Phio Pharmaceuticals (PHIO) 10-Q 11 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-36304
Entity Registrant Name	Phio Pharmaceuticals Corp.
Entity Central Index Key	0001533040
Entity Tax Identification Number	45-3215903
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	257 Simarano Drive
Entity Address, Address Line Two	Suite 101
Entity Address, City or Town	Marlborough
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01752
City Area Code	508
Local Phone Number	767-3861
Title of 12(b) Security	Common Stock, par value, $0.0001 per share
Trading Symbol	PHIO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,504,565

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash	$ 9,035	$ 11,781
Restricted cash	50	50
Prepaid expenses and other current assets	319	615
Total current assets	9,404	12,446
Right of use asset	130	161
Property and equipment, net	167	183
Other assets	6	24
Total assets	9,707	12,814
Current liabilities:
Accounts payable	902	779
Accrued expenses	1,356	1,025
Lease liability	138	135
Total current liabilities	2,396	1,939
Lease liability, net of current portion	0	35
Total liabilities	2,396	1,974
Commitments and contingencies (Note 2)
Series D Preferred Stock, $0.0001 par value; 0 and 1 shares authorized, issued and outstanding at March 31, 2023 and December 31, 2022, respectively	0	2
Stockholders’ equity:
Common stock, $0.0001 par value, 100,000,000 shares authorized; 1,150,582 and 1,139,024 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	0	0
Additional paid-in capital	139,293	139,218
Accumulated deficit	(131,982)	(128,380)
Total stockholders’ equity	7,311	10,838
Total liabilities, preferred stock and stockholders’ equity	$ 9,707	$ 12,814

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	1,150,582	1,139,024
Common stock, shares outstanding	1,150,582	1,139,024
Series D Preferred Stock [Member]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	0	1
Temporary Equity, Shares Issued	0	1
Temporary Equity, Shares Outstanding	0	1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Research and development	$ 2,134	$ 1,586
General and administrative	1,468	1,054
Total operating expenses	3,602	2,640
Operating loss	(3,602)	(2,640)
Total other expense, net	0	(2)
Net loss	$ (3,602)	$ (2,642)
Net loss per common share:
Basic	$ (3.15)	$ (2.34)
Diluted	$ (3.15)	$ (2.34)
Weighted average number of common shares outstanding
Basic	1,142,213	1,130,344
Diluted	1,142,213	1,130,344

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Preferred Stock Series D [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 0	$ 0	$ 138,832	$ (116,900)	$ 21,932
Balance at beginning, shares at Dec. 31, 2021	0	1,127,917
Issuance of common stock upon vesting of restricted stock units
Issuance of common stock upon vesting of restricted stock units, shares		12,943
Shares withheld for payroll taxes			(25)		(25)
Shares withheld for payroll taxes, shares		(2,633)
Stock-based compensation expense			186		186
Net loss				(2,642)	(2,642)
Ending balance, value at Mar. 31, 2022	$ 0	$ 0	138,993	(119,542)	19,451
Balance at ending, shares at Mar. 31, 2022	0	1,138,227
Beginning balance, value at Dec. 31, 2022	$ 2	$ 0	139,218	(128,380)	10,838
Balance at beginning, shares at Dec. 31, 2022	1	1,139,024
Cash-in-lieu of fractional shares for reverse stock split			(11)		(11)
Cash-in-lieu of fractional shares for reverse stock split, shares		(1,706)
Redemption of preferred stock	$ (2)
Redemption of preferred stock, shares	(1)
Issuance of common stock upon vesting of restricted stock units
Issuance of common stock upon vesting of restricted stock units, shares		18,080
Shares withheld for payroll taxes			(25)		(25)
Shares withheld for payroll taxes, shares		(4,816)
Stock-based compensation expense			111		111
Net loss				(3,602)	(3,602)
Ending balance, value at Mar. 31, 2023	$ 0	$ 0	$ 139,293	$ (131,982)	$ 7,311
Balance at ending, shares at Mar. 31, 2023	0	1,150,582

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (3,602)	$ (2,642)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	16	22
Amortization of right of use asset	31	30
Stock-based compensation	111	186
Changes in operating assets and liabilities:
Prepaid expenses and other assets	314	(538)
Accounts payable	123	46
Accrued expenses	331	(543)
Lease liability	(32)	(30)
Net cash used in operating activities	(2,708)	(3,469)
Cash flows from investing activities:
Cash paid for purchase of property and equipment	0	(104)
Net cash used in investing activities	0	(104)
Cash flows from financing activities:
Cash in lieu of fractional shares for reverse stock split	(11)	0
Redemption of Series D preferred stock	(2)	0
Payment of taxes on net share settlements of restricted stock units	(25)	(25)
Net cash used in financing activities	(38)	(25)
Net decrease in cash and restricted cash	(2,746)	(3,598)
Cash and restricted cash at the beginning of period	11,831	24,107
Cash and restricted cash at the end of period	$ 9,085	$ 20,509

Reconciliation of Cash

Reconciliation of Cash - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Cash	$ 9,035	$ 11,781	$ 20,459
Restricted cash	50	50	50
Cash and restricted cash	$ 9,085	$ 11,831	$ 20,509	$ 24,107

Organization and Significant Ac

Organization and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Significant Accounting Policies	1. Organization and Significant Accounting Policies Nature of Operations Phio Pharmaceuticals Corp. (“ Phio Company Effective January 26, 2023, the Company completed a 1-for-12 reverse stock split Principles of Consolidation The condensed consolidated financial statements include the accounts of Phio and its wholly-owned subsidiary, MirImmune, LLC. All material intercompany accounts have been eliminated in consolidation. Basis of Presentation The accompanying financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“ GAAP SEC 2022 Form 10-K Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The areas subject to significant estimates and judgement include, among others, those related to the fair value of equity awards, accruals for research and development expenses, useful lives of property and equipment, income taxes, and the valuation allowance on the Company’s deferred tax assets. On an ongoing basis the Company evaluates its estimates and bases its estimates on historical experience and other relevant assumptions that the Company believes are reasonable under the circumstances. Actual results could differ materially from these estimates. Liquidity The Company has reported recurring losses from operations since inception and expects to continue to have negative cash flows from operations for the foreseeable future. Historically, the Company’s primary source of funding has been from sales of its securities. The Company’s ability to continue to fund its operations is dependent on obtaining funding from third parties, such as proceeds from the issuance of debt, sale of equity, or strategic opportunities, in order to maintain its operations. This is dependent on a number of factors, including the market demand or liquidity of the Company’s common stock. There is no guarantee that debt, additional equity or other funding will be available to the Company on acceptable terms, or at all. If the Company fails to obtain additional funding when needed, the Company would be forced to scale back or terminate its operations or seek to merge with or to be acquired by another company. The Company has limited cash resources, has reported recurring losses from operations since inception and has not yet received product revenues. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern, and the Company’s current cash resources may not provide sufficient capital to fund operations for at least the next 12 months from the date of the release of these financial statements. The continuation of the Company as a going concern depends upon the Company’s ability to raise additional capital through an equity offering, debt offering and/or strategic opportunity to fund its operations. There can be no assurance that the Company will be successful in accomplishing these plans in order to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Summary of Significant Accounting Policies There have been no material changes to the significant accounting policies disclosed in the Company’s 2022 Form 10-K. Recent Accounting Pronouncements There have been no recent accounting pronouncements that have significantly impacted this Quarterly Report on Form 10-Q, beyond those disclosed in the Company’s 2022 Form 10-K.

Collaboration Agreement

Collaboration Agreement	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration Agreement	2. Collaboration Agreement AgonOx, Inc. (“ AgonOx In March 2021, the Company entered into a clinical co-development collaboration agreement (the “ Clinical Co-Development Agreement DP TIL 4,000,000 The Company will recognize its share of costs arising from research and development activities performed by AgonOx in the Company’s financial statements in the period AgonOx incurs such expense. Phio will be entitled to certain future development milestones and low single-digit sales-based royalty payments from AgonOx’s licensing of its DP TIL technology. The Company recognized approximately $ 119,000 No

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	3. Fair Value of Financial Instruments The Company follows the provisions of the Financial Accounting Standards Board (the “ FASB ASC Fair Value Measurement Level 1 – quoted prices in active markets for identical assets or liabilities. Level 2 – other significant observable inputs for the assets or liabilities through corroboration with market data at the measurement date. Level 3 – significant unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities at the measurement date. At March 31, 2023 and December 31, 2022, the Company categorized its restricted cash of $ 50,000 The carrying amounts of cash, accounts payable and accrued expenses of the Company approximate their fair values due to their short-term nature.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	4. Leases In January 2019, the Company amended the lease for its corporate headquarters and primary research facility in Marlborough, Massachusetts. The lease is for a total of 7,581 March 31, 2024 The lease for the Company’s corporate headquarters represents all of our significant lease obligations. The amounts reported in the condensed consolidated balance sheets for the operating lease in which the Company is the lessee and other supplemental balance sheet information is set forth as follows, in thousands, except the lease term (number of years) and discount rate: Schedule of lease and supplemental balance sheet information March 31, 2023 December 31, 2022 Assets Right of use asset $ 130 $ 161 Liabilities Lease liability, current 138 135 Lease liability, non-current – 35 Total lease liability $ 138 $ 170 Lease Term and Discount Rate Weighted average remaining lease term 1.00 1.25 Weighted average discount rate 4.70 4.70 Operating lease costs included in operating expense were $ 33,000 Cash paid for the amounts included in the measurement of the operating lease liability on the Company’s condensed consolidated balance sheets and included within changes in the lease liability in the operating activities of the Company’s condensed consolidated statements of cash flows was $ 34,000 33,000 Future lease payments for the Company’s non-cancellable operating lease and a reconciliation to the carrying amount of the operating lease liability presented in the condensed consolidated balance sheet as of March 31, 2023 is as follows, in thousands: Schedule of future minimum lease payments 2023 (remaining) $ 106 2024 35 Total lease payments 141 Less: Imputed interest (3 ) Total operating lease liability $ 138

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2023
Temporary Equity Disclosure [Abstract]
Preferred Stock	5. Preferred Stock The Company has authorized up to 10,000,000 0.0001 Board Amended Certificate On November 16, 2022, the Company issued and sold one 0.0001 Series D Preferred Stock 1,750 Reverse Stock Split The Series D Preferred Stock was not convertible into, or exchangeable for, shares of any other class or series of stock or other securities of the Company. The Series D Preferred Stock had no rights with respect to any distribution of assets of the Company, including upon a liquidation, bankruptcy, reorganization, merger, acquisition, sale, dissolution or winding up of the Company, whether voluntarily or involuntarily. The holder of the Series D Preferred Stock was not entitled to receive dividends of any kind. Under its terms, the outstanding share of Series D Preferred Stock was to be redeemed in whole, but not in part, at any time: (i) if such redemption was approved by the Board in its sole discretion or (ii) automatically and effective upon the approval by the Company's stockholders of a Reverse Stock Split. Upon such redemption, the holder of the Series D Preferred Stock was entitled to receive consideration of $ 1,750 The Series D Preferred Stock was redeemed in whole on January 4, 2023, upon the approval by the Company’s stockholders of a Reverse Stock Split, such that, at March 31, 2023, there were no

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders’ Equity	6. Stockholders’ Equity Warrants The following table summarizes the Company’s outstanding warrants, all of which are classified as equity instruments, at March 31, 2023: Schedule of outstanding warrants Exercise Expiration Balance December 31, Warrants Warrants Warrants Balance March 31, Description Price Date 2022 Issued Exercised Expired 2023 April 2018 Warrants $ 2,079.00 5/31/2023 1,720 – – – 1,720 April 2018 Placement Agent Warrants $ 2,676.00 4/9/2023 117 – – – 117 October 2018 Warrants $ 125.40 10/3/2025 32,486 – – – 32,486 October 2018 Underwriter Warrants $ 156.72 10/1/2023 2,438 – – – 2,438 November 2019 Placement Agent Warrants $ 82.50 11/18/2024 1,138 – – – 1,138 February 2020 Registered Direct Warrants $ 104.52 8/6/2025 16,425 – – – 16,425 February 2020 Placement Agent Warrants $ 132.45 2/4/2025 1,233 – – – 1,233 February 2020 Warrants $ 48.00 2/13/2025 110,557 – – – 110,557 February 2020 Underwriter Warrants $ 60.00 2/11/2025 12,501 – – – 12,501 April 2020 Warrants $ 26.52 10/2/2025 35,691 – – – 35,691 April 2020 Placement Agent Warrants $ 35.03 3/31/2025 3,481 – – – 3,481 January 2021 Warrants $ 36.00 7/27/2026 285,061 – – – 285,061 January 2021 Placement Agent Warrants $ 46.05 7/27/2026 28,509 – – – 28,509 February 2021 Placement Agent Warrants $ 51.30 2/12/2026 14,044 – – – 14,044 545,401 – – – 545,401

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	7. Stock-based Compensation Restricted Stock Units Restricted stock units (“ RSUs 2020 Plan The following table summarizes the activity of the Company’s RSUs for the three months ended March 31, 2023: Schedule of RSU activity Number Weighted- Unvested units at December 31, 2022 47,335 $ 15.03 Granted 43,500 5.24 Vested (18,080 ) 16.96 Forfeited – – Unvested units at March 31, 2023 72,755 $ 8.70 The weighted-average fair value of RSUs granted during the three months ended March 31, 2023 and 2022 was $ 5.24 10.32 Stock-based compensation expense related to RSUs was $ 111,000 179,000 The aggregate fair value of awards that vested during the three months ended March 31, 2023 and 2022 was $ 95,000 128,000 Stock Options Stock options are available to be issued under the 2020 Plan and are generally subject to graded vesting and the satisfaction of certain service requirements. Upon the exercise of a stock option, the Company issues new shares and delivers them to the recipient. The Company does not expect to net share settle to satisfy stock option exercises. The Company used the Black-Scholes option-pricing model to determine the fair value of all its option grants. The risk-free interest rate used for each grant was based upon the yield on zero-coupon U.S. Treasury securities with a term similar to the expected life of the related option. The Company’s expected stock price volatility assumption was based upon the Company’s own implied volatility. The expected life assumption used for option grants was based upon the simplified method provided for under ASC 718. The dividend yield assumption was based upon the fact that the Company has never paid cash dividends and presently has no intention of paying cash dividends. The following table summarizes the activity of the Company’s stock options for the three months ended March 31, 2023: Schedule of Stock Option Activity Number Weighted- Aggregate Balance at December 31, 2022 177 $ 35,231.40 Granted – – Exercised – – Forfeited – – Expired – – Balance at March 31, 2023 177 $ 35,231.40 $ – Exercisable at March 31, 2023 177 $ 35,231.40 $ – Stock-based compensation expense related to stock options for the three months ended March 31, 2022 was $ 7,000 Compensation Expense Related to Equity Awards The following table sets forth total stock-based compensation expense for the three months ended March 31, 2023 and 2022, in thousands: Schedule of stock based compensation expense March 31, 2023 2022 Research and development $ 63 $ 56 General and administrative 48 130 Total stock-based compensation $ 111 $ 186

Net Loss per Common Share

Net Loss per Common Share	3 Months Ended
	Mar. 31, 2023
Net loss per common share:
Net Loss per Common Share	8. Net Loss per Common Share The following table sets forth the potential common shares excluded from the calculation of net loss per common share because their inclusion would be anti-dilutive: Schedule of anti-dilutive stock March 31, 2023 2022 Options to purchase common stock 177 208 Unvested restricted stock units 72,755 73,899 Warrants to purchase common stock 545,401 545,401 Total 618,333 619,508

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events On April 20, 2023, the Company completed a registered direct offering of 353,983 5.65 353,983 5.40 353,983 5.40 April 2023 Financing 26,549 7.0625 1,654,000 In connection with the April 2023 Financing, the Company entered into warrant amendment agreements (the “ Warrant Amendment Agreements 191,619 5.40 24,000 The Company is currently reviewing the accounting for the warrants issued in the April 2023 Financing and for the warrants amended under the Warrant Amendment Agreements.

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Phio Pharmaceuticals Corp. (“ Phio Company Effective January 26, 2023, the Company completed a 1-for-12 reverse stock split
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Phio and its wholly-owned subsidiary, MirImmune, LLC. All material intercompany accounts have been eliminated in consolidation.
Basis of Presentation	Basis of Presentation The accompanying financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“ GAAP SEC 2022 Form 10-K
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The areas subject to significant estimates and judgement include, among others, those related to the fair value of equity awards, accruals for research and development expenses, useful lives of property and equipment, income taxes, and the valuation allowance on the Company’s deferred tax assets. On an ongoing basis the Company evaluates its estimates and bases its estimates on historical experience and other relevant assumptions that the Company believes are reasonable under the circumstances. Actual results could differ materially from these estimates.
Liquidity	Liquidity The Company has reported recurring losses from operations since inception and expects to continue to have negative cash flows from operations for the foreseeable future. Historically, the Company’s primary source of funding has been from sales of its securities. The Company’s ability to continue to fund its operations is dependent on obtaining funding from third parties, such as proceeds from the issuance of debt, sale of equity, or strategic opportunities, in order to maintain its operations. This is dependent on a number of factors, including the market demand or liquidity of the Company’s common stock. There is no guarantee that debt, additional equity or other funding will be available to the Company on acceptable terms, or at all. If the Company fails to obtain additional funding when needed, the Company would be forced to scale back or terminate its operations or seek to merge with or to be acquired by another company. The Company has limited cash resources, has reported recurring losses from operations since inception and has not yet received product revenues. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern, and the Company’s current cash resources may not provide sufficient capital to fund operations for at least the next 12 months from the date of the release of these financial statements. The continuation of the Company as a going concern depends upon the Company’s ability to raise additional capital through an equity offering, debt offering and/or strategic opportunity to fund its operations. There can be no assurance that the Company will be successful in accomplishing these plans in order to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no material changes to the significant accounting policies disclosed in the Company’s 2022 Form 10-K.
Recent Accounting Pronouncements	Recent Accounting Pronouncements There have been no recent accounting pronouncements that have significantly impacted this Quarterly Report on Form 10-Q, beyond those disclosed in the Company’s 2022 Form 10-K.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of lease and supplemental balance sheet information	Schedule of lease and supplemental balance sheet information March 31, 2023 December 31, 2022 Assets Right of use asset $ 130 $ 161 Liabilities Lease liability, current 138 135 Lease liability, non-current – 35 Total lease liability $ 138 $ 170 Lease Term and Discount Rate Weighted average remaining lease term 1.00 1.25 Weighted average discount rate 4.70 4.70
Schedule of future minimum lease payments	Schedule of future minimum lease payments 2023 (remaining) $ 106 2024 35 Total lease payments 141 Less: Imputed interest (3 ) Total operating lease liability $ 138

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of outstanding warrants	Schedule of outstanding warrants Exercise Expiration Balance December 31, Warrants Warrants Warrants Balance March 31, Description Price Date 2022 Issued Exercised Expired 2023 April 2018 Warrants $ 2,079.00 5/31/2023 1,720 – – – 1,720 April 2018 Placement Agent Warrants $ 2,676.00 4/9/2023 117 – – – 117 October 2018 Warrants $ 125.40 10/3/2025 32,486 – – – 32,486 October 2018 Underwriter Warrants $ 156.72 10/1/2023 2,438 – – – 2,438 November 2019 Placement Agent Warrants $ 82.50 11/18/2024 1,138 – – – 1,138 February 2020 Registered Direct Warrants $ 104.52 8/6/2025 16,425 – – – 16,425 February 2020 Placement Agent Warrants $ 132.45 2/4/2025 1,233 – – – 1,233 February 2020 Warrants $ 48.00 2/13/2025 110,557 – – – 110,557 February 2020 Underwriter Warrants $ 60.00 2/11/2025 12,501 – – – 12,501 April 2020 Warrants $ 26.52 10/2/2025 35,691 – – – 35,691 April 2020 Placement Agent Warrants $ 35.03 3/31/2025 3,481 – – – 3,481 January 2021 Warrants $ 36.00 7/27/2026 285,061 – – – 285,061 January 2021 Placement Agent Warrants $ 46.05 7/27/2026 28,509 – – – 28,509 February 2021 Placement Agent Warrants $ 51.30 2/12/2026 14,044 – – – 14,044 545,401 – – – 545,401

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of RSU activity	Schedule of RSU activity Number Weighted- Unvested units at December 31, 2022 47,335 $ 15.03 Granted 43,500 5.24 Vested (18,080 ) 16.96 Forfeited – – Unvested units at March 31, 2023 72,755 $ 8.70
Schedule of Stock Option Activity	Schedule of Stock Option Activity Number Weighted- Aggregate Balance at December 31, 2022 177 $ 35,231.40 Granted – – Exercised – – Forfeited – – Expired – – Balance at March 31, 2023 177 $ 35,231.40 $ – Exercisable at March 31, 2023 177 $ 35,231.40 $ –
Schedule of stock based compensation expense	Schedule of stock based compensation expense March 31, 2023 2022 Research and development $ 63 $ 56 General and administrative 48 130 Total stock-based compensation $ 111 $ 186

Net Loss per Common Share (Tabl

Net Loss per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Net loss per common share:
Schedule of anti-dilutive stock	Schedule of anti-dilutive stock March 31, 2023 2022 Options to purchase common stock 177 208 Unvested restricted stock units 72,755 73,899 Warrants to purchase common stock 545,401 545,401 Total 618,333 619,508

Organization and Significant _3

Organization and Significant Accounting Policies (Details Narrative)	Jan. 26, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reverse stock split	1-for-12 reverse stock split

Collaboration Agreement (Detail

Collaboration Agreement (Details Narrative) - Agon Ox Clinical Agreement [Member] - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total contractual obligation	$ 4,000,000
Research and development expense	$ 119,000	$ 0

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details Narrative) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 50,000	$ 50,000

Leases - (Details - Balance she

Leases - (Details - Balance sheet lease items) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Right of use asset	$ 130	$ 161
Lease liability, current	138	135
Lease liability, non-current	0	35
Total lease liability	$ 138	$ 170
Weighted average remaining lease term	1 year	1 year 3 months
Weighted average discount rate	4.70%	4.70%

Leases (Details - Future lease

Leases (Details - Future lease payments) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (remaining)	$ 106
2024	35
Total lease payments	141
Less: Imputed interest	(3)
Total operating lease liability	$ 138	$ 170

Leases (Details Narrative)

Leases (Details Narrative)	3 Months Ended
	Mar. 31, 2023 USD ($) ft²	Mar. 31, 2022 USD ($)
Operating lease cost	$ 33,000	$ 33,000
Operating Lease, Payments	$ 34,000	$ 33,000
Property Subject to Operating Lease [Member]
Operating lease footage | ft²	7,581
Lease Expiration Date	Mar. 31, 2024

Preferred Stock (Details Narrat

Preferred Stock (Details Narrative) - USD ($)	1 Months Ended
	Nov. 16, 2022	Mar. 31, 2023	Dec. 31, 2022
Temporary Equity [Line Items]
Preferred stock, shares authorized		10,000,000
Preferred stock, par value		$ 0.0001
Series D Preferred Stock [Member]
Temporary Equity [Line Items]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001	$ 0.0001
Temporary Equity, Aggregate Amount of Redemption Requirement		$ 1,750
Temporary Equity, Shares Authorized		0	1
Temporary Equity, Shares Issued		0	1
Temporary Equity, Shares Outstanding		0	1
Series D Preferred Stock [Member] | Robert Bitterman [Member]
Temporary Equity [Line Items]
Temporary Equity, Stock Issued During Period, Value, New Issues	$ 1,750

Stockholders' Equity (Details -

Stockholders' Equity (Details - Warrants outstanding) - Warrant [Member] - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Outstanding	545,401	545,401
Warrants issued, shares	0
Warrants exercised, shares	0
Warrants expired, shares	0
April 2018 Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2,079
Warrant expiration date	May 31, 2023
Class of Warrant or Right, Outstanding	1,720	1,720
Warrants issued, shares	0
Warrants exercised, shares	0
Warrants expired, shares	0
April 2018 Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2,676
Warrant expiration date	Apr. 09, 2023
Class of Warrant or Right, Outstanding	117	117
Warrants issued, shares	0
Warrants exercised, shares	0
Warrants expired, shares	0
October 2018 Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 125.40
Warrant expiration date	Oct. 03, 2025
Class of Warrant or Right, Outstanding	32,486	32,486
Warrants issued, shares	0
Warrants exercised, shares	0
Warrants expired, shares	0
October 2018 Underwriter Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 156.72
Warrant expiration date	Oct. 01, 2023
Class of Warrant or Right, Outstanding	2,438	2,438
Warrants issued, shares	0
Warrants exercised, shares	0
Warrants expired, shares	0
Nov 2019 Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 82.50
Warrant expiration date	Nov. 18, 2024
Class of Warrant or Right, Outstanding	1,138	1,138
Warrants issued, shares	0
Warrants exercised, shares	0
Warrants expired, shares	0
Feb 2020 Registered Direct Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 104.52
Warrant expiration date	Aug. 06, 2025
Class of Warrant or Right, Outstanding	16,425	16,425
Warrants issued, shares	0
Warrants exercised, shares	0
Warrants expired, shares	0
Feb 2020 Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 132.45
Warrant expiration date	Feb. 04, 2025
Class of Warrant or Right, Outstanding	1,233	1,233
Warrants issued, shares	0
Warrants exercised, shares	0
Warrants expired, shares	0
Feb 2020 Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 48
Warrant expiration date	Feb. 13, 2025
Class of Warrant or Right, Outstanding	110,557	110,557
Warrants issued, shares	0
Warrants exercised, shares	0
Warrants expired, shares	0
Feb 2020 Underwriter Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 60
Warrant expiration date	Feb. 11, 2025
Class of Warrant or Right, Outstanding	12,501	12,501
Warrants issued, shares	0
Warrants exercised, shares	0
Warrants expired, shares	0
April 2020 Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 26.52
Warrant expiration date	Oct. 02, 2025
Class of Warrant or Right, Outstanding	35,691	35,691
Warrants issued, shares	0
Warrants exercised, shares	0
Warrants expired, shares	0
April 2020 Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 35.03
Warrant expiration date	Mar. 31, 2025
Class of Warrant or Right, Outstanding	3,481	3,481
Warrants issued, shares	0
Warrants exercised, shares	0
Warrants expired, shares	0
January 2021 Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 36
Warrant expiration date	Jul. 27, 2026
Class of Warrant or Right, Outstanding	285,061	285,061
Warrants issued, shares	0
Warrants exercised, shares	0
Warrants expired, shares	0
January 2021 Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 46.05
Warrant expiration date	Jul. 27, 2026
Class of Warrant or Right, Outstanding	28,509	28,509
Warrants issued, shares	0
Warrants exercised, shares	0
Warrants expired, shares	0
February 2021 Placement Agent Warrants [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 51.30
Warrant expiration date	Feb. 12, 2026
Class of Warrant or Right, Outstanding	14,044	14,044
Warrants issued, shares	0
Warrants exercised, shares	0
Warrants expired, shares	0

Stock-based Compensation (Detai

Stock-based Compensation (Details - RSU activity) - Restricted Stock Units (RSUs) [Member] - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSU's unvested units, beginning balance	47,335
RSU's beginning balance, price per share	$ 15.03
RSU's granted	43,500
RSU's granted, price per share	$ 5.24	$ 10.32
RSU's vested	(18,080)
RSU's vested, price per share	$ 16.96
RSU's forfeited	0
RSU's forfeited, price per share	$ 0
RSU's unvested units, ending balance	72,755
RSU's ending balance, price per share	$ 8.70

Stock-based Compensation (Det_2

Stock-based Compensation (Details - Option activity) - Share-Based Payment Arrangement, Option [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding, beginning balance | shares	177
Weighted-average exercise price per share, beginning balance | $ / shares	$ 35,231.40
Options granted | shares	0
Weighted-average exercise price per share, granted | $ / shares	$ 0
Options exercised | shares	0
Weighted-average exercise price per share, exercised | $ / shares	$ 0
Options forfeited | shares	0
Weighted-average exercise price per share, forfeited | $ / shares	$ 0
Options expired | shares	0
Weighted-average exercise price per share, expired | $ / shares	$ 0
Options outstanding, ending balance | shares	177
Weighted-average exercise price per share, ending balance | $ / shares	$ 35,231.40
Aggregate intrinsic value, ending balance | $	$ 0
Option exercisable | shares	177
Weighted-average exercise price per share, exercisable | $ / shares	$ 35,231.40
Aggregate intrinsic value, exercisable | $	$ 0

Stock-based Compensation (Det_3

Stock-based Compensation (Details - Share-based compensation) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 111	$ 186
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	63	56
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 48	$ 130

Stock-based Compensation (Det_4

Stock-based Compensation (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 111,000	$ 186,000
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
RSU's granted, price per share	$ 5.24	$ 10.32
Share-based compensation expense	$ 111,000	$ 179,000
Aggregate fair value	$ 95,000	128,000
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense		$ 7,000

Net Loss per Share (Details - A

Net Loss per Share (Details - Antidilutive shares) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total amount of anti-dilutive securities excluded from computation of earnings per share	618,333	619,508
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total amount of anti-dilutive securities excluded from computation of earnings per share	177	208
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total amount of anti-dilutive securities excluded from computation of earnings per share	72,755	73,899
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total amount of anti-dilutive securities excluded from computation of earnings per share	545,401	545,401

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Subsequent Event [Member]	1 Months Ended
	Apr. 20, 2023 USD ($) $ / shares shares
Subsequent Event [Line Items]
Amended warrants	191,619
Amended warrants exercise price | $ / shares	$ 5.40
Proceeds from amended warrants	24,000
April 2023 Registered Direct Offering [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues	353,983
Shares Issued, Price Per Share | $ / shares	$ 5.65
Proceeds from Issuance or Sale of Equity | $	$ 1,654,000
April 2023 Registered Direct Offering [Member] | April 2023 Placement Agent Warrants [Member]
Subsequent Event [Line Items]
Warrants issued new, shares	26,549
Warrants issued new, shares | $ / shares	$ 7.0625
April 2023 Private Placement [Member] | April 2023 Long-Term Warrants [Member]
Subsequent Event [Line Items]
Warrants issued new, shares	353,983
Warrants issued new, shares | $ / shares	$ 5.40
April 2023 Private Placement [Member] | April 2023 Short-Term Warrants [Member]
Subsequent Event [Line Items]
Warrants issued new, shares	353,983
Warrants issued new, shares | $ / shares	$ 5.40