Hepion Pharmaceuticals (HEPA) 10-K 8 Apr 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Mar. 30, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36856
Entity Registrant Name	HEPION PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2783806
Entity Address, Address Line One	399 Thornall Street
Entity Address, Address Line Two	First Floor
Entity Address, City or Town	Edison
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08837
City Area Code	732
Local Phone Number	902-4000
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	HEPA
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 150.8
Entity Common Stock, Shares Outstanding		76,229,571
Documents Incorporated by Reference	Parts of the registrant’s Proxy Statement for the Registrant’s 2022 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2021.
Entity Central Index Key	0001583771
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Filer Category	Non-accelerated Filer

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Auditor Information [Abstract]
Auditor Location	Woodbridge, New Jersey
Auditor Firm ID	243
Auditor Name	BDO USA, LLP

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash	$ 91,348,967	$ 40,726,838
Prepaid expenses	6,102,801	1,907,461
Total current assets	97,451,768	42,634,299
Property and equipment, net	152,772	108,440
Right-of-use assets	303,689	556,492
In-process research and development	3,190,000	3,190,000
Goodwill	1,870,924	1,870,924
Other assets	583,326	285,098
Total assets	103,552,479	48,645,253
Current liabilities:
Accounts payable	2,445,837	3,722,429
Accrued expenses	2,505,625	659,572
Operating lease liabilities, current	266,650	279,826
Short-term portion of contingent consideration	2,988,284	0
Total current liabilities	8,206,396	4,661,827
Contingent consideration	1,891,716	2,570,000
Long-term debt	0	176,585
Deferred tax liability	409,022	409,022
Operating lease liabilities, non-current	50,342	295,755
Derivative financial instruments, at estimated fair value—warrants	0	11,673
Total liabilities	10,557,476	8,124,862
Commitments and contingencies
Stockholders’ equity:
Common stock—$0.0001 par value per share; 120,000,000 shares authorized, 76,225,254 and 32,025,153 shares issued and outstanding at December 31, 2021 and 2020, respectively.	7,623	3,203
Additional paid-in capital	224,787,547	142,910,523
Accumulated deficit	(133,501,295)	(104,105,463)
Stockholders' Equity Attributable to Parent, Total	92,995,003	40,520,391
Total liabilities and stockholders’ equity	103,552,479	48,645,253
Series A
Stockholders’ equity:
Convertible preferred stock	855,808	855,808
Series C
Stockholders’ equity:
Convertible preferred stock	$ 845,320	$ 856,320

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	76,225,254	32,025,153
Common stock, shares outstanding (in shares)	76,225,254	32,025,153
Series A
Convertible preferred stock, par value (in dollars per share)	$ 10	$ 10
Convertible preferred stock, shares issued (in shares)	85,581	85,581
Convertible preferred stock, shares outstanding (in shares)	85,581	85,581
Series C
Convertible preferred stock, par value (in dollars per share)	$ 1,000	$ 1,000
Convertible preferred stock, shares issued (in shares)	1,806	1,817
Convertible preferred stock, shares outstanding (in shares)	1,806	1,817

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenues	$ 0	$ 0
Costs and expenses:
Research and development	20,395,136	11,997,272
General and administrative	10,008,173	8,148,803
Total operating expenses	30,403,309	20,146,075
Loss from operations	(30,403,309)	(20,146,075)
Other income (expense):
Interest expense	(8,859)	(31,229)
Change in fair value of derivative instruments-warrants and contingent consideration	(2,310,000)	(146,050)
Loss before income taxes	(32,722,168)	(20,323,354)
Income tax benefit (expense)	0	(30,584)
Net loss	(32,722,168)	(20,353,938)
Deemed dividend (see Note 5)	0	(5,287)
Net loss attributable to common stockholders, basic	(32,722,168)	(20,359,225)
Net loss attributable to common stockholders, diluted	$ (32,722,168)	$ (20,359,225)
Weighted average common shares outstanding:
Basic (in shares)	70,291,535	9,677,832
Diluted (in shares)	70,291,535	9,677,832
Net loss per common share: (see Note 11)
Basic (in dollars per share)	$ (0.47)	$ (2.10)
Diluted (in dollars per share)	$ (0.47)	$ (2.10)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Equity - USD ($)	Total	Cumulative Effect, Period of Adoption, Adjustment	Preferred StockSeries A	Preferred StockSeries C	Preferred StockSeries CCumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid in Capital	Additional Paid in CapitalCumulative Effect, Period of Adoption, Adjustment	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Dec. 31, 2019			85,581	1,827		3,760,255
Beginning balance at Dec. 31, 2019	$ 15,616,697		$ 855,808	$ 861,033		$ 375	$ 97,651,006		$ (83,751,525)
Changes in Stockholders' Equity
Net loss	(20,353,938)								(20,353,938)
Stock-based compensation expense	2,379,360						2,379,360
Conversion of preferred stock to common (in shares)				(10)		92
Conversion of preferred stock to common	0			$ (10,000)			10,000
Accretion of discount	0			$ 5,287			(5,287)
Issuance of common stock, net (in shares)						28,262,806
Issuance of common stock, net	42,866,272					$ 2,828	42,863,444
Warrant exercises (in shares)						2,000
Warrant exercises	12,000						12,000
Ending balance (in shares) at Dec. 31, 2020			85,581	1,817		32,025,153
Ending balance at Dec. 31, 2020	$ 40,520,391	$ 11,673	$ 855,808	$ 856,320	$ 5,816	$ 3,203	142,910,523	$ (3,314,663)	(104,105,463)	$ 3,326,336
Changes in Stockholders' Equity
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]
Net loss	$ (6,063,517)
Ending balance at Mar. 31, 2021	117,580,017			$ 846,320			222,712,911		(106,842,645)
Beginning balance (in shares) at Dec. 31, 2020			85,581	1,817		32,025,153
Beginning balance at Dec. 31, 2020	40,520,391	$ 11,673	$ 855,808	$ 856,320	$ 5,816	$ 3,203	142,910,523	$ (3,314,663)	(104,105,463)	$ 3,326,336
Changes in Stockholders' Equity
Net loss	(32,722,168)								(32,722,168)
Stock-based compensation expense	3,031,507						3,031,507
Conversion of preferred stock to common (in shares)				(11)		101
Conversion of preferred stock to common	0			$ (11,000)			11,000
Issuance of common stock, net (in shares)						44,200,000
Issuance of common stock, net	82,153,600					$ 4,420	82,149,180
Ending balance (in shares) at Dec. 31, 2021			85,581	1,806		76,225,254
Ending balance at Dec. 31, 2021	92,995,003		$ 855,808	$ 845,320		$ 7,623	224,787,547		(133,501,295)
Beginning balance at Mar. 31, 2021	117,580,017			846,320			222,712,911		(106,842,645)
Changes in Stockholders' Equity
Net loss	(7,667,105)
Ending balance at Jun. 30, 2021	110,724,864			846,320			223,524,863		(114,509,750)
Changes in Stockholders' Equity
Net loss	(9,269,473)
Ending balance at Sep. 30, 2021	$ 102,643,766			$ 845,320			$ 224,714,238		$ (123,779,223)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (32,722,168)	$ (20,353,938)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	4,668,815	2,379,360
Depreciation and amortization	86,073	34,515
Change in fair value of derivative instrument-warrants	0	6,050
Change in fair value of contingent consideration	2,310,000	140,000
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	(1,067,847)	3,039,242
Right of use asset	252,803	241,421
Operating lease liability	(258,589)	(231,866)
Prepaid expenses and other assets	(4,493,568)	(1,419,986)
Net cash used in operating activities	(31,224,481)	(16,165,202)
Cash flows from investing activities:
Purchase of property and equipment	(130,405)	(87,983)
Proceeds from disposal of property and equipment	0	2,194
Net cash used in investing activities	(130,405)	(85,789)
Cash flows from financing activities:
Proceeds from the issuance of common stock, net of issuance costs	82,153,600	42,866,272
Proceeds from debt financing	0	176,585
Repayment of debt financing	(176,585)	0
Proceeds from the exercise of warrants	0	12,000
Net cash provided by financing activities	81,977,015	43,054,857
Net increase in cash	50,622,129	26,803,866
Cash at beginning of period	40,726,838	13,922,972
Cash at end of period	91,348,967	40,726,838
Supplementary disclosure of cash flow information:
Cash paid for interest	2,024	0
Supplementary disclosure of non-cash financing activities:
Conversion of Series C convertible preferred stock (part of Series C deemed dividend)	11,000	10,000
Fair value of warrants issued to placement agent	2,013,055	1,278,432
Adoption of new accounting standard	$ 11,672	$ 0

Business Overview

Business Overview	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Overview	Business Overview Hepion Pharmaceuticals, Inc. (we, our, or us) is a biopharmaceutical company headquartered in Edison, New Jersey, focused on the development of drug therapy for treatment of chronic liver diseases. This therapeutic approach targets fibrosis, inflammation, and shows potential for the treatment of hepatocellular carcinoma (“HCC”) associated with non-alcoholic steatohepatitis (“NASH”), viral hepatitis, and other liver diseases. Our cyclophilin inhibitor, Rencofilstat (formerly CRV431), is being developed to offer benefits to address multiple complex pathologies related to advanced liver disease. Rencofilstat is a cyclophilin inhibitor that targets multiple pathologic pathways involved in the progression of liver disease. We are developing Rencofilstat as our lead molecule. Rencofilstat is a compound that binds and inhibits the function of a specific class of isomerase enzymes called cyclophilins that regulate protein folding. Many closely related isoforms of cyclophilins exist in humans. Cyclophilins A, B, and D are the best characterized cyclophilin isoforms. Inhibition of cyclophilins has been shown in the scientific literature to have therapeutic effects in a variety of experimental models, including liver disease models. On May 10, 2018, we submitted an Investigational New Drug Application (“IND”) to the U.S. Food and Drug Administration (“FDA”) to support initiation of our Rencofilstat HBV clinical development program in the United States and received approval in June 2018. We completed the first segment of our Phase 1 clinical activities for Rencofilstat in October 2018 wherein we reached a major clinical milestone of positive data from a Phase I trial of Rencofilstat in humans. This achievement triggered the first milestone payment, as stated in the May 26, 2016 acquisition agreement between the Company and Ciclofilin Pharmaceuticals, Inc. (“Ciclofilin”) (the “Merger Agreement") for the acquisition of Ciclofilin and we paid a related milestone payment of approximately $0.3 million to Aurinia Pharmaceuticals, Inc. ("Aurinia") and $0.7 million to the former Ciclofilin shareholders along with the issuance of 1,439 shares of our common stock with a fair value of $0.1 million, representing 2.5% of our issued and outstanding common stock as of June, 2016, to the former Ciclofilin shareholders. Our CEO is a former Ciclofilin shareholder and received approximately $0.3 million and 603 shares of common stock and Petrus Wijngaard, a director of our company, received $2,805 and 6 shares of common stock. The Merger Agreement for the acquisition of Ciclofilin was amended on January 14, 2022 (see Note 13). Additional milestone payments could potentially be payable to the former Ciclofilin shareholders pursuant to the Ciclofilin Merger Agreement as follows: (i) upon receipt of Phase II positive data from a proof of concept clinical trial of Rencofilstat in humans - 4,317 shares of common stock and $3.0 million, (ii) upon initiation of a Phase III trial of Rencofilstat - $5.0 million, and (iii) upon acceptance by the FDA of a new drug application for Rencofilstat - $8.0 million. In addition, on February 14, 2014, Ciclofilin had entered into a Purchase and Sale Agreement to acquire Aurinia’s entire interest in Rencofilstat. This agreement contains future milestone payments payable by us based on clinical and marketing milestones of up to CAD $2.5 million. The milestone payments payable to the former Ciclofilin shareholders will be subject to offset by certain of the clinical and marketing milestone payments payable to Aurinia as follows: (a) the payments to the former Ciclofilin shareholders pursuant to (ii) above would be offset by payment to Aurinia of CAD $0.5 million, and (b) the payments to the former Ciclofilin shareholders pursuant to (iii) above would be subject to offset by payment to Aurinia of up to CAD $2.0 million. In addition to the above clinical and milestone payments, the Aurinia Agreement provides for the following additional contingent payment obligations: (x) a royalty of 2.5% on net sales of Rencofilstat which is uncapped, (y) a royalty of 5.0% on license revenue from Rencofilstat and (z) a payment equal to 30.0% of the proceeds from a Liquidity Event (as defined in the Purchase and Sale Agreement) with respect to Ciclofilin, of which approximately $0.2 million plus interest will be paid to Aurinia. The maximum obligation under both (y) and (z) is CAD $5.0 million. The Merger Agreement was amended on January 14, 2022 (see Note 13). On June 17, 2019, we submitted an IND to the FDA to support initiation of our Rencofilstat NASH clinical development program in the United States and received approval in July 2019. We completed dosing of Rencofilstat in our multiple ascending dose (“MAD’) clinical trial in September 2020. On July 13, 2021, we announced positive topline results from our Phase 2a "Ambition" NASH clinical trial. All primary endpoints of the trial were met. This Phase 2a study confirmed Rencofilstat tolerability and successfully elucidated drug dose range for the upcoming Phase 2b trial. On September 13, 2021, we announced additional positive data from the Phase 2a Ambition trial and the initiation of the Phase 2b "Ascend" NASH clinical trial. On November 20, 2020, we submitted an IND to the FDA to support initiation of a Rencofilstat clinical development program in the United States for COVID-19. We received approval December 17, 2020, to conduct a COVID-19 clinical trial and are investigating potential sources of collaboration and/or funding for the trial. To date, we have not sourced funding yet. On November 19, 2021 we submitted an IND to the FDA to support initiation of a Rencofilstat clinical development program in the United States for the treatment of HCC and received approval on December 17, 2021. On November 30, 2021, the FDA granted Fast Track designation for our lead drug candidate, Rencofilstat, for the treatment of NASH. The FDA Fast Track designation allows sponsors to gain access to expedited drug approval reviews for medical conditions that are serious and potentially life-threatening, and where there is an unmet medical need. The program is also designed to facilitate drug development by making provisions for more frequent meetings with the FDA to discuss drug development plans, and Fast Track designation can lead to Accelerated Approval and/or Priority Review eligibility if certain criteria are met.

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Principles of Consolidation The accompanying consolidated financial statements include our accounts and the accounts of our subsidiaries, Contravir Research Inc. and Hepion Research Corp, which conduct their operations in Canada. All intercompany balances and transactions have been eliminated in consolidation. Immaterial Revisions Adoption of New Accounting Standard On January 1, 2021, we adopted ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The amendments in ASU No. 2020-06 removed the requirement that an instrument or embedded feature must permit settlement in unregistered shares in order to qualify for equity classification. The removal of this criterion allowed us to reclassify the common stock liability to equity upon adoption. In connection with the preparation of our consolidated financial statements for the year ended December 31, 2021, we determined that revisions were required to be made to previously reported balances associated with adoption of ASU 2020-06, including the cumulative effect upon adoption. We revised the consolidated financial statements as follows: (a) reclassification of $11,673 from non-current liabilities included in Derivative financial instruments to Additional paid-in capital related to warrants previously issued in connection with our Series C convertible preferred stock in 2018 that were recorded as liabilities and are reclassified to equity upon adoption of ASU 2020-06; (b) reversal of $10,911 of corresponding changes in fair value for liability classified warrants in (a) above recorded through September 30, 2021; (c) reclassification of $4,529,980 representing an increase to additional paid-in capital and offset to accumulated deficit related to historical changes in fair value of liability classified warrants, offset by the initial allocation of offering costs recorded as an expense at the time of issuance in 2018; (d) above from issuance through September 30, 2021 net of original issuance costs that were allocated to the previously classified liability warrants; (d) reversal of $5,816 for the 2021 accretion of a discount for our previously issued Series C convertible preferred stock is no longer required with the adoption of ASU 2020-06; and (e) reclassification of $7,844,643 representing a beneficial conversion feature related to our previously issued Series A and B convertible preferred stock previously recorded as a deemed dividend in accumulated deficit that is being reclassified from accumulated deficit to additional paid-in capital. The above revisions did not have a material impact on the consolidated statement of operations or statement of cash flows. We assessed the materiality of the misstatements both quantitatively and qualitatively and determined the revisions of these errors to be immaterial to all prior consolidated financial statements taken as a whole and, therefore, amending previously filed reports to correct for the immaterial errors was not required. We have included a line item titled “adoption of new accounting standard” in the consolidated statement of changes in stockholders’ equity for the year ended December 31, 2021 that includes the cumulative effect on adoption of the above revisions. The following tables present the amounts as reported, net revisions, and as revised amounts for the immaterial revisions to previously reported amounts which are which is shown in the following tables: For the Three Months Ended March 31, 2021 As Reported Revisions As Revised Series C convertible preferred stock 851,607 (5,287) 846,320 Additional paid-in capital 226,022,287 (3,309,376) 222,712,911 Net loss (6,057,306) (6,211) (6,063,517) Accumulated deficit (110,162,769) 3,320,124 (106,842,645) Total stockholders' equity 117,574,556 5,461 117,580,017 For the Three Months Ended June 30, 2021 As Reported Revisions As Revised Series C convertible preferred stock 851,607 (5,287) 846,320 Additional paid-in capital 226,834,239 (3,309,376) 223,524,863 Net loss (7,665,161) (1,944) (7,667,105) Accumulated deficit (117,827,930) 3,318,180 (114,509,750) Total stockholders' equity 110,721,347 3,517 110,724,864 For the Three Months Ended September 30, 2021 As Reported Revisions As Revised Series C convertible preferred stock 851,136 (5,816) 845,320 Additional paid-in capital 228,023,085 (3,308,847) 224,714,238 Net loss (9,266,717) (2,756) (9,269,473) Accumulated deficit (127,094,647) 3,315,424 (123,779,223) Total stockholders' equity 102,643,005 761 102,643,766 Income Taxes During the year ended December 31 2021, we performed an Internal Revenue Code Section 382 analysis of our historical net operating loss ("NOL") carry-forward amounts. As more fully disclosed in Note 10, our NOLs may become subject to an annual limitation under Section 382. In connection with our September 30, 2021 Form 10-Q, we previously disclosed that we performed a study through September 30, 2021 and concluded that we have experienced ownership changes since inception through September 30, 2021 that we believe will result in limitations on our ability to use certain pre-ownership change NOLs and credits. We updated our study through the fourth quarter of 2021 and concluded that there were no additional limitations identified. The following tables present the amounts as reported, revisions, and as revised amounts for note disclosures affected by the immaterial revisions for the years ended December 31, 2020 and 2019: Year ended December 31, 2020 Year ended December 31, 2019 As Revisions As As Revisions As Federal NOL $ 19,665,840 $ (11,279,909) $ 8,385,931 $ 16,812,626 $ (12,056,292) $ 4,756,334 State NOL 4,497,069 (3,697,061) 800,008 2,439,015 — 2,439,015 Research and development credits 2,099,921 (1,596,515) 503,406 1,350,305 (1,178,674) 171,631 Lease liability 172,674 — 172,674 242,234 — 242,234 Stock compensation and other 1,108,314 — 1,108,314 889,167 — 889,167 Deferred tax asset valuation allowance (26,812,522) 16,573,485 (10,239,037) (20,945,997) 13,234,966 (7,711,031) Total deferred tax asset 731,296 — 731,296 787,350 — 787,350 Deferred tax liability (In process R&D) (957,000) — (957,000) (957,000) — (957,000) Right-of-use asset (183,318) — (183,318) (239,372) — (239,372) Total deferred tax liability (1,140,318) — (1,140,318) (1,196,372) — (1,196,372) Net deferred tax liability $ (409,022) $ — $ (409,022) $ (409,022) $ — $ (409,022) In addition, certain disclosures of gross NOLs that are included in the Income Tax Note disclosure in our 2020 Annual Report on Form 10-K are updated as follows to reflect the changes to the gross NOLs as a result of the above revisions. As of December 31, 2020 and 2019, we had U.S. federal and state net operating loss carryforwards of $49.6 million and $56.8 million, respectively, which may be available to offset future income tax liabilities and will begin to expire at various dates starting in December 2037. Liquidity As of December 31, 2021, we had $91.3 million in cash, an accumulated deficit of $133.5 million, and working capital of $89.2 million. For the year ended December 31, 2021, cash used in operating activities was $31.2 million and we had a net loss of $32.7 million . We have not generated revenue to date and have incurred substantial losses and negative cash flows from operations since our inception. We have historically funded our operations through issuances of convertible debt, common stock and preferred stock. We expect to continue to incur losses for the next several years as we expand our research, development and clinical trials of Rencofilstat. We are unable to predict the extent of any future losses or when we will become profitable, if at all. We believe that our cash and cash equivalents balances are sufficient to fund our anticipated operating cash requirements for more than one year from the date of issuance of these consolidated financial statements. These consolidated financial statements have been prepared under the assumption that we will continue as a going concern. We will be required to raise additional capital in a future year to continue the development and commercialization of current product candidates and to continue to fund operations at the current cash expenditure levels. We cannot be certain that additional funding will be available on acceptable terms, or at all. To the extent that we raise additional funds by issuing equity securities, our stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact our ability to conduct business. If we are unable to raise additional capital when required or on acceptable terms, we may have to (i) significantly delay, scale back or discontinue the development and/or commercialization of one or more product candidates; (ii) seek collaborators for product candidates at an earlier stage than otherwise would be desirable and on terms that are less favorable than might otherwise be available; or (iii) relinquish or otherwise dispose of rights to technologies, product candidates or products that we would otherwise seek to develop or commercialize on unfavorable terms. COVID-19 Pandemic The COVID-19 outbreak in the United States has caused significant business disruption. The extent of the impact of COVID-19 on our future operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, and impact on our clinical trials, employees and vendors, all of which are uncertain and cannot be predicted. At this point, the extent to which COVID-19 may impact our future financial condition or results of operations is uncertain. While there has not been a material impact on our consolidated financial statements for the year ended December 31, 2021, a prolonged outbreak could have a material adverse impact on our financial results and business operations, including the timing and our ability to complete certain clinical trials and other efforts required to advance the development of our product candidate and raise additional capital.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Actual results could differ from those estimates. Cash As of December 31, 2021 and 2020, the amount of cash was $91.3 million and $40.7 million, respectively, consisting of checking accounts held at U.S. and Canadian commercial banks. At certain times, our cash balances with any one financial institution may exceed Federal Deposit Insurance Corporation insurance limits. We believe it mitigates our risk by depositing our cash balances with high credit, quality financial institutions. We have never experienced losses related to these balances. Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC 820”), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a three-tier fair value hierarchy that distinguishes among the following: • Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that we can access. • Level 2—Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly. • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Financial instruments consist of cash, accounts payable, contingent consideration and derivative instruments. These financial instruments are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature, except for contingent consideration and derivative instruments, which are recorded at fair value at the end of each reporting period. We recorded contingent consideration from the 2016 acquisition of Ciclofilin, which is required to be carried at fair value. See Note 6 for additional information on the fair value of the contingent consideration. Property, equipment and depreciation As of December 31, 2021 and 2020, we had $0.2 million and $0.1 million, respectively, of property and equipment, consisting primarily of computer equipment, research equipment and furniture and fixtures. Expenditures for additions, renewals and improvements will be capitalized at cost. Depreciation will generally be computed on a straight-line method based on the estimated useful lives of the related assets. The estimated useful lives of the depreciable assets are 3 to 7 years. Leasehold improvements are amortized using the straight-line method over their estimated useful lives, or the remaining term of the lease, whichever is shorter. Depreciation expense for the years ended December 31, 2021 and 2020 was $0.1 million and $34,515, respectively. Expenditures for repairs and maintenance are charged to operations as incurred. We will periodically evaluate whether current events or circumstances indicate that the carrying value of depreciable assets may not be recoverable. There were no adjustments to the carrying value of property and equipment at December 31, 2021 or December 31, 2020. Goodwill and In-Process Research & Development In accordance with ASC Topic 350, Intangibles — Goodwill and Other (“ASC Topic 350”), goodwill and acquired IPR&D are determined to have indefinite lives and, therefore, are not amortized. Instead, they are tested for impairment annually, in our fourth quarter, and between annual tests if we become aware of an event or a change in circumstances that would indicate the carrying value may be impaired. The annual, or interim (if events or changes in circumstances indicate that it is more likely than not that the asset is impaired), goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. As part of the impairment test, we may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit, including goodwill, is less than its carrying amount, or if we elect to bypass the qualitative assessment, we would then proceed with the quantitative impairment test. The impairment test involves comparing the fair values of the reporting units to their carrying amounts. If the carrying amount of a reporting unit exceeds its fair value, we recognize a goodwill loss in an amount equal to any excess. Goodwill relates to amounts that arose in connection with the acquisition of Ciclofilin. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired when accounted for using the acquisition method of accounting for business combinations. We performed a quantitative assessment of goodwill for fiscal year 2021 and determined that the fair value of our reporting unit was in excess of its carrying value. We performed a qualitative assessment of goodwill for fiscal year 2020 and determined that it was not more likely than not that goodwill was impaired. There was no impairment of goodwill for the years ended December 31, 2021 and 2020. In-Process Research and Development ("IPR&D") acquired in a business combination is capitalized as indefinite-lived assets on our consolidated balance sheets at the acquisition-date fair value. IPR&D relates to amounts that arose in connection with the acquisition of Ciclofilin. Once the project is completed, the carrying value of the IPR&D is reclassified to other intangible assets, net and is amortized over the estimated useful life of the asset. Post-acquisition research and development expenses related to the IPR&D projects are expensed as incurred. The projected discounted cash flow models used to estimate the fair values of our IPR&D assets, acquired in connection with the Ciclofilin acquisition, reflect significant assumptions regarding the estimates a market participant would make in order to evaluate a drug development asset, including: (i) probability of successfully completing clinical trials and obtaining regulatory approval; (ii) market size, market growth projections, and market share; (iii) estimates regarding the timing of and the expected costs to advance clinical programs to commercialization; (iv) estimates of future cash flows from potential product sales; and (v) a discount rate. These assumptions are based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value hierarchy. The use of different inputs and assumptions could increase or decrease our estimated discounted future cash flows, the resulting estimated fair values and the amounts of related impairments, if any. The annual, or interim if events or changes in circumstances indicate that it is more likely than not that the asset is impaired), IPR&D impairment test is performed by comparing the fair value of the asset to the asset’s carrying amount. When testing indefinite-lived intangibles for impairment, we may assess qualitative factors for its indefinite-lived intangibles to determine whether it is more likely than not that the asset is impaired. Alternatively, we may bypass this qualitative assessment for our indefinite-lived intangible asset and perform the quantitative impairment test that compares the fair value of the indefinite-lived intangible asset with the asset’s carrying amount. If IPR&D becomes impaired or is abandoned, the carrying value of the IPR&D is written down to the revised fair value with the related impairment charge recognized in the period in which the impairment occurs. If the carrying value of the asset becomes impaired as the result of unfavorable data from any ongoing or future clinical trial, changes in assumptions that negatively impact projected cash flows, or because of any other information regarding the prospects of successfully developing or commercializing our programs, we could incur significant charges in the period in which the impairment occurs. We performed a quantitative assessment of IPR&D for fiscal year 2021 and determined that the asset was not impaired. We performed a qualitative assessment of IPR&D for fiscal year 2020 and determined that it was not more likely than not that IPR&D was impaired. There was no impairment of IPR&D for the year ended December 31, 2021 and 2020. Income Taxes We account for income taxes under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect to recover or settle those temporary differences. We recognize the effect of a change in tax rates on deferred tax assets and liabilities in the results of operations in the period that includes the enactment date. We reduce the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is more likely than not that we will not realize some or all of the deferred tax asset. We account for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon technical merits, it is “more-likely-than-not” that the position will be sustained upon examination. Potential interest and penalties associated with unrecognized tax positions are recognized in income tax expense. We continue to maintain a full valuation allowance for our U.S and foreign net deferred tax assets. Income tax expense for the years ended December 31, 2021 and 2020 is related to our foreign operations. Under the provisions of the Internal Revenue Code, the NOL and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. NOL and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code of 1986, respectively, as well as similar state tax provisions. This could limit the amount of tax attributes that we can utilize annually to offset future taxable income or tax liabilities. The amount of the annual limitation, if any, will be determined based on our value immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The utilization of these NOLs is subject to limitations based on past and future changes in our ownership pursuant to Section 382. We completed a Section 382 study of transactions in our stock through December 31, 2021 and concluded that we have experienced ownership changes since inception that we believe under Section 382 and 383 of the Code will result in limitations on our ability to use certain pre-ownership change NOLs and credits (see Note 2). In addition, we may experience subsequent ownership changes as a result of future equity offerings or other changes in the ownership of our stock, some of which are beyond our control. As a result, the amount of the NOLs and tax credit carryforwards presented in our consolidated financial statements could be limited. Similar provisions of state tax law may also apply to limit the use of accumulated state tax attributes. Contingencies In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, product and environmental liability, and tax matters. In accordance with ASC Topic 450, Accounting for Contingencies , (“ASC 450”), we record accruals for such loss contingencies when it is probable that a liability will be incurred, and the amount of loss can be reasonably estimated. In accordance with this guidance, we do not recognize gain contingencies until realized. Research and Development Research and development costs, which include expenditures in connection with an in-house research and development laboratory, salaries and staff costs, application and filing for regulatory approval of proposed products, purchased in-process research and development, license costs, regulatory and scientific consulting fees, as well as contract research, insurance and FDA consultants, are accounted for in accordance with ASC Topic 730, Research and Development , (“ASC 730”). Also, as prescribed by this guidance, patent filing and maintenance expenses are considered legal in nature and therefore classified as general and administrative expense, if any. We do not currently have any commercial biopharmaceutical products and do not expect to have such for several years, if at all. Accordingly, our research and development costs are expensed as incurred. While certain of our research and development costs may have future benefits, our policy of expensing all research and development expenditures is predicated on the fact that we have no history of successful commercialization of product candidates to base any estimate of the number of future periods that would be benefited. Also as prescribed by ASC 730, non-refundable advance payments for goods or services that will be used or rendered for future research and development activities should be deferred and capitalized. As the related goods are delivered or the services are performed, or when the goods or services are no longer expected to be provided, the deferred amounts would be recognized as an expense. At December 31, 2021 and 2020, we had prepaid research and development costs of $5.9 million and $1.8 million, respectively. Share-based payments ASC Topic 718, Compensation—Stock Compensation (“ASC 718”), requires companies to measure the cost of employee and non-employee services received in exchange for the award of equity instruments based on the estimated fair value of the award at the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in exchange for the award. Generally, we issue stock options with only service-based vesting conditions and record the expense for awards using the straight-line method (see Note 9). We account for awards granted to employees that are in excess of what is available to grant as a liability recorded at fair value each reporting period in the consolidated financial statements. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The estimated expected stock volatility is based on the historical volatility of our own traded stock price. The expected term of stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that we have never paid cash dividends and do not expect to pay any cash dividends in the foreseeable future. Foreign Exchange The functional and reporting currency of Hepion Pharmaceuticals, Inc., Hepion Research Corp. and ContraVir Research Inc. is the U.S. dollar. Transactions in foreign currencies are remeasured into the functional currency of the relevant subsidiaries at the exchange rate in effect at the date of the transaction. Any monetary assets and liabilities arising from these transactions are translated into the functional currency at exchange rates in effect at the balance sheet date or on settlement. Resulting gains and losses are recorded in general and administrative expense within the consolidated statements of operations. The impact of foreign exchange gains (losses) was $0.1 million and $0.1 million for the years ended December 31, 2021 and 2020, respectively. Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision maker views our operations and manages the business in one segment. Net loss per share Basic and diluted net loss per share is presented in conformity with ASC Topic 260, Earnings per Share , (“ASC 260”) for all periods presented. In accordance with this guidance, basic and diluted net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2021, the FASB issued ASU No. 2021-04 ("ASU 2021-04), Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We are currently evaluating the impact of this new standard on our consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. The standard eliminates the

Stockholders' Equity and Deriva

Stockholders' Equity and Derivative Liability - Warrants	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity and Derivative Liability - Warrants
Stockholders' Equity and Derivative Liability - Warrants	Stockholders’ Equity and Derivative Liability — Warrants Series A Convertible Preferred Stock On October 14, 2014, our Board of Directors authorized the sale and issuance of up to 1,250,000 shares of Series A Convertible Preferred Stock (the “Series A”). All shares of the Series A were issued between October 2014 and February 2015. Each share of the Series A is convertible at the option of the holder into the number of shares of common stock determined by dividing the stated value of such share by the conversion price that is subject to adjustment. As of December 31, 2021, there were 85,581 shares outstanding. During the years ended December 31, 2021 and 2020, no shares of the Series A were converted. If we sell common stock or equivalents at an effective price per share that is lower than the conversion price, the conversion price may be reduced to the lower conversion price. The Series A will be automatically convertible into common stock in the event of a fundamental transaction as defined in the offering. Series C Convertible Preferred Stock Issuance On July 3, 2018, we completed a rights offering pursuant to our effective registration statement on Form S-1. We offered for sale units in the rights offering and each unit sold in connection with the rights offering consisted of 1 share of our Series C Convertible Preferred Stock, or Series C, and common stock warrants (the “Rights Offering”). Upon completion of the offering, pursuant to the rights offering, we sold an aggregate of 10,826 units at an offering price of $1,000 per unit comprised of 10,826 shares of Series C and 88,928 common stock warrants. As of December 31, 2021, there were 1,806 shares outstanding. During the year ended December 31, 2021, 11 shares of the Series C were converted into 101 shares of our common stock and during the year ended December 31, 2020, 10 shares of the Series C were converted into 92 shares of our common stock. Each share of Series C is convertible into common stock at any time at the option of the holder thereof at the conversion price then in effect. The conversion price for the Series C is determined by dividing the stated value of $1,000 per share by $1.55 per share (subject to adjustments upon the occurrence of certain dilutive events). Common Stock and Warrant Offering In April 2016, April 2017, and July 2018, we issued common stock and warrants in connection with public offerings. Based on the terms of the April 2016 and 2017 offering and warrant agreements, we could be required to pay, at the option of the warrant holder, an amount of cash determined in accordance with a Black-Scholes option pricing model, at the time of exercise of the warrant under certain terms and conditions. Based on the terms of the July 2018 offering and warrant agreements, if we do not maintain an effective registration statement, which is outside of our control, we are obligated to deliver registered shares upon the exercise and settlement of the warrant. As a result of the aforementioned terms and in accordance with the guidance contained in ASC Topic 815-40, we determined that the April 2016, April 2017 and July 2018 warrants issued in connection with these offerings must be recorded as derivative liabilities upon issuance and marked to market on a quarterly basis in our consolidated statement of operations and comprehensive loss. (see Note 6). During 2021, the remaining unexercised April 2016 warrants expired. In connection with the adoption of ASU 2020-06, we reclassified the July 2018 warrants to equity (See Note 2). The following table sets forth the components of changes in our derivative financial instruments liability balance for the years ended December 31, 2021 and 2020: Date Description Number of Warrants Outstanding Derivative Instrument Liability December 31, 2019 Balance of derivative financial instruments liability 107,998 $ 5,623 Expiration of warrants (5,356) — Change in fair value of warrants for the year ended December 31, 2020 — 6,050 December 31, 2020 Balance of derivative financial instruments liability 102,642 11,673 Expiration of warrants (4,314) — Reclassification due to adoption of ASU 2020-06 (see Note2) (87,614) (11,673) December 31, 2021 Balance of derivative financial instruments liability 10,714 $ — Common Stock Offerings On February 16, 2021, we entered into an underwriting agreement ("Underwriting Agreement") with ThinkEquity, a division of Fordham Financial Management, Inc., as the representative (the Representative") of the underwriters ("collectively, the Underwriters") listed therein, with respect to an underwritten public offering ("Offering") of 44,200,000 shares of our common stock, par value $0.0001, at a public offering price of $2.00 per share, which resulted in net proceeds to us of $82.1 million, after deducting underwriting discounts and commissions and offering expenses payable by us. We intend to use the net proceeds to fund our research and development activities and general corporate purposes, including working capital, operating expenses and capital expenditures. Upon closing of the Offering, we issued to the Representative as compensation warrants to purchase 1,105,000 shares of common stock, or the Representative’s Warrants. The Representative’s Warrants will be exercisable at $2.50 per share. The Representative’s Warrants are exercisable at any time and from time to time, in whole or in part, during the four and one-half year period commencing 180 days from February 19, 2021. We determined that the Representative Warrants should be recorded in the consolidated financial statements as equity. On November 24, 2020, we entered into an underwriting agreement (the “Underwriting Agreement”) with ThinkEquity, a division of Fordham Financial Management, Inc., as the representative (the “Representative”) of the underwriters listed therein (collectively, the “Underwriters”), with respect to an underwritten public offering (the “Offering”) of 20,000,000 shares of our common stock, par value $0.0001 (the “Shares”) at a public offering price of $1.50 per share and a 45-day option to purchase up to 3,000,000 additional shares of common stock to cover over-allotments. On November 25, 2020, the Representative exercised the over-allotment in full. Upon closing of the offering, we issued to the Representative as compensation warrants to purchase 690,000 shares of common stock, or the Representative’s Warrants. The Representative’s Warrants will be exercisable at $1.875 per share. The Representative’s Warrants are exercisable at any time and from time to time, in whole or in part, during the four and one-half year period commencing 180 days from November 30, 2020. We determined that the Representative Warrants should be recorded in the consolidated financial statements as equity classified. The Shares were offered by us pursuant to a registration statement on Form S-1 (No. 333- 249724) previously filed with the SEC and subsequently declared effective on November 24, 2020. The Offering closed on November 30, 2020 and we received net proceeds of $31.6 million. On February 12, 2020, we entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley FBR, Inc., as agent (“B. Riley FBR”), pursuant to which we sold through B. Riley FBR 2,311,867 shares (the “Shares”) of our common stock, par value $0.0001 per share (the “Common Stock”), for $6.8 million. The offer and sale of the Shares were made pursuant to a shelf registration statement on Form S-3 and the related prospectus (File No. 333-229534) filed by us with the Securities and Exchange Commission (the “SEC”). Also, on March 27, 2020, we filed a prospectus supplement to the Form S-3 (File No. 333-229534) pursuant to which we sold an additional 2,950,939 shares of our common stock for $4.6 million. In total, we sold 5,262,806 shares of our common stock resulting in net proceeds of $11.2 million from the “at the market offerings”.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table presents our liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of December 31, 2021 and 2020. Fair Value Measurements at Reporting Date Using Description Total (Level 1) (Level 2) (Level 3) As of December 31, 2021: Contingent consideration $ 4,880,000 $ — $ — $ 4,880,000 Derivative liabilities related to warrants $ — $ — $ — $ — As of December 31, 2020: Contingent consideration $ 2,570,000 $ — $ — $ 2,570,000 Derivative liabilities related to warrants $ 11,673 $ — $ — $ 11,673 The unrealized gains or losses on the derivative liabilities are recorded as a change in fair value of derivative liabilities- warrants in our consolidated statement of operations. See Note 5 for a rollforward of the derivative liability for the year ended December 31, 2021. The financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. At each reporting period, we review the assets and liabilities that are subject to ASC 815-40. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs or instruments which trade infrequently and therefore have little or no price transparency are classified as Level 3. Contingent consideration was recorded for the acquisition of Ciclofilin Pharmaceuticals, Inc. (Ciclofilin) on June 10, 2016. The contingent consideration represented the acquisition date fair value of potential future payments, to be paid in cash and our stock, upon the achievement of certain milestones and in 2016 was estimated based on a probability-weighted discounted cash flow model utilizing a discount rate of 6.5% and a stock price of $19.60. At December 31, 2021 and 2020, the assumptions we used to calculate the fair value were as follows: Assumptions December 31, 2021 2020 Discount rate 7.0% 8.0% Stock price $1.14 $2.19 Projected milestone achievement dates December 2021 — June 2026 June 2021 — January 2025 Probability of success of milestone achievements 18 % — 100% 13 % — 40% We completed the first segment of our Phase I clinical activities for Rencofilstat in October 2018 wherein we reached a major clinical milestone of positive data from a Phase I trial of Rencofilstat in humans. This achievement triggered the first milestone payment, as stated in the Merger Agreement for the acquisition of Ciclofilin and in the fourth quarter of 2018, we paid a related milestone payment of $1,000,000 and issued 1,439 shares of our common stock with a fair value of $55,398, representing 2.5% of our issued and outstanding common stock as of June 2016, to the Ciclofilin shareholders. As of December 31, 2021, $2,988,284 was classified as a current liability and $1,891,716 as a non-current liability based upon management's best estimate using the latest available information. Management reviewed the assumptions at December 31, 2021 and reduced the discount rate based on comparable companies, increased the probability of success for milestone 2 and extended the projected achievement dates for milestones 3 and 4 based on new information. The Merger Agreement for the acquisition of Ciclofilin was amended on January 14, 2022 (see Note 13). The following table presents the change in fair value of the contingent consideration for the years ended December 31, 2021. Acquisition-related Contingent Consideration Liabilities: Balance at December 31, 2019 $ 2,430,000 Change in fair value recorded in earnings 140,000 Balance at December 31, 2020 2,570,000 Change in fair value recorded in earnings 2,310,000 Balance at December 31, 2021 $ 4,880,000

Indefinite-lived Intangible Ass

Indefinite-lived Intangible Assets, Goodwill, and Property and Equipment	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Indefinite-lived Intangible Assets, Goodwill, and Property and Equipment	Indefinite-lived Intangible Assets, Goodwill, and Property and Equipment IPR&D Our IPR&D asset consisted of the following at: Indefinite-lived Rencofilstat balance at December 31, 2019 $ 3,190,000 Changes during the year ended December 31, 2020 — Rencofilstat balance at December 31, 2020 3,190,000 Changes during the year ended December 31, 2021 — Rencofilstat balance at December 31, 2021 $ 3,190,000 No impairment losses were recorded on IPR&D during the years ended December 31, 2021 and 2020. Goodwill The table below provides a roll-forward of our goodwill balance: Amount Goodwill balance at December 31, 2019 $ 1,870,924 Changes during the year ended December 31, 2020 — Goodwill balance at December 31, 2020 $ 1,870,924 Changes during the year ended December 31, 2021 — Goodwill balance at December 31, 2021 $ 1,870,924 No impairment losses were recorded to goodwill during years ended December 31, 2021 and 2020. Property and Equipment, net Property and equipment are stated at cost and depreciated using the straight-line method, based on useful lives as follows: Estimated Useful Life (in years) December 31, December 31, Equipment 3.0 years $ 330,830 $ 200,425 Furniture and fixtures 7.0 years 62,183 62,183 Less: Accumulated depreciation (240,241) (154,168) $ 152,772 $ 108,440 Depreciation expense for the years ended December 31, 2021 and 2020 was $0.1 million and $34,515, respectively.

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued expenses consist of the following: December 31, 2021 2020 Payroll and related costs $ — $ 150,702 Stock-based compensation - see Note 9 1,637,308 — Research and development 536,965 438,856 Legal fees 57,345 — Accrued taxes — 37,160 Professional fees 167,346 — Other 106,661 32,854 Total accrued expenses $ 2,505,625 $ 659,572

Accounting for Share-Based Paym

Accounting for Share-Based Payments	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Accounting for Share-Based Payments	Accounting for Share-Based Payments On June 3, 2013, we adopted the 2013 Equity Incentive Plan (the “Plan”). Stock options granted under the Plan typically will vest after three years of continuous service from the grant date and will have a contractual term of ten years. We granted options during the three months ended June 30, 2021 and at the time that these grants were made, we had 35,229 options available for grant under the Plan. We accounted for the option grant as liability-classified awards requiring us to measure the fair value of the awards each reporting period since there were not enough shares available at the time of the grant. As of December 31, 2021, the liability related to the awards was $1.6 million and has been included in accrued expenses in our consolidated balance sheet with the corresponding expense included in our consolidated statements of operations and comprehensive loss. At our annual meeting of stockholders on October 7, 2021, shareholders voted against our 2021 Omnibus Equity Incentive Plan. Therefore, we will continue to account for this option grant as liability-classified until we receive stockholder approval to increase the available options to grant. We classify stock-based compensation expense in our consolidated statement of operations in the same way the award recipient's payroll costs are classified or in which the award recipients' service payments are classified. We recorded stock-based compensation expense as follows: Year Ended 2021 2020 General and administrative $ 3,267,349 $ 1,798,288 Research and development 1,401,466 581,072 Total stock-based compensation expense $ 4,668,815 $ 2,379,360 A summary of stock option activity under the Plan is presented below: Number of Options Exercise Price Weighted Intrinsic Weighted Balance outstanding, December 31, 2020 2,460,677 $ 1.63 - $ 2,452.80 $ 4.17 $ 990,930 9.40 years Granted 6,315,000 $ 1.70 - $ — $ 1.70 $ — Exercised — $ — - $ — $ — $ — Forfeited — $ — - $ — $ — $ — Cancelled (703) $ — - $ — $ 820.13 $ — Balance outstanding, December 31, 2021 8,774,974 $ 1.63 - $ 2,016.00 $ 2.33 $ — 9.10 years Awards outstanding, vested awards and those expected to vest at December 31, 2021 8,569,714 $ 1.63 - $ 2,016.00 $ 2.34 $ — 9.10 years Vested and exercisable at December 31, 2021 1,274,076 $ 1.63 - $ 2,016.00 $ 5.32 $ — 8.40 years There were 2,423,500 options granted to employees during the year ended December 31, 2020. The total fair value of awards vested during the year ended December 31, 2021 was $4.4 million. The total fair value of awards vested during the year ended December 31, 2020 was de minimis. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of our common stock for those stock options that had exercise prices lower than the fair value of our common stock. As of December 31, 2021, the unrecognized compensation cost related to non-vested stock options outstanding, net of expected forfeitures, was $7.4 million to be recognized over a weighted-average remaining vesting period of approximately 1.84 years. The following weighted-average assumptions are used in the Black-Scholes valuation model to estimate fair value of stock option awards when granted to employees. Year Ended 2021 2020 Stock price $ 1.70 $ 2.50 Risk-free interest rate 1.35 % 0.34 % Dividend yield — — Expected volatility 119.2 % 126.3 % Expected term (in years) 5.9 6.0 Risk-free interest rate —Based on the daily yield curve rates for U.S. Treasury obligations with maturities which correspond to the expected term of our stock options. Dividend yield — We have not paid any dividends on our common stock since inception and do not anticipate paying dividends on our common stock in the foreseeable future. Expected volatility —We base expected volatility on the trading price of our common stock. Expected term —The expected option term represents the period that stock-based awards are expected to be outstanding based on the simplified method provided in SAB No. 107, which SAB No. 107, options are considered to be “plain vanilla” if they have the following basic characteristics: (i) granted “at-the-money”; (ii) exercisability is conditioned upon service through the vesting date; (iii) termination of service prior to vesting results in forfeiture; (iv) limited exercise period following termination of service; and (v) options are non-transferable and non-hedgeable. In December 2007, the SEC issued SAB No. 110, Share-Based Payment , (“SAB No. 110”). SAB No. 110 was effective January 1, 2008 and expresses the views of the Staff of the SEC with respect to extending the use of the simplified method, as discussed in SAB No. 107, in developing an estimate of the expected term of “plain vanilla” share options in accordance with ASC 718. We will use the simplified method until we have the historical data necessary to provide a reasonable estimate of expected life in accordance with SAB No. 107, as amended by SAB No. 110. For the expected term, we

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We provide for income taxes under ASC 740. Under ASC 740, the liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Our loss before income taxes was $32.7 million and $20.3 million for the years ended December 31, 2021 and 2020, respectively, and was generated entirely in the United States and Canada. The income tax benefit for the year ended December 31, 2021 was $0 and income tax expense for the year ended December 31, 2020 was $30,584. For 2021 and 2020, taxes paid are related to our Canadian entity. Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of our deferred tax assets are comprised of the following: As of December 31, 2021 2020 Federal NOL $ 13,292,524 $ 8,385,931 State NOL 3,127,854 800,008 Research and development credits 1,246,653 503,406 Lease liability 89,106 172,674 Stock compensation & other 1,911,401 1,108,314 Deferred tax asset valuation allowance (19,048,156) (10,239,037) Total deferred tax asset 619,382 731,296 Deferred tax liability (In-Process R&D) (957,000) (957,000) Right-of-use asset (71,404) (183,318) Total deferred tax liability (1,028,404) (1,140,318) Net deferred tax liability $ (409,022) $ (409,022) We have evaluated the positive and negative evidence bearing upon the realizability of our deferred tax assets. Based on our history of operating losses since inception, we have concluded that it is more likely than not that the benefit of our deferred tax assets will not be realized. Accordingly, we have provided a full valuation allowance for deferred tax assets as of December 31, 2021 and 2020, including those related to Canada. We have recorded a net deferred tax liability of $409,022 related to in-process research and development as a result of the acquisition of Ciclofilin. It is our position that the acquired in-process research and development is an indefinite-lived intangible asset and is not available as a source of income to support the realization of deferred tax assets. The valuation allowance increased by $8.8 million and $2.5 million for the years ended December 31, 2021 and 2020, respectively, due primarily to the generation of net operating losses during these periods. A reconciliation of income tax benefit computed at the statutory federal income tax rate to income taxes as reflected in the consolidated financial statements is as follows: Year Ended 2021 2020 U.S. statutory income tax rate 21.0 % 21.0 % State income taxes, net of federal benefit 8.0 % 8.6 % Research and development credits 1.7 % 2.1 % Warrant liability and contingent consideration (1.5) (0.2) % Other (1.1) % (1.7) % Valuation allowance (28.1) % (29.9) % Effective tax rate — % (0.1) % As of December 31, 2021 and 2020, we had U.S. federal and state net operating loss carryforwards of $101.1 million and $49.6 million, respectively, which may be available to offset future income tax liabilities and will begin to expire at various dates starting in December 2022. We also had federal and state research and development tax credit carryforwards of approximately $1.2 million as of December 31, 2021, which will begin to expire in December 2023. Under the provisions of the Internal Revenue Code, the NOL and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. NOL and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code of 1986, respectively, as well as similar state tax provisions. This could limit the amount of tax attributes that we can utilize annually to offset future taxable income or tax liabilities. The amount of the annual limitation, if any, will be determined based on our value immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The utilization of these NOLs is subject to limitations based on past and future changes in our ownership pursuant to Section 382. We completed a Section 382 study of transactions in our stock through December 31, 2021 and concluded that we have experienced ownership changes since inception that we believe under Section 382 and 383 of the Code will result in limitations on our ability to use certain pre-ownership change NOLs and credits (see Note 2). In addition, we may experience subsequent ownership changes as a result of future equity offerings or other changes in the ownership of our stock, some of which are beyond our control. As a result, the amount of the NOLs and tax credit carryforwards presented in our consolidated financial statements could be limited. Similar provisions of state tax law may also apply to limit the use of accumulated state tax attributes. We file income tax returns in the United States, Canada and various state jurisdictions. Our federal income tax returns for the years 2016 and forward and state income returns for the years 2015 and forward remain subject to examination by the Internal Revenue Service (“IRS”) and state authorities. Our tax returns in Canada are also subject to examination. We had an unrecognized tax position of $0, a corresponding accrual for penalties and interest in the amount of $0, as a component of income tax expense, accrued through December 31, 2021. There are no amounts included in the unrecognized tax benefit at December 31, 2021 that will impact the effective rate if recognized. During the year ended December 31, 2021, the unrecognized tax position along with the corresponding interest and penalties were paid and the accrual has been reduced to $0 at December 31, 2021 and we no longer have an unrecognized tax position. We have approximately $0.9 million of undistributed earnings in Canada, which we continue to reinvest indefinitely, and therefore no withholding taxes related to its repatriation has been recorded.

Loss per Share

Loss per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Loss per Share	Loss per ShareBasic and diluted net loss per common share was determined by dividing net loss by the weighted-average common shares outstanding during the period. Prior to the adoption of ASU 2020-06 in 2021, basic and diluted net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period with net loss attributable to common stockholders’ being adjusted for the preferred stock deemed dividends related accretion of the beneficial conversion feature and other discount on this instrument for the periods in which the preferred stock is outstanding. The following table sets forth the computation of basic and diluted net loss per share for the periods indicated: Year Ended Basic and diluted net loss per common share 2021 2020 Numerator: Net loss (32,722,168) (20,353,938) Preferred stock deemed dividend — (5,287) Net loss attributable to common stockholders $ (32,722,168) $ (20,359,225) Denominator: Weighted average common shares outstanding 70,291,535 9,677,832 Net loss per share of common stock—basic and diluted $ (0.47) $ (2.10) The following outstanding securities at December 31, 2021 and 2020 have been excluded from the computation of basic and diluted weighted shares outstanding, as they would have been anti-dilutive: Year Ended 2021 2020 Common shares issuable upon conversion of Series A preferred stock 3,184 3,184 Common shares issuable upon conversion of Series C preferred stock 16,645 16,747 Stock options 8,774,974 2,460,677 Warrants – liability classified 10,714 102,642 Warrants – equity classified 4,311,182 3,118,568 Total 13,116,699 5,701,818 The liability and equity classified warrants disclosed above have been excluded from the computation of diluted earnings per share because the exercise price of the warrants exceeds the average market price of our common stock for the period they were outstanding.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contractual Obligations In August 2014, we entered into a lease for corporate office space in Edison, New Jersey. In December 2017, we entered an amendment to the lease for corporate office space in Edison, New Jersey expanding the office footprint and extending the lease for an approximate 5-year period. In October 2019, we entered into a 3-year lease for office and research laboratory space in Edmonton, Canada. Prior to signing this lease, the space was previously on a month-to-month basis. Legal Proceedings We are involved in legal proceedings of various types. Significant judgment is required to determine both the likelihood and the estimated amount of a loss related to such matters. Additionally, while any litigation contains an element of uncertainty, we have at this time no reason to believe that the outcome of such proceedings or claims will have a material adverse effect on our consolidated financial condition or results of operations. Leases We account for leases in accordance with ASC Topic 842, Leases , (“ASC 842”). We determine if an arrangement is a lease at contract inception. A lease exists when a contract conveys to the customer the right to control the use of identified property or equipment for a period in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property and equipment), and (2) the customer has the right to control the use of the identified asset. Operating leases where we are the lessee are included under the caption “Right of Use Assets” on our consolidated balance sheets. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. Key estimates and judgments include how we determine (1) the discount rate used to discount the unpaid lease payments to present value, (2) lease term and (3) lease payments. The Right-Of-Use (“ROU”) asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. As of December 31, 2021, the ROU assets were $0.3 million, the current lease liabilities were $0.3 million, and the non-current lease liabilities were $0.1 million. The discount rate used to account for our operating leases under ASC 842 is our estimated incremental borrowing rate of 6.5%. Rent expense for the years ended December 31, 2021 and 2020 was $0.3 million and $0.3 million, respectively. The weighted average remaining term of our noncancelable operating leases is 1.16 years. Future minimum rental payments under our noncancelable operating leases at December 31, 2021 is as follows: 2022 $ 273,941 2023 53,902 2024 and thereafter — Total 327,843 Present value adjustment (10,851) Lease liability at December 31, 2021 $ 316,992 Employment Agreements We have employment agreements with certain employees which require the funding of a specific level of payments, if certain events, such as a change in control, termination without cause or retirement, occur. Related Party Transaction In May 2021, we entered into an agreement with the Baruch S. Blumberg Institute (BSBI) to conduct a laboratory study and evaluation (Study) with a total cost of $60,000. During the year ended December 31, 2021, we paid $30,000 to BSBI. The Study is supervised by Timothy Block, a Principal Investigator at BSBI. Mr. Block is also one of our board members. Except as set forth above, we have not entered into any material transactions with any director, executive officer, and promoter, beneficial owner of five percent or more of our common stock, or family members of such persons.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Merger Agreement dated May 26, 2016 for the acquisition of Ciclofilin (see Note 1) was amended on January 14, 2022 for the following: (i) upon receipt of Phase II positive data from the first Phase II clinical trial of Rencofilstat in NASH patients which has been achieved: (1) such number of validly issued, fully paid and non-assessable shares of our common stock equal to 7.5% of the issued and outstanding of our common stock on the Closing Date as defined in the original agreement, which was issued in March 2022, and (2) a payment of $2.0 million, made in January 2022 to Ciclofilin shareholders, including a payment to our CEO of $0.8 million and other Hepion employees of $0.2 million, (ii) a payment of $1.0 million upon the positive read out of the first planned interim futility analysis of a Phase IIb clinical trial of Rencofilstat in NASH patients, supporting the continuation of the Phase IIb trial. The original agreement required a $3.0 million payment upon receipt of Phase II positive data from a proof-of-concept clinical trial of CRV431., (iii) a payment of $5.0 million upon initiation of the first Phase III trial of Rencofilstat in patients, where initiation occurs with first patient in the study dosed with study medication, which remains unchanged from the original agreement, (iv) a payment of $5.0 million upon the filing and acceptance by the U.S. Food and Drug Administration of the first new drug application for Rencofilstat, which was $8.0 million in the original agreement; and (v) a payment of $8.0 million upon the regulatory approval by the U.S. Food and Drug Administration of the first new drug application for Rencofilstat.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include our accounts and the accounts of our subsidiaries, Contravir Research Inc. and Hepion Research Corp, which conduct their operations in Canada. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Changes in estimates and assumptions are reflected in reported results in the period in which they become known. Actual results could differ from those estimates.
Cash	Cash As of December 31, 2021 and 2020, the amount of cash was $91.3 million and $40.7 million, respectively, consisting of checking accounts held at U.S. and Canadian commercial banks. At certain times, our cash balances with any one financial institution may exceed Federal Deposit Insurance Corporation insurance limits. We believe it mitigates our risk by depositing our cash balances with high credit, quality financial institutions. We have never experienced losses related to these balances.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement (“ASC 820”), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. ASC 820 identifies fair value as the exchange price, or exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a three-tier fair value hierarchy that distinguishes among the following: • Level 1—Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that we can access. • Level 2—Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly. • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Financial instruments consist of cash, accounts payable, contingent consideration and derivative instruments. These financial instruments are stated at their respective historical carrying amounts, which approximate fair value due to their short-term nature, except for contingent consideration and derivative instruments, which are recorded at fair value at the end of each reporting period. We recorded contingent consideration from the 2016 acquisition of Ciclofilin, which is required to be carried at fair value. See Note 6 for additional information on the fair value of the contingent consideration.
Property, equipment and depreciation	Property, equipment and depreciationAs of December 31, 2021 and 2020, we had $0.2 million and $0.1 million, respectively, of property and equipment, consisting primarily of computer equipment, research equipment and furniture and fixtures. Expenditures for additions, renewals and improvements will be capitalized at cost. Depreciation will generally be computed on a straight-line method based on the estimated useful lives of the related assets. The estimated useful lives of the depreciable assets are 3 to 7 years. Leasehold improvements are amortized using the straight-line method over their estimated useful lives, or the remaining term of the lease, whichever is shorter. Depreciation expense for the years ended December 31, 2021 and 2020 was $0.1 million and $34,515, respectively. Expenditures for repairs and maintenance are charged to operations as incurred. We will periodically evaluate whether current events or circumstances indicate that the carrying value of depreciable assets may not be recoverable.
Goodwill and In-Process Research & Development	Goodwill and In-Process Research & Development In accordance with ASC Topic 350, Intangibles — Goodwill and Other (“ASC Topic 350”), goodwill and acquired IPR&D are determined to have indefinite lives and, therefore, are not amortized. Instead, they are tested for impairment annually, in our fourth quarter, and between annual tests if we become aware of an event or a change in circumstances that would indicate the carrying value may be impaired. The annual, or interim (if events or changes in circumstances indicate that it is more likely than not that the asset is impaired), goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. As part of the impairment test, we may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit, including goodwill, is less than its carrying amount, or if we elect to bypass the qualitative assessment, we would then proceed with the quantitative impairment test. The impairment test involves comparing the fair values of the reporting units to their carrying amounts. If the carrying amount of a reporting unit exceeds its fair value, we recognize a goodwill loss in an amount equal to any excess. Goodwill relates to amounts that arose in connection with the acquisition of Ciclofilin. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired when accounted for using the acquisition method of accounting for business combinations. We performed a quantitative assessment of goodwill for fiscal year 2021 and determined that the fair value of our reporting unit was in excess of its carrying value. We performed a qualitative assessment of goodwill for fiscal year 2020 and determined that it was not more likely than not that goodwill was impaired. There was no impairment of goodwill for the years ended December 31, 2021 and 2020. In-Process Research and Development ("IPR&D") acquired in a business combination is capitalized as indefinite-lived assets on our consolidated balance sheets at the acquisition-date fair value. IPR&D relates to amounts that arose in connection with the acquisition of Ciclofilin. Once the project is completed, the carrying value of the IPR&D is reclassified to other intangible assets, net and is amortized over the estimated useful life of the asset. Post-acquisition research and development expenses related to the IPR&D projects are expensed as incurred. The projected discounted cash flow models used to estimate the fair values of our IPR&D assets, acquired in connection with the Ciclofilin acquisition, reflect significant assumptions regarding the estimates a market participant would make in order to evaluate a drug development asset, including: (i) probability of successfully completing clinical trials and obtaining regulatory approval; (ii) market size, market growth projections, and market share; (iii) estimates regarding the timing of and the expected costs to advance clinical programs to commercialization; (iv) estimates of future cash flows from potential product sales; and (v) a discount rate. These assumptions are based on significant inputs not observable in the market and thus represent Level 3 measurements within the fair value hierarchy. The use of different inputs and assumptions could increase or decrease our estimated discounted future cash flows, the resulting estimated fair values and the amounts of related impairments, if any. The annual, or interim if events or changes in circumstances indicate that it is more likely than not that the asset is impaired), IPR&D impairment test is performed by comparing the fair value of the asset to the asset’s carrying amount. When testing indefinite-lived intangibles for impairment, we may assess qualitative factors for its indefinite-lived intangibles to determine whether it is more likely than not that the asset is impaired. Alternatively, we may bypass this qualitative assessment for our indefinite-lived intangible asset and perform the quantitative impairment test that compares the fair value of the indefinite-lived intangible asset with the asset’s carrying amount. If IPR&D becomes impaired or is abandoned, the carrying value of the IPR&D is written down to the revised fair value with the related impairment charge recognized in the period in which the impairment occurs. If the carrying value of the asset becomes impaired as the result of unfavorable data from any ongoing or future clinical trial, changes in assumptions that negatively impact projected cash flows, or because of any other information regarding the prospects of successfully developing or commercializing our programs, we could incur significant charges in the period in which the impairment occurs. We performed a quantitative assessment of IPR&D for fiscal year 2021 and determined that the asset was not impaired. We performed a qualitative assessment of IPR&D for fiscal year 2020 and determined that it was not more likely than not that IPR&D was impaired. There was no impairment of IPR&D for the year ended December 31, 2021 and 2020.
Income Taxes	Income Taxes We account for income taxes under the asset and liability method. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. We measure deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which we expect to recover or settle those temporary differences. We recognize the effect of a change in tax rates on deferred tax assets and liabilities in the results of operations in the period that includes the enactment date. We reduce the measurement of a deferred tax asset, if necessary, by a valuation allowance if it is more likely than not that we will not realize some or all of the deferred tax asset. We account for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon technical merits, it is “more-likely-than-not” that the position will be sustained upon examination. Potential interest and penalties associated with unrecognized tax positions are recognized in income tax expense. We continue to maintain a full valuation allowance for our U.S and foreign net deferred tax assets. Income tax expense for the years ended December 31, 2021 and 2020 is related to our foreign operations. Under the provisions of the Internal Revenue Code, the NOL and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. NOL and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code of 1986, respectively, as well as similar state tax provisions. This could limit the amount of tax attributes that we can utilize annually to offset future taxable income or tax liabilities. The amount of the annual limitation, if any, will be determined based on our value immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The utilization of these NOLs is subject to limitations based on past and future changes in our ownership pursuant to Section 382. We completed a Section 382 study of transactions in our stock through December 31, 2021 and concluded that we have experienced ownership changes since inception that we believe under Section 382 and 383 of the Code will result in limitations on our ability to use certain pre-ownership change NOLs and credits (see Note 2). In addition, we may experience subsequent ownership changes as a result of future equity offerings or other changes in the ownership of our stock, some of which are beyond our control. As a result, the amount of the NOLs and tax credit carryforwards presented in our consolidated financial statements could be limited. Similar provisions of state tax law may also apply to limit the use of accumulated state tax attributes.
Contingencies	Contingencies In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, product and environmental liability, and tax matters. In accordance with ASC Topic 450, Accounting for Contingencies , (“ASC 450”), we record accruals for such loss contingencies when it is probable that a liability will be incurred, and the amount of loss can be reasonably estimated. In accordance with this guidance, we do not recognize gain contingencies until realized.
Research and Development	Research and Development Research and development costs, which include expenditures in connection with an in-house research and development laboratory, salaries and staff costs, application and filing for regulatory approval of proposed products, purchased in-process research and development, license costs, regulatory and scientific consulting fees, as well as contract research, insurance and FDA consultants, are accounted for in accordance with ASC Topic 730, Research and Development , (“ASC 730”). Also, as prescribed by this guidance, patent filing and maintenance expenses are considered legal in nature and therefore classified as general and administrative expense, if any. We do not currently have any commercial biopharmaceutical products and do not expect to have such for several years, if at all. Accordingly, our research and development costs are expensed as incurred. While certain of our research and development costs may have future benefits, our policy of expensing all research and development expenditures is predicated
Share-based payments	Share-based payments ASC Topic 718, Compensation—Stock Compensation (“ASC 718”), requires companies to measure the cost of employee and non-employee services received in exchange for the award of equity instruments based on the estimated fair value of the award at the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in exchange for the award. Generally, we issue stock options with only service-based vesting conditions and record the expense for awards using the straight-line method (see Note 9). We account for awards granted to employees that are in excess of what is available to grant as a liability recorded at fair value each reporting period in the consolidated financial statements. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The estimated expected stock volatility is based on the historical volatility of our own traded stock price. The expected term of stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that we have never paid cash dividends and do not expect to pay any cash dividends in the foreseeable future.
Foreign Exchange	Foreign ExchangeThe functional and reporting currency of Hepion Pharmaceuticals, Inc., Hepion Research Corp. and ContraVir Research Inc. is the U.S. dollar. Transactions in foreign currencies are remeasured into the functional currency of the relevant subsidiaries at the exchange rate in effect at the date of the transaction. Any monetary assets and liabilities arising from these transactions are translated into the functional currency at exchange rates in effect at the balance sheet date or on settlement. Resulting gains and losses are recorded in general and administrative expense within the consolidated statements of operations.
Segment Information	Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. Our chief operating decision maker views our operations and manages the business in one segment.
Net loss per share	Net loss per share Basic and diluted net loss per share is presented in conformity with ASC Topic 260, Earnings per Share , (“ASC 260”) for all periods presented. In accordance with this guidance, basic and diluted net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2021, the FASB issued ASU No. 2021-04 ("ASU 2021-04), Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). The amendments in this update are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. We are currently evaluating the impact of this new standard on our consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. The standard eliminates the

Basis of Presentation (Tables)

Basis of Presentation (Tables)	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Standards Update and Change in Accounting Principle	The following tables present the amounts as reported, net revisions, and as revised amounts for the immaterial revisions to previously reported amounts which are which is shown in the following tables: For the Three Months Ended March 31, 2021 As Reported Revisions As Revised Series C convertible preferred stock 851,607 (5,287) 846,320 Additional paid-in capital 226,022,287 (3,309,376) 222,712,911 Net loss (6,057,306) (6,211) (6,063,517) Accumulated deficit (110,162,769) 3,320,124 (106,842,645) Total stockholders' equity 117,574,556 5,461 117,580,017 For the Three Months Ended June 30, 2021 As Reported Revisions As Revised Series C convertible preferred stock 851,607 (5,287) 846,320 Additional paid-in capital 226,834,239 (3,309,376) 223,524,863 Net loss (7,665,161) (1,944) (7,667,105) Accumulated deficit (117,827,930) 3,318,180 (114,509,750) Total stockholders' equity 110,721,347 3,517 110,724,864 For the Three Months Ended September 30, 2021 As Reported Revisions As Revised Series C convertible preferred stock 851,136 (5,816) 845,320 Additional paid-in capital 228,023,085 (3,308,847) 224,714,238 Net loss (9,266,717) (2,756) (9,269,473) Accumulated deficit (127,094,647) 3,315,424 (123,779,223) Total stockholders' equity 102,643,005 761 102,643,766
Schedule of Amounts as Reported, Net Correction Adjustments, and Corrected Amounts for Note Disclosures Affected by the Corrections	The following tables present the amounts as reported, revisions, and as revised amounts for note disclosures affected by the immaterial revisions for the years ended December 31, 2020 and 2019: Year ended December 31, 2020 Year ended December 31, 2019 As Revisions As As Revisions As Federal NOL $ 19,665,840 $ (11,279,909) $ 8,385,931 $ 16,812,626 $ (12,056,292) $ 4,756,334 State NOL 4,497,069 (3,697,061) 800,008 2,439,015 — 2,439,015 Research and development credits 2,099,921 (1,596,515) 503,406 1,350,305 (1,178,674) 171,631 Lease liability 172,674 — 172,674 242,234 — 242,234 Stock compensation and other 1,108,314 — 1,108,314 889,167 — 889,167 Deferred tax asset valuation allowance (26,812,522) 16,573,485 (10,239,037) (20,945,997) 13,234,966 (7,711,031) Total deferred tax asset 731,296 — 731,296 787,350 — 787,350 Deferred tax liability (In process R&D) (957,000) — (957,000) (957,000) — (957,000) Right-of-use asset (183,318) — (183,318) (239,372) — (239,372) Total deferred tax liability (1,140,318) — (1,140,318) (1,196,372) — (1,196,372) Net deferred tax liability $ (409,022) $ — $ (409,022) $ (409,022) $ — $ (409,022)

Stockholder_s Equity and Deriva

Stockholder’s Equity and Derivative Liability - Warrants (Tables)	12 Months Ended
	Dec. 31, 2021
Stockholders' Equity and Derivative Liability - Warrants
Schedule of Changes in Derivative Financial Instruments Liability Balance	The following table sets forth the components of changes in our derivative financial instruments liability balance for the years ended December 31, 2021 and 2020: Date Description Number of Warrants Outstanding Derivative Instrument Liability December 31, 2019 Balance of derivative financial instruments liability 107,998 $ 5,623 Expiration of warrants (5,356) — Change in fair value of warrants for the year ended December 31, 2020 — 6,050 December 31, 2020 Balance of derivative financial instruments liability 102,642 11,673 Expiration of warrants (4,314) — Reclassification due to adoption of ASU 2020-06 (see Note2) (87,614) (11,673) December 31, 2021 Balance of derivative financial instruments liability 10,714 $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Liabilities Measured and Recognized at Fair Value on a Recurring Basis	The following table presents our liabilities that are measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of December 31, 2021 and 2020. Fair Value Measurements at Reporting Date Using Description Total (Level 1) (Level 2) (Level 3) As of December 31, 2021: Contingent consideration $ 4,880,000 $ — $ — $ 4,880,000 Derivative liabilities related to warrants $ — $ — $ — $ — As of December 31, 2020: Contingent consideration $ 2,570,000 $ — $ — $ 2,570,000 Derivative liabilities related to warrants $ 11,673 $ — $ — $ 11,673
Schedule of Assumptions Used to Calculate Fair Value	At December 31, 2021 and 2020, the assumptions we used to calculate the fair value were as follows: Assumptions December 31, 2021 2020 Discount rate 7.0% 8.0% Stock price $1.14 $2.19 Projected milestone achievement dates December 2021 — June 2026 June 2021 — January 2025 Probability of success of milestone achievements 18 % — 100% 13 % — 40%
Schedule of Changes in Fair Value of Contingent Consideration	The following table presents the change in fair value of the contingent consideration for the years ended December 31, 2021. Acquisition-related Contingent Consideration Liabilities: Balance at December 31, 2019 $ 2,430,000 Change in fair value recorded in earnings 140,000 Balance at December 31, 2020 2,570,000 Change in fair value recorded in earnings 2,310,000 Balance at December 31, 2021 $ 4,880,000

Indefinite-lived Intangible A_2

Indefinite-lived Intangible Assets, Goodwill, and Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of IPR&D Asset	Our IPR&D asset consisted of the following at: Indefinite-lived Rencofilstat balance at December 31, 2019 $ 3,190,000 Changes during the year ended December 31, 2020 — Rencofilstat balance at December 31, 2020 3,190,000 Changes during the year ended December 31, 2021 — Rencofilstat balance at December 31, 2021 $ 3,190,000
Schedule of Roll-Forward of Goodwill Balance	The table below provides a roll-forward of our goodwill balance: Amount Goodwill balance at December 31, 2019 $ 1,870,924 Changes during the year ended December 31, 2020 — Goodwill balance at December 31, 2020 $ 1,870,924 Changes during the year ended December 31, 2021 — Goodwill balance at December 31, 2021 $ 1,870,924
Property, Plant and Equipment	Property and equipment are stated at cost and depreciated using the straight-line method, based on useful lives as follows: Estimated Useful Life (in years) December 31, December 31, Equipment 3.0 years $ 330,830 $ 200,425 Furniture and fixtures 7.0 years 62,183 62,183 Less: Accumulated depreciation (240,241) (154,168) $ 152,772 $ 108,440

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses consist of the following: December 31, 2021 2020 Payroll and related costs $ — $ 150,702 Stock-based compensation - see Note 9 1,637,308 — Research and development 536,965 438,856 Legal fees 57,345 — Accrued taxes — 37,160 Professional fees 167,346 — Other 106,661 32,854 Total accrued expenses $ 2,505,625 $ 659,572

Accounting for Share-Based Pa_2

Accounting for Share-Based Payments (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Based Compensation Expense	We recorded stock-based compensation expense as follows: Year Ended 2021 2020 General and administrative $ 3,267,349 $ 1,798,288 Research and development 1,401,466 581,072 Total stock-based compensation expense $ 4,668,815 $ 2,379,360
Summary of Stock Option Activity	A summary of stock option activity under the Plan is presented below: Number of Options Exercise Price Weighted Intrinsic Weighted Balance outstanding, December 31, 2020 2,460,677 $ 1.63 - $ 2,452.80 $ 4.17 $ 990,930 9.40 years Granted 6,315,000 $ 1.70 - $ — $ 1.70 $ — Exercised — $ — - $ — $ — $ — Forfeited — $ — - $ — $ — $ — Cancelled (703) $ — - $ — $ 820.13 $ — Balance outstanding, December 31, 2021 8,774,974 $ 1.63 - $ 2,016.00 $ 2.33 $ — 9.10 years Awards outstanding, vested awards and those expected to vest at December 31, 2021 8,569,714 $ 1.63 - $ 2,016.00 $ 2.34 $ — 9.10 years Vested and exercisable at December 31, 2021 1,274,076 $ 1.63 - $ 2,016.00 $ 5.32 $ — 8.40 years
Schedule of Weighted Average Assumptions used Black Scholes Model	The following weighted-average assumptions are used in the Black-Scholes valuation model to estimate fair value of stock option awards when granted to employees. Year Ended 2021 2020 Stock price $ 1.70 $ 2.50 Risk-free interest rate 1.35 % 0.34 % Dividend yield — — Expected volatility 119.2 % 126.3 % Expected term (in years) 5.9 6.0

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Deferred Tax Assets and Liabilities	The significant components of our deferred tax assets are comprised of the following: As of December 31, 2021 2020 Federal NOL $ 13,292,524 $ 8,385,931 State NOL 3,127,854 800,008 Research and development credits 1,246,653 503,406 Lease liability 89,106 172,674 Stock compensation & other 1,911,401 1,108,314 Deferred tax asset valuation allowance (19,048,156) (10,239,037) Total deferred tax asset 619,382 731,296 Deferred tax liability (In-Process R&D) (957,000) (957,000) Right-of-use asset (71,404) (183,318) Total deferred tax liability (1,028,404) (1,140,318) Net deferred tax liability $ (409,022) $ (409,022)
Schedule of Effective Income Tax Rate	A reconciliation of income tax benefit computed at the statutory federal income tax rate to income taxes as reflected in the consolidated financial statements is as follows: Year Ended 2021 2020 U.S. statutory income tax rate 21.0 % 21.0 % State income taxes, net of federal benefit 8.0 % 8.6 % Research and development credits 1.7 % 2.1 % Warrant liability and contingent consideration (1.5) (0.2) % Other (1.1) % (1.7) % Valuation allowance (28.1) % (29.9) % Effective tax rate — % (0.1) %

Loss per Share (Tables)

Loss per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of basic and diluted net loss per share for the periods indicated: Year Ended Basic and diluted net loss per common share 2021 2020 Numerator: Net loss (32,722,168) (20,353,938) Preferred stock deemed dividend — (5,287) Net loss attributable to common stockholders $ (32,722,168) $ (20,359,225) Denominator: Weighted average common shares outstanding 70,291,535 9,677,832 Net loss per share of common stock—basic and diluted $ (0.47) $ (2.10)
Schedule of Outstanding Securities Excluded from the Computation of Basic and Diluted Weighted Shares Outstanding	The following outstanding securities at December 31, 2021 and 2020 have been excluded from the computation of basic and diluted weighted shares outstanding, as they would have been anti-dilutive: Year Ended 2021 2020 Common shares issuable upon conversion of Series A preferred stock 3,184 3,184 Common shares issuable upon conversion of Series C preferred stock 16,645 16,747 Stock options 8,774,974 2,460,677 Warrants – liability classified 10,714 102,642 Warrants – equity classified 4,311,182 3,118,568 Total 13,116,699 5,701,818

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments Under the Company's Noncancelable Operating Leases	Future minimum rental payments under our noncancelable operating leases at December 31, 2021 is as follows: 2022 $ 273,941 2023 53,902 2024 and thereafter — Total 327,843 Present value adjustment (10,851) Lease liability at December 31, 2021 $ 316,992

Business Overview (Details)

Business Overview (Details) $ in Millions	Jan. 14, 2022USD ($)	Feb. 14, 2014USD ($)	Oct. 31, 2018USD ($)shares	Dec. 31, 2018USD ($)shares	Feb. 14, 2014CAD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Threshold milestone payment payable					$ 2.5
Merger Agreement, Upon Receipt of Phase II Positive Data
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of shares to be issued | shares			4,317
Additional milestone payments payable			$ 3,000,000
Merger Agreement, Upon Receipt of Phase II Positive Data | Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional milestone payments payable	$ 3,000,000
Merger Agreement, Upon Initiation of Phase III Trial
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional milestone payments payable			5,000,000
Merger Agreement, Upon Initiation of Phase III Trial | Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional milestone payments payable	5,000,000
Merger Agreement, Upon Acceptance By FDA of New Drug
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional milestone payments payable			8,000,000
CEO
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
First milestone payment			$ 300,000
Number of shares issued | shares			603
CEO | Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
First milestone payment	800,000
Petrus Wijngaard, Director of Company
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
First milestone payment			$ 2,805
Number of shares issued | shares			6
Hepion Employees [Member] | Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
First milestone payment	200,000
Ciclofilin
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
First milestone payment			$ 700,000	$ 1,000,000
Number of shares issued | shares			1,439	1,439
Issuance of common stock in conjunction with milestone payment			$ 100,000	$ 55,398
Percentage of issued and outstanding			2.50%	2.50%
Percentage of proceeds from liquidity event		30.00%
Ciclofilin | Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
First milestone payment	$ 2,000,000
Percentage of issued and outstanding	7.50%
Ciclofilin | Merger Agreement, Upon Positive Analysis of Phase IIb Trial | Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional milestone payments payable	$ 1,000,000
Ciclofilin | Merger Agreement, Upon Acceptance By FDA of New Drug | Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional milestone payments payable	5,000,000
Ciclofilin | Merger Agreement Upon Approval by FDA Of New Drug | Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional milestone payments payable	$ 8,000,000
Aurinia
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
First milestone payment			$ 300,000
Threshold milestone payment payable					0.5
Offset payment, amount					2
Percentage of royalty on net sales		2.50%
Royalty percentage		5.00%
Amount payable from the proceeds of liquidity event		$ 200,000
Threshold amount payable					$ 5

Basis of Presentation - Warrant

Basis of Presentation - Warrants Corrections (Details) - USD ($)	3 Months Ended			12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	$ (9,269,473)	$ (7,667,105)	$ (6,063,517)	$ (32,722,168)	$ (20,353,938)
Total stockholders' equity	102,643,766	110,724,864	117,580,017	92,995,003	40,520,391	$ 15,616,697
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	(9,266,717)	(7,665,161)	(6,057,306)
Total stockholders' equity	102,643,005	110,721,347	117,574,556
Revisions
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	(2,756)	(1,944)	(6,211)
Total stockholders' equity	761	3,517	5,461
Additional Paid in Capital
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total stockholders' equity	224,714,238	223,524,863	222,712,911	224,787,547	142,910,523	97,651,006
Additional Paid in Capital | As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total stockholders' equity	228,023,085	226,834,239	226,022,287
Additional Paid in Capital | Revisions
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total stockholders' equity	(3,308,847)	(3,309,376)	(3,309,376)
Accumulated Deficit
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss				(32,722,168)	(20,353,938)
Total stockholders' equity	(123,779,223)	(114,509,750)	(106,842,645)	(133,501,295)	(104,105,463)	(83,751,525)
Accumulated Deficit | As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total stockholders' equity	(127,094,647)	(117,827,930)	(110,162,769)
Accumulated Deficit | Revisions
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total stockholders' equity	3,315,424	3,318,180	3,320,124
Series C | Preferred Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total stockholders' equity	845,320	846,320	846,320	$ 845,320	$ 856,320	$ 861,033
Series C | Preferred Stock | As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total stockholders' equity	851,136	851,607	851,607
Series C | Preferred Stock | Revisions
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total stockholders' equity	$ (5,816)	$ (5,287)	$ (5,287)

Basis of Presentation - Note di

Basis of Presentation - Note disclosures affected by corrections (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Federal NOL	$ 13,292,524	$ 8,385,931	$ 4,756,334
State NOL	3,127,854	800,008	2,439,015
Research and development credits	1,246,653	503,406	171,631
Lease liability	89,106	172,674	242,234
Stock compensation and other	1,911,401	1,108,314	889,167
Deferred tax asset valuation allowance	(19,048,156)	(10,239,037)	(7,711,031)
Total deferred tax asset	619,382	731,296	787,350
Deferred tax liability (In-Process R&D)	(957,000)	(957,000)	(957,000)
Right-of-use asset	(71,404)	(183,318)	(239,372)
Total deferred tax liability	(1,028,404)	(1,140,318)	(1,196,372)
Net deferred tax liability	(409,022)	(409,022)	(409,022)
Net operating loss carryforwards	101,100,000	49,600,000	56,800,000
Tax credit carry forwards	1,200,000
Unrecognized tax benefits	0
Unrecognized tax benefits, interest and penalties accrued	$ 0
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Federal NOL		19,665,840	16,812,626
State NOL		4,497,069	2,439,015
Research and development credits		2,099,921	1,350,305
Lease liability		172,674	242,234
Stock compensation and other		1,108,314	889,167
Deferred tax asset valuation allowance		(26,812,522)	(20,945,997)
Total deferred tax asset		731,296	787,350
Deferred tax liability (In-Process R&D)		(957,000)	(957,000)
Right-of-use asset		(183,318)	(239,372)
Total deferred tax liability		(1,140,318)	(1,196,372)
Net deferred tax liability		(409,022)	(409,022)
Revisions
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Federal NOL		(11,279,909)	(12,056,292)
State NOL		(3,697,061)	0
Research and development credits		(1,596,515)	(1,178,674)
Lease liability		0	0
Stock compensation and other		0	0
Deferred tax asset valuation allowance		16,573,485	13,234,966
Total deferred tax asset		0	0
Deferred tax liability (In-Process R&D)		0	0
Right-of-use asset		0	0
Total deferred tax liability		0	0
Net deferred tax liability		$ 0	$ 0

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) - USD ($)	3 Months Ended			12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2021	Apr. 13, 2020	Dec. 31, 2019
Subsidiary, Sale of Stock [Line Items]
Derivative financial instruments, at estimated fair value—warrants				$ 0	$ 11,673
Change in fair value of derivative instrument-warrants				0	6,050
Total stockholders' equity	$ 102,643,766	$ 110,724,864	$ 117,580,017	92,995,003	40,520,391			$ 15,616,697
Cash				91,348,967	40,726,838
Accumulated deficit				133,501,295	104,105,463
Working Capital				89,200,000
Net cash used in operating activities				31,224,481	16,165,202
Net loss	9,269,473	7,667,105	6,063,517	32,722,168	20,353,938
Cumulative Effect, Period of Adoption, Adjustment
Subsidiary, Sale of Stock [Line Items]
Change in fair value of derivative instrument-warrants					(10,911)
Total stockholders' equity					11,673
Beneficial conversion feature					(7,844,643)
Cumulative Effect, Period of Adoption, Adjustment | July 3, 2018 Warrants
Subsidiary, Sale of Stock [Line Items]
Derivative financial instruments, at estimated fair value—warrants					(11,673)
Additional Paid in Capital
Subsidiary, Sale of Stock [Line Items]
Total stockholders' equity	224,714,238	223,524,863	222,712,911	224,787,547	142,910,523			97,651,006
Additional Paid in Capital | Cumulative Effect, Period of Adoption, Adjustment
Subsidiary, Sale of Stock [Line Items]
Total stockholders' equity					(3,314,663)
Additional Paid in Capital | Cumulative Effect, Period of Adoption, Adjustment | July 3, 2018 Warrants
Subsidiary, Sale of Stock [Line Items]
Total stockholders' equity					11,673
Additional Paid in Capital | Cumulative Effect, Period of Adoption, Adjustment | Warrants – liability classified
Subsidiary, Sale of Stock [Line Items]
Total stockholders' equity					4,529,980
Accumulated Deficit
Subsidiary, Sale of Stock [Line Items]
Total stockholders' equity	(123,779,223)	(114,509,750)	(106,842,645)	(133,501,295)	(104,105,463)			(83,751,525)
Net loss				32,722,168	20,353,938
Accumulated Deficit | Cumulative Effect, Period of Adoption, Adjustment
Subsidiary, Sale of Stock [Line Items]
Total stockholders' equity					3,326,336	$ 3,300,000
Accumulated Deficit | Cumulative Effect, Period of Adoption, Adjustment | Warrants – liability classified
Subsidiary, Sale of Stock [Line Items]
Total stockholders' equity					(4,529,980)
Series C | Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Total stockholders' equity	$ 845,320	$ 846,320	$ 846,320	$ 845,320	856,320			$ 861,033
Series C | Preferred Stock | Cumulative Effect, Period of Adoption, Adjustment
Subsidiary, Sale of Stock [Line Items]
Total stockholders' equity					$ 5,816
PPP loan
Subsidiary, Sale of Stock [Line Items]
Principal amount							$ 200,000
Interest rate (as percent)							0.98%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Cash (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash	$ 91,348,967	$ 40,726,838

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Derivative Financial Instruments (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
(Level 3) | Warrants
Derivative Financial Instruments
Fair value of issued warrants	$ 0	$ 11,673	$ 5,623

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Property, equipment and depreciation (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, net	$ 152,772	$ 108,440	$ 152,772	$ 108,440
Depreciation and amortization			$ 86,073	$ 34,515
Carrying value adjustments	$ 0	$ 0
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)			3 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)			7 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Goodwill and In-Process Research and Development (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Impairment on goodwill	$ 0	$ 0
Impairment of IPR&D	$ 0	$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Research and Development (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Research and Development
Prepaid research and development costs	$ 5.9	$ 1.8

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Segment Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)
Accounting Policies [Abstract]
Foreign exchange | $	$ 0.1	$ 0.1
Number of operating segments | segment	1

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements - Accounting Standards Update (Details) - USD ($)	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Jan. 01, 2021	Dec. 31, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total stockholders' equity	$ 92,995,003	$ 102,643,766	$ 110,724,864	$ 117,580,017		$ 40,520,391	$ 15,616,697
Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total stockholders' equity	$ (133,501,295)	$ (123,779,223)	$ (114,509,750)	$ (106,842,645)		(104,105,463)	$ (83,751,525)
Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total stockholders' equity						11,673
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total stockholders' equity					$ 3,300,000	$ 3,326,336

Stockholders' Equity and Deri_2

Stockholders' Equity and Derivative Liability - Warrants - Series A Convertible Preferred Stock (Details) - Series A - shares	Dec. 31, 2021	Dec. 31, 2020	Oct. 14, 2014
Preferred stock, Common Stock and Warrant Offering
Convertible preferred stock, shares authorized (in shares)			1,250,000
Convertible preferred stock, shares outstanding (in shares)	85,581	85,581
Stock issued as a result of conversion (in shares)	0	0

Stockholders' Equity and Deri_3

Stockholders' Equity and Derivative Liability - Warrants - Series C Convertible Preferred Stock Issuance (Details)	Jul. 03, 2018$ / sharesshares	Dec. 31, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares
Preferred stock, Common Stock and Warrant Offering
Preferred shares converted into common stock (in shares)		101	92
Warrants
Preferred stock, Common Stock and Warrant Offering
Warrants issued (in shares)	88,928
Series C
Preferred stock, Common Stock and Warrant Offering
Convertible preferred stock, shares issued (in shares)		1,806	1,817
Issuance of common stock, net (in shares)	10,826
Convertible preferred stock, par value (in dollars per share) | $ / shares	$ 1,000	$ 1,000	$ 1,000
Convertible preferred stock, shares outstanding (in shares)		1,806	1,817
Stock issued as a result of conversion (in shares)		11	10
Conversion ratio	1.55
Series C | Preferred Stock
Preferred stock, Common Stock and Warrant Offering
Convertible preferred stock, shares issued (in shares)	1

Stockholders' Equity and Deri_4

Stockholders' Equity and Derivative Liability - Warrants - Components of changes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Warrants Outstanding
Balance at the beginning of the period (in shares)	102,642	107,998
Expiration of warrants	(4,314)	(5,356)
Balance at end of period (in shares)	10,714	102,642
Cumulative Effect, Period of Adoption, Adjustment
Number of Warrants Outstanding
Balance at the beginning of the period (in shares)	87,614
Balance at end of period (in shares)		87,614
Warrants | (Level 3)
Derivative Instrument Liability
Balance at the beginning of the period	$ (11,673)	$ (5,623)
Change in fair value of warrants	(11,673)	6,050
Balance at end of period	$ 0	$ (11,673)

Stockholders' Equity and Deri_5

Stockholders' Equity and Derivative Liability - Warrants - Common Stock Offering (Details) - USD ($)	Feb. 16, 2021	Nov. 30, 2020	Nov. 24, 2020	Mar. 27, 2020	Feb. 12, 2020	Dec. 31, 2021	Dec. 31, 2020	Nov. 25, 2020
Controlled equity offering sales agreement
Common stock, par value (in dollars per share)						$ 0.0001	$ 0.0001
Proceeds from public offering, net of underwriting discounts, commissions and offering expenses						$ 82,153,600	$ 42,866,272
February 16, 2021 Warrants | Warrants
Controlled equity offering sales agreement
Warrants issued (in shares)	1,105,000
Exercise price per share (in dollars per share)	$ 2.50
Exercise commencement period for warrants	180 days
November 24, 2020 Warrants | Warrants
Controlled equity offering sales agreement
Warrants issued (in shares)			690,000
Exercise price per share (in dollars per share)								$ 1.875
Exercise commencement period for warrants		180 days
Sales Agreement
Controlled equity offering sales agreement
Issuance of common stock, net (in shares)	44,200,000			2,950,939	2,311,867		5,262,806
Offering price (in dollars per share)	$ 2
Proceeds from public offering, net of underwriting discounts, commissions and offering expenses	$ 82,100,000			$ 4,600,000			$ 11,200,000
Maximum aggregate offering price					$ 6,800,000
Underwriters
Controlled equity offering sales agreement
Issuance of common stock, net (in shares)			20,000,000
Offering price (in dollars per share)			$ 1.50
Proceeds from public offering, net of underwriting discounts, commissions and offering expenses			$ 31,600,000
Term of option to purchase			45 days
Exercise period for warrants		4 years 6 months
Underwriters | Maximum
Controlled equity offering sales agreement
Issuance of common stock, net (in shares)			3,000,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Liabilities Measured on Recurring Basis (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair value measurements
Contingent consideration	$ 1,891,716	$ 2,570,000
Recurring basis
Fair value measurements
Contingent consideration	4,880,000	2,570,000
Derivative liabilities related to warrants	0	11,673
Recurring basis | (Level 1)
Fair value measurements
Contingent consideration	0	0
Derivative liabilities related to warrants	0	0
Recurring basis | (Level 2)
Fair value measurements
Contingent consideration	0	0
Derivative liabilities related to warrants	0	0
Recurring basis | (Level 3)
Fair value measurements
Contingent consideration	4,880,000	2,570,000
Derivative liabilities related to warrants	$ 0	$ 11,673

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	1 Months Ended	3 Months Ended
	Oct. 31, 2018USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)$ / shares	Jun. 10, 2016shares
Fair value measurements
Short-term portion of contingent consideration			$ 2,988,284	$ 0
Non-current portion of contingent consideration			$ 1,891,716	$ 2,570,000
Discount rate
Fair value measurements
Contingent consideration, fair value measurement input			0.070	0.080	0.065
Stock price
Fair value measurements
Contingent consideration, fair value measurement input			1.14	2.19	19.60
Ciclofilin
Fair value measurements
Payment of contingent consideration milestone	$ 700,000	$ 1,000,000
Number of shares issued | shares	1,439	1,439
Issuance of common stock in conjunction with milestone payment	$ 100,000	$ 55,398
Percentage of issued and outstanding	2.50%	2.50%

Fair Value Measurements - Assum

Fair Value Measurements - Assumptions Used to Calculate Fair Value (Details)	12 Months Ended
	Dec. 31, 2021$ / shares	Dec. 31, 2020$ / shares	Jun. 10, 2016shares
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Probability of success of milestone achievements	18.00%	13.00%
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Probability of success of milestone achievements	100.00%	40.00%
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, fair value measurement input	0.070	0.080	0.065
Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, fair value measurement input	1.14	2.19	19.60

Fair Value Measurements - Activ

Fair Value Measurements - Activity for Fair Value of Contingent Consideration (Details) - Acquisition-related Contingent Consideration - (Level 3) - Recurring basis - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Change in fair value of contingent consideration
Balance at beginning of the period	$ (2,570,000)	$ (2,430,000)
Change in fair value recorded in earnings	2,310,000	140,000
Balance at end of the period	$ (4,880,000)	$ (2,570,000)

Indefinite-lived Intangible A_3

Indefinite-lived Intangible Assets, Goodwill, and Property and Equipment - IPR&D (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Indefinite-lived Intangible Assets [Roll Forward]
In-process research and development, beginning balance	$ 3,190,000
In-process research and development, ending balance	3,190,000	$ 3,190,000
Impairment losses on IPR&D	0	0
In Process Research and Development
Indefinite-lived Intangible Assets [Roll Forward]
In-process research and development, beginning balance	3,190,000	3,190,000
Change during period	0	0
In-process research and development, ending balance	$ 3,190,000	$ 3,190,000

Indefinite-lived Intangible A_4

Indefinite-lived Intangible Assets, Goodwill, and Property and Equipment - Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Beginning balance	$ 1,870,924	$ 1,870,924
Change during period	0	0
Ending balance	1,870,924	1,870,924
Impairment on goodwill	$ 0	$ 0

Indefinite-lived Intangible A_5

Indefinite-lived Intangible Assets, Goodwill, and Property and Equipment - PPE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (240,241)	$ (154,168)
Property and equipment, net	152,772	108,440
Depreciation	100,000	34,515
Equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 330,830	200,425
Estimated useful life (in years)	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	$ 62,183	$ 62,183
Estimated useful life (in years)	7 years

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Payroll and related costs	$ 0	$ 150,702
Stock-based compensation - see Note 9	1,637,308	0
Research and development	536,965	438,856
Legal fees	57,345	0
Accrued taxes	0	37,160
Professional fees	167,346	0
Other	106,661	32,854
Total accrued expenses	$ 2,505,625	$ 659,572

Accounting for Share-Based Pa_3

Accounting for Share-Based Payments - Additional Information (Details) - USD ($) $ in Millions	Jun. 03, 2013	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Accounting for Shared-Based Payments
Vesting period (in years)	3 years
Contractual term (in years)	10 years
Shares available for grant (in shares)				35,229
Liability related to awards granted		$ 1.6
Total fair value of shares vested during the period		4.4
Unrecognized compensation cost related to non-vested stock		$ 7.4
Weighted average remaining vesting period over which unrecognized compensation is expected to be recognized (in years)		1 year 10 months 2 days
Stock options
Accounting for Shared-Based Payments
Granted (in shares)		6,315,000	2,423,500

Accounting for Share-Based Pa_4

Accounting for Share-Based Payments - Stock-Based Compensation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting for Shared-Based Payments
Total stock-based compensation expense	$ 4,668,815	$ 2,379,360
General and administrative
Accounting for Shared-Based Payments
Total stock-based compensation expense	3,267,349	1,798,288
Research and development
Accounting for Shared-Based Payments
Total stock-based compensation expense	$ 1,401,466	$ 581,072

Accounting for Share-Based Pa_5

Accounting for Share-Based Payments - Stock Option Activity (Details) - Stock options - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Options
Balance outstanding at the beginning of the period (in shares)	2,460,677
Granted (in shares)	6,315,000	2,423,500
Exercised (in shares)	0
Forfeited (in shares)	0
Cancelled (in shares)	(703)
Balance outstanding at the end of the period (in shares)	8,774,974	2,460,677
Vested awards and those expected to vest at the end of the period (in shares)	8,569,714
Vested and exercisable at the end of the period (in shares)	1,274,076
Weighted Average Exercise Price Per Share
Balance outstanding at the beginning of the period (in dollars per share)	$ 4.17
Granted (in dollars per share)	1.70
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	0
Cancelled (in dollars per share)	820.13
Balance outstanding at the end of the period (in dollars per share)	2.33	$ 4.17
Vested awards and those expected to vest at the end of the period (in dollars per share)	2.34
Vested and exercisable at the end of the period (in dollars per share)	$ 5.32
Intrinsic Value
Balance outstanding at the beginning of the period	$ 990,930
Granted	0
Exercised	0
Forfeited	0
Cancelled	0
Balance outstanding at the end of the period	0	$ 990,930
Vested awards and those expected to vest at the end of the period (in dollars)	0
Vested and exercisable at the end of the period	$ 0
Weighted Average Remaining Contractual Team
Balance outstanding term (in years)	9 years 1 month 6 days	9 years 4 months 24 days
Vested awards and those expected to vest at the end of the period (in years)	9 years 1 month 6 days
Vested and exercisable at the end of the period (in years)	8 years 4 months 24 days
Exercise price range one
Exercise Price Per Share
Exercise price, low end of the range (in dollars per share)	$ 1.63	$ 1.63
Exercise price, high end of the range (in dollars per share)	2,016	$ 2,452.8
Exercise price range two
Exercise Price Per Share
Exercise price, low end of the range (in dollars per share)	1.70
Exercise price, high end of the range (in dollars per share)	0
Exercise price range three
Exercise Price Per Share
Exercise price, low end of the range (in dollars per share)	0
Exercise price, high end of the range (in dollars per share)	0
Exercise price range four
Exercise Price Per Share
Exercise price, low end of the range (in dollars per share)	1.63
Exercise price, high end of the range (in dollars per share)	$ 2,016

Accounting for Share-Based Pa_6

Accounting for Share-Based Payments - Weighted-Average Assumptions Used Black Scholes Model (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Price of Hepion common stock (in dollars per share)	$ 1.70	$ 2.50
Risk-free interest rate	1.35%	0.34%
Dividend yield	0.00%	0.00%
Expected volatility	119.20%	126.30%
Expected term (in years)	5 years 10 months 24 days	6 years

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Loss before income taxes	$ 32,722,168	$ 20,323,354
Income tax benefit (expense)	0	(30,584)
Net deferred tax liability	(409,022)	(409,022)	$ (409,022)
Increase (Decrease) in valuation allowance	8,800,000	2,500,000
Net operating loss carryforwards	101,100,000	$ 49,600,000	$ 56,800,000
Tax credit carry forwards	1,200,000
Unrecognized tax benefits	0
Unrecognized tax benefits, interest and penalties accrued	0
Unrecognized tax benefits that would impact to the effective rate if recognized	0
Undistributed earnings	900,000
Ciclofilin
Operating Loss Carryforwards [Line Items]
Net deferred tax liability	$ (409,022)

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal NOL	$ 13,292,524	$ 8,385,931	$ 4,756,334
State NOL	3,127,854	800,008	2,439,015
Research and development credits	1,246,653	503,406	171,631
Lease liability	89,106	172,674	242,234
Stock compensation & other	1,911,401	1,108,314	889,167
Deferred tax asset valuation allowance	(19,048,156)	(10,239,037)	(7,711,031)
Total deferred tax asset	619,382	731,296	787,350
Deferred tax liability (In-Process R&D)	(957,000)	(957,000)	(957,000)
Right-of-use asset	(71,404)	(183,318)	(239,372)
Total deferred tax liability	(1,028,404)	(1,140,318)	(1,196,372)
Net deferred tax liability	$ (409,022)	$ (409,022)	$ (409,022)

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Benefit (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. statutory income tax rate	21.00%	21.00%
State income taxes, net of federal benefit	8.00%	8.60%
Research and development credits	1.70%	2.10%
Warrant liability and contingent consideration	(1.50%)	(0.20%)
Other	(1.10%)	(1.70%)
Valuation allowance	(28.10%)	(29.90%)
Effective tax rate	0.00%	(0.10%)

Loss per Share - Computation of

Loss per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($)	3 Months Ended			12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss	$ (9,269,473)	$ (7,667,105)	$ (6,063,517)	$ (32,722,168)	$ (20,353,938)
Preferred stock deemed dividend				0	(5,287)
Net loss attributable to common stockholders, basic				(32,722,168)	(20,359,225)
Net loss attributable to common stockholders, diluted				$ (32,722,168)	$ (20,359,225)
Denominator:
Weighted average common shares outstanding, diluted (in shares)				70,291,535	9,677,832
Weighted average common shares outstanding, basic (in shares)				70,291,535	9,677,832
Net loss per share of common stock—basic (in dollars per share)				$ (0.47)	$ (2.10)
Net loss per share of common stock—diluted (in dollars per share)				$ (0.47)	$ (2.10)

Loss per Share - Schedule of Ou

Loss per Share - Schedule of Outstanding Securities Excluded from Computation of Basic and Diluted Weighted Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	13,116,699	5,701,818
Common shares issuable upon conversion of Series A preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	3,184	3,184
Common shares issuable upon conversion of Series C preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	16,645	16,747
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	8,774,974	2,460,677
Warrants – liability classified
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	10,714	102,642
Warrants – equity classified
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	4,311,182	3,118,568

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2021	Dec. 31, 2020	May 31, 2018	Dec. 31, 2017
Lessee, Lease, Description [Line Items]
Right of use asset		$ 303,689	$ 556,492
Current lease liabilities		266,650	279,826
Non-current lease liabilities		$ 50,342	295,755
Estimated incremental borrowing rate (as a percent)		6.50%
Rent expense		$ 300,000	$ 300,000
Weighted average remaining term of noncancelable leases (in years)		1 year 1 month 28 days
Laboratory Study and Evaluation Agreement
Lessee, Lease, Description [Line Items]
Amount of transaction with related party	$ 60,000
Expense amount of transaction with related party		$ 30,000
Corporate office space
Lessee, Lease, Description [Line Items]
Renewal term (in years)					5 years
Office and research laboratory
Lessee, Lease, Description [Line Items]
Term (in years)				3 years

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Rental Payments Under the Company's Noncancelable Operating Leases (Details)	Dec. 31, 2021USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 273,941
2023	53,902
2024 and thereafter	0
Total	327,843
Present value adjustment	(10,851)
Lease liability at end of period	$ 316,992

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jan. 14, 2022	Oct. 31, 2018	Dec. 31, 2018
Merger Agreement, Upon Receipt of Phase II Positive Data
Subsequent Events
Additional milestone payments payable		$ 3,000,000
Merger Agreement, Upon Initiation of Phase III Trial
Subsequent Events
Additional milestone payments payable		5,000,000
Merger Agreement, Upon Acceptance By FDA of New Drug
Subsequent Events
Additional milestone payments payable		$ 8,000,000
Ciclofilin
Subsequent Events
Percentage of issued and outstanding		2.50%	2.50%
Payment of contingent consideration milestone		$ 700,000	$ 1,000,000
Subsequent Event | Merger Agreement, Upon Receipt of Phase II Positive Data
Subsequent Events
Additional milestone payments payable	$ 3,000,000
Subsequent Event | Merger Agreement, Upon Initiation of Phase III Trial
Subsequent Events
Additional milestone payments payable	$ 5,000,000
Subsequent Event | Ciclofilin
Subsequent Events
Percentage of issued and outstanding	7.50%
Payment of contingent consideration milestone	$ 2,000,000
Subsequent Event | Ciclofilin | Merger Agreement, Upon Positive Analysis of Phase IIb Trial
Subsequent Events
Additional milestone payments payable	1,000,000
Subsequent Event | Ciclofilin | Merger Agreement, Upon Acceptance By FDA of New Drug
Subsequent Events
Additional milestone payments payable	5,000,000
Subsequent Event | Ciclofilin | Merger Agreement Upon Approval by FDA Of New Drug
Subsequent Events
Additional milestone payments payable	$ 8,000,000