RenovoRx (RNXT) 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	May 10, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-40738
Entity Registrant Name	RENOVORX, INC.
Entity Central Index Key	0001574094
Entity Tax Identification Number	27-1448452
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	4546 El Camino Real
Entity Address, Address Line Two	Suite B1
Entity Address, City or Town	Los Altos
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94022
City Area Code	(650)
Local Phone Number	284-4433
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	RNXT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,066,863

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 13,121	$ 15,192
Prepaid expenses and other current assets	822	1,089
Total current assets	13,943	16,281
Leasehold improvements, net	3	6
Total assets	13,946	16,287
Current liabilities:
Accounts payable	729	525
Accrued expenses	677	413
Total liabilities	1,406	938
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value, 250,000,000 shares authorized at March 31, 2022 and December 31, 2021; 9,029,305 and 8,933,989 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	1	1
Additional paid-in capital	36,826	36,632
Accumulated deficit	(24,287)	(21,284)
Total stockholders’ equity	12,540	15,349
Total liabilities and stockholders’ equity	$ 13,946	$ 16,287

Condensed Balance Sheets (Una_2

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value, per share	$ 0.0001	$ 0.0001
Common stock, shares, authorized	250,000,000	250,000,000
Common stock, shares, issued	9,029,305	8,933,989
Common stock, shares, outstanding	9,029,305	8,933,989

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 1,289	$ 635
General and administrative	1,716	418
Total operating expenses	3,005	1,053
Loss from operations	(3,005)	(1,053)
Interest income (expense), net	1	(230)
Other income (expense), net	1	(5)
Gain on loan extinguishment		140
Total other income (expense), net	2	(95)
Net loss	$ (3,003)	$ (1,148)
Net loss per share, basic and diluted	$ (0.33)	$ (0.51)
Weighted-average shares of common stock outstanding, basic and diluted	8,992,404	2,241,749

Condensed Statements of Convert

Condensed Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member]Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2020	$ 12,451	$ 1	$ 303	$ (14,960)	$ (14,656)
Beginning balance, shares at Dec. 31, 2020	3,535,469	2,233,139
Issuance of common stock upon exercise of stock options			34		34
Issuance of common stock upon exercise of stock options, shares		50,058
Stock-based compensation expense			8		8
Net loss				(1,148)	(1,148)
Ending balance, value at Mar. 31, 2021	$ 12,451	$ 1	345	(16,108)	(15,762)
Ending balance, shares at Mar. 31, 2021	3,535,469	2,283,197
Beginning balance, value at Dec. 31, 2021		$ 1	36,632	(21,284)	15,349
Beginning balance, shares at Dec. 31, 2021		8,933,989
Issuance of common stock upon exercise of stock options			26		$ 26
Issuance of common stock upon exercise of stock options, shares		91,816			91,816
Issuance of restricted stock awards			14		$ 14
Issuance of restricted stock awards, shares		3,500
Stock-based compensation expense			154		154
Net loss				(3,003)	(3,003)
Ending balance, value at Mar. 31, 2022		$ 1	$ 36,826	$ (24,287)	$ 12,540
Ending balance, shares at Mar. 31, 2022		9,029,305

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net loss	$ (3,003,000)	$ (1,148,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	168,000	8,000
Amortization on leasehold improvement	3,000
Loss on change in fair value of derivative liability		5,000
Gain on loan extinguishment from PPP loan		(140,000)
Amortization of debt issuance cost		5,000
Amortization of debt discount		188,000
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	267,000	(1,000)
Other assets		(321,000)
Accounts payable	204,000	310,000
Accrued expenses	264,000	102,000
Net cash used in operating activities	(2,097,000)	(992,000)
Financing activities
Proceeds from exercise of common stock options	26,000	34,000
Net cash provided by financing activities	26,000	34,000
Decrease in cash and cash equivalents	(2,071,000)	(958,000)
Cash, cash equivalents, beginning of period	15,192,000	1,795,000
Cash, cash equivalents, end of period	13,121,000	837,000
Supplemental disclosure of non-cash investing and financing activities:
Derivative liability		861,000
Supplemental disclosure of non-cash activity:
Debt issuance costs – Convertible Notes		$ 6,000

Business and Principal Activiti

Business and Principal Activities	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Principal Activities	1. Business and Principal Activities Description of Business RenovoRx, Inc. (the “Company”) was incorporated in the state of Delaware in December 2012 and operates from its headquarters in Los Altos, California. The Company is a clinical-stage biopharmaceutical company focused on developing therapies for the local treatment of solid tumors and conducting a Phase 3 pancreatic cancer clinical trial for its lead product candidate RenovoGem™. The Company’s therapy platform, RenovoRx Trans-Arterial Micro-Perfusion, or RenovoTAMP™, utilizes approved chemotherapeutics with validated mechanisms of action and well-established safety and side effect profiles, with the goal of increasing their efficacy, improving their safety, and widening their therapeutic window. Initial Public Offering On August 25, 2021, the Company’s Registration Statement on Form S-1 (File No. 333-258071) relating to its initial public offering (“IPO”) was declared effective, and its shares of common stock began trading on the Nasdaq Capital Market on August 26, 2021. In connection with the IPO, the Company issued and sold an aggregate of 1,850,000 9.00 10.80 five years 277,500 198,875 10.80 The Company received aggregate gross proceeds of $ 16.7 1.3 0.8 14.6 3,535,469 5.3 converted at a 20% and 12.5% discount to the IPO price, respectively, into an aggregate of 708,820 10.80 Reverse Stock Split On August 5, 2021, the Company effected a 1-for-5 reverse stock split Liquidity and Capital Resources From the Company’s inception through March 31, 2022, it has raised an aggregate of $ 35.0 13.1 The Company has incurred significant losses and negative cash flows from operations since its inception. For the three months ended March 31, 2022, the Company reported a net loss of $ 3.0 24.3 The Company has reviewed the relevant conditions and events surrounding its ability to continue as a going concern including among others: historical losses, projected future results, including the effects of the ongoing novel coronavirus (“COVID-19”) pandemic, cash requirements for the upcoming year, funding capacity, net working capital, total stockholders’ deficit and future access to capital. Based upon the Company’s current operating plan, management believes that its existing cash and cash equivalents as of March 31, 2022 will be sufficient to allow the Company to fund operating, investing and financing cash flow needs for at least twelve months from the date of issuance of these unaudited condensed interim financial statements. The accompanying unaudited condensed interim financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The accompanying unaudited condensed interim financial statements do not reflect any adjustments relating to the recoverability and reclassifications of assets and liabilities that might be necessary if the Company is unable to continue as a going concern.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Unaudited Condensed Interim Financial Information The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the SEC for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally included in unaudited condensed interim financial statements prepared in accordance with GAAP have been condensed or omitted. The unaudited condensed interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal, recurring adjustments that are necessary to present fairly the Company’s results for the interim periods presented. The condensed balance sheet as of December 31, 2021, is derived from the Company’s audited financial statements. The results of operations for the three months ended March 31, 2022, are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any other future annual or interim period. The accompanying unaudited condensed interim financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 30, 2022. Summary of Significant Accounting Policies There have been no material changes to the significant accounting policies disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Emerging Growth Company and Smaller Reporting Company Status The Company is an emerging growth company (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from complying with new or revised financial accounting standards until private companies are required to comply with those standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards. From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. Recent Accounting Pronouncement The Company’s significant accounting policies are detailed in its Annual Report on Form 10 -K for the year ended There have been significant changes to the Company’s significant accounting policies during the months ended from those disclosed in its Annual Report on Form -K.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements As of March 31, 2022 and December 31, 2021, the Company held $ 12.9 15.0 The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2022 and December 31, 2021 (in thousands): Schedule of Assets Measured at Fair Value on Recurring Basis Fair Value Measurements at March 31, 2022 using: Assets: Level 1 Level 2 Level 3 Total Money market account $ 12,898 $ - $ - $ 12,898 $ 12,898 $ $ - $ 12,898 Fair Value Measurements at December 31, 2021 using: Assets: Level 1 Level 2 Level 3 Total Money market account $ 14,997 $ - $ - $ 14,997 $ 14,997 $ - $ - $ 14,997 There were no transfers among Level 1, Level 2 or Level 3 categories during any of the periods presented. The Company had no other financial assets or liabilities that were required to be measured at fair value on a recurring basis.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued Expenses	4. Accrued Expenses The components of accrued expenses as of March 31, 2022 and December 31, 2021 are as follows (in thousands): Schedule of Accrued Expenses March 31, 2022 December 31, 2021 Clinical trial $ 412 $ 358 Employee benefits 154 33 Other 111 22 Total accrued expenses $ 677 $ 413

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. Commitments and Contingencies Legal Proceedings From time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. The Company was not subject to any material legal proceedings during the three months ended March 31, 2022 and no material legal proceedings are subsequently outstanding or pending. Guarantees and Indemnification In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. As permitted under Delaware law and in accordance with its bylaws, the Company indemnifies its officers and directors for certain events or occurrences while the officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its officers and directors. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments that the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company is not currently aware of any indemnification claims. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of March 31, 2022. Operating Leases The Company leases its headquarters in Los Altos, California under a one-year operating lease agreement which expires on May 31, 2022 18,000 11,000

Equity Incentive Plan - Stock-B

Equity Incentive Plan - Stock-Based Compensation Expense and Common Stock Warrants	3 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plan - Stock-Based Compensation Expense and Common Stock Warrants	6. Equity Incentive Plan - Stock-Based Compensation Expense and Common Stock Warrants 2021 Omnibus Equity Incentive Plan On July 19, 2021, the Company’s Board of Directors adopted the RenovoRx, Inc. 2021 Omnibus Equity Incentive Plan (the “2021 Plan”). The 2021 Plan, which became effective immediately prior to the closing of the IPO, initially reserved 2,185,832 10,832 268,020 A summary of the stock option activity for the three months ended March 31, 2022 is as follows: Summary of Stock Option Award Activity Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 926,379 $ 2.08 6.47 $ 2,856 Granted 159,041 $ 3.17 - $ - Exercised (91,816 ) $ 0.28 - $ - Forfeited (626 ) $ 0.65 - $ - Expired - $ - - $ - Outstanding as of March 31, 2022 992,978 $ 2.42 6.92 $ 1,308 Exercisable as of March 31, 2022 578,419 $ 1.04 5.58 $ 1,239 Vested and expected to vest as of March 31, 2022 968,228 $ 2.42 7.09 $ 1,296 As of March 31, 2022, there was $ 1.2 2.87 For the three months ended March 31, 2022 and 2021, the Company utilized the Black-Scholes option-pricing model for estimating the fair value of the stock option granted. The Company estimated the fair value of each option grant on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions: Schedule of Estimate Fair Value of Stock Options Three Months Ended March 31, 2022 2021 Volatility 41.66 42.13 % 42.00 % Expected life (years) 5.00 – 10.00 5.51 Risk-free interest rate 0.62 1.00 % 0.72 % Dividend rate – % – % During the three months ended March 31, 2022, and 2021, the Company recognized $ 168,000 8,000 The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed statements of operations during the three months ended March 31, 2022 and 2021 (in thousands): Schedule of Stock Based Compensation Expense 2022 2021 Three Months Ended 2022 2021 Research and development $ 45 $ 2 General and administrative 123 6 Total stock-based compensation expense $ 168 $ 8 Common Stock Warrants In August 2021, in connection with the IPO, the Company issued warrants to purchase 3,035,195 198,875 August 25, 2026 2,588,120 August 31, 2026 The following is a summary of the common stock warrant activity during the three months ended March 31, 2022. Schedule of Warrant Activity Shares Issuable Upon Exercise of Outstanding Warrants Weighted-Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Outstanding as of December 31, 2021 2,786,995 $ 10.80 4.67 $ 30,100 Issued - $ - - $ - Exercised - $ - - $ - Expired - $ - - $ - Outstanding as of March 31, 2022 2,786,995 $ 10.80 4.42 $ 30,100

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The Company had no income tax expense for the three months ended March 31, 2022 and 2021. During the three months ended March 31, 2022 and 2021, the Company had a net operating loss (“NOL”) for each period that generated deferred tax assets for NOL carryforwards. Deferred income tax assets and liabilities are recognized for temporary differences between the financial statements and income tax carrying values using tax rates in effect for the years such differences are expected to reverse. Due to uncertainties surrounding our ability to generate future taxable income and consequently realize such deferred income tax assets, the Company has determined that it is more-likely-than-not that these deferred tax assets will not be realized. Accordingly, the Company has established a full valuation allowance against its deferred tax assets as of March 31, 2022. The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits as a component of income tax expense. For the three months ended March 31, 2022 and 2021, the Company had no

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	8. Net Loss Per Share Basic and diluted net loss per common share was calculated as follows (in thousands except share and per share amounts): Schedule of Computation of Basic and Diluted Net Loss Per Share 2022 2021 Three Months Ended 2022 2021 Numerator: Net loss $ (3,003 ) $ (1,148 ) Denominator: Weighted average shares used in computing net loss per share – basic and diluted 8,992,404 2,241,749 Net loss per share – basic and diluted $ (0.33 ) $ (0.51 ) For the three months ended March 31, 2022 and 2021, the Company had a net loss and as such, all potentially dilutive securities were excluded from the calculation of diluted net loss per share as the inclusion would be anti-dilutive. Potentially dilutive securities not included in the computation of diluted net loss per share are as follows (in common stock equivalent shares): Schedule of Potentially Anti Dilutive Securities 2022 2021 As of March 31, 2022 2021 Convertible preferred stock — 3,535,469 Options to purchase common stock 589,885 951,133 Total 589,885 4,862,602

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions In January 2018, the Company entered into a consulting agreement with one of the Company’s co-founders, Dr. Ramtin Agah, pursuant to which Dr. Agah provides consulting services as the Company’s Chief Medical Officer by overseeing Company-sponsored clinical trials. The Agreement, which was amended on September 1, 2019, and November 11, 2021, continues in force for as long as Dr. Agah is providing consulting services and may be terminated by either party on thirty (30) days’ notice. Dr. Agah was awarded (i) options to purchase 60,000 40,000 25% 20,000 52,203 21,398 4,000 10,000 21,667.67 24,083.33 72,000 30,000 Kamran Najmabadi, another co-founder of the Company, has served as our consulting technical engineering advisor on manufacturing and intellectual property matters since January 2020. Mr. Najmabadi served as the Company’s Chief Executive Officer from its inception in December 2009 until January 2013; Chief Technical and Operations Officer from January 2013 until January 2019; and Chief Technology Officer from January 2019 to January 2020. He currently receives cash compensation of $ 3,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Unaudited Condensed Interim Financial Information	Basis of Presentation and Unaudited Condensed Interim Financial Information The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the SEC for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information normally included in unaudited condensed interim financial statements prepared in accordance with GAAP have been condensed or omitted. The unaudited condensed interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal, recurring adjustments that are necessary to present fairly the Company’s results for the interim periods presented. The condensed balance sheet as of December 31, 2021, is derived from the Company’s audited financial statements. The results of operations for the three months ended March 31, 2022, are not necessarily indicative of the results to be expected for the year ending December 31, 2022, or for any other future annual or interim period. The accompanying unaudited condensed interim financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 30, 2022. Summary of Significant Accounting Policies There have been no material changes to the significant accounting policies disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
Emerging Growth Company and Smaller Reporting Company Status	Emerging Growth Company and Smaller Reporting Company Status The Company is an emerging growth company (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from complying with new or revised financial accounting standards until private companies are required to comply with those standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards. From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption.
Recent Accounting Pronouncement	Recent Accounting Pronouncement The Company’s significant accounting policies are detailed in its Annual Report on Form 10 -K for the year ended There have been significant changes to the Company’s significant accounting policies during the months ended from those disclosed in its Annual Report on Form -K.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Recurring Basis	The following tables summarize the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2022 and December 31, 2021 (in thousands): Schedule of Assets Measured at Fair Value on Recurring Basis Fair Value Measurements at March 31, 2022 using: Assets: Level 1 Level 2 Level 3 Total Money market account $ 12,898 $ - $ - $ 12,898 $ 12,898 $ $ - $ 12,898 Fair Value Measurements at December 31, 2021 using: Assets: Level 1 Level 2 Level 3 Total Money market account $ 14,997 $ - $ - $ 14,997 $ 14,997 $ - $ - $ 14,997

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	The components of accrued expenses as of March 31, 2022 and December 31, 2021 are as follows (in thousands): Schedule of Accrued Expenses March 31, 2022 December 31, 2021 Clinical trial $ 412 $ 358 Employee benefits 154 33 Other 111 22 Total accrued expenses $ 677 $ 413

Equity Incentive Plan - Stock_2

Equity Incentive Plan - Stock-Based Compensation Expense and Common Stock Warrants (Tables)	3 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Award Activity	A summary of the stock option activity for the three months ended March 31, 2022 is as follows: Summary of Stock Option Award Activity Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2021 926,379 $ 2.08 6.47 $ 2,856 Granted 159,041 $ 3.17 - $ - Exercised (91,816 ) $ 0.28 - $ - Forfeited (626 ) $ 0.65 - $ - Expired - $ - - $ - Outstanding as of March 31, 2022 992,978 $ 2.42 6.92 $ 1,308 Exercisable as of March 31, 2022 578,419 $ 1.04 5.58 $ 1,239 Vested and expected to vest as of March 31, 2022 968,228 $ 2.42 7.09 $ 1,296
Schedule of Estimate Fair Value of Stock Options	For the three months ended March 31, 2022 and 2021, the Company utilized the Black-Scholes option-pricing model for estimating the fair value of the stock option granted. The Company estimated the fair value of each option grant on the grant date using the Black-Scholes option pricing model with the following weighted-average assumptions: Schedule of Estimate Fair Value of Stock Options Three Months Ended March 31, 2022 2021 Volatility 41.66 42.13 % 42.00 % Expected life (years) 5.00 – 10.00 5.51 Risk-free interest rate 0.62 1.00 % 0.72 % Dividend rate – % – %
Schedule of Stock Based Compensation Expense	The following table summarizes the components of stock-based compensation expense recognized in the Company’s condensed statements of operations during the three months ended March 31, 2022 and 2021 (in thousands): Schedule of Stock Based Compensation Expense 2022 2021 Three Months Ended 2022 2021 Research and development $ 45 $ 2 General and administrative 123 6 Total stock-based compensation expense $ 168 $ 8
Schedule of Warrant Activity	The following is a summary of the common stock warrant activity during the three months ended March 31, 2022. Schedule of Warrant Activity Shares Issuable Upon Exercise of Outstanding Warrants Weighted-Average Exercise Price Weighted- Average Remaining Contractual Life Aggregate Outstanding as of December 31, 2021 2,786,995 $ 10.80 4.67 $ 30,100 Issued - $ - - $ - Exercised - $ - - $ - Expired - $ - - $ - Outstanding as of March 31, 2022 2,786,995 $ 10.80 4.42 $ 30,100

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Share	Basic and diluted net loss per common share was calculated as follows (in thousands except share and per share amounts): Schedule of Computation of Basic and Diluted Net Loss Per Share 2022 2021 Three Months Ended 2022 2021 Numerator: Net loss $ (3,003 ) $ (1,148 ) Denominator: Weighted average shares used in computing net loss per share – basic and diluted 8,992,404 2,241,749 Net loss per share – basic and diluted $ (0.33 ) $ (0.51 )
Schedule of Potentially Anti Dilutive Securities	Potentially dilutive securities not included in the computation of diluted net loss per share are as follows (in common stock equivalent shares): Schedule of Potentially Anti Dilutive Securities 2022 2021 As of March 31, 2022 2021 Convertible preferred stock — 3,535,469 Options to purchase common stock 589,885 951,133 Total 589,885 4,862,602

Business and Principal Activi_2

Business and Principal Activities (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Aug. 30, 2021	Aug. 25, 2021	Aug. 05, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Aug. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Class of warrant or right, exercise price of warrants or rights				$ 10.80		$ 10.80
Over allotment option to purchase				91,816
Stockholders equity, reverse stock split			1-for-5 reverse stock split
Cash and cash equivalents, at carrying value				$ 13,121		$ 15,192
Net loss				3,003	$ 1,148
Retained earnings				24,287		$ 21,284
Underwriter [Member]
Subsidiary, Sale of Stock [Line Items]
Class of warrant or right, number of securities called by each warrant or right							3,035,195
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction		1,850,000
Sale of stock, price per share		$ 9
Aggregate gross proceeds		$ 16,700
Underwriting discounts and commissions		1,300
Other expenses		800
Net proceeds from intial public offering		$ 14,600
Conversion of stock, shares issued		3,535,469
Debt conversion, converted instrument, amount		$ 5,300
Debt instrument, description		converted at a 20% and 12.5% discount to the IPO price, respectively, into an aggregate of 708,820 units. Each unit consisted of (a) one share of common stock and (b) one five-year warrant to purchase one share of common stock at an exercise price equal to $10.80 per share
Debt Conversion, Converted Instrument, Shares Issued		708,820
Proceeds from sale of equity				$ 35,000
IPO [Member] | Underwriter [Member] | Over Allotment Options [Member]
Subsidiary, Sale of Stock [Line Items]
Over allotment option to purchase	277,500
IPO [Member] | Underwriter [Member] | Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Class of warrant or right, exercise price of warrants or rights		$ 10.80
Class of warrant or right, number of securities called by each warrant or right		198,875
IPO [Member] | Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Class of warrant or right, exercise price of warrants or rights		$ 10.80
Warrants and rights outstanding, term		5 years

Schedule of Assets Measured at

Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	$ 12,898	$ 14,997
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	12,898	14,997
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	12,898	14,997
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	12,898	14,997
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Money market funds, at carrying value	$ 12.9	$ 15

Schedule of Accrued Expenses (D

Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Clinical trial	$ 412	$ 358
Employee benefits	154	33
Other	111	22
Total accrued expenses	$ 677	$ 413

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Lessee, operating lease, description	The Company leases its headquarters in Los Altos, California under a one-year operating lease agreement which expires on May 31, 2022
Operating lease, rent expense	$ 18,000	$ 11,000

Summary of Stock Option Award A

Summary of Stock Option Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Number of stock options outstanding, beginning balance	926,379
Weighted average exercise price outstanding, beginning balance	$ 2.08
Weighted average remaining contractual life	6 years 11 months 1 day	6 years 5 months 19 days
Aggregate intrinsic value outstanding, beginning balance	$ 2,856
Number of stock options, granted	159,041
Weighted average exercise price, granted	$ 3.17
Number of stock options, exercised	(91,816)
Weighted average exercise price, exercised	$ 0.28
Number of stock options, forfeited	(626)
Weighted average exercise price, forfeited	$ 0.65
Number of stock options, expired
Weighted average exercise price, expired
Number of stock options outstanding, ending balance	992,978	926,379
Weighted average exercise price outstanding, ending balance	$ 2.42	$ 2.08
Aggregate intrinsic value outstanding, ending balance	$ 1,308	$ 2,856
Number of stock options, exercisable	578,419
Weighted average exercise price, exercisable	$ 1.04
Weighted average remaining contractual life, exercisable	5 years 6 months 29 days
Aggregate intrinsic value, exercisable	$ 1,239
Number of stock options, vested and expected to vest	968,228
Weighted average exercise price, vested and expected to vest	$ 2.42
Weighted average remaining contractual life, vested and expected	7 years 1 month 2 days
Aggregate intrinsic value, vested and expected to vest	$ 1,296

Schedule of Estimate Fair Value

Schedule of Estimate Fair Value of Stock Options (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Volatility rate, minimum	41.66%
Volatility rate, maximum	42.13%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate		42.00%
Expected life (years)		5 years 6 months 3 days
Risk-free interest rate, minimum	0.62%
Risk-free interest rate, maximum	1.00%
Risk-free interest rate		0.72%
Dividend rate	0.00%	0.00%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (years)	5 years
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life (years)	10 years

Schedule of Stock Based Compens

Schedule of Stock Based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 168,000	$ 8,000
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	45,000	2,000
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 123,000	$ 6,000

Schedule of Warrant Activity (D

Schedule of Warrant Activity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Share-Based Payment Arrangement [Abstract]
Warrants outstanding, beginning balance	2,786,995
Weighted average exercise price, beginning balance | $ / shares	$ 10.80
Weighted average remaining contractual life, beginning	4 years 8 months 1 day
Warrant, aggregate intrinsic value | $	$ 30,100
Warrants outstanding, beginning balance
Warrants outstanding, exercised
Warrants outstanding, expired
Warrants outstanding, ending balance	2,786,995
Weighted average exercise price, ending balance | $ / shares	$ 10.80
Weighted average remaining contractual life, ending	4 years 5 months 1 day
Warrant, aggregate intrinsic value | $	$ 30,100

Equity Incentive Plan - Stock_3

Equity Incentive Plan - Stock-Based Compensation Expense and Common Stock Warrants (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jan. 01, 2022	Aug. 31, 2021	Jul. 19, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock based compensation expense	$ 1,200,000
Weighted average period	2 years 10 months 13 days
Share based compensation expense	$ 168,000	$ 8,000
Underwriter [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Class of warrant or right, number of securities called by each warrant or right				3,035,195
Underwriter [Member] | Warrant One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Class of warrant or right, number of securities called by each warrant or right				198,875
Warrants and rights outstanding, maturity date				Aug. 25, 2026
Underwriter [Member] | Warrant Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Class of warrant or right, number of securities called by each warrant or right				2,588,120
Warrants and rights outstanding, maturity date				Aug. 31, 2026
2021 Omnibus Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares reserved			268,020		2,185,832
Common shares reserved but unissued					10,832

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Accrued interest or penalties related to uncertain tax positions	$ 0	$ 0

Schedule of Computation of Basi

Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (3,003)	$ (1,148)
Weighted average shares used in computing net loss per share – basic and diluted	8,992,404	2,241,749
Net loss per share – basic and diluted	$ (0.33)	$ (0.51)

Schedule of Potentially Anti Di

Schedule of Potentially Anti Dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	589,885	4,862,602
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		3,535,469
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	589,885	951,133

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 31, 2018	Mar. 31, 2022	Mar. 31, 2021	Jan. 01, 2022	Dec. 31, 2021	Nov. 30, 2021	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2019	Dec. 31, 2018	May 31, 2017
Related Party Transaction [Line Items]
Share based compensation arrangement by share based payment award, options, outstanding, number		992,978			926,379
Dr.Agah [Member] | Consulting Agreement [Member]
Related Party Transaction [Line Items]
Share based compensation arrangement by share based payment award, options, outstanding, number	40,000	21,398					52,203	20,000			60,000
Share based compensation arrangement by share based payment award, award vesting rights, percentage	25.00%
Deferred compensation arrangement with individual, cash award granted, amount						$ 21,667.67			$ 10,000	$ 4,000
Dr.Agah [Member] | Consulting Agreement [Member] | IPO [Member]
Related Party Transaction [Line Items]
Deferred compensation arrangement with individual, cash award granted, amount				$ 24,083.33
Consulting fees		$ 72,000	$ 30,000
Najmabadi [Member]
Related Party Transaction [Line Items]
Deferred compensation arrangement with individual, cash award granted, amount		$ 3,000