Celcuity (CELC) 10-Q 12 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 08, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-38207
Entity Registrant Name	CELCUITY INC.
Entity Central Index Key	0001603454
Entity Tax Identification Number	82-2863566
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	16305 36th Avenue North; Suite 100
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55446
City Area Code	(763)
Local Phone Number	392-0767
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	CELC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,941,334

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 66,910,824	$ 84,286,381
Deposits	22,009	22,009
Deferred transaction costs	332,824	22,144
Payroll tax receivable	95,300	298,764
Prepaid assets	4,601,874	722,677
Total current assets	71,962,831	85,351,975
Property and equipment, net	238,629	312,444
Operating lease right-of-use assets	148,727	241,901
Total Assets	72,350,187	85,906,320
Current Liabilities:
Accounts payable	2,304,543	1,507,099
Finance lease liabilities	5,379	5,850
Operating lease liabilities	156,769	189,858
Accrued expenses	1,683,305	802,893
Total current liabilities	4,149,996	2,505,700
Finance lease liabilities		2,449
Operating lease liabilities		61,771
Note payable, non-current	15,011,460	14,625,923
Total Liabilities	19,161,456	17,195,843
Stockholders’ Equity:
Preferred stock, $0.001 par value: 2,500,000 shares authorized; 0 shares issued and outstanding as of June 30, 2022 and December 31, 2021
Common stock, $0.001 par value: 30,000,000 and 25,000,000 shares authorized as of June 30, 2022 and December 31, 2021, respectively; 14,941,334 and 14,918,887 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	14,941	14,919
Additional paid-in capital	126,995,610	124,622,405
Accumulated deficit	(73,821,820)	(55,926,847)
Total Stockholders’ Equity	53,188,731	68,710,477
Total Liabilities and Stockholders’ Equity	$ 72,350,187	$ 85,906,320

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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	30,000,000	25,000,000
Common stock, shares issued	14,941,334	14,918,887
Common stock, shares outstanding	14,941,334	14,918,887

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development	$ 8,367,687	$ 13,070,108	$ 15,064,000	$ 15,306,451
General and administrative	1,233,040	573,360	2,044,332	1,128,787
Total operating expenses	9,600,727	13,643,468	17,108,332	16,435,238
Loss from operations	(9,600,727)	(13,643,468)	(17,108,332)	(16,435,238)
Other income (expense)
Interest expense	(455,445)	(391,187)	(890,446)	(391,210)
Interest income	95,646	1,803	103,805	2,191
Loss on sale of fixed assets				(263)
Other income (expense), net	(359,799)	(389,384)	(786,641)	(389,282)
Net loss before income taxes	(9,960,526)	(14,032,852)	(17,894,973)	(16,824,520)
Income tax benefits
Net loss	$ (9,960,526)	$ (14,032,852)	$ (17,894,973)	$ (16,824,520)
Net loss per share, basic and diluted	$ (0.67)	$ (1.11)	$ (1.20)	$ (1.42)
Weighted average common shares outstanding, basic and diluted	14,930,538	12,610,917	14,923,900	11,845,758

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2020	$ 10,300	$ 38,013,551	$ (26,321,581)	$ 11,702,270
Beginning balance, shares at Dec. 31, 2020	10,299,822
Stock-based compensation		449,098		449,098
Exercise of common stock options, net of shares withheld for exercise price	$ 13	(13)
Exercise of common stock options, net of shares withheld for exercise price, shares	12,707
Net loss			(2,791,668)	(2,791,668)
Exercise of common stock warrants	$ 1	11,256		11,257
Exercise of common stock warrants, shares	1,185
Issuance of common stock upon closing of follow-on offering, net of underwriting discounts and offering costs	$ 1,971	25,766,522		25,768,493
Issuance of common stock upon closing of follow-on offering, net of underwriting discounts and offering costs, shares	1,971,100
Issuance of common stock in an at-the-market (“ATM”) offering	$ 3	38,959		38,962
Issuance of common stock in an at-the-market ("ATM") offering, shares	3,082
Issuance costs associated with ATM offering		(3,868)		(3,868)
Ending balance, value at Mar. 31, 2021	$ 12,288	64,275,505	(29,113,249)	35,174,544
Ending balance, shares at Mar. 31, 2021	12,287,896
Beginning balance, value at Dec. 31, 2020	$ 10,300	38,013,551	(26,321,581)	11,702,270
Beginning balance, shares at Dec. 31, 2020	10,299,822
Net loss				(16,824,520)
Ending balance, value at Jun. 30, 2021	$ 12,655	70,167,970	(43,146,101)	27,034,524
Ending balance, shares at Jun. 30, 2021	12,654,898
Beginning balance, value at Mar. 31, 2021	$ 12,288	64,275,505	(29,113,249)	35,174,544
Beginning balance, shares at Mar. 31, 2021	12,287,896
Stock-based compensation	$ 3	540,314		540,317
Stock-based compensation, shares	2,964
Exercise of common stock options, net of shares withheld for exercise price	$ 9	36,850		36,859
Exercise of common stock options, net of shares withheld for exercise price, shares	9,136
Net loss			(14,032,852)	(14,032,852)
Employee stock purchases	$ 6	25,811		25,817
Employee stock purchases, shares	5,496
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
Ending balance, value at Jun. 30, 2021	$ 12,655	70,167,970	(43,146,101)	27,034,524
Ending balance, shares at Jun. 30, 2021	12,654,898
Beginning balance, value at Dec. 31, 2021	$ 14,919	124,622,405	(55,926,847)	68,710,477
Beginning balance, shares at Dec. 31, 2021	14,918,887
Stock-based compensation		756,271		756,271
Stock-based compensation, shares
Exercise of common stock options, net of shares withheld for exercise price	$ 1	7,413		7,414
Exercise of common stock options, net of shares withheld for exercise price, shares	1,415
Net loss			(7,934,447)	(7,934,447)
Ending balance, value at Mar. 31, 2022	$ 14,920	125,386,089	(63,861,294)	61,539,715
Ending balance, shares at Mar. 31, 2022	14,920,302
Beginning balance, value at Dec. 31, 2021	$ 14,919	124,622,405	(55,926,847)	68,710,477
Beginning balance, shares at Dec. 31, 2021	14,918,887
Net loss				(17,894,973)
Ending balance, value at Jun. 30, 2022	$ 14,941	126,995,610	(73,821,820)	53,188,731
Ending balance, shares at Jun. 30, 2022	14,941,334
Beginning balance, value at Mar. 31, 2022	$ 14,920	125,386,089	(63,861,294)	61,539,715
Beginning balance, shares at Mar. 31, 2022	14,920,302
Stock-based compensation	$ 3	1,519,456		1,519,459
Stock-based compensation, shares	3,273
Exercise of common stock options, net of shares withheld for exercise price	$ 2	9,540		9,542
Exercise of common stock options, net of shares withheld for exercise price, shares	1,871
Net loss			(9,960,526)	(9,960,526)
Employee stock purchases	$ 16	80,525		80,541
Employee stock purchases, shares	15,888
Ending balance, value at Jun. 30, 2022	$ 14,941	$ 126,995,610	$ (73,821,820)	$ 53,188,731
Ending balance, shares at Jun. 30, 2022	14,941,334

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (17,894,973)	$ (16,824,520)
Adjustments to reconcile net loss to net cash used for operations:
Depreciation	108,436	176,597
Stock-based compensation	2,275,730	989,415
Issuance of common stock, licensing agreement		5,000,000
Amortization of debt issuance costs and discount	179,539	81,571
Payment-in-Kind interest	205,998	93,397
Loss on sale of fixed assets		263
Changes in operating assets and liabilities:
Payroll tax receivable	203,464
Prepaid assets and deposits	(3,879,197)	37,496
Accounts payable	705,145	438,018
Accrued expenses	875,412	(124,940)
Non-cash operating lease, net	(1,686)	(6,550)
Net cash used for operating activities	(17,222,132)	(10,139,253)
Cash flows from investing activities:
Purchases of property and equipment	(34,621)	(57,897)
Proceeds from sale of property and equipment		500
Net cash used for investing activities	(34,621)	(57,397)
Cash flows from financing activities:
Proceeds from exercise of common stock warrants		11,257
Proceeds from exercise of employee stock options	16,956	36,859
Proceeds from employee stock purchases	80,541	25,817
Proceeds from follow-on offering, net of underwriting discounts and offering costs		25,768,493
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
Payments for secondary registration statement costs	(213,381)	(29,065)
Payments for finance leases	(2,920)	(2,900)
Net cash provided by financing activities	(118,804)	40,197,362
Net change in cash and cash equivalents	(17,375,557)	30,000,712
Cash and cash equivalents:
Beginning of period	84,286,381	11,637,911
End of period	66,910,824	41,638,623
Supplemental disclosure of cash flow information:
Interest paid	504,909	216,242
Supplemental disclosures of non-cash investing and financing activities:
Offering and registration statement costs included in accounts payable	100,422	96,111
Offering and registration statement costs included in accrued expenses	5,000
Issuance of common stock warrants and final fee recognized as discount to note payable		$ 964,839

Condensed Statements of Cash _2

Condensed Statements of Cash Flows (Parenthetical)	Jun. 30, 2021 USD ($)
Statement of Cash Flows [Abstract]
Debt issuance costs and discount	$ 652,061

Organization

Organization	6 Months Ended
	Jun. 30, 2022
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 focused on development of targeted therapies for hormonally driven cancers. The company’s lead therapeutic candidate is gedatolisib, a potent, reversible dual inhibitor that selectively targets all Class I PI3K isoforms and mTOR. Its mechanism of action and pharmacokinetic properties are highly differentiated from other currently approved and investigational therapies that target PI3K or mTOR alone or together. The company expects to initiate a Phase 3 study evaluating gedatolisib in patients with HR+/HER2- advanced breast cancer in 2022. 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.

Basis of Presentation, Summary

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements	2. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements Basis of Presentation The accompanying unaudited financial statements include the accounts of the Company and have been prepared in accordance with Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, as permitted by Article 10, the unaudited financial statements do not include all of the information required by accounting principles generally accepted in the United States (“U.S. GAAP”). The balance sheet at December 31, 2021 was derived from the audited financial statements at that date and does not include all the disclosures required by U.S. GAAP. In the opinion of management, all adjustments which are of a normal recurring nature and necessary for a fair presentation have been reflected in the financial statements. These unaudited condensed financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2021 and the related footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. Accounting Estimates Management uses estimates and assumptions in preparing these unaudited condensed financial statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates and the difference could be material. Significant items subject to such estimates and assumptions include the valuation of stock-based compensation and prepaid or accrued clinical trial costs. Risks and Uncertainties The Company is subject to risks common to companies in the development stage including, but not limited to, dependency on, the clinical and commercial success of its initial drug product, gedatolisib, the clinical and commercial success of its diagnostic tests, ability to obtain regulatory approval of its drug product, gedatolisib, 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. Clinical Trial Costs The Company records prepaid assets or accrued expenses for prepaid or estimated clinical trial costs conducted by third-party service providers, which includes the conduct of preclinical studies and clinical trials. These costs can be a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with service agreements with its third-party service providers. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its prepaid assets or accrued expenses. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed, number of patients enrolled, and the rate of patient enrollments may vary from the Company’s estimates, resulting in an adjustment to expense in future periods. Changes in these estimates that result in material changes to the Company’s prepaid assets or accrued expenses could materially affect the Company’s results of operations. Application of New or Revised Accounting Standards Pursuant to the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), a company constituting an “emerging growth company” is, among other things, entitled to rely upon certain reduced reporting requirements. The Company is an emerging growth company but has irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for public companies that are not emerging growth companies.

Net Loss Per Common Share

Net Loss Per Common Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Common Share	3. Net Loss Per Common Share Basic and diluted net loss per common share is determined by dividing net loss attributable to common stockholders by the weighted-average common shares outstanding during the period. For all periods presented, the common shares underlying the options and warrants have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted-average shares outstanding used to calculate both basic and diluted loss per common share is the same. For the three and six months ended June 30, 2022 and 2021, potentially dilutive securities excluded from the computations of diluted weighted-average shares outstanding were options to purchase 1,782,782 1,023,513 377,652 378,442 3,273 2,964

Commitments

Commitments	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments	4. Commitments Operating and Finance Leases The Company leases its corporate space in Minneapolis, Minnesota. In September 2017, the Company entered into a non-cancelable operating lease agreement for building space. The 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 June 30, 2022: Schedule of Supplemental Balance Sheet Information Related to Leases Operating Lease Right-of-use assets $ 148,727 Operating lease liability $ 156,769 Less: short term portion (156,769 ) Long term portion $ - Finance Lease Furniture and equipment $ 28,932 Less: Accumulated depreciation (23,628 ) Net book value of property and equipment under finance lease $ 5,304 Finance lease liability $ 5,379 Less: short term portion (5,379 ) Long term portion $ - Maturity analysis under lease agreements consisted of the following as of June 30, 2022: Schedule of Maturity Analysis Under Lease Agreements Operating Leases Finance Leases 2022 $ 102,119 $ 3,627 2023 68,080 3,023 Total minimum lease payments 170,199 6,650 Less: Present value discount (13,430 ) (19 ) Less amount representing services - (1,252 ) Present value of net minimum lease payments $ 156,769 $ 5,379 Remaining Lease Term Discount Rate Weighted Average Operating lease 0.8 6.0 % Finance lease 0.9 1.0 % Lease costs for the period ended June 30, 2022: Schedule of Lease Costs Three-month period Six-month period Operating lease cost $ 48,647 $ 97,204 Finance lease cost: Amortization 1,446 2,893 Interest 11 25 Variable lease cost 20,269 40,538 Total lease cost $ 70,373 $ 140,660 Supplemental cash flow information related to leases period ended June 30, 2022: Schedule of Supplemental Cash Flow Information Related to Leases Three-month period Six-month period Cash paid for amounts included in operating and finance leases: Operating cash outflow from operating leases $ 70,544 $ 139,429 Operating cash outflow from finance leases 11 25 Financing cash outflow from finance leases 1,461 2,920 Total cash paid for amounts included in operating and finance leases $ 72,016 $ 142,374 Clinical Research Studies The Company enters into contracts in the normal course of business to conduct research and development programs internally and through third parties that include, among others, arrangements with vendors, consultants, CMOs, and CROs. are generally cancelable with reasonable notice within 120 days and the Company’s obligations under these contracts are primarily based on services performed through termination dates plus certain cancelation charges, if any, as defined in each of the respective agreements. In addition, these agreements may, from time to time, be subjected to amendments as a result of any change orders executed by the parties. As of June 30, 2022, the Company had only one material non-cancelable contractual commitment with respect to these arrangements, which totaled approximately $ 2,600,000

Stockholders_ Equity

Stockholders’ Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Stockholders’ Equity	5. Stockholders’ Equity On May 15, 2022, the Company entered into a securities purchase agreement with certain institutional and other accredited investors for the sale of Company common stock, preferred stock that may be convertible into common stock and warrants initially exercisable for preferred stock for $ 100 5.75 0.40 40 On February 4, 2022, the Company entered into an Open Market Sale Agreement SM 50,000,000 3.0 On July 1, 2021, the Company completed a follow-on offering whereby it sold 2,250,000 25.00 56.3 3.4 0.1 On February 26, 2021, the Company completed a follow-on offering whereby it sold 1,971,100 257,100 14.00 27.6 1.6 0.2 On June 5, 2020, the Company entered into an At Market Issuance Sales Agreement (the “ATM Agreement”) with B. Riley FBR, Inc. (the “Agent”). Pursuant to the ATM Agreement, the Company was able to offer and sell from time to time, at its option, shares of common stock having an aggregate offering price of up to $ 10,000,000 0.001 The Placement Shares were registered under the Securities Act of 1933, as amended, pursuant to the Registration Statement on Form S-3 (File No. 333-227466), which was originally filed with the SEC on September 21, 2018 and declared effective by the SEC on October 4, 2018, the base prospectus contained within the Registration Statement, and a prospectus supplement that was filed on June 5, 2020. Sales of the Company’s common stock 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. During the six months ended June 30, 2022 and 2021, the Company sold 0 3,082 12.64 On February 23, 2021, in conjunction with the Company’s follow-on offering, the ATM Agreement was terminated.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	6. Stock-Based Compensation The following table summarizes the activity for all stock options outstanding for the six months ended June 30: Schedule of Stock Options Activity 2022 2021 Shares Weighted Average Shares Weighted Average Options outstanding at beginning of year 1,315,321 $ 11.97 849,949 $ 9.33 Granted 550,747 6.52 218,050 24.70 Exercised (3,286 ) 5.16 (39,620 ) 7.32 Forfeited (80,000 ) 13.01 (4,866 ) 7.67 Balance at June 30 1,782,782 $ 5.75 1,023,513 $ 12.69 Options exercisable at June 30: 724,666 $ 6.02 504,189 $ 9.64 Weighted Average Grant Date Fair Value for options granted during the period: $ 4.34 $ 16.39 The following table summarizes additional information about stock options outstanding and exercisable at June 30, 2022: Schedule of Stock Options Outstanding and Exercisable Options Outstanding Options Exercisable Options Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value Options Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value 1,782,782 8.16 $ 5.75 $ 6,161,776 724,666 $ 6.02 $ 2,396,078 The Company recognized stock-based compensation expense for stock options of $ 1,460,031 520,361 2,169,540 938,553 776,324 5.50 428,343 444,000 311,000 13.44 25,755 0 53,784 0 242,000 203,750 5.10 11,601 12,790 23,216 26,239 62,000 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 six months ended June 30: Schedule of Assumptions for Fair Value of Equity-based Awards 2022 2021 Risk-free interest rate 1.68 3.10 0.63 1.14 Expected volatility 76.2 78.3 76.6 76.9 Expected life (years) 5.29 6.08 5.0 6.08 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. Restricted stock awards were granted to members of the Company’s board during the three months ended June 30, 2022 and 2021. The Company had 3,273 2,964 2,964 15,686 6,775 18,112 27,119 38,567 The Company initially reserved a maximum of 750,000 102,540 102,998 149,189 increase automatically on January 1 of each of 2023 through 2027 by the number of shares equal to 1.0% of the aggregate number of outstanding shares of Company common stock as of the immediately preceding December 31 500,000 463,925 Total unrecognized compensation cost related to stock options and restricted stock is estimated to be recognized as follows: Schedule of Unrecognized Compensation Cost 2022 $ 2,192,203 2023 3,142,793 2024 2,008,832 2025 1,091,593 2026 28,373 Total estimated compensation cost to be recognized $ 8,463,794 The Company recognized stock-based compensation expense related to its employee stock purchase plan of $ 52,653 1,844 79,071 12,295 100,000 51,270 51,499 74,594 the number of shares equal to 0.5% of the total outstanding number of shares 208,929 The Company recognized total stock-based compensation expense as follows for the three and six months ended June 30: Schedule of Stock-based Compensation Expense Three Months Ended Six Months Ended June 30, June 2022 2021 2022 2021 Stock-based compensation expense in operating expenses: Research and development $ 810,664 $ 328,077 $ 1,261,183 $ 583,258 General and administrative 708,795 212,240 1,014,547 406,157 Total $ 1,519,459 $ 540,317 $ 2,275,730 $ 989,415

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt	7. Debt On April 8, 2021, the Company entered into a loan and security agreement (the “Loan Agreement”) with Innovatus Life Sciences Lending Fund I, LP, a Delaware limited partnership (“Innovatus”) in its capacity as Collateral Agent and sole Lender. The Lender agreed to loan up to $ 25 15.0 5 5 The Loan Agreement also contains certain events of default, warranties and covenants of the Company. In connection with each funding of the Term Loans, the Company is required to issue Innovatus a warrant (the “Warrants”) to purchase a number of shares of the Company’s stock equal to 2.5% of the principal amount of the relevant Term Loan funded divided by the exercise price, which will be based on the lower of (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 C Loan 26,042 14.40 0.3 The Company is also required to maintain a minimum cash balance in agreement with the term loans’ default terms. 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% 12.85 2.7 1.00 4.50 0.7 The Company has the option to prepay the loan at any time following the first anniversary of the loan closing, with tiered prepayment fees ranging from 0 – 2% based on when the prepayment would occur Innovatus also has the right, at its election, after June 1, 2021 and until the third anniversary of the Loan Agreement, to convert up to 20 In connection with the Loan Agreement and the funding of the first tranche of the Term Loans, the Company incurred debt issuance costs of approximately $ 0.5 Long-term debt consisted of the following: Schedule of Long-term Debt June 30, 2022 Note payable $ 15,000,000 Add: Payment-in-Kind interest (added to principal) 506,000 Add: final fee 675,000 Less: unamortized debt issuance costs (319,359 ) Less: unamortized debt discount (850,181 ) Total long-term debt $ 15,011,460 Future principal payments, including the final fee, are as follows: Schedule of Long Term Debt Future Principal Payments Years Ending 2024 $ 5,814,750 2025 7,753,000 2026 2,613,250 Total $ 16,181,000

License Agreement

License Agreement	6 Months Ended
	Jun. 30, 2022
License Agreement
License Agreement	8. 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 selectively targets all Class I PI3K isoforms and mTOR. 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events On July 27, 2022, the Company signed an amendment to exercise the option to extend the operating lease for building space for a period of one year. The commencement of the extended period is May 1, 2023 and will terminate on April 30, 2024. On August 9, 2022, the Company amended the Loan Agreement described in Note 7 above. Under the amended Loan Agreement, Innovatus, as Lender, has agreed to loan up to $ 75 50 15 20 100 10 20 10 100 Under the amended Loan Agreement, Innovatus has the right, at its election and until August 9, 2025, the third anniversary of the loan amendment date, to convert into Common Stock up to: (i) 20% of the outstanding principal amount of term A loan, and (ii) an additional 7% of the amount by which the aggregate principal amount of the funded term B, C, D and E loans exceed $35 million, provided that the aggregate outstanding principal amount of all term loans is at least $35 million, with such conversion based upon a price per share equal to $10.00. The Company is entitled to make interest-only payments for forty-eight months, or up to sixty months from the original loan agreement date if certain conditions are met. The Term Loans will mature on April 8, 2027, the sixth 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 amended Loan Agreement) or (ii) 3.25%, plus 5.70%. Additionally, the Company elected to make 4.95% of the interest rate as payable in-kind, which shall accrue as principal monthly. The Amended Loan Agreement includes certain other fees, such as a final fee of 4.5% of the funded loan amounts not converted into equity by the lender, which apply if prepayment, an event of default, or change of control occurs prior to August 9, 2025, the third anniversary of the Amendment date. 3.0% The amended Loan Agreement remains secured by all assets of the Company. Proceeds will be used for working capital purposes and to fund the Company’s general business requirements. The amended Loan Agreement contains customary representations and warranties and covenants, subject to customary carve outs, and includes financial covenants related to or based upon liquidity, trailing twelve months revenue and the funded loan amounts.

Basis of Presentation, Summar_2

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited financial statements include the accounts of the Company and have been prepared in accordance with Article 10 of Regulation S-X promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, as permitted by Article 10, the unaudited financial statements do not include all of the information required by accounting principles generally accepted in the United States (“U.S. GAAP”). The balance sheet at December 31, 2021 was derived from the audited financial statements at that date and does not include all the disclosures required by U.S. GAAP. In the opinion of management, all adjustments which are of a normal recurring nature and necessary for a fair presentation have been reflected in the financial statements. These unaudited condensed financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2021 and the related footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period.
Accounting Estimates	Accounting Estimates Management uses estimates and assumptions in preparing these unaudited condensed financial statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates and the difference could be material. Significant items subject to such estimates and assumptions include the valuation of stock-based compensation and prepaid or accrued clinical trial costs.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks common to companies in the development stage including, but not limited to, dependency on, the clinical and commercial success of its initial drug product, gedatolisib, the clinical and commercial success of its diagnostic tests, ability to obtain regulatory approval of its drug product, gedatolisib, 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.
Clinical Trial Costs	Clinical Trial Costs The Company records prepaid assets or accrued expenses for prepaid or estimated clinical trial costs conducted by third-party service providers, which includes the conduct of preclinical studies and clinical trials. These costs can be a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with service agreements with its third-party service providers. The Company makes significant judgments and estimates in determining the accrued liabilities balance in each reporting period. As actual costs become known, the Company adjusts its prepaid assets or accrued expenses. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed, number of patients enrolled, and the rate of patient enrollments may vary from the Company’s estimates, resulting in an adjustment to expense in future periods. Changes in these estimates that result in material changes to the Company’s prepaid assets or accrued expenses could materially affect the Company’s results of operations.
Application of New or Revised Accounting Standards	Application of New or Revised Accounting Standards Pursuant to the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), a company constituting an “emerging growth company” is, among other things, entitled to rely upon certain reduced reporting requirements. The Company is an emerging growth company but has irrevocably elected not to take advantage of the extended transition period afforded by the JOBS Act for the implementation of new or revised accounting standards. As a result, the Company will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for public companies that are not emerging growth companies.

Commitments (Tables)

Commitments (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental balance sheet information consisted of the following at June 30, 2022: Schedule of Supplemental Balance Sheet Information Related to Leases Operating Lease Right-of-use assets $ 148,727 Operating lease liability $ 156,769 Less: short term portion (156,769 ) Long term portion $ - Finance Lease Furniture and equipment $ 28,932 Less: Accumulated depreciation (23,628 ) Net book value of property and equipment under finance lease $ 5,304 Finance lease liability $ 5,379 Less: short term portion (5,379 ) Long term portion $ -
Schedule of Maturity Analysis Under Lease Agreements	Maturity analysis under lease agreements consisted of the following as of June 30, 2022: Schedule of Maturity Analysis Under Lease Agreements Operating Leases Finance Leases 2022 $ 102,119 $ 3,627 2023 68,080 3,023 Total minimum lease payments 170,199 6,650 Less: Present value discount (13,430 ) (19 ) Less amount representing services - (1,252 ) Present value of net minimum lease payments $ 156,769 $ 5,379 Remaining Lease Term Discount Rate Weighted Average Operating lease 0.8 6.0 % Finance lease 0.9 1.0 %
Schedule of Lease Costs	Lease costs for the period ended June 30, 2022: Schedule of Lease Costs Three-month period Six-month period Operating lease cost $ 48,647 $ 97,204 Finance lease cost: Amortization 1,446 2,893 Interest 11 25 Variable lease cost 20,269 40,538 Total lease cost $ 70,373 $ 140,660
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases period ended June 30, 2022: Schedule of Supplemental Cash Flow Information Related to Leases Three-month period Six-month period Cash paid for amounts included in operating and finance leases: Operating cash outflow from operating leases $ 70,544 $ 139,429 Operating cash outflow from finance leases 11 25 Financing cash outflow from finance leases 1,461 2,920 Total cash paid for amounts included in operating and finance leases $ 72,016 $ 142,374

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Options Activity	The following table summarizes the activity for all stock options outstanding for the six months ended June 30: Schedule of Stock Options Activity 2022 2021 Shares Weighted Average Shares Weighted Average Options outstanding at beginning of year 1,315,321 $ 11.97 849,949 $ 9.33 Granted 550,747 6.52 218,050 24.70 Exercised (3,286 ) 5.16 (39,620 ) 7.32 Forfeited (80,000 ) 13.01 (4,866 ) 7.67 Balance at June 30 1,782,782 $ 5.75 1,023,513 $ 12.69 Options exercisable at June 30: 724,666 $ 6.02 504,189 $ 9.64 Weighted Average Grant Date Fair Value for options granted during the period: $ 4.34 $ 16.39
Schedule of Stock Options Outstanding and Exercisable	The following table summarizes additional information about stock options outstanding and exercisable at June 30, 2022: Schedule of Stock Options Outstanding and Exercisable Options Outstanding Options Exercisable Options Outstanding Weighted Average Remaining Contractual Life Weighted Average Exercise Price Aggregate Intrinsic Value Options Exercisable Weighted Average Exercise Price Aggregate Intrinsic Value 1,782,782 8.16 $ 5.75 $ 6,161,776 724,666 $ 6.02 $ 2,396,078
Schedule of Assumptions for Fair Value of Equity-based Awards	The Black-Scholes option-pricing model was used to estimate the fair value of equity-based awards with the following weighted-average assumptions for the six months ended June 30: Schedule of Assumptions for Fair Value of Equity-based Awards 2022 2021 Risk-free interest rate 1.68 3.10 0.63 1.14 Expected volatility 76.2 78.3 76.6 76.9 Expected life (years) 5.29 6.08 5.0 6.08 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 $ 2,192,203 2023 3,142,793 2024 2,008,832 2025 1,091,593 2026 28,373 Total estimated compensation cost to be recognized $ 8,463,794
Schedule of Stock-based Compensation Expense	The Company recognized total stock-based compensation expense as follows for the three and six months ended June 30: Schedule of Stock-based Compensation Expense Three Months Ended Six Months Ended June 30, June 2022 2021 2022 2021 Stock-based compensation expense in operating expenses: Research and development $ 810,664 $ 328,077 $ 1,261,183 $ 583,258 General and administrative 708,795 212,240 1,014,547 406,157 Total $ 1,519,459 $ 540,317 $ 2,275,730 $ 989,415

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: Schedule of Long-term Debt June 30, 2022 Note payable $ 15,000,000 Add: Payment-in-Kind interest (added to principal) 506,000 Add: final fee 675,000 Less: unamortized debt issuance costs (319,359 ) Less: unamortized debt discount (850,181 ) Total long-term debt $ 15,011,460
Schedule of Long Term Debt Future Principal Payments	Future principal payments, including the final fee, are as follows: Schedule of Long Term Debt Future Principal Payments Years Ending 2024 $ 5,814,750 2025 7,753,000 2026 2,613,250 Total $ 16,181,000

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details Narrative) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	3,273	2,964
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,782,782	1,023,513
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	377,652	378,442

Schedule of Supplemental Balanc

Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Operating Lease
Right-of-use assets	$ 148,727	$ 241,901
Operating lease liability	156,769
Less: short term portion	(156,769)	(189,858)
Long term portion		61,771
Finance Lease
Furniture and equipment	28,932
Less: Accumulated depreciation	(23,628)
Net book value of property and equipment under finance lease	5,304
Finance lease liability	5,379
Less: short term portion	(5,379)	(5,850)
Long term portion		$ 2,449

Schedule of Maturity Analysis U

Schedule of Maturity Analysis Under Lease Agreements (Details)	Jun. 30, 2022 USD ($)
Operating Leases
Operating Leases 2022	$ 102,119
Operating Leases 2023	68,080
Total minimum lease payments	170,199
Less: Present value discount	(13,430)
Less: Amount representing services
Present value of net minimum lease payments	156,769
Finance Leases
Finance Leases 2022	3,627
Finance Leases 2023	3,023
Total minimum lease payments	6,650
Less: Present value discount	(19)
Less: Amount representing services	(1,252)
Present value of net minimum lease payments	$ 5,379
Operating leases, remaining lease term	9 months 18 days
Operating leases, discount rate	6%
Finance leases, remaining lease term	10 months 24 days
Finance leases, discount rate	1%

Schedule of Lease Costs (Detail

Schedule of Lease Costs (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 48,647	$ 97,204
Finance lease cost:
Amortization	1,446	2,893
Interest	11	25
Variable lease cost	20,269	40,538
Total lease cost	$ 70,373	$ 140,660

Schedule of Supplemental Cash F

Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Cash paid for amounts included in operating and finance leases:
Operating cash outflow from operating leases	$ 70,544	$ 139,429
Operating cash outflow from finance leases	11	25
Financing cash outflow from finance leases	1,461	2,920
Total cash paid for amounts included in operating and finance leases	$ 72,016	$ 142,374

Commitments (Details Narrative)

Commitments (Details Narrative) - USD ($)	1 Months Ended
	Jul. 30, 2021	Jul. 31, 2020	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Increase in operating ROU asset and lease liability	$ 193,517	$ 197,211
Non-cancelable contractual commitment			$ 2,600,000

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)						3 Months Ended	6 Months Ended
	May 15, 2022	Feb. 04, 2022	Jul. 02, 2021	Feb. 26, 2021	Jun. 05, 2020	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Aggregate offering price, common stock shares						$ 38,962
Common stock par value							$ 0.001		$ 0.001
ATM Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of stock number of shares issued in transaction							0	3,082
Average selling price per share							$ 12.64	$ 12.64
ATM Agreement [Member] | Placement Shares [Member]
Subsidiary, Sale of Stock [Line Items]
Aggregate offering price, common stock shares					$ 10,000,000
Common stock par value					$ 0.001
Follow-on Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of public offering price per shares			$ 25	$ 14
Sale of stock number of shares issued in transaction			2,250,000	1,971,100
Proceeds from public offering			$ 56,300,000	$ 27,600,000
Deducting underwriting discounts			3,400,000	1,600,000
Offering expenses			$ 100,000	$ 200,000
Follow-on Offering [Member] | Underwriter [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of stock number of shares issued in transaction				257,100
Purchase Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of stock, value	$ 100,000,000
Issuance of public offering price per shares	$ 5.75
Conversion price per share	$ 0.40
Percentage of warrant exercise price	40%
Open Market Sale Agreement [Member] | Jefferies LLC [Member]
Subsidiary, Sale of Stock [Line Items]
Aggregate offering price, common stock shares		$ 50,000,000
Aggregate offering price, commission percentage		3%

Schedule of Stock Options Activ

Schedule of Stock Options Activity (Details) - Share-Based Payment Arrangement, Option [Member] - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding beginning balance	1,315,321	849,949
Weighted Average Exercise Price, beginning balance	$ 11.97	$ 9.33
Options outstanding shares, Granted	550,747	218,050
Weighted Average Exercise Price, Granted	$ 6.52	$ 24.70
Options outstanding shares, Exercised	(3,286)	(39,620)
Weighted Average Exercise Price, Exercised	$ 5.16	$ 7.32
Options outstanding shares, Forfeited	(80,000)	(4,866)
Weighted Average Exercise Price, Forfeited	$ 13.01	$ 7.67
Options outstanding ending balance	1,782,782	1,023,513
Weighted Average Exercise Price, ending balance	$ 5.75	$ 12.69
Options exercisable, ending balance	724,666	504,189
Weighted Average Exercisable, ending balance	$ 6.02	$ 9.64
Weighted Average Grant Date Fair Value for options granted, ending balance	$ 4.34	$ 16.39

Schedule of Stock Options Outst

Schedule of Stock Options Outstanding and Exercisable (Details) - Share-Based Payment Arrangement, Option [Member] - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding ending balance	1,782,782	1,315,321	1,023,513	849,949
Options outstanding, weighted average remaining contractual life	8 years 1 month 28 days
Options outstanding, weighted average exercise price	$ 5.75	$ 11.97	$ 12.69	$ 9.33
Options outstanding, aggregate intrinsic value	$ 6,161,776
Options exercisable	724,666		504,189
Options exercisable, weighted average exercise price	$ 6.02		$ 9.64
Options exercisable, aggregate intrinsic value	$ 2,396,078

Schedule of Assumptions for Fai

Schedule of Assumptions for Fair Value of Equity-based Awards (Details)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0%	0%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	1.68%	0.63%
Expected volatility	76.20%	76.60%
Expected life (years)	5 years 3 months 14 days	5 years
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.10%	1.14%
Expected volatility	78.30%	76.90%
Expected life (years)	6 years 29 days	6 years 29 days

Schedule of Unrecognized Compen

Schedule of Unrecognized Compensation Cost (Details)	Jun. 30, 2022 USD ($)
Share-Based Payment Arrangement [Abstract]
2022	$ 2,192,203
2023	3,142,793
2024	2,008,832
2025	1,091,593
2026	28,373
Total estimated compensation cost to be recognized	$ 8,463,794

Schedule of Stock-based Compens

Schedule of Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 1,519,459	$ 540,317	$ 2,275,730	$ 989,415
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	810,664	328,077	1,261,183	583,258
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 708,795	$ 212,240	$ 1,014,547	$ 406,157

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($)								3 Months Ended		6 Months Ended
	May 12, 2022	Jan. 02, 2022	May 12, 2021	Jan. 02, 2021	Jan. 02, 2020	May 10, 2018	Oct. 25, 2017	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 31, 2022	Dec. 31, 2021	May 31, 2020
2017 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares reserved for issuance							750,000
Increase in number of shares reserved for issuance		149,189		102,998	102,540
Stock option description							increase automatically on January 1 of each of 2023 through 2027 by the number of shares equal to 1.0% of the aggregate number of outstanding shares of Company common stock as of the immediately preceding December 31
Additional shares authorized under plan	500,000		500,000
Shares available for grant under the 2017 Plan								463,925		463,925
In May 2022 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option awards shares modified												776,324
Stock option exercise price per share												$ 5.50
Modification on stock-based compensation								$ 428,343		$ 428,343
Remaining stock based compensation expense related to modification											$ 444,000
In December 2021 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option awards shares modified													311,000
Stock option exercise price per share													$ 13.44
Modification on stock-based compensation								25,755	$ 0	53,784	0
Remaining stock based compensation expense related to modification										242,000
In May 2020 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock option awards shares modified														203,750
Stock option exercise price per share														$ 5.10
Remaining stock based compensation expense related to modification										62,000
Stock based compensation expense related to modification								11,601	12,790	23,216	26,239
Equity Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized stock-based compensation expense								1,460,031	520,361	2,169,540	938,553
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized stock-based compensation expense								$ 6,775	$ 18,112	$ 27,119	$ 38,567
Restricted stock awards outstanding								3,273	2,964	3,273	2,964
Restricted stock awards vested								2,964	15,686
2017 Employee Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Recognized stock-based compensation expense								$ 52,653	$ 1,844
Common stock, shares reserved for issuance						100,000
Stock option description						the number of shares equal to 0.5% of the total outstanding number of shares
Shares available for grant under the 2017 Plan								208,929		208,929
Recognized stock-based compensation expense										$ 79,071	$ 12,295
Change in common stock, shares reserved for issuance		74,594		51,499	51,270

Schedule of Long-term Debt (Det

Schedule of Long-term Debt (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Note payable	$ 15,000,000
Add: Payment-in-Kind interest (added to principal)	506,000
Add: final fee	675,000
Less: unamortized debt issuance costs	(319,359)
Less: unamortized debt discount	(850,181)
Total long-term debt	$ 15,011,460	$ 14,625,923

Schedule of Long Term Debt Futu

Schedule of Long Term Debt Future Principal Payments (Details)	Jun. 30, 2022 USD ($)
Debt Disclosure [Abstract]
2024	$ 5,814,750
2025	7,753,000
2026	2,613,250
Total	$ 16,181,000

Debt (Details Narrative)

Debt (Details Narrative) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Apr. 08, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrant description	The Loan Agreement also contains certain events of default, warranties and covenants of the Company. In connection with each funding of the Term Loans, the Company is required to issue Innovatus a warrant (the “Warrants”) to purchase a number of shares of the Company’s stock equal to 2.5% of the principal amount of the relevant Term Loan funded divided by the exercise price, which will be based on the lower of (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 C Loan
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%
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			12.85%
Term loans, interest, payable in kind	2.70%
Non refundable facility fee payable to lender, percentage	1%
Final fee payable to lender, percentage	4.50%
Final fee payable to lender, amount	$ 0.7

License Agreement (Details Narr

License Agreement (Details Narrative) - USD ($)		3 Months Ended
	Apr. 08, 2021	Mar. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Value of shares issued		$ 38,962
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

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($) $ in Millions			6 Months Ended
	Aug. 09, 2022	May 16, 2022	Jun. 30, 2022	Apr. 08, 2021
Subsequent Event [Line Items]
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%
Private Placement [Member]
Subsequent Event [Line Items]
Private placement		$ 100
Security and Loan agreement [Member] | Innovatus Life Sciences [Member]
Subsequent Event [Line Items]
Non contigent term A loan, funded				$ 15
Subsequent Event [Member]
Subsequent Event [Line Items]
Face amount	$ 75
Increase from original loan amount	$ 50
Loan convertible to stock percentage, description	(i) 20% of the outstanding principal amount of term A loan, and (ii) an additional 7% of the amount by which the aggregate principal amount of the funded term B, C, D and E loans exceed $35 million, provided that the aggregate outstanding principal amount of all term loans is at least $35 million, with such conversion based upon a price per share equal to $10.00.
Debt instrument interest rate description	The Term Loans will mature on April 8, 2027, the sixth 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 amended Loan Agreement) or (ii) 3.25%, plus 5.70%. Additionally, the Company elected to make 4.95% of the interest rate as payable in-kind, which shall accrue as principal monthly. The Amended Loan Agreement includes certain other fees, such as a final fee of 4.5% of the funded loan amounts not converted into equity by the lender, which apply if prepayment, an event of default, or change of control occurs prior to August 9, 2025, the third anniversary of the Amendment date.
Prepayment fee, percentage	3%
Subsequent Event [Member] | Security and Loan agreement [Member] | Innovatus Life Sciences [Member] | Term B Loan [Member]
Subsequent Event [Line Items]
Unfunded contingent loan, amount	$ 20
Subsequent Event [Member] | Security and Loan agreement [Member] | Innovatus Life Sciences [Member] | Term C Loan [Member]
Subsequent Event [Line Items]
Unfunded contingent loan, amount	10
Subsequent Event [Member] | Security and Loan agreement [Member] | Innovatus Life Sciences [Member] | Term D Loan [Member]
Subsequent Event [Line Items]
Unfunded contingent loan, amount	20
Subsequent Event [Member] | Security and Loan agreement [Member] | Innovatus Life Sciences [Member] | Term E Loan [Member]
Subsequent Event [Line Items]
Unfunded contingent loan, amount	$ 10