Processa Pharmaceuticals (PCSA) 10-Q 15 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 09, 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	001-39531
Entity Registrant Name	Processa Pharmaceuticals, Inc.
Entity Central Index Key	0001533743
Entity Tax Identification Number	45-1539785
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	7380 Coca Cola Drive
Entity Address, Address Line Two	Suite 106
Entity Address, City or Town	Hanover
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21076
City Area Code	(443)
Local Phone Number	776-3133
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	PCSA
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		24,531,474

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 10,741,602	$ 6,503,595
Prepaid expenses and other	1,477,519	1,883,134
Total Current Assets	12,219,121	8,386,729
Property and Equipment, net
Other Assets
Operating lease right-of-use assets, net of accumulated amortization	207,787	227,587
Security deposit	5,535	5,535
Total Other Assets	213,322	233,122
Total Assets	12,432,443	8,619,851
Current Liabilities
Current maturities of operating lease liability	81,166	78,896
Accounts payable	316,709	327,548
Due to licensor	189,000	189,000
Due to related parties		$ 51
Other Liability, Current, Related and Nonrelated Party Status [Extensible Enumeration]		Related Party [Member]
Accrued expenses	1,573,961	$ 403,061
Total Current Liabilities	2,160,836	998,556
Non-current Liabilities
Non-current operating lease liability	129,358	150,554
Total Liabilities	2,290,194	1,149,110
Commitments and Contingencies
Stockholders’ Equity
Common stock, par value $0.0001, 50,000,000 shares authorized: 24,631,474 issued and 24,531,474 outstanding at March 31, 2023 and 16,135,400 issued and 16,035,400 outstanding at December 31, 2022	2,463	1,614
Additional paid-in capital	78,709,420	72,016,688
Treasury stock at cost — 100,000 shares at March 31, 2023 and December 31, 2022	(300,000)	(300,000)
Accumulated deficit	(68,269,634)	(64,247,561)
Total Stockholders’ Equity	10,142,249	7,470,741
Total Liabilities and Stockholders’ Equity	$ 12,432,443	$ 8,619,851

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	24,631,474	16,135,400
Common stock, shares outstanding	24,531,474	16,035,400
Treasury stock shares	100,000	100,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Expenses
Research and development expenses	$ 1,627,480	$ 2,043,984
General and administrative expenses	2,478,055	1,184,730
Operating Loss	(4,105,535)	(3,228,714)
Other Income (Expense), net	83,462	1,583
Net Operating Loss Before Income Tax Benefit	(4,022,073)	(3,227,131)
Income Tax Benefit
Net Loss	$ (4,022,073)	$ (3,227,131)
Net Loss Per Common Share - Basic and Diluted	$ (0.18)	$ (0.20)
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Basic and Diluted	22,770,789	15,831,118

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2021	$ 1,571	$ 62,306,861		$ (36,823,332)	$ 25,485,100
Balance, shares at Dec. 31, 2021	15,710,246
Stock-based compensation	$ 10	828,887			828,897
Stock-Based compensation, shares	103,670
Acquisition of treasury stock			$ (300,000)		(300,000)
Acquisition of treasury stock, shares			(100,000)
Shares issued in connection with purchase agreement	$ 12	449,988			450,000
Shares issued in connection with purchase agreement	123,609
Net loss				(3,227,131)	(3,227,131)
Balance at Mar. 31, 2022	$ 1,593	63,585,736	$ (300,000)	(40,050,463)	23,236,866
Balance, shares at Mar. 31, 2022	15,937,525		(100,000)
Beginning balance, value at Dec. 31, 2022	$ 1,614	72,016,688	$ (300,000)	(64,247,561)	7,470,741
Balance, shares at Dec. 31, 2022	16,135,400		(100,000)
Stock-based compensation	$ 6	341,498			341,504
Stock-Based compensation, shares	63,882
Net loss				(4,022,073)	(4,022,073)
Shares issued in connection with capital raises, net of transaction costs	$ 843	6,351,234			6,352,077
Shares issued in connection with capital raises, net of transaction costs, shares	8,432,192
Balance at Mar. 31, 2023	$ 2,463	$ 78,709,420	$ (300,000)	$ (68,269,634)	$ 10,142,249
Balance, shares at Mar. 31, 2023	24,631,474		(100,000)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows From Operating Activities
Net loss	$ (4,022,073)	$ (3,227,131)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash lease expense for right-of-use assets	19,800	22,559
Amortization of issuance costs		3,113
Amortization of intangible asset		197,124
Stock-based compensation	341,504	828,897
Recording of warrant to be issued to purchase 3,160,130 shares of common stock in connection with a consulting agreement	1,310,875
Net changes in operating assets and liabilities:
Prepaid expenses and other	405,615	216,717
Operating lease liability	(18,926)	(23,195)
Accounts payable	(10,839)	97,187
Due (from) to related parties	(51)	(1,772)
Other receivables		70,274
Accrued expenses	(139,975)	13,301
Net cash used in operating activities	(2,114,070)	(1,802,926)
Cash Flows From Financing Activities
Net proceeds from common stock issued	6,352,077
Acquisition of treasury stock		(300,000)
Net cash provided by (used in) financing activities	6,352,077	(300,000)
Net Increase (Decrease) in Cash	4,238,007	(2,102,926)
Cash and Cash Equivalents – Beginning of Period	6,503,595	16,497,581
Cash and Cash Equivalents – End of Period	10,741,602	14,394,655
Non-Cash Financing Activities
Issuance of 123,609 shares of common stock in connection with the Purchase Agreement with Lincoln Park		$ 450,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2022 shares
Common Stock [Member]
Shares issued in connection with the Purchase Agreement with Lincoln Park	123,609
Purchase Agreement [Member] | Common Stock [Member] | Lincoln Park Capital Fund LLC [Member]
Shares issued in connection with the Purchase Agreement with Lincoln Park	123,609

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	Note 1 – Organization and Summary of Significant Accounting Policies Organization We are a clinical-stage biopharmaceutical company focused on incorporating our Regulatory Science Approach into the development of our Next Generation Chemotherapy (NGC) drugs to improve the safety and efficacy of cancer treatment. Our NGC drugs are modifications of existing FDA-approved oncology drugs resulting in an alteration of the metabolism and/or distribution while maintaining the well-known and established existing mechanisms of killing the cancer cells. By modifying the NGC drugs in this manner, we believe our three NGC treatments will provide improved safety-efficacy profiles when compared to their currently marketed counterparts. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions of the Securities and Exchange Commission (“SEC”) on Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by U.S. GAAP for complete financial statements. All material intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of our financial position and of the results of operations and cash flows for the periods presented. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. Liquidity We have incurred losses since inception, devoting substantially all of our efforts toward research and development, and have an accumulated deficit of $ 68.3 million 4.0 million We had no During the three months ended March 31, 2023, we raised gross proceeds of $ 7.0 6.4 8,432,192 Use of Estimates In preparing our condensed consolidated financial statements and related disclosures in conformity with U.S. GAAP and pursuant to the rules and regulations of the SEC, we make estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Estimates are used for, but not limited to preclinical and clinical trial expenses, stock-based compensation, intangible assets, future milestone payments and income taxes. These estimates and assumptions are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While we believe the estimates to be reasonable, actual results could differ materially from those estimates and could impact future results of operations and cash flows. Income Taxes We account for income taxes in accordance with ASC Topic 740, Income Taxes. Under ACS 740-270 Income Taxes – Interim Reporting Concentration of Credit Risk Financial instruments that potentially subject us to significant concentration of credit risk consist primarily of our cash and cash equivalents. We utilize only well-established banks and financial institutions with high credit ratings. Balances on deposit are insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits. Total cash held by our banks at March 31, 2023, exceeded FDIC limits. Recent Accounting Pronouncements From time to time, the Financial Accounting Standards Board (“FASB”) or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). We have implemented all new accounting pronouncements that are in effect and that may impact our condensed consolidated financial statements. We have evaluated recently issued accounting pronouncements and determined that there is no material impact on our consolidated financial position or results of operations.

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders’ Equity	Note 2 – Stockholders’ Equity Preferred Stock There were no Common Stock During the three months ended March 31, 2023, we issued 8,432,192 ATM Offering On August 20, 2021, we entered into the Sales Agreement with Oppenheimer & Co. Inc. (the “Sales Agent”) under which we may issue and sell up to $ 30.0 569,648 1.22 693,000 672,000 Lincoln Park Capital Fund, LLC Purchase Agreement On March 23, 2022, we entered into the Purchase Agreement with Lincoln Park, pursuant to which Lincoln Park has committed to purchase up to $ 15.0 , including that the closing sale price of the common stock on the purchase date is not below a threshold price of $ 1.00 50,000 1.08 54,000 Registered Direct Offering On February 14, 2023, we closed a registered direct offering (the “Offering”) of 7,812,544 shares of common stock at a purchase price of $ 0.80 per share for gross proceeds of $ 6.3 of 5.6 The Purchase Agreement provides that, subject to certain exceptions, until the earlier of (i) 90 days after the closing of the Offering or (ii) the trading day following the date that our common stock’s closing price exceeds $2.00 for a period of 10 consecutive trading days , . We paid the Placement Agent a cash fee of 8.0 % of the gross proceeds from the Offering, excluding proceeds received from our insiders, and reimbursed the Placement Agent for legal fees of $ 60,000 . The engagement agreement with the Placement Agent requires us to indemnify the Placement Agent and certain of its affiliates against certain customary liabilities. On February 14, 2023, we amended our consulting agreement with Spartan originally entered into on August 24, 2022, extending the term of the consulting agreement until February 10, 2024. As compensation for services under the agreement, on April 17, 2023, we granted Spartan a 3,160,130 shares of our common stock with an exercise price of $ 1.02 . The warrant will expire three years from the date of issuance and contains both call and cashless exercise provisions.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Note 3 - Stock-based Compensation On June 19, 2019, our stockholders approved, and we adopted the Processa Pharmaceuticals Inc. 2019 Omnibus Equity Incentive Plan (the “2019 Plan”). The 2019 Plan allows us, under the direction of our Board of Directors or a committee thereof, to make grants of stock options, restricted and unrestricted stock and other stock-based awards to employees, including our executive officers, consultants and directors. The 2019 Plan provides for the aggregate issuance of 6,000,000 1,394,122 Stock Compensation Expense We recorded stock-based compensation expense for the three month ended March 31, 2023 and 2022 as follows: Schedule of Stock-based Compensation Expense 2023 2022 Research and development $ 99,621 $ 191,875 General and administrative 241,883 637,022 Total $ 341,504 $ 828,897 At March 31, 2023, we recorded an expense and related accrued liability of $ 1.3 , which is not included in the table above Stock Options During the three months ended March 31, 2023, 36,885 141,611 18.22 2.9 At March 31, 2023, we did not have any unrecognized stock-based compensation expense related to our granted stock options. Restricted Stock Awards Activity with respect to our Restricted Stock Awards (RSAs) during the three months ended March 31, 2023 was as follows: Schedule of Restricted Stock Awards (“RSAs”) Activity Number of shares Weighted- Outstanding at January 1, 2023 61,888 $ 4.72 Granted 90,000 1.10 Cancelled (26,118 ) 1.72 Outstanding and unvested at March 31, 2023 125,770 $ 2.75 On January 1, 2023, we granted RSAs totaling 90,000 of their compensation on a retroactive basis, 26,118 At March 31, 2023, the total unrecognized stock-based compensation expense related to the outstanding and unvested RSAs was $ 163,100 , which is expected to be recognized over a weighted average period of 0.5 years. Restricted Stock Units Activity with respect to our Restricted Stock Units (“RSUs”) during the three months ended March 31, 2023 was as follows: Schedule of Restricted Stock Units (“RSUs”) Activity Number of shares Weighted- Outstanding at January 1, 2023 2,713,977 $ 3.69 Granted 966,503 1.10 Outstanding at March 31, 2023 3,680,480 3.01 Vested and unissued 2,585,247 3.50 Unvested at March 31, 2023 1,095,233 $ 1.86 At March 31, 2023, unrecognized stock-based compensation expense of $ 1.2 million 2.1 322,000 Holders of our vested RSUs have our promise to issue shares of our common stock upon meeting the Warrants During the three months ended March 31, 2023, we agreed to grant a warrant to purchase a total of 3,160,130 . The warrant was issued and exercisable on April 17, 2023 with an exercise price of $ 1.02 1,310,875 At March 31, 2023, we had outstanding stock purchase warrants, including the warrant issued on April 17, 2023, for the purchase of 3,366,480 shares with a weighted average exercise price of $ 1.61 2.8 206,350 exercisable will be exercisable At March 31, 2023, we did not have any unrecognized stock-based compensation expense related to our granted stock purchase warrants.

Net Loss per Share of Common St

Net Loss per Share of Common Stock	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss per Share of Common Stock	Note 4 – Net Loss per Share of Common Stock Net Loss Per Share Basic net loss per share is computed by dividing our net loss available to common shareholders by the weighted average number of shares of common stock outstanding (which excludes unvested RSAs and includes vested RSUs) during the period. Diluted loss per share is computed by dividing our net loss available to common shareholders by the diluted weighted average number of shares of common stock (which includes the potentially dilutive effect of stock options, unvested RSAs, unvested RSUs and warrants) during the period. Since we experienced a net loss for both periods presented, basic and diluted net loss per share are the same. As such, diluted loss per share for the three months ended March 31, 2023 and 2022 excludes the impact of potentially dilutive common shares since those shares would have an anti-dilutive effect on net loss per share. The computation of net loss per share for the three months ended March 31, 2023 and 2022 was as follows: Schedule of Net Loss Per Share Basic and Dilute 2023 2022 Three months ended March 31, 2023 2022 Basic and diluted net loss per share: Net loss available to common stockholders $ (4,022,073 ) $ (3,227,131 ) Weighted average number of common shares-basic and diluted 22,770,789 15,831,118 Basic and diluted net loss per share $ (0.18 ) $ (0.20 ) Our diluted net loss per share for the three months ended March 31, 2023 and 2022 excluded 4,729,094 3,160,130 795,342

Operating Leases

Operating Leases	3 Months Ended
	Mar. 31, 2023
Operating Leases
Operating Leases	Note 5 – Operating Leases We lease our office space under an operating lease agreement. This lease does not have significant rent escalation, concessions, leasehold improvement incentives, or other build-out clauses. Further, the lease does not contain contingent rent provisions. Our office space lease includes both lease (e.g., fixed payments including rent, taxes, and insurance costs) and non-lease components (e.g., common-area or other maintenance costs), which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. We also lease office equipment under an operating lease. Our leases do not provide an implicit rate and, as such, we have used our incremental borrowing rate of 8 Lease costs included in our condensed consolidated statements of operations totaled $ 22,461 21,918 Schedule of Weighted Average Remaining Lease Terms and Discount Rate for Operating Leases Remaining lease term (years) for our facility lease 2.5 Remaining lease term (years) for our equipment lease 1.0 Weighted average remaining lease term (years) for our facility and equipment leases 2.5 Weighted average discount rate for our facility and equipment leases 8.0 % Annual lease liabilities for all operating leases were as follows at March 31, 2023: Schedule of Annual Lease Liabilities for all Operating Leases 2023 $ 70,600 2024 92,356 2025 70,040 Total lease payments 232,996 Less: Interest (22,472 ) Present value of lease liabilities 210,524 Less: current maturities (81,166 ) Non-current lease liability $ 129,358

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 6 – Related Party Transactions CorLyst, LLC (“CorLyst”) reimburses us for shared costs related to payroll, health insurance and rent based on actual costs incurred, which are recognized as a reduction of our general and administrative operating expenses being reimbursed in our condensed consolidated statement of operations. We recorded $ 30,205 31,262 No

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 7 – Commitments and Contingencies Purchase Obligations We enter into contracts in the normal course of business with contract research organizations (CROs) and subcontractors to further develop our products. The contracts are cancelable, with varying provisions regarding termination. If we terminated a cancelable contract with a specific vendor, we would only be obligated for products or services that we received at the effective date of the termination and any applicable cancellation fees. At March 31, 2023, we are contractually obligated to pay up to $ 3.0

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Organization	Organization We are a clinical-stage biopharmaceutical company focused on incorporating our Regulatory Science Approach into the development of our Next Generation Chemotherapy (NGC) drugs to improve the safety and efficacy of cancer treatment. Our NGC drugs are modifications of existing FDA-approved oncology drugs resulting in an alteration of the metabolism and/or distribution while maintaining the well-known and established existing mechanisms of killing the cancer cells. By modifying the NGC drugs in this manner, we believe our three NGC treatments will provide improved safety-efficacy profiles when compared to their currently marketed counterparts.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions of the Securities and Exchange Commission (“SEC”) on Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and disclosures required by U.S. GAAP for complete financial statements. All material intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of our financial position and of the results of operations and cash flows for the periods presented. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year.
Liquidity	Liquidity We have incurred losses since inception, devoting substantially all of our efforts toward research and development, and have an accumulated deficit of $ 68.3 million 4.0 million We had no During the three months ended March 31, 2023, we raised gross proceeds of $ 7.0 6.4 8,432,192
Use of Estimates	Use of Estimates In preparing our condensed consolidated financial statements and related disclosures in conformity with U.S. GAAP and pursuant to the rules and regulations of the SEC, we make estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Estimates are used for, but not limited to preclinical and clinical trial expenses, stock-based compensation, intangible assets, future milestone payments and income taxes. These estimates and assumptions are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While we believe the estimates to be reasonable, actual results could differ materially from those estimates and could impact future results of operations and cash flows.
Income Taxes	Income Taxes We account for income taxes in accordance with ASC Topic 740, Income Taxes. Under ACS 740-270 Income Taxes – Interim Reporting
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject us to significant concentration of credit risk consist primarily of our cash and cash equivalents. We utilize only well-established banks and financial institutions with high credit ratings. Balances on deposit are insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits. Total cash held by our banks at March 31, 2023, exceeded FDIC limits.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, the Financial Accounting Standards Board (“FASB”) or other standard setting bodies issue new accounting pronouncements. Updates to the FASB Accounting Standards Codification are communicated through issuance of an Accounting Standards Update (“ASU”). We have implemented all new accounting pronouncements that are in effect and that may impact our condensed consolidated financial statements. We have evaluated recently issued accounting pronouncements and determined that there is no material impact on our consolidated financial position or results of operations.

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense	We recorded stock-based compensation expense for the three month ended March 31, 2023 and 2022 as follows: Schedule of Stock-based Compensation Expense 2023 2022 Research and development $ 99,621 $ 191,875 General and administrative 241,883 637,022 Total $ 341,504 $ 828,897
Schedule of Restricted Stock Awards (“RSAs”) Activity	Activity with respect to our Restricted Stock Awards (RSAs) during the three months ended March 31, 2023 was as follows: Schedule of Restricted Stock Awards (“RSAs”) Activity Number of shares Weighted- Outstanding at January 1, 2023 61,888 $ 4.72 Granted 90,000 1.10 Cancelled (26,118 ) 1.72 Outstanding and unvested at March 31, 2023 125,770 $ 2.75
Schedule of Restricted Stock Units (“RSUs”) Activity	Activity with respect to our Restricted Stock Units (“RSUs”) during the three months ended March 31, 2023 was as follows: Schedule of Restricted Stock Units (“RSUs”) Activity Number of shares Weighted- Outstanding at January 1, 2023 2,713,977 $ 3.69 Granted 966,503 1.10 Outstanding at March 31, 2023 3,680,480 3.01 Vested and unissued 2,585,247 3.50 Unvested at March 31, 2023 1,095,233 $ 1.86

Net Loss per Share of Common _2

Net Loss per Share of Common Stock (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share Basic and Dilute	The computation of net loss per share for the three months ended March 31, 2023 and 2022 was as follows: Schedule of Net Loss Per Share Basic and Dilute 2023 2022 Three months ended March 31, 2023 2022 Basic and diluted net loss per share: Net loss available to common stockholders $ (4,022,073 ) $ (3,227,131 ) Weighted average number of common shares-basic and diluted 22,770,789 15,831,118 Basic and diluted net loss per share $ (0.18 ) $ (0.20 )

Operating Leases (Tables)

Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Operating Leases
Schedule of Weighted Average Remaining Lease Terms and Discount Rate for Operating Leases	Schedule of Weighted Average Remaining Lease Terms and Discount Rate for Operating Leases Remaining lease term (years) for our facility lease 2.5 Remaining lease term (years) for our equipment lease 1.0 Weighted average remaining lease term (years) for our facility and equipment leases 2.5 Weighted average discount rate for our facility and equipment leases 8.0 %
Schedule of Annual Lease Liabilities for all Operating Leases	Annual lease liabilities for all operating leases were as follows at March 31, 2023: Schedule of Annual Lease Liabilities for all Operating Leases 2023 $ 70,600 2024 92,356 2025 70,040 Total lease payments 232,996 Less: Interest (22,472 ) Present value of lease liabilities 210,524 Less: current maturities (81,166 ) Non-current lease liability $ 129,358

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounting Policies [Abstract]
Accumulated deficit	$ 68,269,634		$ 64,247,561
Net loss	4,022,073	$ 3,227,131
Revenue	0
Proceeds from sale of common stock	7,000,000
Net proceeds from sale of stock	$ 6,352,077
Sale of common stock, shares	8,432,192

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)				3 Months Ended
	Feb. 09, 2023	Mar. 23, 2022	Aug. 20, 2021	Mar. 31, 2023	Mar. 31, 2022	Apr. 17, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, shares issued				0			0
Preferred stock, shares outstanding				0			0
Net proceeds from common stock				$ 6,352,077
Sales Agreement [Member]
Class of Stock [Line Items]
Number of shares issued				569,648
Shares Issued, Price Per Share				$ 1.22
Gross proceeds from common stock				$ 693,000
Net proceeds from common stock				$ 672,000
Sales Agreement [Member] | Maximum [Member]
Class of Stock [Line Items]
Maximum value to be sold at the market offering			$ 30,000,000
Purchase Agreement [Member] | Lincoln Park Capital Fund LLC [Member]
Class of Stock [Line Items]
Number of shares issued				50,000
Shares Issued, Price Per Share				$ 1.08
Net proceeds from common stock				$ 54,000
Threshold price		$ 1
Purchase Agreement [Member] | Maximum [Member] | Lincoln Park Capital Fund LLC [Member]
Class of Stock [Line Items]
Commitment to purchase common stock		$ 15,000,000
Securities Purchase Agreement [Member] | Registered Direct Offering [Member] | Accredited Investor [Member]
Class of Stock [Line Items]
Number of shares issued	7,812,544
Shares Issued, Price Per Share	$ 0.80
Gross proceeds from common stock	$ 6,300,000
Net proceeds from common stock	$ 5,600,000
Restrictions to issue stock	The Purchase Agreement provides that, subject to certain exceptions, until the earlier of (i) 90 days after the closing of the Offering or (ii) the trading day following the date that our common stock’s closing price exceeds $2.00 for a period of 10 consecutive trading days
Securities Purchase Agreement [Member] | Registered Direct Offering [Member] | Placement Agent [Member]
Class of Stock [Line Items]
Cash fee percentage	8%
Reimbursement fees	$ 60,000
Consulting Agreement [Member] | Spartan Capital Securites LLC [Member]
Class of Stock [Line Items]
Warrants to purchase common stock, shares						3,160,130
Warrant exercise price						$ 1.02
Warrant term						3 years
Common Stock [Member]
Class of Stock [Line Items]
Number of shares issued				8,432,192

Schedule of Stock-based Compens

Schedule of Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 341,504	$ 828,897
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	99,621	191,875
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 241,883	$ 637,022

Schedule of Restricted Stock Aw

Schedule of Restricted Stock Awards (“RSAs”) Activity (Details) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of restricted stock, shares outstanding | shares	61,888
Weighted-average grant-date fair value per share, outstanding | $ / shares	$ 4.72
Number of shares, granted | shares	90,000
Weighted-average grant-date fair value per share, awarded | $ / shares	$ 1.10
Number of shares, cancelled | shares	(26,118)
Weighted-average grant-date fair value per share, cancelled | $ / shares	$ 1.72
Number of restricted stock shares outstanding | shares	125,770
Weighted-average grant-date fair value per share, outstanding | $ / shares	$ 2.75

Schedule of Restricted Stock Un

Schedule of Restricted Stock Units (“RSUs”) Activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, Beginning balance | shares	2,713,977
Weighted-average grant-date fair value per share, Beginning balance | $ / shares	$ 3.69
Number of shares, awarded | shares	966,503
Weighted-average grant-date fair value per share, awarded | $ / shares	$ 1.10
Number of shares, Ending balance | shares	3,680,480
Weighted-average grant-date fair value per share, Ending balance | $ / shares	$ 3.01
Number of shares, vested and unissued | shares	2,585,247
Weighted-average grant-date fair value per share, vested and unissued | $ / shares	$ 3.50
Number of restricted stock shares outstanding | shares	1,095,233
Weighted-average grant-date fair value per share, outstanding | $ / shares	$ 1.86

Stock-based Compensation (Detai

Stock-based Compensation (Details Narrative) - USD ($)			3 Months Ended
	Feb. 14, 2023	Jan. 01, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expenses and accrued liabilities			$ 1,573,961		$ 403,061
General and administrative expense			2,478,055	$ 1,184,730
Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expenses and accrued liabilities			$ 1,300,000
Weighted average exercise price	$ 1.02		$ 1.61
Warrants to purchase shares			3,366,480
Weighted average remaining contractual life			2 years 9 months 18 days
Number of warrant exercisable shares			206,350
Warrant [Member] | Consultant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants granted			3,160,130
General and administrative expense	$ 1,310,875
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options, forfeited			36,885
Options exercisable, shares			141,611
Options exercisable weighted average exercise price			$ 18.22
Exercisable weighted average remaining contractual term			2 years 10 months 24 days
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, granted			90,000
Number of shares, cancelled			26,118
Unrecognized share based compensation expense			$ 163,100
Weighted average period for recognition			6 months
Restricted Stock [Member] | Three Directors [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, granted		90,000
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares, granted			966,503
Unrecognized share based compensation expense			$ 1,200,000
Weighted average period for recognition			2 years 1 month 6 days
Unrecognized restricted stock expense			$ 322,000
2019 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum equity available for issuance			6,000,000
Shares available for future grants			1,394,122

Schedule of Net Loss Per Share

Schedule of Net Loss Per Share Basic and Dilute (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss available to common stockholders	$ (4,022,073)	$ (3,227,131)
Weighted average number of common shares-basic and diluted	22,770,789	15,831,118
Basic and diluted net loss per share	$ (0.18)	$ (0.20)

Net Loss per Share of Common _3

Net Loss per Share of Common Stock (Details Narrative) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	4,729,094	795,342
Committed Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Antidilutive securities including from computation of earnings per share, amount	3,160,130

Schedule of Weighted Average Re

Schedule of Weighted Average Remaining Lease Terms and Discount Rate for Operating Leases (Details)	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Weighted average remaining lease term (years) for our facility and equipment leases	2 years 6 months
Weighted average discount rate for our facility and equipment leases	8%
Facility Lease [Member]
Property, Plant and Equipment [Line Items]
Remaining lease term (years)	2 years 6 months
Equipment [Member]
Property, Plant and Equipment [Line Items]
Remaining lease term (years)	1 year

Schedule of Annual Lease Liabil

Schedule of Annual Lease Liabilities for all Operating Leases (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
2023	$ 70,600
2024	92,356
2025	70,040
Total lease payments	232,996
Less: Interest	(22,472)
Present value of lease liabilities	210,524
Less: current maturities	(81,166)	$ (78,896)
Non-current lease liability	$ 129,358	$ 150,554

Operating Leases (Details Narra

Operating Leases (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Leases
Operating lease borrowing rate	8%
Lease cost	$ 22,461	$ 21,918

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - CorLyst, LLC [Member] - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Rent and other costs reimbursements received	$ 30,205	$ 31,262
Related Party [Member]
Related Party Transaction [Line Items]
Due from related parties	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) $ in Millions	Mar. 31, 2023 USD ($)
Agreements [Member] | Contract Research Organizations [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Purchase obligation	$ 3