Miromatrix Medical (MIRO) 10-Q 16 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 11, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	6455 Flying Cloud Drive, Suite 107
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		20,566,583
Entity Central Index Key	0001527096
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 44,684,677	$ 52,811,531
Restricted cash	800,100	800,100
Receivable from Reprise Biomedical, Inc.	6,768	17,819
Tenant improvement allowance receivable		1,256,950
Prepaid expenses and other current assets	652,226	450,873
Total current assets	46,143,771	55,337,273
Right of use asset	1,820,900
Property and equipment, net	5,992,237	5,591,726
Total assets	53,956,908	60,928,999
Current liabilities:
Current portion of long-term debt	61,209	333,849
Current portion of deferred royalties	611,676	488,368
Accounts payable	478,866	2,094,854
Current portion of financing lease obligations	57,029	58,037
Current portion of lease liability	284,348
Current portion of tenant improvement obligation		160,462
Accrued expenses	995,900	1,428,622
Total current liabilities	2,489,028	4,564,192
Deferred royalties, net	491,733	491,733
Long-term debt	385,997	385,997
Deferred rent		207,204
Financing lease obligations, net	40,069	52,768
Lease liability, net	3,014,530
Tenant improvement obligation, net		1,029,629
Accrued interest	78,262	71,592
Total liabilities	6,499,619	6,803,115
Commitments and contingencies
Shareholders' equity (deficit):
Common stock, par value $0.00001; 190,000,000 shares authorized; 20,546,583 issued and outstanding as of March 31, 2022 and 20,385,645 issued and outstanding as of December 31, 2021	206	204
Additional paid-in capital	128,712,746	128,177,594
Accumulated deficit	(81,255,663)	(74,051,914)
Total shareholders' equity (deficit)	47,457,289	54,125,884
Total Liabilities and Shareholders' Equity	$ 53,956,908	$ 60,928,999

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Condensed Balance Sheets
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	190,000,000	190,000,000
Common stock, issued (in shares)	20,546,583	20,385,645
Common stock, outstanding (in shares)	20,546,583	20,385,645

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Statements of Operations
Licensing revenue	$ 6,768	$ 6,108
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	us-gaap:LicenseMember	us-gaap:LicenseMember
Cost of goods sold	$ 125,000	$ 125,000
Cost, Product and Service [Extensible Enumeration]	us-gaap:LicenseMember	us-gaap:LicenseMember
Gross loss	$ (118,232)	$ (118,892)
Operating expenses:
Research and development	4,005,908	1,868,001
Regulatory and clinical	355,238	83,705
Quality	440,935	85,787
General and administration	2,272,557	562,874
Total operating expenses	7,074,638	2,600,367
Operating loss	(7,192,870)	(2,719,259)
Interest income	770	40
Interest expense	(10,891)	(305,374)
Loss on disposal of property and equipment	(758)
Amortization of discount on note		(32,586)
Change in fair value of derivative		193,971
Research grants		150,537
Equity loss in affiliate		(223,633)
Gain on sale of equity investment		1,983,912
Gain on debt extinguishment		518,050
Net loss	$ (7,203,749)	$ (434,342)
Net loss per share, basic (in dollar per share)	$ (0.35)	$ (0.19)
Net loss per share, diluted (in dollar per share)	$ (0.35)	$ (0.19)
Weighted average shares used in computing net loss per share, basic (in shares)	20,478,164	2,255,378
Weighted average shares used in computing net loss per share, diluted (in shares)	20,478,164	2,255,378

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, 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, 2021	$ 204	128,177,594	(74,051,914)	54,125,884
Balance at beginning of period (in shares) at Dec. 31, 2021	20,385,645
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		333,981		333,981
Exercise of stock options	$ 2	201,171		$ 201,173
Exercise of stock options (in shares)	160,938			160,938
Net loss			(7,203,749)	$ (7,203,749)
Balance at end of period at Mar. 31, 2022	$ 206	$ 128,712,746	$ (81,255,663)	$ 47,457,289
Balance at end of period (in shares) at Mar. 31, 2022	20,546,583

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Cash flows from operating activities:
Net loss	$ (7,203,749)	$ (434,342)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	262,897	30,029
Stock-based compensation	333,981	133,451
Loss on disposal of property and equipment	758
Amortization of discount on note		32,586
Change in fair value of derivative		(193,971)
Gain on debt extinguishment		(518,050)
Equity loss in affiliate		223,633
Gain on sale of equity investment		(1,983,912)
Changes in operating assets and liabilities:
Receivable from Reprise Biomedical, Inc	11,051	9,094
Grant receivable		(50,000)
Prepaid expenses	(201,353)	(513,881)
Operating lease right of use asset	(3,218,195)
Tenant improvement receivable reimbursement	1,256,950
Accounts payable and accrued expenses	(1,975,927)	661,631
Accrued interest	6,670	303,132
Accrued expenses - long-term		123,473
Operating lease liability	3,298,878
Net cash used in operating activities	(7,428,039)	(2,177,127)
Cash flows from investing activities:
Proceeds from sale of equity-method investment		2,000,000
Purchases of property and equipment	(613,641)	(5,930)
Net cash (used in) provided by investing activities	(613,641)	1,994,070
Cash flows from financing activities:
Payments on long-term debt	(272,640)	(21,972)
Payments on financing lease obligations	(13,707)	(4,588)
Proceeds from stock options exercise	201,173	28,750
Net cash (used in) provided by financing activities	(85,174)	2,190
Net decrease in cash and cash equivalents	(8,126,854)	(180,867)
Cash, cash equivalents and restricted cash at beginning of period	53,611,631	4,444,395
Cash, cash equivalents and restricted cash at end of period	45,484,777	4,263,528
Cash and cash equivalents	44,684,677	4,263,528
Restricted cash	800,100
Cash, cash equivalents and restricted cash at end of period	45,484,777	4,263,528
Supplemental disclosure of cash flow information:
Interest paid	4,221	6,772
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accrued expenses	$ 50,525	5,929
Forgiveness of paycheck protection program loan		$ 518,050

DESCRIPTION OF BUSINESS AND SIG

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
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 sciences company pioneering a novel technology for bioengineering fully transplantable organs to help save and improve patients’ lives. Founded in 2009, the Company is one of a small group of companies at the forefront of developing alternatives to human-donor organ transplants, and within this small group of companies there are important differences between the technologies being developed. The Company’s proprietary technology is a scalable platform that uses a two-step method of decellularization and recellularization designed to remove the porcine cells from the organs obtained from pigs and replace them with unmodified human cells. The Company’s initial development focus is on bioengineering livers and kidneys, and the Company’s technology platform is also applicable to bioengineering other organs including hearts, lungs and pancreases. The Company has collaborations with the Mayo Clinic, Mount Sinai Health System and the Texas Heart Institute, and has received strategic investments from Baxter International, Inc., CareDx, Inc. and DaVita, Inc. 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 and the rules of the Securities and Exchange Commission applicable to interim reports of companies filing as a smaller reporting company. These condensed financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. 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 2022 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. 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 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 condensed financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) The Company determines if an arrangement is a lease at inception. Operating leases are included in right of use assets and lease liabilities on the condensed balance sheets. The right of use assets and lease liabilities are recognized as the present value of the future minimum lease payments over the lease term at commencement date. The right of use asset is also adjusted for any lease payments made and excludes lease incentives and initial direct costs incurred. As most leases do not provide an implicit rate, and the Company does not have a readily available incremental borrowing rate, the Company uses the interest rate available for the lowest-grade debt in the marketplace based on the information available at commencement date in determining the present value of future payments. The standard provides a number of optional practical expedients in transition. The Company elected to exercise the package of practical expedients which, among other things, allows the Company to carryforward the determining lease classification and lease term. As a result of adopting the new standard, the Company recognized right of use assets of $1,882,696 and lease liabilities of $2,020,839 as of January 1, 2022. Certain amounts in the prior year financial statements have been reclassified for comparative purposes to conform to the presentation for the three months ended March 31, 2022. Specifically, prior to the adoption of ASC 842, the Company presented capital leases together with long-term debt on the balance sheets. Financing leases (previously capital leases) is now presented separately on the balance sheets. In addition, prior to the adoption of ASC 842, the Company presented the non-cash change in deferred rent as deferred rent within the operating section of the statement of cash flows. This balance is now presented on the operating lease right of use asset line within the operating section of the statement of cash flows. The adoption of this standard did not have a material impact on income or cash flows. See Note 10 for further details. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2022
LAB EQUIPMENT, FURNITURE, LEASEHOLD IMPROVEMENTS AND CONSTRUCTION IN PROGRESS
LAB EQUIPMENT, FURNITURE, LEASEHOLD IMPROVEMENTS AND CONSTRUCTION IN PROGRESS	NOTE 2 — PROPERTY AND EQUIPMENT Property and equipment consisted of the following as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Lab equipment ​ $ 1,632,929 ​ $ 1,549,416 Leasehold improvements ​ 3,366,458 ​ 3,239,307 Furniture, fixtures and computers ​ 1,994,172 ​ 1,671,793 ​ ​ 6,993,559 ​ 6,460,516 Less accumulated depreciation and amortization ​ (1,001,322) ​ (868,790) ​ ​ $ 5,992,237 ​ $ 5,591,726 ​ Depreciation and amortization expense was $262,897 and $30,029 for the three months ended March 31, 2022 and 2021, respectively.

EQUITY METHOD INVESTMENT

EQUITY METHOD INVESTMENT	3 Months Ended
	Mar. 31, 2022
EQUITY METHOD INVESTMENT
EQUITY METHOD INVESTMENT	NOTE 3 — 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 Biomedical, Inc. (“Reprise”). 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 for $3,000,000 and retained an 18% ownership interest in Reprise. The Company sold its remaining 1,800,000 shares of Reprise in March 2021 for $2,000,000. The Company recorded its equity method share of losses from January 1, 2021 to March 15, 2021 in the condensed statements of operations. Financial information from the financial statements of Reprise is summarized as follows: ​ ​ ​ ​ ​ Period Ended ​ ​ March 15, ​ 2021 Net sales ​ $ 93,985 Gross margin ​ $ 47,708 Net loss ​ $ (1,376,522) Miromatrix Medical Inc. share of net loss ​ $ (223,633) ​

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2022
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE 4 — ACCRUED EXPENSES Accrued expenses consisted of the following as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Wages ​ $ 627,354 ​ $ 704,502 Legal ​ 62,000 ​ 37,000 Taxes ​ ​ 50,000 ​ ​ 101,221 Key opinion leader compensation ​ 12,625 ​ 25,500 Royalties ​ 1,692 ​ 2,000 Facility costs ​ ​ — ​ ​ 242,892 Supplies ​ ​ — ​ ​ 127,505 Other ​ 242,229 ​ 188,002 Accrued expenses ​ $ 995,900 ​ $ 1,428,622 ​

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	3 Months Ended
	Mar. 31, 2022
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	NOTE 5 — FAIR VALUE MEASUREMENT The fair value of the Company’s financial instruments reflects 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). The Company uses a three-tier valuation hierarchy based upon observable and non-observable inputs to measure fair value: Level 1: nputs that include quoted prices in active markets for identical assets and liabilities. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company classifies cash and cash equivalents, as well as restricted cash, as Level 1 in the fair value hierarchy.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2022
DEBT
Debt	NOTE 6 — DEBT 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 March 31, 2022 and December 31, 2021, the principal outstanding on this loan was $61,209 and $83,849, 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 did not bear interest, was due in a lump sum payment on April 1, 2022 and was uncollateralized. If there is a substantial ownership change in the Company (greater than 50% to one entity), the Company must pay the Minnesota Department of Employment & Economic Development additional compensation of $75,000. As of March 31, 2022 and December 31, 2021, the balance outstanding on this loan was $0 and $250,000, respectively. In January 2019, the 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, compounded annually, 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. As of both March 31, 2022 and December 31, 2021, the balance outstanding on this loan was $385,997. Future principal maturities for debt were as follows: ​ ​ ​ ​ ​ Amounts Due in the Twelve Months Ended March 31, ​ 2023 ​ $ 61,209 2024 ​ — 2025 ​ 385,997 Total future maturities payments ​ ​ 447,206 Less current portion ​ ​ (61,209) Long-term debt ​ $ 385,997 ​

CAPITAL STOCK

CAPITAL STOCK	3 Months Ended
	Mar. 31, 2022
CAPITAL STOCK
CAPITAL STOCK	NOTE 7 — CAPITAL STOCK 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. 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. At March 31, 2022 and December 31, 2021, there were 20,546,583 and 20,385,645 shares of common stock issued outstanding Preferred Stock The Company is authorized to issue 10,000,000 shares of preferred stock, with a par value of $0.00001. As of March 31, 2022 and December 31, 2021 there were no shares of preferred stock issued and outstanding Equity Incentive Plans In February 2010, the Company adopted a stock option plan (the “2010 Plan”). In July 2019, the Company adopted a stock option plan (the “2019 Plan”), which served as the successor to the 2010 Plan. The 2019 Plan provided for granting of stock options to employees, directors and consultants of the Company. The Company ceased making awards under the 2019 Plan upon stockholder approval of the 2021 Plan. In May 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 reserved for issuance under the 2021 Plan will automatically increase on the first day of each fiscal year, beginning January 1, 2022, in the amount equity to the lesser of (a) 4.5% of the total number of shares of common stock outstanding as of December 31 of the immediately preceding calendar year, (b) 600,000 shares of common stock, or (c) such lessor number of shares as determined by the Board of Directors. On January 1, 2022, the number of shares reserved for issuance under the 2021 Plan automatically increased by 600,000 shares of common stock. As of March 31, 2022, there were 879,602 shares of common stock available for issuance under the 2021 Plan. Stock Options The Company recognizes stock option compensation expense based on the grant date fair value of the award. The Company issues new common shares for stock options exercised. Option activity for the three months ended March 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Exercise ​ Shares Price Options outstanding at beginning of the period ​ 3,526,138 ​ $ 3.99 Granted ​ 655,000 ​ $ 4.07 Exercised ​ (160,938) ​ $ 1.25 Canceled or expired ​ (14,500) ​ $ 6.36 Options outstanding at end of the period 4,005,700 ​ $ 4.09 Options exercisable 2,842,151 ​ $ 3.52 ​ Stock-based compensation expense related to stock options was $190,816 and $133,451 for the three months ended March 31, 2022 and 2021, respectively. The weighted average fair value of options granted during the three months ended March 31, 2022 was $1.48 per share. There were no stock options granted during the three months ended March 31, 2021. Restricted Stock Units The Company recognizes restricted stock unit (“RSU”) compensation expense based on the grant date fair value of the award. Each RSU is eligible to vest over time and settle into one newly issued share of Company common stock. RSU activity for the three months ended March 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Grant ​ ​ ​ ​ Date Fair ​ Shares Value Unvested at beginning of the year ​ 51,331 ​ $ 8.29 Granted ​ 172,234 ​ $ 4.42 Unvested at end of the year ​ 223,565 ​ $ 5.31 ​ Stock-based compensation expense related to RSUs was $130,290 for the three months ended March 31, 2022. There was no stock-based compensation expense related to RSUs recorded for the three months ended March 31, 2021. Employee Stock Purchase Plan The Company accounts for employee stock purchases made under its 2021 Employee Stock Purchase Plan (“2021 ESPP”) using the estimated grant date fair value in accordance with Accounting Standards Codification, Topic 718, Stock Compensation There were no shares issued under the 2021 ESPP during the three months ended March 31, 2022. Stock Warrants As of both March 31, 2022 and December 31, 2021, stock warrants outstanding were 795,379.

SIGNIFICANT CUSTOMERS

SIGNIFICANT CUSTOMERS	3 Months Ended
	Mar. 31, 2022
SIGNIFICANT CUSTOMERS
SIGNIFICANT CUSTOMERS	NOTE 8 — SIGNIFICANT CUSTOMERS The Company had one customer that accounted for 100% of total revenue for the three months ended March 31, 2022 and 2021. The current receivable for this customer is included in Receivable from Reprise Biomedical, Inc. on the condensed balance sheets. 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	3 Months Ended
	Mar. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 9 — COMMITMENTS AND CONTINGENCIES Patent License Agreement Under an Exclusive Patent License Agreement between the Company and the University, 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 11).

LEASES

LEASES	3 Months Ended
	Mar. 31, 2022
LEASES
LEASES	NOTE 10 — LEASES The Company leases its corporate headquarters, which houses its research and development operations and office space. The lease term began in August 2021 and is scheduled to terminate in May 2029. The Company has one option to extend the term for a period of five years. The depreciable life of assets and leasehold improvements is limited by the expected lease term. The lease provided a tenant improvement allowance of $1,256,950, which was received by the Company during the three months ended March 31, 2022. The tenant improvement allowance is included in the calculation of the lease liability. The Company also leases pieces of equipment that are accounted for as financing leases. Financing lease assets are classified as lab equipment within property and equipment on the condensed balance sheets. Supplemental condensed balance sheet information for the Company is as follows: ​ ​ ​ ​ ​ ​ ​ Leases ​ Classification March 31, 2022 Assets ​ ​ ​ ​ ​ Operating lease assets ​ Right of use asset ​ $ 1,820,900 Financing lease assets ​ Property and equipment, net of accumulated depreciation ​ $ 109,764 ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ Operating ​ Current portion of lease liability ​ $ 284,348 Financing ​ Current portion of financing lease obligations ​ $ 57,029 Noncurrent ​ ​ ​ ​ ​ Operating ​ Lease liability, net ​ $ 3,014,530 Financing ​ Financing lease obligations, net ​ $ 40,069 ​ Information on the Company’s lease costs is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Lease cost ​ Classification March 31, 2022 Operating lease cost ​ Operating expenses: General and administrative ​ $ 80,684 Financing lease cost ​ ​ ​ ​ ​ Amortization of leased assets ​ Depreciation and amortization ​ $ 9,480 Interest on lease liabilities ​ Interest expense ​ $ 1,715 Variable lease cost (1) ​ Operating expenses: General and administrative ​ $ 39,229 (1) Variable lease costs consist primarily of taxes, insurance and common area maintenance costs for the Company’s operating lease. Payments for the Company’s leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Due in Fiscal Year Ending Operating Leases ​ Financing Leases ​ Total 2022 $ 289,780 ​ $ 46,270 ​ $ 336,050 2023 ​ ​ 511,669 ​ ​ 46,298 ​ ​ 557,967 2024 ​ ​ 527,020 ​ ​ 10,693 ​ ​ 537,713 2025 ​ ​ 542,830 ​ ​ — ​ ​ 542,830 2026 ​ ​ 559,115 ​ ​ — ​ ​ 559,115 Thereafter ​ ​ 1,423,621 ​ ​ — ​ ​ 1,423,621 Total lease payments ​ ​ 3,854,035 ​ ​ 103,261 ​ ​ 3,957,296 Less imputed interest ​ ​ (555,157) ​ ​ (6,163) ​ ​ (561,320) Present value of lease liabilities $ 3,298,878 ​ $ 97,098 ​ $ 3,395,976 ​ Additional information related to leases is as follows: ​ ​ ​ ​ ​ Lease term and discount rate ​ March 31, 2022 Weighted-average remaining term (years) ​ ​ Operating lease ​ 7.2 ​ Financing leases ​ 1.7 Weighted-average discount rate ​ ​ ​ Operating lease ​ 4.2 % Financing leases ​ 6.4 % ​ Disclosures Related to Periods Prior to Adoption of New Lease Standard Capital Leases 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 $1,863 until the lease is paid in full. As of March 31, 2022 and December 31, 2021, the amount outstanding on the lease was $33,342 and $38,271, respectively. The lease is secured by the piece of equipment. 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 March 31, 2022 and December 31, 2021, the amount outstanding on the lease was $28,171 and $33,597, respectively. 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 $1,337 until the lease is paid in full. As of March 31, 2022 and December 31, 2021, the amount outstanding on the lease was $35,585 and $38,937, respectively. The lease is secured by the piece of equipment. Operating Leases The Company entered into operating leases primarily for its corporate headquarters, which houses its research and development operations and office space. Total expense under operating leases for the three months ended March 31, 2021 was $65,013.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 11 — 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 $768 and $1,618 for the three months ended March 31, 2022 and 2021, respectively. The Company received $6,768 and $6,108 for the three months ended March 31, 2022 and 2021, respectively, as royalties related to the spin-out of the Acellular Business to Reprise. As of the three months ended March 31, 2022 and December 31, 2021 the Company had long term receivables of $1,038,636 and $920,404, respectively, but due to the uncertainty regarding collectability the Company fully reserved receivables

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Mar. 31, 2022
NET LOSS PER SHARE
NET LOSS PER SHARE	NOTE 12 — NET LOSS PER SHARE Basic net loss per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is calculated by dividing net income by the weighted-average number of common shares outstanding, after taking into consideration all dilutive potential shares outstanding during the period. Due to the existence of net losses for the three months ended March 31, 2022 and 2021, basic and diluted net 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 would have had an antidilutive impact due to losses reported for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 Convertible preferred stock outstanding — ​ 8,314,536 Common stock options outstanding ​ 4,005,700 3,552,505 ​ Common stock warrants ​ 795,379 707,669 ​ Restricted stock units ​ 223,565 ​ — ​ Total common stock equivalents ​ 5,024,644 12,574,710 ​ ​

DESCRIPTION OF BUSINESS AND S_2

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
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 and the rules of the Securities and Exchange Commission applicable to interim reports of companies filing as a smaller reporting company. These condensed financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. 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 2022 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.
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 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 condensed financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) The Company determines if an arrangement is a lease at inception. Operating leases are included in right of use assets and lease liabilities on the condensed balance sheets. The right of use assets and lease liabilities are recognized as the present value of the future minimum lease payments over the lease term at commencement date. The right of use asset is also adjusted for any lease payments made and excludes lease incentives and initial direct costs incurred. As most leases do not provide an implicit rate, and the Company does not have a readily available incremental borrowing rate, the Company uses the interest rate available for the lowest-grade debt in the marketplace based on the information available at commencement date in determining the present value of future payments. The standard provides a number of optional practical expedients in transition. The Company elected to exercise the package of practical expedients which, among other things, allows the Company to carryforward the determining lease classification and lease term. As a result of adopting the new standard, the Company recognized right of use assets of $1,882,696 and lease liabilities of $2,020,839 as of January 1, 2022. Certain amounts in the prior year financial statements have been reclassified for comparative purposes to conform to the presentation for the three months ended March 31, 2022. Specifically, prior to the adoption of ASC 842, the Company presented capital leases together with long-term debt on the balance sheets. Financing leases (previously capital leases) is now presented separately on the balance sheets. In addition, prior to the adoption of ASC 842, the Company presented the non-cash change in deferred rent as deferred rent within the operating section of the statement of cash flows. This balance is now presented on the operating lease right of use asset line within the operating section of the statement of cash flows. The adoption of this standard did not have a material impact on income or cash flows. See Note 10 for further details. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2022
LAB EQUIPMENT, FURNITURE, LEASEHOLD IMPROVEMENTS AND CONSTRUCTION IN PROGRESS
Schedule of lab equipment, furniture, leasehold improvements and construction in progress	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Lab equipment ​ $ 1,632,929 ​ $ 1,549,416 Leasehold improvements ​ 3,366,458 ​ 3,239,307 Furniture, fixtures and computers ​ 1,994,172 ​ 1,671,793 ​ ​ 6,993,559 ​ 6,460,516 Less accumulated depreciation and amortization ​ (1,001,322) ​ (868,790) ​ ​ $ 5,992,237 ​ $ 5,591,726

EQUITY METHOD INVESTMENT (Table

EQUITY METHOD INVESTMENT (Tables)	3 Months Ended
	Mar. 31, 2022
EQUITY METHOD INVESTMENT
Schedule of financial information from the financial statements of Reprise	​ ​ ​ ​ ​ Period Ended ​ ​ March 15, ​ 2021 Net sales ​ $ 93,985 Gross margin ​ $ 47,708 Net loss ​ $ (1,376,522) Miromatrix Medical Inc. share of net loss ​ $ (223,633)

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2022
ACCRUED EXPENSES
Schedule of current accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Wages ​ $ 627,354 ​ $ 704,502 Legal ​ 62,000 ​ 37,000 Taxes ​ ​ 50,000 ​ ​ 101,221 Key opinion leader compensation ​ 12,625 ​ 25,500 Royalties ​ 1,692 ​ 2,000 Facility costs ​ ​ — ​ ​ 242,892 Supplies ​ ​ — ​ ​ 127,505 Other ​ 242,229 ​ 188,002 Accrued expenses ​ $ 995,900 ​ $ 1,428,622

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2022
DEBT
Schedule of future principal maturities for debt	​ ​ ​ ​ ​ Amounts Due in the Twelve Months Ended March 31, ​ 2023 ​ $ 61,209 2024 ​ — 2025 ​ 385,997 Total future maturities payments ​ ​ 447,206 Less current portion ​ ​ (61,209) Long-term debt ​ $ 385,997

CAPITAL STOCK (Tables)

CAPITAL STOCK (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based compensation
Schedule of stock option activity	Option activity for the three months ended March 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Exercise ​ Shares Price Options outstanding at beginning of the period ​ 3,526,138 ​ $ 3.99 Granted ​ 655,000 ​ $ 4.07 Exercised ​ (160,938) ​ $ 1.25 Canceled or expired ​ (14,500) ​ $ 6.36 Options outstanding at end of the period 4,005,700 ​ $ 4.09 Options exercisable 2,842,151 ​ $ 3.52
Restricted stock units
Share-based compensation
Summary of restricted stock unit activity	RSU activity for the three months ended March 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average Grant ​ ​ ​ ​ Date Fair ​ Shares Value Unvested at beginning of the year ​ 51,331 ​ $ 8.29 Granted ​ 172,234 ​ $ 4.42 Unvested at end of the year ​ 223,565 ​ $ 5.31

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2022
LEASES
Schedule of supplemental condensed balance sheet information	​ ​ ​ ​ ​ ​ ​ Leases ​ Classification March 31, 2022 Assets ​ ​ ​ ​ ​ Operating lease assets ​ Right of use asset ​ $ 1,820,900 Financing lease assets ​ Property and equipment, net of accumulated depreciation ​ $ 109,764 ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ Operating ​ Current portion of lease liability ​ $ 284,348 Financing ​ Current portion of financing lease obligations ​ $ 57,029 Noncurrent ​ ​ ​ ​ ​ Operating ​ Lease liability, net ​ $ 3,014,530 Financing ​ Financing lease obligations, net ​ $ 40,069
Schedule of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Lease cost ​ Classification March 31, 2022 Operating lease cost ​ Operating expenses: General and administrative ​ $ 80,684 Financing lease cost ​ ​ ​ ​ ​ Amortization of leased assets ​ Depreciation and amortization ​ $ 9,480 Interest on lease liabilities ​ Interest expense ​ $ 1,715 Variable lease cost (1) ​ Operating expenses: General and administrative ​ $ 39,229 (1) Variable lease costs consist primarily of taxes, insurance and common area maintenance costs for the Company’s operating lease.
Schedule of payments, Operating leases	Payments for the Company’s leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Due in Fiscal Year Ending Operating Leases ​ Financing Leases ​ Total 2022 $ 289,780 ​ $ 46,270 ​ $ 336,050 2023 ​ ​ 511,669 ​ ​ 46,298 ​ ​ 557,967 2024 ​ ​ 527,020 ​ ​ 10,693 ​ ​ 537,713 2025 ​ ​ 542,830 ​ ​ — ​ ​ 542,830 2026 ​ ​ 559,115 ​ ​ — ​ ​ 559,115 Thereafter ​ ​ 1,423,621 ​ ​ — ​ ​ 1,423,621 Total lease payments ​ ​ 3,854,035 ​ ​ 103,261 ​ ​ 3,957,296 Less imputed interest ​ ​ (555,157) ​ ​ (6,163) ​ ​ (561,320) Present value of lease liabilities $ 3,298,878 ​ $ 97,098 ​ $ 3,395,976
Schedule of payments, Financing leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Due in Fiscal Year Ending Operating Leases ​ Financing Leases ​ Total 2022 $ 289,780 ​ $ 46,270 ​ $ 336,050 2023 ​ ​ 511,669 ​ ​ 46,298 ​ ​ 557,967 2024 ​ ​ 527,020 ​ ​ 10,693 ​ ​ 537,713 2025 ​ ​ 542,830 ​ ​ — ​ ​ 542,830 2026 ​ ​ 559,115 ​ ​ — ​ ​ 559,115 Thereafter ​ ​ 1,423,621 ​ ​ — ​ ​ 1,423,621 Total lease payments ​ ​ 3,854,035 ​ ​ 103,261 ​ ​ 3,957,296 Less imputed interest ​ ​ (555,157) ​ ​ (6,163) ​ ​ (561,320) Present value of lease liabilities $ 3,298,878 ​ $ 97,098 ​ $ 3,395,976
Schedule of lease term and discount rate	​ ​ ​ ​ ​ Lease term and discount rate ​ March 31, 2022 Weighted-average remaining term (years) ​ ​ Operating lease ​ 7.2 ​ Financing leases ​ 1.7 Weighted-average discount rate ​ ​ ​ Operating lease ​ 4.2 % Financing leases ​ 6.4 %

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
NET LOSS PER SHARE
Schedule of potentially dilutive securities	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2022 2021 Convertible preferred stock outstanding — ​ 8,314,536 Common stock options outstanding ​ 4,005,700 3,552,505 ​ Common stock warrants ​ 795,379 707,669 ​ Restricted stock units ​ 223,565 ​ — ​ Total common stock equivalents ​ 5,024,644 12,574,710 ​

DESCRIPTION OF BUSINESS AND S_3

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details) - USD ($)	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Accounting Pronouncements
Right of use asset	$ 1,820,900
Lease liabilities	$ 3,298,878
ASU 2016 02, Leases
Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted		true
Cumulative Effect, Period of Adoption, Adjustment | ASU 2016 02, Leases
Accounting Pronouncements
Right of use asset			$ 1,882,696
Lease liabilities			$ 2,020,839

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, plant and equipment
Property and equipment, gross	$ 6,993,559		$ 6,460,516
Less accumulated depreciation and amortization	(1,001,322)		(868,790)
Property and equipment, net	5,992,237		5,591,726
Depreciation and amortization	262,897	$ 30,029
Lab equipment
Property, plant and equipment
Property and equipment, gross	1,632,929		1,549,416
Leasehold improvements
Property, plant and equipment
Property and equipment, gross	3,366,458		3,239,307
Furniture and fixtures & computers
Property, plant and equipment
Property and equipment, gross	$ 1,994,172		$ 1,671,793

EQUITY METHOD INVESTMENT - Repr

EQUITY METHOD INVESTMENT - Reprise (Details) - USD ($) shares in Millions	Nov. 30, 2020	Mar. 31, 2021	Nov. 30, 2020	Mar. 31, 2021	Nov. 15, 2020	Jun. 30, 2019
Equity method investments
Proceeds from sale of equity-method investment				$ 2,000,000
Reprise Biomedical, Inc.
Equity method investments
Number of equity method investment shares owned					4.5	4.5
Ownership interest (as a percent)	18.00%		18.00%		45.00%	45.00%
Number of equity method investment shares sold	2.7	1.8
Proceeds from sale of equity-method investment		$ 2,000,000	$ 3,000,000

EQUITY METHOD INVESTMENT - Inco

EQUITY METHOD INVESTMENT - Income Statement (Details) - USD ($)	Mar. 15, 2021	Mar. 31, 2022	Mar. 31, 2021
Equity method investments
Net sales		$ 6,768	$ 6,108
Gross margin (loss)		(118,232)	(118,892)
Miromatrix Medical Inc. share of net loss		$ (7,203,749)	$ (434,342)
Reprise Biomedical, Inc.
Equity method investments
Net sales	$ 93,985
Gross margin (loss)	47,708
Net loss	(1,376,522)
Miromatrix Medical Inc. share of net loss	$ (223,633)

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
ACCRUED EXPENSES
Wages	$ 627,354	$ 704,502
Legal	62,000	37,000
Taxes	50,000	101,221
Key opinion leader compensation	12,625	25,500
Royalties	1,692	2,000
Facility costs		242,892
Supplies		127,505
Other	242,229	188,002
Accrued expenses	$ 995,900	$ 1,428,622

DEBT - Agreements (Details)

DEBT - Agreements (Details) - USD ($)	Jan. 31, 2018	Jan. 31, 2019	Jan. 31, 2012	Mar. 31, 2022	Dec. 31, 2021	Jan. 01, 2016	May 31, 2015
Debt
Number of warrants outstanding				795,379	795,379
Long-term debt outstanding				$ 447,206
Warrants, Regents of the University of Minnesota
Debt
Number of warrants issued			80,000
Warrant exercise price (in dollars per share)			$ 1.69
Warrants, University of Minnesota
Debt
Number of warrants issued		20,587
Term of warrant		10 years
Warrant exercise price (in dollars per share)		$ 3.75
Promissory Note, Regents of the University of Minnesota, Due December 31, 2022
Debt
Face value of debt			$ 405,559
Interest rate (as a percent)						3.00%
Periodic payment frequency	monthly
Amount of periodic principal and interest payments	$ 7,737
Long-term debt outstanding				61,209	$ 83,849
Loan, Minnesota Department of Employment and Economic Development
Debt
Face value of debt							$ 250,000
Substantial ownership change threshold (as a percent)							50.00%
Potential additional compensation							$ 75,000
Long-term debt outstanding				0	250,000
Promissory Note, University of Minnesota, Due January 31, 2025
Debt
Face value of debt		$ 385,997
Interest rate (as a percent)		6.00%
Long-term debt outstanding				$ 385,997	$ 385,997

DEBT - Debt Maturities (Details

DEBT - Debt Maturities (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Amounts Due in the Twelve Months Ending March 31
2023	$ 61,209
2025	385,997
Total future maturities payments	447,206
Less current portion	(61,209)	$ (333,849)
Long-term debt	$ 385,997	$ 385,997

CAPITAL STOCK - Common Stock (D

CAPITAL STOCK - Common Stock (Details)	Mar. 31, 2022Vote$ / sharesshares	Dec. 31, 2021$ / sharesshares
CAPITAL STOCK
Common stock, authorized (in shares)	190,000,000	190,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.00001	$ 0.00001
Number of votes | Vote	1
Common stock, issued (in shares)	20,546,583	20,385,645
Common stock, outstanding (in shares)	20,546,583	20,385,645

CAPITAL STOCK - Preferred Stock

CAPITAL STOCK - Preferred Stock (Details)	Mar. 31, 2022$ / sharesshares
CAPITAL STOCK
Preferred stock , authorized (in shares)	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

CAPITAL STOCK - Equity Incentiv

CAPITAL STOCK - Equity Incentive Plans (Details) - 2021 Plan	3 Months Ended
	Mar. 31, 2022shares
Share-based compensation
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
Increase in number of shares reserved for issuance during the period	600,000
Number of shares of common stock available for issuance	879,602

CAPITAL STOCK - Stock Options (

CAPITAL STOCK - Stock Options (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Summary of options granted - Shares
Options outstanding at beginning of the period (in shares)	3,526,138
Granted (in shares)	655,000	0
Exercised (in shares)	(160,938)
Canceled or expired (in shares)	(14,500)
Options outstanding at end of the period (in shares)	4,005,700
Options exercisable (in shares)	2,842,151
Summary of options granted - Weighted Average Exercise Price
Options outstanding at beginning of the period (in dollars per share)	$ 3.99
Granted (in dollars per share)	4.07
Exercised (in dollars per share)	1.25
Canceled or expired (in dollars per share)	6.36
Options outstanding at end of the period (in dollars per share)	4.09
Options Exercisable (in dollars per share)	3.52
Weighted average fair value of options granted (in dollars per share)	$ 1.48
Stock options
Summary of options granted - Weighted Average Exercise Price
Stock based compensation	$ 190,816	$ 133,451

CAPITAL STOCK - Restricted Stoc

CAPITAL STOCK - Restricted Stock Units (Details) - Restricted stock units - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based compensation
Number of common shares issued upon vesting of each RSU	1
Unvested at beginning of the year	51,331
Granted (in shares)	172,234
Unvested at end of the year	223,565
Granted, Weighted average grant date fair value (in dollars per share)	$ 4.42
Unvested, Weighted average grant date fair value (in dollars per share)	$ 5.31		$ 8.29
Stock based compensation	$ 130,290	$ 0

CAPITAL STOCK - Employee Stock

CAPITAL STOCK - Employee Stock Purchase Plan (Details)	3 Months Ended
	Mar. 31, 2022shares
CAPITAL STOCK
Number of shares issued, ESPP	0

CAPITAL STOCK - Stock Warrants

CAPITAL STOCK - Stock Warrants (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
CAPITAL STOCK
Number of warrants outstanding	795,379	795,379

SIGNIFICANT CUSTOMERS (Details)

SIGNIFICANT CUSTOMERS (Details) - Revenue - Customer - One customer - customer	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
SIGNIFICANT CUSTOMERS
Concentration risk, percentage	100.00%	100.00%
Number of Customers	1	1

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Patent License Agreement (Details)	Mar. 31, 2022USD ($)
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

LEASES - Agreements (Details)

LEASES - Agreements (Details) - Building	Aug. 03, 2021item	Mar. 31, 2022USD ($)
Leases
Number of options to extend | item	1
Option to extend term	5 years
Tenant improvement allowance received during the period | $		$ 1,256,950

LEASES - Balance Sheet Informat

LEASES - Balance Sheet Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Assets
Operating lease assets, Right of use asset	$ 1,820,900
Financing lease assets	$ 109,764
Finance Lease, Right-of-Use Asset, Statement of Financial Position	Property and equipment, net
Liabilities
Current Operating - Current portion of lease liability	$ 284,348
Current Financing - Current portion of financing lease obligations	57,029	$ 58,037
Noncurrent Operating - Lease liability, net	3,014,530
Noncurrent Financing - Financing lease obligations, net	$ 40,069	$ 52,768

LEASES - Lease costs (Details)

LEASES - Lease costs (Details)	3 Months Ended
	Mar. 31, 2022USD ($)
Lease cost
Operating lease cost - Operating expenses: General and administrative	$ 80,684
Financing lease cost
Amortization of leased assets - Depreciation and amortization	9,480
Interest on lease liabilities - Interest expense	1,715
Variable lease cost - Operating expenses: General and administrative	$ 39,229

LEASES - Lease payments (Detail

LEASES - Lease payments (Details)	Mar. 31, 2022USD ($)
Operating Leases
2022, Remainder of fiscal year	$ 289,780
2023	511,669
2024	527,020
2025	542,830
2026	559,115
Thereafter	1,423,621
Total lease payments	3,854,035
Less imputed interest	(555,157)
Present value of lease liabilities	3,298,878
Financing Leases
2022, Remainder of fiscal year	46,270
2023	46,298
2024	10,693
Total lease payments	103,261
Less imputed interest	(6,163)
Present value of lease liabilities	97,098
Total Operating and Financing Leases
2022, Remainder of fiscal year	336,050
2023	557,967
2024	537,713
2025	542,830
2026	559,115
Thereafter	1,423,621
Total lease payments	3,957,296
Less imputed interest	(561,320)
Present value of lease liabilities	$ 3,395,976

LEASES - Additional information

LEASES - Additional information (Details)	Mar. 31, 2022
LEASES
Weighted-average remaining term (in years) - Operating leases	7 years 2 months 12 days
Weighted-average remaining term (in years) - Financing leases	1 year 8 months 12 days
Weighted-average discount rate - Operating lease (as a percent)	4.20%
Weighted-average discount rate - Financing lease (as a percent)	6.40%

LEASES - Prior to adoption of A

LEASES - Prior to adoption of ASU - Capital leases (Details)	1 Months Ended
	Sep. 30, 2021USD ($)payment	Jul. 31, 2021USD ($)payment	Oct. 31, 2018USD ($)payment	Mar. 31, 2022USD ($)shares	Dec. 31, 2021USD ($)shares
Capital lease obligations
Number of warrants outstanding | shares				795,379	795,379
Long-term debt outstanding				$ 447,206
Capital Lease, October 2018
Capital lease obligations
Capitalized lease			$ 102,026
Interest rate (as a percent)			7.20%
Number of monthly payments | payment			60
Periodic payment frequency			monthly
Amount of periodic principal and interest payments			$ 1,863
Lease outstanding				33,342	$ 38,271
Capital Lease, July 2021
Capital lease obligations
Capitalized lease		$ 44,251
Interest rate (as a percent)		5.00%
Number of monthly payments | payment		24
Periodic payment frequency		monthly
Amount of periodic principal and interest payments		$ 1,941
Lease outstanding				28,171	33,597
Capital Lease, September 2021
Capital lease obligations
Capitalized lease	$ 43,317
Interest rate (as a percent)	6.80%
Number of monthly payments | payment	36
Periodic payment frequency	monthly
Amount of periodic principal and interest payments	$ 1,337
Lease outstanding				$ 35,585	$ 38,937

LEASES - Prior to adoption of_2

LEASES - Prior to adoption of ASU - Operating leases (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
LEASES
Operating lease expense	$ 65,013

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Corporation owned by director | Consulting services
RELATED PARTY TRANSACTIONS
Consulting services	$ 768	$ 1,618
Reprise Biomedical, Inc. | Patent and Know-How License Agreement
RELATED PARTY TRANSACTIONS
Royalty	6,768	$ 6,108
Long term receivables	1,038,636		$ 920,404
Reserve against receivable	$ 1,038,636		$ 920,404

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
NET LOSS PER SHARE
Potentially dilutive securities	5,024,644	12,574,710
Convertible preferred stock outstanding
NET LOSS PER SHARE
Potentially dilutive securities		8,314,536
Stock options
NET LOSS PER SHARE
Potentially dilutive securities	4,005,700	3,552,505
Common stock warrants
NET LOSS PER SHARE
Potentially dilutive securities	795,379	707,669
Restricted stock units
NET LOSS PER SHARE
Potentially dilutive securities	223,565