CohBar (CWBR) 10-Q 16 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 11, 2022
Document Information Line Items
Entity Registrant Name	CohBar, Inc.
Trading Symbol	CWBR
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		86,981,684
Amendment Flag	false
Entity Central Index Key	0001522602
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38326
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-1299952
Entity Address, Address Line One	1455 Adams Drive
Entity Address, Address Line Two	Suite 2050
Entity Address, City or Town	Menlo Park
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94025
City Area Code	(650)
Local Phone Number	446-7888
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,563,984	$ 4,992,145
Investments	21,963,818	21,253,866
Vendor receivable		173,499
Prepaid expenses and other current assets	375,381	527,380
Total current assets	23,903,183	26,946,890
Property and equipment, net	228,117	260,612
Intangible assets, net	19,003	19,309
Other assets	76,596	69,620
Total assets	24,226,899	27,296,431
Current liabilities:
Accounts payable	640,693	371,993
Accrued liabilities	136,785	196,020
Accrued payroll and other compensation	446,320	754,314
Note payable, net of debt discount and offering costs of $0 and $8,723 as of March 31, 2022 and December 31,2021, respectively		366,277
Total liabilities	1,223,798	1,688,604
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value, Authorized 5,000,000 shares; No shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively
Common stock, $0.001 par value, Authorized 180,000,000 shares; Issued and outstanding 86,981,684 shares as of March 31, 2022 and 86,339,567 as of December 31, 2021	86,982	86,340
Additional paid-in capital	110,911,954	110,255,549
Accumulated deficit	(87,995,835)	(84,734,062)
Total stockholders’ equity	23,003,101	25,607,827
Total liabilities and stockholders’ equity	$ 24,226,899	$ 27,296,431

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Net of debt discount and offering costs (in Dollars)	$ 0	$ 8,723
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	180,000,000	180,000,000
Common stock, shares Issued	86,981,684	86,339,567
Common stock, shares outstanding	86,981,684	86,339,567

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenues
Operating expenses:
Research and development	1,506,308	2,654,772
General and administrative	1,744,918	1,358,679
Total operating expenses	3,251,226	4,013,451
Operating loss	(3,251,226)	(4,013,451)
Other income (expense):
Interest income		3,173
Interest expense	(1,824)	(14,560)
Amortization of debt discount and offering costs	(8,723)	(13,506)
Total other expense	(10,547)	(24,893)
Net loss	$ (3,261,773)	$ (4,038,344)
Basic and diluted net loss per share (in Dollars per share)	$ (0.04)	$ (0.07)
Weighted average common shares outstanding - basic and diluted (in Shares)	86,726,347	61,560,279

Statements of Changes in Stockh

Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-in-Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2020	$ 61,118	$ 87,684,323	$ (69,258,286)	$ 18,487,155
Balance (in Shares) at Dec. 31, 2020	61,117,524
Stock-based compensation		320,444		320,444
Exercise of employee stock options	$ 624	958,223		958,847
Exercise of employee stock options (in Shares)	623,901
Exercise of warrants	$ 46	67,490		67,536
Exercise of warrants (in Shares)	46,900
Net loss			(4,038,344)	(4,038,344)
Balance at Mar. 31, 2021	$ 61,788	89,030,480	(73,296,630)	15,795,638
Balance (in Shares) at Mar. 31, 2021	61,788,325
Balance at Dec. 31, 2021	$ 86,340	110,255,549	(84,734,062)	25,607,827
Balance (in Shares) at Dec. 31, 2021	86,339,567
Stock-based compensation		456,423		456,423
Sale of common stock in ATM, net	$ 642	199,982		200,624
Sale of common stock in ATM, net (in Shares)	642,117
Net loss			(3,261,773)	(3,261,773)
Balance at Mar. 31, 2022	$ 86,982	$ 110,911,954	$ (87,995,835)	$ 23,003,101
Balance (in Shares) at Mar. 31, 2022	86,981,684

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (3,261,773)	$ (4,038,344)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	32,801	36,685
Stock-based compensation	456,423	320,444
Amortization of debt discount	8,350	12,932
Amortization of debt issuance costs	373	574
Discount on investments	18,048	(2,424)
Changes in operating assets and liabilities:
Vendor receviable	173,499
Prepaid expenses and other current assets	151,999	70,019
Accounts payable	268,700	324,432
Accrued liabilities	(59,235)	(826,920)
Accrued payroll and other compensation	(307,994)	(36,785)
Net cash used in operating activities	(2,518,809)	(4,139,387)
Cash flows from investing activities:
Payment for security deposit	(6,976)	(2,217)
Purchases of investments	(21,983,000)	(8,029,000)
Proceeds from redemptions of investments	21,255,000	10,152,000
Net cash (used in) provided by investing activities	(734,976)	2,120,783
Cash flows from financing activities:
Proceeds from the At-the-Market Offering, net	200,624
Proceeds from exercise of warrants		67,536
Repayment of promissory notes	(375,000)	(85,000)
Proceeds from exercise of employee stock options		958,847
Net cash (used in) provided by financing activities	(174,376)	941,383
Net decrease in cash and cash equivalents	(3,428,161)	(1,077,221)
Cash at beginning of period	4,992,145	2,894,575
Cash at end of period	1,563,984	1,817,354
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 114,411	$ 20,437

Business Organization and Natur

Business Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2022
Business Organization and Nature of Operations [Abstract]
Business Organization and Nature of Operations	Note 1 - Business Organization and Nature of Operations CohBar, Inc. (“CohBar,” “its” or the “Company”) is a clinical stage biotechnology company leveraging the power of the mitochondria and the peptides encoded in its genome to develop potential breakthrough therapeutics targeting chronic and age-related diseases with limited to no treatment options. The Company’s primary activities include utilizing its MITO+ platform to identify and develop novel peptide analogs, the research and development of its pipeline, securing intellectual property protection for its discoveries and assets, managing collaborations and clinical trials with contract research organizations (“CROs”) and raising capital to fund the Company’s operations. To date, the Company has not generated any revenues from operations and does not expect to generate any revenues in the near future. The Company has financed its operations primarily with proceeds from sales of its equity securities, private placements, the exercise of outstanding warrants and stock options and the issuance of debt instruments. The Company is monitoring the COVID-19 pandemic, which continues to rapidly evolve, and has taken steps to mitigate the potential impacts on its business. The extent to which the pandemic may impact the Company’s business, preclinical studies and its clinical trial will depend on future developments, which are highly uncertain and cannot be predicted with confidence. The Company has modified its business practices by restricting nonessential travel, implementing a partial work from home policy for its employees and instituting new safety protocols for its lab to enable essential on-site work to continue. The Company expects to continue to take actions that are in the best interests of its employees and business partners. Due to the uncertainty surrounding the pandemic, the Company’s visibility into the duration of these actions is limited. The unaudited interim condensed financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by U.S. GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K (the “2021 Form 10-K”), filed with the SEC on March 29, 2022. The interim unaudited condensed financial statements should be read in conjunction with those audited financial statements included in the 2021 Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three-month period ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022, or any other period.

Liquidity and Management_s Plan

Liquidity and Management’s Plans	3 Months Ended
	Mar. 31, 2022
Liquidity and Management’s Plan [Abstract]
Liquidity and Management’s Plans	Note 2 – Liquidity and Management’s Plans As of March 31, 2022, the Company had working capital and stockholders’ equity of $22.7 million and $23.0 million, respectively. During the three months ended March 31, 2022, the Company incurred a net loss of $3.3 million and utilized cash of $2.5 million in its operating activities. Based on the cash and investments on hand as of March 31, 2022 of approximately $23.5 million, current budget assumptions and projected cash burn, the Company believes that it has sufficient capital to meet its operating expenses and obligations for the next twelve months from the date of this filing. However, if unanticipated difficulties or circumstances arise, the Company may require additional capital sooner to support its operations. If the Company is unable to raise additional capital whenever necessary, it may be forced to decelerate or curtail its research and development activities and/or other operations until such time as additional capital becomes available. Such limitation of the Company’s activities would allow it to slow its rate of spending and extend its use of cash until additional capital is raised. There can be no assurance that such a plan would be successful. There is no assurance that additional financing will be available when needed or that the Company will be able to obtain such financing on reasonable terms.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Business Organization and Nature of Operations [Abstract]
Summary of Significant Accounting Policies	Note 3 - Summary of Significant Accounting Policies Basis of Presentation All amounts are presented in U.S. Dollars. 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 and disclosure of contingent liabilities at dates of the financial statements and the reported amounts of revenue and expenses during the periods. Actual results could differ from these estimates. The Company’s significant estimates and assumptions include the fair value of financial instruments, stock-based compensation and the valuation allowance relating to the Company’s deferred tax assets. Concentrations of Credit Risk The Company maintains deposits in a financial institution which is insured by the Federal Deposit Insurance Corporation (“FDIC”). At various times, the Company has deposits in this financial institution in excess of the amount insured by the FDIC. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk. Investments Investments as of March 31, 2022 and December 31, 2021 consist of U.S. Treasury Bills, which are classified as held-to-maturity, totaling $22.0 million and $21.3 million, respectively. The Company determines the appropriate balance sheet classification of its investments at the time of purchase and evaluates the classification at each balance sheet date. All of the Company’s U.S. Treasury Bills mature within the subsequent twelve months from the date of purchase. Unrealized gains and losses were de minimus Capitalization of Patent Costs The Company capitalizes the costs of its patents which consists of legal and filing fees related to the prosecution of patent filings. The patents will be amortized using the straight-line method over the estimated remaining lives of the patents which is 20 years from the initial filing of the patent. Common Stock Purchase Warrants The Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) provide the Company with a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement) provided that such contracts are indexed to the Company’s own stock. The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the Company’s control) or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). The Company assesses classification of its common stock purchase warrants and other free-standing derivatives at each reporting date to determine whether a change in classification between assets, liabilities and equity is required. The Company’s free-standing derivatives consist of warrants to purchase common stock that were issued in connection with its notes payable and a private offering. The Company evaluated these warrants to assess their proper classification using the applicable criteria enumerated under U.S. GAAP and determined that the common stock purchase warrants meet the criteria for equity classification in the accompanying balance sheets as of March 31, 2022 and December 31, 2021. Share-Based Payment The Company accounts for share-based payments using the fair value method. For employees and directors, the fair value of the award is measured, as discussed below, on the grant date. For non-employees, fair value is generally valued based on the fair value of the services provided or the fair value of the equity instruments on the measurement date, whichever is more readily determinable. The Company accounts for performance-based share payments by measuring the fair value of the grant when the performance criteria are deemed satisfied and recognizing the associated expense at that time. The Company has granted stock options at exercise prices equal to the closing price of the Company’s common stock as reported by The Nasdaq Capital Market, with input from management on the date of grant. Upon exercise of an option or warrant, the Company issues new shares of common stock out of its authorized shares. The weighted-average fair value of options and warrants has been estimated on the grant date or measurement date using the Black-Scholes pricing model. The fair value of each instrument is estimated on the grant date or measurement date utilizing certain assumptions for a risk-free interest rate, volatility and expected remaining lives of the awards. The risk-free interest rate used is the United States Treasury rate for the day of the grant having a term equal to the life of the equity instrument. The assumptions used in calculating the fair value of share-based payment awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and the Company uses different assumptions, the Company’s stock-based compensation expense could be materially different in the future. The weighted-average Black-Scholes assumptions are as follows: For the Three Months 2022 2021 Expected life 6.25 years N/A Risk free interest rate 1.47 % N/A Expected volatility 92 % N/A Expected dividend yield N/A N/A Forfeiture rate N/A N/A As of March 31, 2022, total unrecognized stock option compensation expense was $5.4 million, which will be recognized as those options vest over a period of approximately four years. The amount of future stock option compensation expense could be affected by any future option grants or by any option holders leaving the Company before their grants are fully vested. Net Loss Per Share of Common Stock Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. Potentially dilutive securities are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive and consist of the following as of March 31, 2022 and 2021: As of March 31, 2022 2021 Options 11,337,127 6,805,538 Warrants 35,475,075 19,368,918 Totals 46,812,202 26,174,456 Recent Accounting Pronouncements There were no recently issued accounting standards not yet adopted which would have a material effect on the Company’s consolidated financial statements or related disclosures.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities [Abstract]
Accrued Liabilities	Note 4 - Accrued Liabilities Accrued liabilities consist of: As of As of March 31, December 31, Lab services & supplies $ 13,080 $ 6,080 Professional fees 121,253 73,090 Interest - 112,932 Other 2,452 3,918 Total accrued liabilities $ 136,785 $ 196,020

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 5 - Commitments and Contingencies Litigation, Claims and Assessments The Company may from time to time be party to litigation and subject to claims incident to the ordinary course of business. As the Company grows and gains prominence in the marketplace, it may become party to an increasing number of litigation matters and claims. The outcome of litigation and claims cannot be predicted with certainty, and the resolution of these matters could materially affect the Company’s future results of operations, cash flows or financial position. The Company is not currently a party to any legal proceedings. Operating Leases The Company is a party to (i) a lease agreement for laboratory space leased on a month-to month basis that is part of a shared facility in Menlo Park, California and (ii) a one-year lease agreement for office space in Fairfield, New Jersey, which expires in September 2022. Rent expense was $0.1 million in each of the three months ended March 31, 2022 and 2021.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 6 - Stockholders’ Equity Authorized Capital The Company has authorized the issuance and sale of up to 185.0 million shares of stock, consisting of 180.0 million shares of common stock having a par value of $0.001 and 5.0 million shares of Preferred Stock having a par value of $0.001 per share. As of March 31, 2022 and December 31, 2021, there were no shares of Preferred Stock outstanding and there were no declared but unpaid dividends or undeclared dividend arrearages on any shares of the Company’s capital stock. Stock Options The Company has an incentive stock plan, the Amended and Restated 2011 Equity Incentive Plan (the “2011 Plan”), and has granted stock options to employees, non-employee directors and consultants from the 2011 Plan. Options granted under the 2011 Plan may be Incentive Stock Options or Non-statutory Stock Options, as determined by the Administrator at the time of grant. As of March 31, 2022, there were 2.9 million shares remaining available for issuance under the 2011 Plan. During the three months ended March 31, 2022, stock options to purchase 0.4 million shares of common stock were granted at an exercise price of $0.43 per share. The stock options have a term of ten years and are subject to vesting based on continuous service of the awardee over a period of four years. The stock options have an aggregate grant date fair value of $0.1 million. During the three months ended March 31, 2022, stock options to purchase 30,208 shares of common stock expired, were cancelled and returned to the option pool for future issuance. The Company recorded stock-based compensation as follows: For the Three Months 2022 2021 Research and development $ 28,808 $ 57,102 General and administrative 427,615 263,342 Total $ 456,423 $ 320,444 The following table represents stock option activity for the three months ended March 31, 2022: Weighted Average Stock Options Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Intrinsic Value Balance – December 31, 2021 10,992,335 6,126,901 $ 1.71 $ 1.58 $ 1.58 6.27 $ - Granted 375,000 - - - - - - Exercised - - - - - - - Cancelled (30,208 ) - - - - - - Balance – March 31, 2022 11,337,127 6,317,609 $ 1.67 $ 1.56 $ 1.56 6.27 $ 20,912 The following table summarizes information on stock options outstanding and exercisable as of March 31, 2022: Grant Price Weighted Total Number Weighted From To Exercise Price Outstanding Exercisable Term $ 0.26 $ 2.02 $ 1.17 8,356,377 3,149,818 7.83 years $ 2.10 $ 4.60 $ 2.47 2,537,750 2,724,791 6.48 years $ 5.30 $ 8.86 $ 6.44 443,000 443,000 6.10 years Totals 11,337,127 6,317,609 Warrants During the three months ended March 31, 2022, warrants to purchase 0.2 million shares of common stock expired and were cancelled. The following table summarizes information on warrants outstanding as of March 31, 2022: Weighted Average Warrants Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested (Years) Value Balance – December 31, 2021 35,634,075 35,629,908 $ 1.04 $ 1.04 $ 0.53 4.38 $ - Granted - - - - - - - Exercised - - - - - - - Cancelled (159,000 ) - - - - - - Balance – March 31, 2022 35,475,075 35,475,075 $ 1.03 $ 1.03 $ 0.61 4.15 $ 43,042

At-the-Market Offering

At-the-Market Offering	3 Months Ended
	Mar. 31, 2022
Regulated Operations [Abstract]
At-the-Market Offering	Note 7 – At-the-Market Offering In May 2020, the Company entered into an At-the-Market Offering Sales Agreement (the “ATM”) with Virtu Americas, LLC as sales agent. During the three months ended March 31, 2022, the Company sold 0.6 million shares of its common stock under the ATM program for proceeds of $0.2 million, net of commissions.

Non-Cash Expenses

Non-Cash Expenses	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Non-Cash Expenses	Note 8 – Non-Cash Expenses The following table details the Company’s non-cash expenses included in the accompanying condensed statements of operations: For the Three Months 2022 2021 Operating expenses: Stock-based compensation $ 456,423 $ 320,444 Depreciation & amortization 32,801 36,685 Subtotal $ 489,224 $ 357,129 Other expense: Amortization of debt discount 8,350 12,932 Subtotal $ 8,350 $ 12,932 Total non-cash expenses $ 497,574 $ 370,061

Promissory Notes

Promissory Notes	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Promissory Notes	Note 9 – Promissory Notes During the three months ended March 31, 2022, the Company repaid a promissory note, held by a director of the Company, totaling $0.5 million in principal and interest. During the three months ended March 31, 2021, the Company paid $0.1 million in principal and interest for two promissory notes that matured.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 10 – Subsequent Events Management has evaluated subsequent events to determine if events or transactions occurring through the date on which the condensed financial statements were issued require adjustment or disclosure in the Company’s condensed financial statements. As of the filing date of this Form 10-Q, there were no subsequent events which require adjustment or disclosure in the Company’s condensed financial statements.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2022
Business Organization and Nature of Operations [Abstract]
Basis of Presentation	Basis of Presentation All amounts are presented in U.S. Dollars.
Use of Estimates	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 and disclosure of contingent liabilities at dates of the financial statements and the reported amounts of revenue and expenses during the periods. Actual results could differ from these estimates. The Company’s significant estimates and assumptions include the fair value of financial instruments, stock-based compensation and the valuation allowance relating to the Company’s deferred tax assets.
Concentrations of Credit Risk	Concentrations of Credit Risk The Company maintains deposits in a financial institution which is insured by the Federal Deposit Insurance Corporation (“FDIC”). At various times, the Company has deposits in this financial institution in excess of the amount insured by the FDIC. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk.
Investments	Investments Investments as of March 31, 2022 and December 31, 2021 consist of U.S. Treasury Bills, which are classified as held-to-maturity, totaling $22.0 million and $21.3 million, respectively. The Company determines the appropriate balance sheet classification of its investments at the time of purchase and evaluates the classification at each balance sheet date. All of the Company’s U.S. Treasury Bills mature within the subsequent twelve months from the date of purchase. Unrealized gains and losses were de minimus
Capitalization of Patent Costs	Capitalization of Patent Costs The Company capitalizes the costs of its patents which consists of legal and filing fees related to the prosecution of patent filings. The patents will be amortized using the straight-line method over the estimated remaining lives of the patents which is 20 years from the initial filing of the patent.
Common Stock Purchase Warrants	Common Stock Purchase Warrants The Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) provide the Company with a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement) provided that such contracts are indexed to the Company’s own stock. The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the Company’s control) or (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). The Company assesses classification of its common stock purchase warrants and other free-standing derivatives at each reporting date to determine whether a change in classification between assets, liabilities and equity is required. The Company’s free-standing derivatives consist of warrants to purchase common stock that were issued in connection with its notes payable and a private offering. The Company evaluated these warrants to assess their proper classification using the applicable criteria enumerated under U.S. GAAP and determined that the common stock purchase warrants meet the criteria for equity classification in the accompanying balance sheets as of March 31, 2022 and December 31, 2021.
Share-Based Payment	Share-Based Payment The Company accounts for share-based payments using the fair value method. For employees and directors, the fair value of the award is measured, as discussed below, on the grant date. For non-employees, fair value is generally valued based on the fair value of the services provided or the fair value of the equity instruments on the measurement date, whichever is more readily determinable. The Company accounts for performance-based share payments by measuring the fair value of the grant when the performance criteria are deemed satisfied and recognizing the associated expense at that time. The Company has granted stock options at exercise prices equal to the closing price of the Company’s common stock as reported by The Nasdaq Capital Market, with input from management on the date of grant. Upon exercise of an option or warrant, the Company issues new shares of common stock out of its authorized shares. The weighted-average fair value of options and warrants has been estimated on the grant date or measurement date using the Black-Scholes pricing model. The fair value of each instrument is estimated on the grant date or measurement date utilizing certain assumptions for a risk-free interest rate, volatility and expected remaining lives of the awards. The risk-free interest rate used is the United States Treasury rate for the day of the grant having a term equal to the life of the equity instrument. The assumptions used in calculating the fair value of share-based payment awards represent management’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and the Company uses different assumptions, the Company’s stock-based compensation expense could be materially different in the future. The weighted-average Black-Scholes assumptions are as follows: For the Three Months 2022 2021 Expected life 6.25 years N/A Risk free interest rate 1.47 % N/A Expected volatility 92 % N/A Expected dividend yield N/A N/A Forfeiture rate N/A N/A As of March 31, 2022, total unrecognized stock option compensation expense was $5.4 million, which will be recognized as those options vest over a period of approximately four years. The amount of future stock option compensation expense could be affected by any future option grants or by any option holders leaving the Company before their grants are fully vested.
Net Loss Per Share of Common Stock	Net Loss Per Share of Common Stock Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. Potentially dilutive securities are excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive and consist of the following as of March 31, 2022 and 2021: As of March 31, 2022 2021 Options 11,337,127 6,805,538 Warrants 35,475,075 19,368,918 Totals 46,812,202 26,174,456
Recent Accounting Pronouncements	Recent Accounting Pronouncements There were no recently issued accounting standards not yet adopted which would have a material effect on the Company’s consolidated financial statements or related disclosures.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Business Organization and Nature of Operations [Abstract]
Schedule of weighted-average Black-Scholes assumptions	For the Three Months 2022 2021 Expected life 6.25 years N/A Risk free interest rate 1.47 % N/A Expected volatility 92 % N/A Expected dividend yield N/A N/A Forfeiture rate N/A N/A
Schedule of anti-dilutive securities excluded from computation of diluted net loss per share	As of March 31, 2022 2021 Options 11,337,127 6,805,538 Warrants 35,475,075 19,368,918 Totals 46,812,202 26,174,456

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities [Abstract]
Schedule of accrued liabilities	As of As of March 31, December 31, Lab services & supplies $ 13,080 $ 6,080 Professional fees 121,253 73,090 Interest - 112,932 Other 2,452 3,918 Total accrued liabilities $ 136,785 $ 196,020

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Schedule of stock-based compensation	For the Three Months 2022 2021 Research and development $ 28,808 $ 57,102 General and administrative 427,615 263,342 Total $ 456,423 $ 320,444
Schedule of stock option activity	Weighted Average Stock Options Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Intrinsic Value Balance – December 31, 2021 10,992,335 6,126,901 $ 1.71 $ 1.58 $ 1.58 6.27 $ - Granted 375,000 - - - - - - Exercised - - - - - - - Cancelled (30,208 ) - - - - - - Balance – March 31, 2022 11,337,127 6,317,609 $ 1.67 $ 1.56 $ 1.56 6.27 $ 20,912
Schedule of stock options outstanding and exercisable	Grant Price Weighted Total Number Weighted From To Exercise Price Outstanding Exercisable Term $ 0.26 $ 2.02 $ 1.17 8,356,377 3,149,818 7.83 years $ 2.10 $ 4.60 $ 2.47 2,537,750 2,724,791 6.48 years $ 5.30 $ 8.86 $ 6.44 443,000 443,000 6.10 years Totals 11,337,127 6,317,609
Schedule of warrants activity	Weighted Average Warrants Exercise Price Fair Value Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested (Years) Value Balance – December 31, 2021 35,634,075 35,629,908 $ 1.04 $ 1.04 $ 0.53 4.38 $ - Granted - - - - - - - Exercised - - - - - - - Cancelled (159,000 ) - - - - - - Balance – March 31, 2022 35,475,075 35,475,075 $ 1.03 $ 1.03 $ 0.61 4.15 $ 43,042

Non-Cash Expenses (Tables)

Non-Cash Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Schedule of non-cash expenses included in condensed statements of operations	For the Three Months 2022 2021 Operating expenses: Stock-based compensation $ 456,423 $ 320,444 Depreciation & amortization 32,801 36,685 Subtotal $ 489,224 $ 357,129 Other expense: Amortization of debt discount 8,350 12,932 Subtotal $ 8,350 $ 12,932 Total non-cash expenses $ 497,574 $ 370,061

Liquidity and Management_s Pl_2

Liquidity and Management’s Plans (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Liquidity And Managements Plan [Abstract]
Working capital	$ 22.7
Stockholder equity	23
Net loss	3.3
Cash used in operating activities	2.5
Cash and investment balance	$ 23.5

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Business Organization and Nature of Operations [Abstract]
U.S. treasury bills	$ 22	$ 21.3
Estimate life of patent	20 years
Unrecognized stock option compensation expense	$ 5.4
Options vest over a period	4 years

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - Schedule of weighted-average Black-Scholes assumptions - Equity Option [Member] - Minimum [Member]	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Summary of Significant Accounting Policies (Details) - Schedule of weighted-average Black-Scholes assumptions [Line Items]
Expected life	6 years 3 months
Risk free interest rate	1.47%
Expected volatility	92.00%
Expected dividend yield
Forfeiture rate

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details) - Schedule of anti-dilutive securities excluded from computation of diluted net loss per share - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, Amount	46,812,202	26,174,456
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, Amount	35,475,075	19,368,918
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, Amount	11,337,127	6,805,538

Accrued Liabilities (Details) -

Accrued Liabilities (Details) - Schedule of accrued liabilities - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Schedule of accrued liabilities [Abstract]
Lab services & supplies	$ 13,080	$ 6,080
Professional fees	121,253	73,090
Interest		112,932
Other	2,452	3,918
Total accrued liabilities	$ 136,785	$ 196,020

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 0.1	$ 0.1

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Stockholders' Equity (Details) [Line Items]
Authorized to issue and sale of stock	185,000,000
Common stock, shares authorized	180,000,000
Common stock, par value (in Dollars per share)	$ 0.001		$ 0.001
Preferred stock, shares authorized	5,000,000		5,000,000
Preferred stock, par value (in Dollars per share)	$ 0.001		$ 0.001
Preferred stock, outstanding	0	0
Options to purchase common stock	30,208
Cash proceeds of exercised, stock options (in Dollars)		$ 958,847
Stock options term	10 years
Awardee over a period	4 years
Warrant [Member]
Stockholders' Equity (Details) [Line Items]
Warrants to purchase of common stock expired	200,000
Stock Option [Member]
Stockholders' Equity (Details) [Line Items]
Options to purchase common stock	400,000
Cash proceeds of exercised, stock options (in Dollars)	$ 0.43
Grant date fair value (in Dollars per share)	$ 100,000
Stock Option [Member] | 2011 plan [Member]
Stockholders' Equity (Details) [Line Items]
Remaining options to be issued	2,900,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Schedule of stock-based compensation - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of stock-based compensation [Abstract]
Research and development	$ 28,808	$ 57,102
General and administrative	427,615	263,342
Total	$ 456,423	$ 320,444

Stockholders' Equity (Details_2

Stockholders' Equity (Details) - Schedule of stock option activity	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Schedule of stock option activity [Abstract]
Stock Options, Outstanding, Beginning Balance (in Shares) | shares	10,992,335
Stock Options, Exercisable, Beginning Balance (in Shares) | shares	6,126,901
Weighted Average, Exercise Price, Outstanding, Beginning Balance	$ 1.71
Weighted Average, Exercise Price, Exercisable, Beginning Balance	1.58
Weighted Average, Fair Value Vested, Beginning Balance	$ 1.58
Weighted Average, Contractual Life (Years), Beginning Balance	6 years 3 months 7 days
Weighted Average Aggregate Intrinsic Value, Beginning Balance (in Dollars) | $
Stock Options, Outstanding, Granted (in Shares) | shares	375,000
Stock Options, Exercisable, Granted (in Shares) | shares
Weighted Average, Exercise Price, Outstanding, Granted
Weighted Average, Exercise Price, Exercisable, Granted
Weighted Average, Fair Value Vested, Granted
Weighted Average, Aggregate Intrinsic Value, Granted (in Dollars) | $
Stock Options Outstanding Exercised (in Shares) | shares
Stock Options Exercisable Exercised (in Shares) | shares
Weighted Average Outstanding Exercised
Weighted Average Exercisable Exercised
Weighted Average Fair Value Vested Exercised
Weighted Average Aggregate Intrinsic Value Exercised (in Dollars) | $
Stock Options Outstanding Cancelled (in Shares) | shares	(30,208)
Stock Options Exercisable Cancelled (in Shares) | shares
Weighted Average Outstanding Cancelled
Weighted Average Exercisable Cancelled
Weighted Average Fair Value Vested Cancelled
Weighted Average Aggregate Intrinsic Value Cancelled (in Dollars) | $
Stock Options, Outstanding, Ending Balance (in Shares) | shares	11,337,127
Stock Options, Exercisable, Ending Balance (in Shares) | shares	6,317,609
Weighted Average, Exercise Price, Outstanding, Ending Balance	$ 1.67
Weighted Average, Exercise Price, Exercisable, Ending Balance	1.56
Weighted Average, Fair Value Vested, Ending Balance	$ 1.56
Weighted Average, Contractual Life (Years), Ending Balance	6 years 3 months 7 days
Weighted Average, Aggregate Intrinsic Value, Ending Balance (in Dollars) | $	$ 20,912

Stockholders' Equity (Details_3

Stockholders' Equity (Details) - Schedule of stock options outstanding and exercisable	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Stock Options, Weighted Average Exercise Price
Stock Options, Total Outstanding (in Shares) | shares	11,337,127
Stock Options, Number Exercisable (in Shares) | shares	6,317,609
Grant Price From 0.26 To 2.02 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Stock Options, Grant Price, Minimum	$ 0.26
Stock Options, Stock Options, Grant Price, Maximum	2.02
Stock Options, Weighted Average Exercise Price	$ 1.17
Stock Options, Total Outstanding (in Shares) | shares	8,356,377
Stock Options, Number Exercisable (in Shares) | shares	3,149,818
Stock Options, Weighted Average Remaining Contractual Term	7 years 9 months 29 days
Grant Price From 2.10 To 4.60 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Stock Options, Grant Price, Minimum	$ 2.1
Stock Options, Stock Options, Grant Price, Maximum	4.6
Stock Options, Weighted Average Exercise Price	$ 2.47
Stock Options, Total Outstanding (in Shares) | shares	2,537,750
Stock Options, Number Exercisable (in Shares) | shares	2,724,791
Stock Options, Weighted Average Remaining Contractual Term	6 years 5 months 23 days
Grant Price From 5.30 To 8.86 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Stock Options, Grant Price, Minimum	$ 5.3
Stock Options, Stock Options, Grant Price, Maximum	8.86
Stock Options, Weighted Average Exercise Price	$ 6.44
Stock Options, Total Outstanding (in Shares) | shares	443,000
Stock Options, Number Exercisable (in Shares) | shares	443,000
Stock Options, Weighted Average Remaining Contractual Term	6 years 1 month 6 days

Stockholders' Equity (Details_4

Stockholders' Equity (Details) - Schedule of warrants activity	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Schedule of warrants activity [Abstract]
Warrants, Outstanding, Beginning Balance (in Shares) | shares	35,634,075
Warrants, Exercisable, Beginning Balance (in Shares) | shares	35,629,908
Weighted Average, Exercise Price, Outstanding, Beginning Balance	$ 1.04
Weighted Average, Exercise Price, Exercisable, Beginning Balance	1.04
Weighted Average, Fair Value Vested, Beginning Balance	$ 0.53
Weighted Average, Contractual Life (Years), Beginning Balance	4 years 4 months 17 days
Aggregate Intrinsic Value, Beginning Balance (in Dollars) | $
Warrants, Outstanding, Granted (in Shares) | shares
Warrants, Exercisable, Granted (in Shares) | shares
Weighted Average, Exercise Price, Outstanding, Granted
Weighted Average, Exercise Price, Exercisable, Granted
Weighted Average, Fair Value Vested, Granted
Aggregate Intrinsic Value, Granted (in Dollars) | $
Warrants, Outstanding, Exercised (in Shares) | shares
Warrants, Exercisable, Exercised (in Shares) | shares
Weighted Average, Exercise Price, Outstanding, Exercised
Weighted Average, Exercise Price, Exercisable, Exercised
Weighted Average, Fair Value Vested, Exercised
Aggregate Intrinsic Value, Exercised (in Dollars) | $
Warrants, Outstanding, Cancelled (in Shares) | shares	(159,000)
Warrants, Exercisable, Cancelled (in Shares) | shares
Weighted Average, Exercise Price, Outstanding, Cancelled
Weighted Average, Exercise Price, Exercisable, Cancelled
Weighted Average, Fair Value Vested, Cancelled
Aggregate Intrinsic Value, Cancelled
Warrants, Outstanding, Ending Balance (in Shares) | shares	35,475,075
Warrants, Exercisable, Ending Balance (in Shares) | shares	35,475,075
Weighted Average, Exercise Price, Outstanding, Ending Balance	$ 1.03
Weighted Average, Exercise Price, Exercisable, Ending Balance	1.03
Weighted Average, Fair Value Vested, Ending Balance	$ 0.61
Weighted Average, Contractual Life (Years), Ending Balance	4 years 1 month 24 days
Aggregate Intrinsic Value, Ending Balance (in Dollars) | $	$ 43,042

At-the-Market Offering (Details

At-the-Market Offering (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
At-the-Market Offering (Details) [Line Items]
Common stock issued	86,981,684	86,339,567
Net proceeds	$ 0.2
Common Stock [Member] | ATM [Member]
At-the-Market Offering (Details) [Line Items]
Common stock issued	600,000

Non-Cash Expenses (Details) - S

Non-Cash Expenses (Details) - Schedule of non-cash expenses included in condensed statements of operations - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Stock-based compensation	$ 456,423	$ 320,444
Depreciation & amortization	32,801	36,685
Subtotal	489,224	357,129
Other expense:
Amortization of debt discount	8,350	12,932
Subtotal	8,350	12,932
Total non-cash expenses	$ 497,574	$ 370,061

Promissory Notes (Details)

Promissory Notes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Disclosure [Abstract]
Totaling in principal and interest	$ 0.5
Paid in principal and interest		$ 0.1