9 Meters Biopharma (NMTRQ) 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 03, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-37797
Entity Registrant Name	9 METERS BIOPHARMA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-3948465
Entity Address, Address Line One	8480 Honeycutt Road
Entity Address, Address Line Two	Suite 120
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27615
City Area Code	919
Local Phone Number	275-1933
Title of 12(b) Security	Common Stock $0.0001 Par Value
Trading Symbol	NMTR
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		12,955,481
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001551986
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)		Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents		$ 15,860,966	$ 46,993,285
Prepaid expenses and other current assets		2,592,633	2,991,948
Total current assets		18,453,599	49,985,233
Restricted cash		23,536,576	0
Property and equipment, net		12,953	16,094
Right-of-use asset		126,500	166,618
Other assets		5,580	5,580
Total assets		42,135,208	50,173,525
Current liabilities:
Accounts payable		1,437,685	2,434,452
Accrued expenses		6,774,205	5,967,822
Current maturities of long-term convertible note, net		2,646,000	0
Derivative liability		1,945,000	0
Lease liability, current portion		59,930	54,796
Total current liabilities		12,862,820	8,457,070
Lease liability, net of current portion		67,530	113,142
Long-term convertible note, net of current portion		15,744,057	0
Total liabilities		28,674,407	8,570,212
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock $0.0001 par value per share, 10,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2022 (unaudited) and December 31, 2021		0	0
Common stock $0.0001 par value per share, 550,000,000 shares authorized as of September 30, 2022 (unaudited) and December 31, 2021, respectively; 12,955,481 and 12,911,771 shares issued and outstanding as of September 30, 2022 (unaudited) and December 31, 2021, respectively1		1,296	1,291
Additional paid-in capital	[1]	214,136,684	210,442,689
Accumulated deficit		(200,677,179)	(168,840,667)
Total stockholders’ equity		13,460,801	41,603,313
Total liabilities and stockholders’ equity		$ 42,135,208	$ 50,173,525
[1]Amounts have been retroactively restated to reflect the 1-for-20 reverse stock split effected on October 17, 2022 (see Note 1)

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical)	Sep. 30, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value per share (in dollars per share) | $ / shares	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	550,000,000	550,000,000
Common stock, shares, issued (in shares)	12,955,481	12,911,771
Common stock, shares, outstanding (in shares)	12,955,481	12,911,771

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses:
Research and development		$ 6,298,501	$ 6,049,444	$ 22,213,456	$ 14,947,036
Acquired in-process research and development		0	5,103,753	0	5,103,753
General and administrative		2,417,484	2,386,461	9,062,199	7,146,432
Total operating expenses		8,715,985	13,539,658	31,275,655	27,197,221
Loss from operations		(8,715,985)	(13,539,658)	(31,275,655)	(27,197,221)
Other income (expense):
Interest income, net		131,655	1,397	209,788	12,989
Interest expense		(847,341)	(1,970)	(847,645)	(47,188)
Change in fair value of derivative liability		77,000	0	77,000	7,000
Total other income (expense), net		(638,686)	(573)	(560,857)	(27,199)
Loss before income taxes		(9,354,671)	(13,540,231)	(31,836,512)	(27,224,420)
Income tax benefit		0	0	0	0
Net loss		$ (9,354,671)	$ (13,540,231)	$ (31,836,512)	$ (27,224,420)
Net loss per common share, basic (in dollars per share)	[1]	$ (0.72)	$ (1.06)	$ (2.46)	$ (2.28)
Net loss per common share, diluted (in dollars per share)	[1]	$ (0.72)	$ (1.06)	$ (2.46)	$ (2.28)
Weighted-average common shares, basic (in shares)	[1]	12,955,481	12,714,238	12,939,310	11,926,510
Weighted-average common shares, diluted (in shares)	[1]	12,955,481	12,714,238	12,939,310	11,926,510
[1]Amounts have been retroactively restated to reflect the 1-for-20 reverse stock split effected on October 17, 2022 (see Note 1)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical)	Oct. 17, 2022
Subsequent Event
Reverse stock split ratio	0.05

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($)		Total	Common Stock		Additional Paid-in Capital	[1]	Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2020	[1]		10,231,454
Balance at beginning of period at Dec. 31, 2020		$ 32,142,113	$ 1,023	[1]	$ 164,202,357		$ (132,061,267)
Stockholders' Equity [Roll Forward]
Share-based compensation		422,000			422,000
Exercise of warrants (in shares)	[1]		581,709
Exercise of warrants		6,857,028	$ 58	[1]	6,856,970
Exercise of stock options (in shares)	[1]		3,084
Exercise of stock options		75,903			75,903
Net loss		(5,431,079)					(5,431,079)
Balance at end of period (in shares) at Mar. 31, 2021	[1]		10,816,247
Balance at end of period at Mar. 31, 2021		34,065,965	$ 1,081	[1]	171,557,230		(137,492,346)
Balance at beginning of period (in shares) at Dec. 31, 2020	[1]		10,231,454
Balance at beginning of period at Dec. 31, 2020		32,142,113	$ 1,023	[1]	164,202,357		(132,061,267)
Stockholders' Equity [Roll Forward]
Net loss		(27,224,420)
Balance at end of period (in shares) at Sep. 30, 2021	[1]		12,776,591
Balance at end of period at Sep. 30, 2021		49,271,297	$ 1,278	[1]	208,555,706		(159,285,687)
Balance at beginning of period (in shares) at Mar. 31, 2021	[1]		10,816,247
Balance at beginning of period at Mar. 31, 2021		34,065,965	$ 1,081	[1]	171,557,230		(137,492,346)
Stockholders' Equity [Roll Forward]
Share-based compensation		937,000			937,000
Issuance of common stock (in shares)	[1]		1,725,000
Issuance of common stock		34,500,000	$ 173	[1]	34,499,827
Stock issuance costs		(2,901,123)			(2,901,123)
Exercise of warrants (in shares)	[1]		56,705
Exercise of warrants		668,439	$ 6	[1]	668,433
Exercise of stock options (in shares)	[1]		13,848
Exercise of stock options		120,739	$ 1	[1]	120,738
Net loss		(8,253,110)					(8,253,110)
Balance at end of period (in shares) at Jun. 30, 2021	[1]		12,611,800
Balance at end of period at Jun. 30, 2021		59,137,910	$ 1,261	[1]	204,882,105		(145,745,456)
Stockholders' Equity [Roll Forward]
Share-based compensation		525,000			525,000
Issuance of common stock (in shares)	[1]		125,861
Issuance of common stock		2,718,587	$ 13	[1]	2,718,574
Exercise of warrants (in shares)	[1]		33,930
Exercise of warrants		399,967	$ 3	[1]	399,964
Exercise of stock options (in shares)	[1]		5,000
Exercise of stock options		30,064	$ 1	[1]	30,063
Net loss		(13,540,231)					(13,540,231)
Balance at end of period (in shares) at Sep. 30, 2021	[1]		12,776,591
Balance at end of period at Sep. 30, 2021		$ 49,271,297	$ 1,278	[1]	208,555,706		(159,285,687)
Balance at beginning of period (in shares) at Dec. 31, 2021		12,911,771	12,911,776	[1]
Balance at beginning of period at Dec. 31, 2021		$ 41,603,313	$ 1,292	[1]	210,442,688		(168,840,667)
Stockholders' Equity [Roll Forward]
Share-based compensation		690,000			690,000
Net loss		(11,351,739)					(11,351,739)
Balance at end of period (in shares) at Mar. 31, 2022	[1]		12,911,776
Balance at end of period at Mar. 31, 2022		$ 30,941,574	$ 1,292	[1]	211,132,688		(180,192,406)
Balance at beginning of period (in shares) at Dec. 31, 2021		12,911,771	12,911,776	[1]
Balance at beginning of period at Dec. 31, 2021		$ 41,603,313	$ 1,292	[1]	210,442,688		(168,840,667)
Stockholders' Equity [Roll Forward]
Net loss		$ (31,836,512)
Balance at end of period (in shares) at Sep. 30, 2022		12,955,481	12,955,481	[1]
Balance at end of period at Sep. 30, 2022		$ 13,460,801	$ 1,296	[1]	214,136,684		(200,677,179)
Balance at beginning of period (in shares) at Mar. 31, 2022	[1]		12,911,776
Balance at beginning of period at Mar. 31, 2022		30,941,574	$ 1,292	[1]	211,132,688		(180,192,406)
Stockholders' Equity [Roll Forward]
Share-based compensation		1,774,000			1,774,000
Issuance of common stock (in shares)	[1]		43,705
Issuance of common stock		500,000	$ 4	[1]	499,996
Net loss		(11,130,102)					(11,130,102)
Balance at end of period (in shares) at Jun. 30, 2022	[1]		12,955,481
Balance at end of period at Jun. 30, 2022		22,085,472	$ 1,296	[1]	213,406,684		(191,322,508)
Stockholders' Equity [Roll Forward]
Share-based compensation		730,000			730,000
Net loss		$ (9,354,671)					(9,354,671)
Balance at end of period (in shares) at Sep. 30, 2022		12,955,481	12,955,481	[1]
Balance at end of period at Sep. 30, 2022		$ 13,460,801	$ 1,296	[1]	$ 214,136,684		$ (200,677,179)
[1]Amounts have been retroactively restated to reflect the 1-for-20 reverse stock split effected on October 17, 2022 (see Note 1)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) (Parenthetical)	Oct. 17, 2022
Subsequent Event
Reverse stock split ratio	0.05

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities
Net loss	$ (31,836,512)	$ (27,224,420)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	3,194,000	1,884,000
Amortization of debt discount	500,351	43,983
Depreciation	5,983	4,657
Change in fair value of derivative liabilities	(77,000)	(7,000)
Non-cash payment of milestone fees	500,000	0
Acquired in-process research and development	0	2,610,588
Changes in operating assets and liabilities, net of acquisitions:
Prepaid expenses and other assets	399,315	(1,869,438)
Accounts payable	(996,767)	(63,567)
Accrued expenses and other liabilities	806,023	3,114,077
Accrued interest	0	(488)
Net cash used in operating activities	(27,504,607)	(21,507,608)
Cash flows from investing activities
Purchase of property and equipment	(2,842)	(9,848)
Maturity of restricted deposit	0	75,000
Purchase of in-process research and development, net of assets acquired	0	(2,493,165)
Net cash used in investing activities	(2,842)	(2,428,013)
Cash flows from financing activities
Borrowings from convertible notes	21,000,000	0
Payments of convertible notes	0	(58,199)
Payments of debt issuance costs	(1,088,294)	0
Proceeds from the exercise of stock options	0	226,706
Proceeds from issuance of common stock and warrants	0	34,500,000
Payment of offering costs	0	(2,901,123)
Proceeds from exercise of warrants	0	7,925,434
Net cash provided by financing activities	19,911,706	39,692,818
Net (decrease) increase in cash, cash equivalents and restricted cash	(7,595,743)	15,757,197
Cash, cash equivalents and restricted cash as of beginning of period	46,993,285	37,851,388
Cash, cash equivalents and restricted cash as of end of period	39,397,542	53,608,585
Supplemental disclosure of cash flow information
Cash paid during the period for interest	346,990	569
Supplemental disclosure of non-cash financing activities
Non-cash addition of derivative liability	2,022,000	0
Reconciliation to condensed consolidated balance sheets:
Cash and cash equivalents	15,860,966	53,608,585
Restricted cash included in noncurrent assets	23,536,576	0
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	39,397,542	53,608,585
Non-cash issuance of common stock with asset acquisition and merger
Supplemental disclosure of non-cash financing activities
Issuance of common stock	0	2,610,588
Issuance of common stock for payment of milestone fees
Supplemental disclosure of non-cash financing activities
Issuance of common stock	$ 0	$ 108,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Description 9 Meters Biopharma, Inc. (the “Company”) is a clinical-stage company pioneering novel treatments for people with rare digestive diseases, gastrointestinal conditions with unmet needs, and debilitating disorders in which the biology of the gut is a contributing factor. The Company’s pipeline includes drug candidate vurolenatide, a proprietary long-acting GLP-1 agonist for the orphan-designated disease short bowel syndrome (“SBS”), and a robust pipeline of early-stage candidates for undisclosed rare diseases and/or unmet needs. On October 17, 2022, the Company effected a 1-for-20 reverse stock split (the “Reverse Stock Split”). The Reverse Stock Split did not change the number of authorized shares of capital stock or cause an adjustment to the par value of the Company’s capital stock. The Company has retroactively restated the unaudited condensed consolidated financial statements to reflect the effect of the reverse stock split made effective on October 17, 2022. Additionally, pursuant to their terms, a proportionate adjustment was made to the per share exercise price and number of shares issuable and outstanding to the Company’s stock options and warrants. The number of shares authorized for issuance pursuant to the Company’s equity incentive plans have been adjusted proportionately to reflect the reverse stock split. The Company retroactively restated such adjustment in the notes to the unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2022 and 2021 and the condensed consolidated balance sheet information included as of December 31, 2021. Basis of Presentation The unaudited condensed consolidated interim financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. These financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary for a fair statement of the balance sheets, operating results, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022 or any other future period. Certain information and footnote disclosure normally included in the annual financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the SEC’s rules and regulations for interim reporting. The Company’s financial position, results of operations and cash flows are presented in U.S. Dollars. These financial statements and related notes should be read in conjunction with the audited financial statements and related notes thereto for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 23, 2022. Except as noted below under the section entitled “Recently Issued Accounting Standards—Accounting Pronouncements Adopted,” there have been no material changes to the Company’s significant accounting policies during the three and nine months ended September 30, 2022, as compared to the significant accounting policies disclosed in Note 1 of the Company’s financial statements for the years ended December 31, 2021 and 2020 included in the Company’s Annual Report on Form 10-K. However, the following accounting policies are the most critical in fully understanding the Company’s financial condition and results of operations. Basis of Consolidation The accompanying consolidated financial statements reflect the operations of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Shelf Registration Filing On October 2, 2020, the Company filed a shelf registration statement that was declared effective on October 9, 2020 (the “Current Registration Statement”). Pursuant to the Current Registration Statement, the Company may from time to time offer, issue and sell in one or more offerings of various types of securities up to an aggregate dollar amount of $200 million. On July 22, 2020, the Company filed a prospectus supplement and associated sales agreement (the “Sales Agreement”) related to an “at-the-market” offering pursuant to which the Company may sell, from time to time, common stock with an aggregate offering price of up to $40 million through Truist Securities, Inc. (previously SunTrust Robinson Humphrey), or Truist, as sales agent, for general corporate purposes (the “2020 ATM”). In October 2020, the Company entered into an amendment to the Sales Agreement to reflect the termination of the prior registration statement and effectiveness of the Current Registration Statement. During the three and nine months ended September 30, 2022 and 2021, the Company did not sell any shares under the Sales Agreement. April 2021 Offering On March 30, 2021, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Citigroup Global Markets, Inc., William Blair & Company, L.L.C. and Truist, as representatives of the several underwriters named therein (the “Underwriters”), in connection with the public offering of 1,500,000 shares of the Company’s common stock at a price of $20.00 per share, less underwriting discounts and commissions (the “April 2021 Offering”). Pursuant to the terms of the Underwriting Agreement, the Company granted the Underwriters a 30-day option to purchase up to an additional 225,000 shares of common stock at the same price, which the Underwriters exercised in full on March 31, 2021. On April 5, 2021, upon closing of the April 2021 Offering, the Company received net proceeds of approximately $31.5 million after deducting underwriting discounts and commissions and offering expenses. The shares issued in the April 2021 Offering were registered and sold under the Current Registration Statement. Of the shares of common stock issued in the April 2021 Offering, the Company’s Chief Executive Officer, then-current Chief Financial Officer and Chairman of the Board of Directors purchased an aggregate of 22,500 shares at the public offering price and on the same terms as the other purchasers in the offering. The underwriters received the same underwriting discount on the shares purchased by the Company’s Chief Executive Officer, then-current Chief Financial Officer and Chairman of the Board of Directors. Business Risks The Company faces risks, including those associated with biopharmaceutical companies whose products are in various stages of development. These risks include, among others, risks related to the inability of the Company to obtain sufficient additional capital to continue to advance these product candidates and its preclinical programs, including in light of current stock market conditions; risks related to the Company’s ability to successfully implement its strategic plans; uncertainties associated with the clinical development and regulatory approval of product candidates, including reliance on blinded data; uncertainties in obtaining successful clinical results for product candidates and unexpected costs that may result therefrom, including the Company’s reliance on its lead product candidate; risks related to the failure to realize any value from product candidates and preclinical programs being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; intellectual property risks; the impact of COVID-19 on the Company’s operations, enrollment in and timing of clinical trials; risks related to leveraging the Company by borrowing money under the debt facility and compliance with its terms; uncertainties regarding the effect of the reverse stock split and our continued listing on Nasdaq; reliance on collaborators; reliance on research and development partner; risks related to cybersecurity and data privacy; and risks associated with acquiring and developing additional compounds. The outbreak of COVID-19 began in December 2019 and on March 11, 2020, the World Health Organization declared the outbreak a pandemic. The COVID-19 pandemic and its resurgences are affecting the United States and global economies and may continue to affect the Company’s operations and those of third parties on which the Company relies, including by causing disruptions in the supply of the Company’s product candidates and the conduct of current and future clinical trials. In addition, the COVID-19 pandemic may affect the operations of the Food and Drug Administration (the “FDA”) and other health authorities, which could result in delays of reviews and approvals, including with respect to the Company’s product candidates. The COVID-19 pandemic has led to slower enrollment in the Company’s clinical trials and could continue to impact enrollment directly or indirectly. Patients may avoid or may not be able to travel to healthcare facilities and physicians’ offices unless due to a health emergency. Such facilities and offices may also be required to focus limited resources on non-clinical trial matters, including treatment of COVID-19 patients, and may not be available, in whole or in part, for clinical trial services related to the Company’s product candidates. New and potentially more contagious variants, such as the Omicron variant, could further affect the impact that the COVID-19 pandemic has on the Company’s operations. The impact of the COVID-19 pandemic on the global financial markets may reduce the Company’s ability to access capital in the future, which could negatively impact the Company’s long-term liquidity. The Company’s assessment of the impact of the COVID-19 pandemic is highly uncertain and subject to change. The Company does not yet know the full extent of potential delays or impacts on its business, financing or clinical trial activities or on healthcare systems or the global economy as a whole. However, these effects could have a material impact on the Company’s liquidity, capital resources, operations and business and those of the third parties on which the Company relies. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. Areas of the financial statements where estimates may have the most significant effect include fair value measurements, expected term of the convertible note, accrued expenses, share-based compensation, valuation allowance for income tax assets, and management’s assessment of the Company’s ability to continue as a going concern. The Company considered the impact of the COVID-19 pandemic on its estimates and assumptions, and concluded there was not a material impact to its condensed consolidated financial statements as of and for the three and nine months ended September 30, 2022. Changes in the facts or circumstances underlying these estimates could result in material changes and actual results could differ from these estimates. Restricted Cash The terms of the convertible note further described in Note 5—Debt require the Company to maintain a minimum liquidity balance of 110% of then-outstanding principal (which was reduced to 80% upon amendment of the note further described in Note 10—Subsequent Events). The restricted amount is maintained in a reserve account with the Company’s financial banking institution, and funds are periodically released from restriction as the balance of outstanding principal decreases. In accordance with the terms of the note, upon fulfillment of certain conditions, the cash held in reserve pursuant to the minimum liquidity requirement will be further reduced to a minimum amount equal to the greater of (i) the total outstanding principal amount less 7.5% of the Company’s total market capitalization and (ii) 50% of the total outstanding principal. As of September 30, 2022, there was approximately $23.4 million classified as restricted cash under the convertible note. Additionally, under the terms of the lease agreement further described in Note 10—Subsequent Events, we are required to maintain a letter of credit as security for performance of lease obligations over the life of the lease. Accordingly, there is approximately $0.1 million classified as restricted cash under the letter of credit. As certain conditions are met, including the passage of time, the amount will be reduced to a minimum of $23,600, or the equivalent of approximately one month’s rent. Accrued Expenses The Company incurs periodic expenses such as research and development, licensing fees, salaries and benefits, and professional fees. The Company is required to estimate its expenses resulting from obligations under contracts with clinical research organizations, vendors and consulting agreements that have been incurred by the Company prior to being invoiced. This process involves reviewing quotations and contracts, identifying services that have been performed on the Company’s behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company’s service providers invoice monthly in arrears for services performed or when contractual milestones are met. The Company estimates accrued expenses as of each balance sheet date based on facts and circumstances known at that time. Accrued expenses consisted of the following: September 30, December 31, Accrued compensation and benefits $ 1,654,688 $ 1,633,295 Accrued clinical expenses 5,016,241 4,228,048 Other accrued expenses 103,276 106,479 Total $ 6,774,205 $ 5,967,822 Derivative Liability The Company accounts for derivative instruments in accordance with ASC 815, Derivative and Hedging, which establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other financial instruments or contracts and requires recognition of all derivatives on the condensed consolidated balance sheet at fair value. The Company’s derivative financial instruments consisted of embedded features in the Company’s convertible notes. The embedded derivatives include provisions that provide the noteholder with certain conversion and put rights at various conversion or redemption values as well as certain call options for the Company. See Note 5—Debt for further details. Research and Development Research and development expenses consist of costs incurred to further the Company’s research and development activities and include salaries and related employee benefits, manufacturing of pharmaceutical active ingredients and drug products, costs associated with clinical trials, nonclinical activities, regulatory activities, research-related overhead expenses and fees paid to expert consultants, external service providers and contract research organizations which conduct certain research and development activities on behalf of the Company. Costs incurred in the research and development of products are charged to research and development expense as incurred. Costs for preclinical studies and clinical trial activities are recognized based on an evaluation of the vendors’ progress towards completion of specific tasks, using data such as patient enrollment, clinical site activations or information provided by vendors regarding their actual costs incurred. Payments for these activities are based on the terms of individual contracts and payment timing may differ significantly from the period in which the services were performed. The Company determines accrual estimates through reports from and discussions with applicable personnel and outside service providers as to the progress or state of completion of trials, or the services completed. The estimates of accrued expenses as of each balance sheet date are based on the facts and circumstances known at the time. Although the Company does not expect its estimates to be materially different from amounts incurred, the Company’s estimates and assumptions for clinical trial costs could differ significantly from actual costs incurred, which could result in increases or decreases in research and development expenses in future periods when actual results are known. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the goods have been received or when the activity is performed, rather than when payment is made. Acquired In-process Research and Development The Company has acquired, and may in the future acquire, rights to develop and commercialize new drug candidates and/or other in-process research and development assets. The up-front acquisition payments, as well as future milestone payments that are deemed probable to achieve and do not meet the definition of a derivative, are expensed as acquired in-process research and development provided that the drug has not achieved regulatory approval for marketing, and, absent obtaining such approval, have no alternative future use. Share-Based Compensation The Company recognizes share-based compensation expense for grants of stock options based on the grant-date fair value of those awards using the Black-Scholes option-pricing model. Share-based compensation expense is generally recognized on a straight-line basis over the requisite service period for awards with time-based vesting. For awards with performance conditions, compensation cost is recognized from the time achievement of the performance criteria is probable over the expected term. Share-based compensation expense includes an estimate, which is made at the time of grant, of the number of awards that are expected to be forfeited. This estimate is revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Under the Black-Scholes option-pricing model, fair value is calculated based on assumptions with respect to: • Expected dividend yield. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on the Company’s common stock. • Expected stock-price volatility. Due to limited trading history as a public company, the expected volatility is derived from the average historical volatilities of publicly traded companies within the Company’s industry that the Company considers to be comparable to the Company’s business over a period approximately equal to the expected term. In evaluating comparable companies, the Company considers factors such as industry, stage of life cycle, financial leverage, size and risk profile. • Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero coupon U.S. Treasury notes with maturities approximately equal to the expected term. • Expected term. The expected term represents the period that the stock-based awards are expected to be outstanding. Due to limited history of stock option exercises, the Company estimates the expected term of employee stock options with service conditions based on the simplified method, which calculates the expected term as the average of the time-to-vesting and the contractual life of the options. Pursuant to Accounting Standards Update (“ASU”) 2018-07, the Company has elected to use the contractual life of the option as the expected term for non-employee options. The expected term for performance options is the longer of the explicit or implicit service period. Periodically, the Company’s Board of Directors (the “Board”) may approve the grant of restricted stock units (“RSUs”) pursuant to the Company’s stock incentive plans which represent the right to receive shares of the Company’s common stock based on terms of the agreement. The fair value of RSUs is recognized as share-based compensation expense generally on a straight-line basis over the service period, net of estimated forfeitures. The grant date fair value of an RSU represents the closing price of the Company’s common stock on the date of grant. Fair Value of Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Financial instruments recorded in the accompanying condensed consolidated balance sheets are categorized based on the inputs to valuation techniques as follows: • Level 1 - defined as observable inputs based on unadjusted quoted prices for identical instruments in active markets; • Level 2 - defined as inputs other than Level 1 that are either directly or indirectly observable in the marketplace for identical or similar instruments in markets that are not active; and • Level 3 - defined as unobservable inputs in which little or no market data exists where valuations are derived from techniques in which one or more significant inputs are unobservable. The fair value of the embedded derivatives issued in connection with the 2022 Convertible Note and 2020 Convertible Note, further described in Note 5—Debt, were determined by using a Monte Carlo simulation technique (“MCS”) to value the embedded derivatives associated with each note. As part of the MCS valuation, a discounted cash flow (“DCF”) model was used to value the debt on a stand-alone basis and determine the discount rate to utilize in both the DCF and MCS models. The significant estimates used in the DCF model include the time to maturity of the convertible debt and calculated discount rate, which includes an estimate of the Company’s specific risk premium. The MCS methodology calculates the theoretical value of an option based on certain parameters, including: (i) the threshold of exercising the option, (ii) the price of the underlying security, (iii) the time to expiration, or expected term, (iv) the expected volatility of the underlying security, (v) the risk-free rate and (vi) the number of paths. These valuation techniques involve management’s estimates and judgment based on unobservable inputs and are classified in Level 3. The fair value estimates may not be indicative of the amounts that would be realized in a market exchange. Additionally, there may be inherent uncertainties or changes in the underlying assumptions used, which could significantly affect the current or future fair value estimates. The table below summarizes the valuation inputs into the MCS model for the derivative liability associated with the 2022 Convertible Note on the date of issuance, July 15, 2022 and the end of the period, September 30, 2022. July 15, September 30, Discount rate 24.0 % 26.2 % Expected stock price volatility 102.5 % 102.1 % Risk-free interest rate 3.1 % 4.2 % Expected term 3.0 years 2.8 years Price of the underlying common stock $ 4.87 $ 4.30 The following table summarizes the fair value hierarchy of financial liabilities measured at fair value as of September 30, 2022. There were no financial liabilities measured at fair value as of December 31, 2021. Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Derivative liability $ — $ — $ 1,945,000 $ 1,945,000 Total liabilities at fair value — — 1,945,000 1,945,000 The following table summarizes the changes in fair value of the derivative liability classified in Level 3. Gains and losses reported in this table include changes in fair value that are attributable to unobservable inputs. September 30, Beginning balance as of December 31, 2021 $ — Issuance of derivative liability (the 2022 Convertible Note) 2,022,000 Change in fair value of derivative liability (77,000) Ending balance as of September 30, 2022 $ 1,945,000 The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to the fair value liabilities still held at the end of the period $ 77,000 The cumulative unrealized gain relating to the change in fair value of the derivative liability of $0.1 million for the three and nine months ended September 30, 2022 and $7,000 for the nine months ended September 30, 2021 is included in other income (expense) in the condensed consolidated statements of operations and comprehensive loss. ASC 820, Fair Value Measurement and Disclosures requires all entities to disclose the fair value of financial instruments, both assets and liabilities, for which it is practicable to estimate fair value. As of September 30, 2022 and December 31, 2021, the recorded values of cash and cash equivalents, restricted cash, accounts payable, convertible notes payable and accrued expenses approximated their fair values due to the short-term nature of the instruments. Deferred Offering Costs Deferred offering costs consist principally of legal, accounting and underwriters’ fees related to offerings or the Company’s shelf registration statement. Offering costs incurred prior to an offering are initially capitalized and then subsequently reclassified to additional paid-in capital upon completion of the offering. If the equity offering is not completed, any costs deferred will be expensed immediately upon termination of the offering. Patent Costs Costs associated with the submission of patent applications are expensed as incurred given the uncertainty of the future economic benefits of the patents. Patent and patent related legal and administrative costs included in general and administrative expenses were approximately $52,000 and $98,000 for the three months ended September 30, 2022 and 2021, respectively, and $391,000 and $329,000 for the nine months ended September 30, 2022 and 2021, respectively. Net Loss Per Share The Company calculates net loss per share as a measurement of the Company’s performance while giving effect to all potentially dilutive shares that were outstanding during the reporting period. Because the Company had a net loss for all periods presented, the inclusion of common stock options or other similar instruments would be anti-dilutive. Therefore, the weighted average shares outstanding used to calculate both basic and diluted net loss per share are the same. For the three and nine months ended September 30, 2022 and 2021, 7.4 million and 2.3 million shares, respectively, underlying potentially dilutive warrants and stock options issued and outstanding, and shares of common stock expected to be issued under our convertible note have been excluded from the computation of diluted weighted average shares outstanding because the effect would be anti-dilutive. The potentially dilutive securities consisted of the following: September 30, 2022 2021 Options outstanding under the Innovate 2015 Stock Incentive Plan 179,630 285,026 Options outstanding under the 2012 Omnibus Incentive Plan, as amended 1,192,233 723,773 Options outstanding under the 2022 Stock Incentive Plan 36,880 — Options outstanding under the Option Grant Agreements granted to RDD Employees 49,295 49,295 Warrants outstanding at an exercise price of $50.80 112 112 Warrants outstanding at an exercise price of $63.60 5,699 5,699 Warrants outstanding at an exercise price of $11.7880 1,146,393 1,251,393 Shares issuable upon conversion of convertible debt (Note 5) 4,772,860 — Total 7,383,102 2,315,298 Segments Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company operates and manages its business as one operating segment and the Company’s primary operations are in North America. Recently Issued Accounting Standards Accounting Pronouncements Adopted In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

LIQUIDITY AND GOING CONCERN

LIQUIDITY AND GOING CONCERN	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LIQUIDITY AND GOING CONCERN	LIQUIDITY AND GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As of September 30, 2022, the Company had unrestricted cash and cash equivalents of approximately $15.9 million and restricted cash of $23.5 million (further described in Note 5–Debt). The Company expects to incur substantial losses in the future as it progresses its current product pipeline, seeks regulatory approval for product candidates and prepares for commercialization. Based on the Company’s limited operating history, recurring negative cash flows from operations, current plans and available resources, the Company will need substantial additional funding to support future operating activities. The Company has concluded that the prevailing conditions and ongoing liquidity risks faced by the Company raise substantial doubt about the Company’s ability to continue as a going concern for at least one year following the date these financial statements are issued. The accompanying condensed consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

ACQUISITION

ACQUISITION	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITION	ACQUISITION Lobesity Acquisition On July 19, 2021, the Company closed an asset purchase agreement (the “Lobesity Asset Purchase Agreement”) with Lobesity LLC (“Lobesity”) pursuant to which the Company acquired global development rights to a proprietary and highly specific humanized monoclonal antibody that targets glucose-dependent insulinotropic polypeptide, as well as related intellectual property (the “Lobesity Acquisition”). The consideration for the Lobesity Acquisition at closing consisted of $2.3 million in cash and 120,861 shares of unregistered common stock plus the right to contingent payments including certain potential worldwide regulatory and clinical milestone payments totaling $45.5 million for a single indication (with the total amount payable, if multiple indicates are developed, not to exceed $58.0 million), global sales-related milestone payments totaling up to $50.0 million, and, subject to certain adjustments, a mid-single digit royalty on worldwide net sales. To satisfy the Company’s post-closing rights to indemnification under the Lobesity Asset Purchase Agreement, 30,216 of the shares issued to Lobesity are subject to holdback restrictions for 18 months following closing of the transaction. The Company’s right to indemnification will be satisfied through the recovery of these shares or paid in cash by Lobesity. The Lobesity Acquisition was accounted for as an asset acquisition under ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSMichael Rice, a member of our Board since March 2021, is a Founding Partner of LifeSci Advisors, LLC and LifeSci Communications, LLC. Prior to his becoming a director, on April 1, 2020 the Company entered into a master services agreement with both LifeSci Advisors, LLC and LifeSci Communications, LLC, to provide investor relations and public relations services, respectively. The Company incurred expenses with LifeSci Advisors, LLC of approximately $66,000 and $193,000 during the three and nine months ended September 30, 2022, respectively, and $63,000 and $239,000 during the three and nine ended September 30, 2021, respectively. The Company incurred expenses with LifeSci Communications, LLC of approximately $54,000 and $198,000 during the three and nine months ended September 30, 2022, respectively, and $67,000 and $257,000 during the three and nine months ended September 30, 2021, respectively.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
DEBT	DEBT 2020 Convertible Note On January 10, 2020, the Company entered into a securities purchase agreement and unsecured convertible promissory note in the principal amount of $2,750,000 (the “2020 Convertible Note”). The convertible noteholder could elect to convert all or a portion of the 2020 Convertible Note, at any time from time to time into the Company’s common stock at a conversion price of $65.00 per share, subject to adjustment for stock splits, dividends, combinations and similar events. The purchase price of the 2020 Convertible Note was $2,500,000 and carried an original issuance discount of $250,000, which was included in the principal amount. The various conversion and redemption features contained in the 2020 Convertible Note were embedded derivative instruments, which were recorded as a debt discount and derivative liability at the issuance date at their estimated fair value of $0.4 million. Amortization of the debt discount and accretion of the OID for the 2020 Convertible Note recorded as interest expense was approximately $44,000 for the nine months ended September 30, 2021. There was no interest expense incurred during the three months ended September 30, 2021 or the three and nine months ended September 30, 2022. The 2020 Convertible Note bore interest at the rate of 10% per annum, compounding on a daily basis. During the nine months ended September 30, 2021, the Company paid the remaining balance of principal and interest on the 2020 Convertible Note of approximately $59,000 in cash. 2022 Convertible Note On June 30, 2022, the Company entered into a securities purchase agreement (the “Purchase Agreement”) for the purchase of senior secured convertible notes with an institutional investor (the “Holder”). The purchase price of the initial note issued on July 15, 2022 and maturing July 1, 2025, is $21.0 million (the “2022 Convertible Note”), and carries an original issuance discount (“OID”) of 5% or $1.1 million, with an option for the Company to issue additional convertible notes to the Holder with principal amounts of up to an aggregate of $70.0 million, subject to certain limitations. The 2022 Convertible Note bears interest equal to the three-month benchmark rate plus 5% (with a floor of 6% and 18% upon default). The Company paid debt issuance costs of approximately $1.1 million during the three and nine months ended September 30, 2022. The 2022 Convertible Note will rank senior to all outstanding and future indebtedness of the Company and its subsidiaries over the three-year term. The 2022 Convertible Note also contains customary affirmative and negative covenants, including limitations on incurring additional indebtedness, the creation of additional liens on the Company’s assets, and entering into investments, as well as a subsequent financing requirement to raise at least $25.0 million by March 31, 2023, and a minimum liquidity requirement to maintain 110% of the outstanding principal in a restricted cash account (which was reduced to 80% in November 2022, further described in Note 10—Subsequent Events). The Company is required to have shares reserved of at least 200% of then outstanding principal and accruable interest divided by the Holder’s conversion rate. The Holder can elect to convert at the Holder’s conversion rate of $7.06 per share, subject to certain adjustments, including but not limited to, the issuance of certain rights, options or warrants. During the first 12 months following closing, the Company will make interest payments to the Holder but is not required to make any principal payments on the 2022 Convertible Note. The 2022 Convertible Note will be optionally convertible by the Company or the Holder, subject to certain limitations. Beginning on July 1, 2023, and on the first day of each calendar month thereafter, the Company is required to make principal payments of $882,000. The Company can elect to make principal or interest payments (or advanced principal and interest payments) in common stock instead of cash at an amount equal to 92% of the lowest daily volume weighted-average price (“VWAP”) of the Company’s common stock during the three-trading day period immediately prior to payment date, which cannot be less than the floor price of $3.00 per share. If the Company elected to convert the 2022 Convertible Note at September 30, 2022, the Company would have issued 5,447,134 shares with a fair value of $4.30 per share. A decrease in the Company’s share price of $1.00 would result in an increase of 1,602,098 shares issued. The Holder can redeem the 2022 Convertible Note in cash upon (i) a fundamental change as defined in the 2022 Convertible Note, (ii) cessation of vurolenatide clinical development while the Company’s total market capitalization is less than $100 million for a period of five consecutive trading days (the “Clinical Development Cessation”), (iii) an event of default as defined in the 2022 Convertible Note, or (iv) if the resale registration statement is withdrawn. The Holder’s cash redemption price ranges from 5% to 15% of then-outstanding principal and unpaid interest. If the Holder redeemed the 2022 Convertible Note at September 30, 2022 under the redemption options (i) through (iii) above, the Company would settle the 2022 Convertible Note in cash at a price of approximately $24.2 million. Redemption option (iv) would result in a cash redemption payment of approximately $22.1 million. The Company can elect to redeem the 2022 Convertible Note in cash at an amount equal to the greater of (A) the fixed conversion value (as defined in the note) plus accrued and unpaid interest and (B) if before the first year anniversary of the issuance date, 125% of then-outstanding principal and interest. If the Company elected to redeem the 2022 Convertible Note as of September 30, 2022, the Company would have settled the 2022 Convertible Note in cash for approximately $26.3 million. Events of defaults include, but are not limited to, failure to make timely payments, failure to maintain the minimum liquidity requirement, failure to timely deliver certain notices (including notice of a fundamental change or the Clinical Development Cessation) and filing for bankruptcy. There were no events of default during the three or nine months ended September 30, 2022. The Company made interest payments in cash of approximately $0.3 million during the three and nine months ended September 30, 2022. There were no principal payments made during the three and nine months ended September 30, 2022. The various conversion and redemption features contained in the 2022 Convertible Note are embedded derivative instruments, which were recorded as a debt discount and derivative liability at the issuance date at their estimated fair value of $2.0 million. Amortization of the debt discount and accretion of the OID for the 2022 Convertible Note, recorded as interest expense using an effective interest rate of 30.8%, was approximately $0.5 million for the three and nine months ended September 30, 2022. The Company’s accounting policy is to amortize the debt discount and OID over the estimated life of the debt, which is approximately 2 years for the 2022 Convertible Note. Future maturities of the 2022 Convertible Note as of September 30, 2022, consisted of: September 30, 2022 2022 (remaining) $ — 2023 5,292,000 2024 10,584,000 2025 6,174,000 Total outstanding principal $ 22,050,000 Less: unamortized debt discount and OID (3,659,943) Less: current portion of convertible note payable (2,646,000) Long-term convertible note payable, net $ 15,744,057

LICENSE AGREEMENTS

LICENSE AGREEMENTS	9 Months Ended
	Sep. 30, 2022
Disclosure Of License Agreements [Abstract]
LICENSE AGREEMENTS	LICENSE AGREEMENTS Alba License During 2016, the Company entered into a license agreement (the “Alba License”) with Alba Therapeutics Corporation (“Alba”) to obtain the rights to certain intellectual property relating to larazotide acetate and related compounds. Upon execution of the Alba License, the Company paid Alba a non-refundable license fee of $0.5 million. In addition, the Company is required to make milestone payments to Alba upon the achievement of certain clinical and regulatory milestones totaling up to $1.5 million and payments upon regulatory approval and commercial sales of a licensed product totaling up to $150 million, which is based on sales ranging from $100 million to $1.5 billion. Upon the Company paying Alba $2.5 million for the first commercial sale of a licensed product, the Alba License becomes perpetual and irrevocable. Upon the achievement of net sales in a year exceeding $1.5 billion, the Alba License also becomes free of milestone fees. The Alba License provides Alba with certain termination rights, including failure of the Company to use Commercially Reasonable Efforts (as defined in the Alba License) to develop the licensed products. Seachaid Agreement During 2013, the Company entered into an exclusive license agreement with Seachaid Pharmaceuticals, Inc. (the “Seachaid Agreement”) to further develop and commercialize the licensed product, the compound known as APAZA. The Company was required to make an initial, non-refundable payment under the Seachaid Agreement in the amount of $0.2 million. The agreement also calls for milestone payments totaling up to $6.0 million to be paid when certain clinical and regulatory milestones are met. There are also commercialization milestone payments ranging from $1.0 million to $2.5 million depending on net sales of the products in a single calendar year, followed by royalty payments in the single digits based on net product sales. Repligen Agreement During 2014, the Company entered into an asset purchase agreement (the “Repligen Asset Purchase Agreement”) with Repligen Corporation (“Repligen”) to acquire Repligen’s RG-1068 program for the development of Secretin for the Pancreatic Imaging Market and Magnetic Resonance Cholangiopancreatography. As consideration for the Repligen Asset Purchase Agreement, the Company agreed to make a non-refundable cash payment on the date of the agreement and future royalty payments consisting of a percentage between five and fifteen of annual net sales, with the royalty payment percentage increasing as annual net sales increase. Amunix Licenses In connection with the acquisition of Naia Rare Diseases, Inc. (the “Naia Acquisition”), the Company entered into two amended and restated license agreements with Amunix Pharmaceuticals, Inc. (“Amunix”), pursuant to which the Company received an exclusive, worldwide, royalty-bearing license, with rights of sublicense, to lead molecules GLP-1 and GLP-2 along with a related XTEN sequence and other intellectual property referenced therein (the “Amunix Licenses”). Also in connection with the Naia Acquisition, the Company entered into an amended and restated license agreement with Cedars-Sinai Medical Center (“Cedars”), pursuant to which the Company licensed the rights to GLP-1 Agonist for the treatment of SBS (the “Cedars License”). As consideration under the Amunix License for GLP-1, the Company agreed to pay Amunix certain royalty payments and (i) $70.4 million in milestone payments upon achievement of future development and sales milestones in the U.S. and major EU countries, (ii) $20.5 million in milestone payments upon achievement of future development and sales milestones in China and certain related territories, and (iii) $20.5 million in milestone payments upon achievement of future development and sales milestones in South Korea and certain other East Asian countries. As consideration under the Amunix License for GLP-2, the Company agreed to pay Amunix certain royalty payments and $60.1 million in milestone payments upon achievement of future development and sales milestones in the U.S. and major EU countries. As consideration under the Cedars License, the Company agreed to pay Cedars certain royalty payments and approximately $9.4 million in milestone payments upon achievement of future development and sales milestones. MHS License One of the assets acquired in the Lobesity Acquisition was an amended and restated technology license agreement with MHS Care-Innovation LLC (“MHS”), pursuant to which the Company received an exclusive, worldwide license, with rights to sublicense, to certain patent and other intellectual property rights concerning a proprietary and highly specific humanized monoclonal antibody that targets glucose-dependent insulinotropic polypeptide (the “MHS License”). The MHS License does not require the payment of any future milestone payments or royalties to MHS, since it was originally entered into with Lobesity in exchange for the issuance of certain equity securities and a grant of certain related rights to Lobesity, all of which occurred prior to the closing of the Lobesity Acquisition. As consideration for the assets purchased in the Lobesity Acquisition (including but not limited to the MHS License), the Company is obligated to pay Lobesity (i) potential worldwide regulatory and clinical milestone payments totaling $45.5 million for a single indication (with the total amount payable, if multiple indications are developed, not to exceed $58.0 million), (ii) up to $50.0 million in global sales-related milestone payments, and (iii) subject to certain adjustments, a mid-single digit royalty on worldwide net sales. EBRIS Collaboration On August 6, 2021, the Company announced a collaboration with the European Biomedical Research Institute of Salerno, Italy (“EBRIS”) to study larazotide for the treatment of MIS-C. In connection with this collaboration, the Company paid a milestone fee of $0.5 million upon IND approval for MIS-C. Following receipt of a Study May Proceed letter from the FDA under the Investigator IND, EBRIS initiated a Phase 2a study in MIS-C during the fourth quarter of 2021. The ongoing Phase 2a study is a randomized, double-blind, placebo-controlled study. On April 11, 2022, the Company entered into an exclusive license agreement (the “EBRIS License Agreement”) with EBRIS pursuant to which the company granted to EBRIS an exclusive license to study the Company’s product incorporating larazotide as its sole active pharmaceutical ingredient (the “Product”) for the treatment of MIS-C and, potentially, multisystem inflammatory syndrome in adults (“MIS-A”). In turn, the Company will have an option to license from EBRIS any new intellectual property resulting from such development (the “Option”). Pursuant to the EBRIS License Agreement, the Company issued to EBRIS shares of common stock valued at $500,000 (consisting of 43,708 shares of unregistered common stock priced at the Company’s 20-day volume weighted-price as of the date of closing), plus the Company will pay EBRIS $500,000 in cash in connection with final database lock of the ongoing Phase II clinical trial for the treatment of MIS-C. Upon the readout of the top-line data and an FDA agreed upon path forward to further develop the compound in MIS-C, the Company may exercise the Option for an upfront fee of $1 million. In addition, the EBRIS License Agreement contemplates certain contingent payments, including development milestone payments, sales-related milestone payments, and subject to certain adjustments, a low-single digit royalty on net sales of Products in the United States sold pursuant to prescriptions for use in treating MIS-C and, if applicable, MIS-A. Of note, each such payment is payable, at the option of the Company, in cash or a combination of cash and unregistered shares of the Company’s common stock. The Company has the right to exercise the Option until three months following the later of (i) the end of the Development Term (as defined in the EBRIS License Agreement) and (ii) the delivery by EBRIS to the Company of the material Know-How (as defined in the EBRIS License Agreement) and final study reports (the “Option Expiration Date”). Unless earlier terminated, the term of the EBRIS License Agreement will continue (i) if the Company does not exercise the Option, until the Option Expiration Date or (ii) if the Company exercises the Option, on a product-by-product and country-by-country basis, until the expiration of the Company’s royalty obligations for each product in a particular country. Following the Option Expiration Date, the EBRIS License Agreement may be terminated by the Company for convenience upon two months’ prior written notice to EBRIS. The EBRIS License Agreement may be terminated by either party upon (i) a material breach by the other party (subject to prior written notice and a cure period), (ii) certain insolvency events, including bankruptcy proceedings, or (iii) written notice that, as reasonably determined in good faith by the terminating party, termination is necessary to protect the health or safety of trial participants. Additionally, the EBRIS License Agreement will automatically terminate if the Alba License terminates. The EBRIS License Agreement includes standard and customary provisions regarding, among other things, compliance with laws and regulations, confidentiality, intellectual property, representations and warranties, liability, indemnification, and insurance. Milestone Fees

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY The Company’s amended and restated certificate of incorporation, as amended, authorizes 560 million shares of capital stock, par value $0.0001 per share, of which 550 million shares are designated as common stock and 10 million shares are designated as preferred stock. Preferred Stock The Company’s amended and restated certificate of incorporation, as amended, authorizes the Board to issue preferred stock in one or more classes or one or more series within any class from time to time. Voting powers, designations, preferences, qualifications, limitations, restrictions or other rights will be determined by the Board at that time. There were no shares of preferred stock issued and outstanding as of September 30, 2022 or December 31, 2021. Common Stock The holders of the Company’s common stock (i) have equal ratable rights to dividends from funds legally available therefore, when, as and if declared by the Board; (ii) are entitled to share in all the Company’s assets available for distribution to holders of common stock upon liquidation, dissolution or winding up of the Company’s affairs; (iii) do not have preemptive, subscription or conversion rights (and there are no redemption or sinking fund provisions or rights); and (iv) are entitled to one non-cumulative vote per share on all matters on which stockholders may vote. There were 12,955,481 and 12,911,771 shares of common stock outstanding as of September 30, 2022 and December 31, 2021, respectively. The Company had reserved shares of common stock for future issuance as follows: September 30, December 31, 2022 2021 Outstanding stock options 1,458,038 1,044,739 Warrants to purchase common stock 1,152,204 1,152,204 Shares reserved for issuance upon conversion of convertible debt (Note 5) 7,231,143 — For possible future issuance under the 2022 Plan 565,120 273,940 Total common shares reserved for future issuance 10,406,505 2,470,883

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION The Company has three stock option plans in existence: the 9 Meters Biopharma, Inc. 2022 Stock Incentive Plan (the “2022 Plan”), the 2012 Omnibus Incentive Plan, as amended (the “Omnibus Plan”) and the Innovate 2015 Stock Incentive Plan (the “Private Innovate Plan”). In addition, the Company assumed 50,714 options in accordance with the terms of the merger agreement with RDD Pharma, Ltd. (the “RDD Merger Agreement”). The Company’s stock options typically vest over a period of three 2015 Stock Incentive Plan As of September 30, 2022, there were 179,630 stock options outstanding under the Private Innovate Plan. Since 2018, the Company has not issued, and does not intend to issue, any additional awards from the Private Innovate Plan. The following table summarizes stock option activity under the Private Innovate Plan: Number of Weighted-Average Aggregate Weighted-Average Outstanding at December 31, 2021 265,067 $ 33.80 $ 837,459 2.7 Options granted — — Options forfeited (85,437) 41.76 Options exercised — — Outstanding at September 30, 2022 179,630 29.88 — 2.9 Exercisable at September 30, 2022 179,630 29.88 — 2.9 There were no options granted under the Private Innovate Plan during the nine months ended September 30, 2022 and 2021. All of the options granted under the Private Innovate Plan are fully vested and as such, there were no stock options vested during the nine months ended September 30, 2022. The total fair value of options vested during the nine months ended September 30, 2021 under the Private Innovate Plan was approximately $49,000. As of September 30, 2022, there was no unrecognized compensation cost related to unvested stock-based compensation arrangements under the Private Innovate Plan. 2012 Omnibus Incentive Plan The shares reserved for issuance under the Omnibus Plan automatically increased on the first day of each calendar year beginning in 2019 and ending in 2022 by an amount equal to the lesser of (i) five percent of the number of shares of common stock outstanding as of December 31 st of the immediately preceding calendar year or (ii) such lesser number of shares of common stock as determined by the Board (the “Evergreen Provision”). On January 1, 2022, the number of shares of common stock available under the Omnibus Plan automatically increased by 645,589, pursuant to the Evergreen Provision. The Board elected to forgo the increase from the Evergreen Provision that would have increased the option pool by 5% of the shares of common stock outstanding on January 1, 2021. As of September 30, 2022, there were options to purchase 1,192,233 shares of the Company’s common stock outstanding under the Omnibus Plan. The Omnibus Plan expired on April 30, 2022 and no new awards will be granted under the Omnibus Plan but any awards outstanding under the Omnibus Plan will remain subject to the Omnibus Plan. On June 22, 2022, the Company’s stockholders approved the adoption of the 2022 Plan previously approved by the Board. Any shares subject to outstanding awards under the Omnibus Plan that subsequently expire, terminate or are surrendered or forfeited for any reason without issuance of shares will automatically become available for issuance under the 2022 Plan. The range of assumptions used in estimating the fair value of the options granted under the Omnibus Plan using the Black-Scholes option pricing model for the periods presented were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Expected dividend yield 0% 0% 0% 0% Expected stock-price volatility —% 77% 79% 68% - 85% Risk-free interest rate —% - —% 0.8% - 0.9% 1.4% - 1.9% 0.1% - 1.1% Expected term of options (in years) 0 6.1 years 6.1 years 2.3 - 6.1 years The following table summarizes stock option activity under the Omnibus Plan: Number of Weighted-Average Aggregate Weighted-Average Outstanding at December 31, 2021 730,377 $ 23.70 $ 2,296,720 8.5 Options granted 470,631 14.71 Options forfeited (8,775) 14.80 Options exercised — — Outstanding at September 30, 2022 1,192,233 18.54 — 8.4 Exercisable at September 30, 2022 499,303 19.70 — 7.6 Vested and expected to vest at September 30, 2022 1,145,502 $ 20.34 $ — 8.4 The weighted-average grant date fair value of options granted under the Omnibus Plan was $9.89 during the nine months ended September 30, 2022, and $15.77 and $18.12 during the three and nine months ended September 30, 2021, respectively. There were no options granted under the Omnibus Plan during the three months ended September 30, 2022. The total intrinsic value of options exercised was approximately $39,000 during the nine months ended September 30, 2021. There were no options exercised during the three and nine months ended September 30, 2022 or three months ended September 30, 2021. The total fair value of stock option awards vested under the Omnibus Plan was approximately $0.4 million and $3.3 million during the three and nine months ended September 30, 2022, respectively. As of September 30, 2022, there was approximately $7.3 million of total unrecognized compensation cost related to unvested stock-based compensation arrangements under the Omnibus Plan. This cost is expected to be recognized over a weighted average period of 2.8 years. The Omnibus Plan provides for accelerated vesting, if approved by the Company’s Board. During the nine months ended September 30, 2022, in accordance with the separation and consulting agreement entered into with our former Chief Financial Officer, the Company accelerated the vesting of all remaining unvested options and extended the exercise period to ten years from the issuance date. During the nine months ended September 30, 2021, the Board approved the acceleration and extension of unvested options held by a former board member whose term on the Board was expiring. The Company recognized additional non-cash stock compensation expense related to the modifications of $1.1 million during the nine months ended September 30, 2022 and $0.1 million during the three and nine months ended September 30, 2021. There was no modification expense during the three months ended September 30, 2022. There were no RSUs granted during the three and nine months ended September 30, 2022 and 2021 and there were no unvested RSUs as of September 30, 2022. The Company recognized share-based compensation expense for RSUs of approximately $56,000 and $160,000 during the three and nine months ended September 30, 2021, respectively. There was no share-based compensation expense for RSUs during the three and nine months ended September 30, 2022. 2022 Stock Incentive Plan The 2022 Plan was approved by the Company’s stockholders on June 22, 2022. The 2022 Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, or other stock awards. Upon adoption of the 2022 Plan, there were 600,000 shares of the Company’s common stock reserved for issuance. As of September 30, 2022, there were options to purchase 36,880 shares of the Company’s common stock outstanding under the 2022 Plan and 565,120 shares available for issuance under the 2022 Plan. The range of assumptions used in estimating the fair value of the options granted under the 2022 Plan using the Black-Scholes option pricing model for the periods presented were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Expected dividend yield 0% — 0% — Expected stock-price volatility 81% — 79% - 81% — Risk-free interest rate 3.0% — 3.0% - 3.2% — Expected term of options (in years) 6.0 years — 5.8 - 6.0 years — The following table summarizes stock option activity under the 2022 Plan: Number of Weighted-Average Aggregate Weighted-Average Outstanding at December 31, 2021 — $ — $ — — Options granted 36,880 5.27 Options forfeited — — Options exercised — — Outstanding at September 30, 2022 36,880 5.27 — 9.7 Exercisable at September 30, 2022 2,970 5.29 — 9.7 Vested and expected to vest at September 30, 2022 34,530 $ 5.28 $ — 9.7 The weighted-average grant date fair value of options granted under the 2022 Plan was $3.42 and $3.64 during the three and nine months ended September 30, 2022, respectively. There were no options granted under the 2022 Plan during the three and nine months ended September 30, 2021. There were no options exercised under the 2022 Plan during the three and nine months ended September 30, 2022. The total fair value of stock options vested under the 2022 Plan was $10,828 during the three and nine months ended September 30, 2022. As of September 30, 2022, there was approximately $0.1 million of total unrecognized compensation cost related to unvested stock-based compensation arrangements under the 2022 Plan which is expected to be recognized over a weighted-average period of 2.8 years. RDD Option Grants Pursuant to the RDD Merger Agreement, the Company assumed 50,714 option grant agreements awarded to RDD employees upon consummation of the merger with RDD (the “RDD Options”) on April 30, 2020. There were 49,295 RDD Options outstanding as of September 30, 2022 at a weighted-average exercise price of $12.60 per share. All of the RDD Options are fully vested and there were no RDD Options vested during the nine months ended September 30, 2022 and 2021. The following table summarizes stock option activity for the RDD Options: Number of Weighted-Average Aggregate Weighted-Average Outstanding at December 31, 2021 49,295 $ 12.60 $ 343,486 3.3 Options granted — — Options forfeited — — Options exercised — — Outstanding at September 30, 2022 49,295 $ 12.60 30,654 2.6 Exercisable at September 30, 2022 49,295 $ 12.60 30,654 2.6 During the nine months ended September 30, 2021, there were 1,419 options exercised at a weighted-average exercise price of $14.80. The total intrinsic value of RDD Options exercised was approximately $27,000 during the nine months ended September 30, 2021. Share-based Compensation Expense Total share-based compensation expense recognized in the accompanying condensed consolidated statements of operations and comprehensive loss was as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development $ 234,000 $ 163,000 $ 660,000 $ 605,000 General and administrative 496,000 362,000 2,534,000 1,279,000 Total share-based compensation $ 730,000 $ 525,000 $ 3,194,000 $ 1,884,000

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Employment Agreements The Company has entered into executive employment agreements with the executives (the “Executive Employment Agreements”). The Executive Employment Agreements provide an annual base salary and the opportunity to participate in the Company’s equity compensation, employee benefit and bonus plans once they are established and approved by the Board. The Executive Employment Agreements contain severance provisions if such executive is terminated under certain conditions that would provide the executive with up to 12 months of their base salary and up to 12 months of continuation of health insurance benefits. Additionally, if the Company’s Chief Executive Officer is terminated under certain conditions or resigns for good reason within 12 months of a “change in control,” the Chief Executive Officer will be eligible to receive 18 months of his then-current salary, the amount of his target year-end annual non-equity incentive award, and accelerated vesting of all of his unvested options and restricted stock unit awards. Periodically, the Company enters into separation and general release agreements with former executives of the Company that include separation benefits consistent with the former executives’ employment agreements. There was no severance expense recognized during the three and nine months ended September 30, 2022 and 2021. The accrued severance obligation was approximately $0.1 million and $0.4 million as of September 30, 2022 and December 31, 2021, respectively. Office Lease In July 2020, the Company entered into a 4-year lease for office space that expires on September 30, 2024. Base annual rent is $72,000, or $6,000 per month over the 4-year term. The lease contains a 3-year renewal option. The Company recorded a right of use asset of $233,206 and an operating lease liability of $233,206 at the inception of the lease in July 2020. The Company estimated the present value of the lease payments over the remaining term of the leases using a discount rate of 12%, which represented the Company’s estimated incremental borrowing rate. The renewal options were excluded from the lease payments as the Company concluded the exercise of the option was not considered reasonably certain. Operating lease cost under ASC 842 was approximately $18,000 for the three months ended September 30, 2022 and 2021, and $54,000 for the nine months ended September 30, 2022 and 2021. Operating lease cost is included in general and administrative expenses on the accompanying condensed consolidated statement of operations and comprehensive loss. The total cash paid for amounts included in the measurement of the operating lease liability and reported within operating activities was less than $0.1 million during the nine months ended September 30, 2022. Future minimum payments under the Company’s lease liability were as follows: Year ending December 31, Operating Leases 2022 $ 18,000 2023 72,000 2024 54,000 Total lease payment 144,000 Less: imputed interest (16,540) Total $ 127,460 Legal

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS 2022 Convertible Note Amendment On November 7, 2022, the Company amended and restated the 2022 Convertible Note (the “Amended 2022 Note”) in order to, among other things, reduce the minimum liquidity requirement from 110% of the outstanding principal amount to 80% of the outstanding principal amount, which releases approximately $6.3 million from restricted cash upon the effective date of the Amended 2022 Note. Additionally, the Amended 2022 Note removed the provisions related to accelerated principal payments and instead established scheduled amortization payments beginning in November 2022. On the first day of each month through June 1, 2023, the Company will make an amortization payment equal to $1.68 million, subject to certain increases, to be paid in shares of the Company’s common stock (unless the Company elects to pay in cash), to the Holder, subject to certain conditions, including the equity conditions (as defined in the original 2022 Convertible Note). Such amortization payment may be optionally decreased by the Company, or if agreed to in writing by the Holder and the Company, increased. On the first day of each month on or after July 1, 2023, the Company will make an amortization payment equal to $882,000 in cash (unless the Company elects to pay in shares of common stock, subject to certain conditions, including the equity conditions). Such amortization payment may be optionally increased by the Company, if agreed to in writing by the Holder and the Company. The Amended 2022 Note also amends the definitions of the Conversion Floor Price, Subsequent Financing, Subsequent Financing Requirement and Required Reserve Amount. The Amended 2022 Note represents the same indebtedness represented by the original 2022 Convertible Note, and except as set forth herein, the material terms of the Amended 2022 Note are otherwise substantially similar to the 2022 Convertible Note. Additionally, the Company and the Holder have agreed to amend the Securities Purchase Agreement to replace the form of note with a form of note substantially similar to the Amended 2022 Note, which the Company may use to issue, at the Company’s option, additional notes to the Holder with principal amounts of up to an aggregate of $70 million, subject to certain limitations. 2023 Lease Agreement

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated interim financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. These financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary for a fair statement of the balance sheets, operating results, and cash flows for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022 or any other future period. Certain information and footnote disclosure normally included in the annual financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the SEC’s rules and regulations for interim reporting. The Company’s financial position, results of operations and cash flows are presented in U.S. Dollars. These financial statements and related notes should be read in conjunction with the audited financial statements and related notes thereto for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 23, 2022. Except as noted below under the section entitled “Recently Issued Accounting Standards—Accounting Pronouncements Adopted,” there have been no material changes to the Company’s significant accounting policies during the three and nine months ended September 30, 2022, as compared to the significant accounting policies disclosed in Note 1 of the Company’s financial statements for the years ended December 31, 2021 and 2020 included in the Company’s Annual Report on Form 10-K. However, the following accounting policies are the most critical in fully understanding the Company’s financial condition and results of operations.
Basis of Consolidation	Basis of ConsolidationThe accompanying consolidated financial statements reflect the operations of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Business Risks	Business RisksThe Company faces risks, including those associated with biopharmaceutical companies whose products are in various stages of development. These risks include, among others, risks related to the inability of the Company to obtain sufficient additional capital to continue to advance these product candidates and its preclinical programs, including in light of current stock market conditions; risks related to the Company’s ability to successfully implement its strategic plans; uncertainties associated with the clinical development and regulatory approval of product candidates, including reliance on blinded data; uncertainties in obtaining successful clinical results for product candidates and unexpected costs that may result therefrom, including the Company’s reliance on its lead product candidate; risks related to the failure to realize any value from product candidates and preclinical programs being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; intellectual property risks; the impact of COVID-19 on the Company’s operations, enrollment in and timing of clinical trials; risks related to leveraging the Company by borrowing money under the debt facility and compliance with its terms; uncertainties regarding the effect of the reverse stock split and our continued listing on Nasdaq; reliance on collaborators; reliance on research and development partner; risks related to cybersecurity and data privacy; and risks associated with acquiring and developing additional compounds.
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 amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. Areas of the financial statements where estimates may have the most significant effect include fair value measurements, expected term of the convertible note, accrued expenses, share-based compensation, valuation allowance for income tax assets, and management’s assessment of the Company’s ability to continue as a going concern. The Company considered the impact of the COVID-19 pandemic on its estimates and assumptions, and concluded there was not a material impact to its condensed consolidated financial statements as of and for the three and nine months ended September 30, 2022. Changes in the facts or circumstances underlying these estimates could result in material changes and actual results could differ from these estimates.
Restricted Cash	Restricted Cash The terms of the convertible note further described in Note 5—Debt require the Company to maintain a minimum liquidity balance of 110% of then-outstanding principal (which was reduced to 80% upon amendment of the note further described in Note 10—Subsequent Events). The restricted amount is maintained in a reserve account with the Company’s financial banking institution, and funds are periodically released from restriction as the balance of outstanding principal decreases. In accordance with the terms of the note, upon fulfillment of certain conditions, the cash held in reserve pursuant to the minimum liquidity requirement will be further reduced to a minimum amount equal to the greater of (i) the total outstanding principal amount less 7.5% of the Company’s total market capitalization and (ii) 50% of the total outstanding principal. As of September 30, 2022, there was approximately $23.4 million classified as restricted cash under the convertible note.
Accrued Expenses	Accrued Expenses The Company incurs periodic expenses such as research and development, licensing fees, salaries and benefits, and professional fees. The Company is required to estimate its expenses resulting from obligations under contracts with clinical research organizations, vendors and consulting agreements that have been incurred by the Company prior to being invoiced. This process involves reviewing quotations and contracts, identifying services that have been performed on the Company’s behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company’s service providers invoice monthly in arrears for services performed or when contractual milestones are met. The Company estimates accrued expenses as of each balance sheet date based on facts and circumstances known at that time.
Derivative Liability	Derivative Liability The Company accounts for derivative instruments in accordance with ASC 815, Derivative and Hedging,
Research and Development	Research and Development Research and development expenses consist of costs incurred to further the Company’s research and development activities and include salaries and related employee benefits, manufacturing of pharmaceutical active ingredients and drug products, costs associated with clinical trials, nonclinical activities, regulatory activities, research-related overhead expenses and fees paid to expert consultants, external service providers and contract research organizations which conduct certain research and development activities on behalf of the Company. Costs incurred in the research and development of products are charged to research and development expense as incurred. Costs for preclinical studies and clinical trial activities are recognized based on an evaluation of the vendors’ progress towards completion of specific tasks, using data such as patient enrollment, clinical site activations or information provided by vendors regarding their actual costs incurred. Payments for these activities are based on the terms of individual contracts and payment timing may differ significantly from the period in which the services were performed. The Company determines accrual estimates through reports from and discussions with applicable personnel and outside service providers as to the progress or state of completion of trials, or the services completed. The estimates of accrued expenses as of each balance sheet date are based on the facts and circumstances known at the time. Although the Company does not expect its estimates to be materially different from amounts incurred, the Company’s estimates and assumptions for clinical trial costs could differ significantly from actual costs incurred, which could result in increases or decreases in research and development expenses in future periods when actual results are known. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the goods have been received or when the activity is performed, rather than when payment is made.
Acquired In-process Research and Development	Acquired In-process Research and Development The Company has acquired, and may in the future acquire, rights to develop and commercialize new drug candidates and/or other in-process research and development assets. The up-front acquisition payments, as well as future milestone payments that are deemed probable to achieve and do not meet the definition of a derivative, are expensed as acquired in-process research and development provided that the drug has not achieved regulatory approval for marketing, and, absent obtaining such approval, have no alternative future use.
Share-Based Compensation	Share-Based Compensation The Company recognizes share-based compensation expense for grants of stock options based on the grant-date fair value of those awards using the Black-Scholes option-pricing model. Share-based compensation expense is generally recognized on a straight-line basis over the requisite service period for awards with time-based vesting. For awards with performance conditions, compensation cost is recognized from the time achievement of the performance criteria is probable over the expected term. Share-based compensation expense includes an estimate, which is made at the time of grant, of the number of awards that are expected to be forfeited. This estimate is revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Under the Black-Scholes option-pricing model, fair value is calculated based on assumptions with respect to: • Expected dividend yield. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on the Company’s common stock. • Expected stock-price volatility. Due to limited trading history as a public company, the expected volatility is derived from the average historical volatilities of publicly traded companies within the Company’s industry that the Company considers to be comparable to the Company’s business over a period approximately equal to the expected term. In evaluating comparable companies, the Company considers factors such as industry, stage of life cycle, financial leverage, size and risk profile. • Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero coupon U.S. Treasury notes with maturities approximately equal to the expected term. • Expected term. The expected term represents the period that the stock-based awards are expected to be outstanding. Due to limited history of stock option exercises, the Company estimates the expected term of employee stock options with service conditions based on the simplified method, which calculates the expected term as the average of the time-to-vesting and the contractual life of the options. Pursuant to Accounting Standards Update (“ASU”) 2018-07, the Company has elected to use the contractual life of the option as the expected term for non-employee options. The expected term for performance options is the longer of the explicit or implicit service period.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Financial instruments recorded in the accompanying condensed consolidated balance sheets are categorized based on the inputs to valuation techniques as follows: • Level 1 - defined as observable inputs based on unadjusted quoted prices for identical instruments in active markets; • Level 2 - defined as inputs other than Level 1 that are either directly or indirectly observable in the marketplace for identical or similar instruments in markets that are not active; and • Level 3 - defined as unobservable inputs in which little or no market data exists where valuations are derived from techniques in which one or more significant inputs are unobservable.
Deferred Offering Costs	Deferred Offering CostsDeferred offering costs consist principally of legal, accounting and underwriters’ fees related to offerings or the Company’s shelf registration statement. Offering costs incurred prior to an offering are initially capitalized and then subsequently reclassified to additional paid-in capital upon completion of the offering. If the equity offering is not completed, any costs deferred will be expensed immediately upon termination of the offering.
Patent Costs	Patent Costs
Net Loss Per Share	Net Loss Per Share
Segments	Segments
Recently Issued Accounting Standards	Recently Issued Accounting Standards Accounting Pronouncements Adopted In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Schedule of Accrued Liabilities	Accrued expenses consisted of the following: September 30, December 31, Accrued compensation and benefits $ 1,654,688 $ 1,633,295 Accrued clinical expenses 5,016,241 4,228,048 Other accrued expenses 103,276 106,479 Total $ 6,774,205 $ 5,967,822
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The table below summarizes the valuation inputs into the MCS model for the derivative liability associated with the 2022 Convertible Note on the date of issuance, July 15, 2022 and the end of the period, September 30, 2022. July 15, September 30, Discount rate 24.0 % 26.2 % Expected stock price volatility 102.5 % 102.1 % Risk-free interest rate 3.1 % 4.2 % Expected term 3.0 years 2.8 years Price of the underlying common stock $ 4.87 $ 4.30
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis	The following table summarizes the fair value hierarchy of financial liabilities measured at fair value as of September 30, 2022. There were no financial liabilities measured at fair value as of December 31, 2021. Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Derivative liability $ — $ — $ 1,945,000 $ 1,945,000 Total liabilities at fair value — — 1,945,000 1,945,000
Schedule of Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation	The following table summarizes the changes in fair value of the derivative liability classified in Level 3. Gains and losses reported in this table include changes in fair value that are attributable to unobservable inputs. September 30, Beginning balance as of December 31, 2021 $ — Issuance of derivative liability (the 2022 Convertible Note) 2,022,000 Change in fair value of derivative liability (77,000) Ending balance as of September 30, 2022 $ 1,945,000 The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to the fair value liabilities still held at the end of the period $ 77,000
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The potentially dilutive securities consisted of the following: September 30, 2022 2021 Options outstanding under the Innovate 2015 Stock Incentive Plan 179,630 285,026 Options outstanding under the 2012 Omnibus Incentive Plan, as amended 1,192,233 723,773 Options outstanding under the 2022 Stock Incentive Plan 36,880 — Options outstanding under the Option Grant Agreements granted to RDD Employees 49,295 49,295 Warrants outstanding at an exercise price of $50.80 112 112 Warrants outstanding at an exercise price of $63.60 5,699 5,699 Warrants outstanding at an exercise price of $11.7880 1,146,393 1,251,393 Shares issuable upon conversion of convertible debt (Note 5) 4,772,860 — Total 7,383,102 2,315,298

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Maturities of Long-Term Debt	Future maturities of the 2022 Convertible Note as of September 30, 2022, consisted of: September 30, 2022 2022 (remaining) $ — 2023 5,292,000 2024 10,584,000 2025 6,174,000 Total outstanding principal $ 22,050,000 Less: unamortized debt discount and OID (3,659,943) Less: current portion of convertible note payable (2,646,000) Long-term convertible note payable, net $ 15,744,057

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Stock by Class	The Company had reserved shares of common stock for future issuance as follows: September 30, December 31, 2022 2021 Outstanding stock options 1,458,038 1,044,739 Warrants to purchase common stock 1,152,204 1,152,204 Shares reserved for issuance upon conversion of convertible debt (Note 5) 7,231,143 — For possible future issuance under the 2022 Plan 565,120 273,940 Total common shares reserved for future issuance 10,406,505 2,470,883

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Share-based Compensation, Activity	The following table summarizes stock option activity under the Private Innovate Plan: Number of Weighted-Average Aggregate Weighted-Average Outstanding at December 31, 2021 265,067 $ 33.80 $ 837,459 2.7 Options granted — — Options forfeited (85,437) 41.76 Options exercised — — Outstanding at September 30, 2022 179,630 29.88 — 2.9 Exercisable at September 30, 2022 179,630 29.88 — 2.9 The following table summarizes stock option activity under the Omnibus Plan: Number of Weighted-Average Aggregate Weighted-Average Outstanding at December 31, 2021 730,377 $ 23.70 $ 2,296,720 8.5 Options granted 470,631 14.71 Options forfeited (8,775) 14.80 Options exercised — — Outstanding at September 30, 2022 1,192,233 18.54 — 8.4 Exercisable at September 30, 2022 499,303 19.70 — 7.6 Vested and expected to vest at September 30, 2022 1,145,502 $ 20.34 $ — 8.4 The following table summarizes stock option activity under the 2022 Plan: Number of Weighted-Average Aggregate Weighted-Average Outstanding at December 31, 2021 — $ — $ — — Options granted 36,880 5.27 Options forfeited — — Options exercised — — Outstanding at September 30, 2022 36,880 5.27 — 9.7 Exercisable at September 30, 2022 2,970 5.29 — 9.7 Vested and expected to vest at September 30, 2022 34,530 $ 5.28 $ — 9.7
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The range of assumptions used in estimating the fair value of the options granted under the Omnibus Plan using the Black-Scholes option pricing model for the periods presented were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Expected dividend yield 0% 0% 0% 0% Expected stock-price volatility —% 77% 79% 68% - 85% Risk-free interest rate —% - —% 0.8% - 0.9% 1.4% - 1.9% 0.1% - 1.1% Expected term of options (in years) 0 6.1 years 6.1 years 2.3 - 6.1 years The range of assumptions used in estimating the fair value of the options granted under the 2022 Plan using the Black-Scholes option pricing model for the periods presented were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Expected dividend yield 0% — 0% — Expected stock-price volatility 81% — 79% - 81% — Risk-free interest rate 3.0% — 3.0% - 3.2% — Expected term of options (in years) 6.0 years — 5.8 - 6.0 years —
Share-based Payment Arrangement, Option, Activity	The following table summarizes stock option activity for the RDD Options: Number of Weighted-Average Aggregate Weighted-Average Outstanding at December 31, 2021 49,295 $ 12.60 $ 343,486 3.3 Options granted — — Options forfeited — — Options exercised — — Outstanding at September 30, 2022 49,295 $ 12.60 30,654 2.6 Exercisable at September 30, 2022 49,295 $ 12.60 30,654 2.6
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	Total share-based compensation expense recognized in the accompanying condensed consolidated statements of operations and comprehensive loss was as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development $ 234,000 $ 163,000 $ 660,000 $ 605,000 General and administrative 496,000 362,000 2,534,000 1,279,000 Total share-based compensation $ 730,000 $ 525,000 $ 3,194,000 $ 1,884,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments for Operating Leases	Future minimum payments under the Company’s lease liability were as follows: Year ending December 31, Operating Leases 2022 $ 18,000 2023 72,000 2024 54,000 Total lease payment 144,000 Less: imputed interest (16,540) Total $ 127,460

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)

1 Months Ended

3 Months Ended

9 Months Ended

Oct. 17, 2022

Apr. 05, 2021 USD ($)

Mar. 30, 2021 $ / shares shares

Apr. 30, 2021 shares

Sep. 30, 2022 USD ($) shares

Sep. 30, 2021 USD ($) shares

Sep. 30, 2022 USD ($) segment shares

Sep. 30, 2021 USD ($) shares

Nov. 07, 2022

Oct. 03, 2022 USD ($)

Jul. 15, 2022

Dec. 31, 2021 USD ($)

Oct. 02, 2020 USD ($)

Jul. 22, 2020 USD ($)

Significant Accounting Policies Disclosure [Line Items]

Sale of stock, shelf registration maximum equity offering price

$ 200,000,000

Restricted cash

$ 23,500,000

$ 23,500,000

Fair value disclosure liability

$ 1,945,000

1,945,000

$ 0

Change in fair value of derivative liability

$ 100,000

$ 7,000

Antidilutive securities excluded from computation of earnings per share (in shares) | shares

7,400,000

2,300,000

7,383,102

2,315,298

Number of operating segments | segment

1

General and administrative

Significant Accounting Policies Disclosure [Line Items]

General and administrative expense

$ 52,000

$ 98,000

$ 391,000

$ 329,000

Convertible Note

Significant Accounting Policies Disclosure [Line Items]

Restricted cash

$ 23,400,000

$ 23,400,000

Subsequent Event

Significant Accounting Policies Disclosure [Line Items]

Reverse stock split ratio

0.05

Subsequent Event | Letter of Credit

Significant Accounting Policies Disclosure [Line Items]

Restricted cash

$ 100,000

Minimum | Subsequent Event | Letter of Credit

Significant Accounting Policies Disclosure [Line Items]

Restricted cash

$ 23,600

Convertible Note | 2022 Convertible Note

Significant Accounting Policies Disclosure [Line Items]

Percentage of total market capitalization

7.50%

7.50%

Percentage of total outstanding principal

50%

50%

Convertible Note | 2022 Convertible Note | Minimum

Significant Accounting Policies Disclosure [Line Items]

Debt instrument, covenant compliance, liquidity requirement

110%

Convertible Note | 2022 Convertible Note | Minimum | Subsequent Event

Significant Accounting Policies Disclosure [Line Items]

Debt instrument, covenant compliance, liquidity requirement

80%

Public Stock Offering

Significant Accounting Policies Disclosure [Line Items]

Number of shares issued in transaction (in shares) | shares

1,500,000

Shares issued, price per share (in dollars per share) | $ / shares

$ 20

Consideration received on transaction

$ 31,500,000

Over-Allotment Option

Significant Accounting Policies Disclosure [Line Items]

Number of shares issued in transaction (in shares) | shares

225,000

Sale of stock, option period

30 days

April 2021 Offering | Chief Executive Officer, Chief Financial Officer, and Chairman of Board of Directors

Significant Accounting Policies Disclosure [Line Items]

Number of shares issued in transaction (in shares) | shares

22,500

SunTrust Robinson Humphrey

Significant Accounting Policies Disclosure [Line Items]

Sale of stock, ATM maximum equity offering price

$ 40,000,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accrued Expenses (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Accrued compensation and benefits	$ 1,654,688	$ 1,633,295
Accrued clinical expenses	5,016,241	4,228,048
Other accrued expenses	103,276	106,479
Total	$ 6,774,205	$ 5,967,822

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Valuation Input for Warrant and Derivative Liabilities (Details)		9 Months Ended
	Jul. 15, 2022 year $ / shares	Sep. 30, 2022 year $ / shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Expected term	3 years	2 years 9 months 18 days
Price of the underlying common stock (in dollars per share) | $ / shares	$ 4.87	$ 4.30
Discount rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.240	0.262
Expected stock price volatility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	1.025	1.021
Risk-free interest rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.031	0.042

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Fair Value Hierarchy of Financial Liabilities Measured at Fair Value (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability	$ 1,945,000
Total liabilities at fair value	1,945,000	$ 0
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability	0
Total liabilities at fair value	0
Significant Other Observable Inputs (Level 2)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability	0
Total liabilities at fair value	0
Significant Unobservable Inputs (Level 3)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability	1,945,000
Total liabilities at fair value	$ 1,945,000

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Changes in Fair Value Derivative Liability (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in fair value of derivative liability	$ 100,000	$ 7,000
Derivative Liability
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	0
Issuance of derivative liability (the 2022 Convertible Note)	2,022,000
Change in fair value of derivative liability	(77,000)
Ending balance	1,945,000
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to the fair value liabilities still held at the end of the period	$ 77,000

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Potential Dilutive Securities (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	7,400,000	2,300,000	7,383,102	2,315,298
Stock Options | Options outstanding under the Innovate 2015 Stock Incentive Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			179,630	285,026
Stock Options | Options outstanding under the 2012 Omnibus Incentive Plan, as amended
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			1,192,233	723,773
Stock Options | Options outstanding under the 2022 Stock Incentive Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			36,880	0
Stock Options | Options outstanding under the Option Grant Agreements granted to RDD Employees
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			49,295	49,295
Warrant | Warrants outstanding at an exercise price of $50.80
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			112	112
Exercise price of warrants or rights (in dollars per share)	$ 50.80		$ 50.80
Warrant | Warrants outstanding at an exercise price of $63.60
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			5,699	5,699
Exercise price of warrants or rights (in dollars per share)	63.60		$ 63.60
Warrant | Warrants outstanding at an exercise price of $11.7880
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			1,146,393	1,251,393
Exercise price of warrants or rights (in dollars per share)	$ 11.7880		$ 11.7880
Shares issuable upon conversion of convertible debt (Note 5)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)			4,772,860	0

LIQUIDITY AND GOING CONCERN (De

LIQUIDITY AND GOING CONCERN (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 15,860,966	$ 46,993,285	$ 53,608,585
Restricted cash	$ 23,500,000

ACQUISITION (Details)

ACQUISITION (Details) $ in Millions	Jul. 19, 2021 USD ($) shares
Business Acquisition [Line Items]
Common stock consideration (in shares) | shares	120,861
Lobesity LLC
Business Acquisition [Line Items]
Cash consideration	$ 2.3
Regulatory and clinical milestone payments	$ 45.5
Number of shares subject to restrictions (in shares) | shares	30,216
Restriction period	18 months
Lobesity LLC | Maximum
Business Acquisition [Line Items]
Regulatory and clinical milestone payments	$ 58
Sales related milestone payments	$ 50

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
LifeSci Advisors, LLC
Related Party Transaction [Line Items]
Related party transaction, expense	$ 66,000	$ 63,000	$ 193,000	$ 239,000
LifeSci Communications, LLC
Related Party Transaction [Line Items]
Related party transaction, expense	$ 54,000	$ 67,000	$ 198,000	$ 257,000

DEBT - Narrative (Details)

DEBT - Narrative (Details)					3 Months Ended		9 Months Ended		24 Months Ended
	Jul. 01, 2023 USD ($) trading_day tradingDay $ / shares	Mar. 31, 2023 USD ($)	Jul. 15, 2022 USD ($) $ / shares	Jan. 10, 2020 USD ($) $ / shares	Sep. 30, 2022 USD ($) shares $ / shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Jul. 01, 2025 USD ($)	Nov. 07, 2022 USD ($)
Debt Instrument [Line Items]
Issuance discount					$ 3,659,943		$ 3,659,943
Amortization of debt discount							500,351	$ 43,983
Repayments of debt							0	58,199
Payments of debt issuance costs							(1,088,294)	0
2022 Convertible Note
Debt Instrument [Line Items]
Principal payments					0
Convertible Note | 2020 Convertible Note
Debt Instrument [Line Items]
Principal amount of debt				$ 2,750,000
Conversion price (in dollars per share) | $ / shares				$ 65
Proceeds from notes payable				$ 2,500,000
Issuance discount				250,000
Debt discount and derivative liability at the issuance date				$ 400,000
Amortization of debt discount					0	$ 0	0	44,000
Debt interest rate				10%
Repayments of debt								$ 59,000
Convertible Note | 2022 Convertible Note
Debt Instrument [Line Items]
Principal amount of debt			$ 21,000,000
Conversion price (in dollars per share) | $ / shares			$ 7.06
Issuance discount			$ 1,100,000
Debt discount and derivative liability at the issuance date			$ 2,000,000
Amortization of debt discount					500,000		500,000
Percentage of OID			5%
Aggregate limit of additional principal amount available for issuance			$ 70,000,000
Payments of debt issuance costs					$ (1,100,000)		(1,100,000)
Principal payments							$ 0
Number of shares that would have been issued | shares					5,447,134
Fair value per share of shares that would have been issued (in dollars per share) | $ / shares					$ 4.30		$ 4.30
Impact of $1.00 decrease in share price in shares issued (in shares) | shares					1,602,098		1,602,098
Redemption price, percentage					125%
Interest payments					$ 300,000		$ 300,000
Effective interest rate					30.80%		30.80%
Debt discount and OID, amortization period							2 years
Convertible Note | 2022 Convertible Note | Redemption Option, (i) Fundamental change in the Note, (ii) Clinical Development Cessation; (iii) event of default
Debt Instrument [Line Items]
Cash redemption payment that would have been made					$ 24,200,000		$ 24,200,000
Convertible Note | 2022 Convertible Note | Redemption Option, (iv) Resale registration statement is withdrawn
Debt Instrument [Line Items]
Cash redemption payment that would have been made					22,100,000		22,100,000
Convertible Note | 2022 Convertible Note | Redemption Option, Amount equal to the greater of (A) the fixed conversion value plus accrued and unpaid interest and (B) if before the first year anniversary of the issuance date
Debt Instrument [Line Items]
Cash redemption payment that would have been made					$ 26,300,000		$ 26,300,000
Convertible Note | 2022 Convertible Note | Subsequent Event
Debt Instrument [Line Items]
Aggregate limit of additional principal amount available for issuance										$ 70,000,000
Convertible Note | 2022 Convertible Note | Forecast
Debt Instrument [Line Items]
Debt instrument, term		3 years
Debt covenant, minimum financing requirement		$ 25,000,000
Principal payments	$ 882,000								$ 882,000
Lowest daily VWAP (as a percent)	0.92
Threshold trading days | trading_day	3
Debt instrument, floor price (in dollars per share) | $ / shares	$ 3
Total market capitalization (less than)	$ 100,000,000
Total market capitalization, number of consecutive trading days | tradingDay	5
Convertible Note | 2022 Convertible Note | Minimum
Debt Instrument [Line Items]
Interest rate floor upon default (as a percent)			0.06
Debt instrument, covenant compliance, liquidity requirement			110%
Shares reserved requirement (as a percentage)			200%
Debt instrument, redemption premium, percentage							5%
Convertible Note | 2022 Convertible Note | Minimum | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, covenant compliance, liquidity requirement										80%
Convertible Note | 2022 Convertible Note | Maximum
Debt Instrument [Line Items]
Interest rate floor upon default (as a percent)			0.18
Debt instrument, redemption premium, percentage							15%
Convertible Note | 2022 Convertible Note | Benchmark Rate
Debt Instrument [Line Items]
Variable spread on benchmark rate (as a percent)			5%

DEBT - Schedule of Maturities o

DEBT - Schedule of Maturities of Long-Term Debt (Details)	Sep. 30, 2022 USD ($)
Debt Disclosure [Abstract]
2022 (remaining)	$ 0
2023	5,292,000
2024	10,584,000
2025	6,174,000
Total outstanding principal	22,050,000
Less: unamortized debt discount and OID	(3,659,943)
Less: current portion of convertible note payable	(2,646,000)
Long-term convertible note payable, net	$ 15,744,057

LICENSE AGREEMENTS (Details)

LICENSE AGREEMENTS (Details)			3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 11, 2022 USD ($) shares	Aug. 06, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2014	Dec. 31, 2013 USD ($)	Jul. 19, 2021 USD ($)	May 06, 2020 licenseAgreement
Assets Sold under Agreements to Repurchase [Line Items]
Milestone payment		$ 500,000
Number of amended and restated license agreements | licenseAgreement											2
Accrued milestone fees			$ 0	$ 0	$ 500,000	$ 0
EBRIS
Assets Sold under Agreements to Repurchase [Line Items]
License fees	$ 1,000,000
Milestone payment	500,000
License Agreement | EBRIS | Common Stock
Assets Sold under Agreements to Repurchase [Line Items]
Values of shares issued in transaction	$ 500,000
License Agreement | EBRIS | Common Stock, Unregistered
Assets Sold under Agreements to Repurchase [Line Items]
Number of shares issued in transaction (in shares) | shares	43,708
Lobesity LLC
Assets Sold under Agreements to Repurchase [Line Items]
Regulatory and clinical milestone payments										$ 45,500,000
Minimum
Assets Sold under Agreements to Repurchase [Line Items]
Royalty payment percentage								5%
Maximum
Assets Sold under Agreements to Repurchase [Line Items]
Royalty payment percentage								15%
Maximum | Lobesity LLC
Assets Sold under Agreements to Repurchase [Line Items]
Regulatory and clinical milestone payments										58,000,000
Sales related milestone payments										50,000,000
Alba Agreement
Assets Sold under Agreements to Repurchase [Line Items]
License fees							$ 500,000
Milestone payment							1,500,000
Minimum sales range							100,000,000
Maximum sales range							1,500,000,000
Milestone sales target value							1,500,000,000
Alba Agreement | License and Service
Assets Sold under Agreements to Repurchase [Line Items]
License and services revenue							150,000,000
Payment for sale of product							$ 2,500,000
Seachaid Agreement
Assets Sold under Agreements to Repurchase [Line Items]
License fees									$ 200,000
Milestone payment									6,000,000
Minimum sales range									1,000,000
Maximum sales range									$ 2,500,000
Amunix License, GLP-1 | U.S and EU
Assets Sold under Agreements to Repurchase [Line Items]
Milestone payment					70,400,000
Amunix License, GLP-1 | China and Related Territories
Assets Sold under Agreements to Repurchase [Line Items]
Milestone payment					20,500,000
Amunix License, GLP-2 | U.S and EU
Assets Sold under Agreements to Repurchase [Line Items]
Milestone payment					60,100,000
Amunix License, GLP-2 | South Korea and Eastern Asia
Assets Sold under Agreements to Repurchase [Line Items]
Milestone payment					20,500,000
Cedars License
Assets Sold under Agreements to Repurchase [Line Items]
Milestone payment					$ 9,400,000
Lobesity License | Lobesity LLC
Assets Sold under Agreements to Repurchase [Line Items]
Regulatory and clinical milestone payments										45,500,000
Lobesity License | Maximum | Lobesity LLC
Assets Sold under Agreements to Repurchase [Line Items]
Regulatory and clinical milestone payments										58,000,000
Sales related milestone payments										$ 50,000,000

STOCKHOLDERS_ EQUITY - Narrativ

STOCKHOLDERS’ EQUITY - Narrative (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jun. 30, 2021
Class of Stock [Line Items]
Capital stock authorized (in shares)	560,000,000		560,000,000
Common stock, par value per share (in dollars per share)	$ 0.0001		$ 0.0001		$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	550,000,000		550,000,000		550,000,000	550,000,000
Preferred stock, shares authorized (in shares)	10,000,000		10,000,000		10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0		0		0
Common stock, shares, outstanding (in shares)	12,955,481		12,955,481		12,911,771
Truist Securities, Inc
Class of Stock [Line Items]
Sale of stock, agent commissions fee (in percentage )			3%
At-the-Market Offering | Truist Securities, Inc
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)	0	0	0	0

STOCKHOLDERS_ EQUITY - Reserve

STOCKHOLDERS’ EQUITY - Reserve Shares of Common Stock (Details) - shares	Sep. 30, 2022	Jun. 22, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Capital shares reserved for future issuance (in shares)	10,406,505		2,470,883
Outstanding stock options
Class of Stock [Line Items]
Capital shares reserved for future issuance (in shares)	1,458,038		1,044,739
Warrants to purchase common stock
Class of Stock [Line Items]
Capital shares reserved for future issuance (in shares)	1,152,204		1,152,204
Shares reserved for issuance upon conversion of convertible debt
Class of Stock [Line Items]
Capital shares reserved for future issuance (in shares)	7,231,143		0
For possible future issuance under the 2022 Plan
Class of Stock [Line Items]
Capital shares reserved for future issuance (in shares)	565,120	600,000	273,940

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details)			3 Months Ended		9 Months Ended
	Jan. 01, 2022 shares	Jan. 01, 2021	Sep. 30, 2022 USD ($) equity-basedIncentivePlan $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) equity-basedIncentivePlan $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Jun. 22, 2022 shares	Dec. 31, 2021 $ / shares shares	Apr. 30, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock option plans | equity-basedIncentivePlan			3		3
Expected term					10 years
Noncash compensation expense | $					$ 3,194,000	$ 1,884,000
Total share-based compensation | $			$ 730,000	$ 525,000	$ 3,194,000	$ 1,884,000
Capital shares reserved for future issuance (in shares)			10,406,505		10,406,505			2,470,883
RDD Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)			49,295		49,295			49,295
Options granted (in shares)					0
Options vested (in shares)					0	0
Total intrinsic value of options exercised | $						$ 27,000
Options exercised (in shares)					0	1,419
Weighted-average exercise price of options outstanding (in dollars per share) | $ / shares			$ 12.60		$ 12.60			$ 12.60
Options exercised (in dollars per share) | $ / shares					$ 0	$ 14.80
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					4 years
Options outstanding under the Innovate 2015 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)			179,630		179,630			265,067
Options granted (in shares)					0	0
Options vested (in shares)					0
Fair value of stock option awards vested | $						$ 49,000
Unrecognized compensation cost | $			$ 0		$ 0
Options exercised (in shares)					0
Weighted-average exercise price of options outstanding (in dollars per share) | $ / shares			$ 29.88		$ 29.88			$ 33.80
Options exercised (in dollars per share) | $ / shares					$ 0
Options outstanding under the 2012 Omnibus Incentive Plan, as amended
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)			1,192,233		1,192,233			730,377
Options granted (in shares)			0		470,631
Fair value of stock option awards vested | $			$ 400,000		$ 3,300,000
Unrecognized compensation cost | $			$ 7,300,000		$ 7,300,000
Purchase price of common stock, percent		5%			5%
Number of additional shares authorized (in shares)	645,589
Weighted-average grant date fair value of shares granted (in dollars per share) | $ / shares				$ 15.77	$ 9.89	$ 18.12
Total intrinsic value of options exercised | $						$ 39,000
Options exercised (in shares)			0		0
Weighted-average period for recognizing cost					2 years 9 months 18 days
Noncash compensation expense | $			$ 0	$ 100,000	$ 1,100,000	$ 100,000
Weighted-average exercise price of options outstanding (in dollars per share) | $ / shares			$ 18.54		$ 18.54			$ 23.70
Options exercised (in dollars per share) | $ / shares					$ 0
Options outstanding under the 2012 Omnibus Incentive Plan, as amended | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			0	0	0	0
Unvested units (in shares)			0		0
Total share-based compensation | $			$ 0	$ 56,000	$ 0	$ 160,000
Options outstanding under the 2012 Omnibus Incentive Plan, as amended | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested options exercise period					10 years
Options outstanding under the 2022 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)			36,880		36,880			0
Options granted (in shares)				0	36,880	0
Fair value of stock option awards vested | $			$ 10,828		$ 10,828
Unrecognized compensation cost | $			$ 100,000		$ 100,000
Weighted-average grant date fair value of shares granted (in dollars per share) | $ / shares			$ 3.42		$ 3.64
Options exercised (in shares)			0		0
Weighted-average period for recognizing cost					2 years 9 months 18 days
Capital shares reserved for future issuance (in shares)			565,120		565,120		600,000	273,940
Options available for future grants (in shares)			565,120		565,120
Weighted-average exercise price of options outstanding (in dollars per share) | $ / shares			$ 5.27		$ 5.27			$ 0
Options exercised (in dollars per share) | $ / shares					$ 0
RDD Merger | RDD Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)									50,714

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock Option Activity (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
RDD Options
Number of Options
Beginning balance (in shares)			49,295
Options granted (in shares)			0
Options forfeited (in shares)			0
Options exercised (in shares)			0	(1,419)
Ending balance (in shares)	49,295		49,295		49,295
Exercisable (in shares)	49,295		49,295
Weighted-Average Exercise Price
Beginning balance (in dollars per share)			$ 12.60
Options granted (in usd per share)			0
Options forfeited (in usd per share)			0
Options exercised (in dollars per share)			0	$ 14.80
Ending balance (in dollars per share)	$ 12.60		12.60		$ 12.60
Exercisable (in usd per share)	$ 12.60		$ 12.60
Aggregate Intrinsic Value
Outstanding	$ 30,654		$ 30,654		$ 343,486
Exercisable	$ 30,654		$ 30,654
Weighted-Average Remaining Contractual Life (in years)
Outstanding			2 years 7 months 6 days		3 years 3 months 18 days
Exercisable			2 years 7 months 6 days
Options outstanding under the Innovate 2015 Stock Incentive Plan
Number of Options
Beginning balance (in shares)			265,067
Options granted (in shares)			0	0
Options forfeited (in shares)			(85,437)
Options exercised (in shares)			0
Ending balance (in shares)	179,630		179,630		265,067
Exercisable (in shares)	179,630		179,630
Weighted-Average Exercise Price
Beginning balance (in dollars per share)			$ 33.80
Options granted (in usd per share)			0
Options forfeited (in usd per share)			41.76
Options exercised (in dollars per share)			0
Ending balance (in dollars per share)	$ 29.88		29.88		$ 33.80
Exercisable (in usd per share)	$ 29.88		$ 29.88
Aggregate Intrinsic Value
Outstanding	$ 0		$ 0		$ 837,459
Exercisable	$ 0		$ 0
Weighted-Average Remaining Contractual Life (in years)
Outstanding			2 years 10 months 24 days		2 years 8 months 12 days
Exercisable			2 years 10 months 24 days
Options outstanding under the 2012 Omnibus Incentive Plan, as amended
Number of Options
Beginning balance (in shares)			730,377
Options granted (in shares)	0		470,631
Options forfeited (in shares)			(8,775)
Options exercised (in shares)	0		0
Ending balance (in shares)	1,192,233		1,192,233		730,377
Exercisable (in shares)	499,303		499,303
Vested and expected to vest (in shares)	1,145,502		1,145,502
Weighted-Average Exercise Price
Beginning balance (in dollars per share)			$ 23.70
Options granted (in usd per share)			14.71
Options forfeited (in usd per share)			14.80
Options exercised (in dollars per share)			0
Ending balance (in dollars per share)	$ 18.54		18.54		$ 23.70
Exercisable (in usd per share)	19.70		19.70
Vested and expected to vest (in usd per share)	$ 20.34		$ 20.34
Aggregate Intrinsic Value
Outstanding	$ 0		$ 0		$ 2,296,720
Exercisable	0		0
Vested and expected to vest	$ 0		$ 0
Weighted-Average Remaining Contractual Life (in years)
Outstanding			8 years 4 months 24 days		8 years 6 months
Exercisable			7 years 7 months 6 days
Vested and expected to vest			8 years 4 months 24 days
Options outstanding under the 2022 Stock Incentive Plan
Number of Options
Beginning balance (in shares)			0
Options granted (in shares)		0	36,880	0
Options forfeited (in shares)			0
Options exercised (in shares)	0		0
Ending balance (in shares)	36,880		36,880		0
Exercisable (in shares)	2,970		2,970
Vested and expected to vest (in shares)	34,530		34,530
Weighted-Average Exercise Price
Beginning balance (in dollars per share)			$ 0
Options granted (in usd per share)			5.27
Options forfeited (in usd per share)			0
Options exercised (in dollars per share)			0
Ending balance (in dollars per share)	$ 5.27		5.27		$ 0
Exercisable (in usd per share)	5.29		5.29
Vested and expected to vest (in usd per share)	$ 5.28		$ 5.28
Aggregate Intrinsic Value
Outstanding	$ 0		$ 0		$ 0
Exercisable	0		0
Vested and expected to vest	$ 0		$ 0
Weighted-Average Remaining Contractual Life (in years)
Outstanding			9 years 8 months 12 days		0 years
Exercisable			9 years 8 months 12 days
Vested and expected to vest			9 years 8 months 12 days

SHARE-BASED COMPENSATION - Opti

SHARE-BASED COMPENSATION - Options Assumptions (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Options outstanding under the 2012 Omnibus Incentive Plan, as amended
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0%	0%	0%	0%
Expected stock-price volatility	0%	77%	79%
Expected stock-price volatility, minimum				68%
Expected stock-price volatility, maximum				85%
Risk-free interest rate, minimum	0%	0.80%	1.40%	0.10%
Risk-free interest rate, maximum	0%	0.90%	1.90%	1.10%
Expected term of options (in years)	0 years	6 years 1 month 6 days	6 years 1 month 6 days
Options outstanding under the 2012 Omnibus Incentive Plan, as amended | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of options (in years)				2 years 3 months 18 days
Options outstanding under the 2012 Omnibus Incentive Plan, as amended | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of options (in years)				6 years 1 month 6 days
Options outstanding under the 2022 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0%		0%
Expected stock-price volatility	81%
Expected stock-price volatility, minimum			79%
Expected stock-price volatility, maximum			81%
Risk-free interest rate, minimum			3%
Risk-free interest rate, maximum			3.20%
Risk-free interest rate	3%
Expected term of options (in years)	6 years
Options outstanding under the 2022 Stock Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of options (in years)			5 years 9 months 18 days
Options outstanding under the 2022 Stock Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of options (in years)			6 years

SHARE-BASED COMPENSATION - Fina

SHARE-BASED COMPENSATION - Financial Statements (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation	$ 730,000	$ 525,000	$ 3,194,000	$ 1,884,000
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation	234,000	163,000	660,000	605,000
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation	$ 496,000	$ 362,000	$ 2,534,000	$ 1,279,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2020	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Severance provisions, annual base salary				12 months
Severance provisions, continuation of health insurance benefits				12 months
Severance provisions, termination or resignation annual base salary				18 months
Severance costs		$ 0	$ 0	$ 0	$ 0
Accrued severance obligation		100,000		100,000		$ 400,000
Term of contract	4 years
Operating lease annual rental payments	$ 72,000
Base rent payment	$ 6,000
Renewal term	3 years
Right-of-use asset	$ 233,206	126,500		126,500		$ 166,618
Operating lease, liability	$ 233,206	$ 127,460		$ 127,460
Operating lease, weighted average discount rate, percent		12%		12%
Operating lease, cost		$ 18,000	$ 18,000	$ 54,000	$ 54,000
Cash paid for operating lease				$ 100,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Future Minimum Payments for Operating Lease Liabilities (Details) - USD ($)	Sep. 30, 2022	Jul. 31, 2020
Operating Leases
2022	$ 18,000
2023	72,000
2024	54,000
Total lease payment	144,000
Less: imputed interest	(16,540)
Total	$ 127,460	$ 233,206

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)				1 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended		24 Months Ended
	Jul. 01, 2023 USD ($)	Nov. 07, 2022 USD ($)	Oct. 03, 2022 USD ($) $ / ft²	Jul. 31, 2020 USD ($)	Sep. 30, 2022 USD ($)	Jun. 01, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jul. 01, 2025 USD ($)	Jul. 15, 2022 USD ($)
Subsequent Event [Line Items]
Change in restricted cash							$ 7,595,743	$ (15,757,197)
Term of contract				4 years
Base rent payment				$ 6,000
2022 Convertible Note
Subsequent Event [Line Items]
Principal payments					$ 0
Convertible Note | 2022 Convertible Note
Subsequent Event [Line Items]
Principal payments							$ 0
Aggregate limit of additional principal amount available for issuance										$ 70,000,000
Convertible Note | 2022 Convertible Note | Minimum
Subsequent Event [Line Items]
Debt instrument, covenant compliance, liquidity requirement										110%
Convertible Note | 2022 Convertible Note | Forecast
Subsequent Event [Line Items]
Debt periodic payment						$ 1,680,000
Principal payments	$ 882,000								$ 882,000
Subsequent Event
Subsequent Event [Line Items]
Term of contract			5 years
Subsequent Event | Raleigh, North Carolina
Subsequent Event [Line Items]
Term of contract			126 months
Base rent payment			$ 24,000
Base rent payment per square foot (in dollars per square foot) | $ / ft²			38
Subsequent Event | Maximum | Raleigh, North Carolina
Subsequent Event [Line Items]
Base rent payment			$ 31,000
Subsequent Event | Convertible Note | 2022 Convertible Note
Subsequent Event [Line Items]
Change in restricted cash		$ 6,300,000
Aggregate limit of additional principal amount available for issuance		$ 70,000,000
Subsequent Event | Convertible Note | 2022 Convertible Note | Minimum
Subsequent Event [Line Items]
Debt instrument, covenant compliance, liquidity requirement		80%