Annovis Bio (ANVS) 10-K 29 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 26, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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	101 Lindenwood Drive, Suite 225
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	484
Local Phone Number	875-3192
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float				$ 91,527,093
Entity Common Stock, Shares Outstanding			11,011,299
Entity Central Index Key	0001477845
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst & Young LLP	WithumSmith+Brown, PC
Auditor Location	Philadelphia, Pennsylvania	East Brunswick, New Jersey
Auditor Firm ID	42	100

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 5,754,720	$ 28,377,693
Prepaid expenses and other current assets	4,453,544	7,644,376
Total current assets	10,208,264	36,022,069
Total assets	10,208,264	36,022,069
Current liabilities:
Accounts payable	1,292,837	3,961,254
Accrued expenses	2,986,273	3,737,285
Total current liabilities	4,279,110	7,698,539
Warrant Liability	13,680,000
Total liabilities	17,959,110	7,698,539
Commitments and contingencies (Note 6)
Stockholders' (deficit) equity:
Preferred stock - $0.0001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding
Common stock - $0.0001 par value, 70,000,000 shares authorized and 10,519,933 and 8,163,923 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	1,052	816
Additional paid-in capital	102,507,189	82,377,488
Accumulated deficit	(110,259,087)	(54,054,774)
Total stockholders' (deficit) equity	(7,750,846)	28,323,530
Total liabilities and stockholders' (deficit) equity	$ 10,208,264	$ 36,022,069

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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	70,000,000	70,000,000
Common stock, shares issued	10,519,933	8,163,923
Common stock, shares outstanding	10,519,933	8,163,923

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and development	$ 38,790,603	$ 16,515,543
General and administrative	6,244,408	8,995,736
Total operating expenses	45,035,011	25,511,279
Operating loss	(45,035,011)	(25,511,279)
Other income (expense):
Interest income	667,898	182,712
Change in fair value of warrants	(11,837,200)
Total other (expense) income	(11,169,302)	182,712
Net loss before income taxes	(56,204,313)	(25,328,567)
Income tax expense (benefit)
Net loss	$ (56,204,313)	$ (25,328,567)
Basic loss per common share	$ (6.23)	$ (3.10)
Diluted loss per common share	$ (6.23)	$ (3.10)
Weighted average number of common shares outstanding, basic	9,023,138	8,162,326
Weighted average number of common shares outstanding, diluted	9,023,138	8,162,326

Statements of Changes in Stockh

Statements of Changes in Stockholders' (Deficit) Equity - USD ($)	Common Stock	Additional Paid-In Capital	Total Accumulated Deficit	Total
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' (Deficit) 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
Changes in Stockholders' (Deficit) Equity
Exercise of stock options	$ 6	8,379		$ 8,385
Exercise of stock options, shares	59,897			59,897
Stock-based compensation expense		4,628,406		$ 4,628,406
Exercise of common stock warrants	$ 5	1,056,196		1,056,201
Exercise of common stock warrants, shares	50,000
Issuance of common stock, net of issuance costs and warrant liability	$ 225	14,436,720		14,436,945
Issuance of common stock, net of issuance costs and warrant liability, shares	2,246,113
Net loss			(56,204,313)	(56,204,313)
Balance at Dec. 31, 2023	$ 1,052	$ 102,507,189	$ (110,259,087)	$ (7,750,846)
Balance, shares at Dec. 31, 2023	10,519,933

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (56,204,313)	$ (25,328,567)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	4,628,406	9,152,520
Change in fair value of warrants	11,837,200
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	3,190,832	(7,328,912)
Accounts payable	(2,668,417)	3,273,180
Accrued expenses	(751,012)	2,918,845
Net cash used in operating activities	(39,967,304)	(17,312,934)
Cash flows from financing activities:
Proceeds from issuance of common stock and warrants, net	16,885,946
Proceeds from exercise of stock options	8,385	4,613
Proceeds from exercise of warrants	450,000
Net cash provided by financing activities	17,344,331	4,613
Net decrease in cash and cash equivalents	(22,622,973)	(17,308,321)
Cash and cash equivalents, beginning of year	28,377,693	45,686,014
Cash and cash equivalents, end of year	$ 5,754,720	$ 28,377,693

Nature of Business and Manageme

Nature of Business and Management's Plans	12 Months Ended
	Dec. 31, 2023
Nature of Business and Management's Plans
Nature of Business and Management's Plans	(1) Nature of Business 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. Going Concern 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 common stock and warrants to purchase common stock. Since the Company’s inception, the Company has incurred losses and negative cash flows from operations. At December 31, 2023, the Company had cash and cash equivalents of $5.8 million and an accumulated deficit of $110.3 million. The Company’s net loss was $56.2 million and $25.3 million for the years ended December 31, 2023 and 2022, 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, 2023, combined with cash raised in connection with its March 2024 financings, is not sufficient to fund operations for the period through 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 financings, debt or other potential alternatives. 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. As such, management concluded that such plans do not alleviate the substantial doubt. 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. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business, and do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
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 In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include those used in the accounting for research and development contracts, including clinical trial accruals, common stock warrant liabilities, and the accounting and fair value measurement of equity instruments. (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. Cash equivalents may include bank demand deposits and money market funds that invest primarily in certificates of deposit, commercial paper, and U.S. government agency securities and treasuries. The Company records interest income received on cash and cash equivalents to other income (expense), net in the consolidated statements of operations. 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 flow. (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 fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC Topic 820, “Fair Value Measurements,” equals or approximates the carrying amounts represented in the consolidated balance sheets, primarily due to their short-term nature, except for the derivative warrant liabilities (see Note 3). (g) Common Stock Warrants On October 31, 2023, the Company completed a registered direct offering with a single institutional investor whereby the Company sold (i) 1,250,000 shares of common stock and (ii) warrants to purchase an aggregate of 1,250,000 shares of common stock at an exercise price of $9.00 per share (“Canaccord Warrants”). The warrants are liability classified as they contain certain cash settlement adjustment features that are outside of the Company’s control or not deemed to be indexed to the Company’s stock. The warrant liabilities are recorded at fair value regardless of the timing of the redemption feature or the redemption price or the likelihood of redemption. These warrants are subject to re-measurement at each balance sheet date and any change in fair value is recognized as a component of change in fair value of warrant liability in the statements of operations. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrants. The warrants are classified as Level 3 liabilities. (h) 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. (i) Stock-Based Compensation The Company accounts for its stock-based compensation awards in accordance with FASB ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). The Company has issued stock-based compensation awards including stock options. ASC 718 requires all stock-based payments, including grants of stock options, to be recognized in the financial statements based on their grant date fair values. The Company uses the Black-Scholes option-pricing model to determine the fair value of stock options granted. The Company recognizes forfeitures as they occur. Expense related to stock-based compensation awards granted with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is generally the vesting term. Stock options have a contractual term of 10 years. Expense for stock-based compensation awards with performance-based vesting conditions is only recognized when the performance-based vesting condition is deemed probable to occur. Expense related to stock-based compensation awards are recorded to research and development expense or general and administrative expense based on the underlying function of the individual that was granted the stock-based compensation award. Estimating the fair value of stock options requires the input of subjective assumptions, including the expected term of the stock option, stock price volatility, the risk-free interest rate, and expected dividends. The assumptions used in the Company’s Black-Scholes option-pricing model represent management’s best estimates and involve a number of variables, uncertainties, assumptions, and the application of management’s judgment, as they are inherently subjective. If any assumptions change, the Company’s stock-based compensation expense could be materially different in the future. The assumptions used in the Company’s Black-Scholes option-pricing model for stock options are as follows: Expected Term. Expected Volatility. Risk-Free Interest Rate. Expected Dividends. (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, 2023 and 2022, 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, 2023 or 2022. (k) Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (ASC 326), which changes how entities account for credit losses on financial assets and other instruments that are not measured at fair value through net income, including available-for-sale debt securities. The Company implemented the guidance as of January 1, 2023 and there was not a material impact on its results of operations or financial position. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves income tax disclosures by requiring: (1) consistent categories and greater disaggregation of information in the rate reconciliation, and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The ASU indicates that all entities will apply the guidance prospectively with an option for retroactive application to each period presented in the financial statements. The Company has not determined the impact ASU 2023-09 may have on the Company’s financial statement disclosures. ​

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
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, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Carrying Value ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ $ 5,136,677 ​ $ 5,136,677 ​ $ — ​ $ — Total assets measured and recorded at fair value ​ $ 5,136,677 ​ $ 5,136,677 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant Liability ​ $ 13,680,000 ​ $ — ​ $ — ​ $ 13,680,000 Total liabilities measured and recorded at fair value ​ $ 13,680,000 ​ $ — ​ $ — ​ $ 13,680,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Carrying Value ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ $ 26,001,934 ​ $ 26,001,934 ​ $ — ​ $ — Total assets measured and recorded at fair value ​ $ 26,001,934 ​ $ 26,001,934 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant Liability ​ $ — ​ $ — ​ $ — ​ $ — Total liabilities measured and recorded at fair value ​ $ — ​ $ — ​ $ — ​ $ — ​ The Company did not transfer any financial instruments into or out of Level 3 classification, during the year ended December 31, 2023 and 2022. There were no Level 3 financial instruments outstanding as of and for the year ended December 31, 2022. The common stock warrants issued in connection with the Company’s equity raise in November 2023 (Canaccord Warrants) were classified as liabilities at the time of issuance due to certain cash settlement adjustment features that are outside of the Company’s control or not deemed to be indexed to the Company’s stock. The warrant liability is remeasured each reporting period with the change in fair value recorded to other income (expense) in the statement of operations until the warrants are exercised, expired, reclassified, or otherwise settled. The fair value of the warrant liability was estimated using a Monte Carlo simulation model. The estimated fair value of the Canaccord Warrants is determined using Level 3 inputs. Inherent in a Monte Carlo simulation model with the volatility calculated by back solving in a Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and other inputs. The Company estimates the volatility of its warrants based on implied volatility from the Company’s traded warrants. The risk-free interest rate is based on the market yield of U.S. Treasuries over a tenor commensurate with the remaining term to expiration. Any changes in these assumptions can change the valuation significantly. The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 November 2, 2023 Exercise Price ​ $ 9.00 ​ $ 9.00 ​ Closing Stock Price ​ $ 18.70 ​ $ 6.16 ​ Number of warrants ​ 1,200,000 ​ 1,250,000 ​ Phase III data probability of success ​ 60 % 60 % Volatility ​ 55 % 55 % Term (time to expiration in years) ​ 4.84 ​ 5.00 ​ Redemption Hurdle Price ​ 14.25 ​ $ 14.25 ​ Risk-Free Rate ​ 3.9 % 4.7 % ​ The Canaccord Warrants were exercisable immediately at an exercise price of $9.00 per unit, and redeemable at the Company’s option, in whole or in part, at a redemption price equal to $0.001 per Warrant upon 30 days’ prior written notice, at any time after: ● the Company’s public announcement of Positive Topline Data (as defined in the Warrant Agreement) from its Phase 3 in patients with Parkinson’s Disease; and ● the date on which (a) the closing price of the Company’s common stock on the principal exchange or trading facility on which it is then traded has equaled or exceeded $14.25 and (b) the average daily trading value (ADTV) of the Company’s common stock is equal to or exceeds $2,000,000 , for two consecutive Trading Days. The common stock warrants are exercisable immediately and will expire on November 2, 2028, five years from the date of issuance.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 2023
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	(4) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2023 2022 Prepaid expenses ​ $ 23,455 ​ $ 67,532 Prepaid clinical expenses ​ ​ 4,391,219 ​ ​ 7,528,250 Prepaid insurance ​ ​ 18,074 ​ ​ 37,356 Security deposits ​ 20,796 ​ 11,238 ​ ​ $ 4,453,544 ​ $ 7,644,376 ​

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2023
Accrued Expenses
Accrued Expenses	(5) Accrued Expenses Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2023 2022 Payroll and related benefits ​ $ 96,848 ​ $ 556,827 Accrued professional and clinical fees ​ 2,889,425 ​ 3,180,458 ​ ​ $ 2,986,273 ​ $ 3,737,285 ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	(6) 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 In November 2023, the Company entered into a short-term lease for office space, with an initial term of less than 12 months. Prior to entering into this lease, the Company was leasing its office facilities under a month-to-month short-term lease. Total rental expense, inclusive of both leases was $70,674 and $66,802 for the years ended December 31, 2023 and 2022, respectively. (c) 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 estimated to be $1,340,162 at December 31, 2023. (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. For both the years ended December 31, 2023 and December 31, 2022 the Company did not have any pending legal actions.

Stockholders' (Deficit) Equity

Stockholders' (Deficit) Equity	12 Months Ended
	Dec. 31, 2023
Stockholders' (Deficit) Equity
Stockholders' (Deficit) Equity	(7) Stockholders’ (Deficit) 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) IPO Warrants In conjunction with the Company’s Initial Public Offering (“IPO”), the Company granted the underwriters 100,000 warrants to purchase shares of Company common stock (“IPO Warrants”) at an exercise price of $7.50 per share, which is 125% of the initial public offering price. The warrants have a five , respectively. The Company accounts for the warrants as a component of stockholders’ equity. (d) March 2023 ATM On March 31, 2023, the Company, entered into an At the Market (“ATM”) Equity Offering Sales Agreement SM (the “Sales Agreement” or “March 2023 ATM”) with BofA Securities, Inc. (“BofA”) and ThinkEquity LLC (“ThinkEquity” and, together with BofA, the “Sales Agents”), as sales agents, pursuant to which the Company may offer and sell, from time to time through the Sales Agents, shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), having an aggregate offering price of up to $50.0 million. On April 4, 2023, the Company delivered written notice to BofA and ThinkEquity to terminate the Sales Agreement, effective April 9, 2023, pursuant to Section 9(a) of the Sales Agreement. The Company is not subject to any termination penalties related to the termination of the Sales Agreement. Prior to termination of the Sales Agreement, the Company sold 704,000 shares of Common Stock pursuant to the Sales Agreement at a price of $10.88 per share, for gross proceeds of $7.60 million before commissions. As a result of the termination of the Sales Agreement, the Company will not offer or sell any additional shares of Common Stock under the Sales Agreement. (e) April 2023 Private Placement On April 7, 2023, the Company sold 84,453 shares of its common stock in a private placement to individual members of its Board of Directors and management at a price of $12.61 per share, for aggregate proceeds of $1.06 million. (f) November 2023 Equity Offering and Warrant Issuance On October 31, 2023, the Company completed an underwritten offering with a Canaccord Genuity LLC whereby the Company sold (i) 1,250,000 shares of common stock and (ii) warrants (“Canaccord Warrants”) to purchase an aggregate of 1,250,000 shares of common stock at an exercise price of $9.00 per share. The warrants are exercisable immediately on the date of issuance and will expire five years after the date of issuance. The Company received $6.83 million in net cash proceeds after deducting underwriter discount and fees, as well as other third-party costs. The warrants are liability classified as they contain certain cash settlement adjustment features that are outside of the Company’s control or not deemed to be indexed to the Company’s stock, respectively. The following is a roll forward of the Common Stock Warrant Liability from the date of issuance to December 31, 2023: ​ ​ ​ Issuance of Canaccord Warrants 2,449,001 Exercise of 50,000 warrants – December 28, 2023 (606,201) Change in fair value of warrant liabilities 11,837,200 Warrant liability at December 31, 2023 13,680,000 ​ (g) Warrant Summary As of December 31, 2023, the Company had the following common stock warrants outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ ​ Outstanding Exercise ​ ​ ​ ​ ​ December 31, ​ ​ ​ Exercised or ​ December 31, ​ price per ​ Expiration ​ ​ Classification ​ 2022 ​ Granted ​ Expired ​ 2023 ​ share ​ date IPO Warrants Equity 2,400 — — 2,400 ​ $ 7.50 ​ January 29, 2026 Canaccord Warrants Liability — 1,250,000 (50,000) 1,200,000 ​ $ 9.00 ​ October 31, 2028 ​ (h) November 2023 Private Placement On November 27, 2023, the Company sold 207,660 shares of its common stock in a private placement to individual members of its Board of Directors and management at a price of $6.10 per share, for aggregate proceeds of $1.27 million.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2023
Stock-Based Compensation
Stock-Based Compensation	(8) 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, 2023, 35,545 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, except when they are below previously approved thresholds allowing the Company’s CEO to grant awards on a discretionary basis. Stock options generally 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, 2023 and 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2023 2022 General and administrative ​ $ 2,414,867 ​ $ 5,778,117 Research and development ​ 2,213,539 ​ ​ 3,374,403 ​ ​ $ 4,628,406 ​ $ 9,152,520 ​ Stock option activity for the years ended December 31, 2023, and 2022, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ ​ Weighted ​ Contractual ​ Aggregate ​ ​ Number of ​ Average ​ Term ​ Intrinsic ​ ​ Shares ​ Exercise Price ​ (Years) Value 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 ​ ​ ​ ​ ​ Granted ​ 367,329 ​ $ 8.57 ​ ​ ​ ​ ​ Exercised ​ (59,897) ​ $ 0.14 ​ ​ ​ ​ ​ Forfeited ​ (10,000) ​ $ 4.39 ​ ​ ​ ​ ​ Outstanding at December 31, 2023 1,954,774 ​ $ 13.41 ​ 6.10 ​ $ 17,862,936 Exercisable at December 31, 2023 ​ 1,600,577 ​ $ 14.30 ​ 5.39 ​ $ 14,532,422 ​ The aggregate intrinsic value of options exercised during the years ended December 31, 2023 and 2022 was $1,111,688 and $803,357, respectively. As of December 31, 2023, there was $2,177,110 unrecognized compensation expense related to unvested options. That cost is expected to be recognized over a weighted-average period of 0.92 years. During the years ended December 31, 2023 and 2022, the Company issued 367,329 and 348,294 options, respectively. Under the grant agreements for the 2023 stock option grants, 94,624 of the options vested immediately and 272,705 of the options vest in substantially equal quarterly installments over two years from the date of grant. 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. ​ The weighted average grant date fair value of options issued during the years ended December 31, 2023 and 2022 was $7.39 per share and $13.24 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, 2023 December 31, 2022 Risk-free interest rate 4.17 % 2.24 % Expected life 5.5 ​ 5.9 ​ Expected volatility 120 % 112 % Expected dividend yield — ​ — ​ ​ Related Party Transaction ​ During the year ended December 31, 2023, the Company issued 4,068 non-qualified stock options to a member of its Board of Directors in consideration for the member’s agreement to serve as a consultant of the Company. The options were issued in two separate tranches, at grant prices of $9.56 per share and $7.39 per share, respectively. ​

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Dec. 31, 2023
Net Loss Per Share
Net Loss Per Share	(9) Net Loss Per Share The Company has reported a net loss for the years ended December 31, 2023 and 2022, 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, ​ 2023 2022 Numerator ​ ​ ​ Net loss ​ $ (56,204,313) ​ $ (25,328,567) Denominator ​ ​ Weighted-average common shares outstanding, basic and diluted ​ 9,023,138 ​ 8,162,326 Net loss per share, basic and diluted ​ $ (6.23) ​ $ (3.10) ​ Potential common shares that are excluded from the computation of diluted weighted-average shares outstanding are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Stock options ​ 1,954,774 ​ 1,657,342 Canaccord Warrants ​ 1,200,000 ​ — IPO Warrants ​ 2,400 2,400 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Taxes
Income Taxes	(10) Income Taxes The federal and state provision (benefit) for income taxes was $0 for the years ended December 31, 2023 and 2022. 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, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2023 2022 Federal income tax benefit at statutory rate 21.0 % 21.0 % State and local tax, net of federal benefit 3.1 % 5.7 % State and local tax, change in rates ​ (3.5) % 0.0 % Permanent differences (0.4) % (1.5) % Research and development credit ​ 4.5 % 3.8 % Stock-based compensation ​ 0.4 % 0.8 % Change in fair value of warrants ​ (4.4) % 0.0 % Change in valuation allowance (20.7) % (29.8) % 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, ​ 2023 2022 Net operating loss carryforwards ​ $ 9,607,158 ​ $ 7,919,085 Stock compensation ​ ​ 4,245,472 ​ ​ 3,767,330 Capitalized R&D ​ 1,334,494 ​ 1,725,622 Section 174 ​ ​ 10,793,442 ​ ​ 3,445,935 R&D credit carryforwards ​ 4,132,475 ​ 1,618,295 Other ​ ​ 14,553 ​ ​ — Total deferred tax assets ​ 30,127,594 ​ 18,476,267 Less valuation allowance ​ (30,127,594) ​ (18,476,267) Net deferred taxes ​ $ — ​ $ — ​ As of December 31, 2023, the Company had U.S. federal net operating loss (“NOL”) carryforwards of $38,085,386 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, 2023, the Company also had U.S. state NOL carryforwards of $40,632,269 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, 2023 and 2022 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 recorded a net change in valuation allowance of $11,651,327 and $7,554,381 in the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company had federal research and development tax credit carryforwards of $4,132,475 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 2020 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. To the extent the Company utilizes any tax attributes from a tax period that may otherwise be closed due to statute expiration, the tax authorities may adjust the tax attributes upon their examination of the future period in which the attribute was utilized. The Company will recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2023, 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, 2023, 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.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events
Subsequent Events	(11) Subsequent Events On March 15, 2024, Annovis Bio, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an institutional investor (the “Buyer”). Pursuant to the terms of the Purchase Agreement, the Company agreed to issue and sell to Investors an aggregate of 114,911 shares of Common Stock, 0.0001 par value per share (the “Common Shares”) at $8.92 per share for aggregate gross proceeds of $1,025,000. On March 21, 2024, Annovis Bio, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an institutional investor (the “Buyer”). Pursuant to the terms of the Purchase Agreement, the Company agreed to issue and sell to Investors an aggregate of 316,455 shares of Common Stock, 0.0001 par value per share (the “Common Shares”) at $9.48 per share for aggregate gross proceeds of $3,000,000.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
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 In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include those used in the accounting for research and development contracts, including clinical trial accruals, common stock warrant liabilities, and the accounting and fair value measurement of equity instruments.
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. Cash equivalents may include bank demand deposits and money market funds that invest primarily in certificates of deposit, commercial paper, and U.S. government agency securities and treasuries. The Company records interest income received on cash and cash equivalents to other income (expense), net in the consolidated statements of operations. 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 flow.
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 fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC Topic 820, “Fair Value Measurements,” equals or approximates the carrying amounts represented in the consolidated balance sheets, primarily due to their short-term nature, except for the derivative warrant liabilities (see Note 3).
Common Stock Warrants	(g) Common Stock Warrants On October 31, 2023, the Company completed a registered direct offering with a single institutional investor whereby the Company sold (i) 1,250,000 shares of common stock and (ii) warrants to purchase an aggregate of 1,250,000 shares of common stock at an exercise price of $9.00 per share (“Canaccord Warrants”). The warrants are liability classified as they contain certain cash settlement adjustment features that are outside of the Company’s control or not deemed to be indexed to the Company’s stock. The warrant liabilities are recorded at fair value regardless of the timing of the redemption feature or the redemption price or the likelihood of redemption. These warrants are subject to re-measurement at each balance sheet date and any change in fair value is recognized as a component of change in fair value of warrant liability in the statements of operations. The Company will continue to adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrants. The warrants are classified as Level 3 liabilities.
Research and Development	(h) 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.
Stock-Based Compensation	(i) Stock-Based Compensation The Company accounts for its stock-based compensation awards in accordance with FASB ASC Topic 718, Compensation—Stock Compensation (“ASC 718”). The Company has issued stock-based compensation awards including stock options. ASC 718 requires all stock-based payments, including grants of stock options, to be recognized in the financial statements based on their grant date fair values. The Company uses the Black-Scholes option-pricing model to determine the fair value of stock options granted. The Company recognizes forfeitures as they occur. Expense related to stock-based compensation awards granted with service-based vesting conditions is recognized on a straight-line basis based on the grant date fair value over the associated service period of the award, which is generally the vesting term. Stock options have a contractual term of 10 years. Expense for stock-based compensation awards with performance-based vesting conditions is only recognized when the performance-based vesting condition is deemed probable to occur. Expense related to stock-based compensation awards are recorded to research and development expense or general and administrative expense based on the underlying function of the individual that was granted the stock-based compensation award. Estimating the fair value of stock options requires the input of subjective assumptions, including the expected term of the stock option, stock price volatility, the risk-free interest rate, and expected dividends. The assumptions used in the Company’s Black-Scholes option-pricing model represent management’s best estimates and involve a number of variables, uncertainties, assumptions, and the application of management’s judgment, as they are inherently subjective. If any assumptions change, the Company’s stock-based compensation expense could be materially different in the future. The assumptions used in the Company’s Black-Scholes option-pricing model for stock options are as follows: Expected Term. Expected Volatility. Risk-Free Interest Rate. Expected Dividends.
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, 2023 and 2022, 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, 2023 or 2022.
Recent Accounting Pronouncements	(k) Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (ASC 326), which changes how entities account for credit losses on financial assets and other instruments that are not measured at fair value through net income, including available-for-sale debt securities. The Company implemented the guidance as of January 1, 2023 and there was not a material impact on its results of operations or financial position. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which improves income tax disclosures by requiring: (1) consistent categories and greater disaggregation of information in the rate reconciliation, and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The ASU indicates that all entities will apply the guidance prospectively with an option for retroactive application to each period presented in the financial statements. The Company has not determined the impact ASU 2023-09 may have on the Company’s financial statement disclosures. ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
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 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, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Carrying Value ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ $ 5,136,677 ​ $ 5,136,677 ​ $ — ​ $ — Total assets measured and recorded at fair value ​ $ 5,136,677 ​ $ 5,136,677 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant Liability ​ $ 13,680,000 ​ $ — ​ $ — ​ $ 13,680,000 Total liabilities measured and recorded at fair value ​ $ 13,680,000 ​ $ — ​ $ — ​ $ 13,680,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Carrying Value ​ Level 1 Level 2 Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents ​ $ 26,001,934 ​ $ 26,001,934 ​ $ — ​ $ — Total assets measured and recorded at fair value ​ $ 26,001,934 ​ $ 26,001,934 ​ $ — ​ $ — Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant Liability ​ $ — ​ $ — ​ $ — ​ $ — Total liabilities measured and recorded at fair value ​ $ — ​ $ — ​ $ — ​ $ —
Schedule of quantitative information regarding Level 3 fair value measurements inputs	The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 November 2, 2023 Exercise Price ​ $ 9.00 ​ $ 9.00 ​ Closing Stock Price ​ $ 18.70 ​ $ 6.16 ​ Number of warrants ​ 1,200,000 ​ 1,250,000 ​ Phase III data probability of success ​ 60 % 60 % Volatility ​ 55 % 55 % Term (time to expiration in years) ​ 4.84 ​ 5.00 ​ Redemption Hurdle Price ​ 14.25 ​ $ 14.25 ​ Risk-Free Rate ​ 3.9 % 4.7 %

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Prepaid Expenses and Other Current Assets
Schedule of prepaid expenses and other current assets	Prepaid expenses and other current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2023 2022 Prepaid expenses ​ $ 23,455 ​ $ 67,532 Prepaid clinical expenses ​ ​ 4,391,219 ​ ​ 7,528,250 Prepaid insurance ​ ​ 18,074 ​ ​ 37,356 Security deposits ​ 20,796 ​ 11,238 ​ ​ $ 4,453,544 ​ $ 7,644,376 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Accrued Expenses
Schedule of accrued expenses	Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2023 2022 Payroll and related benefits ​ $ 96,848 ​ $ 556,827 Accrued professional and clinical fees ​ 2,889,425 ​ 3,180,458 ​ ​ $ 2,986,273 ​ $ 3,737,285 ​

Stockholders' (Deficit) Equity

Stockholders' (Deficit) Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholders' (Deficit) Equity
Schedule of changes in common stock warrant liabilities	The following is a roll forward of the Common Stock Warrant Liability from the date of issuance to December 31, 2023: ​ ​ ​ Issuance of Canaccord Warrants 2,449,001 Exercise of 50,000 warrants – December 28, 2023 (606,201) Change in fair value of warrant liabilities 11,837,200 Warrant liability at December 31, 2023 13,680,000 ​
Schedule of common stock warrants outstanding	As of December 31, 2023, the Company had the following common stock warrants outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ ​ Outstanding Exercise ​ ​ ​ ​ ​ December 31, ​ ​ ​ Exercised or ​ December 31, ​ price per ​ Expiration ​ ​ Classification ​ 2022 ​ Granted ​ Expired ​ 2023 ​ share ​ date IPO Warrants Equity 2,400 — — 2,400 ​ $ 7.50 ​ January 29, 2026 Canaccord Warrants Liability — 1,250,000 (50,000) 1,200,000 ​ $ 9.00 ​ October 31, 2028 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Stock-Based Compensation
Schedule of stock-based compensation expense	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, 2023 and 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2023 2022 General and administrative ​ $ 2,414,867 ​ $ 5,778,117 Research and development ​ 2,213,539 ​ ​ 3,374,403 ​ ​ $ 4,628,406 ​ $ 9,152,520
Schedule of stock option activity	Stock option activity for the years ended December 31, 2023, and 2022, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ ​ Weighted ​ Contractual ​ Aggregate ​ ​ Number of ​ Average ​ Term ​ Intrinsic ​ ​ Shares ​ Exercise Price ​ (Years) Value 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 ​ ​ ​ ​ ​ Granted ​ 367,329 ​ $ 8.57 ​ ​ ​ ​ ​ Exercised ​ (59,897) ​ $ 0.14 ​ ​ ​ ​ ​ Forfeited ​ (10,000) ​ $ 4.39 ​ ​ ​ ​ ​ Outstanding at December 31, 2023 1,954,774 ​ $ 13.41 ​ 6.10 ​ $ 17,862,936 Exercisable at December 31, 2023 ​ 1,600,577 ​ $ 14.30 ​ 5.39 ​ $ 14,532,422 ​
Schedule of weighted average assumptions used to determine fair value of options	​ ​ ​ ​ ​ ​ ​ ​ Year Ended Year Ended ​ ​ December 31, 2023 December 31, 2022 Risk-free interest rate 4.17 % 2.24 % Expected life 5.5 ​ 5.9 ​ Expected volatility 120 % 112 % Expected dividend yield — ​ — ​

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Net Loss Per Share
Schedule of basic and diluted net loss per share	The following table sets forth the computation of basic and diluted net loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2023 2022 Numerator ​ ​ ​ Net loss ​ $ (56,204,313) ​ $ (25,328,567) Denominator ​ ​ Weighted-average common shares outstanding, basic and diluted ​ 9,023,138 ​ 8,162,326 Net loss per share, basic and diluted ​ $ (6.23) ​ $ (3.10)
Schedule of shares excluded from the computation of diluted weighted-average shares outstanding	Potential common shares that are excluded from the computation of diluted weighted-average shares outstanding are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Stock options ​ 1,954,774 ​ 1,657,342 Canaccord Warrants ​ 1,200,000 ​ — IPO Warrants ​ 2,400 2,400 ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Taxes
Schedule of reconciliation of income tax provision (benefit)	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, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2023 2022 Federal income tax benefit at statutory rate 21.0 % 21.0 % State and local tax, net of federal benefit 3.1 % 5.7 % State and local tax, change in rates ​ (3.5) % 0.0 % Permanent differences (0.4) % (1.5) % Research and development credit ​ 4.5 % 3.8 % Stock-based compensation ​ 0.4 % 0.8 % Change in fair value of warrants ​ (4.4) % 0.0 % Change in valuation allowance (20.7) % (29.8) % Effective income tax rate 0.0 % 0.0 %
Schedule of significant components of deferred tax assets	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, ​ 2023 2022 Net operating loss carryforwards ​ $ 9,607,158 ​ $ 7,919,085 Stock compensation ​ ​ 4,245,472 ​ ​ 3,767,330 Capitalized R&D ​ 1,334,494 ​ 1,725,622 Section 174 ​ ​ 10,793,442 ​ ​ 3,445,935 R&D credit carryforwards ​ 4,132,475 ​ 1,618,295 Other ​ ​ 14,553 ​ ​ — Total deferred tax assets ​ 30,127,594 ​ 18,476,267 Less valuation allowance ​ (30,127,594) ​ (18,476,267) Net deferred taxes ​ $ — ​ $ — ​

Nature of Business and Manage_2

Nature of Business and Management's Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Nature of Business and Management's Plans
Revenue	$ 0
Cash and cash equivalents	5,754,720	$ 28,377,693
Accumulated Deficit	110,259,087	54,054,774
Net loss	$ 56,204,313	$ 25,328,567

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)		12 Months Ended
	Oct. 31, 2023	Dec. 31, 2023
Summary of Significant Accounting Policies
Cash and cash equivalents, Federally insured limit		$ 250,000
Contractual term (in years)		10 years
Expected dividend yield		0%
November 2023 Equity Offering and Warrant Issuance
Summary of Significant Accounting Policies
Issuance of common stock	1,250,000
Number of shares which may be purchased with warrants	1,250,000
Exercise price of warrants	$ 9

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Liabilities:
Warrant Liability	$ 13,680,000
Carrying Value
Assets:
Cash equivalents	5,136,677	26,001,934
Total assets	5,136,677	26,001,934
Liabilities:
Warrant Liability	13,680,000
Total liabilities	13,680,000
Fair Value | Level 1
Assets:
Cash equivalents	5,136,677	26,001,934
Total assets	5,136,677	$ 26,001,934
Fair Value | Level 3
Liabilities:
Warrant Liability	13,680,000
Total liabilities	$ 13,680,000

Fair Value Measurements - Commo

Fair Value Measurements - Common stock warrants (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) D $ / shares shares	Nov. 02, 2023 shares	Dec. 31, 2022 shares
Canaccord Warrants
Fair Value Measurements
Number of warrants | shares	1,200,000
Exercise price per share	$ 9
Redemption price per share	$ 0.001
Threshold period of notice for redemption	30 days
Closing price of common stock	$ 14.25
Average daily trading value | $	$ 2,000,000
Threshold consecutive trading days | D	2
Term of warrants (in years)	5 years
Level 3
Fair Value Measurements
Number of warrants | shares	1,200,000	1,250,000
Level 3 | Exercise Price
Fair Value Measurements
Warrants, measurement input	9	9
Level 3 | Closing Stock Price
Fair Value Measurements
Warrants, measurement input	18.70	6.16
Level 3 | Phase III data probability of success
Fair Value Measurements
Warrants, measurement input	0.60	0.60
Level 3 | Volatility
Fair Value Measurements
Warrants, measurement input	0.55	0.55
Level 3 | Term (time to expiration in years)
Fair Value Measurements
Warrants, measurement input	4.84	5
Level 3 | Redemption Hurdle Price
Fair Value Measurements
Warrants, measurement input	14.25	14.25
Level 3 | Risk-Free Rate
Fair Value Measurements
Warrants, measurement input	0.039	0.047

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expenses and Other Current Assets
Prepaid expenses	$ 23,455	$ 67,532
Prepaid clinical expenses	4,391,219	7,528,250
Prepaid insurance	18,074	37,356
Security deposits	20,796	11,238
Total prepaid expenses and other current assets	$ 4,453,544	$ 7,644,376

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Accrued Expenses
Payroll and related benefits	$ 96,848	$ 556,827
Accrued professional and clinical fees	2,889,425	3,180,458
Total accrued expenses	$ 2,986,273	$ 3,737,285

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases
Rental expense	$ 70,674	$ 66,802
Employment Agreements
Maximum aggregate severance payments	$ 1,340,162

Stockholders' (Deficit) Equit_2

Stockholders' (Deficit) Equity - Summary (Details)	Dec. 31, 2023 Vote $ / shares shares	Dec. 31, 2022 shares	Jan. 31, 2020 $ / shares shares
Stockholders' Equity
Number of vote for each share of common stock | Vote	1
IPO Warrants
Stockholders' Equity
Number of shares which may be purchased with warrants			100,000
Exercise price per share | $ / shares	$ 7.50		$ 7.50
Percentage of exercise price to the share offering price			125%
Warrant term			5 years
Warrants outstanding	2,400	2,400

Stockholders' Equity - ATM and

Stockholders' Equity - ATM and Private Placements (Details) - USD ($)					12 Months Ended
	Nov. 27, 2023	Oct. 31, 2023	Apr. 07, 2023	Apr. 04, 2023	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2023
Stockholders' Equity
Common stock, par value (dollars per share)					$ 0.0001	$ 0.0001
Net cash proceeds after deducting underwriter discount and fees					$ 16,885,946
March 2023 ATM
Stockholders' Equity
Common stock, par value (dollars per share)							$ 0.0001
Aggregate offering price							$ 50,000,000
Issuance of common stock				704,000
Price per share				$ 10.88
Gross proceeds from issuance of common shares				$ 7,600,000
April 2023 Private Placement
Stockholders' Equity
Issuance of common stock			84,453
Price per share			$ 12.61
Gross proceeds from issuance of common shares			$ 1,060,000
November 2023 Equity Offering and Warrant Issuance
Stockholders' Equity
Issuance of common stock		1,250,000
Number of shares which may be purchased with warrants		1,250,000
Exercise price of warrants		$ 9
Term of warrants (in years)		5 years
Net cash proceeds after deducting underwriter discount and fees		$ 6,830,000
November 2023 Private Placement
Stockholders' Equity
Issuance of common stock	207,660
Price per share	$ 6.10
Gross proceeds from issuance of common shares	$ 1,270,000

Stockholders' Equity - Rollforw

Stockholders' Equity - Rollforward of warrant liability (Details) - USD ($)			2 Months Ended	12 Months Ended
	Dec. 28, 2023	Oct. 31, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity
Change in fair value of warrant liabilities				$ 11,837,200
Warrant Liability			$ 13,680,000	13,680,000
November 2023 Equity Offering and Warrant Issuance
Stockholders' Equity
Issuance of Canaccord Warrants		$ 2,449,001
Exercise of warrants	$ (606,201)
Number of warrants exercised	50,000
Change in fair value of warrant liabilities			11,837,200
Warrant Liability			$ 13,680,000	$ 13,680,000

Stockholders' Equity - Warrant

Stockholders' Equity - Warrant Summary (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Jan. 31, 2020
IPO Warrants
Stockholders' Equity
Beginning balance	2,400
Granted
Exercised or Expired
Ending balance	2,400
Exercise price per share	$ 7.50	$ 7.50
Canaccord Warrants
Stockholders' Equity
Beginning balance
Granted	1,250,000
Exercised or Expired	(50,000)
Ending balance	1,200,000
Exercise price per share	$ 9

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of plans (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jun. 01, 2021	May 31, 2021
Stock-Based Compensation
Term of award (in years)	10 years
Employee Stock Option
Stock-Based Compensation
Term of award (in years)	10 years	10 years
2019 Plan
Stock-Based Compensation
Shares authorized			2,000,000	1,000,000
Shares available for future grants	35,545
2019 Plan | Employee Stock Option
Stock-Based Compensation
Term of award (in years)	10 years
2018 Plan | Employee Stock Option
Stock-Based Compensation
Shares available for future grants	0

Stock-Based Compensation - Shar

Stock-Based Compensation - Share-based compensation expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation
Stock-based compensation expense	$ 4,628,406	$ 9,152,520
General and administrative
Stock-Based Compensation
Stock-based compensation expense	2,414,867	5,778,117
Research and development
Stock-Based Compensation
Stock-based compensation expense	$ 2,213,539	$ 3,374,403

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock option activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Outstanding at beginning of the year	1,657,342	1,489,748
Granted	367,329	348,294
Exercised	(59,897)	(70,101)
Forfeited	(10,000)	(110,599)
Outstanding at end of the year	1,954,774	1,657,342
Exercisable at end of year	1,600,577
Weighted Average Exercise Price
Outstanding at beginning of the year (in dollars per share)	$ 13.95	$ 13.82
Granted (in dollars per share)	8.57	15.90
Exercised (in dollars per share)	0.14	1.97
Forfeited (in dollars per share)	4.39	25.93
Outstanding at end of the year (in dollars per share)	13.41	$ 13.95
Exercisable at end of year (in dollars per share)	$ 14.30
Weighted Average Remaining Contractual Term
Outstanding at end of the year (in years)	6 years 1 month 6 days
Exercisable at end of year (in years)	5 years 4 months 20 days
Aggregate intrinsic value of options outstanding	$ 17,862,936
Aggregate intrinsic value of options exercisable	$ 14,532,422

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional disclosures (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation
Aggregate intrinsic value of options exercised	$ 1,111,688	$ 803,357
Unrecognized compensation expense	$ 2,177,110
Weighted-average recognition period	11 months 1 day
Options granted	367,329	348,294
Weighted average grant date fair value	$ 7.39	$ 13.24
Term of award (in years)	10 years
Estimated fair value of options
Expected dividend yield	0%
Awards granted in 2023 | Immediate Vesting
Stock-Based Compensation
Options granted	94,624
Awards granted in 2023 | Vests in equal Quarterly installments over two years
Stock-Based Compensation
Options granted	272,705
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
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
Employee Stock Option [Member]
Stock-Based Compensation
Term of award (in years)	10 years	10 years
Estimated fair value of options
Risk-free interest rate	4.17%	2.24%
Expected life	5 years 6 months	5 years 10 months 24 days
Expected volatility	120%	112%
Expected dividend yield	0%	0%
Employee Stock Option [Member] | Director
Stock-Based Compensation
Options granted	4,068
Stock options, Tranche 1 | Director
Stock-Based Compensation
Weighted average grant date fair value	$ 9.56
Stock options, Tranche 2 | Director
Stock-Based Compensation
Weighted average grant date fair value	$ 7.39

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and diluted net loss per share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net Income (Loss)	$ (56,204,313)	$ (25,328,567)
Denominator
Weighted-average common shares outstanding, basic	9,023,138	8,162,326
Weighted-average common shares outstanding, diluted	9,023,138	8,162,326
Net loss per share, basic	$ (6.23)	$ (3.10)
Net loss per share, diluted	$ (6.23)	$ (3.10)

Net Loss Per Share - Potential

Net Loss Per Share - Potential shares excluded from calculation (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Option [Member]
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share	1,954,774	1,657,342
Warrants | Canaccord Warrants
Net Loss Per Share
Antidilutive securities excluded from computation of earnings per share	1,200,000
Warrants | IPO 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, 2023	Dec. 31, 2022
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	3.10%	5.70%
State and local tax, change in rates	(3.50%)	0%
Permanent differences	(0.40%)	(1.50%)
Research and development credit	4.50%	3.80%
Stock-based compensation	0.40%	0.80%
Change in fair value of warrants	(4.40%)	0%
Change in valuation allowance	(20.70%)	(29.80%)
Effective income tax rate	0%	0%

Income Taxes - Deferred taxes (

Income Taxes - Deferred taxes (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred taxes
Net operating loss carryforwards	$ 9,607,158	$ 7,919,085
Stock compensation	1,334,494	1,725,622
Capitalized R&D	4,245,472	3,767,330
Section 174	10,793,442	3,445,935
R&D credit carryforwards	4,132,475	1,618,295
Other	14,553
Total deferred tax assets	30,127,594	18,476,267
Less valuation allowance	(30,127,594)	(18,476,267)
Net deferred taxes	$ 0	$ 0

Income Taxes - Additional discl

Income Taxes - Additional disclosures (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Net change in valuation allowance	$ 11,651,327	$ 7,554,381
Accrued interest or penalties	0
Recognized income tax interest and penalties	0
Research Tax Credit Carryforward
Income taxes
Tax credit carryforward	4,132,475
U.S. federal
Income taxes
Net operating loss carryforwards	38,085,386
U.S. federal | Generated in 2017 and prior
Income taxes
Net operating loss carryforwards	2,764,240
State
Income taxes
Net operating loss carryforwards	$ 40,632,269
Common Stock
Income taxes
Issuance of common stock	2,246,113

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Mar. 21, 2024	Mar. 15, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Events
Common stock, par value (dollars per share)			$ 0.0001	$ 0.0001
Subsequent Events | March 15, 2024 Private Placement
Subsequent Events
Issuance of common stock		114,911
Common stock, par value (dollars per share)		$ 0.0001
Price per share		$ 8.92
Gross proceeds from issuance of common shares		$ 1,025,000
Subsequent Events | March 21, 2024 Private Placement
Subsequent Events
Issuance of common stock	316,455
Common stock, par value (dollars per share)	$ 0.0001
Price per share	$ 9.48
Gross proceeds from issuance of common shares	$ 3,000,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (56,204,313)	$ (25,328,567)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false