Celcuity (CELC) 10-Q 9 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-38207
Entity Registrant Name	CELCUITY INC.
Entity Central Index Key	0001603454
Entity Tax Identification Number	82-2863566
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	16305 36th Avenue North; Suite 100
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55446
City Area Code	(763)
Local Phone Number	392-0767
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	CELC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,913,889

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 90,366,812	$ 11,637,911
Deposits	22,009	22,009
Deferred transaction costs
Payroll tax receivable	356,309	190,000
Prepaid assets	437,351	317,040
Total current assets	91,182,481	12,166,960
Property and equipment, net	365,533	558,876
Operating lease right-of-use assets	289,586	230,911
Total Assets	91,837,600	12,956,747
Current Liabilities:
Accounts payable	1,746,425	217,377
Finance lease liabilities	5,840	5,810
Operating lease liabilities	190,458	187,518
Accrued expenses	879,851	774,612
Total current liabilities	2,822,574	1,185,317
Finance lease liabilities	3,916	8,299
Operating lease liabilities	108,915	60,861
Note payable, non-current	14,427,809
Total Liabilities	17,363,214	1,254,477
Stockholders’ Equity:
Preferred stock, $0.001 par value: 2,500,000 shares authorized; 0 shares issued and outstanding as of September 30, 2021 and December 31, 2020
Common stock, $0.001 par value: 25,000,000 shares authorized; 14,905,898 and 10,299,822 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	14,906	10,300
Additional paid-in capital	123,632,827	38,013,551
Accumulated deficit	(49,173,347)	(26,321,581)
Total Stockholders’ Equity	74,474,386	11,702,270
Total Liabilities and Stockholders’ Equity	$ 91,837,600	$ 12,956,747

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Deferred transaction costs
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,500,000	2,500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par or stated value per share	$ 0.001	$ 0.001
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	14,905,898	10,299,822
Common stock, shares outstanding	14,905,898	10,299,822

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating expenses:
Research and development	$ 4,960,515	$ 1,962,610	$ 20,266,965	$ 5,576,250
General and administrative	639,271	517,465	1,768,058	1,428,578
Total operating expenses	5,599,786	2,480,075	22,035,023	7,004,828
Loss from operations	(5,599,786)	(2,480,075)	(22,035,023)	(7,004,828)
Other income (expense)
Interest expense	(433,072)	(28)	(824,283)	(93)
Interest income	5,612	5,805	7,803	81,639
Loss on sale of fixed assets			(263)
Other income (expense), net	(427,460)	5,777	(816,743)	81,546
Net loss before income taxes	(6,027,246)	(2,474,298)	(22,851,766)	(6,923,282)
Income tax benefits
Net loss	$ (6,027,246)	$ (2,474,298)	$ (22,851,766)	$ (6,923,282)
Net loss per share, basic and diluted	$ (0.41)	$ (0.24)	$ (1.78)	$ (0.67)
Weighted average common shares outstanding, basic and diluted	14,877,619	10,273,567	12,867,484	10,262,636

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2019	$ 10,254	$ 36,134,723	$ (16,847,406)	$ 19,297,571
Beginning balance, shares at Dec. 31, 2019	10,253,988
Stock-based compensation		464,649		464,649
Net loss			(2,246,995)	(2,246,995)
Ending balance, value at Mar. 31, 2020	$ 10,254	36,599,372	(19,094,401)	17,515,225
Ending balance, shares at Mar. 31, 2020	10,253,988
Beginning balance, value at Dec. 31, 2019	$ 10,254	36,134,723	(16,847,406)	19,297,571
Beginning balance, shares at Dec. 31, 2019	10,253,988
Stock-based compensation				1,336,789
Issuance of common stock, licensing agreement
Net loss				(6,923,282)
Ending balance, value at Sep. 30, 2020	$ 10,289	37,522,374	(23,770,688)	13,761,975
Ending balance, shares at Sep. 30, 2020	10,289,253
Beginning balance, value at Mar. 31, 2020	$ 10,254	36,599,372	(19,094,401)	17,515,225
Beginning balance, shares at Mar. 31, 2020	10,253,988
Stock-based compensation	$ 16	423,177		423,193
Stock-based compensation, shares	15,686
Employee stock purchases	$ 4	23,893		23,897
Employee stock purchases shares	4,678
Issuance of common stock in an at-the-market (“ATM”) offering	$ 15	154,127		154,142
Issuance of common stock in an at-the-market ("ATM") offering shares	14,901
Issuance costs associated with ATM offering		(52,110)		(52,110)
Net loss			(2,201,989)	(2,201,989)
Ending balance, value at Jun. 30, 2020	$ 10,289	37,148,459	(21,296,390)	15,862,358
Ending balance, shares at Jun. 30, 2020	10,289,253
Stock-based compensation				448,947
Stock-based compensation		448,947		448,947
Issuance costs associated with ATM offering		(75,032)		(75,032)
Net loss			(2,474,298)	(2,474,298)
Ending balance, value at Sep. 30, 2020	$ 10,289	37,522,374	(23,770,688)	13,761,975
Ending balance, shares at Sep. 30, 2020	10,289,253
Beginning balance, value at Dec. 31, 2020	$ 10,300	38,013,551	(26,321,581)	11,702,270
Beginning balance, shares at Dec. 31, 2020	10,299,822
Stock-based compensation		449,098		449,098
Exercise of common stock warrants	$ 1	11,256		11,257
Exercise of common stock warrants shares	1,185
Exercise of common stock options, net of shares withheld for exercise price	$ 13	(13)
Exercise of common stock options, net of shares withheld for exercise price shares	12,707
Issuance of common stock upon closing of follow-on offering, net of underwriting discounts and offering costs	$ 1,971	25,766,522		25,768,493
Issuance of common stock upon closing of follow-on offering, net of underwriting discounts and offering costs shares	1,971,100
Issuance of common stock in an at-the-market (“ATM”) offering	$ 3	38,959		38,962
Issuance of common stock in an at-the-market ("ATM") offering shares	3,082
Issuance costs associated with ATM offering		(3,868)		(3,868)
Net loss			(2,791,668)	(2,791,668)
Ending balance, value at Mar. 31, 2021	$ 12,288	64,275,505	(29,113,249)	35,174,544
Ending balance, shares at Mar. 31, 2021	12,287,896
Beginning balance, value at Dec. 31, 2020	$ 10,300	38,013,551	(26,321,581)	11,702,270
Beginning balance, shares at Dec. 31, 2020	10,299,822
Stock-based compensation				1,689,331
Issuance of common stock, licensing agreement				5,000,000
Net loss				(22,851,766)
Ending balance, value at Sep. 30, 2021	$ 14,906	123,632,827	(49,173,347)	74,474,386
Ending balance, shares at Sep. 30, 2021	14,905,898
Beginning balance, value at Mar. 31, 2021	$ 12,288	64,275,505	(29,113,249)	35,174,544
Beginning balance, shares at Mar. 31, 2021	12,287,896
Stock-based compensation	$ 3	540,314		540,317
Stock-based compensation, shares	2,964
Employee stock purchases	$ 6	25,811		25,817
Employee stock purchases shares	5,496
Exercise of common stock options, net of shares withheld for exercise price	$ 9	36,850		36,859
Exercise of common stock options, net of shares withheld for exercise price shares	9,136
Issuance of common stock warrants, note payable		289,839		289,839
Issuance of common stock, licensing agreement	$ 349	4,999,651		5,000,000
Issuance of common stock, licensing agreement shares	349,406
Net loss			(14,032,852)	(14,032,852)
Ending balance, value at Jun. 30, 2021	$ 12,655	70,167,970	(43,146,101)	27,034,524
Ending balance, shares at Jun. 30, 2021	12,654,898
Stock-based compensation				699,916
Stock-based compensation		699,916		699,916
Exercise of common stock options, net of shares withheld for exercise price	$ 1	5,099		5,100
Exercise of common stock options, net of shares withheld for exercise price shares	1,000
Issuance of common stock upon closing of follow-on offering, net of underwriting discounts and offering costs	$ 2,250	52,759,842		52,762,092
Issuance of common stock upon closing of follow-on offering, net of underwriting discounts and offering costs shares	2,250,000
Net loss			(6,027,246)	(6,027,246)
Ending balance, value at Sep. 30, 2021	$ 14,906	$ 123,632,827	$ (49,173,347)	$ 74,474,386
Ending balance, shares at Sep. 30, 2021	14,905,898

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (22,851,766)	$ (6,923,282)
Adjustments to reconcile net loss to net cash used for operations:
Depreciation	240,206	287,701
Stock-based compensation	1,689,331	1,336,789
Issuance of common stock, licensing agreement	5,000,000
Amortization of debt issuance costs and discount	173,361
PIK interest	196,348
Loss on sale of fixed assets	263
Changes in operating assets and liabilities:
Payroll tax receivable	(166,309)
Prepaid assets and deposits	(120,311)	170,990
Accounts payable	1,553,381	(64,657)
Accrued expenses	105,239	172,554
Non-cash operating lease, net	(7,681)	(18,533)
Net cash used for operating activities	(14,187,938)	(5,038,438)
Cash flows from investing activities:
Purchases of property and equipment	(71,959)	(75,494)
Proceeds from sale of property and equipment	500
Net cash used for investing activities	(71,459)	(75,494)
Cash flows from financing activities:
Proceeds from exercise of common stock warrants	11,257
Proceeds from exercise of employee stock options	41,959
Proceeds from employee stock purchases	25,817	23,897
Proceeds from follow-on offering, net of underwriting discounts and offering costs	78,530,585
Proceeds from note payable, net of debt issuance costs and discount of $652,061	14,347,939
Gross proceeds from an ATM offering	38,962	154,142
Payments for secondary registration statement costs	(3,868)	(98,399)
Payments for finance leases	(4,353)	(4,323)
Net cash provided by financing activities	92,988,298	75,317
Net change in cash and cash equivalents	78,728,901	(5,038,615)
Cash and cash equivalents:
Beginning of period	11,637,911	18,735,002
End of period	90,366,812	13,696,387
Supplemental disclosures of non-cash investing and financing activities:
Property and equipment included in accounts payable		7,714
Issuance of common stock warrants and final fee recognized as discount to note payable	$ 964,839

Condensed Statements of Cash _2

Condensed Statements of Cash Flows (Unaudited) (Parenthetical)	Sep. 30, 2021USD ($)
Statement of Cash Flows [Abstract]
Proceeds from debt discount	$ 652,061

Organization

Organization	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Nature of Business Celcuity Inc., a Delaware corporation (the “Company”), is a clinical-stage biotechnology company seeking to extend the lives of cancer patients by pursuing an integrated companion diagnostic (CDx) and therapeutic (Rx) strategy. Our CELsignia companion diagnostic platform is uniquely able to analyze live patient tumor cells to identify new groups of cancer patients likely to benefit from targeted therapies. This enables a CELsignia CDx to support advancement of new indications for already approved targeted therapies. Our therapeutic efforts are focused on in-licensing and developing molecularly targeted therapies that address the same cancer driver our companion diagnostics can identify. By pursuing an integrated companion diagnostic and therapeutic strategy, we believe we are uniquely positioned to achieve our goal of helping cancer patients receive the therapeutic best suited to treat their cancer driver. The Company was co-founded in 2012 by Brian F. Sullivan and Dr. Lance G. Laing and is based in Minnesota. The Company has not generated any revenues to date. Follow-on Offering On July 1, 2021, the Company completed a follow-on offering whereby it sold 2,250,000 25.00 56.3 3.4 0.1 On February 26, 2021, the Company completed a follow-on offering whereby it sold 1,971,100 257,100 14.00 27.6 1.6 0.2

Basis of Presentation, Summary

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements	2. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements Basis of Presentation The accompanying unaudited financial statements include the accounts of the Company and have been prepared in accordance with Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, as permitted by Article 10, the unaudited financial statements do not include all of the information required by accounting principles generally accepted in the United States (“U.S. GAAP”). The balance sheet at December 31, 2020 was derived from the audited financial statements at that date and does not include all the disclosures required by U.S. GAAP. In the opinion of management, all adjustments which are of a normal recurring nature and necessary for a fair presentation have been reflected in the financial statements. These unaudited condensed financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2020 and the related footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. Accounting Estimates Management uses estimates and assumptions in preparing these unaudited condensed financial statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates and the difference could be material. Significant items subject to such estimates and assumptions include the valuation of stock-based compensation and prepaid or accrued clinical trial costs. Risks and Uncertainties The Company is subject to risks common to companies in the development stage including, but not limited to, dependency on the clinical and commercial success of its diagnostic tests, ability to obtain regulatory approval of its diagnostic tests, the clinical and commercial success of its initial drug product, gedatolisib, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and consumers, and significant competition. Clinical Trial Costs The Company records prepaid assets or accrued expenses for prepaid or estimated clinical trial costs conducted by third-party service providers, which includes the conduct of preclinical studies and clinical trials. These costs can be a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with service agreements with its third-party service providers. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its prepaid assets or accrued expenses. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed, number of patients enrolled, and the rate of patient enrollments may vary from the Company’s estimates, resulting in an adjustment to expense in future periods. Changes in these estimates that result in material changes to the Company’s prepaid assets or accrued expenses could materially affect the Company’s results of operations. Application of New or Revised Accounting Standards Pursuant to the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), a company constituting an “emerging growth company” is, among other things, entitled to rely upon certain reduced reporting requirements. The Company is an emerging growth company but has irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for public companies that are not emerging growth companies. Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for derivative scope exceptions and also simplifies the diluted earnings per share calculation in certain areas. The standard is effective for public business entities, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years and interim periods within those fiscal years beginning after December 15, 2021. For all other entities, the standard will be effective for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, and adoption must be as of the beginning of the Company’s annual fiscal year. The Company’s early adoption of this accounting standard on April 8, 2021, in conjunction with the closing of a loan agreement, did not have an impact on the Company’s financial statements and related disclosures.

Net Loss Per Common Share

Net Loss Per Common Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Common Share	3. Net Loss Per Common Share Basic and diluted net loss per common share is determined by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding during the period. For all periods presented, the common shares underlying the options and warrants have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted-average shares outstanding used to calculate both basic and diluted loss per common share are the same. For the three and nine months ended September 30, 2021 and 2020, potentially dilutive securities excluded from the computations of diluted weighted-average shares outstanding were options to purchase 1,184,721 810,725 378,442 353,585 2,964 15,686

Commitments

Commitments	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments	4. Commitments Operating and Finance Leases The Company leases its corporate space in Minneapolis, Minnesota. In September 2017, the Company entered into a non-cancelable operating lease agreement for building space. The new lease commenced, and the Company moved to the facility in May 2018, in conjunction with the termination of its then existing lease. Rent expense is recorded on a straight-line basis over the lease term. In July 2020 the Company signed an amendment to extend this lease through April 30, 2022. The lease amendment provides for monthly rent, real estate taxes and operating expenses. As a result of the lease amendment, the Company recorded an incremental $ 197,211 193,517 In May 2018, the Company entered into a non-cancelable finance lease agreement for office equipment with a five-year term. The underlying assets are included in furniture and equipment. The lease contains a bargain purchase option at the end of the lease. When an implicit rate is not provided, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. Supplemental balance sheet information consisted of the following at September 30, 2021: Schedule of Supplemental Balance Sheet Information Related to Leases Operating Lease Right-of-use assets $ 289,586 Operating lease liability $ 299,373 Less: short term portion (190,458 ) Long term portion $ 108,915 Finance Lease Furniture and equipment $ 28,932 Less: Accumulated depreciation (19,288 ) Net book value of property and equipment under finance lease $ 9,644 Finance lease liability $ 9,756 Less: short term portion (5,840 ) Long term portion $ 3,916 Maturity analysis under lease agreements consisted of the following as of September 30, 2021: Schedule of Maturity Analysis Under Lease Agreements Operating Leases Finance Leases 2021 $ 48,705 $ 1,814 2022 201,099 7,255 2023 68,080 3,023 Total minimum lease payments 317,884 12,091 Less: Present value discount (18,511 ) (59 ) Less: Amount representing services – (2,277 ) Present value of net minimum lease payments $ 299,373 $ 9,756 Remaining Discount Rate Weighted Average Operating lease 1.6 6.0 % Finance lease 1.7 1.0 % Lease costs for the period ended September 30, 2021: Schedule of Lease Costs Three-month Period Nine-month Period Operating lease cost $ 47,575 $ 136,732 Finance lease cost: Amortization 1,447 4,340 Interest 18 63 Variable lease cost 19,869 59,607 Total lease cost $ 68,909 $ 200,742 Supplemental cash flow information related to leases for the period ended September 30, 2021: Schedule of Supplemental Cash Flow Information Related to Leases Three-month Period Nine-month Period Cash paid for amounts included in operating and finance leases: Operating cash outflow from operating leases $ 68,574 $ 204,021 Operating cash outflow from finance leases 19 63 Financing cash outflow from finance leases 1,454 4,353 Total cash paid for amounts included in operating and finance leases $ 70,047 $ 208,437 Clinical Research Studies The Company enters into contracts in the normal course of business for clinical trials, preclinical studies, manufacturing and other services and products for operating purposes. The Company currently has six Phase II clinical trial agreements in place to evaluate targeted therapies selected with one of our CELsignia tests. The Company also has a license agreement in place with Pfizer to research, develop, manufacture and commercialize gedatolisib. In conjunction with the license agreement, the Company is continuing a Phase I study – B2151009 related to gedatolisib. Timing of milestone payments are uncertain and the contracts generally provide for termination following a certain period after notice, therefore the Company believes that non-cancelable obligations under the agreements are not material.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Stockholders’ Equity	5. Stockholders’ Equity On July 1, 2021, the Company completed a follow-on offering whereby it sold 2,250,000 25.00 56.3 3.4 0.1 On February 26, 2021, the Company completed a follow-on offering whereby it sold 1,971,100 257,100 14.00 27.6 1.6 0.2 On June 5, 2020, the Company entered into an At Market Issuance Sales Agreement (the “ATM Agreement”) with B. Riley FBR, Inc. (the “Agent”). Pursuant to the ATM Agreement, the Company was able to offer and sell from time to time, at its option, shares of common stock having an aggregate offering price of up to $ 10,000,000 0.001 The Placement Shares were registered under the Securities Act of 1933, as amended, pursuant to the Registration Statement on Form S-3 (File No. 333-227466), which was originally filed with the SEC on September 21, 2018 and declared effective by the SEC on October 4, 2018, the base prospectus contained within the Registration Statement, and a prospectus supplement that was filed on June 5, 2020. Sales of the Company’s common stock, if any, under this prospectus supplement were able to be made by any method deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. As of the nine months ended September 30, 2021, the Company sold 3,082 12.64 On February 23, 2021, in conjunction with the Company’s follow-on offering, the ATM Agreement was terminated.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	6. Stock-Based Compensation The following table summarizes the activity for all stock options outstanding for the nine months ended September 30: Schedule of Stock Options Exercised 2021 2020 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding at beginning of year 849,949 $ 9.33 585,215 $ 14.37 Granted 402,550 23.04 238,762 6.67 Exercised (40,620 ) 7.26 - - Forfeited (27,158 ) 19.07 (13,252 ) 11.54 Balance at September 30 1,184,721 $ 13.84 810,725 $ 9.29 Options exercisable at September 30: 560,915 $ 9.45 371,550 $ 10.28 Weighted Average Grant Date Fair Value for options granted during the period: $ 15.28 $ 4.29 The following table summarizes additional information about stock options outstanding and exercisable at September 30, 2021: Schedule of Stock Options Outstanding and Exercisable Options Outstanding Options Exercisable Options Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value Options Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value 1,184,721 8.01 $ 13.84 $ 7,414,546 560,915 $ 9.45 5,162,976 The Company recognized stock-based compensation expense for stock options of $ 673,022 410,544 1,611,575 1,275,481 203,750 5.10 12,602 19,000 34,396 70,000 97,000 The Black-Scholes option-pricing model was used to estimate the fair value of equity-based awards with the following weighted-average assumptions for the nine months ended September 30: Schedule of Fair Value of Equity-based Awards 2021 2020 Risk-free interest rate 0.63 % - 1.16% 0.35 % - 1.66% Expected volatility 76.6 76.9% 73.3 77.1% Expected life (years) 5.0 6.08 5.5 6.12 Expected dividend yield 0% 0% The inputs for the Black-Scholes valuation model require management’s significant assumptions. Prior to the Company’s initial public offering, the price per share of common stock was determined by the Company’s board based on recent prices of common stock sold in private offerings. Subsequent to the initial public offering, the price per share of common stock is determined by using the closing market price on the Nasdaq Capital Market on the grant date. The risk-free interest rates are based on the rate for U.S. Treasury securities at the date of grant with maturity dates approximately equal to the expected life at the grant date. The expected life is based on the simplified method in accordance with the SEC Staff Accounting Bulletin Nos. 107 and 110. The expected volatility is estimated based on historical volatility information of peer companies that are publicly available in combination with the Company’s calculated volatility since being publicly traded. All assumptions used to calculate the grant date fair value of non-employee options are generally consistent with the assumptions used for options granted to employees. In the event the Company terminates any of its consulting agreements, the unvested options issued in connection with the agreements would also be cancelled. The Company had 2,964 and 15,686 shares of restricted stock outstanding as of September 30, 2021 and 2020, respectively, and 0 shares of restricted stock vested during the three months ended September 30, 2021 and 2020. The Company recognized stock-based compensation expense for restricted stock of $ 20,792 and $ 20,904 for the three months ended September 30, 2021 and 2020, respectively and $ 59,359 and $ 31,815 for the nine months ended September 30, 2021 and 2020, respectively. The Company initially reserved a maximum of 750,000 102,540 102,998 number of shares equal to 1.0% of the aggregate number of outstanding shares 500,000 423,564 Total unrecognized compensation cost related to stock options and restricted stock is estimated to be recognized as follows: Schedule of Unrecognized Compensation Cost 2021 $ 767,915 2022 2,681,394 2023 1,967,574 2024 1,492,473 2025 581,225 Total estimated compensation cost to be recognized $ 7,490,581 The Company recognized stock-based compensation expense related to its employee stock purchase plan of $ 6,102 and $ 17,499 for the three months ended September 30, 2021 and 2020, respectively and $ 18,397 and $ 29,493 for the nine months ended September 30, 2021 and 2020, respectively. The Company initially reserved a total of 100,000 shares for issuance under the employee stock purchase plan. The number of shares reserved for issuance was automatically increased by 51,270 shares on January 1, 2020 and 51,499 shares on January 1, 2021 and will increase automatically on each subsequent January 1 by the number of shares equal to 0.5% of the total outstanding number of shares of Company common stock as of the immediately preceding December 31. However, the Company’s board may reduce the amount of the increase in any particular year. The total remaining shares available for issuance under the employee stock purchase plan as of September 30, 2021 was 158,214 . The Company recognized total stock-based compensation expense as follows for the three and nine months ended September 30: Schedule of Stock-based Compensation Expense 2021 2020 2021 2020 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Stock-based compensation expense in operating expenses: Research and development $ 434,597 $ 254,537 $ 1,017,855 $ 813,099 General and administrative 265,319 194,410 671,476 523,690 Total $ 699,916 $ 448,947 $ 1,689,331 $ 1,336,789

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	7. Debt On April 8, 2021, the Company entered into a loan and security agreement (the “Loan Agreement”) with Innovatus Life Sciences Lending Fund I, LP, a Delaware limited partnership (“Innovatus”) in its capacity as Collateral Agent and sole Lender. The Lender agreed to loan up to $ 25 15.0 5 5 The Loan Agreement also contains certain events of default, warranties and covenants of the Company. In connection with each funding of the Term Loans, the Company is required to issue Innovatus a warrant (the “Warrants”) to purchase a number of shares of the Company’s stock equal to 2.5% of the principal amount of the relevant Term Loan funded divided by the exercise price, which will be based on the lower of 26,042 14.40 0.3 The Company is entitled to make interest-only payments for thirty-six months, or up to forty-eight months if certain conditions are met. The Term Loans will mature on the fifth anniversary of the initial funding date and will bear interest at a rate equal to sum of (a) the greater of (i) Prime Rate (as defined in the Loan Agreement) or (ii) 3.25%, plus (b) 5.70%. 11.36 2.7 1.00 4.50 0.7 0.1 The Company has the option to prepay the loan at any time following the first anniversary of the loan closing, with tiered prepayment fees ranging from 0 – 2% based on when the prepayment would occur. Innovatus also has the right, at its election, after June 1, 2021 and until the third anniversary of the Loan Agreement, to convert up to 20 In connection with the Loan Agreement and the funding of the first tranche of the Term Loans, the Company incurred debt issuance costs of approximately $ 0.5 Long-term debt consisted of the following: Schedule of Long-term Debt September 30, 2021 Note payable $ 15,000,000 Add: PIK interest (added to principal) 196,348 Add: final fee 675,000 Less: unamortized debt issuance costs (426,877 ) Less: unamortized debt discount (1,016,662 ) Total long-term debt $ 14,427,809 Future principal payments, including the final fee, are as follows: Schedule of Future Principal Payments Years Ending December 31, 2024 $ 5,698,631 2025 7,598,174 2026 2,574,543 Total $ 15,871,348

License Agreement

License Agreement	9 Months Ended
	Sep. 30, 2021
License Agreement
License Agreement	8. License Agreement On April 8 th 5.0 5.0 The Company is also required to make milestone payments to Pfizer upon achievement of certain development and commercial milestone events, up to an aggregate of $ 335.0 The Company has the right to terminate the license agreement for convenience upon 90 days’ prior written notice. Pfizer may not terminate the agreement for convenience. Either the Company or Pfizer may terminate the license agreement if the other party is in material breach and such breach is not cured within the specified cure period. In addition, either the Company or Pfizer may terminate the license agreement in the event of specified insolvency events involving the other party.

Basis of Presentation, Summar_2

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited financial statements include the accounts of the Company and have been prepared in accordance with Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, as permitted by Article 10, the unaudited financial statements do not include all of the information required by accounting principles generally accepted in the United States (“U.S. GAAP”). The balance sheet at December 31, 2020 was derived from the audited financial statements at that date and does not include all the disclosures required by U.S. GAAP. In the opinion of management, all adjustments which are of a normal recurring nature and necessary for a fair presentation have been reflected in the financial statements. These unaudited condensed financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2020 and the related footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period.
Accounting Estimates	Accounting Estimates Management uses estimates and assumptions in preparing these unaudited condensed financial statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates and the difference could be material. Significant items subject to such estimates and assumptions include the valuation of stock-based compensation and prepaid or accrued clinical trial costs.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks common to companies in the development stage including, but not limited to, dependency on the clinical and commercial success of its diagnostic tests, ability to obtain regulatory approval of its diagnostic tests, the clinical and commercial success of its initial drug product, gedatolisib, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and consumers, and significant competition.
Clinical Trial Costs	Clinical Trial Costs The Company records prepaid assets or accrued expenses for prepaid or estimated clinical trial costs conducted by third-party service providers, which includes the conduct of preclinical studies and clinical trials. These costs can be a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with service agreements with its third-party service providers. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its prepaid assets or accrued expenses. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed, number of patients enrolled, and the rate of patient enrollments may vary from the Company’s estimates, resulting in an adjustment to expense in future periods. Changes in these estimates that result in material changes to the Company’s prepaid assets or accrued expenses could materially affect the Company’s results of operations.
Application of New or Revised Accounting Standards	Application of New or Revised Accounting Standards Pursuant to the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), a company constituting an “emerging growth company” is, among other things, entitled to rely upon certain reduced reporting requirements. The Company is an emerging growth company but has irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for public companies that are not emerging growth companies.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for derivative scope exceptions and also simplifies the diluted earnings per share calculation in certain areas. The standard is effective for public business entities, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years and interim periods within those fiscal years beginning after December 15, 2021. For all other entities, the standard will be effective for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, and adoption must be as of the beginning of the Company’s annual fiscal year. The Company’s early adoption of this accounting standard on April 8, 2021, in conjunction with the closing of a loan agreement, did not have an impact on the Company’s financial statements and related disclosures.

Commitments (Tables)

Commitments (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information consisted of the following at September 30, 2021: Schedule of Supplemental Balance Sheet Information Related to Leases Operating Lease Right-of-use assets $ 289,586 Operating lease liability $ 299,373 Less: short term portion (190,458 ) Long term portion $ 108,915 Finance Lease Furniture and equipment $ 28,932 Less: Accumulated depreciation (19,288 ) Net book value of property and equipment under finance lease $ 9,644 Finance lease liability $ 9,756 Less: short term portion (5,840 ) Long term portion $ 3,916
Schedule of Maturity Analysis Under Lease Agreements	Maturity analysis under lease agreements consisted of the following as of September 30, 2021: Schedule of Maturity Analysis Under Lease Agreements Operating Leases Finance Leases 2021 $ 48,705 $ 1,814 2022 201,099 7,255 2023 68,080 3,023 Total minimum lease payments 317,884 12,091 Less: Present value discount (18,511 ) (59 ) Less: Amount representing services – (2,277 ) Present value of net minimum lease payments $ 299,373 $ 9,756 Remaining Discount Rate Weighted Average Operating lease 1.6 6.0 % Finance lease 1.7 1.0 %
Schedule of Lease Costs	Lease costs for the period ended September 30, 2021: Schedule of Lease Costs Three-month Period Nine-month Period Operating lease cost $ 47,575 $ 136,732 Finance lease cost: Amortization 1,447 4,340 Interest 18 63 Variable lease cost 19,869 59,607 Total lease cost $ 68,909 $ 200,742
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases for the period ended September 30, 2021: Schedule of Supplemental Cash Flow Information Related to Leases Three-month Period Nine-month Period Cash paid for amounts included in operating and finance leases: Operating cash outflow from operating leases $ 68,574 $ 204,021 Operating cash outflow from finance leases 19 63 Financing cash outflow from finance leases 1,454 4,353 Total cash paid for amounts included in operating and finance leases $ 70,047 $ 208,437

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Options Exercised	The following table summarizes the activity for all stock options outstanding for the nine months ended September 30: Schedule of Stock Options Exercised 2021 2020 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options outstanding at beginning of year 849,949 $ 9.33 585,215 $ 14.37 Granted 402,550 23.04 238,762 6.67 Exercised (40,620 ) 7.26 - - Forfeited (27,158 ) 19.07 (13,252 ) 11.54 Balance at September 30 1,184,721 $ 13.84 810,725 $ 9.29 Options exercisable at September 30: 560,915 $ 9.45 371,550 $ 10.28 Weighted Average Grant Date Fair Value for options granted during the period: $ 15.28 $ 4.29
Schedule of Stock Options Outstanding and Exercisable	The following table summarizes additional information about stock options outstanding and exercisable at September 30, 2021: Schedule of Stock Options Outstanding and Exercisable Options Outstanding Options Exercisable Options Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value Options Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value 1,184,721 8.01 $ 13.84 $ 7,414,546 560,915 $ 9.45 5,162,976
Schedule of Fair Value of Equity-based Awards	The Black-Scholes option-pricing model was used to estimate the fair value of equity-based awards with the following weighted-average assumptions for the nine months ended September 30: Schedule of Fair Value of Equity-based Awards 2021 2020 Risk-free interest rate 0.63 % - 1.16% 0.35 % - 1.66% Expected volatility 76.6 76.9% 73.3 77.1% Expected life (years) 5.0 6.08 5.5 6.12 Expected dividend yield 0% 0%
Schedule of Unrecognized Compensation Cost	Total unrecognized compensation cost related to stock options and restricted stock is estimated to be recognized as follows: Schedule of Unrecognized Compensation Cost 2021 $ 767,915 2022 2,681,394 2023 1,967,574 2024 1,492,473 2025 581,225 Total estimated compensation cost to be recognized $ 7,490,581
Schedule of Stock-based Compensation Expense	The Company recognized total stock-based compensation expense as follows for the three and nine months ended September 30: Schedule of Stock-based Compensation Expense 2021 2020 2021 2020 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Stock-based compensation expense in operating expenses: Research and development $ 434,597 $ 254,537 $ 1,017,855 $ 813,099 General and administrative 265,319 194,410 671,476 523,690 Total $ 699,916 $ 448,947 $ 1,689,331 $ 1,336,789

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: Schedule of Long-term Debt September 30, 2021 Note payable $ 15,000,000 Add: PIK interest (added to principal) 196,348 Add: final fee 675,000 Less: unamortized debt issuance costs (426,877 ) Less: unamortized debt discount (1,016,662 ) Total long-term debt $ 14,427,809
Schedule of Future Principal Payments	Future principal payments, including the final fee, are as follows: Schedule of Future Principal Payments Years Ending December 31, 2024 $ 5,698,631 2025 7,598,174 2026 2,574,543 Total $ 15,871,348

Organization (Details Narrative

Organization (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	Jul. 02, 2021	Feb. 26, 2021
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock underwriters, shares		257,100
Follow-on Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of stock number of shares issued in transaction	2,250,000	1,971,100
Issuance of public offering price per shares	$ 25	$ 14
Proceeds from public offering	$ 56.3	$ 27.6
Deducting underwriting discounts	3.4	1.6
Offering expenses	$ 0.1	$ 0.2

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details Narrative) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,964	15,686
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,184,721	810,725
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	378,442	353,585

Schedule of Supplemental Balanc

Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Operating Lease
Right-of-use assets	$ 289,586	$ 230,911
Operating lease liability	299,373
Less: short term portion	(190,458)	(187,518)
Long term portion	108,915	60,861
Finance Lease
Furniture and equipment	28,932
Less: Accumulated depreciation	(19,288)
Net book value of property and equipment under finance lease	9,644
Finance lease liability	9,756
Less: short term portion	(5,840)	(5,810)
Long term portion	$ 3,916	$ 8,299

Schedule of Maturity Analysis U

Schedule of Maturity Analysis Under Lease Agreements (Details)	Sep. 30, 2021USD ($)
Operating Leases
Operating Leases 2021	$ 48,705
Operating Leases 2022	201,099
Operating Leases 2023	68,080
Total minimum lease payments	317,884
Less: Present value discount	(18,511)
Less: Amount representing services
Present value of net minimum lease payments	299,373
Finance Leases
Finance Leases 2021	1,814
Finance Leases 2022	7,255
Finance Leases 2023	3,023
Total minimum lease payments	12,091
Less: Present value discount	(59)
Less: Amount representing services	(2,277)
Present value of net minimum lease payments	$ 9,756
Weighted Average
Operating leases, remaining lease term	1 year 7 months 6 days
Operating leases, discount rate	6.00%
Finance leases, remaining lease term	1 year 8 months 12 days
Finance leases, discount rate	1.00%

Schedule of Lease Costs (Detail

Schedule of Lease Costs (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 47,575	$ 136,732
Finance lease cost:
Amortization	1,447	4,340
Interest	18	63
Variable lease cost	19,869	59,607
Total lease cost	$ 68,909	$ 200,742

Schedule of Supplemental Cash F

Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Cash paid for amounts included in operating and finance leases:
Operating cash outflow from operating leases	$ 68,574	$ 204,021
Operating cash outflow from finance leases	19	63
Financing cash outflow from finance leases	1,454	4,353
Total cash paid for amounts included in operating and finance leases	$ 70,047	$ 208,437

Commitments (Details Narrative)

Commitments (Details Narrative) - USD ($)	1 Months Ended
	Jul. 30, 2021	Jul. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Increase in operating ROU asset and lease liability	$ 193,517	$ 197,211

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)	Jul. 02, 2021	Feb. 26, 2021	Sep. 30, 2021	Dec. 31, 2020	Jun. 05, 2020
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock underwriters, shares		257,100
Common stock par value			$ 0.001	$ 0.001
ATM Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of stock number of shares issued in transaction			3,082
Placement Shares [Member] | ATM Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Aggregate offering price, common stock shares					$ 10,000,000
Common stock par value					$ 0.001
Average selling price per share			$ 12.64
Follow-on Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of stock number of shares issued in transaction	2,250,000	1,971,100
Issuance of public offering price per shares	$ 25	$ 14
Proceeds from public offering	$ 56,300,000	$ 27,600,000
Deducting underwriting discounts	3,400,000	1,600,000
Offering expenses	$ 100,000	$ 200,000

Schedule of Stock Options Exerc

Schedule of Stock Options Exercised (Details) - Share-based Payment Arrangement, Option [Member]	9 Months Ended
	Sep. 30, 2021$ / sharesshares	Sep. 30, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding shares, beginning balance | shares	849,949	585,215
Weighted Average Exercise Price, beginning balance	$ 9.33	$ 14.37
Options outstanding shares, Granted | shares	402,550	238,762
Weighted Average Exercise Price, Granted	$ 23.04	$ 6.67
Options outstanding shares, Exercised | shares	(40,620)
Weighted Average Exercise Price, Exercised	$ 7.26
Options outstanding shares, Forfeited | shares	(27,158)	(13,252)
Weighted Average Exercise Price, Forfeited	$ 19.07	$ 11.54
Options outstanding shares, ending balance | shares	1,184,721	810,725
Weighted Average Exercise Price, ending balance	$ 13.84	$ 9.29
Options exercisable, ending balance | shares	560,915	371,550
Weighted Average Exercisable, ending balance	$ 9.45	$ 10.28
Weighted Average Grant Date Fair Value for options granted, ending balance	$ 15.28	$ 4.29

Schedule of Stock Options Outst

Schedule of Stock Options Outstanding and Exercisable (Details) - Share-based Payment Arrangement, Option [Member] - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding	1,184,721	849,949	810,725	585,215
Options outstanding, weighted average remaining contractual life	8 years 3 days
Options outstanding, weighted average exercise price	$ 13.84	$ 9.33	$ 9.29	$ 14.37
Options outstanding, aggregate intrinsic value	$ 7,414,546
Options exercisable	560,915		371,550
Options exercisable, weighted average exercise price	$ 9.45		$ 10.28
Options exercisable, aggregate intrinsic value	$ 5,162,976

Schedule of Fair Value of Equit

Schedule of Fair Value of Equity-based Awards (Details) - Share-based Payment Arrangement, Option [Member]	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.63%	0.35%
Expected volatility	76.60%	73.30%
Expected life (years)	5 years	5 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	1.16%	1.66%
Expected volatility	76.90%	77.10%
Expected life (years)	6 years 29 days	6 years 1 month 13 days

Schedule of Unrecognized Compen

Schedule of Unrecognized Compensation Cost (Details)	Sep. 30, 2021USD ($)
Share-based Payment Arrangement [Abstract]
2021	$ 767,915
2022	2,681,394
2023	1,967,574
2024	1,492,473
2025	581,225
Total estimated compensation cost to be recognized	$ 7,490,581

Schedule of Stock-based Compens

Schedule of Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 699,916	$ 449,098	$ 448,947	$ 1,689,331	$ 1,336,789
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	434,597		254,537	1,017,855	813,099
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 265,319		$ 194,410	$ 671,476	$ 523,690

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($)	Jan. 02, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	May 12, 2021	Jan. 02, 2021	May 31, 2020	Oct. 25, 2017	Sep. 22, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance	102,540
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 673,022	$ 410,544	$ 1,611,575	$ 1,275,481
2017 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option awards shares modified								203,750
Stock option exercise price per share								$ 5.10
Additional stock based compensation expense related to modification		$ 12,602	19,000	34,396	70,000
Remaining stock based compensation expense related to modification				$ 97,000
Common stock shares reserved for future issuance									750,000
Common stock shares reserved for future issuance, one time increase						500,000
Shares available for grant under the 2017 Plan		423,564		423,564
2017 Stock Incentive Plan | January 1, 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance, increase							102,998
2017 Stock Incentive Plan | From January 1, 2022 to January 1, 2027 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance, annual increase, percentage				number of shares equal to 1.0% of the aggregate number of outstanding shares
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 20,792	$ 20,904	$ 59,359	$ 31,815
Restricted stock outstanding		2,964	15,686	2,964	15,686
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			0
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 6,102	$ 17,499	$ 18,397	$ 29,493
Common stock shares reserved for future issuance										100,000
Remaining shares available for issuance		158,214		158,214
Employee Stock Purchase Plan [Member] | From January 1, 2022 to January 1, 2027 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance, annual increase, percentage				number of shares equal to 0.5% of the total outstanding number of shares
Employee Stock Purchase Plan [Member] | January 1, 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance	51,270
Employee Stock Purchase Plan [Member] | January 1, 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance							51,499

Schedule of Long-term Debt (Det

Schedule of Long-term Debt (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Note payable	$ 15,000,000
Add: PIK interest (added to principal)	196,348
Add: final fee	675,000
Less: unamortized debt issuance costs	426,877
Less: unamortized debt discount	(1,016,662)
Total long-term debt	$ 14,427,809

Schedule of Future Principal Pa

Schedule of Future Principal Payments (Details)	Sep. 30, 2021USD ($)
Debt Disclosure [Abstract]
2024	$ 5,698,631
2025	7,598,174
2026	2,574,543
Total	$ 15,871,348

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	Apr. 08, 2021	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrant description	The Loan Agreement also contains certain events of default, warranties and covenants of the Company. In connection with each funding of the Term Loans, the Company is required to issue Innovatus a warrant (the “Warrants”) to purchase a number of shares of the Company’s stock equal to 2.5% of the principal amount of the relevant Term Loan funded divided by the exercise price, which will be based on the lower of
Purchase of warrants	26,042
Warrant exercise price per share	$ 14.40
debt instrument prime rate description		The Term Loans will mature on the fifth anniversary of the initial funding date and will bear interest at a rate equal to sum of (a) the greater of (i) Prime Rate (as defined in the Loan Agreement) or (ii) 3.25%, plus (b) 5.70%.
Prepayment fees percentage, description		The Company has the option to prepay the loan at any time following the first anniversary of the loan closing, with tiered prepayment fees ranging from 0 – 2% based on when the prepayment would occur.
Debt conversion percentage	20.00%
Security and Loan agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Debt issuance costs	$ 0.5
Security and Loan agreement [Member] | Innovatus Life Sciences [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Line of credit faciltiy, maximum borrowing capacity	25
Non contingent term A loan, funded	15
Term B loan to be funded before March 31, 2022	5
Term C loan to be funded before March 31, 2023	5
Debt discount recognized, amount	$ 0.3
Interest rate effective percentage	11.36%
Term loans, interest, payable in kind	2.7
Non refundable facility fee payable to lender, percentage	1.00
Final fee payable to lender, percentage	4.50
Final fee payable to lender, amount	$ 0.7
Non refundable facility fee payable to lender, amount	$ 0.1

License Agreement (Details Narr

License Agreement (Details Narrative) - USD ($)	Apr. 08, 2021	Apr. 08, 2021	Mar. 31, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares issued			$ 38,962	$ 154,142
Pfizer, Inc. [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Milestone payments	$ 335,000,000
License Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Upfront fees	$ 5,000,000	$ 5,000,000
Value of shares issued		$ 5,000,000