Miromatrix Medical (MIRO) 10-K 31 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 24, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 73,529,097
Entity Common Stock, Shares Outstanding		27,233,263
Auditor Firm ID	23
Auditor Name	BAKER TILLY US, LLP
Auditor Location	Minneapolis, Minnesota
Entity Central Index Key	0001527096
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 5,208,005	$ 52,811,531
Restricted cash	800,100	800,100
Short-term investments	19,989,489
Receivable from Reprise Biomedical, Inc.	930,355	17,819
Interest receivable	107,861
Tenant improvement allowance receivable		1,256,950
Prepaid expenses and other current assets	274,952	450,873
Total current assets	27,310,762	55,337,273
Deferred offering costs	232,899
Right of use asset	1,673,575
Property and equipment, net	5,545,694	5,591,726
Total assets	34,762,930	60,928,999
Current liabilities:
Current portion of long-term debt		333,849
Current portion of deferred royalties	979,167	488,368
Accounts payable	1,584,929	2,094,854
Current portion of financing lease obligations	44,157	58,037
Current portion of lease liability	389,649
Current portion of tenant improvement obligation		160,462
Accrued expenses	1,948,376	1,428,622
Total current liabilities	4,946,278	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	11,689	52,768
Lease liability, net	2,720,781
Tenant improvement obligation, net		1,029,629
Accrued interest	99,048	71,592
Total liabilities	8,655,526	6,803,115
Commitments and contingencies
Shareholders' equity:
Common stock, par value $0.00001; 190,000,000 shares authorized; 20,944,109 issued and outstanding as of December 31, 2022 and 20,385,645 issued and outstanding as of December 31, 2021	209	204
Additional paid-in capital	130,119,106	128,177,594
Accumulated deficit	(104,011,911)	(74,051,914)
Total shareholders' equity	26,107,404	54,125,884
Total liabilities and shareholders' equity	$ 34,762,930	$ 60,928,999

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Jun. 23, 2021	Dec. 31, 2020
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	190,000,000	30,000,000
Common stock, issued (in shares)	20,944,109	20,385,645
Common stock, outstanding (in shares)	20,944,109	20,385,645

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statements of Operations
Licensing revenue	$ 953,470	$ 33,066
Revenue from Contract with Customer, Product and Service	us-gaap:LicenseMember	us-gaap:LicenseMember
Cost of goods sold	$ 500,000	$ 500,000
Cost, Product and Service	us-gaap:LicenseMember	us-gaap:LicenseMember
Gross profit (loss)	$ 453,470	$ (466,934)
Operating expenses:
Research and development	18,303,386	10,755,959
Regulatory and clinical	1,646,162	551,494
Quality	2,148,483	547,129
General and administration	8,719,869	4,643,473
Total operating expenses	30,817,900	16,498,055
Operating loss	(30,364,430)	(16,964,989)
Interest income	333,469	1,973
Interest expense	(47,732)	(613,882)
Amortization of discount on note		(62,638)
Change in fair value of derivative		246,962
Research grants	118,696	393,034
Equity loss in affiliate		(223,633)
Gain on sale of equity investment		1,983,912
Gain on debt extinguishment		568,505
Net loss	$ (29,959,997)	$ (14,670,756)
Net loss per share, basic (in dollar per share)	$ (1.45)	$ (1.28)
Net loss per share, diluted (in dollar per share)	$ (1.45)	$ (1.28)
Weighted average shares used in computing net loss per share, basic (in shares)	20,727,952	11,484,598
Weighted average shares used in computing net loss per share, diluted (in shares)	20,727,952	11,484,598

Statements of Shareholders' Equ

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		622,159		622,159
Exercise of stock options	$ 5	903,575		$ 903,580
Exercise of stock options (in shares)	462,866			462,866
Exercise of stock warrants	$ 1	71,474		$ 71,475
Exercise of stock warrants (in shares)	127,886
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	44,528,005		44,528,060
Sales of common stock, net of expenses (in shares)	5,520,000
Net loss			(14,670,756)	(14,670,756)
Balance at end of period at Dec. 31, 2021	$ 204	128,177,594	(74,051,914)	54,125,884
Balance at end of period (in shares) at Dec. 31, 2021	20,385,645
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		1,151,473		1,151,473
Exercise of stock options	$ 3	379,294		$ 379,297
Exercise of stock options (in shares)	340,938			340,938
Exercise of stock warrants	$ 2	414,096		$ 414,098
Exercise of stock warrants (in shares)	191,559
Issuance of restricted shares (in shares)	37,542
Shares tendered in payment of option price and income tax withholdings		(3,351)		(3,351)
Shares tendered in payment of option price and income tax withholdings (in shares)	(11,575)
Net loss			(29,959,997)	(29,959,997)
Balance at end of period at Dec. 31, 2022	$ 209	$ 130,119,106	$ (104,011,911)	$ 26,107,404
Balance at end of period (in shares) at Dec. 31, 2022	20,944,109

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (29,959,997)	$ (14,670,756)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	1,108,431	167,907
Stock-based compensation	1,151,473	622,159
Loss on disposal of property and equipment	758	5,459
Non-cash interest income	(107,861)
Amortization of premium/discount on investments	36,636
Deferred rent		207,204
Amortization of tenant improvement allowance		(66,859)
Amortization of discount on note		62,638
Change in fair value of derivative		(246,962)
Gain on debt extinguishment		(568,505)
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.	(912,536)	(2,617)
Grant receivable		100,000
Prepaid expenses	175,921	(320,297)
Operating lease right of use asset	(3,070,870)
Tenant improvement receivable reimbursement	1,256,950
Accounts payable and accrued expenses	500,628	1,066,718
Accrued interest	27,456	594,961
Operating lease liability	3,110,430
Net cash used in operating activities	(26,682,581)	(14,809,229)
Cash flows from investing activities:
Purchase of investments	(26,026,125)
Proceeds from maturity of investments	6,000,000
Proceeds from sale of equity-method investment		2,000,000
Purchases of property and equipment	(1,063,157)	(3,383,116)
Net cash used in investing activities	(21,089,282)	(1,383,116)
Cash flows from financing activities:
Payments on long-term debt	(333,849)	(88,883)
Payments on financing lease obligations	(54,959)	(33,888)
Proceeds from financing lease obligations		87,567
Payments on offering costs	(232,899)
Proceeds from sale of common stock, net		44,528,060
Proceeds from sale of preferred stock, net		19,891,670
Employee taxes paid for shares withheld	(3,351)
Proceeds from stock warrant exercises	414,098	71,475
Proceeds from stock option exercises	379,297	903,580
Net cash provided by financing activities	168,337	65,359,581
Net (decrease) increase in cash and cash equivalents	(47,603,526)	49,167,236
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	6,008,105	53,611,631
Cash and cash equivalents	5,208,005	52,811,531
Restricted cash	800,100	800,100
Cash, cash equivalents and restricted cash at end of period	6,008,105	53,611,631
Supplemental disclosure of cash flow information:
Interest paid	20,276	22,453
Purchases of property and equipment in accounts payable and accrued expenses		2,057,443
Forgiveness of paycheck protection program loan		$ 568,505
Leased assets obtained in exchange for new operating lease liabilities	$ 1,986,172

DESCRIPTION OF BUSINESS AND SIG

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES	MIROMATRIX MEDICAL INC. Notes to the Financial Statements 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 Baxter International Inc. (“Baxter”), CareDx, Inc. (“CareDx”), the Mayo Clinic, the Mount Sinai Health System and the Texas Heart Institute, and we have received strategic investments from Baxter, CareDx and DaVita Inc. Basis of Preparation The accompanying 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 United States (“U.S.”) Securities and Exchange Commission (“SEC”) applicable to annual reports of companies filing as a smaller reporting company. In the opinion of management, the accompanying financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, stockholders’ equity and cash flows for the presented periods. The Company has evaluated subsequent events occurring after the date of the financial statements for events requiring recording or disclosure in the financial statements. Reclassifications Certain reclassifications to previously reported financial information on the Balance Sheets and Statements of Operations have been made to conform to the current period presentation. 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 2). 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. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The carrying amount approximates fair value because of the short maturity of those instruments. The Company deposits its cash in high credit quality financial institutions. The balances, at times, may exceed federally insured limits. The Company has not experienced any losses from maintaining balances in excess of the federally insured limits. As of December 31, 2022 and 2021, the Company had $5,208,005 and $52,811,531, respectively, held as cash or invested in money market funds which are classified as a Level 1 fair valued measured asset since these funds are traded on a regular basis. Investments The Company has invested its excess cash in U.S. Treasury securities. The Company intends and has the ability to hold these investments to maturity. Securities with original maturity dates of more than three months are reported as held-to-maturity investments and are recorded at amortized cost, which approximates fair value due to the negligible risk of changes in value due to interest rates. Deferred Offering Costs Deferred offering costs are expenses directly related to the Shelf Registration Statement on Form S-3 filed with the SEC on July 1, 2022 and declared effective on July 11, 2022 (the “Shelf Registration”). These costs consist of legal, accounting, printing and filing fees that the Company has capitalized, including fees incurred by the independent registered public accounting firm directly related to the Shelf Registration. Deferred costs associated with the Shelf Registration will be reclassified to additional paid-in capital on a pro-rata basis when the Company completes offerings under the Shelf Registration. Any remaining deferred offering costs will be charged to the statement of operations at the earlier of when it becomes probable that the offering will not result in the receipt of proceeds from the issuance of securities or at the end of the three-year life of the Shelf Registration. 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 Company spun out its acellular business to Reprise Biomedical, Inc. (“Reprise”) on June 30, 2019, retaining a 45% ownership in Reprise. In November 2020, the Company’s ownership decreased to 18%. Even though the Company’s ownership dropped below 20% in November 2020, the Company still had significant influence over the activities of Reprise due to common board members. In March 2021, the Company sold its remaining ownership interest in Reprise. The Company recorded its equity method share of losses in Reprise from January 1, 2021 to March 15, 2021 in the statements of operations (see Note 5). Leases 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 balance sheets. The right of uses assets and lease liabilities are recognized as the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses the interest rate available for the lowest-grade debt in the marketplace. The right of use asset is also adjusted for any lease payments made and lease incentives. The Company’s lease terms may include options to extend or terminate the lease typically at its own discretion. The Company does not include renewal options in the right of use asset and lease liability. Property and Equipment Property and equipment are stated at cost. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of related assets which range from three Patents Costs associated with the submission of a patent application are expensed as incurred given the uncertainty of the patents resulting in probable future economic benefits to the Company and are included in general and administration expenses on the statements of operations. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification, Topic 606, Revenue from Contracts with Customers (ASC 606), which the Company adopted effective January 1, 2019. The Company recognizes revenue for product sales when a contract and performance obligation is identified and control of the promised goods or services is transferred to the Company’s customers, which occurs at a point in time, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods. In determining the appropriate amount of revenue to be recognized as we fulfill our obligations under our agreements, we perform the following steps: (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations; and (v) recognize revenue when (or as) each performance obligation is satisfied. For agreements that include sales-based royalties and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur after the minimum guarantee is satisfied, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). The Company assesses the collectability of the consideration and only recognizes revenue when the collectability of the consideration is deemed probable. The Company re-assesses the collectability of the consideration on a periodic basis, typically quarterly, and recognizes revenue deemed probable of being collected. Cost of Goods Sold Cost of goods sold consists of royalty expenses. 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, related travel expenses and facility costs. Expenditures for research and development activities are charged to operations as incurred. Stock-Based Compensation The Company recognizes expense for its stock-based compensation based on the fair value of the awards on the grant date. 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. Compensation expense is recognized on a straight-line basis over the requisite service period. The Company has elected to recognize forfeitures as they occur. The reversal of compensation cost previously recognized for an award that is forfeited because of a failure to satisfy the service condition is recognized in the period of the forfeiture. 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 fair value of stock options is estimated at the date of grant using the Black-Scholes option pricing model (the “ Black-Scholes model ” ), which 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 (see Note 9). Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of cash, cash equivalents, and accounts payable. Historically, the Company’s credit losses have been insignificant. Income Taxes The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. As of December 31, 2022 and 2021, the Company did not have any material uncertain tax positions. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities. The Company provides for deferred taxes at the enacted tax rate that is expected to apply when the temporary differences reverse. The Company has recorded a full valuation allowance against the net deferred tax asset due to the uncertainty of realizing the related benefits. The Company has elected to recognize interest on tax deficiencies as interest expense and income tax penalties as general and administration expense. For the years ended December 31, 2022 and 2021, the Company recognized no interest or penalties (see Note 10). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent 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 financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of an asset may not be fully recoverable. An impairment loss would be recognized when the estimated future cash flows from the use of the asset are less than the carrying amount of that asset. 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 16). Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements The FASB issued 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 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 year ended December 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) are 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 14). Accounting Pronouncements Not Yet Adopted The FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments

INITIAL PUBLIC OFFERING

INITIAL PUBLIC OFFERING	12 Months Ended
	Dec. 31, 2022
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 $49,679,945, 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 $73,705,437 to additional paid-in capital. Offering costs incurred by the Company were $1,707,673, 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.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2022
INVESTMENTS
INVESTMENTS	NOTE 3 — INVESTMENTS The Company has invested its excess cash in U.S. Treasury securities. The Company intends and has the ability to hold these investments to maturity. Securities with original maturity dates of more than three months are reported as held-to-maturity investments and are recorded at amortized cost, which approximates fair value due to the negligible risk of changes in value due to interest rates. All investments held on December 31, 2022 had contractual maturities of less than one year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ ​ Cost ​ Holding Gains ​ Holding Losses ​ Value Short-term: ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury notes $ 19,989,489 $ — $ 187,089 $ 19,802,400 Total ​ $ 19,989,489 ​ $ — ​ $ 187,089 ​ $ 19,802,400 ​

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2022
LAB EQUIPMENT, FURNITURE, LEASEHOLD IMPROVEMENTS AND CONSTRUCTION IN PROGRESS
LAB EQUIPMENT, FURNITURE, LEASEHOLD IMPROVEMENTS AND CONSTRUCTION IN PROGRESS	NOTE 4 — PROPERTY AND EQUIPMENT Property and equipment consisted of the following as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Lab equipment ​ $ 1,977,436 ​ $ 1,549,416 Leasehold improvements ​ 3,392,220 ​ 3,239,307 Furniture, fixtures and computers ​ 2,022,894 ​ 1,671,793 ​ ​ 7,392,550 ​ 6,460,516 Less accumulated depreciation and amortization ​ (1,846,856) ​ (868,790) ​ ​ $ 5,545,694 ​ $ 5,591,726 ​ Depreciation and amortization expense was $1,108,431 and $167,907 for the years ended December 31, 2022 and 2021, respectively.

EQUITY METHOD INVESTMENT

EQUITY METHOD INVESTMENT	12 Months Ended
	Dec. 31, 2022
EQUITY METHOD INVESTMENT
EQUITY METHOD INVESTMENT	NOTE 5 — 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 for $3,000,000 and retained an 18% ownership interest in Reprise. The Company sold its remaining shares of Reprise in March 2021 for $2,000,000. The Company recorded its equity method shares of losses from January 1, 2021 to March 15, 2021 in the statement 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	12 Months Ended
	Dec. 31, 2022
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE 6 — ACCRUED EXPENSES Accrued expenses consisted of the following as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Wages ​ $ 1,434,675 ​ $ 704,502 Pre-clinical study costs ​ ​ 200,000 ​ ​ — Taxes ​ ​ 112,974 ​ ​ 101,221 Legal ​ 80,794 ​ 37,000 Key opinion leader compensation ​ 18,700 ​ 25,500 Royalties ​ 3,422 ​ 2,000 Facility costs ​ ​ — ​ ​ 242,892 Supplies ​ ​ — ​ ​ 127,505 Other ​ 97,811 ​ 188,002 Accrued expenses ​ $ 1,948,376 ​ $ 1,428,622 ​

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT	12 Months Ended
	Dec. 31, 2022
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT	NOTE 7 — 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: Inputs 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. The Company classifies its investments in U.S. Treasury notes as Level 1 in the fair value hierarchy. While the market for these securities are highly liquid and active, quoted prices for these securities may at times be derived from pricing models which use observable inputs such as benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and other reference data including market research publications. 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, 2020 $ 246,962 Gain recognized to revalue derivative instrument at fair value ​ (246,962) Derivative liability balance at December 31, 2021 ​ $ — ​

DEBT

DEBT	12 Months Ended
	Dec. 31, 2022
DEBT
DEBT	NOTE 8 — DEBT In January 2012, the Company signed an unsecured promissory note with the Regents of the University of Minnesota (the “University”) for $405,559. Commencing on January 1, 2016 the promissory note bore interest at 3.0% per annum, compounded monthly. On or before January 31, 2018, the Company was required to make monthly principal and interest payments of $7,737 until the note was paid in full. The note matured on December 31, 2022 and paid in full during 2022. As of December 31, 2022 and 2021, the principal outstanding on this loan was $0 and $83,849, respectively. 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, which were exercised in the second quarter of 2022. In May 2015, the Company entered into a loan agreement with the Minnesota Department of Employment and 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. As of December 31, 2022 and 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 6.0% per annum, compounded annually, and is due on January 31, 2025. As of both December 31, 2022 and 2021, the balance outstanding on this loan was $385,997. In addition, the Company issued the University a 10-year Future principal maturities for debt are as follows: ​ ​ ​ ​ ​ Amounts Due in the Years Ending December 31, ​ 2023 ​ $ — 2024 ​ — 2025 ​ 385,997 Total future maturities payments ​ ​ 385,997 Less current portion ​ ​ — Long-term debt ​ $ 385,997 ​ The weighted average interest rate on the current portion of debt was 0.8% as of December 31, 2021.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2022
EQUITY
EQUITY	NOTE 9 — EQUITY 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 stockholders. 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 December 31, 2022 and 2021, there were 20,944,109 and 20,385,645 shares of common stock issued and outstanding, respectively. Preferred Stock The Company is authorized to issue 10,000,000 shares of preferred stock, with a par value of $0.00001. As of December 31, 2022 and 2021, there were no shares of preferred stock issued and outstanding. Equity Incentive Plans 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. Shares of common stock underlying outstanding awards under the 2019 Plan (defined below) and the 2021 Plan that expire, are forfeited, are retained by the Company to satisfy any exercise price or any tax withholding, repurchased by the Company at their original purchase price or settled in cash may be added to the number of shares of common stock available for issuance under the 2021 Plan. 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 equal 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 lesser number of shares as determined by the Board of Directors. On January 1, 2023, the number of shares reserved for issuance under the 2021 Plan automatically increased by 600,000 shares of common stock. The Company also maintains its prior stock option plans adopted in 2010 (the “2010 Plan”) and 2019 (the “2019 Plan”) The Company ceased making awards under the 2010 Plan upon adoption of the 2019 Plan and similarly under the 2019 Plan upon stockholder approval of the 2021 Plan. As of December 31, 2022, there were 2,330,853 and 267,000 options outstanding under the 2010 Plan and 2019 Plan, respectively. As of December 31, 2022, there were 1,233,833 stock options and 239,198 restricted stock units outstanding under the 2021 Plan. As of December 31, 2022, there were 767,427 shares of common stock available for issuance under the 2021 Plan. Stock Options The Company uses the Black-Scholes option pricing model to estimate the fair value of stock option grants with the following weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Expected life (years) 6.1 6.0 ​ Risk-free interest rate 1.88 % 1.23 % Expected dividend yield — — ​ Expected volatility 39.8 % 40.0 % ​ 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. Stock option activity for the years ended December 31, 2022 and 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ ​ Exercise ​ ​ ​ Exercise ​ Shares Price Shares Price Options outstanding at beginning of the year ​ 3,526,138 ​ $ 3.99 ​ 3,768,730 ​ $ 3.15 Granted ​ 963,000 ​ $ 3.90 ​ 424,833 ​ $ 8.59 Exercised ​ (340,938) ​ $ 1.25 ​ (462,866) ​ $ 1.95 Canceled or expired ​ (316,514) ​ $ 4.85 ​ (204,559) ​ $ 2.62 Options outstanding at end of the year ​ 3,831,686 ​ $ 4.12 ​ 3,526,138 ​ $ 3.99 Options exercisable 2,729,561 ​ $ 3.84 2,976,089 ​ $ 3.42 ​ The weighted average fair value of options granted for the years ending December 31, 2022 and 2021 was $1.58 and $3.42 per share, respectively. As of December 31, 2022, there were 3,831,686 common stock options outstanding with a weighted average remaining contractual life of 5.38 years. 3.88 years. The intrinsic value of the outstanding options as of December 31, 2022 and 2021 was $237,150 and $4,155,492, respectively. The intrinsic value of the exercisable options as of December 31, 2022 and 2021 was $212,510 and $3,995,176, respectively. The intrinsic value of options exercised for the years ended December 31, 2022 and 2021 was $762,264 and $2,412,480, respectively. The Company recognized $671,628 and $514,318 of stock-based compensation expense related to option grants during the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, there was $1,744,777 of unrecognized compensation costs related to stock option grants which is expected to be recognized over the remaining vesting period during the years ending December 31, 2023, 2024, 2025, and 2026. The Company issues new common shares for options exercised. 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 years ended December 31, 2022 and 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ Average Grant ​ ​ ​ Average Grant ​ ​ ​ ​ Date Fair ​ ​ ​ Date Fair ​ Shares Value Shares Value Unvested at beginning of the year 51,331 $ 8.29 — $ — Granted 236,174 $ 3.98 51,331 $ 8.29 Vested (37,542) $ 7.30 — $ — Canceled (10,765) $ 4.40 — $ — Unvested at end of the year 239,198 $ 4.20 51,331 $ 8.29 ​ The Company recognized $473,045 and $107,841 of stock-based compensation expense related to restricted stock units during the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, there was $741,499 of unrecognized compensation costs related to restricted stock units which is expected to be recognized over the remaining vesting period during the years ending December 31, 2023, 2024, 2025 and 2026. 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 ASC 718, Stock Compensation 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. As of December 31, 2022, there were 500,000 shares of common stock available for issuance under the 2021 ESPP. On January 1, 2023, the number of shares reserved for issuance under the 2021 ESPP automatically increased by 200,000 shares of common stock. There were no shares issued under the 2021 ESPP during the year ended December 31, 2022. Stock Warrants Stock warrant activity for the years ended December 31, 2022 and 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common warrants Warrants outstanding December 31, 2020 ​ ​ 707,669 Granted ​ ​ 276,000 Exercised ​ ​ (82,790) Terminated ​ ​ (105,500) Warrants outstanding December 31, 2021 ​ ​ 795,379 Granted ​ ​ — Exercised ​ ​ (191,559) Expired ​ ​ (4,629) Warrants outstanding December 31, 2022 ​ ​ 599,191 ​ ​ ​ ​ Weighted average exercise price: ​ ​ ​ December 31, 2022 ​ $ 6.16 December 31, 2021 ​ $ 5.18 ​ ​ ​ ​ Weighted average remaining contractual life in years: ​ ​ ​ December 31, 2022 ​ ​ 2.55 December 31, 2021 ​ ​ 2.79 ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
INCOME TAXES	NOTE 10 — INCOME TAXES A reconciliation of income tax expense computed using the federal statutory income tax rate to the Company’s effective income tax rate for the years ended December 31, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Federal statutory rate ​ 21.0 % ​ 21.0 % State income tax, net of federal benefit ​ 12.0 ​ ​ 6.0 ​ Research and development tax credits ​ 38.3 ​ ​ 6.6 ​ Stock compensation and other ​ 0.3 ​ ​ (16.5) ​ Change in valuation allowance ​ (71.6) ​ ​ (17.1) ​ Effective income tax rate ​ — % ​ — % ​ The components of the Company’s deferred taxes for the years ended December 31, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Deferred tax assets: ​ ​ Capitalized research and development expenses ​ $ 16,378,000 ​ $ 66,000 Net operating loss carryforwards ​ 10,102,000 ​ 6,939,000 Research and development credit ​ 5,290,000 ​ 4,113,000 Option and warrant expense ​ 2,134,000 ​ 1,910,000 Asset valuation reserves and other ​ ​ 980,000 ​ ​ 103,000 Total deferred tax assets ​ 34,884,000 ​ 13,131,000 Deferred tax liabilities ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ (318,000) ​ ​ — Total deferred tax liabilities ​ ​ (318,000) ​ ​ — Valuation allowance ​ (34,566,000) ​ (13,131,000) Net deferred tax assets ​ $ — ​ $ — ​ The Company had no income tax expense due to the operating losses incurred for the years ended December 31, 2022 and 2021. Management has evaluated the positive and negative evidence bearing upon the realizability of the Company’s net deferred tax assets and has determined that it is more likely than not that the Company will not recognize the benefits of the net deferred tax assets. As a result, the Company has recorded a full valuation allowance at December 31, 2022 and 2021. The valuation allowance increased by $21,435,000 and $2,511,000 for the years ended December 31, 2022 and 2021 primarily due to the Company’s operating losses, respectively. At December 31, 2022, the Company had $40,468,000 of federal and $20,715,000 of state net operating loss carryforwards, respectively. If not utilized, these carryforwards expire in the years 2031 through 2041. The ultimate utilization of the net operating loss carryforwards may be limited in the future due to changes in the ownership of the Company. We may experience an ownership change in connection in the future as a result of subsequent changes in our stock ownership, some of which are outside our control; and we are do not currently intend to take any steps to prohibit any subsequent changes in our stock ownership in order to avoid such an ownership change. If an ownership change has occurred in the past or occurs in the future, we may not be able to use a material portion of our NOLs and other tax attributes to offset future taxable income or taxes if we attain profitability. This limitation, if applicable, has not been determined by the Company. As of December 31, 2022 and 2021, the Company has no uncertain tax positions. The Company recognizes both interest and penalties associated with unrecognized tax benefits as a component of income tax expense. The Company has not recorded any interest or penalties for unrecognized tax benefits for the years ended December 31, 2022 and 2021.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2022
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	NOTE 11 — 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. Total contribution expense for the year ended December 31, 2022 was $26,942. There were no discretionary contributions during the year ended December 31, 2021.

SIGNIFICANT CUSTOMERS

SIGNIFICANT CUSTOMERS	12 Months Ended
	Dec. 31, 2022
SIGNIFICANT CUSTOMERS
SIGNIFICANT CUSTOMERS	NOTE 12 — SIGNIFICANT CUSTOMERS The Company had one customer that accounted for 100% of total revenue for the years ended December 31, 2022 and 2021. The current receivable for this customer is included in Receivable from Reprise Biomedical, Inc. on the balance sheets. The long-term receivable related to minimum royalties from this customer has been completely reserved against due to uncertainty regarding collectability (See Note 15).

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 13 — 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 15).

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
LEASES
LEASES	NOTE 14 — 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 first quarter of 2022. The tenant improvement allowance is included in the calculation of the right of use asset and lease liability. The Company also leases equipment that are accounted for as financing leases. Financing lease assets are classified as lab equipment within property and equipment on the balance sheets. Supplemental balance sheet information for the Company is as follows: ​ ​ ​ ​ ​ ​ ​ Leases ​ Classification December 31, 2022 Assets ​ ​ ​ ​ ​ Operating lease assets ​ Right of use asset ​ $ 1,673,575 Financing lease assets ​ Property and equipment, net of accumulated depreciation ​ $ 81,325 ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ Operating ​ Current portion of lease liability ​ $ 389,649 Financing ​ Current portion of financing lease obligations ​ $ 44,157 Noncurrent ​ ​ ​ ​ ​ Operating ​ Lease liability, net ​ $ 2,720,781 Financing ​ Financing lease obligations, net ​ $ 11,689 ​ Information on the Company’s lease costs are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Lease cost ​ Classification ​ December 31, 2022 Operating lease cost Operating expenses: General and administrative $ 329,341 Financing lease cost ​ ​ Amortization of leased assets Depreciation and amortization $ 37,919 Interest on lease liabilities Interest expense $ 5,319 Variable lease cost (1) Operating expenses: General and administrative $ 208,574 ​ (1) Variable lease costs consist primarily of taxes, insurance and common area maintenance costs for the Company’s operating lease. Future payments for the Company’s leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Due in Years Ending Operating Leases ​ Financing Leases ​ Total 2023 $ 511,669 ​ $ 46,298 ​ $ 557,967 2024 ​ ​ 527,020 ​ ​ 12,030 ​ ​ 539,050 2025 ​ ​ 542,830 ​ ​ — ​ ​ 542,830 2026 ​ ​ 559,115 ​ ​ — ​ ​ 559,115 2027 ​ ​ 575,889 ​ ​ — ​ ​ 575,889 Thereafter ​ ​ 847,731 ​ ​ — ​ ​ 847,731 Total lease payments ​ ​ 3,564,254 ​ ​ 58,328 ​ ​ 3,622,582 Less imputed interest ​ ​ (453,824) ​ ​ (2,482) ​ ​ (456,306) Present value of lease liabilities $ 3,110,430 ​ $ 55,846 ​ $ 3,166,276 ​ Additional information related to leases is as follows: ​ ​ ​ ​ ​ Lease term and discount rate ​ December 31, 2022 Weighted-average remaining term (years) ​ ​ Operating lease ​ 6.4 ​ Financing leases ​ 1.1 Weighted-average discount rate ​ ​ ​ Operating lease ​ 4.2 % Financing leases ​ 6.6 % ​ 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 December 31, 2021, the amount outstanding on the lease was $38,271. 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 December 31, 2021, the amount outstanding on the lease was $33,597. 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 December 31, 2021, the amount outstanding on the lease was $38,937. 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 year ended December 31, 2021 was $384,903.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 15 — RELATED PARTY TRANSACTIONS A corporation owned by a former director of the Company who resigned as a director in June 2021 received payments for providing a consultant to the Company of $768 and $6,690 for the years December 31, 2022 and 2021, respectively. The Company received $33,066 for the year ended December 31, 2021, as royalty related to the spin-out of the acellular business to Reprise. As of December 31, 2021, the Company had a long-term receivable of $920,404 related to the minimum royalty due from Reprise. Due to the uncertainty regarding collectability, it was determined the contract did not meet the requirements of ASC 606 and the Company fully reserved against the receivables. Reprise was not a related party for the year ended December 31, 2022.

NET LOSS PER SHARE

NET LOSS PER SHARE	12 Months Ended
	Dec. 31, 2022
NET LOSS PER SHARE
NET LOSS PER SHARE	NOTE 16 — 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 common share is calculated by dividing 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 years ended December 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: ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 Common stock options outstanding ​ 3,831,686 3,526,138 Common stock warrants ​ 599,191 795,379 Restricted stock units ​ 239,198 ​ 51,331 Total common stock equivalents ​ 4,670,075 4,372,848 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 17 SUBSEQUENT EVENTS In March 2023, the Company completed a public offering pursuant to which it sold an aggregate of 6,250,000 shares of our common stock at a public offering price of $1.60 per share to certain investors. The offering closed on March 10, 2023, resulting in net proceeds of approximately $8.8 million, after deducting underwriting discounts and commissions and other offering expenses. Piper Sandler & Co. acted as the book-running manager and Craig-Hallum Capital Group acted as the lead manager for the offering.

DESCRIPTION OF BUSINESS AND S_2

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Preparation	Basis of Preparation The accompanying 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 United States (“U.S.”) Securities and Exchange Commission (“SEC”) applicable to annual reports of companies filing as a smaller reporting company. In the opinion of management, the accompanying financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, stockholders’ equity and cash flows for the presented periods. The Company has evaluated subsequent events occurring after the date of the financial statements for events requiring recording or disclosure in the financial statements.
Reclassification	Reclassifications Certain reclassifications to previously reported financial information on the Balance Sheets and Statements of Operations have been made to conform to the current period presentation.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The carrying amount approximates fair value because of the short maturity of those instruments. The Company deposits its cash in high credit quality financial institutions. The balances, at times, may exceed federally insured limits. The Company has not experienced any losses from maintaining balances in excess of the federally insured limits. As of December 31, 2022 and 2021, the Company had $5,208,005 and $52,811,531, respectively, held as cash or invested in money market funds which are classified as a Level 1 fair valued measured asset since these funds are traded on a regular basis.
Investments	Investments The Company has invested its excess cash in U.S. Treasury securities. The Company intends and has the ability to hold these investments to maturity. Securities with original maturity dates of more than three months are reported as held-to-maturity investments and are recorded at amortized cost, which approximates fair value due to the negligible risk of changes in value due to interest rates.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs are expenses directly related to the Shelf Registration Statement on Form S-3 filed with the SEC on July 1, 2022 and declared effective on July 11, 2022 (the “Shelf Registration”). These costs consist of legal, accounting, printing and filing fees that the Company has capitalized, including fees incurred by the independent registered public accounting firm directly related to the Shelf Registration. Deferred costs associated with the Shelf Registration will be reclassified to additional paid-in capital on a pro-rata basis when the Company completes offerings under the Shelf Registration. Any remaining deferred offering costs will be charged to the statement of operations at the earlier of when it becomes probable that the offering will not result in the receipt of proceeds from the issuance of securities or at the end of the three-year life of the Shelf Registration.
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 Company spun out its acellular business to Reprise Biomedical, Inc. (“Reprise”) on June 30, 2019, retaining a 45% ownership in Reprise. In November 2020, the Company’s ownership decreased to 18%. Even though the Company’s ownership dropped below 20% in November 2020, the Company still had significant influence over the activities of Reprise due to common board members. In March 2021, the Company sold its remaining ownership interest in Reprise. The Company recorded its equity method share of losses in Reprise from January 1, 2021 to March 15, 2021 in the statements of operations (see Note 5).
Leases	Leases 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 balance sheets. The right of uses assets and lease liabilities are recognized as the present value of the future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit rate, the Company uses the interest rate available for the lowest-grade debt in the marketplace. The right of use asset is also adjusted for any lease payments made and lease incentives. The Company’s lease terms may include options to extend or terminate the lease typically at its own discretion. The Company does not include renewal options in the right of use asset and lease liability.
Property and Equipment	Property and Equipment Property and equipment are stated at cost. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of related assets which range from three
Patents	Patents Costs associated with the submission of a patent application are expensed as incurred given the uncertainty of the patents resulting in probable future economic benefits to the Company and are included in general and administration expenses on the statements of operations.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification, Topic 606, Revenue from Contracts with Customers (ASC 606), which the Company adopted effective January 1, 2019. The Company recognizes revenue for product sales when a contract and performance obligation is identified and control of the promised goods or services is transferred to the Company’s customers, which occurs at a point in time, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods. In determining the appropriate amount of revenue to be recognized as we fulfill our obligations under our agreements, we perform the following steps: (i) identify the contract with the customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations; and (v) recognize revenue when (or as) each performance obligation is satisfied. For agreements that include sales-based royalties and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur after the minimum guarantee is satisfied, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). The Company assesses the collectability of the consideration and only recognizes revenue when the collectability of the consideration is deemed probable. The Company re-assesses the collectability of the consideration on a periodic basis, typically quarterly, and recognizes revenue deemed probable of being collected.
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold consists of royalty expenses.
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, 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 recognizes expense for its stock-based compensation based on the fair value of the awards on the grant date. 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. Compensation expense is recognized on a straight-line basis over the requisite service period. The Company has elected to recognize forfeitures as they occur. The reversal of compensation cost previously recognized for an award that is forfeited because of a failure to satisfy the service condition is recognized in the period of the forfeiture. 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 fair value of stock options is estimated at the date of grant using the Black-Scholes option pricing model (the “ Black-Scholes model ” ), which 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 (see Note 9).
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist principally of cash, cash equivalents, and accounts payable. Historically, the Company’s credit losses have been insignificant.
Income Taxes	Income Taxes The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. As of December 31, 2022 and 2021, the Company did not have any material uncertain tax positions. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement carrying amount and the tax basis of assets and liabilities. The Company provides for deferred taxes at the enacted tax rate that is expected to apply when the temporary differences reverse. The Company has recorded a full valuation allowance against the net deferred tax asset due to the uncertainty of realizing the related benefits. The Company has elected to recognize interest on tax deficiencies as interest expense and income tax penalties as general and administration expense. For the years ended December 31, 2022 and 2021, the Company recognized no interest or penalties (see Note 10).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent 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 financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of an asset may not be fully recoverable. An impairment loss would be recognized when the estimated future cash flows from the use of the asset are less than the carrying amount of that asset.
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 16).
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements The FASB issued 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 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 year ended December 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) are 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 14). Accounting Pronouncements Not Yet Adopted The FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
INVESTMENTS
Schedule of amortized cost and estimated fair values of investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair ​ ​ Cost ​ Holding Gains ​ Holding Losses ​ Value Short-term: ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury notes $ 19,989,489 $ — $ 187,089 $ 19,802,400 Total ​ $ 19,989,489 ​ $ — ​ $ 187,089 ​ $ 19,802,400

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2022
LAB EQUIPMENT, FURNITURE, LEASEHOLD IMPROVEMENTS AND CONSTRUCTION IN PROGRESS
Schedule of lab equipment, furniture, leasehold improvements and construction in progress	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Lab equipment ​ $ 1,977,436 ​ $ 1,549,416 Leasehold improvements ​ 3,392,220 ​ 3,239,307 Furniture, fixtures and computers ​ 2,022,894 ​ 1,671,793 ​ ​ 7,392,550 ​ 6,460,516 Less accumulated depreciation and amortization ​ (1,846,856) ​ (868,790) ​ ​ $ 5,545,694 ​ $ 5,591,726

EQUITY METHOD INVESTMENT (Table

EQUITY METHOD INVESTMENT (Tables)	12 Months Ended
	Dec. 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)	12 Months Ended
	Dec. 31, 2022
ACCRUED EXPENSES
Schedule of current accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Wages ​ $ 1,434,675 ​ $ 704,502 Pre-clinical study costs ​ ​ 200,000 ​ ​ — Taxes ​ ​ 112,974 ​ ​ 101,221 Legal ​ 80,794 ​ 37,000 Key opinion leader compensation ​ 18,700 ​ 25,500 Royalties ​ 3,422 ​ 2,000 Facility costs ​ ​ — ​ ​ 242,892 Supplies ​ ​ — ​ ​ 127,505 Other ​ 97,811 ​ 188,002 Accrued expenses ​ $ 1,948,376 ​ $ 1,428,622

FAIR VALUE MEASUREMENT (Tables)

FAIR VALUE MEASUREMENT (Tables)	12 Months Ended
	Dec. 31, 2022
FAIR VALUE MEASUREMENT
Schedule of changes in value of the Company's embedded derivative liabilities	​ ​ ​ ​ ​ Derivative liability balance at December 31, 2020 $ 246,962 Gain recognized to revalue derivative instrument at fair value ​ (246,962) Derivative liability balance at December 31, 2021 ​ $ —

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
DEBT
Schedule of future principal maturities for debt	​ ​ ​ ​ ​ Amounts Due in the Years Ending December 31, ​ 2023 ​ $ — 2024 ​ — 2025 ​ 385,997 Total future maturities payments ​ ​ 385,997 Less current portion ​ ​ — Long-term debt ​ $ 385,997 ​

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2022
EQUITY
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ ​ Exercise ​ ​ ​ Exercise ​ Shares Price Shares Price Options outstanding at beginning of the year ​ 3,526,138 ​ $ 3.99 ​ 3,768,730 ​ $ 3.15 Granted ​ 963,000 ​ $ 3.90 ​ 424,833 ​ $ 8.59 Exercised ​ (340,938) ​ $ 1.25 ​ (462,866) ​ $ 1.95 Canceled or expired ​ (316,514) ​ $ 4.85 ​ (204,559) ​ $ 2.62 Options outstanding at end of the year ​ 3,831,686 ​ $ 4.12 ​ 3,526,138 ​ $ 3.99 Options exercisable 2,729,561 ​ $ 3.84 2,976,089 ​ $ 3.42
Schedule of weighted average assumptions	​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Expected life (years) 6.1 6.0 ​ Risk-free interest rate 1.88 % 1.23 % Expected dividend yield — — ​ Expected volatility 39.8 % 40.0 %
Summary of restricted stock unit activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ Average Grant ​ ​ ​ Average Grant ​ ​ ​ ​ Date Fair ​ ​ ​ Date Fair ​ Shares Value Shares Value Unvested at beginning of the year 51,331 $ 8.29 — $ — Granted 236,174 $ 3.98 51,331 $ 8.29 Vested (37,542) $ 7.30 — $ — Canceled (10,765) $ 4.40 — $ — Unvested at end of the year 239,198 $ 4.20 51,331 $ 8.29
Schedule of stock warrant activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common warrants Warrants outstanding December 31, 2020 ​ ​ 707,669 Granted ​ ​ 276,000 Exercised ​ ​ (82,790) Terminated ​ ​ (105,500) Warrants outstanding December 31, 2021 ​ ​ 795,379 Granted ​ ​ — Exercised ​ ​ (191,559) Expired ​ ​ (4,629) Warrants outstanding December 31, 2022 ​ ​ 599,191 ​ ​ ​ ​ Weighted average exercise price: ​ ​ ​ December 31, 2022 ​ $ 6.16 December 31, 2021 ​ $ 5.18 ​ ​ ​ ​ Weighted average remaining contractual life in years: ​ ​ ​ December 31, 2022 ​ ​ 2.55 December 31, 2021 ​ ​ 2.79

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
INCOME TAXES
Schedule of reconciliation of income tax expense computed using federal statutory income tax rate to Company's effective income tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Federal statutory rate ​ 21.0 % ​ 21.0 % State income tax, net of federal benefit ​ 12.0 ​ ​ 6.0 ​ Research and development tax credits ​ 38.3 ​ ​ 6.6 ​ Stock compensation and other ​ 0.3 ​ ​ (16.5) ​ Change in valuation allowance ​ (71.6) ​ ​ (17.1) ​ Effective income tax rate ​ — % ​ — %
Schedule of components of deferred taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Deferred tax assets: ​ ​ Capitalized research and development expenses ​ $ 16,378,000 ​ $ 66,000 Net operating loss carryforwards ​ 10,102,000 ​ 6,939,000 Research and development credit ​ 5,290,000 ​ 4,113,000 Option and warrant expense ​ 2,134,000 ​ 1,910,000 Asset valuation reserves and other ​ ​ 980,000 ​ ​ 103,000 Total deferred tax assets ​ 34,884,000 ​ 13,131,000 Deferred tax liabilities ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ (318,000) ​ ​ — Total deferred tax liabilities ​ ​ (318,000) ​ ​ — Valuation allowance ​ (34,566,000) ​ (13,131,000) Net deferred tax assets ​ $ — ​ $ —

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
LEASES
Schedule of supplemental condensed balance sheet information	​ ​ ​ ​ ​ ​ ​ Leases ​ Classification December 31, 2022 Assets ​ ​ ​ ​ ​ Operating lease assets ​ Right of use asset ​ $ 1,673,575 Financing lease assets ​ Property and equipment, net of accumulated depreciation ​ $ 81,325 ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ Operating ​ Current portion of lease liability ​ $ 389,649 Financing ​ Current portion of financing lease obligations ​ $ 44,157 Noncurrent ​ ​ ​ ​ ​ Operating ​ Lease liability, net ​ $ 2,720,781 Financing ​ Financing lease obligations, net ​ $ 11,689
Schedule of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended Lease cost ​ Classification ​ December 31, 2022 Operating lease cost Operating expenses: General and administrative $ 329,341 Financing lease cost ​ ​ Amortization of leased assets Depreciation and amortization $ 37,919 Interest on lease liabilities Interest expense $ 5,319 Variable lease cost (1) Operating expenses: General and administrative $ 208,574
Schedule of future payments, Operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Due in Years Ending Operating Leases ​ Financing Leases ​ Total 2023 $ 511,669 ​ $ 46,298 ​ $ 557,967 2024 ​ ​ 527,020 ​ ​ 12,030 ​ ​ 539,050 2025 ​ ​ 542,830 ​ ​ — ​ ​ 542,830 2026 ​ ​ 559,115 ​ ​ — ​ ​ 559,115 2027 ​ ​ 575,889 ​ ​ — ​ ​ 575,889 Thereafter ​ ​ 847,731 ​ ​ — ​ ​ 847,731 Total lease payments ​ ​ 3,564,254 ​ ​ 58,328 ​ ​ 3,622,582 Less imputed interest ​ ​ (453,824) ​ ​ (2,482) ​ ​ (456,306) Present value of lease liabilities $ 3,110,430 ​ $ 55,846 ​ $ 3,166,276
Schedule of future payments, Financing leases	Future payments for the Company’s leases are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Due in Years Ending Operating Leases ​ Financing Leases ​ Total 2023 $ 511,669 ​ $ 46,298 ​ $ 557,967 2024 ​ ​ 527,020 ​ ​ 12,030 ​ ​ 539,050 2025 ​ ​ 542,830 ​ ​ — ​ ​ 542,830 2026 ​ ​ 559,115 ​ ​ — ​ ​ 559,115 2027 ​ ​ 575,889 ​ ​ — ​ ​ 575,889 Thereafter ​ ​ 847,731 ​ ​ — ​ ​ 847,731 Total lease payments ​ ​ 3,564,254 ​ ​ 58,328 ​ ​ 3,622,582 Less imputed interest ​ ​ (453,824) ​ ​ (2,482) ​ ​ (456,306) Present value of lease liabilities $ 3,110,430 ​ $ 55,846 ​ $ 3,166,276
Schedule of lease term and discount rate	​ ​ ​ ​ ​ Lease term and discount rate ​ December 31, 2022 Weighted-average remaining term (years) ​ ​ Operating lease ​ 6.4 ​ Financing leases ​ 1.1 Weighted-average discount rate ​ ​ ​ Operating lease ​ 4.2 % Financing leases ​ 6.6 %

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
NET LOSS PER SHARE
Schedule of potentially dilutive securities	​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 Common stock options outstanding ​ 3,831,686 3,526,138 Common stock warrants ​ 599,191 795,379 Restricted stock units ​ 239,198 ​ 51,331 Total common stock equivalents ​ 4,670,075 4,372,848

DESCRIPTION OF BUSINESS AND S_3

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Charter (Details)	Jun. 23, 2021 class shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	May 20, 2021	Dec. 31, 2020 shares
Capital stock
Common stock, authorized (in shares)	190,000,000	190,000,000	190,000,000		30,000,000
Preferred stock , authorized (in shares)	10,000,000	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%

DESCRIPTION OF BUSINESS AND S_4

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
Cash and cash equivalents	$ 5,208,005	$ 52,811,531

DESCRIPTION OF BUSINESS AND S_5

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Equity Method Investments (Details) - Reprise	Nov. 30, 2020	Nov. 14, 2020	Jun. 30, 2019
Equity method investments
Ownership interest (as a percent)	18%	45%	45%
Maximum
Equity method investments
Ownership interest (as a percent)	20%

DESCRIPTION OF BUSINESS AND S_6

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - Machinery and equipment	12 Months Ended
	Dec. 31, 2022
Minimum
Property, plant and equipment
Estimated useful lives	3 years
Maximum
Property, plant and equipment
Estimated useful lives	5 years

DESCRIPTION OF BUSINESS AND S_7

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
Interest and penalties	$ 0	$ 0

DESCRIPTION OF BUSINESS AND S_8

DESCRIPTION OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Accounting Pronouncements
Right of use asset	$ 1,673,575
Lease liabilities	$ 3,110,430
Cumulative Effect, Period of Adoption, Adjustment | ASU 2016 02, Leases
Accounting Pronouncements
Right of use asset		$ 1,882,696
Lease liabilities		$ 2,020,839

INITIAL PUBLIC OFFERING (Detail

INITIAL PUBLIC OFFERING (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021
Common Warrants
Public offerings
Warrants issued (in shares)	276,000	276,000
Common Stock
Public offerings
Sale of common stock (in shares)		5,520,000
Conversion of preferred stock to common stock (in shares)	12,139,071
Additional Paid-in Capital
Public offerings
Conversion of preferred stock to common stock	$ 73,705,437
IPO
Public offerings
Sale of common stock (in shares)	5,520,000
Share price (in dollars per share)	$ 9
Proceeds from sale of common stock	$ 49,679,945
Offering costs recorded to additional paid-in capital	$ 1,707,673
Over-allotment option
Public offerings
Sale of common stock (in shares)	720,000

INVESTMENTS - Amortized Cost an

INVESTMENTS - Amortized Cost and Estimated Fair Value (Details)	Dec. 31, 2022 USD ($)
Investments
Amortized Cost	$ 19,989,489
Unrealized Holding Losses	187,089
Fair Value	19,802,400
U.S. Treasury notes, Short-term
Investments
Amortized Cost	19,989,489
Unrealized Holding Losses	187,089
Fair Value	$ 19,802,400

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment
Property and equipment, gross	$ 7,392,550	$ 6,460,516
Less accumulated depreciation and amortization	(1,846,856)	(868,790)
Property and equipment, net	5,545,694	5,591,726
Depreciation and amortization	1,108,431	167,907
Lab equipment
Property, plant and equipment
Property and equipment, gross	1,977,436	1,549,416
Leasehold improvements
Property, plant and equipment
Property and equipment, gross	3,392,220	3,239,307
Furniture and fixtures & computers
Property, plant and equipment
Property and equipment, gross	$ 2,022,894	$ 1,671,793

EQUITY METHOD INVESTMENT - Repr

EQUITY METHOD INVESTMENT - Reprise (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended			12 Months Ended
	Mar. 31, 2021	Nov. 30, 2020	Jun. 30, 2019	Dec. 31, 2021	Nov. 14, 2020
Equity method investments
Proceeds from sale of equity-method investment				$ 2,000,000
Reprise Biomedical, Inc.
Equity method investments
Gain on sale of equity method investment			$ 4,495,500
Number of equity method investment shares owned					4.5
Ownership interest (as a percent)		18%	45%		45%
Number of equity method investment shares sold		2.7
Proceeds from sale of equity-method investment	$ 2,000,000	$ 3,000,000
Reprise Biomedical, Inc.
Equity method investments
Share price (in dollars per share)			$ 1

EQUITY METHOD INVESTMENT - Inco

EQUITY METHOD INVESTMENT - Income Statement (Details) - USD ($)	2 Months Ended	12 Months Ended
	Mar. 15, 2021	Dec. 31, 2022	Dec. 31, 2021
Equity method investments
Net sales		$ 953,470	$ 33,066
Gross margin		453,470	(466,934)
Miromatrix Medical Inc. share of net loss		$ (29,959,997)	$ (14,670,756)
Reprise Biomedical, Inc.
Equity method investments
Net sales	$ 93,985
Gross margin	47,708
Net loss	(1,376,522)
Miromatrix Medical Inc. share of net loss	$ (223,633)

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
ACCRUED EXPENSES
Wages	$ 1,434,675	$ 704,502
Pre-clinical study costs	200,000
Taxes	112,974	101,221
Legal	80,794	37,000
Key opinion leader compensation	18,700	25,500
Royalties	3,422	2,000
Facility costs		242,892
Supplies		127,505
Other	97,811	188,002
Accrued expenses	$ 1,948,376	$ 1,428,622

FAIR VALUE MEASUREMENT - Change

FAIR VALUE MEASUREMENT - Changes (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)
FAIR VALUE MEASUREMENT
(Gain) Loss recognized to revalue derivative instrument at fair value	$ (246,962)
Level 3
FAIR VALUE MEASUREMENT
Embedded derivative liability
Derivative liability beginning balance	246,962
(Gain) Loss recognized to revalue derivative instrument at fair value	$ (246,962)

DEBT - Agreements (Details)

DEBT - Agreements (Details) - USD ($)	1 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2012	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2016	May 31, 2015
Debt
Long-term debt outstanding				$ 385,997
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%
Periodic payment frequency		monthly
Amount of periodic principal and interest payments		$ 7,737
Long-term debt outstanding				0	$ 83,849
Loan, Minnesota Department of Employment and Economic Development
Debt
Face value of debt							$ 250,000
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%
Long-term debt outstanding				$ 385,997	$ 385,997

DEBT - Debt Maturities (Details

DEBT - Debt Maturities (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Amounts Due in the Twelve Months Ending March 31
2025	$ 385,997
Total future maturities payments	385,997
Less current portion		$ (333,849)
Long-term debt	$ 385,997	$ 385,997
Current portion of debt
Amounts Due in the Twelve Months Ending March 31
Weighted average interest rate (as a percent)		0.80%

EQUITY - Common Stock (Details)

EQUITY - Common Stock (Details)	Dec. 31, 2022 Vote $ / shares shares	Dec. 31, 2021 $ / shares shares	Jun. 23, 2021 shares	Dec. 31, 2020 shares
EQUITY
Common stock, authorized (in shares)	190,000,000	190,000,000	190,000,000	30,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.00001	$ 0.00001
Number of votes | Vote	1
Common stock, issued (in shares)	20,944,109	20,385,645
Common stock, outstanding (in shares)	20,944,109	20,385,645

EQUITY - Preferred Stock (Detai

EQUITY - Preferred Stock (Details) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Jun. 23, 2021
EQUITY
Preferred stock , authorized (in shares)	10,000,000	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0

EQUITY - Equity Incentive Plans

EQUITY - Equity Incentive Plans (Details) - shares	Jan. 01, 2023	Jan. 01, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based compensation
Options outstanding (in shares)			3,831,686	3,526,138	3,768,730
2010 Plan
Share-based compensation
Options outstanding (in shares)			2,330,853
2019 Plan
Share-based compensation
Options outstanding (in shares)			267,000
2021 Plan
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
Options outstanding (in shares)			1,233,833
Number of shares of common stock available for issuance			767,427
2021 Plan | Subsequent event
Share-based compensation
Increase in number of shares reserved for issuance during the period	600,000
2021 Plan | Restricted stock units
Share-based compensation
Units outstanding (in shares)			239,198

EQUITY - Option Pricing (Detail

EQUITY - Option Pricing (Details) - Stock options	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation
Expected life (years)	6 years 1 month 6 days	6 years
Risk-free interest rate	1.88%	1.23%
Expected volatility	39.80%	40%

EQUITY - Stock Option Activity

EQUITY - Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Summary of options granted - Shares
Options outstanding at beginning of the period (in shares)	3,526,138	3,768,730
Granted (in shares)	963,000	424,833
Exercised (in shares)	(340,938)	(462,866)
Canceled or expired (in shares)	(316,514)	(204,559)
Options outstanding at end of the period (in shares)	3,831,686	3,526,138
Options exercisable (in shares)	2,729,561	2,976,089
Summary of options granted - Weighted Average Exercise Price
Options outstanding at beginning of the period (in dollars per share)	$ 3.99	$ 3.15
Granted (in dollars per share)	3.90	8.59
Exercised (in dollars per share)	1.25	1.95
Canceled or expired (in dollars per share)	4.85	2.62
Options outstanding at end of the period (in dollars per share)	4.12	3.99
Options exercisable (in dollars per share)	3.84	3.42
Weighted average fair value of options granted (in dollars per share)	$ 1.58	$ 3.42
Weighted average remaining contractual term, Options outstanding	5 years 4 months 17 days
Weighted average remaining contractual term, Options exercisable	3 years 10 months 17 days
Intrinsic value, Options outstanding	$ 237,150	$ 4,155,492
Intrinsic value, Options exercisable	212,510	3,995,176
Intrinsic value, Options exercised	762,264	2,412,480
Unrecognized compensation costs	1,744,777
Stock options
Summary of options granted - Weighted Average Exercise Price
Stock based compensation	$ 671,628	$ 514,318

EQUITY - Restricted Stock Units

EQUITY - Restricted Stock Units (Details) - Restricted stock units - USD ($)	12 Months Ended
	Dec. 31, 2022	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	0
Granted (in shares)	236,174	51,331
Vested (in shares)	(37,542)
Canceled (in shares)	(10,765)
Unvested at end of the year	239,198	51,331
Granted, Weighted average grant date fair value (in dollars per share)	$ 3.98	$ 8.29
Vested, Weighted average grant date fair value (in dollars per share)	7.30
Canceled, Weighted average grant date fair value (in dollars per share)	4.40
Unvested, Weighted average grant date fair value (in dollars per share)	$ 4.20	$ 8.29
Stock based compensation	$ 473,045	$ 107,841
Unrecognized compensation costs	$ 741,499

EQUITY - Employee Stock Purchas

EQUITY - Employee Stock Purchase Plan (Details) - 2021 ESPP - shares		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2022
Share-based compensation
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%
Maximum number of additional shares reserved for issuance annually		200,000
Stock available for issuance (in shares)		500,000
Number of shares issued, ESPP		0
Subsequent event
Share-based compensation
Automatic increase in shares reserved for issuance (in shares)	200,000

EQUITY - Stock Warrants (Detail

EQUITY - Stock Warrants (Details) - Common Warrants - $ / shares	1 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
SHAREHOLDERS' DEFICIT AND MEZZANINE EQUITY
Warrants outstanding, beginning balance (in shares)		795,379	707,669
Granted (in shares)	276,000		276,000
Exercised (in shares)		(191,559)	(82,790)
Expired/Terminated (in shares)		(4,629)	(105,500)
Warrants outstanding, ending balance (in shares)		599,191	795,379
Weighted average exercise price (in dollars per share)		$ 6.16	$ 5.18
Weighted average remaining contractual life in years		2 years 6 months 18 days	2 years 9 months 14 days

INCOME TAXES - Rate reconciliat

INCOME TAXES - Rate reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of income tax expense
Federal statutory rate (as a percent)	21%	21%
State income tax, net of federal benefit (as a percent)	12%	6%
Research and development tax credits (as a percent)	38.30%	6.60%
Stock compensation and other (as a percent)	0.30%	(16.50%)
Change in valuation allowance (as a percent)	(71.60%)	(17.10%)
Effective income tax rate (as a percent)

INCOME TAXES - Deferred Tax (De

INCOME TAXES - Deferred Tax (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Capitalized research and development expenses	$ 16,378	$ 66
Net operating loss carryforwards	10,102	6,939
Research and development credit	5,290	4,113
Option and warrant expense	2,134	1,910
Asset valuation reserves and other	980	103
Total deferred tax assets	34,884	13,131
Deferred tax liabilities:
Depreciation and amortization	(318)
Total deferred tax liabilities	(318)
Valuation allowance	(34,566)	(13,131)
Net deferred tax assets

INCOME TAXES - Additional infor

INCOME TAXES - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
INCOME TAXES
Income taxes	$ 0	$ 0
Increase in valuation allowance	21,435	2,511
Amount of uncertain tax positions	0	0
Amount of interest or penalties for unrecognized tax benefits	0	$ 0
Federal income tax
INCOME TAXES
Operating loss carry-forwards	40,468
State income tax
INCOME TAXES
Operating loss carry-forwards	$ 20,715

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS
Contribution expense	$ 26,942
Discretionary contributions		$ 0

SIGNIFICANT CUSTOMERS (Details)

SIGNIFICANT CUSTOMERS (Details) - Revenue - Customer - One customer - customer	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SIGNIFICANT CUSTOMERS
Number of customers	1	1
Concentration risk, percentage	100%	100%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Patent License Agreement (Details)	Dec. 31, 2022 USD ($)
Reprise Biomedical, Inc. | Patent and Know-How License Agreement
Agreements
Minimum royalty payments to be received per year from related party	$ 500,000
University | Patent License Agreement
Agreements
Minimum royalty payments to be paid per year	$ 500,000

LEASES - Agreements (Details)

LEASES - Agreements (Details) - Building	1 Months Ended	3 Months Ended
	Aug. 31, 2021 item	Mar. 31, 2022 USD ($)
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 ($)	Dec. 31, 2022	Dec. 31, 2021
Assets
Operating lease assets, Right of use asset	$ 1,673,575
Financing lease assets	$ 81,325
Finance Lease, Right-of-Use Asset, Statement of Financial Position	Property and equipment, net
Liabilities
Current Operating - Current portion of lease liability	$ 389,649
Current Financing - Current portion of financing lease obligations	44,157	$ 58,037
Noncurrent Operating - Lease liability, net	2,720,781
Noncurrent Financing - Financing lease obligations, net	$ 11,689	$ 52,768

LEASES - Lease costs (Details)

LEASES - Lease costs (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
Lease cost
Operating lease cost - Operating expenses: General and administrative	$ 329,341
Financing lease cost
Amortization of leased assets - Depreciation and amortization	37,919
Interest on lease liabilities - Interest expense	5,319
Variable lease cost - Operating expenses: General and administrative	$ 208,574

LEASES - Lease payments (Detail

LEASES - Lease payments (Details)	Dec. 31, 2022 USD ($)
Operating Leases
2023	$ 511,669
2024	527,020
2025	542,830
2026	559,115
2027	575,889
Thereafter	847,731
Total lease payments	3,564,254
Less imputed interest	(453,824)
Present value of lease liabilities	$ 3,110,430
Operating Lease, Liability, Statement of Financial Position	Current portion of lease liability, Lease liability, net
Financing Leases
2023	$ 46,298
2024	12,030
Total lease payments	58,328
Less imputed interest	(2,482)
Present value of lease liabilities	$ 55,846
Finance Lease, Liability, Statement of Financial Position	Current portion of financing lease obligations, Financing lease obligations, net
Total Operating and Financing Leases
2023	$ 557,967
2024	539,050
2025	542,830
2026	559,115
2027	575,889
Thereafter	847,731
Total lease payments	3,622,582
Less imputed interest	(456,306)
Present value of lease liabilities	$ 3,166,276

LEASES - Additional information

LEASES - Additional information (Details)	Dec. 31, 2022
LEASES
Weighted-average remaining term (in years) - Operating leases	6 years 4 months 24 days
Weighted-average remaining term (in years) - Financing leases	1 year 1 month 6 days
Weighted-average discount rate - Operating lease (as a percent)	4.20%
Weighted-average discount rate - Financing lease (as a percent)	6.60%

LEASES - Prior to adoption of A

LEASES - Prior to adoption of ASU - Capital leases (Details)	1 Months Ended
	Sep. 30, 2021 USD ($) payment	Jul. 31, 2021 USD ($) payment	Oct. 31, 2018 USD ($) payment	Dec. 31, 2021 USD ($)
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				$ 38,271
Capital Lease, July 2021
Capital lease obligations
Capitalized lease		$ 44,251
Interest rate (as a percent)		5%
Number of monthly payments | payment		24
Periodic payment frequency		monthly
Amount of periodic principal and interest payments		$ 1,941
Lease outstanding		$ 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	$ 38,937

LEASES - Prior to adoption of_2

LEASES - Prior to adoption of ASU - Operating leases (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)
LEASES
Operating lease expense	$ 384,903

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Corporation owned by former director | Consulting services
RELATED PARTY TRANSACTIONS
Consulting services	$ 768	$ 6,690
Reprise Biomedical, Inc. | Patent and Know-How License Agreement
RELATED PARTY TRANSACTIONS
Royalty		33,066
Long term receivables		920,404
Reserve against receivable		$ 920,404

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
NET LOSS PER SHARE
Potentially dilutive securities	4,670,075	4,372,848
Stock options
NET LOSS PER SHARE
Potentially dilutive securities	3,831,686	3,526,138
Common stock warrants
NET LOSS PER SHARE
Potentially dilutive securities	599,191	795,379
Restricted stock units
NET LOSS PER SHARE
Potentially dilutive securities	239,198	51,331

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event - March 2023 Offering $ / shares in Units, shares in Thousands, $ in Millions	Mar. 10, 2023 USD ($) $ / shares shares
SUBSEQUENT EVENTS
Sale of common stock (in shares) | shares	6,250
Share price (in dollars per share) | $ / shares	$ 1.60
Proceeds from sale of common stock | $	$ 8.8