Celcuity (CELC) 10-K 23 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 15, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Document Fiscal Period Focus	FY
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
Entity Address, Address Line Two	36th Avenue North
Entity Address, Address Line Three	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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float			$ 198,263,160
Entity Common Stock, Shares Outstanding		14,920,302
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its 2022 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K
ICFR Auditor Attestation Flag	false
Auditor Name	Boulay PLLP
Auditor Location	Minneapolis, Minnesota
Auditor Firm ID	542

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 84,286,381	$ 11,637,911
Deposits	22,009	22,009
Deferred transaction costs	22,144
Payroll tax receivable	298,764	190,000
Prepaid assets	722,677	317,040
Total current assets	85,351,975	12,166,960
Property and equipment, net	312,444	558,876
Operating lease right-of-use assets	241,901	230,911
Total Assets	85,906,320	12,956,747
Current Liabilities:
Accounts payable	1,507,099	217,377
Finance lease liabilities	5,850	5,810
Operating lease liabilities	189,858	187,518
Accrued expenses	802,893	774,612
Total current liabilities	2,505,700	1,185,317
Finance lease liabilities	2,449	8,299
Operating lease liabilities	61,771	60,861
Note payable, non-current	14,625,923
Total Liabilities	17,195,843	1,254,477
Stockholders’ Equity:
Preferred stock, $0.001 par value: 2,500,000 shares authorized; 0 shares issued and outstanding as of December 31, 2021 and December 31, 2020
Common stock, $0.001 par value: 25,000,000 shares authorized; 14,918,887 and 10,299,822 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	14,919	10,300
Additional paid-in capital	124,622,405	38,013,551
Accumulated deficit	(55,926,847)	(26,321,581)
Total Stockholders’ Equity	68,710,477	11,702,270
Total Liabilities and Stockholders’ Equity	$ 85,906,320	$ 12,956,747

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
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	14,918,887	10,299,822
Common stock, shares outstanding	14,918,887	10,299,822

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating expenses:
Research and development	$ 25,758,006	$ 7,683,522
General and administrative	2,597,909	1,872,642
Total operating expenses	28,355,915	9,556,164
Loss from operations	(28,355,915)	(9,556,164)
Other income (expense)
Interest expense	(1,262,350)	(120)
Interest income	13,262	82,109
Loss on sale of fixed assets	(263)
Other income (expense), net	(1,249,351)	81,989
Net loss before income taxes	(29,605,266)	(9,474,175)
Income tax benefits
Net loss	$ (29,605,266)	$ (9,474,175)
Net loss per share, basic and diluted	$ (2.21)	$ (0.92)
Weighted average common shares outstanding, basic and diluted	13,382,553	10,266,884

Statements of Changes in Stockh

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	$ 16	1,763,863		1,763,879
Stock-based compensation, shares	15,686
Employee stock purchases	$ 12	60,291		60,303
Employee stock purchases, shares	12,423
Issuance of common stock in an at-the-market (“ATM”) offering	$ 18	182,676		182,694
Issuance of common stock in an at-the-market ("ATM") offering, shares	17,725
Issuance costs associated with ATM offering		(128,002)		(128,002)
Issuance of common stock, licensing agreement
Net loss			(9,474,175)	(9,474,175)
Ending balance, value at Dec. 31, 2020	$ 10,300	38,013,551	(26,321,581)	11,702,270
Ending balance, shares at Dec. 31, 2020	10,299,822
Stock-based compensation	$ 3	2,609,932		2,609,935
Stock-based compensation, shares	2,964
Employee stock purchases	$ 14	65,825		65,839
Employee stock purchases, shares	13,487
Exercise of common stock warrants	$ 2	18,760		18,762
Exercise of common stock warrants, shares	1,975
Exercise of common stock options, net of shares withheld for exercise price	$ 27	63,393		63,420
Exercise of common stock options, net of shares withheld for exercise price, shares	27,051
Issuance of common stock upon closing of follow-on offerings, net of underwriting discounts and offering costs	$ 4,221	78,526,363		78,530,584
Issuance of common stock upon closing of follow-on offering, net of underwriting discounts and offering costs, shares	4,221,100
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)
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			(29,605,266)	(29,605,266)
Ending balance, value at Dec. 31, 2021	$ 14,919	$ 124,622,405	$ (55,926,847)	$ 68,710,477
Ending balance, shares at Dec. 31, 2021	14,918,887

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (29,605,266)	$ (9,474,175)
Adjustments to reconcile net loss to net cash used for operations:
Depreciation	303,235	385,591
Stock-based compensation	2,609,935	1,763,879
Issuance of common stock, licensing agreement	5,000,000
Amortization of debt issuance costs and discount	267,821
PIK interest	300,001
Loss on sale of fixed assets	263
Changes in operating assets and liabilities:
Payroll tax receivable	(108,764)
Prepaid assets and deposits	(405,637)	(42,440)
Accounts payable	1,305,932	52,971
Accrued expenses	28,280	190,293
Non-cash operating lease, net	(7,740)	(21,808)
Net cash used for operating activities	(20,311,940)	(7,145,689)
Cash flows from investing activities:
Purchases of property and equipment	(81,898)	(89,371)
Proceeds from sale of property and equipment	500
Net cash used for investing activities	(81,398)	(89,371)
Cash flows from financing activities:
Proceeds from exercise of common stock warrants	18,762
Proceeds from exercise of employee stock options	63,420
Proceeds from employee stock purchases	65,839	60,303
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	182,694
Payments for secondary registration statement costs	(17,889)	(99,259)
Payments for finance leases	(5,810)	(5,769)
Net cash provided by financing activities	93,041,808	137,969
Net change in cash and cash equivalents	72,648,470	(7,097,091)
Cash and cash equivalents:
Beginning of period	11,637,911	18,735,002
End of period	84,286,381	11,637,911
Supplemental disclosure of cash flow information:
Interest paid	694,528	120
Supplemental disclosures of non-cash investing and financing activities:
Registration statement costs included in accounts payable	8,123
Property and equipment included in accounts payable		24,333
Issuance of common stock warrants and final fee recognized as discount to note payable	$ 964,839

Statements of Cash Flows (Paren

Statements of Cash Flows (Parenthetical)	Dec. 31, 2021USD ($)
Statement of Cash Flows [Abstract]
Debt issuance costs and discount	$ 652,061

Organization

Organization	12 Months Ended
	Dec. 31, 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 therapeutic and companion diagnostic strategy. The company’s therapeutic efforts are focused on in-licensing and developing molecularly targeted therapies that address the same cancer driver its companion diagnostics can identify. Its CELsignia companion diagnostic platform is uniquely able to analyze live patient tumor cells to identify new groups of cancer patients likely to benefit from already approved targeted therapies. 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	12 Months Ended
	Dec. 31, 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 financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Operating results for the year ended December 31, 2021 are not necessarily indicative of results to be expected for any future year. Accounting Estimates Management uses estimates and assumptions in preparing these 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 significant. Significant items subject to such estimates and assumptions include the valuation of stock-based compensation and prepaid or accrued clinical trial costs. Cash and Cash Equivalents The Company maintains its accounts at one financial institution. At times throughout the year, the Company’s cash balances may exceed amounts insured by the Federal Deposit Insurance Corporation. At December 31, 2021 and December 31, 2020, the Company had $ 83,286,381 11,378,685 Property and Equipment Property and equipment are stated at cost. Depreciation is provided over estimated useful lives using the straight-line method. Maintenance and repairs are expensed as incurred; major improvements and betterments are capitalized. Estimated useful lives of property and equipment are as follows for the major classes of assets: Schedule of Estimated Useful Lives of Property and Equipment Asset Description Estimated Lives Furniture and Equipment 4 5 Leasehold Improvements 2 3 Long-Lived Assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third-party independent appraisals, as considered necessary. Deferred Transaction Costs Deferred transaction costs primarily consist of legal fees and SEC filing fees related to the Company’s Registration Statement on Form S-3 filed on November 17, 2021 and declared effective by the SEC on November 26, 2021. The deferred transaction costs were capitalized as incurred and will be offset against the proceeds from future securities offered by the Company for a period up to three years. The deferred transaction costs will be reviewed periodically to assess the probability that future securities will be offered. In the event that no future offering will occur, any deferred transaction costs will be expensed. Total costs incurred were $ 22,144 0 Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For all periods presented, there was no difference between net loss and comprehensive loss. 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 initial drug product, gedatolisib, the clinical and commercial success of its diagnostic tests, ability to obtain regulatory approval of its diagnostic tests, 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. Fair Value of Financial Instruments The Company’s accounting for fair value measurements of assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring or nonrecurring basis adheres to the Financial Accounting Standards Board (“FASB”) fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: ● Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the Company at the measurement date. ● Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ● Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The level in the fair value hierarchy within which a fair value measurement in its entirety falls, is based on the lowest level input that is significant to the fair value measurement in its entirety. The carrying values of cash equivalents, accounts payable, accrued expenses and other financial working capital items approximate fair value at December 31, 2021 and December 31, 2020, due to the short maturity nature of these items. Income Taxes The Company accounts for income taxes using the asset and liability method, as required by the accounting standard for income taxes. Under this method, deferred tax assets and liabilities are recognized 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 net operating loss and tax credit carryforwards. Deferred taxes are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in results of operations in the period that includes the enactment date. The effects of any future changes in tax laws or rates have not been considered. The Company regularly reviews deferred tax assets to assess their potential realization and establish a valuation allowance for portions of such assets to reduce the carrying value if the Company does not consider it to be more likely than not that the deferred tax assets will be realized. The Company recognizes the impact of an uncertain tax position in its financial statements if, in management’s judgment, the position is more-likely-than-not sustainable upon audit based on the position’s technical merits. This involves the identification of potential uncertain tax positions, the evaluation of applicable tax laws and an assessment of whether a liability for an uncertain tax position is necessary. Stock-Based Compensation The Company’s stock-based compensation consists of stock options and restricted stock issued to certain employees and nonemployees of the Company and the Company’s 2017 Employee Stock Purchase Plan. The Company recognizes compensation expense based on an estimated grant date fair value using the Black-Scholes option-pricing method. If the factors change and different assumptions are used, the Company’s stock-based compensation expense could be materially different in the future. The Company recognizes stock-based compensation expense for these options on a straight-line basis over the requisite service period. The Company has elected to account for forfeitures as they occur. Research and Development Research and development costs are expensed as incurred. Research and development costs amounted to $ 25,758,006 7,683,522 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. Segment Data The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. 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 December 2019, the FASB issued ASU No. 2019-12 “Income Taxes: Simplifying the Accounting for Income Taxes” intended to simplify the accounting for income taxes by eliminating certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside cost basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for annual periods beginning after December 15, 2020 and interim periods within, with early adoption permitted. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The Company adopted this standard on January 1, 2021 and it did not have a significant impact on the Company’s consolidated financial statements and related disclosures. 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.

Liquidity

Liquidity	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity	3. Liquidity Based on the Company’s cash and cash equivalents on hand at December 31, 2021 of $ 84,286,381

Net Loss Per Common Share

Net Loss Per Common Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Loss Per Common Share	4. 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 years ended December 31, 2021 and 2020, potentially dilutive securities excluded from the computations of diluted weighted-average shares outstanding were options to purchase 1,315,321 849,949 377,652 353,585 2,964 15,686

Payroll Tax Receivable

Payroll Tax Receivable	12 Months Ended
	Dec. 31, 2021
Credit Loss [Abstract]
Payroll Tax Receivable	5. Payroll Tax Receivable The payroll tax receivable was initially recorded in 2019. It is the result of the Company’s utilization of research and development tax credits as authorized by the Path Act. The balance at December 31, 2021 was $ 298,764 190,000

Prepaid Assets

Prepaid Assets	12 Months Ended
	Dec. 31, 2021
Prepaid Assets
Prepaid Assets	6. Prepaid Assets Prepaid assets consisted of the following at December 31: Schedule of Prepaid Assets 2021 2020 Current: Directors & officers’ insurance $ 313,958 $ 288,750 Prepaid research & development 338,760 - Other 69,959 28,290 Total $ 722,677 $ 317,040

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	7. Property and Equipment Property and equipment consisted of the following at December 31: Summary of Property and Equipment 2021 2020 Leasehold improvements $ 302,848 $ 302,848 Furniture and equipment 1,517,896 1,461,512 Property and equipment, Gross 1,820,744 1,764,360 Less: Accumulated depreciation (1,508,300 ) (1,205,484 ) Total $ 312,444 $ 558,876 Depreciation expense was $ 303,235 385,591

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses	8. Accrued Expenses Accrued expenses consisted of the following at December 31: Schedule of Accrued Expenses 2021 2020 Accrued compensation $ 438,477 $ 628,121 Employee Stock Purchase Plan 34,455 9,471 Clinical trial 138,788 - Other 191,173 137,020 Total $ 802,893 $ 774,612

Commitments

Commitments	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments	9. 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 December 31, 2021: Schedule of Supplemental Balance Sheet Information Related to Leases 2021 Operating Lease Right-of-use assets $ 241,901 Operating lease liability $ 251,629 Less: short term portion (189,858 ) Long term portion $ 61,771 Finance Lease Furniture and equipment $ 28,932 Less: Accumulated depreciation (20,735 ) Net book value of property and equipment under finance lease $ 8,197 Finance lease liability $ 8,299 Less: short term portion (5,850 ) Long term portion $ 2,449 Maturity analysis under lease agreements consisted of the following as of December 31, 2021: Schedule of Maturity Analysis Under Lease Agreements Operating Leases Finance Leases 2022 $ 201,099 $ 7,255 2023 68,080 3,022 Total minimum lease payments 269,179 10,277 Less: Present value discount (17,550 ) (43 ) Less amount representing services - (1,935 ) Present value of net minimum lease payments $ 251,629 $ 8,299 Weighted Average Remaining Lease Term Discount Rate Operating lease 1.3 6.0 % Finance lease 1.4 1.0 % Lease costs for the years ended December 31: Schedule of Lease Costs 2021 2020 Operating lease cost $ 185,379 $ 171,530 Finance lease cost: Amortization 5,786 5,786 Interest 79 119 Variable lease cost 79,477 85,265 $ 270,721 $ 262,700 Supplemental cash flow information related to leases for the years ended December 30: Schedule of Supplemental Cash Flow Information Related to Leases 2021 2020 Cash paid for amounts included in operating and finance leases: Operating cash outflow from operating leases $ 274,297 $ 278,603 Operating cash outflow from finance leases 79 119 Financing cash outflow from finance leases 5,810 5,769 Total cash paid for amounts included in operating and finance leases $ 280,186 $ 284,491 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 five Phase 2 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 continued a Phase 1b study – B2151009 related to gedatolisib. These patients subsequently transitioned to an Expanded Access study – CELC-G-001. Timing of milestone payments related to the Phase 2 clinical trials 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. Contracts related to the Phase 1b study and the Expanded Access study are generally based on time and material.

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Stockholders’ Equity	10. Stockholders’ Equity On September 15, 2017, in connection with its IPO, Celcuity LLC filed a certificate of conversion, whereby Celcuity LLC effected a corporate conversion from a Minnesota limited liability company to a Delaware corporation and changed its name to Celcuity Inc. Pursuant to the conversion, units of membership interest in the limited liability company were converted into shares of common stock of the corporation at a conversion ratio of 40 units for one share of common stock 257,604,208 6,440,139 On September 22, 2017, the Company completed its IPO whereby it sold 2,760,000 9.50 23.3 1.8 1.1 10,082,050 881,911 On May 11, 2018, the Company filed an amendment to its certificate of incorporation with the Secretary of State of the State of Delaware to decrease the number of authorized shares of its common stock and preferred stock. Pursuant to the Company’s amended certificate of incorporation, the Company is authorized to issue up to 25,000,000 0.001 2,500,000 0.001 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. Pursuant to the ATM Agreement, the company sold 3,082 12.64 17,725 10.31 On February 23, 2021, in conjunction with the Company’s follow-on offering, the ATM Agreement was terminated. 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 April 8, 2021, in conjunction with entering into a license agreement with Pfizer to research, develop, manufacture and commercialize gedatolisib, the Company issued to Pfizer $ 5.0 349,406 14.31 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 At December 31, 2021 and 2020, the Company had 14,918,887 10,299,822 Warrants In connection with the 2016 private placement offering of units, the Company issued ten-year warrants to the placement agent of the private placement. The warrants allow the placement agent to purchase up to 55,249 7.56 May 2, 2026 330,607 In connection with the private placement offering of convertible notes, the Company issued ten-year warrants to the placement agent to purchase 48,615 8.42 May 17, 2027 286,999 In addition, the Company granted the purchasers of the convertible notes the right to receive a seven-year warrant to purchase 131,675 September 22, 2024 776,717 In connection with the IPO, the Company issued a five-year warrant to the underwriter. The warrant allows the underwriter to purchase up to 138,000 10.45 September 19, 2022 784,111 In connection with entering into a loan and security agreement with Innovatus Life Sciences Lending Fund I, LP, the Company issued a warrant to Innovatus to purchase 26,042 14.40 289,839 At December 31, 2021 and 2020, the Company had warrants to purchase 377,652 353,585 9.76 9.42 1,975 0

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	11. Stock-Based Compensation 2012 Equity Incentive Plan The 2012 Equity Incentive Plan, as amended, was adopted by the Company’s board and approved by the members of Celcuity LLC on August 10, 2012. The Company reserved a maximum of 625,000 2017 Stock Incentive Plan The 2017 Amended and Restated Stock Incentive Plan (the “2017 Plan”) was adopted by the Company’s board on September 6, 2017, became effective following the corporate conversion on September 15, 2017, and was approved by stockholders at the Company’s annual stockholder meeting on May 10, 2018. The 2017 Plan was amended and approved by stockholders at the Company’s annual stockholder meeting on May 14, 2020. The Company initially reserved a maximum of 750,000 102,998 102,540 500,000 The following table summarizes the activity for all stock options outstanding for the years ended December 31: Schedule of Stock Options Activity 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 538,567 16.09 277,986 7.17 Exercised (44,828 ) 7.06 - - Forfeited (28,367 ) 18.72 (13,252 ) 11.54 Balance at December 31: 1,315,321 $ 11.97 849,949 $ 9.33 Options exercisable at December 31: 592,141 $ 9.53 397,425 $ 10.35 Weighted Average Grant Date Fair Value for options granted during the period: $ 14.93 $ 4.63 The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2021: Sechdule of Stock Options Outstanding 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 1,315,321 8.01 $ 11.97 $ 4,284,653 592,141 $ 9.53 3,188,333 The Company recognized stock-based compensation expense for stock options of $ 2,488,742 1,668,859 311,000 13.44 53,000 344,000 203,750 5.10 46,000 83,000 85,000 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 years ended December 31: Schedule of Fair Value Of Equity-based Awards Assumptions 2021 2020 Risk-free interest rate 0.63 1.39 % 0.35 1.66 % Expected volatility 76.6 76.9 73.3 77.1 Expected life (years) 5.0 6.11 5.5 6.1 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 15,686 15,686 0 80,150 52,727 The total remaining shares available for grant under the Company’s 2017 Plan as of December 31, 2021 was 288,756 Total unrecognized compensation cost related to stock options and restricted stock is estimated to be recognized as follows: Schedule of Unrecognized Compensation Cost 2022 $ 3,202,846 2023 2,410,853 2024 1,932,745 2025 925,350 Total estimated compensation cost to be recognized $ 8,471,794 2017 Employee Stock Purchase Plan The Company’s 2017 Employee Stock Purchase Plan (the “ESPP”) was adopted by the Company’s board on September 6, 2017 and approved by stockholders at the Company’s annual stockholder meeting on May 10, 2018. The Company initially reserved a total of 100,000 51,499 51,270 150,223 The ESPP provides participating employees with an opportunity to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees unless they are employed for less than 20 hours per week or own 5% or more of the total combined voting power or value of the Company’s common stock. The ESPP is administered using overlapping 24 month offering periods, referred to as an Offering Period. Each Offering Period has four six-month purchase periods. A new Offering Period and purchase period begin every six months on May 1 and November 1 of each year. Participating employees may purchase common stock, on a voluntary after tax-basis, at a price equal to 85% of the fair market value of a share of common stock on either the offering date or the purchase date, whichever is lower. If the purchase date has a lower price, the employee will automatically be placed in the Offering Period beginning immediately after the purchase date. The Company recognized stock-based compensation expense related to the ESPP of $ 41,043 42,293 The Company recognized total stock-based compensation expense as follows for the years ended December 31: Schedule of Stock-based Compensation Expense 2021 2020 Stock-based compensation expense in operating expenses: Research and development $ 1,645,353 $ 1,055,094 General and administrative 964,582 708,785 Total $ 2,609,935 $ 1,763,879

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	12. 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 (i) $14.40 per share or (ii) the volume weighted price per share of the Company’s stock for the five-trading day period ending on the last trading day immediately preceding the funding date of the Term B or Term C Loan, as applicable 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 at December 31: Schedule of Long-term Debt 2021 Note payable $ 15,000,000 Add: PIK interest (added to principal) 300,001 Add: final fee 675,000 Less: unamortized debt issuance costs (386,578 ) Less: unamortized debt discount (962,500 ) Total long-term debt $ 14,625,923 Future principal payments, including the final fee, are as follows: Schedule of Future Principal Payments Years Ending December 31, 2024 $ 5,737,500 2025 7,650,001 2026 2,587,500 Total $ 15,975,001

License Agreement

License Agreement	12 Months Ended
	Dec. 31, 2021
License Agreement
License Agreement	13. License Agreement On April 8, 2021 the Company entered into a license agreement with Pfizer to research, develop, manufacture and commercialize gedatolisib, a potent, well-tolerated, reversible dual inhibitor that targets PI3K and mTOR, for the treatment, diagnosis and prevention of all diseases. The Company paid Pfizer $ 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.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes Following the conversion of Celcuity LLC to Celcuity Inc. on September 15, 2017, Celcuity Inc. began filing federal and state returns where required. No income tax benefit was recorded for the years 2021 and 2020, due to net losses and recognition of a valuation allowance. The following table presents a reconciliation of the tax expense computed at the statutory federal rate and the Company’s tax expense for the years ending December 31: Schedule of Effective Income Tax Rate Reconciliation 2021 2020 Tax benefit at statutory federal rate $ (6,217,000 ) $ (1,990,000 ) State income tax benefit, net of federal tax effect (49,000 ) (16,000 ) Change in valuation allowance on deferred tax assets 6,330,000 2,159,000 Research and Development Credits (222,000 ) (450,000 ) Other permanent items 158,000 297,000 Income tax benefits $ - $ - On December 22, 2017 H.R. 1, commonly referred to as the Tax Cuts and Jobs Act, (the “Tax Act”) was enacted. Among the significant changes to the U.S. Internal Revenue Code, the Tax Act lowered the U.S. federal corporate income tax rate (“Federal Tax Rate”) from 35% to 21% effective January 1, 2018. The Act also made changes related to the use and limitation of net operating loss carryforwards generated in tax years beginning after December 31, 2017. For years beginning after December 31, 2017 net operating losses have an indefinite carryforward and the utilization of losses is limited to 80% of taxable income each year. In response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law on March 27, 2020. The CARES Act lifts certain deduction limitations originally imposed by the Tax Act. Corporate taxpayers may carryback net operating losses originating during 2018 through 2020 for up to five years, which was not previously allowed under the Tax Act. The CARES Act also eliminates the 80% of taxable income limitation allowing corporate entities to fully utilize net operating loss carryforwards to offset taxable income in 2018, 2019 and 2020. The enactment of the CARES Act did not result in any material impact to the Company’s income tax provision. Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred tax assets relate primarily to its net operating loss carryforwards and other balance sheet basis differences. In accordance with ASC 740, “Income Taxes,” the Company recorded a valuation allowance to fully offset the net deferred tax asset, because it is more likely than not that the Company will not realize future benefits associated with these deferred tax assets at December 31, 2021. The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets are as follows: Schedule of Deferred Tax Assets and Liabilities 2021 2020 Deferred tax assets (liabilities): Accrued expenses $ 50,000 $ 79,000 Share-based compensation 796,000 528,000 Property and equipment 319,000 255,000 Right-of-use assets (51,000 ) (49,000 ) Lease liability 53,000 53,000 Start-up expenditures 6,966,000 2,610,000 Net operating losses and tax credits 4,915,000 3,242,000 Valuation allowance (13,048,000 ) (6,718,000 ) Net deferred tax assets (liabilities) $ - $ - At December 31, 2021, the Company had federal and state net operating loss carryforwards of approximately $ 16.8 0.3 At December 31, 2021, the Company had federal and state research and development tax credit carryforwards resulting in deferred tax assets of approximately $ 0.7 0.7 Under the provisions of Section 382 of the Internal Revenue Code of 1986, certain substantial changes in the Company’s ownership, including a sale of the Company, or significant changes in ownership due to sales of equity, may limit in the future the amount of net operating loss carryforwards available to offset future taxable income. The Company recognizes uncertain tax positions in accordance with ASC 740 on the basis of evaluating whether it is more-likely-than not that the tax positions will be sustained upon examination by tax authorities. For those tax positions that meet the more-likely-than not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement. As of December 31, 2021, and 2020, the Company has no significant uncertain tax positions. There are no unrecognized tax benefits included on the balance sheet that would, if recognized, impact the effective tax rate. The Company does not anticipate there will be a significant change in unrecognized tax benefits within the next 12 months. Prior to the conversion, Celcuity was a limited liability company and therefore was taxed as a partnership for income tax purposes. Accordingly, no benefit for income taxes was recorded prior to the conversion. For years prior to 2017, the Company is no longer subject to U.S. federal or state income tax examinations. The Company’s policy is to recognize interest and penalties related to uncertain tax positions as a component of general and administrative expenses.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	15. Subsequent Event In February of 2022, we entered into an Open Market Sale Agreement SM 50,000,000 3.0

Basis of Presentation, Summar_2

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Operating results for the year ended December 31, 2021 are not necessarily indicative of results to be expected for any future year.
Accounting Estimates	Accounting Estimates Management uses estimates and assumptions in preparing these 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 significant. Significant items subject to such estimates and assumptions include the valuation of stock-based compensation and prepaid or accrued clinical trial costs.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company maintains its accounts at one financial institution. At times throughout the year, the Company’s cash balances may exceed amounts insured by the Federal Deposit Insurance Corporation. At December 31, 2021 and December 31, 2020, the Company had $ 83,286,381 11,378,685
Property and Equipment	Property and Equipment Property and equipment are stated at cost. Depreciation is provided over estimated useful lives using the straight-line method. Maintenance and repairs are expensed as incurred; major improvements and betterments are capitalized. Estimated useful lives of property and equipment are as follows for the major classes of assets: Schedule of Estimated Useful Lives of Property and Equipment Asset Description Estimated Lives Furniture and Equipment 4 5 Leasehold Improvements 2 3
Long-Lived Assets	Long-Lived Assets Long-lived assets, such as property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values, and third-party independent appraisals, as considered necessary.
Deferred Transaction Costs	Deferred Transaction Costs Deferred transaction costs primarily consist of legal fees and SEC filing fees related to the Company’s Registration Statement on Form S-3 filed on November 17, 2021 and declared effective by the SEC on November 26, 2021. The deferred transaction costs were capitalized as incurred and will be offset against the proceeds from future securities offered by the Company for a period up to three years. The deferred transaction costs will be reviewed periodically to assess the probability that future securities will be offered. In the event that no future offering will occur, any deferred transaction costs will be expensed. Total costs incurred were $ 22,144 0
Comprehensive Loss	Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. For all periods presented, there was no difference between net loss and comprehensive loss.
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 initial drug product, gedatolisib, the clinical and commercial success of its diagnostic tests, ability to obtain regulatory approval of its diagnostic tests, 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.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s accounting for fair value measurements of assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring or nonrecurring basis adheres to the Financial Accounting Standards Board (“FASB”) fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: ● Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the Company at the measurement date. ● Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ● Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The level in the fair value hierarchy within which a fair value measurement in its entirety falls, is based on the lowest level input that is significant to the fair value measurement in its entirety. The carrying values of cash equivalents, accounts payable, accrued expenses and other financial working capital items approximate fair value at December 31, 2021 and December 31, 2020, due to the short maturity nature of these items.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method, as required by the accounting standard for income taxes. Under this method, deferred tax assets and liabilities are recognized 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 net operating loss and tax credit carryforwards. Deferred taxes are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in results of operations in the period that includes the enactment date. The effects of any future changes in tax laws or rates have not been considered. The Company regularly reviews deferred tax assets to assess their potential realization and establish a valuation allowance for portions of such assets to reduce the carrying value if the Company does not consider it to be more likely than not that the deferred tax assets will be realized. The Company recognizes the impact of an uncertain tax position in its financial statements if, in management’s judgment, the position is more-likely-than-not sustainable upon audit based on the position’s technical merits. This involves the identification of potential uncertain tax positions, the evaluation of applicable tax laws and an assessment of whether a liability for an uncertain tax position is necessary.
Stock-Based Compensation	Stock-Based Compensation The Company’s stock-based compensation consists of stock options and restricted stock issued to certain employees and nonemployees of the Company and the Company’s 2017 Employee Stock Purchase Plan. The Company recognizes compensation expense based on an estimated grant date fair value using the Black-Scholes option-pricing method. If the factors change and different assumptions are used, the Company’s stock-based compensation expense could be materially different in the future. The Company recognizes stock-based compensation expense for these options on a straight-line basis over the requisite service period. The Company has elected to account for forfeitures as they occur.
Research and Development	Research and Development Research and development costs are expensed as incurred. Research and development costs amounted to $ 25,758,006 7,683,522
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.
Segment Data	Segment Data The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions.
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 December 2019, the FASB issued ASU No. 2019-12 “Income Taxes: Simplifying the Accounting for Income Taxes” intended to simplify the accounting for income taxes by eliminating certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside cost basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for annual periods beginning after December 15, 2020 and interim periods within, with early adoption permitted. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The Company adopted this standard on January 1, 2021 and it did not have a significant impact on the Company’s consolidated financial statements and related disclosures. 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.

Basis of Presentation, Summar_3

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives of Property and Equipment	Estimated useful lives of property and equipment are as follows for the major classes of assets: Schedule of Estimated Useful Lives of Property and Equipment Asset Description Estimated Lives Furniture and Equipment 4 5 Leasehold Improvements 2 3

Prepaid Assets (Tables)

Prepaid Assets (Tables)	12 Months Ended
	Dec. 31, 2021
Prepaid Assets
Schedule of Prepaid Assets	Prepaid assets consisted of the following at December 31: Schedule of Prepaid Assets 2021 2020 Current: Directors & officers’ insurance $ 313,958 $ 288,750 Prepaid research & development 338,760 - Other 69,959 28,290 Total $ 722,677 $ 317,040

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	Property and equipment consisted of the following at December 31: Summary of Property and Equipment 2021 2020 Leasehold improvements $ 302,848 $ 302,848 Furniture and equipment 1,517,896 1,461,512 Property and equipment, Gross 1,820,744 1,764,360 Less: Accumulated depreciation (1,508,300 ) (1,205,484 ) Total $ 312,444 $ 558,876

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following at December 31: Schedule of Accrued Expenses 2021 2020 Accrued compensation $ 438,477 $ 628,121 Employee Stock Purchase Plan 34,455 9,471 Clinical trial 138,788 - Other 191,173 137,020 Total $ 802,893 $ 774,612

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information consisted of the following at December 31, 2021: Schedule of Supplemental Balance Sheet Information Related to Leases 2021 Operating Lease Right-of-use assets $ 241,901 Operating lease liability $ 251,629 Less: short term portion (189,858 ) Long term portion $ 61,771 Finance Lease Furniture and equipment $ 28,932 Less: Accumulated depreciation (20,735 ) Net book value of property and equipment under finance lease $ 8,197 Finance lease liability $ 8,299 Less: short term portion (5,850 ) Long term portion $ 2,449
Schedule of Maturity Analysis Under Lease Agreements	Maturity analysis under lease agreements consisted of the following as of December 31, 2021: Schedule of Maturity Analysis Under Lease Agreements Operating Leases Finance Leases 2022 $ 201,099 $ 7,255 2023 68,080 3,022 Total minimum lease payments 269,179 10,277 Less: Present value discount (17,550 ) (43 ) Less amount representing services - (1,935 ) Present value of net minimum lease payments $ 251,629 $ 8,299 Weighted Average Remaining Lease Term Discount Rate Operating lease 1.3 6.0 % Finance lease 1.4 1.0 %
Schedule of Lease Costs	Lease costs for the years ended December 31: Schedule of Lease Costs 2021 2020 Operating lease cost $ 185,379 $ 171,530 Finance lease cost: Amortization 5,786 5,786 Interest 79 119 Variable lease cost 79,477 85,265 $ 270,721 $ 262,700
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases for the years ended December 30: Schedule of Supplemental Cash Flow Information Related to Leases 2021 2020 Cash paid for amounts included in operating and finance leases: Operating cash outflow from operating leases $ 274,297 $ 278,603 Operating cash outflow from finance leases 79 119 Financing cash outflow from finance leases 5,810 5,769 Total cash paid for amounts included in operating and finance leases $ 280,186 $ 284,491

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Options Activity	The following table summarizes the activity for all stock options outstanding for the years ended December 31: Schedule of Stock Options Activity 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 538,567 16.09 277,986 7.17 Exercised (44,828 ) 7.06 - - Forfeited (28,367 ) 18.72 (13,252 ) 11.54 Balance at December 31: 1,315,321 $ 11.97 849,949 $ 9.33 Options exercisable at December 31: 592,141 $ 9.53 397,425 $ 10.35 Weighted Average Grant Date Fair Value for options granted during the period: $ 14.93 $ 4.63
Sechdule of Stock Options Outstanding	The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2021: Sechdule of Stock Options Outstanding 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 1,315,321 8.01 $ 11.97 $ 4,284,653 592,141 $ 9.53 3,188,333
Schedule of Fair Value Of Equity-based Awards Assumptions	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 years ended December 31: Schedule of Fair Value Of Equity-based Awards Assumptions 2021 2020 Risk-free interest rate 0.63 1.39 % 0.35 1.66 % Expected volatility 76.6 76.9 73.3 77.1 Expected life (years) 5.0 6.11 5.5 6.1 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 2022 $ 3,202,846 2023 2,410,853 2024 1,932,745 2025 925,350 Total estimated compensation cost to be recognized $ 8,471,794
Schedule of Stock-based Compensation Expense	The Company recognized total stock-based compensation expense as follows for the years ended December 31: Schedule of Stock-based Compensation Expense 2021 2020 Stock-based compensation expense in operating expenses: Research and development $ 1,645,353 $ 1,055,094 General and administrative 964,582 708,785 Total $ 2,609,935 $ 1,763,879

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following at December 31: Schedule of Long-term Debt 2021 Note payable $ 15,000,000 Add: PIK interest (added to principal) 300,001 Add: final fee 675,000 Less: unamortized debt issuance costs (386,578 ) Less: unamortized debt discount (962,500 ) Total long-term debt $ 14,625,923
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 $ 5,737,500 2025 7,650,001 2026 2,587,500 Total $ 15,975,001

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	Schedule of Effective Income Tax Rate Reconciliation 2021 2020 Tax benefit at statutory federal rate $ (6,217,000 ) $ (1,990,000 ) State income tax benefit, net of federal tax effect (49,000 ) (16,000 ) Change in valuation allowance on deferred tax assets 6,330,000 2,159,000 Research and Development Credits (222,000 ) (450,000 ) Other permanent items 158,000 297,000 Income tax benefits $ - $ -
Schedule of Deferred Tax Assets and Liabilities	Schedule of Deferred Tax Assets and Liabilities 2021 2020 Deferred tax assets (liabilities): Accrued expenses $ 50,000 $ 79,000 Share-based compensation 796,000 528,000 Property and equipment 319,000 255,000 Right-of-use assets (51,000 ) (49,000 ) Lease liability 53,000 53,000 Start-up expenditures 6,966,000 2,610,000 Net operating losses and tax credits 4,915,000 3,242,000 Valuation allowance (13,048,000 ) (6,718,000 ) Net deferred tax assets (liabilities) $ - $ -

Organization (Details Narrative

Organization (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	Jul. 01, 2021	Feb. 26, 2021	Sep. 22, 2017
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	$ 9.50
Proceeds from public offering	$ 56.3	$ 27.6
Deducting underwriting discounts	3.4	1.6
Offering expenses	$ 0.1	$ 0.2	$ 1.1

Schedule of Estimated Useful Li

Schedule of Estimated Useful Lives of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Minimum [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	4 years
Minimum [Member] | Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Maximum [Member] | Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Maximum [Member] | Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years

Basis of Presentation, Summar_4

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash equivalents not FDIC insured, amount	$ 83,286,381	$ 11,378,685
Deferred transaction costs	22,144
Research and development expense	$ 25,758,006	$ 7,683,522

Liquidity (Details Narrative)

Liquidity (Details Narrative) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 84,286,381	$ 11,637,911

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details Narrative) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 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	1,315,321	849,949
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	377,652	353,585

Payroll Tax Receivable (Details

Payroll Tax Receivable (Details Narrative) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Credit Loss [Abstract]
Payroll tax receivables	$ 298,764	$ 190,000

Schedule of Prepaid Assets (Det

Schedule of Prepaid Assets (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Total	$ 722,677	$ 317,040
Directors and Officers Liability Insurance [Member]
Finite-Lived Intangible Assets [Line Items]
Total	313,958	288,750
Prepaid Research And Development [Member]
Finite-Lived Intangible Assets [Line Items]
Total	338,760
Other Current Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Total	$ 69,959	$ 28,290

Summary of Property and Equipme

Summary of Property and Equipment (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 1,820,744	$ 1,764,360
Less: Accumulated depreciation	(1,508,300)	(1,205,484)
Total	312,444	558,876
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	302,848	302,848
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, Gross	$ 1,517,896	$ 1,461,512

Property and Equipment (Details

Property and Equipment (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 303,235	$ 385,591

Schedule of Accrued Expenses (D

Schedule of Accrued Expenses (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued compensation	$ 438,477	$ 628,121
Employee Stock Purchase Plan	34,455	9,471
Clinical trial	138,788
Other	191,173	137,020
Total	$ 802,893	$ 774,612

Schedule of Supplemental Balanc

Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Operating Lease
Right-of-use assets	$ 241,901	$ 230,911
Operating lease liability	251,629
Less: short term portion	(189,858)	(187,518)
Long term portion	61,771	60,861
Finance Lease
Furniture and equipment	28,932
Less: Accumulated depreciation	(20,735)
Net book value of property and equipment under finance lease	8,197
Finance lease liability	8,299
Less: short term portion	(5,850)	(5,810)
Long term portion	$ 2,449	$ 8,299

Schedule of Maturity Analysis U

Schedule of Maturity Analysis Under Lease Agreements (Details)	Dec. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating Leases 2022	$ 201,099
Finance Leases 2022	7,255
Operating Leases 2023	68,080
Finance Leases 2023	3,022
Total minimum lease payments	269,179
Total minimum lease payments	10,277
Less: Present value discount	(17,550)
Less: Present value discount	(43)
Less: Amount representing services
Less: Amount representing services	(1,935)
Present value of net minimum lease payments	251,629
Present value of net minimum lease payments	$ 8,299
Operating leases, remaining lease term	1 year 3 months 18 days
Operating leases, discount rate	6.00%
Finance leases, remaining lease term	1 year 4 months 24 days
Finance leases, discount rate	1.00%

Schedule of Lease Costs (Detail

Schedule of Lease Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 185,379	$ 171,530
Finance lease cost:
Amortization	5,786	5,786
Interest	79	119
Variable lease cost	79,477	85,265
Total lease cost	$ 270,721	$ 262,700

Schedule of Supplemental Cash F

Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in operating and finance leases:
Operating cash outflow from operating leases	$ 274,297	$ 278,603
Operating cash outflow from finance leases	79	119
Financing cash outflow from finance leases	5,810	5,769
Total cash paid for amounts included in operating and finance leases	$ 280,186	$ 284,491

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. 01, 2021	Apr. 08, 2021	Feb. 26, 2021	Sep. 22, 2017	Sep. 15, 2017	Dec. 31, 2021	Dec. 31, 2020	Jun. 05, 2020	May 11, 2018	May 17, 2017	May 02, 2016
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized						25,000,000	25,000,000		25,000,000
Common stock par value						$ 0.001	$ 0.001		$ 0.001
Preferred stock, shares authorized						2,500,000	2,500,000		2,500,000
Preferred stock, par or stated value per share						$ 0.001	$ 0.001		$ 0.001
Issuance of common stock underwriters, shares			257,100
Common stock issued						$ 38,962	$ 182,694
Common stock, shares outstanding						14,918,887	10,299,822
Exercise price		$ 14.40
Warrants outstanding						377,652	353,585
Weighted average exercise price of warrants						$ 9.76	$ 9.42
Warrants exercised						1,975	0
Underwriter [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase shares of common stock				138,000
Warrant One [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants expire date							May 17, 2027
Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Exercise price											$ 7.56
Warrant One [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase shares of common stock										48,615
Exercise price						$ 8.42
Fair value of warrant						$ 286,999
Warrants Two [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase shares of common stock				131,675
Warrants expire date						Sep. 22, 2024
Fair value of warrant						$ 776,717
Warrant Three [Member]
Subsidiary, Sale of Stock [Line Items]
Exercise price						$ 10.45
Warrants expire date						Sep. 19, 2022
Fair value of warrant						$ 784,111
2016 Stock Incentive Plan [Member] | Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase shares of common stock											55,249
Warrants expire date											May 2, 2026
Fair value of warrant						$ 330,607
Loan And Security Agreement [Member] | Innovatus Life Sciences Lending Fund ILP [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued						26,042
Exercise price						$ 14.40
Fair value of warrant						$ 289,839
Pfizer Inc [Member] | Equity Grant Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued		349,406
Common stock issued		$ 5,000,000
Share price		$ 14.31
ATM Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of stock number of shares issued in transaction						3,082	17,725
Average selling price per share						$ 12.64	$ 10.31
Placement Shares [Member] | ATM Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock par value								$ 0.001
ATM aggregate offering price								$ 10,000,000
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Conversion ratio					a conversion ratio of 40 units for one share of common stock
Common stock, shares outstanding				10,082,050	257,604,208
Common stock, shares issued					257,604,208
Converted common shares, outstanding					6,440,139
Sale of stock number of shares issued in transaction				2,760,000
Proceeds from public offering				$ 23,300,000
Net underwriting commission				$ 1,800,000
IPO [Member] | Corporate Note Securities [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued				881,911
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	$ 9.50
Proceeds from public offering	$ 56,300,000		$ 27,600,000
Offering expenses	100,000		200,000	$ 1,100,000
Deducting underwriting discounts	$ 3,400,000		$ 1,600,000

Schedule of Stock Options Activ

Schedule of Stock Options Activity (Details) - Share-based Payment Arrangement, Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, options outstanding	1,315,321
Weighted average exercise price, options outstanding	$ 11.97
Shares, options exercisable	592,141
Weighted Average Exercise Price, Options exercisable	$ 9.53
2017 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, options outstanding	849,949	585,215
Weighted average exercise price, options outstanding	$ 9.33	$ 14.37
Shares, Granted	538,567	277,986
Weighted Average Exercise Price, Granted	$ 16.09	$ 7.17
Shares, Exercised	(44,828)
Weighted Average Exercise Price, Exercised	$ 7.06
Shares, Forfeited/Expired	(28,367)	(13,252)
Weighted Average Exercise, Forfeited/Expired	$ 18.72	$ 11.54
Shares, options outstanding	1,315,321	849,949
Weighted average exercise price, options outstanding	$ 11.97	$ 9.33
Shares, options exercisable	592,141	397,425
Weighted Average Exercise Price, Options exercisable	$ 9.53	$ 10.35
Weighted Average Grant Date Fair Value for Options Granted During the year:	$ 14.93	$ 4.63

Sechdule of Stock Options Outst

Sechdule of Stock Options Outstanding (Details) - Share-based Payment Arrangement, Option [Member]	12 Months Ended
	Dec. 31, 2021USD ($)$ / sharesshares
Offsetting Assets [Line Items]
Shares, options outstanding | shares	1,315,321
Options outstanding, weighted average remaining contractual life	8 years 3 days
Weighted average exercise price, options outstanding | $ / shares	$ 11.97
Options outstanding, aggregate intrinsic value | $	$ 4,284,653
Options exercisable | shares	592,141
Options exercisable, weighted average exercise price | $ / shares	$ 9.53
Options exercisable, aggregate intrinsic value | $	$ 3,188,333

Schedule of Fair Value Of Equit

Schedule of Fair Value Of Equity-based Awards Assumptions (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 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]
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]
Risk-free interest rate	1.39%	1.66%
Expected volatility	76.90%	77.10%
Expected life (years)	6 years 1 month 9 days	6 years 1 month 6 days

Schedule of Unrecognized Compen

Schedule of Unrecognized Compensation Cost (Details)	Dec. 31, 2021USD ($)
Share-based Payment Arrangement [Abstract]
2022	$ 3,202,846
2023	2,410,853
2024	1,932,745
2025	925,350
Total estimated compensation cost to be recognized	$ 8,471,794

Schedule of Stock-based Compens

Schedule of Stock-based Compensation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2,609,935	$ 1,763,879
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,645,353	1,055,094
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 964,582	$ 708,785

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($)	Dec. 15, 2021	May 14, 2020	Dec. 31, 2021	Dec. 31, 2020	May 12, 2021	Jan. 01, 2021	Jan. 01, 2020	May 10, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			$ 53,000
Number of shares at exercise price modification	311,000
Modified share exercise price	$ 13.44
Stock-based compensation remaining service			344,000
Remaining service-based stock-based compensation			$ 8,471,794
Restricted stock awards granted			2,964	15,686
Restricted stock vested			15,686	0
Shares available for grant under the 2017 Plan			288,756
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			$ 80,150	$ 52,727
May 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			46,000	83,000
Number of shares at exercise price modification		203,750
Modified share exercise price		$ 5.10
Remaining service-based stock-based compensation			85,000
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation			$ 2,488,742	1,668,859
2012 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for issuance			625,000
2017 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for issuance			750,000		500,000
Change in common stock, shares reserved for issuance						102,998	102,540
Stock-based compensation			$ 41,043	$ 42,293
2017 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for issuance								100,000
Change in common stock, shares reserved for issuance						51,499	51,270
Shares available for grant under the 2017 Plan			150,223

Schedule of Long-term Debt (Det

Schedule of Long-term Debt (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Note payable	$ 15,000,000
Add: PIK interest (added to principal)	300,001
Add: final fee	675,000
Less: unamortized debt issuance costs	386,578
Less: unamortized debt discount	(962,500)
Total long-term debt	$ 14,625,923

Schedule of Future Principal Pa

Schedule of Future Principal Payments (Details)	Dec. 31, 2021USD ($)
Debt Disclosure [Abstract]
2024	$ 5,737,500
2025	7,650,001
2026	2,587,500
Total	$ 15,975,001

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	Apr. 08, 2021	Dec. 31, 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 (i) $14.40 per share or (ii) the volume weighted price per share of the Company’s stock for the five-trading day period ending on the last trading day immediately preceding the funding date of the Term B or Term C Loan, as applicable
Number of warrants issued	26,042
Warrant exercise price per share	$ 14.40
Debt instrument interest 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	2.70%
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	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares issued		$ 38,962	$ 182,694
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
Value of shares issued	$ 5,000,000

Schedule of Effective Income Ta

Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax benefit at statutory federal rate	$ (6,217,000)	$ (1,990,000)
State income tax benefit, net of federal tax effect	(49,000)	(16,000)
Change in valuation allowance on deferred tax assets	6,330,000	2,159,000
Research and Development Credits	(222,000)	(450,000)
Other permanent items	158,000	297,000
Income tax benefits

Schedule of Deferred Tax Assets

Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Accrued expenses	$ 50,000	$ 79,000
Share-based compensation	796,000	528,000
Property and equipment	319,000	255,000
Right-of-use assets	(51,000)	(49,000)
Lease liability	53,000	53,000
Start-up expenditures	6,966,000	2,610,000
Net operating losses and tax credits	4,915,000	3,242,000
Valuation allowance	(13,048,000)	(6,718,000)
Net deferred tax assets (liabilities)

Income Taxes (Details Narrative

Income Taxes (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Federal net operating loss carryforwards	$ 16,800
State net operating loss carryforwards	300
Research And Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Federal net operating loss carryforwards	700
State net operating loss carryforwards	$ 700

Subsequent Event (Details Narra

Subsequent Event (Details Narrative) - Subsequent Event [Member] - Open Market Sale Agreement [Member] - Jefferies LLC [Member]	1 Months Ended
	Feb. 28, 2022USD ($)
Subsequent Event [Line Items]
Number of shares to be issued, value	$ 50,000,000
Percentage of commission to be paid	3.00%