CohBar (CWBR) 10-Q 15 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 11, 2023
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		2,906,926
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, 2023
Document Fiscal Year Focus	2023
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 1308
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

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 5,392,390	$ 5,930,731
Investments	8,688,947	9,806,591
Vendor receivable		27,500
Prepaid expenses and other current assets	237,300	453,681
Total current assets	14,318,637	16,218,503
Property and equipment, net	2,335	65,509
Intangible assets, net	17,776	18,083
Other assets	63,572	63,572
Total assets	14,402,320	16,365,667
Current liabilities:
Accounts payable	532,423	180,104
Accrued liabilities	49,513	327,868
Accrued payroll and other compensation	316,605	525,666
Total liabilities	898,541	1,033,638
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, 2023 and December 31, 2022, respectively
Common stock, $0.001 par value, Authorized 12,000,000 shares; Issued and outstanding 2,906,926 shares as of March 31, 2023 and Decemebr 31, 2022, respectively	2,907	2,907
Additional paid-in capital	112,575,993	112,238,392
Accumulated deficit	(99,075,121)	(96,909,270)
Total stockholders’ equity	13,503,779	15,332,029
Total liabilities and stockholders’ equity	$ 14,402,320	$ 16,365,667

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
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	2,906,926
Common stock, shares outstanding	2,906,926	2,906,926

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenues
Operating expenses:
Research and development	1,020,739	1,506,308
General and administrative	1,279,273	1,744,918
Total operating expenses	2,300,012	3,251,226
Operating loss	(2,300,012)	(3,251,226)
Other income (expense):
Interest income	134,161
Interest expense		(1,824)
Amortization of debt discount and offering costs		(8,723)
Total other income (expense)	134,161	(10,547)
Net loss	$ (2,165,851)	$ (3,261,773)
Basic and diluted net loss per share (in Dollars per share)	$ (0.75)	$ (1.13)
Weighted average common shares outstanding - basic and diluted (in Shares)	2,906,926	2,890,878

Statements of Operations (Una_2

Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Basic and diluted net loss per share	$ (0.75)	$ (1.13)
Weighted average common shares outstanding - basic and diluted	2,906,926	2,890,878

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, 2021	$ 2,878	$ 110,339,011	$ (84,734,062)	$ 25,607,827
Balance (in Shares) at Dec. 31, 2021	2,877,986
Stock-based compensation		456,423		456,423
Sale of common stock in ATM, net	$ 21	200,603		200,624
Sale of common stock in ATM, net (in Shares)	21,404
Net loss			(3,261,773)	(3,261,773)
Balance at Mar. 31, 2022	$ 2,899	110,996,037	(87,995,835)	23,003,101
Balance (in Shares) at Mar. 31, 2022	2,899,390
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
Stock-based compensation		337,601		337,601
Net loss			(2,165,851)	(2,165,851)
Balance at Mar. 31, 2023	$ 2,907	$ 112,575,993	$ (99,075,121)	$ 13,503,779
Balance (in Shares) at Mar. 31, 2023	2,906,926

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (2,165,851)	$ (3,261,773)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	63,481	32,801
Gain on disposal of assets	(22,975)
Stock-based compensation	337,601	456,423
Amortization of debt discount		8,350
Amortization of debt issuance costs		373
Discount on investments	50,644	18,048
Changes in operating assets and liabilities:
Vendor receivable	27,500	173,499
Prepaid expenses and other current assets	216,381	151,999
Accounts payable	352,319	268,700
Accrued liabilities	(278,355)	(59,235)
Accrued payroll and other compensation	(209,061)	(307,994)
Net cash used in operating activities	(1,628,316)	(2,518,809)
Cash flows from investing activities:
Net proceeds from the sale of property and equipment	22,975
Payment for security deposit		(6,976)
Purchases of investments	(8,773,000)	(21,983,000)
Proceeds from redemptions of investments	9,840,000	21,255,000
Net cash provided by (used in) investing activities	1,089,975	(734,976)
Cash flows from financing activities:
Proceeds from the At-the-Market Offering, net		200,624
Repayment of promissory notes		(375,000)
Net cash provided by (used in) financing activities		(174,376)
Net decrease in cash and cash equivalents	(538,341)	(3,428,161)
Cash and cash equivalents at beginning of period	5,930,731	4,992,145
Cash and cash equivalents at end of period	5,392,390	1,563,984
Supplemental disclosure of cash flow information:
Cash paid for interest		$ 114,411

Business Organization and Natur

Business Organization and Nature of Operations	3 Months Ended
	Mar. 31, 2023
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. The Company’s primary historical activities have included utilizing its mitochondria focused 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 recently 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. 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, 2022, included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 9, 2023, as amended by the Company’s Amendment No. 1 on Form 10-K/A, filed with the SEC on April 28, 2023 (the “2022 Form 10-K”). The interim unaudited condensed financial statements should be read in conjunction with those audited financial statements included in the 2022 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, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or any other period.

Liquidity and Management_s Plan

Liquidity and Management’s Plans	3 Months Ended
	Mar. 31, 2023
Liquidity and Management’s Plan [Abstract]
LIQUIDITY AND MANAGEMENT’S PLANS	Note 2 - Liquidity and Management’s Plans As of March 31, 2023, the Company had a cash, cash equivalents and investments balance of $14.1 million and working capital and stockholders’ equity of $13.4 million and $13.5 million, respectively. During the three months ended March 31, 2023, the Company incurred a net loss of $2.2 million. Based on management’s current plans (see Note 1 - Business Organization and Nature of Operations), the Company believes that its funds available will be sufficient to fund the Company’s planned operating expenses and capital expenditure requirements for at least one year from the issuance of these financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 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, 2023 and December 31, 2022 consist of U.S. Treasury Bills, which are classified as held-to-maturity, and Certificates of Deposit totaling $8.7 million and $9.8 million as of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, the Company invested $3.9 million in each of the periods in Treasury Bills that are considered cash equivalents due to their maturity date being less than three months from the date of purchase. 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) provide 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) 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 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 March 31, 2023. 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. During the three months ended March 31, 2023, the Company did not grant any options or warrants to purchase shares of its common stock. The Black-Scholes assumptions are as follows: For the Three Months Ended 2023 2022 Expected life N/A 6.25 years Risk free interest rate N/A 1.47% Expected volatility N/A 92% Expected dividend yield N/A N/A Forfeiture rate N/A N/A As of March 31, 2023, total unrecognized stock compensation expense was $3.0 million, which will be recognized as those options vest over a period of approximately three 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, 2023 2022 Options 252,994 377,905 Warrants 1,177,315 1,182,503 Totals 1,430,309 1,560,408

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2023
Accrued Liabilities [Abstract]
ACCRUED LIABILITIES	Note 4 – Accrued Liabilities Accrued liabilities consist of the following: As of As of March 31, December 31, Lab services & supplies $ 7,131 $ 160,482 Professional fees 42,382 167,386 Total accrued liabilities $ 49,513 $ 327,868

Notes Payable _ Related Party

Notes Payable – Related Party	3 Months Ended
	Mar. 31, 2023
Notes Payable – Related Party [Abstract]
NOTES PAYABLE – RELATED PARTY	Note 5 - Notes Payable – Related Party During the three months ended March 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	Note 6 - 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 was previously a party to an Exclusive License Agreement (the “2011 Exclusive Agreement”) with the Regents of the University of California (the “Regents” or “Licensors”), which was terminated, 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 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 March 31, 2023, 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 $0.1 million in each of the three months ended March 31, 2023 and 2022.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity [Abstract]
STOCKHOLDERS’ EQUITY	Note 7 - 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 March 31, 2023 and December 31, 2022, 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 quarter ended March 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. As of March 31, 2023, the Company had approximately $5.0 million available in its ATM program. The Company’s ATM program expires in September 2023. 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, 2023, there were 0.2 million shares remaining available for issuance under the 2011 Plan. During the three months ended March 31, 2023, stock options to purchase 64.9 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 Three Months Ended 2023 2022 Research and development $ 11,772 $ 28,808 General and administrative 325,829 427,615 Total $ 337,601 $ 456,423 The following table represents stock option activity for the three months ended March 31, 2023: Weighted Average Stock Options Exercise Price Fair Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested (Years) Value Balance – December 31, 2022 317,857 194,853 $ 44.53 $ 38.53 $ 38.53 6.99 $ - Granted - - - - - - - Exercised - - - - - - - Cancelled (64,863 ) - - - - - - Balance – March 31, 2023 252,994 195,192 $ 46.03 $ 40.21 $ 40.21 6.63 $ - The following table summarizes information on stock options outstanding and exercisable as of March 31, 2023: Grant Price Weighted Average Total Number Weighted Average From To Price Outstanding Exercisable Remaining Contractual Term $ 6.00 $ 60.60 $ 35.90 220,259 146,796 6.58 years $ 63.00 $ 138.00 $ 83.16 21,301 36,962 4.07 years $ 159.00 $ 181.20 $ 172.14 11,434 11,434 4.84 years Totals 252,994 195,192 Warrants The following table represents warrant activity for the three months ended March 31, 2023: Weighted Average Warrants Exercise Price Fair Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested (Years) Value Balance – December 31, 2022 1,178,169 1,178,169 $ 30.67 $ 30.67 $ 17.83 3.41 $ - Granted - - - - - - - Exercised - - - - - - - Cancelled (854 ) - - - - - - Balance – March 31, 2023 1,177,315 1,177,315 $ 30.66 $ 30.66 $ 17.79 3.16 $ - During the three months ended March 31, 2023, warrants to purchase 0.9 thousand shares of common stock expired and were cancelled. 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. As of March 31, 2023, there were 10.5 thousand shares remaining available for issuance under the ESPP plan.

Non-Cash Expenses

Non-Cash Expenses	3 Months Ended
	Mar. 31, 2023
Non-Cash Expenses [Abstract]
NON-CASH EXPENSES	Note 8 – Non-Cash Expenses The following table details the Company’s non-cash expenses included in the accompanying statements of operations: For the Three Months Ended 2023 2022 Operating expenses: Stock-based compensation $ 337,601 $ 456,423 Depreciation & amortization 63,481 32,801 Subtotal $ 401,082 $ 489,224 Other expense: Amortization of debt discount - 8,350 Subtotal $ - $ 8,350 Total non-cash expenses $ 401,082 $ 497,574

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 9 - 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 and determined no such adjustments were necessary.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2023
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, 2023 and December 31, 2022 consist of U.S. Treasury Bills, which are classified as held-to-maturity, and Certificates of Deposit totaling $8.7 million and $9.8 million as of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, the Company invested $3.9 million in each of the periods in Treasury Bills that are considered cash equivalents due to their maturity date being less than three months from the date of purchase.
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) provide 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) 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 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 March 31, 2023.
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. During the three months ended March 31, 2023, the Company did not grant any options or warrants to purchase shares of its common stock. The Black-Scholes assumptions are as follows: For the Three Months Ended 2023 2022 Expected life N/A 6.25 years Risk free interest rate N/A 1.47% Expected volatility N/A 92% Expected dividend yield N/A N/A Forfeiture rate N/A N/A As of March 31, 2023, total unrecognized stock compensation expense was $3.0 million, which will be recognized as those options vest over a period of approximately three 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, 2023 2022 Options 252,994 377,905 Warrants 1,177,315 1,182,503 Totals 1,430,309 1,560,408

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Black-Scholes assumptions	For the Three Months Ended 2023 2022 Expected life N/A 6.25 years Risk free interest rate N/A 1.47% Expected volatility N/A 92% 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, 2023 2022 Options 252,994 377,905 Warrants 1,177,315 1,182,503 Totals 1,430,309 1,560,408

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Accrued Liabilities [Abstract]
Schedule of accrued liabilities	As of As of March 31, December 31, Lab services & supplies $ 7,131 $ 160,482 Professional fees 42,382 167,386 Total accrued liabilities $ 49,513 $ 327,868

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity [Abstract]
Schedule of stock-based compensation	For the Three Months Ended 2023 2022 Research and development $ 11,772 $ 28,808 General and administrative 325,829 427,615 Total $ 337,601 $ 456,423
Schedule of stock options outstanding and exercisable	Weighted Average Stock Options Exercise Price Fair Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested (Years) Value Balance – December 31, 2022 317,857 194,853 $ 44.53 $ 38.53 $ 38.53 6.99 $ - Granted - - - - - - - Exercised - - - - - - - Cancelled (64,863 ) - - - - - - Balance – March 31, 2023 252,994 195,192 $ 46.03 $ 40.21 $ 40.21 6.63 $ -
Schedule of stock option activity	Grant Price Weighted Average Total Number Weighted Average From To Price Outstanding Exercisable Remaining Contractual Term $ 6.00 $ 60.60 $ 35.90 220,259 146,796 6.58 years $ 63.00 $ 138.00 $ 83.16 21,301 36,962 4.07 years $ 159.00 $ 181.20 $ 172.14 11,434 11,434 4.84 years Totals 252,994 195,192
Schedule of warrant activity	Weighted Average Warrants Exercise Price Fair Contractual Aggregate Outstanding Exercisable Outstanding Exercisable Vested (Years) Value Balance – December 31, 2022 1,178,169 1,178,169 $ 30.67 $ 30.67 $ 17.83 3.41 $ - Granted - - - - - - - Exercised - - - - - - - Cancelled (854 ) - - - - - - Balance – March 31, 2023 1,177,315 1,177,315 $ 30.66 $ 30.66 $ 17.79 3.16 $ -

Non-Cash Expenses (Tables)

Non-Cash Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Non-Cash Expenses [Abstract]
Schedule of non-cash expenses	For the Three Months Ended 2023 2022 Operating expenses: Stock-based compensation $ 337,601 $ 456,423 Depreciation & amortization 63,481 32,801 Subtotal $ 401,082 $ 489,224 Other expense: Amortization of debt discount - 8,350 Subtotal $ - $ 8,350 Total non-cash expenses $ 401,082 $ 497,574

Liquidity and Management_s Pl_2

Liquidity and Management’s Plans (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Liquidity and Management’s Plan [Abstract]
Cash equivalents and investments balance	$ 14.1
Working capital	13.4
Stockholder equity	13.5
Net loss amount	$ 2.2

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Business Organization and Nature of Operations [Abstract]
U.S. treasury bills	$ 8.7	$ 9.8
Cash equivalents	$ 3.9	3.9
Unrecognized stock option compensation expense		$ 3

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - Schedule of Black-Scholes assumptions - Minimum [Member]	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Summary of Significant Accounting Policies (Details) - Schedule of Black-Scholes assumptions [Line Items]
Forfeiture rate
Equity Option [Member]
Summary of Significant Accounting Policies (Details) - Schedule of Black-Scholes assumptions [Line Items]
Expected life		6 years 3 months
Risk free interest rate		1.47%
Expected volatility		92%
Expected dividend yield

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, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, Amount	1,430,309	1,560,408
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, Amount	1,177,315	1,182,503
Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, Amount	252,994	377,905

Accrued Liabilities (Details) -

Accrued Liabilities (Details) - Schedule of accrued liabilities - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Schedule of Accrued Liabilities [Abstract]
Lab services & supplies	$ 7,131	$ 160,482
Professional fees	42,382	167,386
Total accrued liabilities	$ 49,513	$ 327,868

Notes Payable _ Related Party (

Notes Payable – Related Party (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Notes Payable – Related Party [Abstract]
Debt principal amount	$ 0.4
Debt interest amount	$ 0.1

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 30, 2022	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies (Details) [Line Items]
Royalties ranging percentage		8%
Sublicense sales percentage		12%
Rent expense for space	$ 13,080
Rent expense		$ 100,000	$ 100,000
2013 Exclusive Agreement [Member]
Commitments and Contingencies (Details) [Line Items]
Initial license issue fee		10,000
Aggregate maintenance fees		7,500
Maintenance fees annually		5,000
Milestone payment		$ 765,000
License reduced percentage		50%
Percentage of worldwide net sales		2%
Subject to a minimum royalty payment		$ 75,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Stockholders' Equity (Details) [Line Items]
Authorized to issue and sale of stock	17,000,000
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)		$ 0.2
ATM program expires description	The Company’s ATM program expires in September 2023.
Options to purchase common stock	64,900
Warrants purchase	900
Closing market price percentage	85%
Future issuance of shares under ESPP	10,500
At-the-Market Offering [Member]
Stockholders' Equity (Details) [Line Items]
Authorized to issue and sale of stock		23,400
Amount of ATM availability. (in Dollars)	$ 5
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 ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Research and development [Member]
Stockholders' Equity (Details) - Schedule of stock-based compensation [Line Items]
Total	$ 11,772	$ 28,808
General and administrative [Member]
Stockholders' Equity (Details) - Schedule of stock-based compensation [Line Items]
Total	325,829	427,615
Total	$ 337,601	$ 456,423

Stockholders' Equity (Details_2

Stockholders' Equity (Details) - Schedule of stock options outstanding and exercisable	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Schedule of Stock Options Outstanding and Exercisable [Abstract]
Stock Options, Outstanding, Beginning Balance (in Shares) | shares	317,857
Stock Options, Exercisable, Beginning Balance (in Shares) | shares	194,853
Weighted Average, Exercise Price, Outstanding, Beginning Balance	$ 44.53
Weighted Average, Exercise Price, Exercisable, Beginning Balance	38.53
Weighted Average, Fair Value Vested, Beginning Balance	$ 38.53
Weighted Average, Contractual Life (Years), Beginning Balance	6 years 11 months 26 days
Weighted Average Aggregate Intrinsic Value, Beginning Balance (in Dollars) | $
Stock Options, Outstanding, Granted (in Dollars) | $
Stock Options, Exercisable, Granted (in Dollars) | $
Weighted Average, Exercise Price, Outstanding, Granted
Weighted Average, Exercise Price, Exercisable, Granted
Weighted Average, Fair Value Vested, Granted
Weighted Average, Contractual Life (Years), 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 Contractual Life (Years) Exercised
Weighted Average Aggregate Intrinsic Value Exercised (in Dollars) | $
Stock Options Outstanding Cancelled (in Dollars) | $	$ (64,863)
Stock Options Exercisable Cancelled (in Shares) | 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) | $
Stock Options, Outstanding, Ending Balance (in Shares) | shares	252,994
Stock Options, Exercisable, Ending Balance (in Shares) | shares	195,192
Weighted Average, Exercise Price, Outstanding, Ending Balance	$ 46.03
Weighted Average, Exercise Price, Exercisable, Ending Balance	40.21
Weighted Average, Fair Value Vested, Ending Balance	$ 40.21
Weighted Average, Contractual Life (Years), Ending Balance	6 years 7 months 17 days
Weighted Average, Aggregate Intrinsic Value, Ending Balance (in Dollars) | $

Stockholders' Equity (Details_3

Stockholders' Equity (Details) - Schedule of stock option activity	3 Months Ended
	Mar. 31, 2023 $ / 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	252,994
Stock Options, Number Exercisable (in Shares) | shares	195,192
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	$ 35.9
Stock Options, Total Outstanding (in Shares) | shares	220,259
Stock Options, Number Exercisable (in Shares) | shares	146,796
Stock Options, Weighted Average Remaining Contractual Term	6 years 6 months 29 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	$ 83.16
Stock Options, Total Outstanding (in Shares) | shares	21,301
Stock Options, Number Exercisable (in Shares) | shares	36,962
Stock Options, Weighted Average Remaining Contractual Term	4 years 25 days
159.00 To 181.20 [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Stock Options, Grant Price, Minimum	$ 159
Stock Options, Grant Price, Maximum	181.2
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	4 years 10 months 2 days

Stockholders' Equity (Details_4

Stockholders' Equity (Details) - Schedule of warrant activity - Warrant [Member]	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Class of Warrant or Right [Line Items]
Warrants, Outstanding, Beginning Balance (in Shares) | shares	1,178,169
Warrants, Exercisable, Beginning Balance (in Shares) | shares	1,178,169
Weighted Average, Exercise Price, Outstanding, Beginning Balance	$ 30.67
Weighted Average, Exercise Price, Exercisable, Beginning Balance	30.67
Weighted Average, Fair Value Vested, Beginning Balance	$ 17.83
Weighted Average, Contractual Life (Years), Beginning Balance	3 years 4 months 28 days
Weighted Average, 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 (in Shares) | shares
Weighted Average, Fair Value Vested, Granted
Granted (in Shares) | shares
Weighted Average, 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
Exercised (in Shares) | shares
Weighted Average, Aggregate Intrinsic Value, Exercised (in Dollars) | $
Warrants, Outstanding, Cancelled (in Shares) | shares	(854)
Warrants, Exercisable, Cancelled (in Shares) | shares
Weighted Average, Exercise Price, Outstanding, Cancelled
Weighted Average, Exercise Price, Exercisable, Cancelled
Weighted Average, Fair Value Vested, Cancelled
Cancelled (in Shares) | shares
Weighted Average, Aggregate Intrinsic Value, Cancelled
Warrants, Outstanding, Ending Balance (in Shares) | shares	1,177,315
Warrants, Exercisable, Ending Balance (in Shares) | shares	1,177,315
Weighted Average, Exercise Price, Outstanding, Ending Balance	$ 30.66
Weighted Average, Exercise Price, Exercisable, Ending Balance	30.66
Weighted Average, Fair Value Vested, Ending Balance	$ 17.79
Weighted Average, Contractual Life (Years), Ending Balance	3 years 1 month 28 days
Weighted Average, Aggregate Intrinsic Value, Ending Balance (in Dollars) | $

Non-Cash Expenses (Details) - S

Non-Cash Expenses (Details) - Schedule of non-cash expenses - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Stock-based compensation	$ 337,601	$ 456,423
Depreciation & amortization	63,481	32,801
Subtotal	401,082	489,224
Other expense:
Amortization of debt discount		8,350
Subtotal		8,350
Total non-cash expenses	$ 401,082	$ 497,574