Annovis Bio (ANVS) 10-Q 3 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Document and Entity Information
Entity Registrant Name	Annovis Bio, Inc.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-39202
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 Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,100,570
Entity Central Index Key	0001477845
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 47,455,334	$ 8,074,658
Prepaid expenses and other current assets	195,156	44,676
Total current assets	47,650,490	8,119,334
Total assets	47,650,490	8,119,334
Current liabilities:
Accounts payable	289,742	341,856
Accrued expenses	830,859	236,524
Total current liabilities	1,120,601	578,380
Total liabilities	1,120,601	578,380
Commitments and contingencies (Note 8)
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 6,947,120 and 6,891,608 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	810	689
Additional paid-in capital	69,340,645	21,779,340
Accumulated deficit	(22,811,566)	(14,239,075)
Total stockholders' equity	46,529,889	7,540,954
Total liabilities and stockholders' equity	$ 47,650,490	$ 8,119,334

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Balance Sheets
Preferred stock, par value (dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	35,000,000	35,000,000
Common stock, shares issued	8,100,570	6,891,608
Common stock, shares outstanding	8,100,570	6,891,608

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating expenses:
Research and development	$ 1,380,801	$ 718,898	$ 5,594,886	$ 1,641,822
General and administrative	1,472,969	884,859	3,022,244	3,088,726
Total operating expenses	2,853,770	1,603,757	8,617,130	4,730,548
Operating loss	(2,853,770)	(1,603,757)	(8,617,130)	(4,730,548)
Other income (expense):
Change in fair value of derivative liability				(26,500)
Interest income, net	5,554	10,500	7,885	47,012
Grant income		586,903	36,754	952,602
Total other income (expense)	5,554	597,403	44,639	973,114
Loss before income taxes	(2,848,216)	(1,006,354)	(8,572,491)	(3,757,434)
Income tax expense (benefit)	0		0
Net loss	$ (2,848,216)	$ (1,006,354)	$ (8,572,491)	$ (3,757,434)
Basic loss per common share	$ (0.35)	$ (0.15)	$ (1.15)	$ (0.61)
Diluted loss per common share	$ (0.35)	$ (0.15)	$ (1.15)	$ (0.61)
Weighted average number of common shares outstanding, basic	8,099,103	6,871,554	7,466,443	6,113,400
Weighted average number of common shares outstanding, diluted	8,099,103	6,871,554	7,466,443	6,113,400

Statements of Changes in Redeem

Statements of Changes in Redeemable Convertible Preferred Stock	3 Months Ended
	Mar. 31, 2020USD ($)shares
Series A Redeemable convertible preferred stock
Changes in Redeemable Convertible Preferred Stock
Balance | $	$ 6,509,303
Balance, shares | shares	5,133,159
Conversion of redeemable convertible preferred stock to common stock upon completion of initial public offering | $	$ (6,509,303)
Conversion of redeemable convertible preferred stock to common stock upon completion of initial public offering, shares | shares	(5,133,159)
Balance | $	$ 0
Balance, shares | shares	0
Series A-1 Redeemable convertible preferred stock
Changes in Redeemable Convertible Preferred Stock
Balance | $	$ 567,649
Balance, shares | shares	630,722
Conversion of redeemable convertible preferred stock to common stock upon completion of initial public offering | $	$ (567,649)
Conversion of redeemable convertible preferred stock to common stock upon completion of initial public offering, shares | shares	(630,722)
Balance | $	$ 0
Balance, shares | shares	0

Statements of Changes in Stockh

Statements of Changes in Stockholders' Equity (Deficit) - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2019	$ 28	$ 200,600	$ (8,777,028)	$ (8,576,400)
Balance, shares at Dec. 31, 2019	282,614
Changes in Stockholders' Equity
Conversion of redeemable convertible preferred stock to common stock upon completion of initial public offering	$ 412	7,076,540		7,076,952
Conversion of redeemable convertible preferred stock to common stock upon completion of initial public offering, shares	4,117,089
Conversion of convertible promissory notes, including embedded derivative, to common stock upon completion of initial public offering	$ 12	672,512		672,524
Conversion of convertible promissory notes, including embedded derivative, to common stock upon completion of initial public offering, shares	118,470
Issuance of common stock in initial public offering, net of issuance costs	$ 230	11,955,565		11,955,795
Issuance of common stock in initial public offering, net of issuance costs (in shares)	2,300,000
Exercise of stock options	$ 3	4,603		4,606
Exercise of stock options, shares	27,286
Net loss			(441,590)	(441,590)
Balance at Mar. 31, 2020	$ 685	19,909,820	(9,218,618)	10,691,887
Balance, shares at Mar. 31, 2020	6,845,459
Balance at Dec. 31, 2019	$ 28	200,600	(8,777,028)	(8,576,400)
Balance, shares at Dec. 31, 2019	282,614
Changes in Stockholders' Equity
Net loss				(3,757,434)
Balance at Sep. 30, 2020	$ 687	21,654,718	(12,534,462)	9,120,943
Balance, shares at Sep. 30, 2020	6,871,608
Balance at Mar. 31, 2020	$ 685	19,909,820	(9,218,618)	10,691,887
Balance, shares at Mar. 31, 2020	6,845,459
Changes in Stockholders' Equity
Exercise of stock options	$ 2	4,609		4,611
Exercise of stock options, shares	21,149
Share based compensation expense		1,111,272		1,111,272
Net loss			(2,309,490)	(2,309,490)
Balance at Jun. 30, 2020	$ 687	21,025,701	(11,528,108)	9,498,280
Balance, shares at Jun. 30, 2020	6,866,608
Changes in Stockholders' Equity
Issuance of common stock to consultants and advisors		21,950		21,950
Issuance of common stock to consultants and advisors, shares	5,000
Share based compensation expense		607,067		607,067
Net loss			(1,006,354)	(1,006,354)
Balance at Sep. 30, 2020	$ 687	21,654,718	(12,534,462)	9,120,943
Balance, shares at Sep. 30, 2020	6,871,608
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
Exercise of stock options	$ 1	3,016		3,017
Exercise of stock options, shares	3,868
Exercise of warrants	$ 5	(5)
Exercise of warrants, shares	51,644
Share based compensation expense		23,977		23,977
Net loss			(3,199,673)	(3,199,673)
Balance at Mar. 31, 2021	$ 695	21,806,328	(17,438,748)	4,368,275
Balance, shares at Mar. 31, 2021	6,947,120
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
Net loss				(8,572,491)
Balance at Sep. 30, 2021	$ 810	69,340,645	(22,811,566)	46,529,889
Balance, shares at Sep. 30, 2021	8,100,570
Balance at Mar. 31, 2021	$ 695	21,806,328	(17,438,748)	4,368,275
Balance, shares at Mar. 31, 2021	6,947,120
Changes in Stockholders' Equity
Issuance of common stock in initial public offering, net of issuance costs	$ 100	46,668,313		46,668,413
Issuance of common stock in initial public offering, net of issuance costs (in shares)	1,000,000
Exercise of stock options	$ 14	92,071		92,085
Exercise of stock options, shares	141,532
Exercise of warrants, shares	2,280
Share based compensation expense		7,992		7,992
Net loss			(2,524,602)	(2,524,602)
Balance at Jun. 30, 2021	$ 809	68,574,704	(19,963,350)	48,612,163
Balance, shares at Jun. 30, 2021	8,090,932
Changes in Stockholders' Equity
Issuance costs		(20,000)		(20,000)
Exercise of stock options	$ 1	(1)
Exercise of stock options, shares	9,638
Share based compensation expense		785,942		785,942
Net loss			(2,848,216)	(2,848,216)
Balance at Sep. 30, 2021	$ 810	$ 69,340,645	$ (22,811,566)	$ 46,529,889
Balance, shares at Sep. 30, 2021	8,100,570

Statements of Cash Flows

Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (8,572,491)	$ (3,757,434)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of deferred financing fees		129
Amortization of debt discount		396
Share-based compensation expense, including stock issued to consultants and advisors	817,911	1,740,289
Change in fair value of derivative liability		26,500
Changes in operating assets and liabilities:
Grant receivable		310,123
Prepaid expenses and other current assets	(150,480)	(125,863)
Accounts payable	(52,114)	(897,739)
Accrued expenses	594,335	(501,275)
Net cash used in operating activities	(7,362,839)	(3,204,874)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs	46,648,413	12,034,406
Proceeds from exercise of stock options	95,102	9,217
Net cash provided by financing activities	46,743,515	12,043,623
Net increase in cash and cash equivalents	39,380,676	8,838,749
Cash and cash equivalents, beginning of year	8,074,658	1,858
Cash and cash equivalents, end of year	$ 47,455,334	8,840,607
Supplemental disclosure of non-cash financing activities:
Conversion of redeemable convertible preferred stock to common stock		7,076,952
Conversion of convertible promissory notes, including embedded derivative, to common stock		$ 672,524

Nature of Business and Liquidit

Nature of Business and Liquidity	9 Months Ended
	Sep. 30, 2021
Nature of Business and Liquidity
Nature of Business and Liquidity	(1) Nature of Business and Liquidity 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”), Parkinson’s disease (“PD”) and Down syndrome patients with AD (“DS-AD”). 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 compound, ANVS401, is a small molecule administered orally that attacks 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 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. The Company closed its initial public offering (the “IPO”) on January 31, 2020, pursuant to which it sold a total of 2,300,000 shares of common stock at an initial offering price of $6.00 per share for total gross proceeds of approximately $13.8 million. The net proceeds of the IPO were approximately $12.0 million after deducting underwriting discounts and issuance costs paid by the Company. 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. Upon the closing of the IPO, outstanding redeemable convertible preferred stock and convertible promissory notes converted into shares of Company common stock totaling 4,117,089 and 118,470 , respectively. The Company’s common stock trades on the NYSE American under the ticker symbol “ANVS”. 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 $46.6 million, after deducting underwriting discounts and issuance costs paid or payable by the Company. As of the date these financial statements are issued, management believes that the current cash and cash equivalents are sufficient to fund operations and capital requirements for at least the next 12 months, including the remaining costs of its Phase 2a clinical trial in AD and PD (the “AD/PD Trial”) which finished treating patients in the third quarter of 2021 and a potential Phase 3 trial in AD, PD, or DS-AD. In order to fund additional planned Phase 3 trials, however, the Company will need to raise additional capital. There is no assurance that such financing will be available when needed or on acceptable terms.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies (a) Basis of Presentation of Interim Unaudited Financial Statements The interim financial statements included herein are unaudited. In the opinion of management, these statements include all adjustments, consisting of normal, recurring adjustments, necessary for a fair presentation of the financial position of Annovis at September 30, 2021, and its results of operations and its cash flows for the three and nine months ended September 30, 2021 and 2020. The interim results of operations are not necessarily indicative of the results to be expected for a full year. These interim unaudited financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2020 and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). 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”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations relating to interim financial statements. (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 share-based compensation expense, the valuation of the derivative liability 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 (Loss) per Share Basic net income (loss) per share is determined using the weighted average number of shares of common stock outstanding during each period. Diluted net income (loss) per share includes the effect, if any, from the potential exercise or conversion of securities, such as redeemable convertible preferred stock, convertible promissory notes, warrants and stock options, which would result in the issuance of incremental shares of common stock. The computation of diluted net income (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. At times, the Company’s cash balances may exceed the current insured amounts under the Federal Deposit Insurance Corporation. (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 amounts 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 expensed as incurred 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. (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. Grant payments received in excess of grant income earned are recognized as deferred grant on the balance sheets, and grant income earned in excess of grant payments received is recognized as grant receivable on the balance sheets. (i) Share-Based Compensation Share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period. Forfeitures are recognized in compensation expense in the period when they occur. Determining the appropriate fair value of share-based awards requires the use of subjective assumptions including, in the case of stock options, the expected life of the option and expected share price volatility. 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 Company uses the Black-Scholes option pricing model to value its option awards. The assumptions used in calculating the fair value of share-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, share-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 September 30, 2021 and December 31, 2020, the Company has recorded 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 September 30, 2021 or December 31, 2020. (k) Recent Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The adoption of this standard did not have an impact on the Company’s financial statements. ​ ​

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
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 table 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 September 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ ​ ​ ​ September 30, 2021 ​ ​ Carrying Value ​ Level 1 ​ Level 2 ​ Level 3 Cash and cash equivalents ​ $ 47,455,334 ​ $ 47,455,334 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Carrying Value ​ Level 1 ​ Level 2 ​ Level 3 Cash and cash equivalents ​ $ 8,074,658 ​ $ 8,074,658 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Grant Receivable

Grant Receivable	9 Months Ended
	Sep. 30, 2021
Grant Receivable
Grant Receivable	(4) Grant Receivable 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 ANVS401 in rats and dogs. The Company began the long-term chronic toxicology studies in November 2019. The Company recognized grant income of $0 and $586,903 for the three months ended September 30, 2021 and 2020, respectively, and $36,754 and $952,602 for the nine months ended September 30, 2021 and 2020, respectively, in connection with the NIH grant. The Company received payments under the grant of $36,754 and $1,262,725 during the nine months ended September 30, 2021 and 2020, respectively. The Company recorded a grant receivable of $0 as of September 30, 2021 and December 31, 2020, and had no unreimbursed, eligible costs incurred under the grant. As of September 30, 2021, there were no remaining funds available under the grant.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2021
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ 2021 ​ 2020 ​ Prepaid insurance ​ $ 121,501 ​ $ 26,542 ​ Prepaid expenses ​ 63,790 ​ 11,690 ​ Security deposit ​ 9,865 ​ 6,444 ​ ​ ​ $ 195,156 ​ $ 44,676 ​ ​

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2021
Accrued Expenses
Accrued Expenses	(6) Accrued Expenses Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ 2021 ​ 2020 ​ Payroll and related benefits ​ $ 243,684 ​ $ 16,493 ​ Accrued professional and clinical fees ​ 548,842 ​ 216,198 ​ Accrued license payments ​ 38,333 ​ 3,833 ​ ​ ​ $ 830,859 ​ $ 236,524 ​ ​ See Note 8 for further detail on the accrued license payments.

Convertible Promissory Notes

Convertible Promissory Notes	9 Months Ended
	Sep. 30, 2021
Convertible Promissory Notes.
Convertible Promissory Notes	(7) Convertible Promissory Notes In March 2019, the Company issued convertible promissory notes (the “Notes”) to various investors in the aggregate principal amount of $530,000 with a stated interest rate of 8% compounded annually. On issuance, the Company recognized a discount associated with the Notes related to the fair value of an embedded derivative liability reflecting the share-settlement feature providing for the conversion of the Notes at a 20% discount to the price of the shares issued in a qualified financing. The Company estimated the fair value of the derivative liability using a probability-weighted approach at issuance, as of the end of each reporting period and immediately prior to the closing of the IPO. The change in the fair value of the derivative liability was reflected in the statements of operations. The Company amortized deferred financing fees and debt discount over the term of the Notes as additional interest expense using the effective interest method. The effective interest rate on the Notes was

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies
Commitments and Contingencies	(8) Commitments and Contingencies (a) Leases The Company leases its office facilities under a month-to-month operating lease. Total rental expense was $13,410 and $10,394 for the three months ended September 30, 2021 and 2020, respectively and $36,600 and $31,209 for the nine months ended September 30, 2021 and 2020, respectively. (b) 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 pays a minimum annual commitment of $46,000 and is 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 Company has paid to the Licensor all annual fees through November 2020. At September 30, 2021 and December 31, 2020, the Company had accrued $38,333 and $3,833, respectively, in license payments under the term of this license, included in accrued liabilities. No milestones have been achieved as of September 30, 2021. The Licensor also granted the Company a buy-out option which may be exercised at any time during the term of the agreement at increasing amounts based on the achievement of certain milestones. The Company has 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 are 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. (c) Employment Agreements The maximum aggregate severance payments under the Company’s employment agreements with its executive officers are approximately $930,000. (d) 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 three months ended September 30, 2021, two securities class action complaints were filed against the Company and its executive officers following disclosure of interim results from the AD/PD Trial. Both ​ (e) 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.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock and Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Redeemable Convertible Preferred Stock and Stockholders' Equity
Redeemable Convertible Preferred Stock and Stockholders' Equity	(9) Redeemable Convertible Preferred Stock and Stockholders’ Equity (a) Overview In connection with the closing of the Company’s IPO on January 31, 2020, the then-outstanding 5,133,159 shares of Series A and 630,722 shares of Series A-1 redeemable convertible preferred stock converted into an aggregate of 4,117,089 shares of Company common stock. The Company’s Amended and Restated Certificate of Incorporation was adopted on January 31, 2020 to authorize the issuance of two classes of stock to be designated, respectively, common stock and preferred stock. The total number of shares which the Company is authorized to issue is 37,000,000, each with a par value of $0.0001 per share. Of these shares, 35,000,000 shall be common stock and 2,000,000 shall be preferred stock. (b) 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. 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. (c) Preferred Stock Preferred stock may be issued from time to time by the Board in one or more series. There was no preferred stock issued or outstanding as of September 30, 2021 or December 31, 2020. (d) 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 was 125% of the initial public offering price. The warrants have a five-year term and are exercisable commencing January 29, 2021. During the nine months ended September 30, 2021, 97,600 of the warrants were tendered to the Company by the holders pursuant to cashless exercises. As of September 30, 2021 and December 31, 2020, 2,400 and 100,000 of the warrants were outstanding, respectively. The Company accounts for the warrants as a component of stockholders’ equity.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-Based Compensation
Share-Based Compensation	(10) Share-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 plan (see Note 1). As of the effective date of the 2019 Plan, the previous plan had 352,282 options outstanding 2019 Plan and no new awards 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 shares to 2,000,000 . As of September 30, 2021, 1,084,464 shares were available for future grants. During the nine months ended September 30, 2021, the Company granted options to purchase 84,200 shares of common stock at an exercise price of $102.85 per share to employees, members of its board of directors and consultants. Under the grant agreements, all of the options vest in substantially equal quarterly installments over two years and have a 10 -year term. The options granted during the nine months ended September 30, 2021 were valued using the Black Scholes option pricing model using the following assumptions: (i) expected term of 5.6 years; (ii) risk free interest rate of 0.87%; (iii) expected volatility of 104.0%; and (iv) dividend yield of 0.0 %. The weighted-average grant date fair value of options issued by the Company during the nine months ended September 30, 2021 was $80.76 per share. ​ Share-based compensation expense, including the fair value of stock awards to consultants and advisors, for the three months ended September 30, 2021 and 2020 was $785,942 and $629,017, respectively, and for the nine months ended September 30, 2021 and 2020 was $817,911 and $1,740,289 , respectively. As of September 30, 2021, there were 1,035,853 options outstanding, of which 951,653 were vested and exercisable. As of December 31, 2020, there were 1,111,466 options outstanding, of which 1,061,466 were vested and exercisable.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2021
Net Loss Per Share
Net Loss Per Share	(11) Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 Numerator: ​ ​ ​ ​ ​ Net loss ​ $ (2,848,216) ​ $ (1,006,354) ​ $ (8,572,491) ​ $ (3,757,434) Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding, basic and diluted ​ 8,099,103 ​ 6,871,554 ​ 7,466,443 ​ 6,113,400 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per share, basic and diluted ​ $ (0.35) ​ $ (0.15) ​ $ (1.15) ​ $ (0.61) ​ The Company reported a net loss for the three and nine months ended September 30, 2021 and 2020, therefore, the basic and diluted net loss per share are the same in the respective period because the inclusion of potential common shares would have an anti-dilutive effect. Potential shares of common stock that are excluded from the computation of diluted weighted-average shares outstanding are as follows: ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2021 2020 Stock options ​ 1,035,853 ​ 1,113,847 Warrants 2,400 100,000 ​ In addition, common shares issuable upon the conversion of the Notes were excluded for all periods in which the Notes were outstanding.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Taxes
Income Taxes	(12) Income Taxes The Company’s income tax benefit (expense) was $0 for the three and nine months ended September 30, 2021 and 2020. The Company has recorded a valuation allowance to reduce its net deferred tax asset to an amount that is more likely than not to be realized in future years. Accordingly, the benefit of the net operating loss (“NOL”) that would have been recognized in the three and nine months ended September 30, 2021 and 2020 was offset by changes in the valuation allowance. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. Previously, NOLs generated after December 31, 2017 were limited to 80% of taxable income in future years. In addition, the CARES Act allows NOLs incurred in 2018, 2019 and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The NOL carryback provision of the CARES Act had no impact on the Company due to its tax losses generated during all prior years. Net operating loss 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. 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. As of September 30, 2021, and December 31, 2020, the Company had not recorded any liability for uncertain tax positions, accrued interest or penalties thereon, and no amounts have been recognized in the Company’s statements of operations.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2021
Related-Party Transactions
Related-Party Transactions	(13) Related-Party Transactions As discussed in Note 7, in March 2019 the Company issued Notes in the aggregate principal amount of $530,000. Three of the Company’s directors purchased an aggregate of $305,000 of the Notes. On January 31, 2020, the Company closed its IPO, and the outstanding Notes plus accrued interest held by directors converted into 71,429 shares of Company common stock.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events
Subsequent Events	​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Summary of Significant Accounting Policies
Basis of Presentation of Interim Unaudited Financial Statements	(a) Basis of Presentation of Interim Unaudited Financial Statements The interim financial statements included herein are unaudited. In the opinion of management, these statements include all adjustments, consisting of normal, recurring adjustments, necessary for a fair presentation of the financial position of Annovis at September 30, 2021, and its results of operations and its cash flows for the three and nine months ended September 30, 2021 and 2020. The interim results of operations are not necessarily indicative of the results to be expected for a full year. These interim unaudited financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2020 and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). 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”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations relating to interim financial statements.
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 share-based compensation expense, the valuation of the derivative liability 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 (Loss) per Share	(c) Basic and Diluted Net Income (Loss) per Share Basic net income (loss) per share is determined using the weighted average number of shares of common stock outstanding during each period. Diluted net income (loss) per share includes the effect, if any, from the potential exercise or conversion of securities, such as redeemable convertible preferred stock, convertible promissory notes, warrants and stock options, which would result in the issuance of incremental shares of common stock. The computation of diluted net income (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. At times, the Company’s cash balances may exceed the current insured amounts under the Federal Deposit Insurance Corporation.
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 amounts 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 expensed as incurred 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.
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. Grant payments received in excess of grant income earned are recognized as deferred grant on the balance sheets, and grant income earned in excess of grant payments received is recognized as grant receivable on the balance sheets.
Share-Based Compensation	(i) Share-Based Compensation Share-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period. Forfeitures are recognized in compensation expense in the period when they occur. Determining the appropriate fair value of share-based awards requires the use of subjective assumptions including, in the case of stock options, the expected life of the option and expected share price volatility. 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 Company uses the Black-Scholes option pricing model to value its option awards. The assumptions used in calculating the fair value of share-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, share-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 September 30, 2021 and December 31, 2020, the Company has recorded 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 September 30, 2021 or December 31, 2020.
Recent Accounting Pronouncements	(k) Recent Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The adoption of this standard did not have an impact on the Company’s financial statements. ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Measurements
Schedule of carrying value and fair value of financial assets and liabilities measured at fair value on a recurring basis	The following table 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 September 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ ​ ​ ​ September 30, 2021 ​ ​ Carrying Value ​ Level 1 ​ Level 2 ​ Level 3 Cash and cash equivalents ​ $ 47,455,334 ​ $ 47,455,334 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ ​ ​ ​ December 31, 2020 ​ ​ Carrying Value ​ Level 1 ​ Level 2 ​ Level 3 Cash and cash equivalents ​ $ 8,074,658 ​ $ 8,074,658 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Prepaid Expenses and Other Current Assets
Schedule of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ 2021 ​ 2020 ​ Prepaid insurance ​ $ 121,501 ​ $ 26,542 ​ Prepaid expenses ​ 63,790 ​ 11,690 ​ Security deposit ​ 9,865 ​ 6,444 ​ ​ ​ $ 195,156 ​ $ 44,676 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2021
Accrued Expenses
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ ​ 2021 ​ 2020 ​ Payroll and related benefits ​ $ 243,684 ​ $ 16,493 ​ Accrued professional and clinical fees ​ 548,842 ​ 216,198 ​ Accrued license payments ​ 38,333 ​ 3,833 ​ ​ ​ $ 830,859 ​ $ 236,524 ​

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Net Loss Per Share
Schedule of basic and diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2021 2020 2021 2020 Numerator: ​ ​ ​ ​ ​ Net loss ​ $ (2,848,216) ​ $ (1,006,354) ​ $ (8,572,491) ​ $ (3,757,434) Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding, basic and diluted ​ 8,099,103 ​ 6,871,554 ​ 7,466,443 ​ 6,113,400 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per share, basic and diluted ​ $ (0.35) ​ $ (0.15) ​ $ (1.15) ​ $ (0.61)
Schedule of shares excluded from the computation of diluted weighted-average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2021 2020 Stock options ​ 1,035,853 ​ 1,113,847 Warrants 2,400 100,000

Nature of Business and Liquid_2

Nature of Business and Liquidity (Details) - USD ($)	May 26, 2021	Jan. 31, 2020	Jun. 30, 2021	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Nature of Business and Liquidity
Revenue					$ 0
Accumulated deficit					(22,811,566)		$ (14,239,075)
Gross proceeds from issuance of common shares					$ 46,648,413	$ 12,034,406
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		125.00%
Common Stock
Nature of Business and Liquidity
Issuance of common stock			1,000,000	2,300,000
Number of shares issued for the conversion of redeemable convertible preferred stock				4,117,089
Number of common shares issued upon conversion of notes				118,470
Common Stock | IPO and Over-Allotment Option
Nature of Business and Liquidity
Share price		$ 6
Gross proceeds from issuance of common shares		$ 13,800,000
Net proceeds from issuance of common shares		$ 12,000,000
Common Stock | IPO
Nature of Business and Liquidity
Issuance of common stock		2,300,000
Number of shares issued for the conversion of redeemable convertible preferred stock		4,117,089
Number of common shares issued upon conversion of notes		118,470
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
Net proceeds from issuance of common shares	$ 46,600,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fair Value Measurements
Cash and cash equivalents, Carrying Value	$ 47,455,334	$ 8,074,658
Recurring | Level 1
Fair Value Measurements
Cash and cash equivalents, Fair Value	$ 47,455,334	$ 8,074,658

Grant Receivable (Details)

Grant Receivable (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Sep. 30, 2019
Grant Receivable
Grant income		$ 586,903	$ 36,754	$ 952,602
Unreimbursed, eligible costs incurred under the grant			0		$ 0
Remining funds available	$ 0		0
NIH
Grant Receivable
Notice of Award, grant amount						$ 1,900,000
Grant income	0	$ 586,903	36,754	952,602
Proceeds from grants			36,754	$ 1,262,725
Grant receivable	$ 0		$ 0		$ 0

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Prepaid Expenses and Other Current Assets
Prepaid insurance	$ 121,501	$ 26,542
Prepaid expenses	63,790	11,690
Security deposit	9,865	6,444
Total prepaid expenses and other current assets	$ 195,156	$ 44,676

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Accrued Expenses
Payroll and related benefits	$ 243,684	$ 16,493
Accrued professional and clinical fees	548,842	216,198
Accrued license payments	38,333	3,833
Total accrued expenses	$ 830,859	$ 236,524

Convertible Promissory Notes (D

Convertible Promissory Notes (Details) - USD ($)	Jan. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Common Stock
Convertible Promissory Notes
Number of common shares issued upon conversion of notes			118,470
Common Stock | IPO
Convertible Promissory Notes
Number of common shares issued upon conversion of notes	118,470
Convertible promissory notes
Convertible Promissory Notes
Aggregate principal amount		$ 530,000
Stated interest rate		8.00%
Effective interest rate		9.80%
Cash payments for interest				$ 0
Percentage of discount to the initial offering price of shares issued in the IPO		20.00%

Commitments and Contingencies -

Commitments and Contingencies - Leases (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases
Rental expense	$ 13,410	$ 10,394	$ 36,600	$ 31,209

Commitments and Contingencies_2

Commitments and Contingencies - License Agreement (Details)	1 Months Ended	9 Months Ended
	Nov. 30, 2008USD ($)	Sep. 30, 2021USD ($)item	Dec. 31, 2020USD ($)
License Agreements
Accrued license payments		$ 38,333	$ 3,833
License Agreement | Horizon Therapeutics, PLC
License Agreements
Minimum annual commitment	$ 46,000
Amended License Agreement | Horizon Therapeutics, PLC
License Agreements
Accrued license payments		$ 38,333	$ 3,833
Number of milestones achieved | item		0
Period for advance notice of termination		90 days

Commitments and Contingencies_3

Commitments and Contingencies - Employment Agreements and Litigation (Details)	3 Months Ended
	Sep. 30, 2021USD ($)lawsuit
Litigation
Number of new claims filed	2
Number of complaints dismissed during the period	2
Executive Officers
Employment Agreements
Maximum aggregate severance payments | $	$ 930,000

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock and Stockholders' Equity - Common and Preferred Stock (Details)	Jan. 31, 2020Voteitem$ / sharesshares	Jun. 30, 2021shares	Mar. 31, 2020shares	Sep. 30, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares
Redeemable Convertible Preferred Stock and Stockholders' Equity
Number of classes of stock designated | item	2
Number of common and preferred shares authorized	37,000,000
Common stock, par value (dollars per share) | $ / shares	$ 0.0001			$ 0.0001	$ 0.0001
Preferred stock, par value (dollars per share) | $ / shares	$ 0.0001			$ 0.0001	$ 0.0001
Number of common shares authorized	35,000,000			35,000,000	35,000,000
Number of preferred shares authorized	2,000,000			2,000,000	2,000,000
Number of vote for each share of common stock | Vote	1
Preferred stock, shares issued				0	0
Preferred stock, shares outstanding				0	0
Series A Redeemable convertible preferred stock
Redeemable Convertible Preferred Stock and Stockholders' Equity
Conversion of redeemable convertible preferred stock to common stock, shares	5,133,159		5,133,159
Series A-1 Redeemable convertible preferred stock
Redeemable Convertible Preferred Stock and Stockholders' Equity
Conversion of redeemable convertible preferred stock to common stock, shares	630,722		630,722
Common Stock
Redeemable Convertible Preferred Stock and Stockholders' Equity
Issuance of common stock		1,000,000	2,300,000
Number of shares issued for the conversion of redeemable convertible preferred stock			4,117,089
Common Stock | IPO
Redeemable Convertible Preferred Stock and Stockholders' Equity
Issuance of common stock	2,300,000
Number of shares issued for the conversion of redeemable convertible preferred stock	4,117,089

Redeemable Convertible Prefer_3

Redeemable Convertible Preferred Stock and Stockholders' Equity - Warrants (Details) - Underwriters warrants - $ / shares	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Jan. 31, 2020
Warrants
Number of warrants issued			100,000
Exercise price			$ 7.50
Percentage of exercise price to the share offering price			125.00%
Warrant term			5 years
Number of warrants converted in a non-cash transaction	97,600
Warrants outstanding	2,400	100,000

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 01, 2021	May 31, 2021	Dec. 31, 2020	Jan. 31, 2020
Share-Based Compensation
Options outstanding	1,035,853		1,035,853				1,111,466
Shares available for future grants	1,084,464		1,084,464
Options granted			84,200
Exercise price			$ 102.85
Share-based compensation expense			$ 817,911	$ 1,740,289
Options, vested and exercisable	951,653		951,653				1,061,466
Stock Options
Share-Based Compensation
Vesting period			2 years
Term of award			10 years
Expected term (in years)			5 years 7 months 6 days
Risk-free interest rate			0.87%
Expected volatility			104.00%
Dividend yield (as a percent)			0.00%
Weighted average grant date fair value			$ 80.76
Share-based compensation expense	$ 785,942	$ 629,017	$ 817,911	$ 1,740,289
Previous Plans
Share-Based Compensation
Options outstanding								352,282
2019 Plan
Share-Based Compensation
Shares authorized					2,000,000	1,000,000

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and diluted net loss per share (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator
Net loss	$ (2,848,216)	$ (2,524,602)	$ (3,199,673)	$ (1,006,354)	$ (2,309,490)	$ (441,590)	$ (8,572,491)	$ (3,757,434)
Denominator
Weighted-average common shares outstanding, basic	8,099,103			6,871,554			7,466,443	6,113,400
Weighted-average common shares outstanding, diluted	8,099,103			6,871,554			7,466,443	6,113,400
Net loss per share, basic	$ (0.35)			$ (0.15)			$ (1.15)	$ (0.61)
Net loss per share, diluted	$ (0.35)			$ (0.15)			$ (1.15)	$ (0.61)

Net Loss Per Share - Potential

Net Loss Per Share - Potential shares excluded from calculation (Details) - shares	6 Months Ended	9 Months Ended
	Jun. 30, 2020	Sep. 30, 2021
Stock Options
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share	1,113,847	1,035,853
Warrants
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share	100,000	2,400

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Income Taxes
Income tax expense (benefit)	$ 0	$ 0

Related-Party Transactions (Det

Related-Party Transactions (Details)	Jan. 31, 2020shares	Mar. 31, 2019USD ($)item	Mar. 31, 2020shares
Common Stock
Related-Party Transactions
Number of common shares issued upon conversion of notes | shares			118,470
Convertible promissory notes
Related-Party Transactions
Aggregate principal amount | $		$ 530,000
Issuance of convertible promissory notes to related parties | Convertible promissory notes
Related-Party Transactions
Number of directors who purchased convertible promissory notes issued by the Company | item		3
Directors | Issuance of convertible promissory notes to related parties | Convertible promissory notes
Related-Party Transactions
Aggregate principal amount | $		$ 305,000
Directors | Conversion of promissory notes to common stock | Convertible promissory notes | Common Stock
Related-Party Transactions
Number of common shares issued upon conversion of notes | shares	71,429