Miromatrix Medical (MIRO) 10-Q 15 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 11, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-40518
Entity Registrant Name	Miromatrix Medical Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1285782
Entity Address, Address Line One	10399 West 70th Street
Entity Address, City or Town	Eden Prairie
Entity Address State Or Province	MN
Entity Address, Postal Zip Code	55344
City Area Code	952
Local Phone Number	942-6000
Title of 12(b) Security	Common Stock
Trading Symbol	MIRO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,254,645
Entity Central Index Key	0001527096
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 62,087,678	$ 4,444,395
Receivable from Reprise Biomedical, Inc.	9,819	15,202
Grant receivable	115,530	100,000
Prepaid expenses and other current assets	334,310	130,576
Total current assets	62,547,337	4,690,173
Lab equipment, furniture, leasehold improvements and construction in progress, net	1,678,648	324,534
Investment in Reprise Biomedical, Inc		239,721
Total assets	64,225,985	5,254,428
Current liabilities:
Current portion of long-term debt	386,161	6,413,733
Accounts payable	1,249,259	130,160
Accrued interest expense		612,705
Embedded derivative liability		246,962
Accrued expenses	1,922,617	760,889
Total current liabilities	3,558,037	8,164,449
Accrued royalties	857,101	488,368
Long-term debt, less current portion	478,766	928,623
Accrued interest	65,032	45,691
Total liabilities	4,958,936	9,627,131
Commitments and contingencies
Shareholders' equity (deficit):
Common stock, par value $0.00001; 190,000,000 shares authorized; 20,254,645 issued and outstanding as of September 30, 2021 and 30,000,000 shares authorized; 2,185,822 issued and outstanding as of December 31, 2020	202	22
Additional paid-in capital	127,842,762	8,346,943
Accumulated deficit	(68,575,915)	(59,381,158)
Total shareholders' equity (deficit)	59,267,049	(51,034,193)
Total Liabilities, Mezzanine Equity and Shareholders' Equity (Deficit)	$ 64,225,985	5,254,428
Convertible preferred stock - Series B-2
Mezzanine equity:
Convertible preferred stock		15,670,097
Convertible preferred stock - Series B
Mezzanine equity:
Convertible preferred stock		23,865,732
Convertible preferred stock - Series A
Mezzanine equity:
Convertible preferred stock		$ 7,125,661

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Convertible preferred stock, outstanding (in shares)	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	190,000,000	30,000,000
Common stock, issued (in shares)	20,254,645	2,185,822
Common stock, outstanding (in shares)	20,254,645	2,185,822
Series B-2 Convertible Preferred Stock
Convertible preferred stock, par value (in dollars per share)		$ 0.00001
Convertible preferred stock, authorized (in shares)	0	2,500,000
Convertible preferred stock, issued (in shares)	0	2,095,874
Convertible preferred stock, outstanding (in shares)	0	2,095,874
Convertible preferred stock, liquidation preference	$ 0	$ 15,719,055
Series B Convertible Preferred Stock
Convertible preferred stock, par value (in dollars per share)		$ 0.00001
Convertible preferred stock, authorized (in shares)	0	4,000,000
Convertible preferred stock, issued (in shares)	0	3,218,282
Convertible preferred stock, outstanding (in shares)	0	3,218,282
Convertible preferred stock, liquidation preference	$ 0	$ 24,137,115
Series A Convertible Preferred Stock
Convertible preferred stock, par value (in dollars per share)		$ 0.00001
Convertible preferred stock, authorized (in shares)	0	3,300,000
Convertible preferred stock, issued (in shares)	0	3,000,380
Convertible preferred stock, outstanding (in shares)	0	3,000,380
Convertible preferred stock, liquidation preference	$ 0	$ 7,500,950

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Condensed Statements of Operations
Licensing revenue	$ 9,819	$ 10,846	$ 25,066	$ 31,328
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember
Cost of goods sold	$ 125,000	$ 125,000	$ 375,000	$ 375,000
Cost, Product and Service [Extensible Enumeration]	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember
Gross margin	$ (115,181)	$ (114,154)	$ (349,934)	$ (343,672)
Operating expenses:
Research and development expenses	3,349,898	1,870,039	7,698,786	5,750,320
Regulatory and clinical	105,208	64,083	292,169	208,276
Quality	150,675	75,850	322,719	75,850
General & administration	1,487,654	460,105	2,836,850	1,530,915
Total operating expenses	5,093,435	2,470,077	11,150,524	7,565,361
Operating loss	(5,208,616)	(2,584,231)	(11,500,458)	(7,909,033)
Interest income	766	94	851	8,683
Interest expense	(15,255)	(208,926)	(601,292)	(363,444)
Amortization of discount on note		(32,586)	(62,638)	(76,034)
Change in fair value of derivative			246,962
Research grants	115,069	328,424	393,034	794,291
Equity loss in affiliate		(495,000)	(223,633)	(1,676,000)
Gain on sale of equity investment			1,983,912
Gain on debt extinguishment	50,455		568,505
Net loss	$ (5,057,581)	$ (2,992,225)	$ (9,194,757)	$ (9,221,537)
Net loss per share, basic (in dollar per share)	$ (0.25)	$ (1.37)	$ (1.08)	$ (4.27)
Net loss per share, diluted (in dollar per share)	$ (0.25)	$ (1.37)	$ (1.08)	$ (4.27)
Weighted average shares used in computing net loss per share, basic (in shares)	20,145,321	2,183,322	8,503,743	2,158,632
Weighted average shares used in computing net loss per share, diluted (in shares)	20,145,321	2,183,322	8,503,743	2,158,632

Condensed Statements of Shareho

Condensed Statements of Shareholders' Equity (Deficit) - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at beginning of period at Dec. 31, 2019	$ 21	$ 7,638,190	$ (49,071,590)	$ (41,433,379)
Balance at beginning of period (in shares) at Dec. 31, 2019	2,075,822
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		157,398		157,398
Exercise of stock options	$ 1	6,249		6,250
Exercise of stock options (in shares)	62,500
Exercise of stock warrants		56,250		56,250
Net loss			(2,956,233)	(2,956,233)
Balance at end of period at Mar. 31, 2020	$ 22	7,858,087	(52,027,823)	(44,169,714)
Balance at end of period (in shares) at Mar. 31, 2020	2,138,322
Balance at beginning of period at Dec. 31, 2019	$ 21	7,638,190	(49,071,590)	(41,433,379)
Balance at beginning of period (in shares) at Dec. 31, 2019	2,075,822
Increase (Decrease) in Stockholders' Equity
Net loss				(9,221,537)
Balance at end of period at Sep. 30, 2020	$ 22	8,172,883	(58,293,127)	(50,120,222)
Balance at end of period (in shares) at Sep. 30, 2020	2,138,322
Balance at beginning of period at Dec. 31, 2019	$ 21	7,638,190	(49,071,590)	$ (41,433,379)
Balance at beginning of period (in shares) at Dec. 31, 2019	2,075,822
Increase (Decrease) in Stockholders' Equity
Exercise of stock warrants (in shares)				45,000
Balance at end of period at Dec. 31, 2020	$ 22	8,346,943	(59,381,158)	$ (51,034,193)
Balance at end of period (in shares) at Dec. 31, 2020	2,185,822
Balance at beginning of period at Mar. 31, 2020	$ 22	7,858,087	(52,027,823)	(44,169,714)
Balance at beginning of period (in shares) at Mar. 31, 2020	2,138,322
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		157,398		157,398
Net loss			(3,273,079)	(3,273,079)
Balance at end of period at Jun. 30, 2020	$ 22	8,015,485	(55,300,902)	(47,285,395)
Balance at end of period (in shares) at Jun. 30, 2020	2,138,322
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		157,398		157,398
Net loss			(2,992,225)	(2,992,225)
Balance at end of period at Sep. 30, 2020	$ 22	8,172,883	(58,293,127)	(50,120,222)
Balance at end of period (in shares) at Sep. 30, 2020	2,138,322
Balance at beginning of period at Dec. 31, 2020	$ 22	8,346,943	(59,381,158)	(51,034,193)
Balance at beginning of period (in shares) at Dec. 31, 2020	2,185,822
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		133,451		133,451
Exercise of stock options	$ 1	28,749		28,750
Exercise of stock options (in shares)	105,000
Net loss			(434,342)	(434,342)
Balance at end of period at Mar. 31, 2021	$ 23	8,509,143	(59,815,500)	(51,306,334)
Balance at end of period (in shares) at Mar. 31, 2021	2,290,822
Balance at beginning of period at Dec. 31, 2020	$ 22	8,346,943	(59,381,158)	$ (51,034,193)
Balance at beginning of period (in shares) at Dec. 31, 2020	2,185,822
Increase (Decrease) in Stockholders' Equity
Exercise of stock options (in shares)				381,866
Net loss				$ (9,194,757)
Balance at end of period at Sep. 30, 2021	$ 202	127,842,762	(68,575,915)	59,267,049
Balance at end of period (in shares) at Sep. 30, 2021	20,254,645
Balance at beginning of period at Mar. 31, 2021	$ 23	8,509,143	(59,815,500)	(51,306,334)
Balance at beginning of period (in shares) at Mar. 31, 2021	2,290,822
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		105,879		105,879
Exercise of stock options	$ 1	5,874		5,875
Exercise of stock options (in shares)	58,750
Exercise of stock warrants		6,250		6,250
Exercise of stock warrants (in shares)	65,909
Conversion of preferred stock to common stock	$ 111	66,553,049		66,553,160
Conversion of preferred stock to common stock (in shares)	11,092,314
Note payable and accrued interest converted to common stock	$ 10	7,152,389		7,152,399
Note payable and accrued interest converted to common stock (in shares)	996,757
Sales of common stock, net of expenses	$ 55	44,593,631		44,593,686
Sales of common stock, net of expenses (in shares)	5,520,000
Net loss			(3,702,834)	(3,702,834)
Balance at end of period at Jun. 30, 2021	$ 200	126,926,215	(63,518,334)	63,408,081
Balance at end of period (in shares) at Jun. 30, 2021	20,024,552
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		144,969		144,969
Exercise of stock options	$ 2	768,853		768,855
Exercise of stock options (in shares)	218,116
Exercise of stock warrants		2,725		2,725
Exercise of stock warrants (in shares)	11,977
Net loss			(5,057,581)	(5,057,581)
Balance at end of period at Sep. 30, 2021	$ 202	$ 127,842,762	$ (68,575,915)	$ 59,267,049
Balance at end of period (in shares) at Sep. 30, 2021	20,254,645

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (9,194,757)	$ (9,221,537)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization expense	93,575	139,921
Stock-based compensation	384,299	472,194
Reserve for bad debt		(7,501)
Amortization of discount on note	62,638	76,034
Change in fair value of derivative	(246,962)
Forgiveness of paycheck protection program loan	(568,505)
Equity loss in affiliate	223,633	1,676,000
Gain on sale of equity investment	(1,983,912)
Changes in operating assets and liabilities:
Accounts receivable		49,676
Receivable from Reprise Biomedical, Inc	5,383	217,405
Grant receivable	(15,530)	257,380
Prepaid expenses	(203,734)	(17,535)
Accounts payable and accrued expenses	2,649,560	(83,702)
Accrued interest	(583,293)	(347,349)
Net cash used in operating activities	(8,211,019)	(6,094,316)
Cash flows from investing activities:
Proceeds from sale of equity method investment shares	2,000,000
Purchases of construction in process	(1,166,129)
Purchases of lab equipment, furniture and leasehold improvements	(281,560)	(123,167)
Net cash provided by (used in) investing activities	552,311	(123,167)
Cash flows from financing activities:
Payments on long-term debt	(83,387)	(97,311)
Proceeds from long-term debt	87,567	6,563,397
Proceeds from sale of common stock, net	44,593,686
Proceeds from sale of preferred stock, net	19,891,670
Proceeds from stock warrants exercise	8,975	6,250
Proceeds from stock options exercise	803,480	56,250
Net cash provided by financing activities	65,301,991	6,528,586
Increase (decrease) in cash and cash equivalents	57,643,283	311,103
Cash and cash equivalents at beginning of period	4,444,395	3,250,014
Cash and cash equivalents at end of period	62,087,678	3,561,117
Supplemental disclosure of cash flow information:
Interest paid	17,999	$ 16,095
Supplemental disclosure of non-cash activities:
Accrued expenses related to financing	$ 936,652

DESCRIPTION OF BUSINESS AND SIG

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2021
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 — DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Description of Business Miromatrix Medical Inc. (the “Company”) is a life science company that has a proprietary technology to remove cells from, or decellularize, and also to recellularize organs and tissues from animal and human sources, facilitating the creation of numerous products. Basis of Preparation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules of the Securities and Exchange Commission (“SEC”) applicable to interim reports of companies filing as a smaller reporting company. These financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Registration Statement on Form S-1 (File No. 333-256649), as amended, (the “Form S-1”) for the fiscal year ended December 31, 2020 filed with the SEC on June 22, 2021. In the opinion of management, the accompanying condensed interim financial statements include all adjustments necessary in order to make the financial statements not misleading. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year or any other future period. Certain notes to the financial statements that would substantially duplicate disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Company’s Form S-1 have been omitted. The accompanying condensed balance sheet at December 31, 2020 has been derived from the audited balance sheet at December 31, 2020 contained in the Form S-1. In the opinion of management, the accompanying condensed financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, stockholders' equity and cash flows for the interim periods but are not necessarily indicative of the results of operations or cash flows to be anticipated for the full year 2021 or any future period. The Company has evaluated subsequent events occurring after the date of the condensed financial statements for events requiring recording or disclosure in the condensed financial statements. Amended and Restated Charter On May 20, 2021, the Company’s Board of Directors (the “Board”) and stockholders approved an amendment and restatement of the Company’s then-existing certificate of incorporation (the “Pre-IPO Certificate”) to create, among other changes, a Series C Convertible Preferred Stock (“Series C Stock”). The Series C Stock would convert into shares of the Company’s common stock upon the Company’s initial public offering at 80% of the price at which the common stock is being sold in the initial public offering (see Note 8). June 2021 Amended and Restated Charter Prior to the completion of the initial public offering of the Company’s common stock (the “IPO”), the Company's Board and stockholders approved an amendment (the “Charter Amendment”) to the Pre-IPO Certificate and an amended and restated certificate of incorporation (“Post-IPO Certificate”) that became effective on June 23, 2021. The Charter Amendment increased the number of authorized shares of the Company’s common stock from 30,000,000 to 190,000,000 and authorized 10,000,000 shares of undesignated preferred stock. Under the Post-IPO Certificate, the Company is authorized to issue two classes of stock, Common Stock and Preferred Stock. Equity Method Investments Investments in 20% to 50%-owned companies are accounted for under the equity method as the Company can exercise significant influence, but not control, over such investments. The equity method requires that gains (losses) are recognized in other income (expense), net in the statements of operations. The gain on equity investment in Reprise Biomedical, Inc. (“Reprise”) resulted from recording the fair value of the Company’s investment in Reprise upon losing a controlling interest in the Company on June 30, 2019. The Company recorded its equity method share of losses in Reprise from July 1, 2019 through December 31, 2019, from January 1, 2020 to December 31, 2020 and from January 1, 2021 to March 15, 2021 in the statements of operations. Even though the Company’s ownership dropped below 20% on November 15, 2020, the Company still had significant influence over the activities of Reprise due to common board members (See Note 4). Research and Development Costs Research and development expenses consist primarily of engineering, product development, consulting services, materials, depreciation and other costs associated with products and technologies in development. These expenses include employee and non-employee compensation, including stock-based compensation, supplies, materials, consulting expenses, related travel expenses, and facility costs. Expenditures for research and development activities are charged to operations as incurred. Stock-Based Compensation The Company is required to determine the fair value of equity incentive awards and recognize compensation expense for all equity incentive awards made to employees and directors, including employee stock options. The Company also determines the fair value of non-statutory stock options issued to consultants based on the fair value of the consultant’s commitment at the date of grant. Such expense is recognized over the requisite service period. In addition, stock-based compensation expense recognized in the statements of operations is based on awards expected to vest and therefore the amount of expense has been reduced for estimated forfeitures. The Company uses the straight-line method for expense attribution, except for awards issued with performance-based conditions which require an accelerated attribution method over the requisite performance and service periods. Under the applicable accounting guidance for equity incentive awards issued to non-employees, the date at which the fair value of such awards is measured is equal to the earlier of: 1) the date at which a commitment for performance by the counterparty to earn the equity instrument is reached; or 2) the date at which the counterparty ’ s performance is complete. The Company recognizes stock-based compensation expense for the fair value of the vested portion of the non-employee awards in the statements of operations. The valuation model used for calculating the fair value of awards for stock-based compensation expense is the Black-Scholes option-pricing model (the “Black-Scholes model”). The Black-Scholes model requires the Company to make assumptions and judgments about the variables used in the calculation, including the expected term (weighted average period of time that the options granted are expected to be outstanding), the volatility of common stock, and an assumed risk-free interest rate. The Company uses the “simplified method” to determine the expected term of the stock option. Volatility is based on an average of the historical volatilities of the common stock of publicly-traded companies with characteristics similar to those of the Company. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The expected dividend assumption is based on the Company’s history of not paying dividends and its expectation that it will not declare dividends for the foreseeable future. Potential forfeitures of awards are estimated based on the Company’s historical forfeiture experience. The estimate of forfeitures will be adjusted over the service period to the extent that actual forfeitures differ, or are expected to differ, from prior estimates. Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of cash, cash equivalents, accounts receivable, and accounts payable. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as to those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock and dilutive potential shares of common stock outstanding during the period. Because we have reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods as all potentially dilutive shares consisting of stock options and warrants were antidilutive in those periods (See Note 13). Recent Accounting Pronouncements During February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842).” ASU No. 2016-02 requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. During 2018, the FASB also issued ASU No. 2018-10, “Codification Improvements to Topic 842, Leases”, which addresses narrow aspects of the guidance originally issued in ASU No. 2016-02; ASU 2018-11, “Targeted Improvements”, which provides entities with an additional (and optional) transition method whereby an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption and also provides lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component. During 2019, the FASB also issued ASU No. 2019-01, which clarified Topic 842’s interim disclosure requirements and amend certain industry-specific guidance related to determining the fair value of leased assets and the cash flow presentation of principal payments received under sales-type and direct finance leases. Topic 842 (as amended) is effective for annual periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the effect that Topic 842 (as amended) will have on its results of operations, financial position and cash flows.

INITIAL PUBLIC OFFERING

INITIAL PUBLIC OFFERING	9 Months Ended
	Sep. 30, 2021
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING	NOTE 2 — INITIAL PUBLIC OFFERING In June 2021, the Company completed the IPO in which the Company sold 5,520,000 shares of its common stock at a price to the public of $9.00 per share, which included the sale of 720,000 shares of common stock as a result of the full exercise of the underwriter’s overallotment option. The Company received proceeds of $49.7 million, excluding underwriting discounts and commissions, which was recorded to additional paid-in capital. The Company’s common stock commenced trading on the Nasdaq Capital Market on June 24, 2021 under the trading symbol “MIRO.” Upon the closing of the IPO, all shares of the then-outstanding convertible preferred stock were converted on their respective terms into a total of 12,139,071 shares of common stock. This resulted in a reclassification of $73.7 million to additional paid-in capital. Offering costs incurred by the Company were approximately $1.6 million, excluding underwriting commissions and discounts, which were recorded to additional paid-in capital. The Company issued the underwriter in the IPO a warrant to purchase up to 276,000 shares of its common stock.

LAB EQUIPMENT, FURNITURE, LEASE

LAB EQUIPMENT, FURNITURE, LEASEHOLD IMPROVEMENTS AND CONSTRUCTION IN PROGRESS	9 Months Ended
	Sep. 30, 2021
LAB EQUIPMENT, FURNITURE, LEASEHOLD IMPROVEMENTS AND CONSTRUCTION IN PROGRESS
LAB EQUIPMENT, FURNITURE, LEASEHOLD IMPROVEMENTS AND CONSTRUCTION IN PROGRESS	NOTE 3 — LAB EQUIPMENT, FURNITURE, LEASEHOLD IMPROVEMENTS AND CONSTRUCTION IN PROGRESS Lab equipment, furniture, leasehold improvements and construction in progress consisted of the following as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 December 31, 2020 ​ ​ (unaudited) ​ ​ ​ Lab equipment ​ $ 1,762,512 ​ $ 1,480,952 Construction in progress ​ ​ 1,166,129 ​ ​ — Leasehold improvements ​ 310,225 ​ 310,225 Furniture and fixtures & computers ​ 112,302 ​ 112,302 ​ ​ 3,351,168 ​ 1,903,479 Less accumulated depreciation and amortization ​ (1,672,520) ​ (1,578,945) ​ ​ $ 1,678,648 ​ $ 324,534 ​ Depreciation and amortization expense was $34,401 and $34,901 for the three months ended September 30, 2021 and 2020, respectively, and $93,575 and $139,921 for the nine months ended September 30, 2021 and 2020, respectively. ​ The Company is moving into a new facility in December 2021 and has paid $1,166,129 toward leasehold improvements and other costs and recorded these as construction in progress.

EQUITY METHOD INVESTMENT

EQUITY METHOD INVESTMENT	9 Months Ended
	Sep. 30, 2021
EQUITY METHOD INVESTMENT
EQUITY METHOD INVESTMENT	NOTE 4 — EQUITY METHOD INVESTMENT The Company previously manufactured and sold acellular medical devices in the hernia mesh and wound care markets through a separately identifiable business unit (the “Acellular Business”). On June 30, 2019, the Acellular Business was spun-out to Reprise. At the time of the spin-out the common stock of Reprise was valued at $1.00 per share and therefore the Company recognized a gain of $4,495,500 on its Reprise common stock holdings. At the time of the spin-out and until November 15, 2020, the Company owned 4,500,000 shares of common stock of Reprise, which represented 45% ownership in Reprise. In November 2020, the Company sold 2,700,000 shares of common stock of Reprise and retained an 18% ownership interest in Reprise. The Company sold its remaining shares of Reprise in March 2021 for $2,000,000. As of December 31, 2020, the Company had an investment in Reprise that it accounts for under the equity method (See Note 1). The Company considers its investment in Reprise to be significant to its income as of December 31, 2020. Financial information from the financial statements of Reprise are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 December 31, 2020 ​ (unaudited) ​ ​ Current assets ​ $ — ​ $ 4,309,045 Total assets ​ — ​ 5,312,350 Current liabilities ​ — ​ 2,534,673 Non-current liabilities ​ — ​ 489,785 Shareholders’ equity ​ — ​ 2,287,892 Miromatrix Medical Inc. share of shareholders’ equity ​ — ​ 411,821 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, For the Nine Months Ended September 30, ​ 2021 2020 2021 2020 ​ ​ (unaudited) ​ (unaudited) (unaudited) ​ (unaudited) Net sales ​ $ — ​ $ 169,277 ​ $ 93,985 ​ $ 484,067 ​ Gross margin ​ — ​ 109,497 ​ 47,708 ​ 307,573 ​ Net loss ​ — ​ (1,188,678) ​ (1,376,522) ​ (3,723,533) ​ Miromatrix Medical Inc. share of net loss ​ — ​ (495,000) ​ (223,633) ​ (1,676,000) ​ ​

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Sep. 30, 2021
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE 5 — ACCRUED EXPENSES Accrued expenses consisted of the following as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ (unaudited) ​ ​ ​ Wages ​ $ 549,685 ​ $ 217,825 Legal ​ 120,000 ​ 452,778 Royalties ​ 2,455 ​ 3,800 Supplies ​ ​ 80,700 ​ ​ — IPO expenses ​ ​ 936,652 ​ ​ — Key opinion leader compensation ​ 100,000 ​ 34,000 Board compensation ​ ​ 58,125 ​ ​ — Other ​ 75,000 ​ 52,486 Accrued expenses ​ $ 1,922,617 ​ $ 760,889 ​

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	9 Months Ended
	Sep. 30, 2021
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	NOTE 6 — FAIR VALUE MEASUREMENT The fair value of the Company’s financial instruments reflect the amount that the Company estimates that it would receive in connection with the sale of an asset or paid in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Directly or indirectly observable inputs as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. Level 3: Unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. The Company classified its equity method investments as Level 3 securities. The Company determined that a promissory note issued in March 2020 (“March 2020 Note”) contained a change in control provision which is a level 3 embedded derivative and is required to be bifurcated. In accordance with ASC 815, Derivatives and Hedging The table below discloses changes in value of the Company’s embedded derivative liabilities discussed above. ​ ​ ​ ​ ​ Derivative liability balance at December 31, 2019 $ — Derivative instrument related to March 2020 Note ​ 195,516 Gain/Loss recognized to revalue derivative instrument at fair value ​ 51,446 Derivative liability balance at December 31, 2020 ​ 246,962 Gain/Loss recognized to revalue derivative instrument at fair value (unaudited) ​ (246,962) Derivative liability balance at September 30, 2021 (unaudited) ​ $ — ​

DEBT AND CAPITAL LEASE OBLIGATI

DEBT AND CAPITAL LEASE OBLIGATION	9 Months Ended
	Sep. 30, 2021
DEBT AND CAPITAL LEASE OBLIGATION
DEBT AND CAPITAL LEASE OBLIGATION	NOTE 7 — DEBT AND CAPITAL LEASE OBLIGATION In December 2010, the Company entered into a loan and security agreement with the Minnesota Agricultural and Economic Development Board under which the Company borrowed $250,000. The loan had a maturity date of November 1, 2020. Commencing on December 1, 2014, the loan started to bear interest at a rate of 6% per annum. Per the loan agreement, the Company began making monthly principal and interest payments on December 1, 2015 in the amount of $3,000. The Company made 59 monthly payments, plus one final payment equal to the then unpaid principal and interest. The loan was secured by the Company’s accounts receivable. As of September 30, 2021 and December 31, 2020, the principal outstanding on this loan was $0 and $168,193, respectively. In January 2012, the Company signed a promissory note with the Regents of the University of Minnesota (the “University”) for $405,559. Commencing on January 1, 2016 the promissory note bears interest at 3% per annum, compounded monthly. On or before January 31, 2018, the Company is required to make monthly principal and interest payments of $7,737 until the note is paid in full. The note has a maturity date of December 31, 2022 and is unsecured. In association with the promissory note, the Company issued the University warrants to purchase 80,000 shares of the Company’s common stock at an exercise price of $1.69. As of September 30, 2021 and December 31, 2020, the principal outstanding on this loan was $106,320 and $172,731, respectively. In May 2015, the Company entered into a loan agreement with the Minnesota Department of Employment & Economic Development under which the Company borrowed $250,000. The loan does not bear interest, is due in a lump sum payment on April 1, 2022 and is uncollateralized. If there is a substantial ownership change in the Company (greater than 50% to one entity), the Company will pay the Minnesota Department of Employment & Economic Development additional compensation of $75,000. As of both September 30, 2021 and December 31, 2020, the balance outstanding on this loan was $250,000. In October 2018, the Company signed a lease agreement for a piece of equipment that is being accounted for as a capitalized lease. The total cost of the equipment was $102,026. The lease bears interest at 7.2% and the Company will make 60 monthly payments of $2,003 until the lease is paid in full. As of September 30, 2021 and December 31, 2020, the amount outstanding on the lease was $43,113 and $57,127, respectively. The lease is secured by the piece of equipment. In January 2019, Company issued the University a promissory note in the amount of $385,997 in satisfaction of the Company’s minimum royalty obligation for the year ended December 31, 2018. The note bears interest at 6% per annum and is due on January 31, 2025. In addition, the Company issued the University a 10-year warrant to purchase 20,587 shares of the Company’s common stock at an exercise price of $3.75 per share. In March 2020, the Company entered into a note and warrant purchase agreement (the “Purchase Agreement”) with one of the Company’s shareholders under which the Company borrowed $6,000,000. As part of the Purchase Agreement, the Company signed a convertible promissory note (the “Note”) and issued the shareholder a warrant (the “Warrant”). The Note was unsecured and had a maturity date of September 6, 2021. If the Company completed a preferred stock offering of at least $34,000,000 prior to the maturity date, the Note and all accrued interest would have automatically converted into preferred shares of such offering at the offering price. The Note initially bore interest at 5% per annum. If the Note was not converted prior to May 1, 2020, the interest rate increased to 7% on May 1, 2020 and by an additional 2% on the first day of each subsequent month prior to the maturity date starting on June 1, 2020, provided that the interest rate shall not exceed 20%. The 5-year Warrant has a warrant coverage amount of $750,000 with an exercise price equal to the conversion price of the Note. If the Note had not been converted or repaid in accordance with its terms prior to May 1, 2020, the Company will issue an additional warrant on May 1, 2020, and the first day of each additional month the Note remains outstanding, for $75,000 of warrant coverage. In June 2021, the Note and all accrued interest was converted into 956,887 shares of the Company’s Series C Convertible Preferred Stock. As of September 30, 2021 and December 31, 2020, the balance outstanding on the Note was $0 and $6,000,000, respectively. On April 16, 2020, the Company issued a promissory note for $563,397 under the Paycheck Protection Program (“PPP”) through the U.S. Small Business Administration (SBA). The PPP was authorized in the Coronavirus Aid, Relief and Economic Security (CARES) Act. The promissory note is uncollateralized and is fully guaranteed by the Federal government. The outstanding balance of the promissory note bears interest at 1% per annum and is due on April 16, 2022. Per the PPP’s terms, some or all of the debt may be forgiven based upon the Company’s use of the funds. On March 4, 2021, $513,520 of the principal balance under the promissory note and associated interest of $4,530 were forgiven by the SBA. On August 6, 2021, the remaining principal balance of $49,877 along with associated interest of $440 were forgiven by the SBA. As of September 30, 2021 and December 31, 2020, the balance outstanding on the promissory note was $0 and $563,397 respectively. In July 2021, the Company signed a lease agreement for a piece of equipment that is being accounted for as a capitalized lease. The total cost of the equipment was $44,251. The lease bears interest at 5.0% and the Company will make 24 monthly payments of $1,941 until the lease is paid in full. As of September 30, 2021, the amount outstanding on the lease was $37,178. The lease is secured by the piece of equipment. In September 2021, the Company signed a lease agreement for a piece of equipment that is being accounted for as a capitalized lease. The total cost of the equipment was $43,317. The lease bears interest at 6.8% and the Company will make 36 monthly payments of $1,448 until the lease is paid in full. As of September 30, 2021, the amount outstanding on the lease was $42,319. The lease is secured by the piece of equipment. ​ Principal maturities were as follows as of the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Debt Capital Lease Total 2021 ​ $ 6,481,774 ​ $ 18,855 ​ $ 6,500,629 2022 ​ 504,354 ​ 20,261 ​ 524,615 2023 ​ — ​ 18,011 ​ 18,011 2024 ​ — ​ — ​ — 2025 ​ 385,997 ​ — ​ 385,997 Totals ​ ​ 7,372,125 ​ ​ 57,127 ​ ​ 7,429,252 Less current portion ​ ​ (6,481,774) ​ ​ (18,855) ​ ​ (6,500,629) Long-term portion ​ $ 890,351 ​ $ 38,272 ​ $ 928,623 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, Debt Capital Lease Total (unaudited) ​ ​ ​ 2022 ​ $ 333,223 ​ $ 52,938 ​ $ 386,161 2023 ​ 23,097 ​ 51,008 ​ 74,105 2024 ​ — ​ 18,664 ​ 18,664 2025 ​ 385,997 ​ — ​ 385,997 Totals ​ 742,317 ​ 122,610 ​ 864,927 Less current portion ​ (333,223) ​ (52,938) ​ (386,161) Long-term portion ​ $ 409,094 ​ $ 69,672 ​ $ 478,766 ​

CAPITAL STOCK

CAPITAL STOCK	9 Months Ended
	Sep. 30, 2021
CAPITAL STOCK
SHAREHOLDERS' DEFICIT AND MEZZANINE EQUITY	NOTE 8 — CAPITAL STOCK Convertible Preferred Stock Immediately prior to the IPO, the Company had the following outstanding convertible preferred stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate ​ Shares Shares Liquidation ​ ​ Authorized ​ Outstanding ​ Preference ​ ​ ​ ​ ​ ​ Convertible Preferred Stock - Series C ​ 6,100,000 ​ 3,671,554 $ 27,536,655 Convertible Preferred Stock - Series B-2 2,500,000 2,095,874 ​ 15,719,055 Convertible Preferred Stock - Series B 4,000,000 3,218,282 ​ 24,137,115 Convertible Preferred Stock - Series A 3,300,000 3,000,380 ​ 7,500,950 ​ 15,900,000 11,986,090 ​ $ 74,893,775 ​ Upon the closing of the IPO, all shares of convertible preferred stock then outstanding were automatically converted into an aggregate of 12,139,071 shares of common stock, resulting in the reclassification of the related convertible preferred stock into $121 of common stock and $73.7 million into additional paid-in capital. As of September 30, 2021, there were no shares of convertible preferred stock outstanding. Common Stock All of the shares sold by the Company in the IPO were common stock. The Company is authorized to issue 190,000,000 shares of common stock, with a par value of $0.00001. Holders of common stock are entitled to one vote for each share held on all matters submitted to a vote of common shareholders, as provided in the Post-IPO Certificate. Subject to preferences that may be applicable to any outstanding preferred shares, each share of common stock is entitled to share pro rata in any distributions. In any distribution of capital assets, holders of common stock are entitled to receive pro rata the assets remaining after payment of liabilities and liquidation preferences on any outstanding preferred stock. In 2020, the Company issued 64,000 and 1,000 shares of common stock in connection with the exercise of stock option agreements at exercise prices of $0.10 and $1.25 per share, respectively. The Company also issued 45,000 shares of common stock in connection with the exercise of stock warrant agreements at an exercise price of $1.25 per share. In 2019, the Company issued 50,000 shares of common stock in connection with the exercise of stock option agreements at exercise price of $1.25 per share. At December 31, 2020, there were 2,185,822 shares of common stock issued and outstanding outstanding Preferred Stock The Company is authorized to issue 10,000,000 shares of preferred stock, with a par value of $0.00001, as provided in the Post-IPO Certificate. As of September 30, 2021, there were no shares of preferred stock issued and outstanding The Company previously classified its Series A Convertible Preferred Stock, Series B Convertible Preferred Stock, Series B-2 Convertible Preferred Stock, and Series C Convertible Preferred Stock as mezzanine equity due to their liquidation provisions under a change in control. Series C Convertible Preferred Stock In May 2021, the Company entered into two stock purchase agreements under which it sold an aggregate of 2,666,667 shares of Series C Preferred Stock at $7.50 per share for gross proceeds of $20,000,003. In June 2021, the $6,000,000 Note issue by the Company in March 2020 (See Note 7) and all accrued interest was converted into 956,887 shares of Series C Preferred Stock. On the same date, the Warrant issued in connection with the Note was converted into 48,000 shares of Series C Preferred Stock via a cashless exercise. The Series C Preferred Stock converted into common stock at a 20% discount to the price to the public in the IPO. As of September 30, 2021, all 3,671,554 shares of the Series C Preferred Stock had been converted into common stock and none remained outstanding. Stock Options In February 2010, the Company adopted a stock option plan (the “2010 Plan”) which authorized options to acquire 375,000 shares of the Company’s common stock. On June 20, 2011, the number of shares authorized to be issued as options under the 2010 Plan was increased to 600,000. On September 30, 2013, the number of shares authorized to be issued as options under the 2010 Plan was increased to 1,300,000. On March 1, 2014, the number of shares authorized to be issued as options under the 2010 Plan was increased to 1,700,000. On July 31, 2015, the number of shares authorized to be issued as options under the 2010 Plan was increased to 2,500,000 shares. On August 12, 2016, the number of shares authorized to be issued as options under the 2010 Plan was increased to 3,250,000 shares. On December 13, 2017, the number of shares authorized to be issued as options under the 2010 Plan was increased to 3,850,000 shares. At September 30, 2021, there were 2,876,305 options outstanding under the 2010 Plan and 0 options available for grant. At December 31, 2020, there were 3,287,230 options outstanding under the 2010 Plan and 0 options available for grant. The Company ceased making awards under the 2010 Plan upon approval of the 2019 Plan. In July 2019, the Company adopted a stock option plan (the “2019 Plan”) which authorized options to acquire 1,000,000 shares of the Company’s common stock. At September 30, 2021, there were 377,000 options outstanding under the 2019 Plan and 0 options available for grant. At December 31, 2020, there were 481,500 options outstanding under the 2019 Plan and 518,500 options available for grant. The Company ceased making awards under the 2019 Plan upon stockholder approval of the 2021 Plan. On May 20, 2021, the Company’s stockholders approved the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan provides for the issuance of stock options, restricted stock units and other awards to employees, directors and consultants of the Company. The number of shares of common stock that may be the subject of awards issued under the 2021 plan is 1,000,000. In addition, shares of common stock that would have otherwise been available under our 2019 Plan will increase the number of shares of common stock available for issuance under our 2021 plan. Shares of common stock subject to outstanding awards under the 2019 Plan that would otherwise return to the share reserve of the 2019 plan upon expiration, forfeiture, retention by the Company to satisfy any exercise price or any tax withholding, repurchase by the Company at their original purchase price, or settlement in cash of awards outstanding under the 2019 Plan may be added to the number of shares of common stock available for issuance under the 2021 Plan. The number of shares of common stock reserved for issuance under our 2021 Plan will automatically increase on the first day of each year, beginning on January 1, 2022, in amount equal to the lesser of (a) 4.5% of the total number of shares of common stock outstanding on December 31 of the immediately preceding calendar year, (b) 600,000 shares of common stock, or (c) such lesser number of shares as determined by the Board. At September 30, 2021, there were 244,831 awards outstanding and 1,323,169 awards available for grant under our 2021 Plan. The following is a summary of options to purchase common stock during the nine months ended September 30 (unaudited): ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ September 30, 2021 ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Exercise ​ Shares Price Options outstanding at beginning of the period ​ 3,768,730 ​ $ 3.15 Granted ​ 215,500 ​ $ 9.99 Exercised ​ (381,866) ​ $ 2.10 Canceled or expired ​ (137,559) ​ $ 3.01 Options outstanding at end of the period 3,464,805 ​ $ 3.70 Options Exercisable 3,075,006 ​ $ 3.29 ​ The weighted average fair value of options granted for the nine months ended September 30, 2021 and 2020 was $4.33 and $0.94 per share, respectively. As of September 30, 2021, there were 3,464,805 common stock options outstanding with a weighted average remaining contractual life of 4.73 years. . As of September 30, 2021, there were 3,075,006 common stock options exercisable with a weighted average remaining contractual life of 4.19 years. The intrinsic value of the outstanding options as of September 30, 2021 and December 31, 2020 was $11,962,604 and $1,906,200, respectively. The intrinsic value of the exercisable options as of September 30, 2021 and December 31, 2020 was $11,342,114 and $1,906,200, respectively. The intrinsic value of options exercised was $1,418,173 and $1,915,060 for the three and nine months ended September 30, 2021, respectively. The Company recognized $167,469 and $157,398 of stock-based compensation related to option grants during the three months ended September 30, 2021 and 2020, respectively, and $450,300 and $472,194 of stock-based compensation related to option grants during the nine months ended September 30, 2021 and 2020, respectively. As of December 31, 2020, there was $562,456 of unrecognized compensation costs related to stock option grants of which $280,269, $182,465, $61,890 and $37,832 is expected to be recognized during the years ending December 31, 2021, 2022, 2023 and 2024, respectively. As of September 30, 2021, there was $1,106,705 of unrecognized compensation costs related to stock option grants of which $98,154, $391,038, $274,705, $255,880 and $86,929 is expected to be recognized during the years ending December 31, 2021, 2022, 2023, 2024, and 2025 respectively. The Company issues new common shares for options exercised. Black-Scholes Assumptions The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option grants with the following weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ 2021 ​ 2020 ​ ​ ​ (unaudited) ​ (unaudited) Expected life in years ​ 5.99 ​ 5.95 Risk-free interest rate ​ 1.16 % 0.67 % Expected dividend yield — ​ — ​ Expected volatility 44.30 % 35.00 % ​ Restricted Stock Units During the nine months ended September 30, 2021, the Company granted directors restricted stock unit (“RSU”) awards totaling 33,331 shares of common stock under the 2021 Plan in accordance with the Company’s non-employee director compensation policy. Each RSU is eligible to vest over time and settle into one newly issued share of Company common stock. The weighted average fair value of $9.00 per unit was calculated based upon the IPO stock price. ​ As of September 30, 2021, there was $250,000 of unrecognized compensation costs related to restricted stock units of which $50,000, $125,000, $50,000 and $25,000 is expected to be recognized during the years ending December 31, 2021, 2022, 2023 and 2024 respectively. ​ 2021 Employee Stock Purchase Plan On May 20, 2021, the Company’s stockholders adopted the 2021 Employee Stock Purchase Plan (“2021 ESPP”), which became effective in connection with the Company’s IPO. The 2021 ESPP allows eligible employees to purchase shares of the Company’s common stock in an offering on each purchase date no less than 85% of the lower of (i) the closing market price per share of common stock on the first day of the applicable purchase period or (ii) the closing market price per share of common stock on the purchase date at the end of the applicable six-month purchase period. No participant will have the right to purchase shares in an amount that has a fair value of more than $25,000 determined as of the first day of the applicable purchase period, for each calendar year, nor purchase more than 5,000 shares of common stock on any one purchase date. ​ There were 300,000 shares of common stock initially reserved for issuance under the 2021 ESPP. In addition the 2021 ESPP contains a provision which provides for an automatic annual share increase on January 1 of each year, in an amount equal to the lesser of (i) 1% of the total number of shares outstanding as of December 31 of the immediately preceding calendar year, (ii) 200,000 shares or (iii) such number of shares as determined by the Board. ​ The Company accounts for employee stock purchases made under its 2021 ESPP using the estimated grant date fair value of accounting in accordance with ASC 718, Stock Compensation ​ There were no shares issued under the 2021 ESPP during the three and nine months ended September 30, 2021. ​ Stock Warrants Information with respect to warrants is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A Preferred ​ ​ ​ warrants ​ Common warrants Warrants outstanding December 31, 2018 ​ ​ 40,000 ​ ​ 732,082 Granted ​ ​ — ​ ​ 20,587 Exercised ​ ​ — ​ ​ — Terminated ​ — ​ — Warrants outstanding December 31, 2019 ​ 40,000 ​ ​ 752,669 Granted ​ — ​ ​ — Exercised ​ — ​ ​ (45,000) Terminated ​ ​ (40,000) ​ ​ — Warrants outstanding December 31, 2020 ​ ​ — ​ ​ 707,669 Granted ​ — ​ ​ 276,000 Exercised ​ — ​ ​ (32,790) Terminated ​ ​ — ​ ​ — Warrants outstanding September 30, 2021 (unaudited) ​ ​ — ​ ​ 950,879 ​ ​ ​ ​ ​ ​ ​ Weighted average exercise price: ​ ​ ​ ​ ​ ​ September 30, 2021 (unaudited) ​ $ — ​ $ 4.53 December 31, 2020 ​ ​ — ​ ​ 2.34 December 31, 2019 ​ ​ 2.88 ​ ​ 2.27 ​ ​ ​ ​ ​ ​ ​ Weighted average remaining contractual life in years: ​ ​ ​ ​ ​ ​ September 30, 2021 (unaudited) ​ ​ — ​ ​ 2.56 December 31, 2020 ​ ​ — ​ ​ 2.32 December 31, 2019 ​ ​ 0.83 ​ ​ 3.23 ​

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 30, 2021
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	NOTE 9 — EMPLOYEE BENEFIT PLANS The Company’s employees are eligible to participate in a defined contribution benefit plan. Employees may contribute a percentage of their wages, subject to limits established by the Internal Revenue Code. The Company may elect to make discretionary contributions to the plan. There were no discretionary contributions during the three and nine months ended September 30, 2021 and 2020.

SIGNIFICANT CUSTOMERS

SIGNIFICANT CUSTOMERS	9 Months Ended
	Sep. 30, 2021
SIGNIFICANT CUSTOMERS
SIGNIFICANT CUSTOMERS	NOTE 10 — SIGNIFICANT CUSTOMERS The Company had one customer that accounted for 100% of total revenue for the three and nine months ended September 30, 2021 and 2020. The current receivable for this customer is included in Receivable From Reprise Biomedical, Inc. The long-term receivable related to minimum royalties from this customer has been completely reserved against due to uncertainty regarding collectability.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 11 — COMMITMENTS AND CONTINGENCIES Patent License Agreement Under an Exclusive Patent License Agreement between the Company and the University (the “Agreement”) the Company is required to make minimum royalty payments to the University of $500,000 per year. Under the Patent and Know-How License Agreement with Reprise, Reprise has minimum royalty obligations to the Company of $500,000 per year. (See Note 12.) Leases In February 2015, the Company executed a lease for a facility in Eden Prairie, Minnesota. The Company had leased this facility through March 31, 2020 at a rate of $13,100 per month with yearly rent increases of approximately 3% per year. In November 2019, the lease for the facility was extended to December 31, 2020 at a rate of $15,100 per month starting April 1, 2020. In August 2020, the lease for this facility was extended to December 31, 2021 at a rate of $16,600 per month starting in January 2021. In May 2020, the Company executed a lease for a second facility in the same Eden Prairie, Minnesota office park as its other facility. The Company leased this space through December 31, 2020 at a rate of $2,500 per month starting in May 2020. In August 2020, the lease for this facility was extended to December 31, 2021 at a rate of $3,400 per month starting in January 2021. Total rent expense under operating leases was $60,096 and $52,865 for the three months ended September 30, 2021 and 2020, respectively, and $183,389 and $148,425 for the nine months ended September 30, 2021 and 2020, respectively. The Company has future minimum non-cancelable lease commitments as follows: ​ ​ ​ ​ ​ ​ ​ At September 30, 2021 2021 $ 60,096 Total $ 60,096 ​ On August 2, 2021, the Company entered into a Multi-Tenant Industrial Triple Net Lease (the “Lease”) with B9 Polar Prairie Oaks Corporate LLC, a Delaware limited liability company (the “Landlord”), for research and development and office space located at 6455 Flying Cloud Drive, Eden Prairie, Minnesota 55344 (the “Building”). Under the terms of the Lease, starting on December 31, 2021 (the “Commencement Date”) the Company will lease approximately 42,278 square feet of the Building (the “Premises”) as the sole tenant at the Premises, which will replace the Company’s current leased premises at 10399 West 70 th The base rent under the Lease is $41,397 per month for the 12-month period beginning on the Commencement Date and ending on December 31, 2022, and thereafter is subject to scheduled annual increases of approximately 3% during the term of the Lease. However, under the terms of the Lease, the Company’s monthly base rent will be abated for the period beginning on the Commencement Date and ending on May 31, 2022, provided the Lease is not terminated due to default. In addition to base rent, the Company is obligated under the Lease to pay to the Landlord certain costs, operating expenses and taxes, including approximately 61.08% of the real property taxes of the Building and the land on which it is located and approximately 61.08% of the Landlord’s management fee, which equals an amount of up to 5% of the Landlord’s gross receipts from leases at the Building. The term of the Lease begins on the Commencement Date and ends on May 31, 2029. The Company has one option to extend the term for a period of five years beginning on June 1, 2029. The Company plans to deliver a security deposit to the Landlord through an irrevocable, standby letter of credit (“LOC”) issued by Park State Bank in the amount of $800,000 (“Security Amount”), which will be retained by the Landlord as security for the Company’s performance and observance of its obligations under the Lease. To secure the LOC, the Company will be required to place the Security Amount in a restricted cash account at Park State Bank, which may be drawn from in limited circumstances. ​ License Contract On December 1, 2014, the Company entered into a research and development contract with an outside developer. The term of the contract was set to expire on December 31, 2016, but in September 2016 the expiration date was extended to December 31, 2017; in January 2018 the expiration date was extended to June 30, 2019; in May 2019 the expiration date was extended to March 30, 2020; in February 2020 the expiration date was extended to February 28, 2021. In February 2021 the contract was extended to December 31, 2021. As partial consideration for the developer’s services, on January 1, 2015, the Company issued 26,667 shares of Series B preferred stock at a fair value of $7.50 per share. The value of these shares was charged to research & development expenses in the statements of operations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 12 — RELATED PARTY TRANSACTIONS A corporation owned by a former director of the Company that resigned as a director in June 2021 received payments for providing a consultant to the Company of $1,141 and $1,579 for the three months ended September 30, 2021 and 2020, respectively, and $4,992 and $4,626 for the nine months ended September 30, 2021 and 2020, respectively. The Company received $9,819 and $10,846 for the three months ended September 30, 2021 and 2020, respectively, and $25,066 and $31,328 for the nine months ended September 30, 2021 and 2020, respectively, as royalty related to the spin-out of the Acellular Business to Reprise. As of September 30, 2021 and 2020 the Company had long term receivables of $803,404 and $343,672, respectively, but due to the uncertainty regarding collectability the Company fully reserved receivables reserved ​

NET LOSS PER SHARE

NET LOSS PER SHARE	9 Months Ended
	Sep. 30, 2021
NET LOSS PER SHARE
NET LOSS PER SHARE	NOTE 13 — NET LOSS PER SHARE Under the two-class method, for periods with net income, basic net income per common share is computed by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net income attributable to common stockholders is computed by subtracting from net income the portion of current year earnings that participating securities would have been entitled to receive pursuant to their dividend rights had all of the year’s earnings been distributed. No such adjustment to earnings is made during periods with a net loss as the holders of the participating securities have no obligation to fund losses. Diluted net loss per common share is computed under the two-class method by using the weighted average number of shares of common stock outstanding plus, for periods with net income attributable to common stockholders, the potential dilutive effects of stock options and warrants. In addition, the Company analyzes the potential dilutive effect of the outstanding participating securities under the if-converted method when calculating diluted earnings per share in which it is assumed that the outstanding participating securities convert into common stock at the beginning of the period. The Company reports the more dilutive of the approaches (two-class or if-converted) as its diluted net income per share during the period. Due to the existence of net losses for the three and nine months ended September 30, 2021 and 2020, basic and diluted loss per share were the same, as the effect of potentially dilutive securities would have been anti-dilutive. The following potentially dilutive securities outstanding have been excluded from the computations of diluted weighted average shares outstanding because such securities have an antidilutive impact due to losses reported: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 2020 2021 2020 ​ ​ (unaudited) ​ (unaudited) (unaudited) ​ (unaudited) Convertible preferred stock outstanding ​ — ​ 8,314,536 — ​ 8,314,536 Convertible preferred stock warrants — — ​ — 40,000 ​ Common stock options outstanding 3,464,805 3,907,163 ​ 3,464,805 3,907,163 ​ Common stock warrants 950,879 707,669 ​ 950,879 707,669 ​ ​ 4,415,684 12,929,368 ​ 4,415,684 12,969,368 ​ ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 14 — SUBSEQUENT EVENTS In October 2021, the Company and Mayo Foundation for Medical Education and Research executed a ninth amendment to their agreement whereby the term was extended to March 31, 2022 and the Company agreed to provide $279,500 of additional funding. ​

DESCRIPTION OF BUSINESS AND S_2

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2021
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Preparation	Basis of Preparation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules of the Securities and Exchange Commission (“SEC”) applicable to interim reports of companies filing as a smaller reporting company. These financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Registration Statement on Form S-1 (File No. 333-256649), as amended, (the “Form S-1”) for the fiscal year ended December 31, 2020 filed with the SEC on June 22, 2021. In the opinion of management, the accompanying condensed interim financial statements include all adjustments necessary in order to make the financial statements not misleading. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year or any other future period. Certain notes to the financial statements that would substantially duplicate disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Company’s Form S-1 have been omitted. The accompanying condensed balance sheet at December 31, 2020 has been derived from the audited balance sheet at December 31, 2020 contained in the Form S-1. In the opinion of management, the accompanying condensed financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, stockholders' equity and cash flows for the interim periods but are not necessarily indicative of the results of operations or cash flows to be anticipated for the full year 2021 or any future period. The Company has evaluated subsequent events occurring after the date of the condensed financial statements for events requiring recording or disclosure in the condensed financial statements.
Equity Method Investments	Equity Method Investments Investments in 20% to 50%-owned companies are accounted for under the equity method as the Company can exercise significant influence, but not control, over such investments. The equity method requires that gains (losses) are recognized in other income (expense), net in the statements of operations. The gain on equity investment in Reprise Biomedical, Inc. (“Reprise”) resulted from recording the fair value of the Company’s investment in Reprise upon losing a controlling interest in the Company on June 30, 2019. The Company recorded its equity method share of losses in Reprise from July 1, 2019 through December 31, 2019, from January 1, 2020 to December 31, 2020 and from January 1, 2021 to March 15, 2021 in the statements of operations. Even though the Company’s ownership dropped below 20% on November 15, 2020, the Company still had significant influence over the activities of Reprise due to common board members (See Note 4).
Research and Development Costs	Research and Development Costs Research and development expenses consist primarily of engineering, product development, consulting services, materials, depreciation and other costs associated with products and technologies in development. These expenses include employee and non-employee compensation, including stock-based compensation, supplies, materials, consulting expenses, related travel expenses, and facility costs. Expenditures for research and development activities are charged to operations as incurred.
Stock-Based Compensation	Stock-Based Compensation The Company is required to determine the fair value of equity incentive awards and recognize compensation expense for all equity incentive awards made to employees and directors, including employee stock options. The Company also determines the fair value of non-statutory stock options issued to consultants based on the fair value of the consultant’s commitment at the date of grant. Such expense is recognized over the requisite service period. In addition, stock-based compensation expense recognized in the statements of operations is based on awards expected to vest and therefore the amount of expense has been reduced for estimated forfeitures. The Company uses the straight-line method for expense attribution, except for awards issued with performance-based conditions which require an accelerated attribution method over the requisite performance and service periods. Under the applicable accounting guidance for equity incentive awards issued to non-employees, the date at which the fair value of such awards is measured is equal to the earlier of: 1) the date at which a commitment for performance by the counterparty to earn the equity instrument is reached; or 2) the date at which the counterparty ’ s performance is complete. The Company recognizes stock-based compensation expense for the fair value of the vested portion of the non-employee awards in the statements of operations. The valuation model used for calculating the fair value of awards for stock-based compensation expense is the Black-Scholes option-pricing model (the “Black-Scholes model”). The Black-Scholes model requires the Company to make assumptions and judgments about the variables used in the calculation, including the expected term (weighted average period of time that the options granted are expected to be outstanding), the volatility of common stock, and an assumed risk-free interest rate. The Company uses the “simplified method” to determine the expected term of the stock option. Volatility is based on an average of the historical volatilities of the common stock of publicly-traded companies with characteristics similar to those of the Company. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected term of the option. The expected dividend assumption is based on the Company’s history of not paying dividends and its expectation that it will not declare dividends for the foreseeable future. Potential forfeitures of awards are estimated based on the Company’s historical forfeiture experience. The estimate of forfeitures will be adjusted over the service period to the extent that actual forfeitures differ, or are expected to differ, from prior estimates.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of cash, cash equivalents, accounts receivable, and accounts payable.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Emerging Growth Company Status	Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as to those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock and dilutive potential shares of common stock outstanding during the period. Because we have reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods as all potentially dilutive shares consisting of stock options and warrants were antidilutive in those periods (See Note 13).
Recent Accounting Pronouncements	Recent Accounting Pronouncements During February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases (Topic 842).” ASU No. 2016-02 requires lessees to recognize the assets and liabilities that arise from leases on the balance sheet. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. During 2018, the FASB also issued ASU No. 2018-10, “Codification Improvements to Topic 842, Leases”, which addresses narrow aspects of the guidance originally issued in ASU No. 2016-02; ASU 2018-11, “Targeted Improvements”, which provides entities with an additional (and optional) transition method whereby an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption and also provides lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component. During 2019, the FASB also issued ASU No. 2019-01, which clarified Topic 842’s interim disclosure requirements and amend certain industry-specific guidance related to determining the fair value of leased assets and the cash flow presentation of principal payments received under sales-type and direct finance leases. Topic 842 (as amended) is effective for annual periods beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the effect that Topic 842 (as amended) will have on its results of operations, financial position and cash flows.

LAB EQUIPMENT, FURNITURE, LEA_2

LAB EQUIPMENT, FURNITURE, LEASEHOLD IMPROVEMENTS AND CONSTRUCTION IN PROGRESS (Tables)	9 Months Ended
	Sep. 30, 2021
LAB EQUIPMENT, FURNITURE, LEASEHOLD IMPROVEMENTS AND CONSTRUCTION IN PROGRESS
Schedule of lab equipment, furniture, leasehold improvements and construction in progress	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 December 31, 2020 ​ ​ (unaudited) ​ ​ ​ Lab equipment ​ $ 1,762,512 ​ $ 1,480,952 Construction in progress ​ ​ 1,166,129 ​ ​ — Leasehold improvements ​ 310,225 ​ 310,225 Furniture and fixtures & computers ​ 112,302 ​ 112,302 ​ ​ 3,351,168 ​ 1,903,479 Less accumulated depreciation and amortization ​ (1,672,520) ​ (1,578,945) ​ ​ $ 1,678,648 ​ $ 324,534

EQUITY METHOD INVESTMENT (Table

EQUITY METHOD INVESTMENT (Tables)	9 Months Ended
	Sep. 30, 2021
EQUITY METHOD INVESTMENT
Schedule of financial information from the financial statements of Reprise	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 December 31, 2020 ​ (unaudited) ​ ​ Current assets ​ $ — ​ $ 4,309,045 Total assets ​ — ​ 5,312,350 Current liabilities ​ — ​ 2,534,673 Non-current liabilities ​ — ​ 489,785 Shareholders’ equity ​ — ​ 2,287,892 Miromatrix Medical Inc. share of shareholders’ equity ​ — ​ 411,821 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, For the Nine Months Ended September 30, ​ 2021 2020 2021 2020 ​ ​ (unaudited) ​ (unaudited) (unaudited) ​ (unaudited) Net sales ​ $ — ​ $ 169,277 ​ $ 93,985 ​ $ 484,067 ​ Gross margin ​ — ​ 109,497 ​ 47,708 ​ 307,573 ​ Net loss ​ — ​ (1,188,678) ​ (1,376,522) ​ (3,723,533) ​ Miromatrix Medical Inc. share of net loss ​ — ​ (495,000) ​ (223,633) ​ (1,676,000) ​

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2021
ACCRUED EXPENSES
Schedule of current accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2021 ​ 2020 ​ ​ (unaudited) ​ ​ ​ Wages ​ $ 549,685 ​ $ 217,825 Legal ​ 120,000 ​ 452,778 Royalties ​ 2,455 ​ 3,800 Supplies ​ ​ 80,700 ​ ​ — IPO expenses ​ ​ 936,652 ​ ​ — Key opinion leader compensation ​ 100,000 ​ 34,000 Board compensation ​ ​ 58,125 ​ ​ — Other ​ 75,000 ​ 52,486 Accrued expenses ​ $ 1,922,617 ​ $ 760,889

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	9 Months Ended
	Sep. 30, 2021
FAIR VALUE MEASUREMENT
Schedule of changes in value of the Company's embedded derivative liabilities	​ ​ ​ ​ ​ Derivative liability balance at December 31, 2019 $ — Derivative instrument related to March 2020 Note ​ 195,516 Gain/Loss recognized to revalue derivative instrument at fair value ​ 51,446 Derivative liability balance at December 31, 2020 ​ 246,962 Gain/Loss recognized to revalue derivative instrument at fair value (unaudited) ​ (246,962) Derivative liability balance at September 30, 2021 (unaudited) ​ $ —

DEBT AND CAPITAL LEASE OBLIGA_2

DEBT AND CAPITAL LEASE OBLIGATION (Tables)	9 Months Ended
	Sep. 30, 2021
DEBT AND CAPITAL LEASE OBLIGATION
Schedule of maturities of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, Debt Capital Lease Total 2021 ​ $ 6,481,774 ​ $ 18,855 ​ $ 6,500,629 2022 ​ 504,354 ​ 20,261 ​ 524,615 2023 ​ — ​ 18,011 ​ 18,011 2024 ​ — ​ — ​ — 2025 ​ 385,997 ​ — ​ 385,997 Totals ​ ​ 7,372,125 ​ ​ 57,127 ​ ​ 7,429,252 Less current portion ​ ​ (6,481,774) ​ ​ (18,855) ​ ​ (6,500,629) Long-term portion ​ $ 890,351 ​ $ 38,272 ​ $ 928,623 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, Debt Capital Lease Total (unaudited) ​ ​ ​ 2022 ​ $ 333,223 ​ $ 52,938 ​ $ 386,161 2023 ​ 23,097 ​ 51,008 ​ 74,105 2024 ​ — ​ 18,664 ​ 18,664 2025 ​ 385,997 ​ — ​ 385,997 Totals ​ 742,317 ​ 122,610 ​ 864,927 Less current portion ​ (333,223) ​ (52,938) ​ (386,161) Long-term portion ​ $ 409,094 ​ $ 69,672 ​ $ 478,766

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	9 Months Ended
	Sep. 30, 2021
CAPITAL STOCK
Schedule of convertible preferred stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate ​ Shares Shares Liquidation ​ ​ Authorized ​ Outstanding ​ Preference ​ ​ ​ ​ ​ ​ Convertible Preferred Stock - Series C ​ 6,100,000 ​ 3,671,554 $ 27,536,655 Convertible Preferred Stock - Series B-2 2,500,000 2,095,874 ​ 15,719,055 Convertible Preferred Stock - Series B 4,000,000 3,218,282 ​ 24,137,115 Convertible Preferred Stock - Series A 3,300,000 3,000,380 ​ 7,500,950 ​ 15,900,000 11,986,090 ​ $ 74,893,775
Schedule of stock option activity table text block	​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ September 30, 2021 ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Exercise ​ Shares Price Options outstanding at beginning of the period ​ 3,768,730 ​ $ 3.15 Granted ​ 215,500 ​ $ 9.99 Exercised ​ (381,866) ​ $ 2.10 Canceled or expired ​ (137,559) ​ $ 3.01 Options outstanding at end of the period 3,464,805 ​ $ 3.70 Options Exercisable 3,075,006 ​ $ 3.29
Schedule of weighted average assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ 2021 ​ 2020 ​ ​ ​ (unaudited) ​ (unaudited) Expected life in years ​ 5.99 ​ 5.95 Risk-free interest rate ​ 1.16 % 0.67 % Expected dividend yield — ​ — ​ Expected volatility 44.30 % 35.00 %
Schedule of warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Series A Preferred ​ ​ ​ warrants ​ Common warrants Warrants outstanding December 31, 2018 ​ ​ 40,000 ​ ​ 732,082 Granted ​ ​ — ​ ​ 20,587 Exercised ​ ​ — ​ ​ — Terminated ​ — ​ — Warrants outstanding December 31, 2019 ​ 40,000 ​ ​ 752,669 Granted ​ — ​ ​ — Exercised ​ — ​ ​ (45,000) Terminated ​ ​ (40,000) ​ ​ — Warrants outstanding December 31, 2020 ​ ​ — ​ ​ 707,669 Granted ​ — ​ ​ 276,000 Exercised ​ — ​ ​ (32,790) Terminated ​ ​ — ​ ​ — Warrants outstanding September 30, 2021 (unaudited) ​ ​ — ​ ​ 950,879 ​ ​ ​ ​ ​ ​ ​ Weighted average exercise price: ​ ​ ​ ​ ​ ​ September 30, 2021 (unaudited) ​ $ — ​ $ 4.53 December 31, 2020 ​ ​ — ​ ​ 2.34 December 31, 2019 ​ ​ 2.88 ​ ​ 2.27 ​ ​ ​ ​ ​ ​ ​ Weighted average remaining contractual life in years: ​ ​ ​ ​ ​ ​ September 30, 2021 (unaudited) ​ ​ — ​ ​ 2.56 December 31, 2020 ​ ​ — ​ ​ 2.32 December 31, 2019 ​ ​ 0.83 ​ ​ 3.23

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2021
COMMITMENTS AND CONTINGENCIES
Schedule of future minimum non-cancelable lease commitments	​ ​ ​ ​ ​ ​ ​ At September 30, 2021 2021 $ 60,096 Total $ 60,096

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2021
NET LOSS PER SHARE
Schedule of potentially dilutive securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2021 2020 2021 2020 ​ ​ (unaudited) ​ (unaudited) (unaudited) ​ (unaudited) Convertible preferred stock outstanding ​ — ​ 8,314,536 — ​ 8,314,536 Convertible preferred stock warrants — — ​ — 40,000 ​ Common stock options outstanding 3,464,805 3,907,163 ​ 3,464,805 3,907,163 ​ Common stock warrants 950,879 707,669 ​ 950,879 707,669 ​ ​ 4,415,684 12,929,368 ​ 4,415,684 12,969,368 ​

DESCRIPTION OF BUSINESS AND S_3

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Charter (Details)	Jun. 23, 2021classshares	Sep. 30, 2021shares	Jun. 22, 2021shares	May 20, 2021	Dec. 31, 2020shares
Capital stock
Common stock, authorized (in shares)	190,000,000	190,000,000	30,000,000		30,000,000
Preferred stock , authorized (in shares)	10,000,000	10,000,000
Number of classes of stock | class	2
Series C Convertible Preferred Stock
Capital stock
Stock conversion, percentage common stock price				80.00%

DESCRIPTION OF BUSINESS AND S_4

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Equity Method Investments (Details) - Reprise Biomedical, Inc.	Nov. 30, 2020	Nov. 15, 2020	Nov. 14, 2020	Jun. 30, 2019
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
Ownership interest (as a percent)	18.00%		45.00%	45.00%
Maximum
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
Ownership interest (as a percent)		20.00%

INITIAL PUBLIC OFFERING (Detail

INITIAL PUBLIC OFFERING (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2019
IPO
Offering costs	$ 1,600,000
Common Warrants
IPO
Warrants issued (in shares)	276,000		276,000	20,587
Common Stock
IPO
Sale of common stock (in shares)		5,520,000
Conversion of preferred stock to common stock (in shares)	12,139,071
Conversion of preferred stock to common stock	$ 121
Additional Paid-in Capital
IPO
Conversion of preferred stock to common stock	$ 73,700,000
Public offering
IPO
Sale of common stock (in shares)	5,520,000
Share price (in dollars per share)	$ 9	$ 9
Proceeds from sale of common stock	$ 49,700,000
Over-allotment option
IPO
Sale of common stock (in shares)	720,000

LAB EQUIPMENT, FURNITURE, LEA_3

LAB EQUIPMENT, FURNITURE, LEASEHOLD IMPROVEMENTS AND CONSTRUCTION IN PROGRESS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, plant and equipment
Lab equipment, furniture, leasehold improvements and construction in progress, gross	$ 3,351,168		$ 3,351,168		$ 1,903,479
Less accumulated depreciation and amortization	(1,672,520)		(1,672,520)		(1,578,945)
Lab equipment, furniture, leasehold improvements and construction in progress, net, net	1,678,648		1,678,648		324,534
Depreciation and amortization expense	34,401	$ 34,901	93,575	$ 139,921
Leasehold improvements recorded as construction in progress			1,166,129
Lab equipment
Property, plant and equipment
Lab equipment, furniture, leasehold improvements and construction in progress, gross	1,762,512		1,762,512		1,480,952
Construction in progress
Property, plant and equipment
Lab equipment, furniture, leasehold improvements and construction in progress, gross	1,166,129		1,166,129
Leasehold improvements
Property, plant and equipment
Lab equipment, furniture, leasehold improvements and construction in progress, gross	310,225		310,225		310,225
Furniture and fixtures & computers
Property, plant and equipment
Lab equipment, furniture, leasehold improvements and construction in progress, gross	$ 112,302		$ 112,302		$ 112,302

EQUITY METHOD INVESTMENT - Repr

EQUITY METHOD INVESTMENT - Reprise (Details) - USD ($) $ / shares in Units, shares in Millions	Nov. 30, 2020	Jun. 30, 2019	Mar. 31, 2021	Sep. 30, 2021	Nov. 15, 2020	Nov. 14, 2020
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investment shares				$ 2,000,000
Reprise Biomedical, Inc.
Schedule of Equity Method Investments [Line Items]
Gain on sale of equity method investment		$ 4,495,500
Number of equity method investment shares owned		4.5			4.5
Ownership interest (as a percent)	18.00%	45.00%				45.00%
Number of equity method investment shares sold	2.7
Proceeds from sale of equity method investment shares			$ 2,000,000
Reprise Biomedical, Inc.
Schedule of Equity Method Investments [Line Items]
Share price (in dollars per share)		$ 1

EQUITY METHOD INVESTMENT - Bala

EQUITY METHOD INVESTMENT - Balance Sheet (Details) - USD ($)	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Equity method investment
Current assets	$ 62,547,337			$ 4,690,173
Total assets	64,225,985			5,254,428
Current liabilities	3,558,037			8,164,449
Miromatrix Medical Inc. share of shareholders' equity	$ 59,267,049	$ 63,408,081	$ (51,306,334)	(51,034,193)	$ (50,120,222)	$ (47,285,395)	$ (44,169,714)	$ (41,433,379)
Reprise Biomedical, Inc.
Equity method investment
Current assets				4,309,045
Total assets				5,312,350
Current liabilities				2,534,673
Non-current liabilities				489,785
Shareholders' equity				2,287,892
Miromatrix Medical Inc. share of shareholders' equity				$ 411,821

EQUITY METHOD INVESTMENT - Inco

EQUITY METHOD INVESTMENT - Income Statement (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity method investment
Net sales	$ 9,819			$ 10,846			$ 25,066	$ 31,328
Gross margin	(115,181)			(114,154)			(349,934)	(343,672)
Miromatrix Medical Inc. share of net loss	$ (5,057,581)	$ (3,702,834)	$ (434,342)	(2,992,225)	$ (3,273,079)	$ (2,956,233)	(9,194,757)	(9,221,537)
Reprise Biomedical, Inc.
Equity method investment
Net sales				169,277			93,985	484,067
Gross margin				109,497			47,708	307,573
Net loss				(1,188,678)			(1,376,522)	(3,723,533)
Miromatrix Medical Inc. share of net loss				$ (495,000)			$ (223,633)	$ (1,676,000)

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
ACCRUED EXPENSES
Wages	$ 549,685	$ 217,825
Legal	120,000	452,778
Royalties	2,455	3,800
Supplies	80,700
IPO expenses	936,652
Key opinion leader compensation	100,000	34,000
Board compensation	58,125
Other	75,000	52,486
Accrued expenses	$ 1,922,617	$ 760,889

FAIR VALUE MEASUREMENT - Change

FAIR VALUE MEASUREMENT - Changes (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Mar. 31, 2020
FAIR VALUE MEASUREMENT
Derivative liability beginning balance	$ 246,962
Derivative liability ending balance		$ 246,962
Level 3
FAIR VALUE MEASUREMENT
Derivative liability beginning balance	246,962
Derivative instrument related to March 2020 Note		195,516
Gain/Loss recognized to revalue derivative instrument at fair value	$ (246,962)	51,446
Derivative liability ending balance		$ 246,962
Derivative Liability, Fair Value, Gross Liability			$ 195,516

DEBT AND CAPITAL LEASE OBLIGA_3

DEBT AND CAPITAL LEASE OBLIGATION - Agreements (Details)

Aug. 06, 2021USD ($)

Mar. 04, 2021USD ($)

Jun. 01, 2020

Jan. 01, 2016USD ($)

Dec. 01, 2015USD ($)payment

Sep. 30, 2021USD ($)payment

Jul. 31, 2021USD ($)payment

Jun. 30, 2021shares

Mar. 31, 2020USD ($)shareholder

Jan. 31, 2019USD ($)$ / sharesshares

Oct. 31, 2018USD ($)payment

Jan. 31, 2012USD ($)$ / sharesshares

Dec. 31, 2020USD ($)$ / shares

May 31, 2020USD ($)

May 01, 2020

Apr. 16, 2020USD ($)

May 31, 2015USD ($)

Dec. 01, 2014

Dec. 31, 2010USD ($)

DEBT AND CAPITAL LEASE OBLIGATION

Warrant exercise price (in dollars per share) | $ / shares

$ 1.25

Warrants, Regents of the University of Minnesota

DEBT AND CAPITAL LEASE OBLIGATION

Number of warrants issued | shares

80,000

Warrant exercise price (in dollars per share) | $ / shares

$ 1.69

Warrants, University of Minnesota

DEBT AND CAPITAL LEASE OBLIGATION

Number of warrants issued | shares

20,587

Term of warrant

10 years

Warrant exercise price (in dollars per share) | $ / shares

$ 3.75

Warrants, Company shareholder

DEBT AND CAPITAL LEASE OBLIGATION

Term of warrant

5 years

Warrant coverage amount

$ 750,000

Additional warrant coverage

$ 75,000

Loan, Minnesota Agricultural and Economic Development Board, Due November 1, 2020

DEBT AND CAPITAL LEASE OBLIGATION

Face value of debt

$ 250,000

Interest rate (as a percent)

6.00%

Number of monthly payment | payment

59

Number of final payment | payment

1

Amount of principal and interest payment

$ 3,000

Long-term debt outstanding

$ 0

$ 168,193

Promissory Note, Regents of the University of Minnesota, Due December 31, 2022

DEBT AND CAPITAL LEASE OBLIGATION

Face value of debt

$ 405,559

Interest rate (as a percent)

3.00%

Amount of principal and interest payment

$ 7,737

Long-term debt outstanding

106,320

172,731

Loan, Minnesota Department of Employment and Economic Development.

DEBT AND CAPITAL LEASE OBLIGATION

Face value of debt

$ 250,000

Substantial ownership change threshold (as a percent)

50.00%

Potential additional compensation

$ 75,000

Long-term debt outstanding

250,000

250,000

Capital Lease, October 2018

DEBT AND CAPITAL LEASE OBLIGATION

Capitalized lease

$ 102,026

Interest rate (as a percent)

7.20%

Number of monthly payment | payment

60

Amount of principal and interest payment

$ 2,003

Lease outstanding

43,113

57,127

Promissory Note, University of Minnesota, Due January 31, 2025

DEBT AND CAPITAL LEASE OBLIGATION

Face value of debt

$ 385,997

Interest rate (as a percent)

6.00%

Note, Company shareholder

DEBT AND CAPITAL LEASE OBLIGATION

Number of shareholders | shareholder

1

Face value of debt

$ 6,000,000

Interest rate (as a percent)

5.00%

7.00%

Minimum amount of preferred stock offering for conversion of debt

$ 34,000,000

Increase in interest rate (as a percent)

2.00%

Long-term debt outstanding

0

6,000,000

Note, Company shareholder | Series C Convertible Preferred Stock

DEBT AND CAPITAL LEASE OBLIGATION

Face value of debt

$ 6,000,000

Temporary equity issued upon conversion of note and accrued interest (in shares) | shares

956,887

Note, Company shareholder | Maximum

DEBT AND CAPITAL LEASE OBLIGATION

Interest rate during period (as a percent)

20.00%

Paycheck Protection Program Note

DEBT AND CAPITAL LEASE OBLIGATION

Face value of debt

$ 563,397

Interest rate (as a percent)

1.00%

Amount of principal forgiven

$ 49,877

$ 513,520

Amount of interest forgiven

$ 440

$ 4,530

Long-term debt outstanding

0

$ 563,397

Capital Lease, July 2021

DEBT AND CAPITAL LEASE OBLIGATION

Capitalized lease

$ 44,251

Interest rate (as a percent)

5.00%

Number of monthly payment | payment

24

Amount of principal and interest payment

$ 1,941

Lease outstanding

37,178

Capital Lease, September 2021

DEBT AND CAPITAL LEASE OBLIGATION

Capitalized lease

$ 43,317

Interest rate (as a percent)

6.80%

Number of monthly payment | payment

36

Amount of principal and interest payment

$ 1,448

Lease outstanding

$ 42,319

DEBT AND CAPITAL LEASE OBLIGA_4

DEBT AND CAPITAL LEASE OBLIGATION - Maturity (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Debt and Lease Total
Year 1	$ 386,161	$ 6,500,629
Year 2	74,105	524,615
Year 3	18,664	18,011
Year 4	385,997
Year 5		385,997
Totals		7,429,252
Less current portion		(6,500,629)
Long-term portion		928,623
Totals	864,927
Less current portion	(386,161)	(6,413,733)
Long-term portion	478,766	928,623
Debt
Debt and Lease Total
Year 1	333,223	6,481,774
Year 2	23,097	504,354
Year 4	385,997
Year 5		385,997
Totals		7,372,125
Less current portion		(6,481,774)
Long-term portion		890,351
Totals	742,317
Less current portion	(333,223)
Long-term portion	409,094
Capital Lease
Debt and Lease Total
Year 1	52,938	18,855
Year 2	51,008	20,261
Year 3	18,664	18,011
Totals		57,127
Less current portion		(18,855)
Long-term portion		$ 38,272
Totals	122,610
Less current portion	(52,938)
Long-term portion	$ 69,672

CAPITAL STOCK - Convertible Pre

CAPITAL STOCK - Convertible Preferred Stock, Prior to IPO (Details) - USD ($)	1 Months Ended
	Jun. 30, 2021	Sep. 30, 2021	May 31, 2021	Dec. 31, 2020
Capital stock
Convertible preferred stock, authorized (in shares)			15,900,000
Convertible preferred stock, outstanding (in shares)		0	11,986,090
Convertible preferred stock, liquidation preference			$ 74,893,775
Common Stock
Capital stock
Conversion of preferred stock to common stock (in shares)	12,139,071
Conversion of preferred stock to common stock	$ 121
Additional Paid-in Capital
Capital stock
Conversion of preferred stock to common stock	$ 73,700,000
Convertible Preferred Stock - Series C
Capital stock
Convertible preferred stock, authorized (in shares)			6,100,000
Convertible preferred stock, outstanding (in shares)		0	3,671,554
Convertible preferred stock, liquidation preference			$ 27,536,655
Convertible preferred stock - Series B-2
Capital stock
Convertible preferred stock, authorized (in shares)		0	2,500,000	2,500,000
Convertible preferred stock, outstanding (in shares)		0	2,095,874	2,095,874
Convertible preferred stock, liquidation preference		$ 0	$ 15,719,055	$ 15,719,055
Convertible preferred stock - Series B
Capital stock
Convertible preferred stock, authorized (in shares)		0	4,000,000	4,000,000
Convertible preferred stock, outstanding (in shares)		0	3,218,282	3,218,282
Convertible preferred stock, liquidation preference		$ 0	$ 24,137,115	$ 24,137,115
Convertible preferred stock - Series A
Capital stock
Convertible preferred stock, authorized (in shares)		0	3,300,000	3,300,000
Convertible preferred stock, outstanding (in shares)		0	3,000,380	3,000,380
Convertible preferred stock, liquidation preference		$ 0	$ 7,500,950	$ 7,500,950

CAPITAL STOCK - Common Stock an

CAPITAL STOCK - Common Stock and Preferred Stock (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2021Vote$ / sharesshares	Dec. 31, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares	Jun. 23, 2021shares	Jun. 22, 2021shares
Capital stock
Common stock, authorized (in shares)	190,000,000	30,000,000		190,000,000	30,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.00001	$ 0.00001
Number of votes | Vote	1
Exercise of stock options (in shares)	381,866		50,000
Option exercise price (in dollars per share) | $ / shares	$ 2.10		$ 1.25
Stock issued upon exercise of warrants (in shares)		45,000
Warrant exercise price (in dollars per share) | $ / shares		$ 1.25
Common stock, issued (in shares)	20,254,645	2,185,822
Common stock, outstanding (in shares)	20,254,645	2,185,822
Preferred stock , authorized (in shares)	10,000,000			10,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.00001
Preferred stock, issued (in shares)	0
Preferred stock, outstanding (in shares)	0
Exercise price of $0.10
Capital stock
Exercise of stock options (in shares)		64,000
Option exercise price (in dollars per share) | $ / shares		$ 0.10
Exercise price of $1.25
Capital stock
Exercise of stock options (in shares)		1,000
Option exercise price (in dollars per share) | $ / shares		$ 1.25

CAPITAL STOCK - Series C Conver

CAPITAL STOCK - Series C Convertible Preferred Stock (Details)	1 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2021shares	May 31, 2021USD ($)agreement$ / sharesshares	Sep. 30, 2021shares	Dec. 31, 2020$ / sharesshares	Mar. 31, 2020USD ($)
Capital stock
Exercise of stock warrants (in shares)				45,000
Convertible preferred stock, outstanding (in shares)		11,986,090	0
Warrant exercise price (in dollars per share) | $ / shares				$ 1.25
Convertible preferred stock, authorized (in shares)		15,900,000
Note, Company shareholder
Capital stock
Face value of debt | $					$ 6,000,000
Series C Convertible Preferred Stock
Capital stock
Number of stock purchase agreements entered into | agreement		2
Shares issued (in shares)		2,666,667
Share issue price (in dollars per share) | $ / shares		$ 7.50
Gross proceeds | $		$ 20,000,003
Conversion discount (as a percent)	20.00%
Number of shares converted to common stock			3,671,554
Convertible preferred stock, outstanding (in shares)		3,671,554	0
Convertible preferred stock, authorized (in shares)		6,100,000
Series C Convertible Preferred Stock | Warrants, Company shareholder
Capital stock
Exercise of stock warrants (in shares)	48,000
Series C Convertible Preferred Stock | Note, Company shareholder
Capital stock
Face value of debt | $					$ 6,000,000
Temporary equity issued upon conversion of note and accrued interest (in shares)	956,887

CAPITAL STOCK - Stock options (

CAPITAL STOCK - Stock options (Details) - USD ($)	May 20, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Jul. 31, 2019	Dec. 13, 2017	Aug. 12, 2016	Jul. 31, 2015	Mar. 01, 2014	Sep. 30, 2013	Jun. 20, 2011	Feb. 28, 2010
Summary of options granted - Shares
Options outstanding at beginning of the period (in shares)				3,768,730
Granted (in shares)				215,500
Exercised (in shares)				(381,866)			(50,000)
Canceled or expired (in shares)				(137,559)
Options outstanding at end of the period (in shares)		3,464,805		3,464,805		3,768,730
Options Exercisable (in shares)		3,075,006		3,075,006		3,426,440
Summary of options granted - Weighted Average Exercise Price
Options outstanding at beginning of the period (in dollars per share)				$ 3.15
Granted (in dollars per share)				9.99
Exercised (in dollars per share)				2.10			$ 1.25
Canceled or expired (in dollars per share)				3.01
Options outstanding at end of the period (in dollars per share)		$ 3.70		3.70		$ 3.15
Options Exercisable (in dollars per share)		$ 3.29		3.29
Weighted average fair value of options granted (in dollars per share)				$ 4.33		$ 0.94
Weighted average remaining contractual term, Options outstanding				4 years 8 months 23 days		5 years 29 days
Weighted average remaining contractual term, Options exercisable				4 years 2 months 8 days		4 years 8 months 26 days
Intrinsic value, Options outstanding		$ 11,962,604		$ 11,962,604		$ 1,906,200
Intrinsic value, Options exercisable		11,342,114		11,342,114		1,906,200
Intrinsic value, Options exercised		1,418,173		1,915,060
Stock based compensation		167,469	$ 157,398	450,300	$ 472,194
Unrecognized compensation costs		1,106,705		1,106,705		562,456
Remainder of fiscal year		98,154		98,154
Cost to be recognized year 1		391,038		391,038		280,269
Cost to be recognized in year 2		274,705		274,705		182,465
Cost to be recognized in year 3		255,880		255,880		61,890
Cost to be recognized in year 4		$ 86,929		$ 86,929		$ 37,832
2010 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized									3,850,000	3,250,000	2,500,000	1,700,000	1,300,000	600,000	375,000
Awards available for grant (in shares)		0		0		0
Summary of options granted - Shares
Options outstanding at beginning of the period (in shares)				3,287,230
Options outstanding at end of the period (in shares)		2,876,305		2,876,305		3,287,230
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized								1,000,000
Awards available for grant (in shares)		0		0		518,500
Summary of options granted - Shares
Options outstanding at beginning of the period (in shares)				481,500
Options outstanding at end of the period (in shares)		377,000		377,000		481,500
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	1,000,000
Awards available for grant (in shares)		1,323,169		1,323,169
Maximum annual increase in shares reserved for issuance, as a percent of total shares of common stock outstanding	4.50%
Maximum number of additional shares reserved for issuance annually	600,000
Summary of options granted - Shares
Options outstanding at end of the period (in shares)		244,831		244,831

CAPITAL STOCK - Estimate the fa

CAPITAL STOCK - Estimate the fair value of stock option grants (Details) - Stock options	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based compensation
Expected life in years	5 years 11 months 26 days	5 years 11 months 12 days
Risk-free interest rate	1.16%	0.67%
Expected volatility	44.30%	35.00%

CAPITAL STOCK - Restricted Stoc

CAPITAL STOCK - Restricted Stock Units (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation
Stock based compensation	$ 167,469	$ 157,398	$ 450,300	$ 472,194
Restricted Stock Units
Share-based compensation
Award granted (in shares)			33,331
Awards granted, Weighted average fair value (in dollars per share)			$ 9
Unrecognized compensation costs	$ 250,000		$ 250,000
Forecast | Restricted Stock Units
Share-based compensation
Stock based compensation					$ 25,000	$ 50,000	$ 125,000	$ 50,000

CAPITAL STOCK - Employee Stock

CAPITAL STOCK - Employee Stock Purchase Plan (Details) - USD ($)	May 20, 2021	Sep. 30, 2021
Share-based compensation
Number of shares issued, ESPP		0
2021 ESPP
Share-based compensation
Purchase period	6 months
Maximum fair value of shares employee may purchase per purchase period	$ 25,000
Maximum number of shares employee may purchase per purchase period	5,000
Number of shares reserved for issuance		300,000
Maximum annual increase in shares reserved for issuance, as a percent of total shares of common stock outstanding		1.00%
Maximum number of additional shares reserved for issuance annually		200,000
Minimum | 2021 ESPP
Share-based compensation
Purchase price as a percent of market price	85.00%

CAPITAL STOCK - Warrants (Detai

CAPITAL STOCK - Warrants (Details) - $ / shares	1 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Series A Preferred Warrants
SHAREHOLDERS' DEFICIT AND MEZZANINE EQUITY
Warrants outstanding, beginning balance			40,000	40,000
Terminated			(40,000)
Warrants outstanding, ending balance				40,000
Weighted average exercise price				$ 2.88
Weighted average remaining contractual life in years				9 months 29 days
Common Warrants
SHAREHOLDERS' DEFICIT AND MEZZANINE EQUITY
Warrants outstanding, beginning balance		707,669	752,669	732,082
Granted (in shares)	276,000	276,000		20,587
Exercised		(32,790)	(45,000)
Warrants outstanding, ending balance		950,879	707,669	752,669
Weighted average exercise price		$ 4.53	$ 2.34	$ 2.27
Weighted average remaining contractual life in years		2 years 6 months 21 days	2 years 3 months 25 days	3 years 2 months 23 days

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
EMPLOYEE BENEFIT PLANS
Discretionary contributions	$ 0	$ 0	$ 0	$ 0

SIGNIFICANT CUSTOMERS (Details)

SIGNIFICANT CUSTOMERS (Details) - Revenue - Customer - One customer - customer	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
SIGNIFICANT CUSTOMERS
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Number of Customers	1	1	1	1

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Patent License Agreement (Details)	Sep. 30, 2021USD ($)
Reprise Biomedical, Inc. | Patent and Know-How License Agreement
Agreements
Minimum royalty payments to be received per year	$ 500,000
University | Patent License Agreement
Agreements
Minimum royalty payments to be paid per year	$ 500,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Leases (Details)	Aug. 02, 2021USD ($)ft²item	May 31, 2020USD ($)	Nov. 30, 2019USD ($)	Feb. 28, 2015USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Leases
Operating lease rent expense					$ 60,096	$ 52,865	$ 183,389	$ 148,425
Future minimum non-cancelable lease commitments
2021					60,096		60,096
Total					$ 60,096		60,096
First facility
Leases
Percentage of increase in yearly rent				3
First facility | Up to March 31, 2020
Leases
Monthly rent				$ 13,100
First facility | April 1, 2020 to December 31, 2020
Leases
Monthly rent			$ 15,100
First facility | January 1, 2021 to December 31, 2021
Leases
Monthly rent							16,600
Second facility | April 1, 2020 to December 31, 2020
Leases
Monthly rent		$ 2,500
Second facility | January 1, 2021 to December 31, 2021
Leases
Monthly rent							$ 3,400
Building
Leases
Leased space (in square feet) | ft²	42,278
Monthly rent	$ 41,397
Lease term	12 months
Annual base rent increase (as a percent)	3.00%
Real property taxes (as a percent)	61.08%
Management fee (as a percent)	61.08%
Maximum management fee to be paid as a percent of Landlord's gross receipts	5.00%
Number of options to extend | item	1
Option to extend term	5 years
Security amount	$ 800,000

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - License Contract (Details) - Research and development contract - Series B Convertible Preferred Stock	Jan. 01, 2015$ / sharesshares
Agreements
Consideration for the developer's services | shares	26,667
Share price (in dollars per share) | $ / shares	$ 7.50

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Corporation owned by director | Consulting services
RELATED PARTY TRANSACTIONS
Consulting services	$ 1,141	$ 1,579	$ 4,992	$ 4,626
Reprise Biomedical, Inc. | Patent and Know-How License Agreement
RELATED PARTY TRANSACTIONS
Royalty	9,819	10,846	25,066	31,328
Long term receivables	803,404	343,672	803,404	343,672	$ 453,470
Reserve against receivable	$ 803,404	$ 343,672	$ 803,404	$ 343,672	$ 453,470

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
NET LOSS PER SHARE
Potentially dilutive securities	4,415,684	12,929,368	4,415,684	12,969,368
Convertible preferred stock outstanding
NET LOSS PER SHARE
Potentially dilutive securities		8,314,536		8,314,536
Convertible preferred stock warrants
NET LOSS PER SHARE
Potentially dilutive securities				40,000
Stock options
NET LOSS PER SHARE
Potentially dilutive securities	3,464,805	3,907,163	3,464,805	3,907,163
Common stock warrants
NET LOSS PER SHARE
Potentially dilutive securities	950,879	707,669	950,879	707,669

11401 - Disclosure - SUBSEQUENT

11401 - Disclosure - SUBSEQUENT EVENTS (Details)	Oct. 31, 2021USD ($)
Subsequent Event [Member] | License Agreements | University
Subsequent Event [Line Items]
Additional funding to be provided	$ 279,500