ​ Granted ​ 348,294 ​ ​ $ 15.90 ​ ​ ​ ​ Exercised ​ (70,101) ​ ​ $ 1.97 ​ ​ ​ ​ Forfeited ​ (110,599) ​ ​ $ 25.93 ​ ​ ​ ​ Outstanding at December 31, 2022 1,657,342 ​ $ 13.95 ​ 6.2 $ 9,907,660 Exercisable at December 31, 2022 ​ 1,310,667 ​ ​ $ 11.64 ​ 5.4 $ 9,591,460 ​ The aggregate intrinsic value of options exercised during the years ended December 31, 2022 and 2021 was $803,357 and $11,163,998, respectively. As of December 31, 2022, there was $4,089,400 unrecognized compensation expense related to unvested options. That cost is expected to be recognized over a weighted-average period of 1.39 years. During the years ended December 31, 2022 and 2021, the Company issued 348,294 and 538,095 options, respectively. Under the grant agreements for the 2022 stock option grants, 10,000 of the options vested immediately, 9,947 of the options vested on March 29, 2022, 9,947 of the options vest on March 31, 2023, 43,333 of the options vest on August 29, 2023, and 255,067 of the options vest in substantially equal quarterly installments over two years from the date of grant. from the date of grant. All of the options have a 10 -year term. ​ The weighted average grant date fair value of options issued during the years ended December 31, 2022 and 2021 was $13.24 per share and $27.13 per share, respectively. The fair value was estimated using the Black Sholes option pricing model. The expected life of options was estimated using the simplified method, as the Company has limited historical information to develop reasonable expectations about future exercise patterns and post-vesting employment. The risk-free rate was based on the interest rate payable on U.S. Treasury securities at the time of grant for a period that is commensurate with the expected term of the option. Given the lack of a public market for the Company’s common stock prior to the IPO, the expected stock price volatility was based on a weighted approach that incorporates the historic daily volatility of the Company’s common stock since the IPO and the historic daily volatility of similar companies that have been publicly traded for a period commensurate with the expected term of the option. The expected dividend yield is ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended ​ ​ December 31, 2022 ​ December 31, 2021 Risk-free interest rate 2.24 % 1.17 % Expected life 5.9 ​ 5.3 ​ Expected volatility 112 % 113 % Expected dividend yield — ​ — ​ ​ During the year ended December 31, 2022, previously issued stock options were modified for an employee who is no longer employed with the Company. As a result of this modification, $1,219,572 was recognized as stock option modification expense and included in general and administrative expenses on the accompanying statement of operations.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2022
Net Loss Per Share
Net Loss Per Share	(10) Net Loss Per Share The Company has reported a net loss for the years ended December 31, 2022 and 2021, and the basic and diluted net loss per share attributable to common stockholders are the same for both years because all warrants and stock options have been excluded from the computation of diluted weighted-average shares outstanding because such securities would have an antidilutive impact. The following table sets forth the computation of basic and diluted net loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ December 31, ​ ​ 2022 2021 ​ Numerator ​ ​ ​ ​ Net loss ​ $ (25,328,567) ​ $ (14,487,132) ​ Denominator ​ ​ ​ Weighted-average common shares outstanding, basic and diluted ​ 8,162,326 ​ 7,626,278 ​ Net loss per share, basic and diluted ​ $ (3.10) ​ $ (1.90) ​ ​ Potential common shares that are excluded from the computation of diluted weighted-average shares outstanding are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 Stock options ​ 1,657,342 ​ 1,489,748 Warrants ​ 2,400 2,400 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	(11) Income Taxes The federal and state provision (benefit) for income taxes was $0 for the years ended December 31, 2022 and 2021. A reconciliation of income tax provision (benefit) computed at the statutory federal income tax rate to income taxes as reflected in the financial statements for the years ended December 31, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2022 2021 Federal income tax benefit at statutory rate 21.0 % 21.0 % State and local tax, net of federal benefit 5.7 % 13.7 % Permanent differences (1.5) % 0.1 % Research and development credit ​ 3.8 % 2.4 % Stock-based compensation ​ 0.8 % 15.7 % Change in valuation allowance (29.8) % (52.9) % Effective income tax rate 0.0 % 0.0 % ​ Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 2021 Net operating loss carryforwards ​ $ 7,919,085 ​ $ 6,512,249 Stock compensation ​ 3,767,330 ​ 1,759,129 Capitalized R&D ​ ​ 1,725,622 ​ ​ 2,002,431 Section 174 ​ ​ 3,445,935 ​ ​ ​ R&D credit carryforwards ​ 1,618,295 ​ 648,077 Total deferred tax assets ​ 18,476,267 ​ 10,921,886 Less valuation allowance ​ (18,476,267) ​ (10,921,886) Net deferred taxes ​ $ — ​ $ — ​ As of December 31, 2022, the Company had U.S. federal net operating loss (“NOL”) carryforwards of $27,536,031 which may be available to offset future income tax liabilities. Federal NOL carryforwards generated in 2017 and prior of $2,764,240 will expire beginning in 2032. The remaining federal NOL carryforwards generated in 2018 and later do not expire. As of December 31, 2022, the Company also had U.S. state NOL carryforwards of $30,082,914 which may be available to offset future income tax liabilities and will expire beginning in 2028. The Company has recorded a full valuation allowance against its net deferred tax assets as of December 31, 2022 and 2021 because the Company has determined that is it more likely than not that these assets will not be fully realized due to historic net operating losses incurred. The Company experienced a net change in valuation allowance of $7,554,381 and $7,672,071 in the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, the Company had federal research and development tax credit carryforwards of $1,618,294 available to reduce future tax liabilities which expire beginning in 2028. Under the provisions of the Internal Revenue Code, the NOL and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. NOL and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant stockholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has completed financings since its inception which may have resulted in a change in control as defined by Sections 382 and 383 of the Internal Revenue Code, or could result in a change in control in the future. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. The Company’s tax years from 2019 to the present remain open for review. All open years may be examined to the extent that tax credits or NOL carryforwards are used in future periods. The Company will recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2022, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s statements of operations. Effective for tax years beginning after December 31, 2021, taxpayers are required to capitalize any expenses incurred that are considered incidental to research and experimentation (R&E) activities under IRC Section 174. While taxpayers historically had the option of deducting these expenses under IRC Section 174, the December 2017 Tax Cuts and Jobs Act mandates capitalization and amortization of R&E expenses for tax years beginning after December 31, 2021. Expenses incurred in connection with R&E activities in the US must be amortized over a 5-year period if incurred, and R&E expenses incurred outside the US must be amortized over a 15-year period. R&E activities are broader in scope than qualified research activities considered under IRC Section 41 (relating to the research tax credit). For the year ended December 31, 2022, the Company performed an analysis based on available guidance and determined that it will continue to be in a loss position even after the required capitalization and amortization of its R&E expenses. The Company will continue to monitor this issue for future developments, but it does not expect R&E capitalization and amortization to require it to pay cash taxes now or in the near future.

Restatement of Previously Issue

Restatement of Previously Issued Unaudited Condensed Financial Statements	12 Months Ended
	Dec. 31, 2022
Restatement of Previously Issued Unaudited Condensed Financial Statements
Restatement of Previously Issued Unaudited Condensed Financial Statements	(12) Restatement of Previously Issued Unaudited Condensed Financial Statements During its preparation of its 2022 audited combined financial statements and notes thereto, the Company concluded that there were material research and development expenses and related balance sheet errors in its previously issued unaudited condensed financial statements as of and for each of the quarterly and year to date periods ended March 31, 2022, June 30, 2022 and September 30, 2022, primarily relating to the timing of payments for research and development expenses and recognition of expenses. The Company noted the following items were improperly expensed during the three months ended March 31, 2022: ● Payments, in the amount of $800,840 , were improperly recorded in research and development expenses during the three months ended March 31, 2022. These amounts should have been recorded as prepaid expenses and other current assets as of March 31, 2022. ● Research and development expense amounts totaling $140,690 were not recorded during the three months ended March 31, 2022. This amount should have been recorded in accrued expenses and other current liabilities as of March 31, 2022. These errors in the accounting for research and development expenses resulted in an understatement of prepaid assets and other current assets of $800,840 , accrued expenses and other current liabilities of $140,690 and an overstatement of operating expenses and net loss of $660,150 as of and for the three months ended March 31, 2022. The Company noted the following items were improperly expensed during the three and six months ended June 30, 2022: ● Payments, in the amount of $2,883,977 were improperly recorded in research and development expenses during the three months ended June 30, 2022. These amounts should have been recorded in prepaid expenses and other current assets as of June 30, 2022. Additionally, $102,232 was expensed during the three months ended June 30, 2022 related to the prior quarter restatements. These errors, including the errors from the three months ended March 31, 2022, in the accounting for research and development expenses resulted in a cumulative understatement of prepaid assets and other current assets of $3,441,895 , as of June 30, 2022, and an overstatement operating expenses and net loss of $2,781,745 and $3,441,895 for the three and six months ended June 30, 2022, respectively. The Company noted the following items were improperly expensed during the three and nine months ended September 30, 2022: ● Payments, in the amount of $1,320,321 , were improperly recorded in research and development expenses during the three months ended September 30, 2022. These amounts should have been recorded in prepaid expenses and other current assets as of September 30, 2022. Additionally, $130,826 was expensed during the three months ended September 30, 2022 related to the prior quarter restatements. These errors, including the errors from the six months ended June 30, 2022, in the accounting for research and development expenses resulted in an understatement of prepaid assets and other current assets of $4,631,390 as of September 30, 2022, and an overstatement of operating expenses and net loss of $1,189,495 and $4,631,390 for the three and nine months ended September 30, 2022, respectively. As a result of such errors, the Company concluded that the previously issued 2022 unaudited condensed financial statements were materially misstated and has restated herein our previously issued unaudited condensed financial statements for each interim period within the fiscal year ended December 31, 2022. The restatement corrections impact certain components within operating cash flows of the unaudited condensed statements of cash flows. Total operating cash flows, investing activities, financing activities, and cash and cash equivalents are unchanged as a result of the restatements and as a result are not restated herein. The following tables present the amounts previously reported, the restatement impact and the amount as restated. The 2022 quarterly restatements will be effective with the filing of our future 2023 unaudited interim condensed financial statement filings in Quarterly Reports on Form 10-Q. The values as previously reported for the fiscal quarters ended September 30, 2022, June 30, 2022, and March 31, 2022 were derived from our Quarterly Reports on Form 10-Q filed on November 8, 2022, August 8, 2022 and May 4, 2022, respectively. Annovis Bio, Inc. Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 ​ ​ (unaudited) ​ As Restatement As ​ ​ Reported ​ Impacts ​ Restated Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ Cash and cash equivalents ​ $ 42,668,838 ​ $ — ​ $ 42,668,838 Prepaid expenses and other current assets ​ 627,902 ​ 800,840 ​ 1,428,742 Deferred clinical materials ​ — ​ — ​ — Total current assets ​ 43,296,740 ​ 800,840 ​ 44,097,580 Total Assets ​ $ 43,296,740 ​ $ 800,840 ​ $ 44,097,580 Liabilities and Stockholders’ Equity ​ ​ ​ Current liabilities: ​ ​ ​ Accounts payable ​ $ 928,997 ​ $ — ​ $ 928,997 Accrued expenses ​ 327,435 ​ 140,690 ​ 468,125 Total current liabilities ​ 1,256,432 ​ 140,690 ​ 1,397,122 Total liabilities ​ $ 1,256,432 ​ $ 140,690 ​ $ 1,397,122 Commitments and contingencies (Note 7) ​ ​ ​ Stockholders’ equity: ​ ​ ​ Preferred stock – $0.0001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding ​ — ​ — ​ — Common stock – $0.0001 par value, 35,000,000 shares authorized and 8,163,923 and 8,100,570 shares issued outstanding ​ 816 ​ — ​ 816 Additional paid-in capital ​ 76,659,912 ​ — ​ 76,659,912 Accumulated deficit ​ (34,620,420) ​ 660,150 ​ (33,960,270) Total stockholders’ equity ​ 42,040,308 ​ 660,150 ​ 42,700,458 Total liabilities and stockholders’ equity ​ $ 43,296,740 ​ $ 800,840 ​ $ 44,097,580 ​ ​ Annovis Bio, Inc. Statements of Operations (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ As ​ Restatement ​ As ​ Reported Impacts Restated Operating expenses: ​ ​ ​ Research and development ​ $ 2,809,791 ​ $ (660,150) ​ $ 2,149,641 General and administrative ​ 3,104,071 ​ — ​ 3,104,071 Total operating expenses ​ 5,913,862 ​ (660,150) ​ 5,253,712 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating loss ​ (5,913,862) ​ 660,150 ​ (5,253,712) Other income: ​ ​ ​ Interest income ​ 19,649 ​ — ​ 19,649 Grant Income ​ — ​ — ​ — Total other income ​ 19,649 ​ — ​ 19,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss before income taxes ​ (5,894,213) ​ 660,150 ​ (5,234,063) Income tax expense (benefit) ​ — ​ — ​ — Net loss ​ $ (5,894,213) ​ $ 660,150 ​ $ (5,234,063) Basic and diluted loss per common share ​ $ (0.72) ​ — ​ $ (0.64) Weighted average number of common shares outstanding, basic and diluted ​ 8,157,445 ​ — ​ 8,157,445 ​ ​ Annovis Bio, Inc. Statements of Cash Flows (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ As ​ ​ ​ As ​ ​ Reported ​ Restatement Impacts ​ Restated Cash flows from operating activities: ​ ​ Net loss ​ $ (5,894,213) 660,150 ​ $ (5,234,063) Adjustments to reconcile net loss to net cash used in operating activities: ​ ​ Stock-based compensation expense ​ ​ 3,434,944 — ​ ​ 3,434,944 Changes in operating assets and liabilities: ​ ​ Prepaid expenses and other current assets ​ ​ (312,438) (800,840) ​ ​ (1,113,278) Accounts payable ​ ​ 240,923 — ​ ​ 240,923 Accrued expenses ​ ​ (491,005) 140,690 ​ ​ (350,315) Net cash used in operating activities ​ ​ (3,021,789) — ​ ​ (3,021,789) Cash flows from financing activities: ​ ​ Proceeds from exercise of stock options ​ ​ 4,613 — ​ ​ 4,613 Net cash used in financing activities ​ ​ 4,613 — ​ ​ 4,613 Net (decrease) increase in cash and cash equivalents ​ ​ (3,017,176) — ​ ​ (3,017,176) Cash and cash equivalents, beginning of period ​ ​ 45,686,014 — ​ ​ 45,686,014 Cash and cash equivalents, end of period ​ $ 42,668,838 — ​ $ 42,668,838 ​ ​ Annovis Bio, Inc. Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 ​ ​ (unaudited) ​ As Restatement As ​ ​ Reported ​ Impacts ​ Restated Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 35,974,251 $ — ​ $ 35,974,251 Prepaid expenses and other current assets ​ 551,072 ​ 3,441,895 ​ 3,992,967 Deferred clinical materials ​ — ​ — ​ — Total current assets ​ 36,525,323 ​ 3,441,895 ​ 39,967,218 Total Assets ​ $ 36,525,323 ​ $ 3,441,895 ​ $ 39,967,218 Liabilities and Stockholders’ Equity ​ ​ ​ Current liabilities: ​ ​ ​ Accounts payable ​ $ 901,841 ​ $ — ​ $ 901,841 Accrued expenses ​ 397,544 ​ — ​ 397,544 Total current liabilities ​ 1,299,385 ​ — ​ 1,299,385 Total liabilities ​ $ 1,299,385 ​ $ — ​ $ 1,299,385 Commitments and contingencies (Note 7) ​ ​ ​ Stockholders’ equity: ​ ​ ​ Preferred stock – $0.0001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding ​ — ​ — ​ — Common stock – $0.0001 par value, 35,000,000 shares authorized and 8,163,923 and 8,100,570 shares issued outstanding ​ 816 ​ — ​ 816 Additional paid-in capital ​ 78,563,673 ​ — ​ 78,563,673 Accumulated deficit ​ (43,338,551) ​ 3,441,895 ​ (39,896,656) Total stockholders’ equity ​ 35,225,938 ​ 3,441,895 ​ 38,667,833 Total liabilities and stockholders’ equity ​ $ 36,525,323 ​ $ 3,441,895 ​ $ 39,967,218 ​ ​ Annovis Bio, Inc. Statements of Operations (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2022 ​ As Restatement As ​ ​ Reported ​ Impacts ​ Restated Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ $ 6,815,708 ​ $ (2,781,745) ​ $ 4,033,963 General and administrative ​ 1,938,447 ​ – ​ 1,938,447 Total operating expenses ​ 8,754,155 ​ (2,781,745) ​ 5,972,410 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating loss ​ (8,754,155) ​ 2,781,745 ​ (5,972,410) Other income: ​ ​ ​ Interest income ​ 36,024 ​ — ​ 36,024 Grant Income ​ — ​ — ​ — Total other income ​ 36,024 ​ — ​ 36,024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss before income taxes ​ (8,718,131) ​ 2,781,745 ​ (5,936,386) Income tax expense (benefit) ​ — ​ — ​ — Net loss ​ $ (8,718,131) ​ $ 2,781,745 ​ $ (5,936,386) Basic and diluted loss per common share ​ $ (1.07) ​ — ​ $ (0.73) Weighted average number of common shares outstanding, basic and diluted ​ 8,163,923 ​ — ​ 8,163,923 ​ ​ Annovis Bio, Inc. Statements of Operations (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ As Restatement As ​ ​ Reported ​ Impacts ​ Restated Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ $ 9,625,499 ​ $ (3,441,895) ​ $ 6,183,604 General and administrative ​ 5,042,518 ​ — ​ 5,042,518 Total operating expenses ​ 14,668,017 ​ (3,441,895) ​ 11,226,122 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating loss ​ (14,668,017) ​ 3,441,895 ​ (11,226,122) Other income: ​ ​ ​ Interest income ​ 55,673 ​ — ​ 55,673 Grant Income ​ — ​ — ​ — Total other income ​ 55,673 ​ — ​ 55,673 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss before income taxes ​ (14,612,344) ​ 3,441,895 ​ (11,170,449) Income tax expense (benefit) ​ — ​ — ​ — Net loss ​ $ (14,612,344) ​ $ 3,441,895 ​ $ (11,170,449) Basic and diluted loss per common share ​ $ (1.79) ​ — ​ $ (1.37) Weighted average number of common shares outstanding, basic and diluted ​ 8,160,702 ​ — ​ 8,160,702 ​ ​ Annovis Bio, Inc. Statements of Cash Flows (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ ​ As ​ ​ ​ ​ As ​ ​ Reported ​ Restatement Impacts ​ Restated Cash flows from operating activities: ​ ​ ​ Net loss ​ $ (14,612,344) ​ 3,441,895 ​ $ (11,170,449) Adjustments to reconcile net loss to net cash used in operating activities: ​ ​ ​ Stock-based compensation expense ​ ​ 5,338,705 ​ — ​ ​ 5,338,705 Changes in operating assets and liabilities: ​ ​ ​ Prepaid expenses and other current assets ​ ​ (235,608) ​ (3,441,895) ​ ​ (3,677,503) Accounts payable ​ ​ 213,767 ​ $ 213,767 ​ Accrued expenses ​ ​ (420,896) ​ $ (420,896) ​ Net cash used in operating activities ​ ​ (9,716,376) ​ — ​ ​ (9,716,376) Cash flows from financing activities: ​ ​ ​ Proceeds from issuance of common stock, net of issuance costs ​ ​ — ​ — ​ ​ — Proceeds from exercise of stock options ​ ​ 4,613 ​ — ​ ​ 4,613 Net cash used in financing activities ​ ​ 4,613 ​ — ​ ​ 4,613 Net (decrease) increase in cash and cash equivalents ​ ​ (9,711,763) ​ — ​ ​ (9,711,763) Cash and cash equivalents, beginning of period ​ ​ 45,686,014 ​ — ​ ​ 45,686,014 Cash and cash equivalents, end of period ​ $ 35,974,251 ​ — ​ $ 35,974,251 ​ ​ Annovis Bio, Inc. Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ ​ (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As ​ Restatement ​ As ​ Reported Impacts Restated Assets ​ ​ ​ Current assets: ​ ​ ​ Cash and cash equivalents ​ $ 31,987,091 ​ $ — ​ $ 31,987,091 Prepaid expenses and other current assets ​ 499,947 ​ 4,631,390 ​ 5,131,337 Total current assets ​ 32,487,038 ​ 4,631,390 ​ 37,118,428 Total Assets ​ $ 32,487,038 ​ $ 4,631,390 ​ $ 37,118,428 Liabilities and Stockholders’ Equity ​ ​ ​ Current liabilities: ​ ​ ​ Accounts payable ​ $ 1,845,705 ​ $ — ​ $ 1,845,705 Accrued expenses ​ 680,830 ​ — ​ 680,830 Total current liabilities ​ 2,526,535 ​ — ​ 2,526,535 Total liabilities ​ $ 2,526,535 ​ $ — ​ $ 2,526,535 Commitments and contingencies (Note 7) ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders’ equity: ​ ​ ​ Preferred stock – $0.0001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding ​ — ​ — ​ — Common stock – $0.0001 par value, 35,000,000 shares authorized and 8,163,923 and 8,100,570 shares issued outstanding ​ 816 ​ — ​ 816 Additional paid-in capital ​ 80,919,684 ​ — ​ 80,919,684 Accumulated deficit ​ (50,959,997) ​ 4,631,390 ​ (46,328,607) Total stockholders’ equity ​ 29,960,503 ​ 4,631,390 ​ 34,591,893 Total liabilities and stockholders’ equity ​ $ 32,487,038 ​ $ 4,631,390 ​ $ 37,118,428 ​ ​ Annovis Bio, Inc. Statements of Operations (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ As Restatement As ​ ​ Reported ​ Impacts ​ Restated Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ $ 5,313,033 ​ $ (1,189,495) ​ $ 4,123,538 General and administrative ​ 2,361,299 ​ — ​ 2,361,299 Total operating expenses ​ 7,674,332 ​ (1,189,495) ​ 6,484,837 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating loss ​ (7,674,332) ​ 1,189,495 ​ (6,484,837) Other income: ​ ​ ​ Interest income ​ 52,886 ​ — ​ 52,886 Grant Income ​ — ​ — ​ — Total other income ​ 52,886 ​ — ​ 52,886 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss before income taxes ​ (7,621,446) ​ 1,189,495 ​ (6,431,951) Income tax expense (benefit) ​ — ​ — ​ — Net loss ​ $ (7,621,446) ​ $ 1,189,495 ​ $ (6,431,951) Basic and diluted loss per common share ​ $ (0.93) ​ — ​ $ (0.79) Weighted average number of common shares outstanding, basic and diluted ​ 8,163,923 ​ — ​ 8,163,923 ​ ​ Annovis Bio, Inc. Statements of Operations (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 ​ As Restatement As ​ ​ Reported ​ Impacts ​ Restated Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ $ 14,938,532 ​ $ (4,631,390) ​ $ 10,307,142 General and administrative ​ 7,403,817 ​ – ​ 7,403,817 Total operating expenses ​ 22,342,349 ​ (4,631,390) ​ 17,710,959 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating loss ​ (22,342,349) ​ 4,631,390 ​ (17,710,959) Other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ 108,559 ​ — ​ 108,559 Grant Income ​ — ​ ​ — ​ – Total other income ​ 108,559 ​ — ​ 108,559 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss before income taxes ​ (22,233,790) ​ 4,631,390 ​ (17,602,400) Income tax expense (benefit) ​ — ​ — ​ — Net loss ​ $ (22,233,790) ​ $ 4,631,390 ​ $ (17,602,400) Basic and diluted loss per common share ​ $ (2.72) ​ — ​ $ (2.16) Weighted average number of common shares outstanding, basic and diluted ​ 8,161,787 ​ — ​ 8,161,787 ​ ​ Annovis Bio, Inc. Statements of Cash Flows (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 ​ ​ As ​ ​ ​ As ​ ​ Reported ​ Restatement Impacts ​ Restated Cash flows from operating activities: ​ ​ Net loss ​ $ (22,233,790) 4,631,390 ​ $ (17,602,400) Adjustments to reconcile net loss to net cash used in operating activities: ​ ​ Stock-based compensation expense ​ ​ 7,694,716 — ​ ​ 7,694,716 Changes in operating assets and liabilities: ​ ​ Prepaid expenses and other current assets ​ ​ (184,483) (4,631,390) ​ ​ (4,815,873) Accounts payable ​ ​ 1,157,631 — ​ ​ 1,157,631 Accrued expenses ​ ​ (137,610) — ​ ​ (137,610) Net cash used in operating activities ​ ​ (13,703,536) — ​ ​ (13,703,536) Cash flows from financing activities: ​ ​ Proceeds from issuance of common stock, net of issuance costs ​ ​ — — ​ ​ — Proceeds from exercise of stock options ​ ​ 4,613 — ​ ​ 4,613 Net cash used in financing activities ​ ​ 4,613 — ​ ​ 4,613 Net (decrease) increase in cash and cash equivalents ​ ​ (13,698,923) — ​ ​ (13,698,923) Cash and cash equivalents, beginning of period ​ ​ 45,686,014 — ​ ​ 45,686,014 Cash and cash equivalents, end of period ​ $ 31,987,091 — ​ $ 31,987,091 ​

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events
Subsequent Events	(13) Subsequent Events On January 18, 2023, the Company granted options to purchase an aggregate of 81,705 shares of common stock at an exercise price of $13.17 per share to employees, members of the board of directors and consultants to the Company.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Basis of Presentation	(a) Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates	(b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the financial statements, actual results may materially vary from these estimates. Significant items subject to such estimates and assumptions include progress towards completion of research and development projects, stock-based compensation expense, grant income and contingent liabilities. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. Accounting estimates used in the preparation of these financial statements change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes.
Basic and Diluted Net Income per Share	(c) Basic and Diluted Net Income per Share Basic net loss per share is determined using the weighted average number of shares of common stock outstanding during each period. Diluted net loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as stock options and warrants, which would result in the issuance of incremental shares of common stock. The computation of diluted net loss per shares does not include the conversion of securities that would have an anti-dilutive effect.
Cash and Cash Equivalents	(d) Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse effect on the Company’s financial condition, results of operations, and cash flows.
Issuance Costs Associated with Equity Issuances	(e) Issuance Costs Associated with Equity Issuances Issuance costs incurred in connection with the Company’s equity issuances, which primarily consisted of direct incremental legal, printing, listing and accounting fees, are offset against proceeds received in the issuances and charged to additional paid-in capital in the period the equity issuance is completed.
Fair Value of Financial Instruments	(f) Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts payable and accrued expenses. Cash and cash equivalents are reported at fair value. The recorded carrying amount of accounts payable and accrued expenses reflect their fair value due to their short-term nature.
Research and Development	(g) Research and Development Research and development costs are either expensed as incurred or recorded separately as a prepaid asset, and the expense recognized when the service is performed and are primarily comprised of personnel-related expenses and external research and development expenses incurred under arrangements with third parties, such as contract research organizations and consultants. At the end of each reporting period, the Company compares the payments made to each service provider to the estimated progress towards completion of the related project. Factors that the Company considers in preparing these estimates include the number of patients enrolled in studies, milestones achieved, and other criteria related to the efforts of its vendors. These estimates will be subject to change as additional information becomes available. Depending on the timing of payments to vendors and estimated services provided, the Company will record net prepaid or accrued expenses related to these costs. Prepaid clinical expenses represent valid future economic benefits based on our contracts with our vendors, and are realized in the ordinary course of business.
Grant Income	(h) Grant Income Grants received are recognized as grant income in the statements of operations as and when they are earned for the specific research and development projects for which these grants are designated. Grants payments received in excess of grant income earned are recognized as deferred grant on the balance sheet and grant income earned in excess of grant payments received is recognized as grant receivable on the balance sheets.
Stock-Based Compensation	(i) Stock-Based Compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. Forfeitures are recognized in compensation expense in the period when they occur. For stock awards that vest based on performance conditions (e.g. achievement of certain milestones), expense is recognized when it is probable that the condition will be met. Stock option modification expense is calculated as the incremental fair value of the modified award over the fair value of the original award measured immediately before the award's terms were modified. For vested awards, the incremental fair value is recognized immediately. The Company uses the Black-Scholes option pricing model to value its option awards which requires the use of subjective assumptions, including the expected life of the option and expected share price volatility. The assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, stock-based compensation expense could be materially different for future awards. Upon exercise of stock options, the Company issues shares first from treasury stock, if available, then from authorized but unissued shares.
Income Taxes	(j) Income Taxes The Company provides for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2022 and 2021, the Company had a full valuation allowance against its deferred tax assets. The Company is subject to the provisions of ASC 740, Income Taxes, which prescribes a more likely-than-not threshold for the financial statement recognition of uncertain tax positions. ASC 740 clarifies the accounting for income taxes by prescribing a minimum recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. There are currently no open federal or state tax audits. The Company has not recorded any liability for uncertain tax positions at December 31, 2022 or 2021.
Recent Accounting Pronouncements	(k) Recent Accounting Pronouncements In November 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. The amendments in ASU 2021-10 require annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The new disclosure requirements include information about the nature of the transactions and the related accounting policy used to account for the transactions; the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line item; and significant terms and conditions of the transactions, including commitments and contingencies. The guidance is effective for fiscal years beginning after December 15, 2021, with early adoption permitted, and may be adopted prospectively or retrospectively. We adopted this standard prospectively. As such, the adoption did not have an impact on our financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Measurements
Schedule of carrying value and fair value of financial assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ ​ ​ ​ December 31, 2022 ​ Carrying Value Level 1 Level 2 Level 3 Cash equivalents ​ $ 26,001,934 ​ $ 26,001,934 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ ​ ​ ​ December 31, 2021 ​ Carrying Value Level 1 Level 2 Level 3 Cash equivalents ​ $ 60,031 ​ $ 60,031 ​ $ — ​ $ —

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Prepaid Expenses and Other Current Assets
Schedule of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2021 Prepaid expenses ​ $ 67,532 ​ $ 43,736 Prepaid clinical trial expenses ​ ​ 7,528,250 ​ ​ 232,752 Prepaid insurance ​ ​ 37,356 ​ ​ 29,111 Security deposits ​ 11,238 ​ 9,865 ​ ​ $ 7,644,376 ​ $ 315,464

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2022
Accrued Expenses
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2022 ​ 2021 Payroll and related benefits ​ $ 556,827 ​ $ 712,768 Accrued professional and clinical fees ​ 3,180,458 ​ 105,672 ​ ​ $ 3,737,285 ​ $ 818,440 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Stock-Based Compensation
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2022 2021 General and administrative ​ $ 5,778,117 ​ $ 2,680,882 Research and development ​ 3,374,403 ​ 2,016,745 ​ ​ $ 9,152,520 ​ $ 4,697,627 ​
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ Weighted ​ Contractual ​ Aggregate ​ ​ Number of ​ Average ​ Term ​ Intrinsic ​ ​ Shares ​ Exercise Price ​ (Years) ​ Value Outstanding at December 31, 2020 1,111,466 ​ $ 2.57 ​ Granted 538,095 ​ $ 33.78 ​ Exercised (159,813) ​ $ 2.83 ​ Forfeited — ​ $ - ​ Outstanding at December 31, 2021 1,489,748 ​ $ 13.82 ​ ​ ​ ​ Granted ​ 348,294 ​ ​ $ 15.90 ​ ​ ​ ​ Exercised ​ (70,101) ​ ​ $ 1.97 ​ ​ ​ ​ Forfeited ​ (110,599) ​ ​ $ 25.93 ​ ​ ​ ​ Outstanding at December 31, 2022 1,657,342 ​ $ 13.95 ​ 6.2 $ 9,907,660 Exercisable at December 31, 2022 ​ 1,310,667 ​ ​ $ 11.64 ​ 5.4 $ 9,591,460 ​
Schedule of weighted average assumptions used to determine fair value of options	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended ​ ​ December 31, 2022 ​ December 31, 2021 Risk-free interest rate 2.24 % 1.17 % Expected life 5.9 ​ 5.3 ​ Expected volatility 112 % 113 % Expected dividend yield — ​ — ​ ​

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Net Loss Per Share
Schedule of basic and diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ December 31, ​ ​ 2022 2021 ​ Numerator ​ ​ ​ ​ Net loss ​ $ (25,328,567) ​ $ (14,487,132) ​ Denominator ​ ​ ​ Weighted-average common shares outstanding, basic and diluted ​ 8,162,326 ​ 7,626,278 ​ Net loss per share, basic and diluted ​ $ (3.10) ​ $ (1.90) ​ ​
Schedule of shares excluded from the computation of diluted weighted-average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 Stock options ​ 1,657,342 ​ 1,489,748 Warrants ​ 2,400 2,400

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Schedule of reconciliation of income tax provision (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2022 2021 Federal income tax benefit at statutory rate 21.0 % 21.0 % State and local tax, net of federal benefit 5.7 % 13.7 % Permanent differences (1.5) % 0.1 % Research and development credit ​ 3.8 % 2.4 % Stock-based compensation ​ 0.8 % 15.7 % Change in valuation allowance (29.8) % (52.9) % Effective income tax rate 0.0 % 0.0 % ​
Schedule of significant components of deferred tax assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 2021 Net operating loss carryforwards ​ $ 7,919,085 ​ $ 6,512,249 Stock compensation ​ 3,767,330 ​ 1,759,129 Capitalized R&D ​ ​ 1,725,622 ​ ​ 2,002,431 Section 174 ​ ​ 3,445,935 ​ ​ ​ R&D credit carryforwards ​ 1,618,295 ​ 648,077 Total deferred tax assets ​ 18,476,267 ​ 10,921,886 Less valuation allowance ​ (18,476,267) ​ (10,921,886) Net deferred taxes ​ $ — ​ $ — ​

Restatement of Previously Iss_2

Restatement of Previously Issued Unaudited Condensed Financial Statements (Tables)	12 Months Ended
	Dec. 31, 2022
Restatement of Previously Issued Unaudited Condensed Financial Statements
Schedule of Restatement of Previously Issued Unaudited Condensed Financial Statements	Annovis Bio, Inc. Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2022 ​ ​ (unaudited) ​ As Restatement As ​ ​ Reported ​ Impacts ​ Restated Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ Cash and cash equivalents ​ $ 42,668,838 ​ $ — ​ $ 42,668,838 Prepaid expenses and other current assets ​ 627,902 ​ 800,840 ​ 1,428,742 Deferred clinical materials ​ — ​ — ​ — Total current assets ​ 43,296,740 ​ 800,840 ​ 44,097,580 Total Assets ​ $ 43,296,740 ​ $ 800,840 ​ $ 44,097,580 Liabilities and Stockholders’ Equity ​ ​ ​ Current liabilities: ​ ​ ​ Accounts payable ​ $ 928,997 ​ $ — ​ $ 928,997 Accrued expenses ​ 327,435 ​ 140,690 ​ 468,125 Total current liabilities ​ 1,256,432 ​ 140,690 ​ 1,397,122 Total liabilities ​ $ 1,256,432 ​ $ 140,690 ​ $ 1,397,122 Commitments and contingencies (Note 7) ​ ​ ​ Stockholders’ equity: ​ ​ ​ Preferred stock – $0.0001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding ​ — ​ — ​ — Common stock – $0.0001 par value, 35,000,000 shares authorized and 8,163,923 and 8,100,570 shares issued outstanding ​ 816 ​ — ​ 816 Additional paid-in capital ​ 76,659,912 ​ — ​ 76,659,912 Accumulated deficit ​ (34,620,420) ​ 660,150 ​ (33,960,270) Total stockholders’ equity ​ 42,040,308 ​ 660,150 ​ 42,700,458 Total liabilities and stockholders’ equity ​ $ 43,296,740 ​ $ 800,840 ​ $ 44,097,580 ​ ​ Annovis Bio, Inc. Statements of Operations (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ As ​ Restatement ​ As ​ Reported Impacts Restated Operating expenses: ​ ​ ​ Research and development ​ $ 2,809,791 ​ $ (660,150) ​ $ 2,149,641 General and administrative ​ 3,104,071 ​ — ​ 3,104,071 Total operating expenses ​ 5,913,862 ​ (660,150) ​ 5,253,712 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating loss ​ (5,913,862) ​ 660,150 ​ (5,253,712) Other income: ​ ​ ​ Interest income ​ 19,649 ​ — ​ 19,649 Grant Income ​ — ​ — ​ — Total other income ​ 19,649 ​ — ​ 19,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss before income taxes ​ (5,894,213) ​ 660,150 ​ (5,234,063) Income tax expense (benefit) ​ — ​ — ​ — Net loss ​ $ (5,894,213) ​ $ 660,150 ​ $ (5,234,063) Basic and diluted loss per common share ​ $ (0.72) ​ — ​ $ (0.64) Weighted average number of common shares outstanding, basic and diluted ​ 8,157,445 ​ — ​ 8,157,445 ​ ​ Annovis Bio, Inc. Statements of Cash Flows (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2022 ​ ​ As ​ ​ ​ As ​ ​ Reported ​ Restatement Impacts ​ Restated Cash flows from operating activities: ​ ​ Net loss ​ $ (5,894,213) 660,150 ​ $ (5,234,063) Adjustments to reconcile net loss to net cash used in operating activities: ​ ​ Stock-based compensation expense ​ ​ 3,434,944 — ​ ​ 3,434,944 Changes in operating assets and liabilities: ​ ​ Prepaid expenses and other current assets ​ ​ (312,438) (800,840) ​ ​ (1,113,278) Accounts payable ​ ​ 240,923 — ​ ​ 240,923 Accrued expenses ​ ​ (491,005) 140,690 ​ ​ (350,315) Net cash used in operating activities ​ ​ (3,021,789) — ​ ​ (3,021,789) Cash flows from financing activities: ​ ​ Proceeds from exercise of stock options ​ ​ 4,613 — ​ ​ 4,613 Net cash used in financing activities ​ ​ 4,613 — ​ ​ 4,613 Net (decrease) increase in cash and cash equivalents ​ ​ (3,017,176) — ​ ​ (3,017,176) Cash and cash equivalents, beginning of period ​ ​ 45,686,014 — ​ ​ 45,686,014 Cash and cash equivalents, end of period ​ $ 42,668,838 — ​ $ 42,668,838 ​ ​ Annovis Bio, Inc. Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 ​ ​ (unaudited) ​ As Restatement As ​ ​ Reported ​ Impacts ​ Restated Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 35,974,251 $ — ​ $ 35,974,251 Prepaid expenses and other current assets ​ 551,072 ​ 3,441,895 ​ 3,992,967 Deferred clinical materials ​ — ​ — ​ — Total current assets ​ 36,525,323 ​ 3,441,895 ​ 39,967,218 Total Assets ​ $ 36,525,323 ​ $ 3,441,895 ​ $ 39,967,218 Liabilities and Stockholders’ Equity ​ ​ ​ Current liabilities: ​ ​ ​ Accounts payable ​ $ 901,841 ​ $ — ​ $ 901,841 Accrued expenses ​ 397,544 ​ — ​ 397,544 Total current liabilities ​ 1,299,385 ​ — ​ 1,299,385 Total liabilities ​ $ 1,299,385 ​ $ — ​ $ 1,299,385 Commitments and contingencies (Note 7) ​ ​ ​ Stockholders’ equity: ​ ​ ​ Preferred stock – $0.0001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding ​ — ​ — ​ — Common stock – $0.0001 par value, 35,000,000 shares authorized and 8,163,923 and 8,100,570 shares issued outstanding ​ 816 ​ — ​ 816 Additional paid-in capital ​ 78,563,673 ​ — ​ 78,563,673 Accumulated deficit ​ (43,338,551) ​ 3,441,895 ​ (39,896,656) Total stockholders’ equity ​ 35,225,938 ​ 3,441,895 ​ 38,667,833 Total liabilities and stockholders’ equity ​ $ 36,525,323 ​ $ 3,441,895 ​ $ 39,967,218 ​ ​ Annovis Bio, Inc. Statements of Operations (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2022 ​ As Restatement As ​ ​ Reported ​ Impacts ​ Restated Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ $ 6,815,708 ​ $ (2,781,745) ​ $ 4,033,963 General and administrative ​ 1,938,447 ​ – ​ 1,938,447 Total operating expenses ​ 8,754,155 ​ (2,781,745) ​ 5,972,410 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating loss ​ (8,754,155) ​ 2,781,745 ​ (5,972,410) Other income: ​ ​ ​ Interest income ​ 36,024 ​ — ​ 36,024 Grant Income ​ — ​ — ​ — Total other income ​ 36,024 ​ — ​ 36,024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss before income taxes ​ (8,718,131) ​ 2,781,745 ​ (5,936,386) Income tax expense (benefit) ​ — ​ — ​ — Net loss ​ $ (8,718,131) ​ $ 2,781,745 ​ $ (5,936,386) Basic and diluted loss per common share ​ $ (1.07) ​ — ​ $ (0.73) Weighted average number of common shares outstanding, basic and diluted ​ 8,163,923 ​ — ​ 8,163,923 ​ ​ Annovis Bio, Inc. Statements of Operations (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ As Restatement As ​ ​ Reported ​ Impacts ​ Restated Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ $ 9,625,499 ​ $ (3,441,895) ​ $ 6,183,604 General and administrative ​ 5,042,518 ​ — ​ 5,042,518 Total operating expenses ​ 14,668,017 ​ (3,441,895) ​ 11,226,122 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating loss ​ (14,668,017) ​ 3,441,895 ​ (11,226,122) Other income: ​ ​ ​ Interest income ​ 55,673 ​ — ​ 55,673 Grant Income ​ — ​ — ​ — Total other income ​ 55,673 ​ — ​ 55,673 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss before income taxes ​ (14,612,344) ​ 3,441,895 ​ (11,170,449) Income tax expense (benefit) ​ — ​ — ​ — Net loss ​ $ (14,612,344) ​ $ 3,441,895 ​ $ (11,170,449) Basic and diluted loss per common share ​ $ (1.79) ​ — ​ $ (1.37) Weighted average number of common shares outstanding, basic and diluted ​ 8,160,702 ​ — ​ 8,160,702 ​ ​ Annovis Bio, Inc. Statements of Cash Flows (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2022 ​ ​ As ​ ​ ​ ​ As ​ ​ Reported ​ Restatement Impacts ​ Restated Cash flows from operating activities: ​ ​ ​ Net loss ​ $ (14,612,344) ​ 3,441,895 ​ $ (11,170,449) Adjustments to reconcile net loss to net cash used in operating activities: ​ ​ ​ Stock-based compensation expense ​ ​ 5,338,705 ​ — ​ ​ 5,338,705 Changes in operating assets and liabilities: ​ ​ ​ Prepaid expenses and other current assets ​ ​ (235,608) ​ (3,441,895) ​ ​ (3,677,503) Accounts payable ​ ​ 213,767 ​ $ 213,767 ​ Accrued expenses ​ ​ (420,896) ​ $ (420,896) ​ Net cash used in operating activities ​ ​ (9,716,376) ​ — ​ ​ (9,716,376) Cash flows from financing activities: ​ ​ ​ Proceeds from issuance of common stock, net of issuance costs ​ ​ — ​ — ​ ​ — Proceeds from exercise of stock options ​ ​ 4,613 ​ — ​ ​ 4,613 Net cash used in financing activities ​ ​ 4,613 ​ — ​ ​ 4,613 Net (decrease) increase in cash and cash equivalents ​ ​ (9,711,763) ​ — ​ ​ (9,711,763) Cash and cash equivalents, beginning of period ​ ​ 45,686,014 ​ — ​ ​ 45,686,014 Cash and cash equivalents, end of period ​ $ 35,974,251 ​ — ​ $ 35,974,251 ​ ​ Annovis Bio, Inc. Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2022 ​ ​ (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As ​ Restatement ​ As ​ Reported Impacts Restated Assets ​ ​ ​ Current assets: ​ ​ ​ Cash and cash equivalents ​ $ 31,987,091 ​ $ — ​ $ 31,987,091 Prepaid expenses and other current assets ​ 499,947 ​ 4,631,390 ​ 5,131,337 Total current assets ​ 32,487,038 ​ 4,631,390 ​ 37,118,428 Total Assets ​ $ 32,487,038 ​ $ 4,631,390 ​ $ 37,118,428 Liabilities and Stockholders’ Equity ​ ​ ​ Current liabilities: ​ ​ ​ Accounts payable ​ $ 1,845,705 ​ $ — ​ $ 1,845,705 Accrued expenses ​ 680,830 ​ — ​ 680,830 Total current liabilities ​ 2,526,535 ​ — ​ 2,526,535 Total liabilities ​ $ 2,526,535 ​ $ — ​ $ 2,526,535 Commitments and contingencies (Note 7) ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders’ equity: ​ ​ ​ Preferred stock – $0.0001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding ​ — ​ — ​ — Common stock – $0.0001 par value, 35,000,000 shares authorized and 8,163,923 and 8,100,570 shares issued outstanding ​ 816 ​ — ​ 816 Additional paid-in capital ​ 80,919,684 ​ — ​ 80,919,684 Accumulated deficit ​ (50,959,997) ​ 4,631,390 ​ (46,328,607) Total stockholders’ equity ​ 29,960,503 ​ 4,631,390 ​ 34,591,893 Total liabilities and stockholders’ equity ​ $ 32,487,038 ​ $ 4,631,390 ​ $ 37,118,428 ​ ​ Annovis Bio, Inc. Statements of Operations (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ As Restatement As ​ ​ Reported ​ Impacts ​ Restated Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ $ 5,313,033 ​ $ (1,189,495) ​ $ 4,123,538 General and administrative ​ 2,361,299 ​ — ​ 2,361,299 Total operating expenses ​ 7,674,332 ​ (1,189,495) ​ 6,484,837 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating loss ​ (7,674,332) ​ 1,189,495 ​ (6,484,837) Other income: ​ ​ ​ Interest income ​ 52,886 ​ — ​ 52,886 Grant Income ​ — ​ — ​ — Total other income ​ 52,886 ​ — ​ 52,886 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss before income taxes ​ (7,621,446) ​ 1,189,495 ​ (6,431,951) Income tax expense (benefit) ​ — ​ — ​ — Net loss ​ $ (7,621,446) ​ $ 1,189,495 ​ $ (6,431,951) Basic and diluted loss per common share ​ $ (0.93) ​ — ​ $ (0.79) Weighted average number of common shares outstanding, basic and diluted ​ 8,163,923 ​ — ​ 8,163,923 ​ ​ Annovis Bio, Inc. Statements of Operations (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 ​ As Restatement As ​ ​ Reported ​ Impacts ​ Restated Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ $ 14,938,532 ​ $ (4,631,390) ​ $ 10,307,142 General and administrative ​ 7,403,817 ​ – ​ 7,403,817 Total operating expenses ​ 22,342,349 ​ (4,631,390) ​ 17,710,959 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating loss ​ (22,342,349) ​ 4,631,390 ​ (17,710,959) Other income: ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ 108,559 ​ — ​ 108,559 Grant Income ​ — ​ ​ — ​ – Total other income ​ 108,559 ​ — ​ 108,559 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss before income taxes ​ (22,233,790) ​ 4,631,390 ​ (17,602,400) Income tax expense (benefit) ​ — ​ — ​ — Net loss ​ $ (22,233,790) ​ $ 4,631,390 ​ $ (17,602,400) Basic and diluted loss per common share ​ $ (2.72) ​ — ​ $ (2.16) Weighted average number of common shares outstanding, basic and diluted ​ 8,161,787 ​ — ​ 8,161,787 ​ ​ Annovis Bio, Inc. Statements of Cash Flows (unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 ​ ​ As ​ ​ ​ As ​ ​ Reported ​ Restatement Impacts ​ Restated Cash flows from operating activities: ​ ​ Net loss ​ $ (22,233,790) 4,631,390 ​ $ (17,602,400) Adjustments to reconcile net loss to net cash used in operating activities: ​ ​ Stock-based compensation expense ​ ​ 7,694,716 — ​ ​ 7,694,716 Changes in operating assets and liabilities: ​ ​ Prepaid expenses and other current assets ​ ​ (184,483) (4,631,390) ​ ​ (4,815,873) Accounts payable ​ ​ 1,157,631 — ​ ​ 1,157,631 Accrued expenses ​ ​ (137,610) — ​ ​ (137,610) Net cash used in operating activities ​ ​ (13,703,536) — ​ ​ (13,703,536) Cash flows from financing activities: ​ ​ Proceeds from issuance of common stock, net of issuance costs ​ ​ — — ​ ​ — Proceeds from exercise of stock options ​ ​ 4,613 — ​ ​ 4,613 Net cash used in financing activities ​ ​ 4,613 — ​ ​ 4,613 Net (decrease) increase in cash and cash equivalents ​ ​ (13,698,923) — ​ ​ (13,698,923) Cash and cash equivalents, beginning of period ​ ​ 45,686,014 — ​ ​ 45,686,014 Cash and cash equivalents, end of period ​ $ 31,987,091 — ​ $ 31,987,091

Nature of Business, Going Con_2

Nature of Business, Going Concern and Management's Plans (Details) - USD ($)		3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	May 26, 2021	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2020
Nature of Business and Liquidity
Revenue							$ 0
Proceeds from issuance of common stock, net of issuance costs								$ 46,648,413
Accumulated Deficit		$ 46,328,607	$ 39,896,656	$ 33,960,270	$ 39,896,656	$ 46,328,607	54,054,774	28,726,207
Net loss		$ 6,431,951	$ 5,936,386	$ 5,234,063	$ 11,170,449	$ 17,602,400	$ 25,328,567	$ 14,487,132
Underwriters warrants
Nature of Business and Liquidity
Number of warrants issued									100,000
Exercise price									$ 7.50
Percentage of exercise price to the share offering price									125%
Common Stock
Nature of Business and Liquidity
Issuance of common stock								1,000,000
Common Stock | Secondary Public Offering
Nature of Business and Liquidity
Issuance of common stock	1,000,000
Share price	$ 50
Gross proceeds from issuance of common shares	$ 50,000,000
Proceeds from issuance of common stock, net of issuance costs	$ 46,600,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	Dec. 31, 2022 USD ($)
Summary of Significant Accounting Policies
Cash and cash equivalents, Federally insured limit	$ 250,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurements
Cash equivalents, Carrying Value	$ 28,377,693	$ 31,987,091	$ 35,974,251	$ 42,668,838	$ 45,686,014
Recurring
Fair Value Measurements
Cash equivalents, Carrying Value	26,001,934				60,031
Recurring | Level 1
Fair Value Measurements
Cash equivalents, Fair Value	$ 26,001,934				$ 60,031

Grant Income (Details)

Grant Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2019
Grant Income
Grant income		$ 36,754
NIH
Grant Income
Notice of Award, grant amount			$ 1,900,000
Grant income	$ 0	36,754
Proceeds from Grants		36,754
Grant receivable		0
Unreimbursed, eligible costs incurred under the grant		$ 0
Remaining funds available	$ 0

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Prepaid Expenses and Other Current Assets
Prepaid expenses	$ 67,532				$ 43,736
Prepaid clinical trial expenses	7,528,250				232,752
Prepaid insurance	37,356				29,111
Security deposits	11,238				9,865
Total prepaid expenses and other current assets	$ 7,644,376	$ 5,131,337	$ 3,992,967	$ 1,428,742	$ 315,464

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Accrued Expenses
Payroll and related benefits	$ 556,827				$ 712,768
Accrued professional and clinical fees	3,180,458				105,672
Total accrued expenses	$ 3,737,285	$ 680,830	$ 397,544	$ 468,125	$ 818,440

Commitments and Contingencies -

Commitments and Contingencies - Leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases
Rental expense	$ 66,802	$ 51,760

Commitments and Contingencies_2

Commitments and Contingencies - License Agreement (Details) - Amended License Agreement	12 Months Ended
	Dec. 31, 2022 USD ($)	Oct. 14, 2021 Milestone
Commitments and Contingencies
Minimum annual fee | $	$ 46,000
Number of milestones achieved | Milestone		0
Period for advance notice of termination	90 days

Commitments and Contingencies_3

Commitments and Contingencies - Employment Agreements (Details)	12 Months Ended
	Dec. 31, 2021 lawsuit	Dec. 31, 2022 USD ($)
Litigation
Number of new claims filed | lawsuit	2
Executive Officers
Employment Agreements
Maximum aggregate severance payments | $		$ 1,291,900

Stockholders' Equity- Common St

Stockholders' Equity- Common Stock (Details)	Dec. 31, 2022 Vote
Stockholders' Equity
Number of vote for each share of common stock	1

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants (Details) - Underwriters warrants - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Jan. 31, 2020
Warrants
Number of warrants issued			100,000
Exercise price			$ 7.50
Percentage of exercise price to the share offering price			125%
Warrant term			5 years
Number of warrants converted in a non-cash transaction	97,600
Warrants outstanding	2,400	2,400

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of plans (Details) - shares	12 Months Ended
	Dec. 31, 2022	Jun. 01, 2021	May 31, 2021	Jan. 31, 2020
Stock Options
Stock-Based Compensation
Term of award (in years)	10 years
2019 Plan
Stock-Based Compensation
Shares authorized		2,000,000	1,000,000
Shares available for future grants	392,874
2019 Plan | Stock Options
Stock-Based Compensation
Term of award (in years)	10 years
2018 Plan | Stock Options
Stock-Based Compensation
Shares available for future grants				0

Stock-Based Compensation - Shar

Stock-Based Compensation - Share-based compensation expense (Details) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation
Stock-based compensation expense	$ 3,434,944	$ 5,338,705	$ 7,694,716	$ 9,152,520	$ 4,697,627
Research and development
Stock-Based Compensation
Stock-based compensation expense				3,374,403	2,016,745
General and administrative
Stock-Based Compensation
Stock-based compensation expense				$ 5,778,117	$ 2,680,882

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock option activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Outstanding at beginning of the year	1,489,748	1,111,466
Granted	348,294	538,095
Exercised	(70,101)	(159,813)
Forfeited	(110,599)
Outstanding at end of the year	1,657,342	1,489,748
Exercisable at end of year	1,310,667
Weighted Average Exercise Price
Outstanding at beginning of the year (in dollars per share)	$ 13.82	$ 2.57
Granted (in dollars per share)	15.90	33.78
Exercised (in dollars per share)	1.97	2.83
Forfeited (in dollars per share)	25.93
Outstanding at end of the year (in dollars per share)	13.95	$ 13.82
Exercisable at end of year (in dollars per share)	$ 11.64
Weighted Average Remaining Contractual Term
Outstanding at end of the year (in years)	6 years 2 months 12 days
Exercisable at end of year (in years)	5 years 4 months 24 days
Aggregate intrinsic value of options outstanding	$ 9,907,660
Aggregate intrinsic value of options exercisable	$ 9,591,460

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional disclosures (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation
Aggregate intrinsic value of options exercised	$ 803,357	$ 11,163,998
Unrecognized compensation expense	$ 4,089,400
Weighted-average recognition period	1 year 4 months 20 days
Options granted	348,294	538,095
Weighted average grant date fair value	$ 13.24	$ 27.13
Stock option modification expense	$ 1,219,572
Awards granted in 2022
Stock-Based Compensation
Stock-based compensation expense	$ 0
Awards granted in 2022 | Immediate Vesting
Stock-Based Compensation
Vested options	10,000
Awards granted in 2022 | Vests one year from grant date
Stock-Based Compensation
Vested options	9,947
Awards granted in 2022 | Vests two years from grant date
Stock-Based Compensation
Vested options	9,947
Vesting period	2 years
Awards granted in 2022 | Vests three years from grant date
Stock-Based Compensation
Vested options	43,333
Awards granted in 2022 | Vests in equal Quarterly installments over two years
Stock-Based Compensation
Vested options	255,067
Awards granted in 2022 | Performance-based vesting conditions
Stock-Based Compensation
Options granted	20,000
Stock Options
Stock-Based Compensation
Term of award (in years)	10 years
Estimated fair value of options
Risk-free interest rate	2.24%	1.17%
Expected life	5 years 10 months 24 days	5 years 3 months 18 days
Expected volatility	112%	113%
Expected dividend yield	0%	0%
Stock Options | Awards granted in 2021 | Immediate Vesting
Stock-Based Compensation
Vested options		143,391
Stock Options | Awards granted in 2021 | Vests one year from grant date
Stock-Based Compensation
Vested options		155,253
Stock Options | Awards granted in 2021 | Vests two years from grant date
Stock-Based Compensation
Vested options		155,251
Stock Options | Awards granted in 2021 | Vests in equal Quarterly installments over two years
Stock-Based Compensation
Vested options		84,200
Vesting period		2 years

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and diluted net loss per share (Details) - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Numerator
Net loss	$ (6,431,951)	$ (5,936,386)	$ (5,234,063)	$ (11,170,449)	$ (17,602,400)	$ (25,328,567)	$ (14,487,132)
Denominator
Weighted-average common shares outstanding, basic	8,163,923	8,163,923	8,157,445	8,160,702	8,161,787	8,162,326	7,626,278
Weighted-average common shares outstanding, diluted	8,163,923	8,163,923	8,157,445	8,160,702	8,161,787	8,162,326	7,626,278
Net loss per share, basic	$ (0.79)	$ (0.73)	$ (0.64)	$ (1.37)	$ (2.16)	$ (3.10)	$ (1.90)
Net loss per share, diluted	$ (0.79)	$ (0.73)	$ (0.64)	$ (1.37)	$ (2.16)	$ (3.10)	$ (1.90)

Net Loss Per Share - Potential

Net Loss Per Share - Potential shares excluded from calculation (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock Options
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share	1,657,342	1,489,748
Warrants
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share	2,400	2,400

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of income tax provision (benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Federal and state provision (benefit) for income taxes
Federal provision (benefit) for income taxes	$ 0	$ 0
State provision (benefit) for income taxes	$ 0	$ 0
Reconciliation of income tax benefit computed at the statutory federal income tax rate to income taxes
Federal income tax benefits at statutory rate	21%	21%
State and local tax, net of federal benefit	5.70%	13.70%
Permanent differences	(1.50%)	0.10%
Research and development credit	3.80%	2.40%
Stock-based compensation	0.80%	15.70%
Change in valuation allowance	(29.80%)	(52.90%)
Effective income tax rate	0%	0%

Income Taxes - Deferred taxes (

Income Taxes - Deferred taxes (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Deferred taxes
Net operating loss carryforwards	$ 7,919,085	$ 6,512,249
Stock compensation	3,767,330	1,759,129
Capitalized R&D	1,725,622	2,002,431
Section 174	3,445,935
R&D credit carryforwards	1,618,295	648,077
Total deferred tax assets	18,476,267	10,921,886
Less valuation allowance	(18,476,267)	(10,921,886)
Net deferred taxes	$ 0	$ 0

Income Taxes - Additional discl

Income Taxes - Additional disclosures (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Net change in valuation allowance	$ 7,554,381	$ 7,672,071
Accrued interest or penalties	0
Recognized income tax interest and penalties	0
Research Tax Credit Carryforward
Income taxes
Tax credit carryforward	1,618,294
U.S. federal
Income taxes
Net operating loss carryforwards	27,536,031
U.S. federal | Generated in 2017 and prior
Income taxes
Net operating loss carryforwards	2,764,240
State
Income taxes
Net operating loss carryforwards	$ 30,082,914
Common Stock
Income taxes
Issuance of common stock		1,000,000

Restatement of Previously Iss_3

Restatement of Previously Issued Unaudited Condensed Financial Statements (Details) - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Quarterly Financial Data
Research and development expenses	$ 4,123,538	$ 4,033,963	$ 2,149,641	$ 6,183,604	$ 10,307,142	$ 16,515,543	$ 8,479,031
Prepaid assets and other current assets	5,131,337	3,992,967	1,428,742	3,992,967	5,131,337	7,644,376	315,464
Accrued expenses and other current liabilities	680,830	397,544	468,125	397,544	680,830	3,737,285	818,440
Operating expenses	6,484,837	5,972,410	5,253,712	11,226,122	17,710,959	25,511,279	14,537,221
Net loss	(6,431,951)	(5,936,386)	(5,234,063)	(11,170,449)	(17,602,400)	$ (25,328,567)	$ (14,487,132)
Timing of accruals for research and development expenses
Quarterly Financial Data
Prepaid assets and other current assets	4,631,390	3,441,895		3,441,895	4,631,390
Operating expenses	1,189,495
Net loss		2,781,745		(3,441,895)	4,631,390
Error Corrections Due to Expenses Recorded in Q1 2022
Quarterly Financial Data
Prepaid research and development expenses			(800,840)
Prepaid assets and other current assets			800,840
Accrued expenses and other current liabilities			(140,690)
Operating expenses			660,150
Error Corrections Due to Expenses Recorded in Q2 2022
Quarterly Financial Data
Prepaid research and development expenses		2,883,977		$ 2,883,977
Error Corrections Due to Expenses Recorded in Q3 2022
Quarterly Financial Data
Prepaid research and development expenses	1,320,321				$ 1,320,321
Error correction adjustment | Error Corrections Due to Expenses Recorded in Q1 2022
Quarterly Financial Data
Research and development expenses			140,690
Net loss			$ 660,150
Error correction adjustment | Error Corrections Due to Expenses Recorded in Q2 2022
Quarterly Financial Data
Research and development expenses		$ 102,232
Error correction adjustment | Error Corrections Due to Expenses Recorded in Q3 2022
Quarterly Financial Data
Research and development expenses	$ 130,826

Restatement of Previously Iss_4

Restatement of Previously Issued Unaudited Condensed Financial Statements - Balance Sheets (Details) - USD ($)	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 28,377,693	$ 31,987,091	$ 35,974,251	$ 42,668,838	$ 45,686,014
Prepaid expenses and other current assets	7,644,376	5,131,337	3,992,967	1,428,742	315,464
Total current assets	36,022,069	37,118,428	39,967,218	44,097,580	46,001,478
Total assets	36,022,069	37,118,428	39,967,218	44,097,580	46,001,478
Current liabilities:
Accounts payable	3,961,254	1,845,705	901,841	928,997	688,074
Accrued expenses	3,737,285	680,830	397,544	468,125	818,440
Total current liabilities	7,698,539	2,526,535	1,299,385	1,397,122	1,506,514
Total liabilities	7,698,539	2,526,535	1,299,385	1,397,122	1,506,514
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock - $0.0001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding
Common stock - $0.0001 par value, 35,000,000 shares authorized and 8,163,923 and 8,100,570 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively	816	816	816	816	810
Additional paid-in capital	82,377,488	80,919,684	78,563,673	76,659,912	73,220,361
Accumulated deficit	(54,054,774)	(46,328,607)	(39,896,656)	(33,960,270)	(28,726,207)
Total stockholders' equity	28,323,530	34,591,893	38,667,833	42,700,458	44,494,964	$ 7,540,954
Total liabilities and stockholders' equity	$ 36,022,069	37,118,428	39,967,218	44,097,580	$ 46,001,478
As Reported
Current assets:
Cash and cash equivalents		31,987,091	35,974,251	42,668,838
Prepaid expenses and other current assets		499,947	551,072	627,902
Total current assets		32,487,038	36,525,323	43,296,740
Total assets		32,487,038	36,525,323	43,296,740
Current liabilities:
Accounts payable		1,845,705	901,841	928,997
Accrued expenses		680,830	397,544	327,435
Total current liabilities		2,526,535	1,299,385	1,256,432
Total liabilities		2,526,535	1,299,385	1,256,432
Stockholders' equity:
Common stock - $0.0001 par value, 35,000,000 shares authorized and 8,163,923 and 8,100,570 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively		816	816	816
Additional paid-in capital		80,919,684	78,563,673	76,659,912
Accumulated deficit		(50,959,997)	(43,338,551)	(34,620,420)
Total stockholders' equity		29,960,503	35,225,938	42,040,308
Total liabilities and stockholders' equity		32,487,038	36,525,323	43,296,740
Restatement Impacts
Current assets:
Prepaid expenses and other current assets		4,631,390	3,441,895	800,840
Total current assets		4,631,390	3,441,895	800,840
Total assets		4,631,390	3,441,895	800,840
Current liabilities:
Accrued expenses				140,690
Total current liabilities				140,690
Total liabilities				140,690
Stockholders' equity:
Accumulated deficit		4,631,390	3,441,895	660,150
Total stockholders' equity		4,631,390	3,441,895	660,150
Total liabilities and stockholders' equity		$ 4,631,390	$ 3,441,895	$ 800,840

Restatement of Previously Iss_5

Restatement of Previously Issued Unaudited Condensed Financial Statements - Shares (Details) - $ / shares	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Restatement of Previously Issued Unaudited Condensed Financial Statements
Preferred stock, par value (dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	2,000,000	2,000,000	2,000,000	2,000,000	2,000,000
Preferred stock, shares issued	0	0	0	0	0
Preferred stock, shares outstanding	0	0	0	0	0
Common stock, par value (dollars per share)	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	35,000,000	35,000,000	35,000,000	35,000,000	35,000,000
Common stock, shares issued	8,163,923	8,163,923	8,163,923	8,163,923	8,100,570
Common stock, shares outstanding	8,163,923	8,163,923	8,163,923	8,163,923	8,100,570

Restatement of Previously Iss_6

Restatement of Previously Issued Unaudited Condensed Financial Statements - Statements of Operations (Details) - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development	$ 4,123,538	$ 4,033,963	$ 2,149,641	$ 6,183,604	$ 10,307,142	$ 16,515,543	$ 8,479,031
General and administrative	2,361,299	1,938,447	3,104,071	5,042,518	7,403,817	8,995,736	6,058,190
Total operating expenses	6,484,837	5,972,410	5,253,712	11,226,122	17,710,959	25,511,279	14,537,221
Operating loss	(6,484,837)	(5,972,410)	(5,253,712)	(11,226,122)	(17,710,959)	(25,511,279)	(14,537,221)
Other income:
Interest income	52,886	36,024	19,649	55,673	108,559	182,712	13,335
Grant income							36,754
Total other income	52,886	36,024	19,649	55,673	108,559	182,712	50,089
Loss before income taxes	(6,431,951)	(5,936,386)	(5,234,063)	(11,170,449)	(17,602,400)	(25,328,567)	(14,487,132)
Income Tax Expense (Benefit)
Net loss	$ (6,431,951)	$ (5,936,386)	$ (5,234,063)	$ (11,170,449)	$ (17,602,400)	$ (25,328,567)	$ (14,487,132)
Basic loss per common share	$ (0.79)	$ (0.73)	$ (0.64)	$ (1.37)	$ (2.16)	$ (3.10)	$ (1.90)
Diluted loss per common share	$ (0.79)	$ (0.73)	$ (0.64)	$ (1.37)	$ (2.16)	$ (3.10)	$ (1.90)
Weighted average number of common shares outstanding, basic	8,163,923	8,163,923	8,157,445	8,160,702	8,161,787	8,162,326	7,626,278
Weighted average number of common shares outstanding, diluted	8,163,923	8,163,923	8,157,445	8,160,702	8,161,787	8,162,326	7,626,278
As Reported
Operating expenses:
Research and development	$ 5,313,033	$ 6,815,708	$ 2,809,791	$ 9,625,499	$ 14,938,532
General and administrative	2,361,299	1,938,447	3,104,071	5,042,518	7,403,817
Total operating expenses	7,674,332	8,754,155	5,913,862	14,668,017	22,342,349
Operating loss	(7,674,332)	(8,754,155)	(5,913,862)	(14,668,017)	(22,342,349)
Other income:
Interest income	52,886	36,024	19,649	55,673	108,559
Total other income	52,886	36,024	19,649	55,673	108,559
Loss before income taxes	(7,621,446)	(8,718,131)	(5,894,213)	(14,612,344)	(22,233,790)
Net loss	$ (7,621,446)	$ (8,718,131)	$ (5,894,213)	$ (14,612,344)	$ (22,233,790)
Basic loss per common share	$ (0.93)	$ (1.07)	$ (0.72)	$ (1.79)	$ (2.72)
Diluted loss per common share	$ (0.93)	$ (1.07)	$ (0.72)	$ (1.79)	$ (2.72)
Weighted average number of common shares outstanding, basic	8,163,923	8,163,923	8,157,445	8,160,702	8,161,787
Weighted average number of common shares outstanding, diluted	8,163,923	8,163,923	8,157,445	8,160,702	8,161,787
Restatement Impacts
Operating expenses:
Research and development	$ (1,189,495)	$ (2,781,745)	$ (660,150)	$ (3,441,895)	$ (4,631,390)
Total operating expenses	(1,189,495)	(2,781,745)	(660,150)	(3,441,895)	(4,631,390)
Operating loss	1,189,495	2,781,745	660,150	3,441,895	4,631,390
Other income:
Loss before income taxes	1,189,495	2,781,745	660,150	3,441,895	4,631,390
Net loss	$ 1,189,495	$ 2,781,745	$ 660,150	$ 3,441,895	$ 4,631,390

Restatement of Previously Iss_7

Restatement of Previously Issued Unaudited Condensed Financial Statements - Statements of Cash Flows (Details) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (5,234,063)	$ (11,170,449)	$ (17,602,400)	$ (25,328,567)	$ (14,487,132)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	3,434,944	5,338,705	7,694,716	9,152,520	4,697,627
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,113,278)	(3,677,503)	(4,815,873)	(7,328,912)	(270,788)
Accounts payable	240,923		1,157,631	3,273,180	346,218
Accrued expenses	(350,315)		(137,610)	2,918,845	581,916
Net cash used in operating activities	(3,021,789)	(9,716,376)	(13,703,536)	(17,312,934)	(9,132,159)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs					46,648,413
Proceeds from exercise of stock options	4,613	4,613	4,613	4,613	95,102
Net cash provided by financing activities	4,613	4,613	4,613	4,613	46,743,515
Net (decrease) increase in cash and cash equivalents	(3,017,176)	(9,711,763)	(13,698,923)	(17,308,321)	37,611,356
Cash and cash equivalents, beginning of year	45,686,014	45,686,014	45,686,014	45,686,014	8,074,658
Cash and cash equivalents, end of year	42,668,838	35,974,251	31,987,091	28,377,693	45,686,014
As Reported
Cash flows from operating activities:
Net loss	(5,894,213)	(14,612,344)	(22,233,790)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	3,434,944	5,338,705	7,694,716
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(312,438)	(235,608)	(184,483)
Accounts payable	240,923	213,767	1,157,631
Accrued expenses	(491,005)	(420,896)	(137,610)
Net cash used in operating activities	(3,021,789)	(9,716,376)	(13,703,536)
Cash flows from financing activities:
Proceeds from exercise of stock options	4,613	4,613	4,613
Net cash provided by financing activities	4,613	4,613	4,613
Net (decrease) increase in cash and cash equivalents	(3,017,176)	(9,711,763)	(13,698,923)
Cash and cash equivalents, beginning of year	45,686,014	45,686,014	45,686,014	$ 45,686,014
Cash and cash equivalents, end of year	42,668,838	35,974,251	31,987,091		$ 45,686,014
Restatement Impacts
Cash flows from operating activities:
Net loss	660,150	3,441,895	4,631,390
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(800,840)	(3,441,895)	$ (4,631,390)
Accounts payable		213,767
Accrued expenses	$ 140,690	$ (420,896)

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		12 Months Ended
	Jan. 18, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Events
Options granted		348,294	538,095
Subsequent Events
Subsequent Events
Options granted	81,705
Exercise price of shares granted	$ 13.17