Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 06, 2023 | Jun. 30, 2022 | |
Document Information Line Items | |||
Entity Registrant Name | COHBAR, INC. | ||
Trading Symbol | CWBR | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 2,906,926 | ||
Entity Public Float | $ 14,064,722 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001522602 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual 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 $0.001 per share | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
Auditor Firm ID | 688 | ||
Auditor Name | Marcum llp | ||
Auditor Location | New York, NY |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 5,930,731 | $ 4,992,145 |
Investments | 9,806,591 | 21,253,866 |
Vendor receivable | 27,500 | 173,499 |
Prepaid expenses and other current assets | 453,681 | 527,380 |
Total current assets | 16,218,503 | 26,946,890 |
Property and equipment, net | 65,509 | 260,612 |
Intangible assets, net | 18,083 | 19,309 |
Other assets | 63,572 | 69,620 |
Total assets | 16,365,667 | 27,296,431 |
Current liabilities: | ||
Accounts payable | 180,104 | 371,993 |
Accrued liabilities | 327,868 | 196,020 |
Accrued payroll and other compensation | 525,666 | 754,314 |
Note payable, net of debt discount and offering costs of $0 and $8,723 as of December 31, 2022 and December 31, 2021, respectively | 366,277 | |
Total liabilities | 1,033,638 | 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 September 30, 2022 and December 31, 2021, respectively | ||
Common stock, $0.001 par value, Authorized 12,000,000 shares: Issued and outstanding 2,906,926 shares as of Decemebr 31, 2022 and 2,877,985 as of December 31, 2021 | 2,907 | 2,878 |
Additional paid-in capital | 112,238,392 | 110,339,011 |
Accumulated deficit | (96,909,270) | (84,734,062) |
Total stockholders’ equity | 15,332,029 | 25,607,827 |
Total liabilities and stockholders’ equity | $ 16,365,667 | $ 27,296,431 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) | Dec. 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 | 12,000,000 | 12,000,000 |
Common stock, shares issued | 2,906,926 | 2,877,985 |
Common stock, shares outstanding | 2,906,926 | 2,877,985 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Revenues | ||
Operating expenses: | ||
Research and development | 5,935,718 | 7,705,090 |
General and administrative | 6,452,579 | 7,703,065 |
Total operating expenses | 12,388,297 | 15,408,155 |
Operating loss | (12,388,297) | (15,408,155) |
Other income (expense): | ||
Interest income | 223,291 | 5,578 |
Interest expense | (1,479) | (40,108) |
Amortization of debt discount and offering costs | (8,723) | (33,091) |
Total other income (expense) | 213,089 | (67,621) |
Net loss | $ (12,175,208) | $ (15,475,776) |
Basic and diluted net loss per share (in Dollars per share) | $ (4.2) | $ (6.97) |
Weighted average common shares outstanding - basic and diluted (in Shares) | 2,900,202 | 2,220,981 |
Statements of Operations (Paren
Statements of Operations (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Basic and diluted net loss per share | $ (4.20) | $ (6.97) |
Weighted average common shares outstanding - basic and diluted | 2,900,202 | 2,220,981 |
Statements of Changes in Stockh
Statements of Changes in Stockholders’ Equity - USD ($) | Common Stock | Additional Paid-in-Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2020 | $ 2,038 | $ 87,743,403 | $ (69,258,286) | $ 18,487,155 |
Balance (in Shares) at Dec. 31, 2020 | 2,037,250 | |||
Stock-based compensation | 2,543,712 | 2,543,712 | ||
Issuance of common stock for ESPP plan | $ 1 | 16,813 | 16,814 | |
Issuance of common stock for ESPP plan (in Shares) | 589 | |||
Exercise of employee stock options | $ 42 | 1,240,448 | 1,240,490 | |
Exercise of employee stock options (in Shares) | 42,072 | |||
Exercise of warrants | $ 48 | 2,089,428 | 2,089,476 | |
Exercise of warrants (in Shares) | 48,367 | |||
Sale of common stock in ATM, net | $ 55 | 2,884,731 | 2,884,786 | |
Sale of common stock in ATM, net (in Shares) | 55,263 | |||
Sale of common stock in CMPO, net | $ 694 | 13,820,476 | 13,821,170 | |
Sale of common stock in CMPO, net (in Shares) | 694,444 | |||
Net loss | (15,475,776) | (15,475,776) | ||
Balance at Dec. 31, 2021 | $ 2,878 | 110,339,011 | (84,734,062) | 25,607,827 |
Balance (in Shares) at Dec. 31, 2021 | 2,877,985 | |||
Stock-based compensation | 1,663,911 | 1,663,911 | ||
Payout for fractional shares retired as a result of reverse stock split 1:30 | (68) | (68) | ||
Payout for fractional shares retired as a result of reverse stock split 1:30 (in Shares) | (16) | |||
Issuance of common stock for ESPP plan | $ 6 | 25,019 | 25,025 | |
Issuance of common stock for ESPP plan (in Shares) | 5,604 | |||
Sale of common stock in ATM, net | $ 23 | 210,519 | 210,542 | |
Sale of common stock in ATM, net (in Shares) | 23,353 | |||
Net loss | (12,175,208) | (12,175,208) | ||
Balance at Dec. 31, 2022 | $ 2,907 | $ 112,238,392 | $ (96,909,270) | $ 15,332,029 |
Balance (in Shares) at Dec. 31, 2022 | 2,906,926 |
Statements of Changes in Stoc_2
Statements of Changes in Stockholders’ Equity (Parentheticals) | 12 Months Ended |
Dec. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | |
Reverse stock split | 1:30 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (12,175,208) | $ (15,475,776) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 99,247 | 140,914 |
Gain on disposal of assets | (6,449) | |
Stock-based compensation | 1,663,911 | 2,543,712 |
Amortization of debt discount | 8,350 | 31,687 |
Amortization of debt issuance costs | 373 | 1,405 |
Discount on investments | 32,275 | (1,600) |
Changes in operating assets and liabilities: | ||
Vendor receivable | 145,999 | (173,499) |
Prepaid expenses and other current assets | 73,699 | (113,688) |
Accounts payable | (191,889) | (355,606) |
Accrued liabilities | 131,848 | (945,721) |
Accrued payroll and other compensation | (228,648) | (99,021) |
Net cash used in operating activities | (10,446,492) | (14,447,193) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (6,397) | |
Net proceeds from the sale of property and equipment | 103,531 | |
Payment for security deposit | 6,048 | (2,217) |
Patent costs | (2,359) | |
Purchases of investments | (56,650,000) | (43,601,000) |
Proceeds from redemptions of investments | 68,065,000 | 40,469,000 |
Net cash provided by (used in) investing activities | 11,524,579 | (3,142,973) |
Cash flows from financing activities: | ||
Proceeds from ESPP plan | 25,025 | 16,814 |
Proceeds from public offering | 15,000,000 | |
Costs of public offering | (1,178,830) | |
Proceeds from the At-the-Market Offering | 216,393 | 2,980,595 |
Costs of the At-the-Market Offering | (5,851) | (95,809) |
Proceeds from exercise of warrants | 2,089,476 | |
Repayment of promissory notes | (375,000) | (365,000) |
Proceeds from exercise of employee stock options | 1,240,490 | |
Reverse stock split fractional share payment | (68) | |
Net cash (used in) provided by financing activities | (139,501) | 19,687,736 |
Net increase in cash and cash equivalents | 938,586 | 2,097,570 |
Cash and cash equivalents at beginning of period | 4,992,145 | 2,894,575 |
Cash and cash equivalents at end of period | 5,930,731 | 4,992,145 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 1,332 | 1,332 |
Cash paid for interest | $ 114,411 | $ 89,908 |
Business Organization and Natur
Business Organization and Nature of Operations | 12 Months Ended |
Dec. 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. The Company’s primary historical activities have included utilizing its technology 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 has suspended IND-enabling work on pre-clinical candidate CB5138-3, which the Company had been developing as a potential treatment of idiopathic pulmonary fibrosis and other fibrotic diseases. The decision to suspend IND-enabling work follows recently completed non-clinical formulation studies seeking to identify a formulation suitable for clinical development. In connection with the decision to suspend IND-enabling work for this candidate, the Company intends to explore development and/or partnership opportunities within the Company’s peptide library and technology platform, while simultaneously exploring other strategic alternatives. In addition, the Company does not believe that the formulation of CB4211 used in the Phase 1b stage of the trial is suitable for further development. Efforts to develop an improved formulation have not been successful to date and there can be no assurances that the Company will be able to develop such a formulation. The Company has retained Ladenburg Thalmann & Co. Inc. as a financial advisor to assist the Company in exploring strategic alternatives. Potential strategic alternatives that may be explored or evaluated as part of this process include a merger, business combination, investment into the Company, asset sale or other strategic transaction. The board of directors of the Company has not set a timetable for the conclusion of this review, nor has it made any definitive decisions related to taking any further actions or potential strategic options at this time or at all. There can be no assurance that this process will result in any such transaction and the Company does not intend to disclose additional details unless and until it has entered into a specific transaction. In response to the COVID-19 pandemic, the Company took steps to mitigate the potential impacts on its business, including modifying 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 extent to which the pandemic or future pandemics may impact the Company’s business or future preclinical studies and clinical trials will depend on future developments, which are highly uncertain and cannot be predicted with confidence. The Company expects to continue to take actions that are in the best interests of its employees and business partners. |
Liquidity and Management_s Plan
Liquidity and Management’s Plans | 12 Months Ended |
Dec. 31, 2022 | |
Liquidity and Management’s Plan [Abstract] | |
LIQUIDITY AND MANAGEMENT’S PLANS | Note 2 – Liquidity and Management’s Plans As of December 31, 2022, the Company had a cash, cash equivalents and investments balance of $15.7 million and working capital and stockholders’ equity of $15.2 million and $15.3 million, respectively. During the year ended December 31, 2022, the Company incurred a net loss of $12.2 million. As reflected in the financial statements, the Company had an accumulated deficit as of December 31, 2022 and 2021, as well as recurring losses and negative cash flows from operating activities from inception. These factors raised substantial doubt about the Company’s ability to continue as a going concern for at least one year from the issuance of these financial statements. However, based on managements’ plans, which include a planned decrease in research and development expenses due to the suspension of the IND enabling work for pre-clinical candidate CB5138-3 and a focus on evaluating potential strategic alternatives, 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 and, depending on the outcome of the Company’s evaluation of strategic alternatives, 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 further decelerate or curtail its operations until such time as additional capital becomes available, which could have a material adverse effect on the Company and it financial statements. 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 | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies [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 accounting principles generally accepted in the United States (“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. Reverse Stock Split During the year ended December 31, 2022, the Company effected a reverse stock split of its common stock at a ratio of 1-for-30. No fractional shares were issued in connection with the reverse stock split. Stockholders of record who would have otherwise been entitled to receive a fractional share received a cash payment in lieu thereof. All information presented in the accompanying financial statements, unless otherwise indicated herein, reflects the 1-for-30 reverse stock split of the Company’s outstanding shares of common stock, and unless otherwise indicated, all such amounts and corresponding conversion price or exercise price data set forth herein have been adjusted to give effect to such reverse stock split. 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 December 31, 2022 and 2021 consist of U.S. Treasury Bills, which are classified as held-to-maturity, and Certificates of Deposit totaling $9.8 million and $21.3 million as of December 31, 2022 and 2021, 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 Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of December 31, 2022 and 2021, the Company invested $3.9 million and $0.7 million, respectively, in Treasury Bills that are considered cash equivalents due to their maturity date being less than three months from the date of purchase. Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation of computer and lab equipment is computed by use of the straight-line method based on the estimated useful lives of the assets, which range from three to five years. Expenditures for maintenance and repairs that do not improve or extend the expected lives of the assets are expensed to operations, while expenditures for major upgrades to existing items are capitalized. Upon retirement or other disposition of these assets, the costs and accumulated depreciation are removed from the accounts and resulting gains or losses are reflected in the results of operations. Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes three levels of inputs that may be used to measure fair value: Level 1 - quoted prices in active markets for identical assets or liabilities. Level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable. Level 3 - inputs that are unobservable (for example, cash flow modeling inputs based on assumptions). The carrying amounts of cash, investments and accounts payable approximate fair value due to the short-term nature of these instruments. The amount of debt included in the accompanying balance sheets approximates its fair value because the interest rate of the notes approximates the current market interest rate. Common Stock Purchase Warrants The Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) provides the Company with a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement) providing 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) gives 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 public and private offerings. 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 December 31, 2022 and 2021. Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The benefit of tax positions taken or expected to be taken in income tax returns are recognized in the financial statements if such positions are more likely than not of being sustained. Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s financial statements as of December 31, 2022 and 2021. The Company does not expect any significant changes in the unrecognized tax benefits within twelve months of the reporting date. The Company classifies interest expense and any related penalties related to income tax uncertainties as a component of income tax expense. No interest or penalties have been recognized during the years ended December 31, 2022 and 2021. Research and Development Expenses The Company expenses all research and development expenses as incurred. These costs include payroll, employee benefits, supplies, contracted for lab services, depreciation and other personnel-related costs associated with product development. Share-Based Payments 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 has granted stock options at exercise prices equal to the closing price of the Company’s common stock as reported by Nasdaq, 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. Volatility was derived from the Company’s historical share prices. 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. The Black-Scholes assumptions are as follows: For the Years Ended 2022 2021 Expected life 6 years 6 years Risk free interest rate 1.47-3.055% 0.90 - 1.38% Expected volatility 91-92% 91 - 92% Expected dividend yield 0% 0% As of December 31, 2022, total unrecognized stock compensation expense was $4.2 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 December 31, 2022 2021 Options 317,857 366,412 Warrants 1,178,169 1,187,803 Totals 1,496,026 1,554,215 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | Note 4 - Property and Equipment Property and equipment consist of the following: As of December 31, 2022 2021 Lab equipment $ 412,741 $ 860,433 Computer and equipment 72,064 72,062 Total property and equipment $ 484,805 $ 932,495 Less: accumulated depreciation (419,296 ) (671,883 ) Total property and equipment, net $ 65,509 $ 260,612 During the year December 31, 2022, the Company recognized a gain of approximately $6.0 thousand after selling unused equipment with a net book value of approximately $0.1 million for proceeds of $0.1 million net of selling expenses. Depreciation expense related to property and equipment for the years ended December 31, 2022 and 2021 was $0.1 million and $0.1 million, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | Note 5 – Intangible Assets Intangible assets consist of the following: As of December 31, 2022 2021 Intangible assets: patents $ 23,963 $ 23,963 Less: amortization (5,880 ) (4,654 ) Total intangible assets, net $ 18,083 $ 19,309 Amortization expense for each of the years ended December 31, 2022 and 2021 was $1,226 and $1,125, respectively. The Company will recognize intangible amortization expense of $1,226 in each of the next five years. Thereafter, amortization expense will total approximately $12.0 thousand. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities [Abstract] | |
ACCRUED LIABILITIES | Note 6 – Accrued Liabilities Accrued liabilities consist of the following: As of December 31, 2022 2021 Lab services & supplies $ 160,482 $ 6,080 Professional fees 167,386 73,090 Interest - 112,932 Other - 3,918 Total accrued liabilities $ 327,868 $ 196,020 |
Notes Payable _ Related Party
Notes Payable – Related Party | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE – RELATED PARTY | Note 7 - Notes Payable – Related Party During the year ended December 31, 2022, the Company repaid a promissory note, held by a director of the Company, totaling $0.4 million in principal and $0.1 million in interest. During the year ended December 31, 2021, the Company paid $0.5 million in principal and interest for two promissory notes that matured . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 8 - Commitments and Contingencies Litigations, Claims and Assessments The Company may from time to time be a party to litigation and subject to claims incident to the ordinary course of business. In the future, the Company may become a 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 material legal proceedings. Licensing Agreements The Company is a party to an Exclusive License Agreement (the “2011 Exclusive Agreement”) with the Regents of the University of California (“the Regents” or “Licensors”) which remains in effect for the life of the last-to-expire patent or last to be abandoned patent application, whichever is later. The Company agreed to pay the Licensors specified development milestone payments aggregating up to $765,000 for the first product sold under the license. Milestone payments for additional products developed and sold under the license are reduced by 50%. The Company is also required to pay annual maintenance fees to the Licensors. Aggregate maintenance fees for the first five years following execution of the agreement were $80,000. Thereafter, the Company is required to pay maintenance fees of $50,000 annually until the first sale of a licensed product. In addition, for the duration of the 2011 Exclusive Agreement, the Company is required to pay the Licensors royalties equal to 2% of its worldwide net sales of drugs, therapies or other products developed from claims covered by the licensed patents, subject to a minimum royalty payment of $75,000 annually, beginning after the first commercial sale of a licensed product. The Company is required to pay royalties ranging from 8% of worldwide sublicense sales of covered products (if the sublicense is entered after commencement of Phase II clinical trials) to 12% of worldwide sublicense sales (if the sublicense is entered prior to commencement of Phase I clinical trials). The agreement also requires the Company to meet certain diligence and development milestones, including filing of an Investigational New Drug (“IND”) Application for a product covered by the agreement on or before the seventh anniversary of the agreement date. In October 2021, the Regents accepted the Company’s payment for an additional year of license maintenance. Through December 31, 2022, no royalties have been incurred under the agreement. All maintenance fees due and payable have been paid. The Company has terminated the 2011 Exclusive Agreement, effective as of April 6, 2023. The Company is also a party to an Exclusive License Agreement (the “2013 Exclusive Agreement”) with the Regents whereby the Regents granted to the Company an exclusive license for the use of certain other patents. The 2013 Exclusive Agreement remains in effect for the life of the last-to-expire patent or last to be abandoned patent application, whichever is later. The Company paid the Regents an initial license issue fee of $10,000 for these other patents. The Company is also required to pay annual maintenance fees to the Licensors. Aggregate maintenance fees for the first three years following execution of the agreement were $7,500. Thereafter, the Company is required to pay maintenance fees of $5,000 annually until the first sale of a licensed product. The Company agreed to pay the Regents specified development milestone payments aggregating up to $765,000 for the first product sold under the 2013 Exclusive Agreement. Milestone payments for additional products developed and sold under the 2013 Exclusive Agreement are reduced by 50%. In addition, for the duration of the 2013 Exclusive Agreement, the Company is required to pay the Regents royalties equal to 2% of the Company’s worldwide net sales of drugs, therapies or other products developed from claims covered by the licensed patent, subject to a minimum royalty payment of $75,000 annually, beginning after the first commercial sale of a licensed product. The Company is required to pay the Regents royalties ranging from 8% of worldwide sublicense sales of covered products (if the sublicense is entered after commencement of Phase II clinical trials) to 12% of worldwide sublicense sales (if the sublicense is entered prior to commencement of Phase I clinical trials). The agreement also requires the Company to meet certain diligence and development milestones, including filing of an IND Application for a product covered by the agreement on or before the seventh anniversary of the agreement date. Through December 31, 2022, no royalties have been incurred under the agreement. All maintenance fees due and payable have been paid. Operating Leases The Company is a party to a lease agreement for laboratory space leased on a month-to-month basis that is part of a shared facility in Menlo Park, California. In September 2022, the Company renewed its lease for office space in Fairfield, New Jersey for an additional year at the same annual cost of $13,080 per annum. Rent expense amounted to $0.4 million in each of the years ended December 31, 2022 and 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Note 9 - Income Taxes The tax effects of temporary differences that give rise to deferred tax assets are as follows: As of December 31, 2022 2021 Current: Accrued expenses $ 133,591 $ 144,077 Stock compensation 354,274 1,800,762 Net operating loss carryforward 20,980,803 19,481,137 Research and development credit carry forward 1,340,317 252,536 Capitalized research and development 1,419,818 - Total deferred tax assets 24,228,803 21,678,512 Valuation allowance (24,228,803 ) (21,678,512 ) Deferred tax asset, net of valuation allowance $ - $ - A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows: For the Years Ended December 31, 2022 2021 U.S. statutory federal rate 21.0 % 21.0 % State income taxes, net of federal tax 7.1 % 7.0 % Permanent differences 0.1 % (2.5 )% Prior year true-ups (10.9 )% (2.7 )% R&D tax credit 3.7 % 0.1 % Change in valuation allowance (21.0 )% (22.9 )% Income tax provision (benefit) - % - % The income tax provision consists of the following: For the Years Ended 2022 2021 Federal Current $ - $ - Deferred (1,909,246 ) (2,723,112 ) State and local Current - - Deferred (641,044 ) (905,577 ) Change in valuation allowance 2,550,290 3,628,689 Income tax provision (benefit) $ - $ - The Company assesses the likelihood that deferred tax assets will be realized. To the extent that realization is not more-likely-than-not, a valuation allowance is established. Based upon the Company’s losses since inception, management believes that it is more-likely-than-not that future benefits of deferred tax assets will not be realized. Therefore, the Company established a full valuation allowance as of December 31, 2022 and 2021. As of December 31, 2022 and 2021, the change in valuation allowance was $2.6 million and $3.6 million, respectively. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions, principally California, Florida, and New Jersey. The Company is subject to examination by the various taxing authorities. The Company’s federal and state income tax returns for tax years beginning in 2019 remain subject to examination. At December 31, 2022 and 2021, the Company had approximately $74.8 million and $70.0 million, respectively, of federal and state net operating loss (“NOLs”) carryovers that may be available to offset future taxable income. The Company’s 2017 and prior federal and state net operating loss carry forwards, if not utilized, will begin to expire from 2029 to 2037. Beginning with 2018, and for subsequent years, the Company’s NOLs will have indefinite lives for federal tax purposes. In addition, net operating losses arising from prior years are also subject to examination at the time they are utilized in future years. In accordance with Section 382 of the Internal Revenue Code (the “Code”), the usage of the Company’s net operating loss carryforward could be limited in the event of a change in ownership. At this time, the Company has not completed a full study to assess whether an ownership change under Section 382 of the Code occurred due to the costs and complexities associated with such a study. The Company’s gross R&D tax credits were approximately $1.3 million as of December 31, 2022 and 2021. These R&D tax credits will begin to expire from 2033 to 2042, respectively. The Inflation Reduction Act of 2022 (the “IRA”) was enacted on August 16, 2022. This bill contains a number of tax-related provisions that are effective after December 31, 2022, including (1) the imposition of a 15% minimum tax on book income for corporations with a 3-year average adjusted book income over $1 billion, and (2) the creation of a 1% excise tax on the value of stock repurchases (net of the value of stock issuances) during the taxable year. Upon initial evaluation, the Company does not expect the IRA to have a material impact on the Company’s financial statements |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS’ EQUITY | Note 10 - Stockholders’ Equity Authorized Capital The Company has authorized the issuance and sale of up to 17 million shares of stock, consisting of 12 million shares of common stock having a par value of $0.001 and 5 million shares of Preferred Stock having a par value of $0.001 per share. As of December 31, 2022 and 2021, there were no shares of Preferred Stock outstanding and there were no At-the-Market Offering During the year ended December 31, 2020, the Company entered into an At-the-Market Offering Sales Agreement (“ATM”) with Virtu Americas, LLC, as sales agent. During the year ended December 31, 2022, the Company sold 23.4 thousand shares of its common stock under the ATM program for proceeds of $0.2 million, net of commissions. During the year ended December 31, 2021, the Company sold 55.3 thousand shares of its common stock under the ATM program for proceeds of $2.9 million, net of commissions. During the year ended December 31, 2021, the Company incurred professional fees of $21.3 thousand related to the ATM and recognized those costs as a reduction to additional paid-in capital in the accompanying condensed balance sheets. As of December 31, 2022, the Company had approximately $5.0 million available in its ATM program. Underwritten Public Offerings During the year ended December 31, 2021, the Company completed an underwritten public offering of its securities (the “Public Offering”) pursuant to which it sold 0.7 million shares of its common stock and warrants to purchase up to 0.7 million shares of common stock for proceeds of $13.8 million, net of commissions and professional fees of approximately $1.2 million. The warrants issued in the Public Offering were immediately exercisable and have a term of five years and a per share exercise price of $21.60. 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. During the year ended December 31, 2020, the Company’s stockholders approved an amendment to the 2011 Plan to increase the number of shares authorized for issuance under the 2011 Plan to a total of approximately 0.5 million. As of December 31, 2022, there were 0.2 million shares remaining available for issuance under the 2011 Plan. During the year ended December 31, 2022, stock options to purchase 19.4 thousand shares of common stock were granted at a weighted average exercise price of $10.42 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 $0.2 million. During the year ended December 31, 2022, stock options to purchase 67.9 thousand shares of common stock were cancelled and returned to the option pool for future issuance. During the year ended December 31, 2021, the Company granted stock options to employees to purchase 0.2 million shares of the Company’s common stock, including certain time and performance-based inducement awards, with grant date prices that ranged between $10.20 to $41.40 per share. The stock options have terms of ten years and are subject to vesting based on continuous service of the awardee over periods ranging from three to four years. The stock options have an aggregate grant date fair value of $5.8 million. In connection with the appointment of Joseph Sarret as the Company’s Chief Executive Officer, the Company entered into an Inducement Stock Option Agreement with Dr. Sarret on May 3, 2021. Pursuant to such agreement, the Company granted Dr. Sarret (1) a time-based inducement nonqualified stock option and (2) a performance-based inducement nonqualified stock option to purchase approximately 0.1 million shares of common stock. The options have an exercise price of $40.50 and the time-based grant will vest as to 25% of the shares on the one-year anniversary of the grant date, May 3, 2021, with the remaining shares subject to the option vesting in 36 equal monthly installments. The time-based inducement award has an aggregate grant date fair value of $2.2 million. As of December 31, 2021, Dr. Sarret satisfied a portion of the performance conditions and 21.6 thousand shares of the 43.3 thousand shares possible under the performance-based award vested. The performance-based award had a fair value of $0.1 million. During the year ended December 31, 2022, Dr. Sarret forfeited his right to the unvested balance of the performance-based stock options, and stock options to purchase 21.6 thousand shares of the Company’s common stock were returned to the option pool. During the year ended December 31, 2021, stock options to purchase 42.1 thousand shares of common stock were exercised for cash proceeds of $1.2 million. During the year ended December 31, 2021, stock options to purchase 51.0 thousand shares of common stock were cancelled and returned to the option pool for future issuance. The Company recorded stock-based compensation expense as follows: For the Years Ended 2022 2021 Research and development $ 81,706 $ 223,476 General and administrative 1,582,205 2,320,236 Total $ 1,663,911 $ 2,543,712 The following table represents stock option activity for the years ended December 31, 2022 and 2021: Weighted Average Aggregate Stock Options Exercise Price Fair Value Contractual Intrinsic Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – January 1, 2021 248,997 179,682 $ 61.80 $ 50.40 $ 50.40 6.27 $ - Granted 210,467 42,181 39.72 40.73 17.95 6.27 - Exercised (42,072 ) - - - - - - Cancelled (50,981 ) - - - - - - Balance – December 31, 2021 366,411 204,230 $ 51.30 $ 47.40 $ 47.40 6.27 $ - Granted 19,367 694 10.42 10.42 4.53 6.27 - Exercised - - - - - - - Cancelled (67,921 ) - - - - - - Balance – December 31, 2022 317,857 194,853 $ 45.38 $ 38.65 $ 38.65 6.27 $ - The following table summarizes information on stock options outstanding and exercisable as of December 31, 2022: Grant Price Weighted Average Total Number Weighted Average From To Exercise Price Outstanding Exercisable Remaining Contractual Term $ 6.00 $ 60.60 $ 34.32 268,357 147,218 7.20 years $ 63.00 $ 138.00 $ 78.22 38,066 36,201 5.01 years $ 159.00 $ 265.80 $ 172.14 11,434 11,434 5.32 years Totals 317,857 194,853 Warrants During the year ended December 31, 2022, warrants to purchase 9.6 thousand shares of common stock expired and were cancelled. During the year ended December 31, 2021, the Company granted warrants to two service providers to purchase a total of 2.0 thousand shares of its common stock with an exercise price of $41.40 per share. 1.7 thousand of these warrants were valued using the Black-Scholes option pricing model and the corresponding expense will be recognized over the service period of three years. 0.3 thousand of these warrants were performance based. During the year ended December 31, 2021, the performance criteria were met and the warrants were valued and expensed at the time the performance conditions were met. The warrants have terms that range from two to three years with vesting over a one-year period. During the year ended December 31, 2021, warrants to purchase 48.4 thousand shares of common stock were exercised for cash proceeds of $2.1 million. During the year ended December 31, 2021, warrants to purchase 106.0 thousand shares of common stock expired and were cancelled. The following table represents warrant activity for the years ended December 31, 2022 and 2021: Weighted Average Aggregate Warrants Exercise Price Fair Value Contractual Intrinsic Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – January 1, 2021 645,761 516,532 $ 48.60 $ 48.30 $ 24.30 4.07 $ - Granted 696,444 - - - - - - Exercised (48,368 ) - - - - - - Cancelled (106,035 ) - - - - - - Balance – December 31, 2021 1,187,803 1,187,664 $ 31.20 $ 31.20 $ 15.90 4.38 $ - Granted - - - - - - - Exercised - - - - - - - Cancelled (9,634 ) - - - - - - Balance – December 31, 2022 1,178,169 1,178,169 $ 30.67 $ 30.67 $ 17.83 3.41 $ - Employee Stock Purchase Plan The Company has an Employee Stock Purchase Plan (“ESPP”) in which it purchases shares with the amounts accumulated during the offering period from employee directed payroll deferrals. Purchases of the Company’s common stock are equal to 85% of the closing market price of its common stock on the first day or last day of the offering period, whichever is lower. During the year ended December 31, 2022, 5.6 thousand shares were issued under the ESPP for $25.0 thousand of employee compensation deferrals. As of December 31, 2022, 10.5 thousand shares are available for future issuance under the ESPP. During the year ended December 31, 2021, 589 shares were issued under the ESPP for $16.8 thousand of employee compensation deferrals. |
Non-Cash Expenses
Non-Cash Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Non-Cash Expenses [Abstract] | |
NON-CASH EXPENSES | Note 11 – Non-Cash Expenses The following table details the Company’s non-cash expenses included in the accompanying statements of operations: For the Years Ended 2022 2021 Operating expenses: Stock-based compensation $ 1,663,911 $ 2,543,712 Depreciation & amortization 99,247 140,914 Subtotal $ 1,763,158 $ 2,684,626 Other expense: Amortization of debt discount 8,350 31,687 Subtotal $ 8,350 $ 31,687 Total non-cash expenses $ 1,771,508 $ 2,716,313 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12 - Subsequent Events Management has evaluated subsequent events to determine if events or transactions occurring through the date on which the financial statements were issued require adjustment or disclosure in the Company’s financial statements and has determined no such disclosure is required. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 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 accounting principles generally accepted in the United States (“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. |
REVERSE STOCK SPLIT | Reverse Stock Split During the year ended December 31, 2022, the Company effected a reverse stock split of its common stock at a ratio of 1-for-30. No fractional shares were issued in connection with the reverse stock split. Stockholders of record who would have otherwise been entitled to receive a fractional share received a cash payment in lieu thereof. All information presented in the accompanying financial statements, unless otherwise indicated herein, reflects the 1-for-30 reverse stock split of the Company’s outstanding shares of common stock, and unless otherwise indicated, all such amounts and corresponding conversion price or exercise price data set forth herein have been adjusted to give effect to such reverse stock split. |
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 December 31, 2022 and 2021 consist of U.S. Treasury Bills, which are classified as held-to-maturity, and Certificates of Deposit totaling $9.8 million and $21.3 million as of December 31, 2022 and 2021, 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 |
CASH EQUIVALENTS | Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of December 31, 2022 and 2021, the Company invested $3.9 million and $0.7 million, respectively, in Treasury Bills that are considered cash equivalents due to their maturity date being less than three months from the date of purchase. |
PROPERTY AND EQUIPMENT, NET | Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation. Depreciation of computer and lab equipment is computed by use of the straight-line method based on the estimated useful lives of the assets, which range from three to five years. Expenditures for maintenance and repairs that do not improve or extend the expected lives of the assets are expensed to operations, while expenditures for major upgrades to existing items are capitalized. Upon retirement or other disposition of these assets, the costs and accumulated depreciation are removed from the accounts and resulting gains or losses are reflected in the results of operations. |
FAIR VALUE OF FINANCIAL INSTRUMENTS | Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes three levels of inputs that may be used to measure fair value: Level 1 - quoted prices in active markets for identical assets or liabilities. Level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable. Level 3 - inputs that are unobservable (for example, cash flow modeling inputs based on assumptions). The carrying amounts of cash, investments and accounts payable approximate fair value due to the short-term nature of these instruments. The amount of debt included in the accompanying balance sheets approximates its fair value because the interest rate of the notes approximates the current market interest rate. |
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) provides the Company with a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement) providing 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) gives 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 public and private offerings. 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 December 31, 2022 and 2021. |
INCOME TAXES | Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The benefit of tax positions taken or expected to be taken in income tax returns are recognized in the financial statements if such positions are more likely than not of being sustained. Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s financial statements as of December 31, 2022 and 2021. The Company does not expect any significant changes in the unrecognized tax benefits within twelve months of the reporting date. The Company classifies interest expense and any related penalties related to income tax uncertainties as a component of income tax expense. No interest or penalties have been recognized during the years ended December 31, 2022 and 2021. |
RESEARCH AND DEVELOPMENT EXPENSES | Research and Development Expenses The Company expenses all research and development expenses as incurred. These costs include payroll, employee benefits, supplies, contracted for lab services, depreciation and other personnel-related costs associated with product development. |
SHARE-BASED PAYMENT | Share-Based Payments 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 has granted stock options at exercise prices equal to the closing price of the Company’s common stock as reported by Nasdaq, 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. Volatility was derived from the Company’s historical share prices. 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. The Black-Scholes assumptions are as follows: For the Years Ended 2022 2021 Expected life 6 years 6 years Risk free interest rate 1.47-3.055% 0.90 - 1.38% Expected volatility 91-92% 91 - 92% Expected dividend yield 0% 0% As of December 31, 2022, total unrecognized stock compensation expense was $4.2 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 December 31, 2022 2021 Options 317,857 366,412 Warrants 1,178,169 1,187,803 Totals 1,496,026 1,554,215 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Organization and Nature of Operations [Abstract] | |
Schedule of weighted-average Black-Scholes assumptions | For the Years Ended 2022 2021 Expected life 6 years 6 years Risk free interest rate 1.47-3.055% 0.90 - 1.38% Expected volatility 91-92% 91 - 92% Expected dividend yield 0% 0% |
Schedule of anti-dilutive securities excluded from computation of diluted net loss per share | As of December 31, 2022 2021 Options 317,857 366,412 Warrants 1,178,169 1,187,803 Totals 1,496,026 1,554,215 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment consist | As of December 31, 2022 2021 Lab equipment $ 412,741 $ 860,433 Computer and equipment 72,064 72,062 Total property and equipment $ 484,805 $ 932,495 Less: accumulated depreciation (419,296 ) (671,883 ) Total property and equipment, net $ 65,509 $ 260,612 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | As of December 31, 2022 2021 Intangible assets: patents $ 23,963 $ 23,963 Less: amortization (5,880 ) (4,654 ) Total intangible assets, net $ 18,083 $ 19,309 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities [Abstract] | |
Schedule of accrued liabilities | As of December 31, 2022 2021 Lab services & supplies $ 160,482 $ 6,080 Professional fees 167,386 73,090 Interest - 112,932 Other - 3,918 Total accrued liabilities $ 327,868 $ 196,020 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets | As of December 31, 2022 2021 Current: Accrued expenses $ 133,591 $ 144,077 Stock compensation 354,274 1,800,762 Net operating loss carryforward 20,980,803 19,481,137 Research and development credit carry forward 1,340,317 252,536 Capitalized research and development 1,419,818 - Total deferred tax assets 24,228,803 21,678,512 Valuation allowance (24,228,803 ) (21,678,512 ) Deferred tax asset, net of valuation allowance $ - $ - |
Schedule of federal income tax rate to effective tax rate | For the Years Ended December 31, 2022 2021 U.S. statutory federal rate 21.0 % 21.0 % State income taxes, net of federal tax 7.1 % 7.0 % Permanent differences 0.1 % (2.5 )% Prior year true-ups (10.9 )% (2.7 )% R&D tax credit 3.7 % 0.1 % Change in valuation allowance (21.0 )% (22.9 )% Income tax provision (benefit) - % - % |
Schedule of income tax provision consists | For the Years Ended 2022 2021 Federal Current $ - $ - Deferred (1,909,246 ) (2,723,112 ) State and local Current - - Deferred (641,044 ) (905,577 ) Change in valuation allowance 2,550,290 3,628,689 Income tax provision (benefit) $ - $ - |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of stock-based compensation | For the Years Ended 2022 2021 Research and development $ 81,706 $ 223,476 General and administrative 1,582,205 2,320,236 Total $ 1,663,911 $ 2,543,712 |
Schedule of stock options outstanding and exercisable | Weighted Average Aggregate Stock Options Exercise Price Fair Value Contractual Intrinsic Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – January 1, 2021 248,997 179,682 $ 61.80 $ 50.40 $ 50.40 6.27 $ - Granted 210,467 42,181 39.72 40.73 17.95 6.27 - Exercised (42,072 ) - - - - - - Cancelled (50,981 ) - - - - - - Balance – December 31, 2021 366,411 204,230 $ 51.30 $ 47.40 $ 47.40 6.27 $ - Granted 19,367 694 10.42 10.42 4.53 6.27 - Exercised - - - - - - - Cancelled (67,921 ) - - - - - - Balance – December 31, 2022 317,857 194,853 $ 45.38 $ 38.65 $ 38.65 6.27 $ - |
Schedule of stock option activity | Grant Price Weighted Average Total Number Weighted Average From To Exercise Price Outstanding Exercisable Remaining Contractual Term $ 6.00 $ 60.60 $ 34.32 268,357 147,218 7.20 years $ 63.00 $ 138.00 $ 78.22 38,066 36,201 5.01 years $ 159.00 $ 265.80 $ 172.14 11,434 11,434 5.32 years Totals 317,857 194,853 |
Schedule of warrant activity | Weighted Average Aggregate Warrants Exercise Price Fair Value Contractual Intrinsic Outstanding Exercisable Outstanding Exercisable Vested Life (Years) Value Balance – January 1, 2021 645,761 516,532 $ 48.60 $ 48.30 $ 24.30 4.07 $ - Granted 696,444 - - - - - - Exercised (48,368 ) - - - - - - Cancelled (106,035 ) - - - - - - Balance – December 31, 2021 1,187,803 1,187,664 $ 31.20 $ 31.20 $ 15.90 4.38 $ - Granted - - - - - - - Exercised - - - - - - - Cancelled (9,634 ) - - - - - - Balance – December 31, 2022 1,178,169 1,178,169 $ 30.67 $ 30.67 $ 17.83 3.41 $ - |
Non-Cash Expenses (Tables)
Non-Cash Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Non-Cash Expenses [Abstract] | |
Schedule of non-cash expenses | For the Years Ended 2022 2021 Operating expenses: Stock-based compensation $ 1,663,911 $ 2,543,712 Depreciation & amortization 99,247 140,914 Subtotal $ 1,763,158 $ 2,684,626 Other expense: Amortization of debt discount 8,350 31,687 Subtotal $ 8,350 $ 31,687 Total non-cash expenses $ 1,771,508 $ 2,716,313 |
Liquidity and Management_s Pl_2
Liquidity and Management’s Plans (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Liquidity and Management’s Plan [Abstract] | |
Cash equivalents and investments balance | $ 15.7 |
Working capital | 15.2 |
Stockholder equity | 15.3 |
Net loss | $ 12.2 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Business Organization and Nature of Operations [Abstract] | ||
U.S. treasury bills | $ 9.8 | $ 21.3 |
Cash equivalents | 3.9 | $ 0.7 |
Unrecognized stock option compensation expense | $ 4.2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of weighted-average Black-Scholes assumptions - Equity Option [Member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of Significant Accounting Policies (Details) - Schedule of weighted-average Black-Scholes assumptions [Line Items] | ||
Expected life | 6 years | 6 years |
Expected dividend yield | 0% | 0% |
Minimum [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of weighted-average Black-Scholes assumptions [Line Items] | ||
Risk free interest rate | 1.47% | 0.90% |
Expected volatility | 91% | 91% |
Maximum [Member] | ||
Summary of Significant Accounting Policies (Details) - Schedule of weighted-average Black-Scholes assumptions [Line Items] | ||
Risk free interest rate | 3.055% | 1.38% |
Expected volatility | 92% | 92% |
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 | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 1,496,026 | 1,554,215 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 1,178,169 | 1,187,803 |
Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share, Amount | 317,857 | 366,412 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Unused equipment | $ 6,000 | |
Net book value | 100,000 | |
Net of selling expenses | 100,000 | |
Depreciation expense | $ 100,000 | $ 100,000 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Schedule of property and equipment consist - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Less: accumulated depreciation | $ (419,296) | $ (671,883) |
Total property and equipment, net | 65,509 | 260,612 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 412,741 | 860,433 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 72,064 | 72,062 |
Total property and equipment | $ 484,805 | $ 932,495 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 1,226 | $ 1,125 |
Intangible amortization expense | 1,226 | |
Amortization expense total | $ 12,000 |
Intangible Assets (Details) - S
Intangible Assets (Details) - Schedule of intangible assets - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Intangible Assets Abstract | ||
Intangible assets: patents | $ 23,963 | $ 23,963 |
Less: amortization | (5,880) | (4,654) |
Total intangible assets, net | $ 18,083 | $ 19,309 |
Accrued Liabilities (Details) -
Accrued Liabilities (Details) - Schedule of accrued liabilities - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Accrued Liabilities Abstract | ||
Lab services & supplies | $ 160,482 | $ 6,080 |
Professional fees | 167,386 | 73,090 |
Interest | 112,932 | |
Other | 3,918 | |
Total accrued liabilities | $ 327,868 | $ 196,020 |
Notes Payable _ Related Party (
Notes Payable – Related Party (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | ||
Debt principal amount | $ 0.4 | $ 0.5 |
Debt interest amount | $ 0.1 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies (Details) [Line Items] | |||
Rent expense for space | $ 13,080 | ||
Rent expense | $ 400,000 | $ 400,000 | |
2011 Exclusive Agreement [Member] | |||
Commitments and Contingencies (Details) [Line Items] | |||
Milestone payment | $ 765,000 | ||
License reduced percentage | 50% | ||
Aggregate maintenance fees | $ 80,000 | ||
Maintenance fees annually | $ 50,000 | ||
Percentage of worldwide net sales | 2% | ||
Subject to a minimum royalty payment | $ 75,000 | ||
Royalty description | The Company is required to pay royalties ranging from 8% of worldwide sublicense sales of covered products (if the sublicense is entered after commencement of Phase II clinical trials) to 12% of worldwide sublicense sales (if the sublicense is entered prior to commencement of Phase I clinical trials). | ||
2013 Exclusive Agreement [Member] | |||
Commitments and Contingencies (Details) [Line Items] | |||
Milestone payment | $ 765,000 | ||
License reduced percentage | 50% | ||
Percentage of worldwide net sales | 2% | ||
Subject to a minimum royalty payment | $ 75,000 | ||
Royalty description | The Company is required to pay the Regents royalties ranging from 8% of worldwide sublicense sales of covered products (if the sublicense is entered after commencement of Phase II clinical trials) to 12% of worldwide sublicense sales (if the sublicense is entered prior to commencement of Phase I clinical trials). | ||
Initial license issue fee | $ 10,000 | ||
Aggregate maintenance fees | 7,500 | ||
Maintenance fees annually | $ 5,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Change in valuation allowance | $ 2.6 | $ 3.6 |
Net operating loss carryovers | 74.8 | 70 |
Research and development tax credits | $ 1.3 | $ 1.3 |
Minimum tax rate | 15% | |
Average adjusted term | 3 years | |
Book income over | $ 1,000 | |
Excise tax percent | 1% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of deferred tax assets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Current: | ||
Accrued expenses | $ 133,591 | $ 144,077 |
Stock compensation | 354,274 | 1,800,762 |
Net operating loss carryforward | 20,980,803 | 19,481,137 |
Research and development credit carry forward | 1,340,317 | 252,536 |
Capitalized research and development | 1,419,818 | |
Total deferred tax assets | 24,228,803 | 21,678,512 |
Valuation allowance | (24,228,803) | (21,678,512) |
Deferred tax asset, net of valuation allowance |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of federal income tax rate to effective tax rate | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Federal Income Tax Rate To Effective Tax Rate Abstract | ||
U.S. statutory federal rate | 21% | 21% |
State income taxes, net of federal tax | 7.10% | 7% |
Permanent differences | 0.10% | (2.50%) |
Prior year true-ups | (10.90%) | (2.70%) |
R&D tax credit | 3.70% | 0.10% |
Change in valuation allowance | (21.00%) | (22.90%) |
Income tax provision (benefit) |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of income tax provision consists - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | ||
Current | ||
Deferred | (1,909,246) | (2,723,112) |
State and local | ||
Current | ||
Deferred | (641,044) | (905,577) |
Change in valuation allowance | 2,550,290 | 3,628,689 |
Income tax provision (benefit) |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stockholders' Equity (Details) [Line Items] | |||
Authorized to issue and sale of stock | 17,000,000 | 700,000 | |
Common stock, shares authorized | 12,000,000 | ||
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, shares outstanding | |||
Amount of ATM availability. (in Dollars) | $ 200,000 | $ 2,900,000 | |
Incurred professional fees (in Dollars) | $ 21,300 | ||
Exercisable term | 5 years | ||
Exercise price per share (in Dollars per share) | $ 21.6 | ||
Shares of common stock purchase | 21,600 | 51,000 | |
Stock options term | 10 years | ||
Awardee over a period | 4 years | ||
Warrants to purchase common stock expired and cancelled | 67,900 | ||
Description of granted stock options | the Company granted stock options to employees to purchase 0.2 million shares of the Company’s common stock, including certain time and performance-based inducement awards, with grant date prices that ranged between $10.20 to $41.40 per share. The stock options have terms of ten years and are subject to vesting based on continuous service of the awardee over periods ranging from three to four years. The stock options have an aggregate grant date fair value of $5.8 million. | ||
Description of pursuant agreement | Pursuant to such agreement, the Company granted Dr. Sarret (1) a time-based inducement nonqualified stock option and (2) a performance-based inducement nonqualified stock option to purchase approximately 0.1 million shares of common stock. The options have an exercise price of $40.50 and the time-based grant will vest as to 25% of the shares on the one-year anniversary of the grant date, May 3, 2021, with the remaining shares subject to the option vesting in 36 equal monthly installments. The time-based inducement award has an aggregate grant date fair value of $2.2 million. As of December 31, 2021, Dr. Sarret satisfied a portion of the performance conditions and 21.6 thousand shares of the 43.3 thousand shares possible under the performance-based award vested. The performance-based award had a fair value of $0.1 million. | ||
Closing market price percentage | 85% | ||
Issued shares of under ESPP | 5,600 | 589 | |
Employee compensation deferrals (in Dollars) | $ 25,000 | $ 16,800 | |
Future issuance of shares under ESPP | 10,500 | ||
Warrant [Member] | |||
Stockholders' Equity (Details) [Line Items] | |||
Authorized to issue and sale of stock | 1,700 | ||
Shares of common stock purchase | 48,400 | ||
Warrants to purchase common stock expired and cancelled | 106,000 | ||
Cash proceeds (in Dollars) | $ 2,100,000 | ||
Warrants purchase | 9,600 | ||
Purchase of warrants | 2,000 | ||
Common stock exercise price (in Dollars per share) | $ 41.4 | ||
Vesting period, description | 1.7 thousand of these warrants were valued using the Black-Scholes option pricing model and the corresponding expense will be recognized over the service period of three years. 0.3 thousand of these warrants were performance based. During the year ended December 31, 2021, the performance criteria were met and the warrants were valued and expensed at the time the performance conditions were met. The warrants have terms that range from two to three years with vesting over a one-year period. | ||
At-the-Market Offering [Member] | |||
Stockholders' Equity (Details) [Line Items] | |||
Authorized to issue and sale of stock | 23,400 | 55,300 | |
Amount of ATM availability. (in Dollars) | $ 5,000,000 | ||
Underwritten Public Offerings [Member] | |||
Stockholders' Equity (Details) [Line Items] | |||
Authorized to issue and sale of stock | 700,000 | ||
Incurred professional fees (in Dollars) | $ 1,200,000 | ||
Net of commissions (in Dollars) | $ 13,800,000 | ||
Stock Option [Member] | |||
Stockholders' Equity (Details) [Line Items] | |||
Shares of common stock purchase | 42,100 | 500,000 | |
Options to purchase common stock | 19,400 | ||
Weighted average exercise price granted (in Dollars per share) | $ 10.42 | ||
Aggregate grant fair value (in Dollars) | $ 200,000 | ||
Cash proceeds (in Dollars) | $ 1,200,000 | ||
Stock Option [Member] | 2011 plan [Member] | |||
Stockholders' Equity (Details) [Line Items] | |||
Remaining options to be issued | 200,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Schedule of stock-based compensation - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Research and development [Member] | ||
Stockholders' Equity (Details) - Schedule of stock-based compensation [Line Items] | ||
Total | $ 81,706 | $ 223,476 |
General and administrative [Member] | ||
Stockholders' Equity (Details) - Schedule of stock-based compensation [Line Items] | ||
Total | 1,582,205 | 2,320,236 |
Total | $ 1,663,911 | $ 2,543,712 |
Stockholders' Equity (Details_2
Stockholders' Equity (Details) - Schedule of stock options outstanding and exercisable - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Stock Options Outstanding And Exercisable Abstract | ||
Stock Options, Outstanding, Beginning Balance (in Shares) | 366,411 | 248,997 |
Stock Options, Exercisable, Beginning Balance (in Shares) | 204,230 | 179,682 |
Weighted Average, Exercise Price, Outstanding, Beginning Balance | $ 51.3 | $ 61.8 |
Weighted Average, Exercise Price, Exercisable, Beginning Balance | 47.4 | 50.4 |
Weighted Average, Fair Value Vested, Beginning Balance | $ 47.4 | $ 50.4 |
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, Ending Balance (in Shares) | 317,857 | 366,411 |
Stock Options, Exercisable, Ending Balance (in Shares) | 194,853 | 204,230 |
Weighted Average, Exercise Price, Outstanding, Ending Balance | $ 45.38 | $ 51.3 |
Weighted Average, Exercise Price, Exercisable, Ending Balance | 38.65 | 47.4 |
Weighted Average, Fair Value Vested, Ending Balance | $ 38.65 | $ 47.4 |
Weighted Average, Contractual Life (Years), Ending Balance | 6 years 3 months 7 days | 6 years 3 months 7 days |
Weighted Average, Aggregate Intrinsic Value, Ending Balance (in Dollars) | ||
Stock Options, Outstanding, Granted (in Dollars) | 19,367 | 210,467 |
Stock Options, Exercisable, Granted (in Dollars) | $ 694 | $ 42,181 |
Weighted Average, Exercise Price, Outstanding, Granted | $ 10.42 | $ 39.72 |
Weighted Average, Exercise Price, Exercisable, Granted | 10.42 | 40.73 |
Weighted Average, Fair Value Vested, Granted | $ 4.53 | $ 17.95 |
Weighted Average, Contractual Life (Years), Granted | 6 years 3 months 7 days | 6 years 3 months 7 days |
Weighted Average, Aggregate Intrinsic Value, Granted (in Dollars) | ||
Stock Options Outstanding Exercised (in Shares) | (42,072) | |
Stock Options Exercisable Exercised (in Shares) | ||
Weighted Average Outstanding Exercised | ||
Weighted Average Exercisable Exercised | ||
Weighted Average Fair Value Vested Exercised | ||
Weighted Average Contractual Life (Years) Exercised | ||
Weighted Average Aggregate Intrinsic Value Exercised (in Dollars) | ||
Stock Options Outstanding Cancelled (in Dollars) | $ (67,921) | $ (50,981) |
Stock Options Exercisable Cancelled (in Shares) | ||
Weighted Average Outstanding Cancelled | ||
Weighted Average Exercisable Cancelled | ||
Weighted Average Fair Value Vested Cancelled | ||
Weighted Average Contractual Life (Years) Cancelled | ||
Weighted Average Aggregate Intrinsic Value Cancelled (in Dollars) |
Stockholders' Equity (Details_3
Stockholders' Equity (Details) - Schedule of stock option activity | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Weighted Average Exercise Price | |
Stock Options, Total Outstanding (in Shares) | shares | 317,857 |
Stock Options, Number Exercisable (in Shares) | shares | 194,853 |
6.00 To 60.60 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Grant Price, Minimum | $ 6 |
Stock Options, Grant Price, Maximum | 60.6 |
Stock Options, Weighted Average Exercise Price | $ 34.32 |
Stock Options, Total Outstanding (in Shares) | shares | 268,357 |
Stock Options, Number Exercisable (in Shares) | shares | 147,218 |
Stock Options, Weighted Average Remaining Contractual Term | 7 years 2 months 12 days |
63.00 To 138.00 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Grant Price, Minimum | $ 63 |
Stock Options, Grant Price, Maximum | 138 |
Stock Options, Weighted Average Exercise Price | $ 78.22 |
Stock Options, Total Outstanding (in Shares) | shares | 38,066 |
Stock Options, Number Exercisable (in Shares) | shares | 36,201 |
Stock Options, Weighted Average Remaining Contractual Term | 5 years 3 days |
159.00 To 265.80 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Stock Options, Grant Price, Minimum | $ 159 |
Stock Options, Grant Price, Maximum | 265.8 |
Stock Options, Weighted Average Exercise Price | $ 172.14 |
Stock Options, Total Outstanding (in Shares) | shares | 11,434 |
Stock Options, Number Exercisable (in Shares) | shares | 11,434 |
Stock Options, Weighted Average Remaining Contractual Term | 5 years 3 months 25 days |
Stockholders' Equity (Details_4
Stockholders' Equity (Details) - Schedule of warrant activity - Warrant [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Warrant or Right [Line Items] | ||
Warrants, Outstanding, Beginning Balance (in Shares) | 1,187,803 | 645,761 |
Warrants, Exercisable, Beginning Balance (in Shares) | 1,187,664 | 516,532 |
Weighted Average, Exercise Price, Outstanding, Beginning Balance | $ 31.2 | $ 48.6 |
Weighted Average, Exercise Price, Exercisable, Beginning Balance | 31.2 | 48.3 |
Weighted Average, Fair Value Vested, Beginning Balance | $ 15.9 | $ 24.3 |
Weighted Average, Contractual Life (Years), Beginning Balance | 4 years 25 days | |
Weighted Average, Aggregate Intrinsic Value, Beginning Balance (in Dollars) | ||
Warrants, Outstanding, Ending Balance (in Shares) | 1,178,169 | 1,187,803 |
Warrants, Exercisable, Ending Balance (in Shares) | 1,178,169 | 1,187,664 |
Weighted Average, Exercise Price, Outstanding, Ending Balance | $ 30.67 | $ 31.2 |
Weighted Average, Exercise Price, Exercisable, Ending Balance | 30.67 | 31.2 |
Weighted Average, Fair Value Vested, Ending Balance | $ 17.83 | $ 15.9 |
Weighted Average, Contractual Life (Years), Ending Balance | 3 years 4 months 28 days | 4 years 4 months 17 days |
Weighted Average, Aggregate Intrinsic Value, Ending Balance (in Dollars) | ||
Warrants, Outstanding, Granted (in Shares) | 696,444 | |
Warrants, Exercisable, Granted (in Shares) | ||
Weighted Average, Exercise Price, Outstanding, Granted | ||
Weighted Average, Exercise Price, Exercisable, Granted (in Shares) | ||
Weighted Average, Fair Value Vested, Granted | ||
Weighted Average, Aggregate Intrinsic Value, Granted (in Dollars) | ||
Warrants, Outstanding, Exercised (in Shares) | (48,368) | |
Warrants, Exercisable, Exercised (in Shares) | ||
Weighted Average, Exercise Price, Outstanding, Exercised | ||
Weighted Average, Exercise Price, Exercisable, Exercised | ||
Weighted Average, Fair Value Vested, Exercised | ||
Weighted Average, Aggregate Intrinsic Value, Exercised (in Dollars) | ||
Warrants, Outstanding, Cancelled (in Shares) | (9,634) | (106,035) |
Warrants, Exercisable, Cancelled (in Shares) | ||
Weighted Average, Exercise Price, Outstanding, Cancelled | ||
Weighted Average, Exercise Price, Exercisable, Cancelled | ||
Weighted Average, Fair Value Vested, Cancelled | ||
Weighted Average, Aggregate Intrinsic Value, Cancelled |
Non-Cash Expenses (Details) - S
Non-Cash Expenses (Details) - Schedule of non-cash expenses - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating expenses: | ||
Stock-based compensation | $ 1,663,911 | $ 2,543,712 |
Depreciation & amortization | 99,247 | 140,914 |
Subtotal | 1,763,158 | 2,684,626 |
Other expense: | ||
Amortization of debt discount | 8,350 | 31,687 |
Subtotal | 8,350 | 31,687 |
Total non-cash expenses | $ 1,771,508 | $ 2,716,313 |