Artelo Biosciences (ARTL) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 11, 2024
Cover [Abstract]
Entity Registrant Name	ARTELO BIOSCIENCES, INC.
Entity Central Index Key	0001621221
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding		3,227,700
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38951
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	33-1220924
Entity Address Address Line 1	505 Lomas Santa Fe
Entity Address Address Line 2	Suite 160
Entity Address City Or Town	Solana Beach
Entity Address State Or Province	CA
Entity Address Country	US
Entity Address Postal Zip Code	92075
City Area Code	858
Local Phone Number	925-7049
Entity Interactive Data Current	Yes
Security 12b Title	Common Stock, $0.001 par value per share
Trading Symbol	ARTL
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 4,357	$ 2,815
Trading marketable securities	500	7,611
Prepaid expenses and other current assets	129	554
Total Current Assets	4,986	10,980
Operating lease right-of-use assets	108	21
Intangible asset	2,039	2,039
Other assets	3	3
TOTAL ASSETS	7,136	13,043
Current Liabilities
Accounts payable and accrued liabilities	627	1,238
Due to related parties	36	30
Operating lease liabilities - current portion	34	23
Total Current Liabilities	697	1,291
Operating lease liabilities	78	0
TOTAL LIABILITIES	775	1,291
STOCKHOLDERS' EQUITY
Preferred Stock, par value $0.001, 416,667 shares authorized, 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Common Stock, par value $0.001, 50,000,000 shares authorized, as of September 30, 2024 and December 31, 2023 3,227,700 and 3,188,959 shares issued and outstanding, as of September 30, 2024 and December 31, 2023	3	3
Additional paid-in capital	52,934	52,262
Accumulated deficit	(46,358)	(40,310)
Accumulated other comprehensive loss	(218)	(203)
TOTAL STOCKHOLDERS' EQUITY	6,361	11,752
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 7,136	$ 13,043

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Consolidated Balance Sheets
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	416,667	416,667
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	3,227,700	3,188,959
Common Stock, Shares Outstanding	3,227,700	3,188,959

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
OPERATING EXPENSES
General and administrative	$ 870	$ 1,029	$ 2,779	$ 3,118
Research and development	325	1,585	3,517	3,572
Total Operating Expenses	1,195	2,614	6,296	6,690
Loss from Operations	(1,195)	(2,614)	(6,296)	(6,690)
OTHER INCOME
Net change in fair value of trading marketable securities	63	165	248	474
Total other income	63	165	248	474
Provision for income taxes	0	0	0	0
NET LOSS	(1,132)	(2,449)	(6,048)	(6,216)
OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation adjustments	(15)	2	(15)	55
Total Other Comprehensive Income (Loss)	(15)	2	(15)	55
TOTAL COMPREHENSIVE LOSS	$ (1,147)	$ (2,447)	$ (6,063)	$ (6,161)
Basic and Diluted Loss per Common Share	$ (0.35)	$ (0.83)	$ (1.88)	$ (2.15)
Basic and Diluted Weighted Average Common Shares Outstanding	3,228	2,949	3,213	2,887

Consolidated Statements of Stoc

Consolidated Statements of Stockholders Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (loss)
Balance, shares at Dec. 31, 2022		2,856
Balance, amount at Dec. 31, 2022	$ 19,403	$ 3	$ 50,675	$ (31,021)	$ (254)
Stock based compensation	354	0	354	0	0
Net loss for the period	(2,168)	0	0	(2,168)	0
Other comprehensive income	49	$ 0	0	0	49
Balance, shares at Mar. 31, 2023		2,856
Balance, amount at Mar. 31, 2023	17,638	$ 3	51,029	(33,189)	(205)
Balance, shares at Dec. 31, 2022		2,856
Balance, amount at Dec. 31, 2022	19,403	$ 3	50,675	(31,021)	(254)
Stock based compensation	801
Net loss for the period	(6,216)
Other comprehensive income	55
Balance, shares at Sep. 30, 2023		3,162
Balance, amount at Sep. 30, 2023	14,578	$ 3	52,011	(37,237)	(199)
Balance, shares at Mar. 31, 2023		2,856
Balance, amount at Mar. 31, 2023	17,638	$ 3	51,029	(33,189)	(205)
Stock based compensation	225	0	225	0	0
Net loss for the period	(1,599)	0	0	(1,599)	0
Other comprehensive income	4	$ 0	0	0	4
Balance, shares at Jun. 30, 2023		2,856
Balance, amount at Jun. 30, 2023	16,268	$ 3	51,254	(34,788)	(201)
Stock based compensation	222	0	222	0	0
Net loss for the period	(2,449)	0	0	(2,449)	0
Other comprehensive income	2	$ 0	0	0	2
Issuance of common shares, shares		306
Issuance of common shares, amount	535	$ 0	535	0	0
Balance, shares at Sep. 30, 2023		3,162
Balance, amount at Sep. 30, 2023	14,578	$ 3	52,011	(37,237)	(199)
Balance, shares at Dec. 31, 2023		3,189
Balance, amount at Dec. 31, 2023	11,752	$ 3	52,262	(40,310)	(203)
Stock based compensation	213	0	213	0	0
Net loss for the period	(2,483)	$ 0	0	(2,483)	0
Issuance of common shares, shares		39
Issuance of common shares, amount	55	$ 0	55	0	0
Balance, shares at Mar. 31, 2024		3,228
Balance, amount at Mar. 31, 2024	9,537	$ 3	52,530	(42,793)	(203)
Balance, shares at Dec. 31, 2023		3,189
Balance, amount at Dec. 31, 2023	11,752	$ 3	52,262	(40,310)	(203)
Stock based compensation	617
Net loss for the period	(6,048)
Other comprehensive income	(15)
Balance, shares at Sep. 30, 2024		3,228
Balance, amount at Sep. 30, 2024	6,361	$ 3	52,934	(46,358)	(218)
Balance, shares at Mar. 31, 2024		3,228
Balance, amount at Mar. 31, 2024	9,537	$ 3	52,530	(42,793)	(203)
Stock based compensation	195	0	195	0	0
Net loss for the period	(2,433)	$ 0	0	(2,433)	0
Balance, shares at Jun. 30, 2024		3,228
Balance, amount at Jun. 30, 2024	7,299	$ 3	52,725	(45,226)	(203)
Stock based compensation	209	0	209	0	0
Net loss for the period	(1,132)	0	0	(1,132)	0
Other comprehensive income	(15)	$ 0	0	0	(15)
Balance, shares at Sep. 30, 2024		3,228
Balance, amount at Sep. 30, 2024	$ 6,361	$ 3	$ 52,934	$ (46,358)	$ (218)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (6,048)	$ (6,216)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	617	801
Net change in fair value of trading marketable securities	(248)	(474)
Non-cash lease expense	24	30
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	518	357
Accounts payable and accrued liabilities	(629)	(72)
Accounts payable - related parties	5	(5)
Fixed cash payments related to operating leases	(22)	(32)
Net cash used in operating activities	(5,783)	(5,611)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in trading marketable securities	(481)	(12,736)
Proceeds from disposition of marketable securities	7,750	11,990
Proceeds from disposition of available-for-sale securities	0	1,512
Net cash provided by investing activities	7,269	766
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common shares for cash, net	55	535
Net cash provided by financing activities	55	535
Effect of exchange rate changes on cash	1	61
Net change in cash and cash equivalents	1,542	(4,249)
Cash and cash equivalents - beginning of period	2,815	6,888
Cash and cash equivalents - end of period	4,357	2,639
Supplemental Cash Flow Information
Cash paid for interest	0	0
Cash paid for income taxes	0	0
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Initial recognition of the right-of-use asset and lease liability	$ 111	$ 0

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2024
ORGANIZATION AND DESCRIPTION OF BUSINESS
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS ARTELO BIOSCIENCES, INC. (“we”, “us”, “our”, the “Company”) is a Nevada corporation incorporated on May 2, 2011, and based in San Diego County, California. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”), and the Company’s fiscal year end is December 31. The Company registered wholly owned subsidiaries in Ireland, Trinity Reliant Ventures Limited, on November 11, 2016, and in the UK, Trinity Research & Development Limited, on June 2, 2017. On January 8, 2020, Trinity Research and Development Limited changed its name to Artelo Biosciences Limited. The Company incorporated a wholly owned subsidiary in Canada, Artelo Biosciences Corporation, on March 18, 2020. Operations in the subsidiaries have been consolidated in the financial statements. The Company is a clinical stage biopharmaceutical company focused on developing and commercializing therapeutics that target lipid-signaling pathways, including treatments intended to modulate the endocannabinoid system (the “ECS”), a family of receptors and neurotransmitters that form a biochemical communication network throughout the body. Liquidity The Company has incurred losses since inception and incurred a net loss of $6,048 during the nine months ended September 30, 2024. However, in November 2021, the Company completed an equity offering which generated net proceeds of $18,262. Additionally, in May 2022, the Company entered into a purchase agreement and a registration rights agreement (the “Equity Line”) with an institutional investor, providing for the sale of up to $20,000 worth of the Company’s Common Stock, over the thirty-six (36) month term of the purchase agreement. Under the terms and subject to the conditions of the purchase agreement, the Company has the right, but not the obligation, to sell to the institutional investor, and the institutional investor is obligated to purchase, up to $20,000 worth of shares of the Company’s Common Stock. As of September 30, 2024, in accordance with the Equity Line, the Company issued 372,012 shares of the Company’s Common Stock with aggregate proceeds to the Company of $622, of which 38,741 shares were issued for proceeds to the Company of $55 during the nine months ended September 30, 2024. In July 2023, the Company filed a $75,000 in aggregate value shelf registration statement on Form S-3 which became effective on July 14, 2023. The shelf registration statement is effective for three years and permits the Company to sell, from time to time, up to $75,000 of the Company’s Common Stock, preferred stock, debt securities, warrants, and/or units subject to a limit of one-third (1/3) of the Company’s public float within a twelve (12) month period if the public float of the Company is less than $75,000. The Company’s existing cash resources are expected to provide sufficient funds to carry out the Company’s planned operations into the fourth quarter of 2025. To continue operations beyond such time frame, the Company will be required to raise additional funds by completing additional equity or debt offerings or licensing our product candidates. There can be no assurance that the Company will be successful in acquiring additional funding, that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years. Negative Global or National Events Businesses have been and will continue to be impacted by a number of challenging global and national events and circumstances that continue to evolve, including pandemics, extreme weather conditions, increased economic uncertainty, inflation, rising interest rates, recent and any potential future financial institution failures, and conflicts in Eastern Europe, the Middle East and in other countries. The extent of the impact of these events and circumstances on our business, operations and development timelines and plans remains uncertain, and will depend on certain developments, including the duration and scope of the events and their impact on our development activities, third-party manufacturers, and other third parties with whom we do business, as well as its impact on regulatory authorities and our key scientific and management personnel. We have been and continue to actively monitor the potential impacts that these various events and circumstances may have on our business, and we take steps, where warranted, to minimize any potential negative impacts on our business resulting from these events and circumstances. The ultimate impact of these global and national events and circumstances, either individually or in aggregate, is highly uncertain and subject to change.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company prepares its financial statements in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and GAAP in the United States of America. The accompanying interim financial statements have been prepared in accordance with GAAP for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the Company’s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2024, are not necessarily indicative of the results for the full year. While management of the Company believes that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended December 31, 2023, contained in the Company’s Form 10-K filed with the SEC on March 25, 2024. All amounts in these financial statements, notes and tables have been rounded to the nearest thousand dollars, except share and per share amounts, unless otherwise indicated. Basis of Consolidation The financial statements have been prepared on a consolidated basis, with the Company’s wholly owned subsidiaries, Trinity Reliant Ventures Limited, Artelo Biosciences Limited and Artelo Biosciences Corporation. All intercompany transactions and balances have been eliminated. Research and Development (“R&D”) R&D expenses consist primarily of costs related to clinical studies and outside services, personnel expenses, and other R&D expenses. Clinical studies and outside services costs relate primarily to services performed by clinical research organizations and related clinical or development manufacturing costs, materials, and supplies, filing fees, regulatory support, and other third-party fees. Personnel expenses relate primarily to salaries and benefits. R&D expenditures are charged to operations as incurred. The Company recognizes R&D tax credits received from the United Kingdom government for spending on R&D as an offset of R&D expenses. The Company received R&D tax credits of $1,349 and $1,206 during the nine months ended September 30, 2024, and 2023. Cash and Cash Equivalents Cash and cash equivalents include cash in banks, money market funds, commercial paper, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $4,357 and $2,815 in cash and cash equivalents at September 30, 2024, and December 31, 2023, respectively. Periodically, the Company may carry cash balances at financial institutions more than the federally insured limit of $250 per institution. The amount in excess of the FDIC insurance as of September 30, 2024, was approximately $3,857. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant. Marketable Securities Our investments in debt securities are carried at fair value. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or available-for-sale. Realized and unrealized gains and losses on trading debt securities are charged to income and unrealized gains and losses on available-for-sale debt securities are included in other comprehensive income or loss. The marketable securities held by the Company, classified as trading marketable securities, had an outstanding balance of $500 and $7,611 as of September 30, 2024, and December 31, 2023, respectively. Intangible Assets The Company capitalizes certain costs related to the acquisition of intangible assets. If such assets are determined to have a finite useful life they are amortized on a straight-line basis over the estimated useful life. The Company tests its intangible assets for impairment at least annually and whenever events or circumstances change that indicate impairment may have occurred. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others and without limitation: a significant decline in the Company’s expected future cash flows; a sustained, significant decline in the Company’s stock price and market capitalization; a significant adverse change in legal factors or in the business climate of the Company’s segments; unanticipated competition; and slower growth rates. The Company determined that there was no impairment of its intangible assets at September 30, 2024, and December 31, 2023. Foreign Currency Transactions The Company has operations outside of the United States, which results in exposure to market risks from changes in foreign currency rates. The financial risk arises from the fluctuations in foreign exchange rates and the degrees of volatility in these rates. Currently the Company does not use derivative instruments to reduce its exposure to foreign currency risk. Nonmonetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the year. Revenues and expenses are translated at average rates for the year. Gains and losses from translation of foreign currency financial statements into U.S. dollars are included as other comprehensive income. Financial Instruments The Company follows ASC 820, “Fair Value Measurements and Disclosures,” which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The carrying amounts shown of the Company’s financial instruments including cash and cash equivalents and accounts payable approximate fair value due to the short-term maturities of these instruments. Set out below are the Company’s financial instruments that are required to be remeasured at fair value on a recurring basis in the fair value hierarchy as of September 30, 2024, and December 31, 2023: September 30, 2024 Level 1 Level 2 Level 3 Total Marketable securities – trading securities Commercial paper $ - $ 500 $ - $ 500 $ - $ 500 $ - $ 500 December 31, 2023 Level 1 Level 2 Level 3 Total Marketable securities – trading securities Commercial paper $ - $ 4,654 $ - $ 4,654 Asset-backed securities - 974 - 974 Corporate debt - 1,482 - 1,482 US Government - 501 - 501 $ - $ 7,611 $ - $ 7,611 Net Loss per Share of Common Stock Basic earnings per share (“EPS”) is computed based on the weighted average number of shares of Common Stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares of Common Stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method and as if converted method. Dilutive potential common shares include outstanding stock options and warrants. For the nine months ended September 30, 2024, and 2023, the following Common Stock equivalents were excluded from the computation of diluted net loss per share as the result was anti-dilutive. September 30, September 30, 2024 2023 Stock options 763,105 519,105 Warrants 139,897 253,319 903,002 772,424 New Accounting Standard Adopted On January 1, 2024, the Company adopted ASU 2022-03, ASC Subtopic “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. These amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. There was no impact on the Company’s financial statements as a result of the adoption of the standard.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 3 – RELATED PARTY TRANSACTIONS During the nine months ended September 30, 2024, and 2023, a company owned by the Senior Vice President, European Operations, provided consulting services totaling $7 and $9, respectively. As of September 30, 2024, and December 31, 2023, there was $1 and $2, outstanding, respectively. During the nine months ended September 30, 2024, and 2023, a company significantly influenced by a director of a subsidiary of the Company provided professional services totaling $87 and $105, respectively. As of September 30, 2024, and December 31, 2023, there was $15 and $5 outstanding, respectively. During the nine months ended September 30, 2024, and 2023, a company controlled by a director of a subsidiary of the Company provided professional services totaling $58 and $58, respectively. As of September 30, 2024, and December 31, 2023, there was $21 and $23 outstanding, respectively.

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2024
EQUITY
EQUITY	NOTE 4 - EQUITY Preferred shares The Company has authorized 416,667 shares of preferred stock with a par value of $0.001 per share. As of September 30, 2024, and December 31, 2023, there were no shares of preferred stock issued or outstanding. Common Shares The Company has authorized 50,000,000 shares of Common Stock with a par value of $0.001 per share. Each share of Common Stock entitles the holder to one vote, in person or proxy, on any matter on which an action of the stockholders of the Company is sought. During the nine months ended September 30, 2024 and 2023, in accordance with the Equity Line, the Company issued 38,741 and 306,666, shares of the Company’s Common Stock with aggregate proceeds to the Company of $55 and $535, respectively. As of September 30, 2024, and December 31, 2023, there were 3,227,700 and 3,188,959 shares of Common Stock issued and outstanding, respectively. Warrants A summary of activity of the warrants during the nine months ended September 30, 2024, is as follows: Weighted Weighted Number of Average Average shares Exercise Price Life (years) Outstanding, December 31, 2023 242,633 $ 44.07 1.10 Granted - - - Expired (102,736 ) 66.29 - Exercised - - - Outstanding, September 30, 2024 139,897 $ 11.25 1.04 The intrinsic value of the warrants as of September 30, 2024, is $0. All of the outstanding warrants are exercisable as of September 30, 2024. 2018 Equity Incentive Plan, as amended On January 1, 2024, the number of shares available under the Company’s 2018 Equity Incentive Plan, as amended (the “2018 Plan”) was increased by 478,344 shares of Common Stock. As of September 30, 2024, the 2018 Plan permits the Company to issue up to an aggregate of 1,529,223 shares of Common Stock of which 766,118 shares are available to be issued. Options granted during the nine months ended September 30, 2024 In January 2024, the Company granted options to an officer of the Company to purchase an aggregate of 92,000 shares of the Company’s Common Stock with an exercise price of $1.49 and vesting as follows: twenty-five (25%) of the shares subject to the option shall vest on the one-year anniversary of the vesting commencement date, and one forty-eighth (1/48 th On March 5, 2024, the Company granted options to certain employees, officers and consultants to purchase a total of 152,000 shares of the Company’s common stock with an exercise price of $1.47 and vesting as follows: twenty-five percent (25%) of the shares subject to the option shall vest on the one (1) year anniversary of the vesting commencement date, and one forty-eighth (1/48th) of the shares subject to the option shall vest each month thereafter on the same day of the month as the vesting commencement date. The vesting commencement date is March 5, 2024. The following is a summary of stock option activity during the nine months ended September 30, 2024: Options Outstanding Weighted Number of Weighted Average Average Remaining life Options Exercise Price (years) Outstanding, December 31, 2023 519,105 $ 15.97 8.07 Granted 244,000 1.48 10.00 Exercised - - - Forfeited/canceled - - - Outstanding, September 30, 2024 763,105 $ 1.85 7.98 Exercisable options, September 30, 2024 10,491 $ 21.53 6.70 (1) rd th Valuation The Company utilizes the Black-Scholes model to value its stock options. The Company utilized the following assumptions: Nine months ended September 30, 2024 Expected term 3.08 - 6.08 years Expected average volatility 87 - 110% Expected dividend yield - Risk-free interest rate 4.02 - 4.44% During the nine months ended September 30, 2024, the Company granted 244,000 options, valued at $299, of which 103,000 options, valued at $129 were for related parties. During the nine months ended September 30, 2024, and 2023, the Company recognized stock-based compensation expense of $617 and $801, respectively, of which $426 and $539 was for related parties, respectively, and as of September 30, 2024, $1,926 remains unamortized, of which $813 is for related parties. The intrinsic value of options outstanding as of September 30, 2024, and December 31, 2023, is $0.

INTANGIBLE ASSET

INTANGIBLE ASSET	9 Months Ended
	Sep. 30, 2024
INTANGIBLE ASSET
INTANGIBLE ASSET	NOTE 5– INTANGIBLE ASSET The Company has capitalized the costs associated with acquiring the exclusive worldwide license to develop and commercialize products comprising or containing the compound ART27.13 as an intangible asset at a value of $2,039 as of September 30, 2024, and December 31, 2023. The amount capitalized consisted of a $1,500 payment and the fair value of 4,087 shares of Common Stock of $539. During the nine months ended September 30, 2024, no additional costs met the criteria for capitalization as an intangible asset.

LEASES

LEASES	9 Months Ended
	Sep. 30, 2024
LEASES
LEASES	NOTE 6 - LEASE On May 12, 2021, the Company entered into a lease arrangement for office space with Beckman/Lomas LLC, an entity controlled by a close family member of a director. Effective June 1, 2022, the related party divested its interests in the property, and as such, the lease agreement no longer constitutes a related party transaction. On March 6, 2024, the Company entered into an amended agreement with the landlord to extend the lease commencing in September 2024 and effective until August 2027. On April 19, 2022, the Company entered into a 2nd lease arrangement for office space with an annual rent of $13 (£11) with the term of April 2022 through September 2023. The following summarizes right-of use asset and lease information about the Company’s operating lease as of September 30, 2024: Nine months ended September 30 2024 2023 Lease cost Operating lease cost $ 24 $ 30 Other information Cash paid for operating cash flows from operating leases $ 22 $ 32 Right-of-use assets obtained in exchange for new operating lease liability $ 111 $ - Weighted-average remaining lease term — operating leases (year) 2.83 0.92 Weighted-average discount rate — operating leases 7.50 % 3.00 % Future minimum lease payments under the operating lease liability have non-cancellable lease payments at September 30, 2024, as follows: Total Year Ended December 31, 2024 (for the 3 months remaining) $ 10 2025 42 2026 43 2027 30 Thereafter - 125 Less: Imputed interest (13 ) Operating lease liabilities 112 Operating lease liability - current 34 Operating lease liability - non-current $ 78

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 7 – COMMITMENTS AND CONTINGENCIES The Company has certain financial commitments relating to research and development contracts as of September 30, 2024, as follows: · The Company is invoiced monthly and quarterly in connection with several research and development contracts. · The Company may be obligated to make additional payments related to research and development contracts entered into, dependent on the progress and milestones achieved through the programs. · The Company’s principal executive office is currently located at 505 Lomas Santa Fe Drive, Suite 160, Solana Beach, CA, US. Additionally, we have an office outside Manchester, UK, which serves as administrative spaces for managing our subsidiaries, Trinity Reliant Ventures, Ltd (Ireland) and Artelo Biosciences Limited (UK). We do not currently own any properties, laboratories, or manufacturing facilities. All leases for our office space, other than for the principal executive office, are month-to-month.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 8 – SUBSEQUENT EVENTS [TBD – If none delete.]

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	The Company prepares its financial statements in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and GAAP in the United States of America. The accompanying interim financial statements have been prepared in accordance with GAAP for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the Company’s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2024, are not necessarily indicative of the results for the full year. While management of the Company believes that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended December 31, 2023, contained in the Company’s Form 10-K filed with the SEC on March 25, 2024. All amounts in these financial statements, notes and tables have been rounded to the nearest thousand dollars, except share and per share amounts, unless otherwise indicated.
Basis of Consolidation	The financial statements have been prepared on a consolidated basis, with the Company’s wholly owned subsidiaries, Trinity Reliant Ventures Limited, Artelo Biosciences Limited and Artelo Biosciences Corporation. All intercompany transactions and balances have been eliminated.
Research and Development ("R&D")	R&D expenses consist primarily of costs related to clinical studies and outside services, personnel expenses, and other R&D expenses. Clinical studies and outside services costs relate primarily to services performed by clinical research organizations and related clinical or development manufacturing costs, materials, and supplies, filing fees, regulatory support, and other third-party fees. Personnel expenses relate primarily to salaries and benefits. R&D expenditures are charged to operations as incurred. The Company recognizes R&D tax credits received from the United Kingdom government for spending on R&D as an offset of R&D expenses. The Company received R&D tax credits of $1,349 and $1,206 during the nine months ended September 30, 2024, and 2023.
Cash and Cash Equivalents	Cash and cash equivalents include cash in banks, money market funds, commercial paper, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $4,357 and $2,815 in cash and cash equivalents at September 30, 2024, and December 31, 2023, respectively. Periodically, the Company may carry cash balances at financial institutions more than the federally insured limit of $250 per institution. The amount in excess of the FDIC insurance as of September 30, 2024, was approximately $3,857. The Company has not experienced losses on these accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits is not significant.
Marketable Securities	Our investments in debt securities are carried at fair value. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or available-for-sale. Realized and unrealized gains and losses on trading debt securities are charged to income and unrealized gains and losses on available-for-sale debt securities are included in other comprehensive income or loss. The marketable securities held by the Company, classified as trading marketable securities, had an outstanding balance of $500 and $7,611 as of September 30, 2024, and December 31, 2023, respectively.
Intangible Assets	The Company capitalizes certain costs related to the acquisition of intangible assets. If such assets are determined to have a finite useful life they are amortized on a straight-line basis over the estimated useful life. The Company tests its intangible assets for impairment at least annually and whenever events or circumstances change that indicate impairment may have occurred. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others and without limitation: a significant decline in the Company’s expected future cash flows; a sustained, significant decline in the Company’s stock price and market capitalization; a significant adverse change in legal factors or in the business climate of the Company’s segments; unanticipated competition; and slower growth rates. The Company determined that there was no impairment of its intangible assets at September 30, 2024, and December 31, 2023.
Foreign Currency Transactions	The Company has operations outside of the United States, which results in exposure to market risks from changes in foreign currency rates. The financial risk arises from the fluctuations in foreign exchange rates and the degrees of volatility in these rates. Currently the Company does not use derivative instruments to reduce its exposure to foreign currency risk. Nonmonetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the year. Revenues and expenses are translated at average rates for the year. Gains and losses from translation of foreign currency financial statements into U.S. dollars are included as other comprehensive income.
Financial Instruments	The Company follows ASC 820, “Fair Value Measurements and Disclosures,” which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The carrying amounts shown of the Company’s financial instruments including cash and cash equivalents and accounts payable approximate fair value due to the short-term maturities of these instruments. Set out below are the Company’s financial instruments that are required to be remeasured at fair value on a recurring basis in the fair value hierarchy as of September 30, 2024, and December 31, 2023: September 30, 2024 Level 1 Level 2 Level 3 Total Marketable securities – trading securities Commercial paper $ - $ 500 $ - $ 500 $ - $ 500 $ - $ 500 December 31, 2023 Level 1 Level 2 Level 3 Total Marketable securities – trading securities Commercial paper $ - $ 4,654 $ - $ 4,654 Asset-backed securities - 974 - 974 Corporate debt - 1,482 - 1,482 US Government - 501 - 501 $ - $ 7,611 $ - $ 7,611
Net Loss per Share of Common Stock	Basic earnings per share (“EPS”) is computed based on the weighted average number of shares of Common Stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares of Common Stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method and as if converted method. Dilutive potential common shares include outstanding stock options and warrants. For the nine months ended September 30, 2024, and 2023, the following Common Stock equivalents were excluded from the computation of diluted net loss per share as the result was anti-dilutive. September 30, September 30, 2024 2023 Stock options 763,105 519,105 Warrants 139,897 253,319 903,002 772,424
New Accounting Standard Adopted	On January 1, 2024, the Company adopted ASU 2022-03, ASC Subtopic “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”. These amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. There was no impact on the Company’s financial statements as a result of the adoption of the standard.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of financial instruments required to be measure at fair value on recurring basis	September 30, 2024 Level 1 Level 2 Level 3 Total Marketable securities – trading securities Commercial paper $ - $ 500 $ - $ 500 $ - $ 500 $ - $ 500 December 31, 2023 Level 1 Level 2 Level 3 Total Marketable securities – trading securities Commercial paper $ - $ 4,654 $ - $ 4,654 Asset-backed securities - 974 - 974 Corporate debt - 1,482 - 1,482 US Government - 501 - 501 $ - $ 7,611 $ - $ 7,611
Schedule of antidilutive securities excluded from the computation of earnings	September 30, September 30, 2024 2023 Stock options 763,105 519,105 Warrants 139,897 253,319 903,002 772,424

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
	Sep. 30, 2024
EQUITY
Schedule of warrants activity	Weighted Weighted Number of Average Average shares Exercise Price Life (years) Outstanding, December 31, 2023 242,633 $ 44.07 1.10 Granted - - - Expired (102,736 ) 66.29 - Exercised - - - Outstanding, September 30, 2024 139,897 $ 11.25 1.04
Schedule of stock options activity	Options Outstanding Weighted Number of Weighted Average Average Remaining life Options Exercise Price (years) Outstanding, December 31, 2023 519,105 $ 15.97 8.07 Granted 244,000 1.48 10.00 Exercised - - - Forfeited/canceled - - - Outstanding, September 30, 2024 763,105 $ 1.85 7.98 Exercisable options, September 30, 2024 10,491 $ 21.53 6.70
Schedule of fair value assumptions to value stock options	Nine months ended September 30, 2024 Expected term 3.08 - 6.08 years Expected average volatility 87 - 110% Expected dividend yield - Risk-free interest rate 4.02 - 4.44%

LEASE (Tables)

LEASE (Tables)	9 Months Ended
	Sep. 30, 2024
LEASES
Schedule of operating lease right-of use assets and lease information	Nine months ended September 30 2024 2023 Lease cost Operating lease cost $ 24 $ 30 Other information Cash paid for operating cash flows from operating leases $ 22 $ 32 Right-of-use assets obtained in exchange for new operating lease liability $ 111 $ - Weighted-average remaining lease term — operating leases (year) 2.83 0.92 Weighted-average discount rate — operating leases 7.50 % 3.00 %
Schedule of operating lease liabilities future minimum lease payments	Total Year Ended December 31, 2024 (for the 3 months remaining) $ 10 2025 42 2026 43 2027 30 Thereafter - 125 Less: Imputed interest (13 ) Operating lease liabilities 112 Operating lease liability - current 34 Operating lease liability - non-current $ 78

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS (Detail Narrative) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended						9 Months Ended
	May 31, 2022	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
ORGANIZATION AND DESCRIPTION OF BUSINESS
Net loss		$ (1,132)	$ (2,433)	$ (2,483)	$ (2,449)	$ (1,599)	$ (2,168)	$ (6,048)	$ (6,216)
Sale of common stock	$ 20,000							20,000
Net Proceeds From Issuance of Initial Public Offering								18,262
Sale of stock								75,000
Aggregate value								75,000
Public float less than								$ 75,000
Issued shares of Common Stock, share								372,012
Issued shares of Common Stock, value								$ 622
Proceeds for issuance, share								38,741	306,666
Proceeds for issuance, value								$ 55	$ 535

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable securities	$ 500	$ 7,611
US Government [Member]
Marketable securities		501
Commercial Paper [Member]
Marketable securities	500	4,654
Asset-backed securitie [Member]
Marketable securities		974
Corporate debt [Member]
Marketable securities		1,482
Fair Value, Inputs, Level 2 [Member]
Marketable securities	500	7,611
Fair Value, Inputs, Level 2 [Member] | US Government [Member]
Marketable securities		501
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member]
Marketable securities	500	4,654
Fair Value, Inputs, Level 2 [Member] | Asset Backed Securities [Member]
Marketable securities		974
Fair Value, Inputs, Level 2 [Member] | Corporate debt [Member]
Marketable securities		1,482
Fair Value, Inputs, Level 1 [Member]
Marketable securities	0	0
Fair Value, Inputs, Level 1 [Member] | US Government [Member]
Marketable securities		0
Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member]
Marketable securities	0	0
Fair Value, Inputs, Level 1 [Member] | Asset-backed securitie [Member]
Marketable securities		0
Fair Value, Inputs, Level 1 [Member] | Corporate debt [Member]
Marketable securities		0
Fair Value, Inputs, Level 3 [Member]
Marketable securities	0	0
Fair Value, Inputs, Level 3 [Member] | US Government [Member]
Marketable securities		0
Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member]
Marketable securities	$ 0	0
Fair Value, Inputs, Level 3 [Member] | Asset-backed securities [Member]
Marketable securities		0
Fair Value, Inputs, Level 3 [Member] | Corporate debt [Member]
Marketable securities		$ 0

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Dilutive instruments	903,002	772,424
Warrant [Member]
Dilutive instruments	139,897	253,319
Stock Option [Member]
Dilutive instruments	763,105	519,105

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Narrative) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Research and development tax credits	$ 1,349	$ 1,206
Federally insured limit amount	250
Cash and cash equivalents	4,357	$ 2,639	$ 2,815	$ 6,888
Marketable securities outstanding balance	$ 500		$ 7,611

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Detail Narrative) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Senior Vice President [Member]
Outstanding services	$ 1		$ 2
Consulting Services	7	$ 9
Influenced by a director [Member]
Outstanding Balance	15		5
Professional Services	87	105
Controlled by a director [Member]
Outstanding Balance	21		$ 23
Professional Services	$ 58	$ 58

EQUITY (Details)

EQUITY (Details) - Warrants Member	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number Of Shares Outstanding, Beginning | shares	242,633
Number Of Shares Outstanding, Expired | shares	(102,736)
Number Of Shares Outstanding, Ending | shares	139,897
Weighted Average Exercie Price, Beginning	$ 44.07
Weighted Average Exercise Price, Granted	0
Weighted Average Exercise Price Expired	66.29
Weighted Average Exercise Price Exercised	0
Weighted Average Exercie Price, Ending	$ 11.25
Weighted Average Life (years), Beginning	1 year 1 month 6 days
Weighted Average Life (years), Ending	1 year 14 days

EQUITY (Details 1)

EQUITY (Details 1) - Stock Option [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number Of Shares Outstanding, Beginning | shares	519,105
Number Of Shares Outstanding, Granted | shares	244,000
Number Of Shares Outstanding, Forfeited/canceled | shares	0
Number Of Shares Outstanding, Ending | shares	763,105
Number of Shares, Exercisable | shares	10,491
Weighted Average Exercie Price, Beginning | $ / shares	$ 15.97
Weighted Average Exercise Price, Granted | $ / shares	1.48
Weighted Average Exercise Price, Forfeited/canceled | $ / shares	0
Weighted Average Exercie Price, Ending | $ / shares	1.85
Weighted Average Exercie Price, Exercisable | $ / shares	$ 21.53
Weighted Average Life (years), Beginning	8 years 25 days
Weighted Average Life (years), Granted	10 years
Weighted Average Life (years), Ending	7 years 11 months 23 days
Weighted Average Life (years), Excercisable	6 years 8 months 12 days

EQUITY (Details 2)

EQUITY (Details 2) - Stock Option [Member]	9 Months Ended
	Sep. 30, 2024
Expected dividend yield	0%
Minimum [Member]
Expected term	3 years 29 days
Expected average volatility	87%
Risk-free interest rate	4.02%
Maximum [Member]
Expected term	6 years 29 days
Expected average volatility	110%
Risk-free interest rate	4.44%

EQUITY (Detail Narrative)

EQUITY (Detail Narrative) - USD ($)		1 Months Ended		9 Months Ended		12 Months Ended
	Mar. 05, 2024	Feb. 29, 2024	Jan. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jan. 01, 2024
Proceeds shares of common stock, value				$ 55,000	$ 535,000
Issued shares of common stock, shares				38,741	306,666
Preferred stock, par value				$ 0.001		$ 0.001
Preferred stock, shares authorized				416,667		416,667
Preferred stock, shares issued				0		0
Preferred stock, shares outstanding				0		0
Intrinsic value of the warrants				$ 0
Common stock, par value				$ 0.001		$ 0.001
Common stock, shares authorized				50,000,000		50,000,000
Common stock, shares issued				3,227,700		3,188,959
Common stock, shares outstanding				3,227,700		3,188,959
Valuation [Member]
Options Granted				244,000
Option Granted, value				$ 299,000
Stock-based compensation expense				617,000	$ 801,000
Stock option expense, related parties				426,000	$ 539,000
Stock option expense, unamortized				1,926,000
Stock option expense, unamortized, Related parties				813,000
Options Outstanding, intrinsic value				$ 0		$ 0
Valuation [Member] | Related Parties [Member]
Options Granted				103,000
Option Granted, value				$ 129,000
2018 Equity Incentive Plan [Member]
Common stock reserved for future issuance							478,344
Common stock, shares issuable				1,529,223
Common stock, shares available to be issued				766,118
January, 2024 [Member] | 2018 Equity Incentive Plan [Member]
Exercise price			$ 1.49
Granted options to purchase common stock			92,000
Vesting Percentage			25%
March 5, 2024 | 2018 Equity Incentive Plan [Member]
Exercise price	$ 1.47
Granted options to purchase common stock	152,000
Vesting Percentage	25%
Febuary, 2024 | Represents as a equity incentive plan.
Exercise price		$ 1.55
Options repriced		488,069
Additional amortization expense		$ 210,000

INTANGIBLE ASSET (Detail Narrat

INTANGIBLE ASSET (Detail Narrative) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Intangible asset	$ 2,039	$ 2,039
Represents information of Worldwide License Neo 1940.
Payments to acquire intangible assets	$ 1,500
Number of common stock payable recorded	4,087
Amount of stock options exercise to develop product	$ 539

LEASE (Details)

LEASE (Details) - Right-of use asset [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Weighted-average remaining lease term - operating lease (year)	2 years 9 months 29 days	11 months 1 day
Operating lease costs	$ 24	$ 30
Cash paid for operating cash flows from operating leases	22	32
Right-of-use assets obtained in exchange for new operating lease liability	$ 111	$ 0
Weighted-average discount rate - operating lease	7.50%	3%

LEASE (Details 1)

LEASE (Details 1) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating lease liability - current	$ 34	$ 23
Operating lease liability - non-current	78	$ 0
Operating Lease Liability [Member]
2024	10
2025	42
2026	43
2027	30
Thereafter	0
Total	125
Less: Imputed interest	(13)
Operating lease liabilities	112
Operating lease liability - current	34
Operating lease liability - non-current	$ 78

LEASE (Details Narrative)

LEASE (Details Narrative)	9 Months Ended
	Sep. 30, 2024
LEASES
Lease agreement description	On April 19, 2022, the Company entered into a 2nd lease arrangement for office space with an annual rent of $13 (£11) with the term of April 2022 through September 2023.