MetaVia (MTVA) 10-Q 9 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-37809
Entity Registrant Name	NeuroBo Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2389984
Entity Address, Address Line One	200 Berkeley Street, Office 19th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02116
City Area Code	857
Local Phone Number	702-9600
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	NRBO
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	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,429,185
Entity Central Index Key	0001638287
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash	$ 28,688	$ 33,364
Prepaid expenses	486	168
Total current assets	29,174	33,532
Property and equipment, net	5	2
Total assets	29,179	33,534
Current liabilities:
Accounts payable	967	708
Accrued liabilities	2,041	280
Warrant liabilities	975	10,796
Total current liabilities	3,983	11,784
Total liabilities	3,983	11,784
Commitments and contingencies (Note 4)
Stockholders' equity
Preferred stock, $0.001 par value per share; 10,000,000 shares authorized as of June 30, 2023 and December 31, 2022; no shares issued or outstanding as of June 30, 2023 and December 31, 2022.
Common stock, $0.001 par value per share, 100,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 38,241,685 and 25,436,019 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively.	38	25
Additional paid-in capital	124,291	117,520
Accumulated deficit	(99,133)	(95,795)
Total stockholders' equity	25,196	21,750
Total liabilities and stockholders' equity	$ 29,179	$ 33,534

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollar per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollar per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	38,241,685	25,436,019
Common stock, shares outstanding	38,241,685	25,436,019

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 2,364	$ 982	$ 3,001	$ 1,902
General and administrative	1,442	2,237	3,325	4,192
Total operating expenses	3,806	3,219	6,326	6,094
Loss from operations	(3,806)	(3,219)	(6,326)	(6,094)
Other income (expense)
Change in fair value of warrant liabilities	3,072		2,988
Other expense		(84)		(84)
Loss before income taxes	(734)	(3,303)	(3,338)	(6,178)
Provision for income taxes	0	0	0	0
Net loss	(734)	(3,303)	(3,338)	(6,178)
Other comprehensive loss, net of tax		(3)		(4)
Comprehensive loss	$ (734)	$ (3,306)	$ (3,338)	$ (6,182)
Loss per share:
Net loss per share, basic	$ (0.02)	$ (3.72)	$ (0.08)	$ (6.95)
Net loss per share, diluted	$ (0.02)	$ (3.72)	$ (0.08)	$ (6.95)
Weighted average shares of common stock outstanding:
Basic (in shares)	40,472,026	888,693	40,472,026	888,693
Diluted (in shares)	40,472,026	888,693	40,472,026	888,693

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Comprehensive Income	Accumulated Deficit	Total
Balance at beginning of period at Dec. 31, 2021	$ 1	$ 96,420	$ 4	$ (81,828)	$ 14,597
Balance at beginning of period (shares) at Dec. 31, 2021	888,693
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		207			207
Foreign currency translation adjustment			(1)		(1)
Net loss				(2,875)	(2,875)
Balance at end of period at Mar. 31, 2022	$ 1	96,627	3	(84,703)	11,928
Balance at end of period (shares) at Mar. 31, 2022	888,693
Balance at beginning of period at Dec. 31, 2021	$ 1	96,420	4	(81,828)	14,597
Balance at beginning of period (shares) at Dec. 31, 2021	888,693
Increase (Decrease) in Stockholders' Equity
Net loss					(6,178)
Balance at end of period at Jun. 30, 2022	$ 1	96,838		(88,006)	8,833
Balance at end of period (shares) at Jun. 30, 2022	888,693
Balance at beginning of period at Mar. 31, 2022	$ 1	96,627	3	(84,703)	11,928
Balance at beginning of period (shares) at Mar. 31, 2022	888,693
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		211			211
Foreign currency translation adjustment			$ (3)		(3)
Net loss				(3,303)	(3,303)
Balance at end of period at Jun. 30, 2022	$ 1	96,838		(88,006)	8,833
Balance at end of period (shares) at Jun. 30, 2022	888,693
Balance at beginning of period at Dec. 31, 2022	$ 25	117,520		(95,795)	21,750
Balance at beginning of period (shares) at Dec. 31, 2022	25,436,019
Increase (Decrease) in Stockholders' Equity
Issuance of stock from exercise of warrants	$ 2	1,434			1,436
Issuance of stock from exercise of warrants (in shares)	1,740,666
Stock-based compensation		(74)			(74)
Net loss				(2,604)	(2,604)
Balance at end of period at Mar. 31, 2023	$ 27	118,880		(98,399)	20,508
Balance at end of period (shares) at Mar. 31, 2023	27,176,685
Balance at beginning of period at Dec. 31, 2022	$ 25	117,520		(95,795)	21,750
Balance at beginning of period (shares) at Dec. 31, 2022	25,436,019
Increase (Decrease) in Stockholders' Equity
Issuance of stock from exercise of warrants					6,833
Net loss					(3,338)
Balance at end of period at Jun. 30, 2023	$ 38	124,291		(99,133)	25,196
Balance at end of period (shares) at Jun. 30, 2023	38,241,685
Balance at beginning of period at Mar. 31, 2023	$ 27	118,880		(98,399)	20,508
Balance at beginning of period (shares) at Mar. 31, 2023	27,176,685
Increase (Decrease) in Stockholders' Equity
Issuance of stock from exercise of warrants	$ 11	5,387			5,398
Issuance of stock from exercise of warrants (in shares)	11,065,000
Stock-based compensation		24			24
Net loss				(734)	(734)
Balance at end of period at Jun. 30, 2023	$ 38	$ 124,291		$ (99,133)	$ 25,196
Balance at end of period (shares) at Jun. 30, 2023	38,241,685

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net loss	$ (734)	$ (2,604)	$ (3,338)	$ (6,178)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation			(50)	418
Non-cash lease expense				8
Depreciation			1	17
Loss on sale of property and equipment				75
Change in fair value of warrant liabilities	(3,072)		(2,988)
Change in operating assets and liabilities:
Prepaid expenses and other assets			(318)	(997)
Accounts payable			260	(165)
Accrued and other liabilities			1,841	(724)
Net cash used in operating activities			(4,592)	(7,546)
Investing activities
Sale of property and equipment				8
Purchases of property and equipment			(4)
Net cash used in (provided by) investing activities			(4)	8
Financing activities
Payment of issuance costs			(80)
Net cash used in financing activities			(80)
Net decrease in cash			(4,676)	(7,538)
Cash at beginning of period		33,364	33,364	16,387
Cash at end of period	28,688		28,688	8,849
Supplemental non-cash investing and financing transactions:
Modification of right-of-use asset and associated liability				$ 62
Reclassification of warrant liabilities upon exercise of warrants	$ 5,398	$ 1,436	$ 6,833

The Company and Basis of Presen

The Company and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
The Company and Basis of Presentation
The Company and Basis of Presentation	1. The Company and Basis of Presentation ​ NeuroBo Pharmaceuticals, Inc. (together with its subsidiaries, the “Company” or “NeuroBo”), is a clinical-stage biotechnology company with two primary programs focused on treatment of nonalcoholic steatohepatitis (“NASH”) obesity, and type 2 diabetes mellitus (“T2D”): ● DA-1241 is a novel G-Protein-Coupled Receptor 119 (GPR119) agonist that in preclinical studies demonstrated therapeutic potential for both NASH and T2D. Furthermore, in Phase 1a and 1b trials, DA-1241 was well tolerated in both healthy volunteers as well as in T2D patients. We submitted to the U.S Food and Drug Administration (“FDA”), and FDA cleared, an Investigational New Drug (“IND”) application to support a Phase 2a clinical trial of DA-1241 in NASH patients. In the third quarter of 2023, the Company intends to initiate the Phase 2a study with the goal of establishing efficacy of DA-1241 in NASH patients with confirmed pre-diabetes or T2D. ● DA-1726 is a novel oxyntomodulin (“OXM”) analogue that acts as a glucagon-like peptide-1 receptor (GLP1R) and glucagon receptor (GCGR) dual agonist, currently in development for the treatment of obesity, with the potential to address NASH. In the second half of 2023, the Company intends to file an IND application for DA-1726 and initiate Phase 1 clinical trials, with the goal of establishing the safety of DA-1726 in human subjects. The Company had previously focused its efforts on four therapeutic programs: ANA001, NB-01, NB-02 and gemcabene. In June 2023, the Company determined to discontinue its clinical development of ANA001 (niclosamide) and clinical development of gemcabene for the treatment of COVID-19. ​ The Company’s operations have consisted principally of performing research and development activities, clinical development and raising capital. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding before sustainable revenues and profit from operations are achieved. ​ Basis of presentation and consolidation principles The accompanying condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements may not include all disclosures required by GAAP; however, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto for the fiscal year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2023 ​ In the opinion of management, all adjustments, consisting of only normal recurring adjustments that are necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, have been made. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future periods. ​ The condensed consolidated financial statements of the Company include a former South Korean subsidiary, NeuroBo Co., LTD., which was fully owned by the Company until its liquidation in June 2023. All significant intercompany accounts and transactions have been eliminated in the preparation of the financial statements. ​ Reverse Stock Split ​ The Company’s Board of Directors previously approved a one-for-thirty ​ All issued and outstanding common stock and per share amounts contained in the condensed consolidated financial statements have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented. In addition, a proportionate adjustment was made to the per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options and warrants to purchase shares of common stock. A proportionate adjustment was also made to the number of shares reserved for issuance pursuant to the Company’s equity incentive compensation plans to reflect the Reverse Stock Split. Any fraction of a share of common stock that was created as a result of the Reverse Stock Split was rounded down to the next whole share and the stockholder received cash equal to the market value of the fractional share, determined by multiplying such fraction by the closing sales price of the Company’s common stock as reported on Nasdaq on the last trading day before the Reverse Stock Split becomes effective (on a split-adjusted basis). The authorized shares and par value of the common stock and preferred stock were not adjusted as a result of the Reverse Stock Split. ​ Going Concern ​ The determination as to whether the Company can continue as a going concern contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. This basis of accounting contemplates the recovery of the Company's assets and the satisfaction of liabilities in the normal course of business. ​ As of June 30, 2023, the Company had $28.7 million in cash. The Company has experienced net losses and negative cash flows from operating activities since its inception and had an accumulated deficit of $99.1 million as of June 30, 2023. The Company’s net losses were $0.7 million and $3.3 million for the three months ended June 30, 2023 and 2022, respectively, and $3.3 million and $6.2 million for the six months ended June 30, 2023 and 2022, respectively, and expects to continue to incur net losses for the foreseeable future. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. ​ The Company believes that its existing cash will be sufficient to fund its operations into the third quarter of 2024. The Company plans to continue to fund its operations and capital funding needs through a combination of equity offerings, debt financings, or other sources, potentially including collaborations, licenses and other similar arrangements. There can be no assurance that the Company will be able to obtain any sources of financing on acceptable terms, or at all. To the extent that the Company can raise additional funds by issuing equity securities, the Company's stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact the Company's ability to conduct its business. If the Company is unable to raise additional capital, it may have a material adverse effect on the Company. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies ​ Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, and related disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company's condensed consolidated financial statements relate to accrued expenses and the fair value of stock-based compensation and warrant issuances. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known. ​ General and Administrative Expenses ​ General and administrative expenses consist primarily of personnel-related costs, including salaries, fees and stock-based compensation costs, for personnel in functions not directly associated with research and development activities. Other significant costs include legal fees related to intellectual property and corporate matters and professional fees for accounting and other services. ​ Research and Development Costs ​ Research and development (“R&D”) costs are charged to expense as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including clinical trial costs, manufacturing costs for both clinical and pre-clinical materials as well as other contracted services, license fees, and other external costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity is performed or when the goods have been received, rather than when payment is made, in accordance with Accounting Standards Codification (“ASC”) 730, Research and Development ​ Fair Value of Financial Instruments ​ The Company’s financial instruments principally include cash, prepaid expenses, right of use assets, accounts payable, accrued liabilities, lease liabilities and warrant liabilities. The carrying amounts of cash, prepaid expenses and other current assets, accounts payable, and accrued liabilities are reasonable estimates of their fair value because of the short maturity of these items. Fair Value Measurements Warrant Liabilities The Company accounts for its warrants as liabilities at fair value if equity accounting treatment is precluded due to provisions existing within the warrants. The change in fair value of the warrant liabilities are recognized as a fair value change in warrant liabilities in the consolidated statements of operations and comprehensive loss and as an operating item in the statement of cash flows. ​ Stock-Based Compensation ​ The Company accounts for stock-based compensation in accordance with the provisions of ASC 718, Compensation — Stock Compensation ​ Recent Accounting Pronouncements Adopted ​ From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption. ​ In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses” ​

Balance Sheet Detail

Balance Sheet Detail	6 Months Ended
	Jun. 30, 2023
Balance Sheet Detail
Balance Sheet Detail	3. Balance Sheet Detail ​ Property and Equipment ​ Property and equipment consist of the following as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ December 31, 2022 ​ Office equipment ​ $ 34 ​ $ 30 ​ Less accumulated depreciation ​ ​ (29) ​ ​ (28) ​ Property and equipment, net ​ $ 5 ​ $ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued liabilities ​ Accrued liabilities consist of the following as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ December 31, 2022 External research and development expenses ​ $ 2,005 ​ $ 109 ​ Payroll related ​ — ​ 100 ​ Professional services ​ ​ 36 ​ ​ 23 ​ Other ​ — ​ 48 ​ Total ​ $ 2,041 ​ $ 280 ​ ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies
Commitments and Contingencies	4. Commitments and Contingencies ​ Operating Lease ​ On May 14, 2021, the Company entered into a non-cancelable operating lease for its corporate headquarters located in Boston Massachusetts. The agreement, effective August 1, 2021, had a six month term, and rental costs of approximately $3 per month prior to the application of certain rent concessions granted by the landlord in the amount of approximately $2 over the term of the lease. The Company has since entered into amendments to the lease which reduced the size of the office space and extended the lease term, which expired in March 2023, for rental costs of approximately per month. Subsequent to March 2023, the lease is month-to-month. ​ No assets and liabilities were recognized for the corporate headquarters leases at June 30, 2023 and December 31, 2022. Due to the short-term nature of the leases, the Company recognized lease payments as an expense on a straight-line basis over the remaining lease term. For the three months ended June 30, 2023 and 2022, expense under the corporate headquarters lease was in the aggregate $6 and $4, respectively. For the six months ended June 30, 2023 and 2022, expense under the corporate headquarters lease was in the aggregate respectively. ​ License Agreement with Dong-A ST On September 14, 2022, the Company and Dong-A ST Co., Ltd. (“Dong-A”), a related party and greater than 5% shareholder, entered into a license Agreement, pursuant to which the Company received an exclusive global license (other than in the Republic of Korea) to two proprietary compounds for specified indications (the “2022 License Agreement”). The 2022 License Agreement covers the rights to DA-1241 for treatment of NASH and T2D and DA-1726 for treatment of obesity and NASH. Under the 2022 License Agreement, Dong-A will be eligible to receive (i) regulatory milestone payments of up to $178 million for DA-1726 and $138 million for DA-1241, dependent upon the achievement of specific regulatory developments; (ii) commercial-based milestone payments, dependent upon the achievement of specific commercial developments; and (iii) single digit royalties on net sales received by the Company from the commercial sale of products covering DA-1241 or DA-1726. ​ As of June 30, 2023, no milestone or royalty payments had been accrued as there were no potential milestones yet considered probable. ANA Merger Milestone Payments On December 31, 2020, the Company acquired 100% of ANA Therapeutics, Inc., a Delaware corporation (“ANA”), pursuant to an Agreement and Plan of Merger, dated December 31, 2020 (the “2020 Merger Agreement” or “2020 Merger”). Pursuant to the 2020 Merger Agreement, following the closing of the 2020 Merger, the Company is obligated to pay milestone payments (each, a “Milestone Payment”) to certain persons identified in the 2020 Merger Agreement (each a “Stakeholder” and collectively, the “Stakeholders”) in the form, time and manner as set forth in the 2020 Merger Agreement, upon the achievement of the following milestone events set forth below by the Company or any of its affiliates (each, a “Milestone Event”): ​ ​ ​ ​ ​ ​ Milestone Event ​ ​ ​ ​ ​ Milestone Payment First receipt of Marketing Approval (as defined in the 2020 Merger Agreement) from the FDA for any Niclosamide Product (as defined in the 2020 Merger Agreement) ​ ​ $ 45.0 million ​ Sales Milestones: ​ ​ ​ ​ ​ ​ Milestone Event – Worldwide Cumulative Net Sales of a Niclosamide Product ​ ​ ​ ​ ​ equal to or greater than: ​ ​ ​ ​ ​ Milestone Payment $500 million ​ ​ ​ $ 9.0 million $1 billion ​ $ 13.5 million $3 billion ​ $ 36.0 million $5 billion ​ $ 72.0 million ​ Additionally, pursuant to the 2020 Merger Agreement, the Company is obligated to pay a royalty of two and a half percent ( 2.5% ) of annual worldwide net sales of each Niclosamide Product (as defined in the 2020 Merger Agreement) On June 1, 2023, the Company discontinued its clinical development of ANA001 and therefore, believes the likelihood of achieving future milestones and royalty payments payable pursuant to the Merger Agreement is remote. As of June 30, 2023, no milestone or royalty payments had been accrued. YourChoice License Agreement In connection with the 2020 Merger, the Company assumed the license agreement between ANA and Your Choice Therapeutics, Inc. (the “YourChoice Agreement”). Prior to the 2020 Merger, YourChoice Therapeutics, Inc. granted to ANA, during the term of the YourChoice Agreement, an exclusive, worldwide, fee-bearing license derived from the licensed intellectual property throughout the world. The fees due under the YourChoice Agreement include royalty payments of On June 2, 2023, the Company notified YourChoice Therapeutics, Inc. that the YourChoice Agreement will terminate on August 31, 2023. As of June 30, 2023, Gemphire Contingent Value Rights Agreement On December 30, 2019, the Company was party to a definitive merger agreement (the “2019 Merger”) with Gemphire Therapeutics, Inc. (“Gemphire”). In connection with the 2019 Merger, Gemphire entered into the Contingent Value Rights Agreement (the “CVR Agreement”) with Grand Rapids Holders’ Representative, LLC, as representative of Gemphire’s stockholders prior to the 2019 Merger (the “Holders’ Representative”), and Computershare Inc. and Computershare Trust Company, N.A. as the rights agents (collectively, the “Rights Agent”). Under the CVR Agreement, which NeuroBo assumed in connection with the 2019 Merger, the holders of Gemphire shares at the time of the 2019 Merger (collectively, the “CVR Holders”) were entitled to receive 80% of the proceeds from the grant, sale, or transfer of rights to Gemcabene. On March 23, 2021, NeuroBo, the Holders’ Representative, and the Rights Agent entered into the First Amendment to Contingent Value Rights Agreement (the “CVR Amendment”) to amend the CVR Agreement. Pursuant to the CVR Amendment, (i) the CVR Holders will continue to have the right to receive 80% of the proceeds from the grant, sale, or transfer of rights to Gemcabene as a treatment for cardiovascular conditions and (ii) the CVR Holders will now also receive 10% of the proceeds from the grant, sale, or transfer of rights to Gemcabene as a treatment for any indication outside of treating cardiometabolic diseases, including COVID-19. As of June 30, 2023, no obligations had been accrued as there were no potential payments under the CVR Agreement or the CVR Amendment that were yet considered probable. Pfizer License Agreement Upon the close of the 2019 Merger, an exclusive license agreement with Pfizer, Inc. (“Pfizer”) for the clinical product candidate Gemcabene (the “Pfizer Agreement”) was assumed by the Company. Under the Pfizer Agreement, in exchange for this worldwide exclusive right and license to certain patent rights to make, use, sell, offer for sale and import the clinical product Gemcabene, the Company has agreed to certain milestone and royalty payments on future sales. ​ The Company agreed to make milestone payments totaling up to $37 million upon the achievement of certain milestones, including the first new drug application (or its foreign equivalent) in any country, regulatory approval in each of the United States, Europe and Japan, the first anniversary of the first regulatory approval in any country, and upon achieving certain aggregate sales levels of Gemcabene. Future milestone payments under the Pfizer Agreement, if any, are not expected to begin for at least several years and extend over a number of subsequent years. ​ The Company also agreed to pay Pfizer tiered royalties on a country-by-country basis based upon the annual amount of net sales, as specified in the Pfizer Agreement, until the later of: (a) five (5) years after the first commercial sale in such country; (b) the expiration of all regulatory or data exclusivity for Gemcabene in such country; and (c) the expiration or abandonment of the last valid claim of the licensed patents, including any patent term extensions or supplemental protection certificates in such country (collectively, the “Royalty Term”). Under the Pfizer Agreement, the Company is obligated to use commercially reasonable efforts to develop and commercialize Gemcabene. ​ As of June 30, 2023, there was sufficient uncertainty with regard to both the outcome of the clinical trials and the ability to obtain sufficient funding to support any of the cash milestone payments, and as such, no liabilities were recorded related to the Pfizer Agreement. ​ Contingencies ​ From time to time, the Company may be subject to various claims and suits arising in the ordinary course of business. The Company does not expect that the resolution of these matters will have a material adverse effect on its financial position or results of operations.

License and Collaboration Agree

License and Collaboration Agreement	6 Months Ended
	Jun. 30, 2023
License and Collaboration Agreement
License and Collaboration Agreement	5. License and Collaboration Agreement Beijing SL License and Collaboration Agreement ​ Upon the close of the 2019 Merger, the License and Collaboration Agreement (the “Beijing SL Agreement”) with Beijing SL Pharmaceutical Co., Ltd. (“Beijing SL”) was assumed by the Company, pursuant to which the Company granted Beijing SL an exclusive royalty-bearing license to research, develop, manufacture and commercialize pharmaceutical products comprising, as an active ingredient, Gemcabene in mainland China, Hong Kong, Macau and Taiwan. The terms of the Beijing SL Agreement include payments based upon achievement of milestones and royalties on net product sales. Under the Beijing SL Agreement, the Company has variable consideration in the form of milestone payments. As of June 30, 2023, no revenue under the Beijing SL Agreement has been recognized. ​ ​

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity
Stockholders' Equity	6. Stockholders’ Equity ​ Warrants ​ The following warrants were outstanding as of June 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant Issuance ​ June 30, 2023 December 31, 2022 ​ Exercise Price ​ Expiration Date July 2018 ​ 48 48 ​ $ 5,602.50 ​ July 2028 April 2020 ​ 1,252 1,252 ​ $ 375.00 ​ April 2025 January 2021 ​ 83,338 83,338 ​ $ 180.90 ​ July 2026 October 2021 ​ 143,597 143,597 ​ $ 112.50 ​ April 2025 November 2022 Series A ​ 423,504 6,768,837 ​ $ 0.00 ​ December 2023 November 2022 Series B ​ 1,806,837 8,267,170 ​ $ 0.00 ​ December 2027 Total ​ 2,458,576 15,264,242 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The November 2022 Series A Warrants and November 2022 Series B Warrants have a cashless exercise provision whereby

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2023
Stock-Based Compensation
Stock-Based Compensation	7. Stock-based Compensation ​ Stock-based compensation expense was included in general and administrative and research and development costs as follows in the accompanying condensed consolidated statements of operations and comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ June 30, ​ June 30, ​ ​ 2023 ​ 2022 ​ ​ 2023 ​ 2022 General and administrative $ 24 ​ $ 211 ​ $ (61) ​ $ 418 Research and development ​ - ​ ​ - ​ ​ 11 ​ ​ - Total stock-based compensation $ 24 ​ $ 211 ​ $ (50) ​ $ 418 ​ Stock Options ​ In December 2019, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan”), and in November 2021 and December 2022, the Company adopted the 2021 Inducement Plan and 2022 Equity Incentive Plan (the “2022 Plan”), respectively. The stock option plans provide for the grant of stock options, restricted stock and other equity awards of the Company's common stock to employees, officers, consultants, and directors. Options expire within a period of not more than ​ The following table summarizes the Company’s activity related to its stock options for the six months ended June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ‑ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ Number of ​ Exercise ​ Contractual ​ Value ​ ​ Options ​ Price ​ Term (years) ​ (in thousands) Outstanding at December 31, 2022 ​ 36,493 ​ $ 99.62 ​ 8.5 ​ $ — Granted ​ 25,000 ​ $ 0.67 ​ — ​ $ — Exercised ​ - ​ $ — ​ — ​ $ — Forfeited/Cancelled ​ (21,221) ​ $ 59.72 ​ — ​ $ — Outstanding at June 30, 2023 ​ 40,272 ​ $ 59.21 ​ 8.9 ​ $ - Vested and expected to vest at June 30, 2023 ​ 40,272 ​ $ 59.21 ​ 8.9 ​ $ - Options exercisable at June 30, 2023 ​ 38,734 ​ $ 58.09 ​ 8.9 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ There were no stock options granted for the three months ended June 30, 2023. During the six months ended June 30, 2023, 25,000 stock options were granted to a non-employee consultant that vested in March 2023 upon the Company’s filing of an IND with the FDA for DA-1241. During the three and six months ended June 30, 2022, there were 4,662 and 5,995 stock options granted to non-employee directors that vested over a period of one to three years ,. $12.43, respectively. The weighted average fair value per share of the options granted during the six months ended June 2022 was $9.99. ​ The Company measures the fair value of stock options on the date of grant using the Black-Scholes option pricing model. The Company does not have history to support a calculation of volatility and expected term. As such, the Company has used a weighted-average volatility considering the volatilities of several guideline companies. For purposes of identifying similar entities, the Company considered characteristics such as industry, length of trading history, and stage of life cycle. The assumed dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. The average expected life of the options was determined based on the mid-point between the vesting date and the end of the contractual term according to the “simplified method” as described in Staff Accounting Bulletin 110. The risk-free interest rate is determined by reference to implied yields available from U.S. Treasury securities with a remaining term equal to the expected life assumed at the date of grant. The Company records forfeitures when they occur. ​ The assumptions used in the Black-Scholes option-pricing model are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ June 30, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected stock price volatility ​ ​ ​ 82.9 % ​ ​ 80.7-85.2 % Expected life of options (years) ​ ​ ​ 5.0 ​ ​ ​ 5.5-5.8 ​ Expected dividend yield ​ ​ ​ — % ​ ​ — % Risk free interest rate ​ ​ ​ 3.54 % ​ ​ 1.72-3.08 % ​ During the three months ended June 30, 2023 and 2022, 4,273 and 779 stock options vested respectively. During the six months ended June 30, 2023 and 2022, 29,719 and 1,576 stock options vested, respectively. During the three months ended June 30, 2023 and 2022, 8,888 and 889 stock options were forfeited, respectively. During the six months ended June 30, 2023 and 2022, 21,221 and 2,000 stock options were forfeited, respectively. As of June 30, 2023, 5,087,721 shares in the aggregate were available for future issuance under the 2021 Inducement Plan and the 2022 Plan. Unrecognized stock-based compensation cost for the stock options issued under all stock incentive plans was $0.1 million as of June 30, 2023. The unrecognized stock-based expense is expected to be recognized over a weighted average period of 1.4 years.

Net Loss Per Common Share

Net Loss Per Common Share	6 Months Ended
	Jun. 30, 2023
Net Loss Per Common Share
Net Loss Per Common Share	8. Net Loss Per Common Share ​ Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities if their effect is antidilutive. Diluted net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock and dilutive common stock equivalents outstanding for the period determined using the treasury stock method. Dilutive common stock equivalents are comprised of options outstanding under the Company's stock incentive plans and warrants. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities would be antidilutive. ​ The basic net loss per share calculation includes the 2022 Series A Warrants and 2022 Series B Warrants given that these instruments are exchangeable into common stock for which no additional consideration is required from the holder. The following potential shares of common stock were not considered in the computation of diluted net loss per share as their effect would have been anti-dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30 ​ June 30 ​ 2023 2022 2023 2022 Stock options ​ 40,272 ​ 36,493 ​ 40,272 ​ 36,493 Warrants (excluding 2022 Series A Warrants and 2022 Series B Warrants) ​ 228,235 ​ 228,235 ​ 228,235 ​ 228,235 ​

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Measurements
Fair Value Measurements	9. Fair Value Measurements The Company follows accounting guidance that emphasizes that fair value is a market-based measurement, not an entity specific measurement. Fair value is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value measurements are defined on a three level hierarchy: Level 1 inputs: Unadjusted quoted prices for identical assets or liabilities in active markets; Level 2 inputs: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, whether directly or indirectly, for substantially the full term of the asset or liability; Level 3 inputs: Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. The fair value of financial instruments measured on a recurring basis as of June 30, 2023 and December 31, 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 ​ Description Total Level 1 Level 2 Level 3 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant liabilities ​ $ 975 ​ $ — ​ $ 975 ​ $ — ​ Total liabilities at Fair Value ​ $ 975 ​ $ — ​ $ 975 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ Description Total Level 1 Level 2 Level 3 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant liabilities ​ $ 10,796 ​ $ — ​ $ — ​ $ 10,796 ​ Total liabilities at Fair Value ​ $ 10,796 ​ $ — ​ $ — ​ $ 10,796 ​ ​ The fair value of the 2022 Series A Warrants and 2022 Series B Warrants (collectively, the “2022 Warrants”) was determined using a Monte Carlo simulation at December 31, 2022. ​ However, due to the cashless exercise provision of the 2022 Warrants rendering the exercise price effectively at zero, the calculated price per share of the 2022 Warrants was equal to that of a share of common stock. Based on this result, the Company changed its valuation methodology during the six months ended June 30, 2023 and determined that the fair value of the warrants are equal to the underlying stock price at June 30, 2023. Therefore, as of June 30, 2023, these warrant liabilities fell within Level 2 of the fair value hierarchy. The following table provides a roll-forward of the warrant liabilities measured at fair value for the six months ended June 30, 2023: ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, ​ 2023 Balance at beginning of period $ 10,796 Change in fair value of warrant liabilities ​ (2,988) Reclass of warrant liabilities upon exercise of warrants ​ (6,833) Balance at end of period $ 975 ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Taxes
Income Taxes	10. Income Taxes ​ The effective tax rate for the three and six months ended June 30, 2023 and 2022 was zero percent. As a result of the analysis of all available evidence as of June 30, 2023 and December 31, 2022, the Company recorded a full valuation allowance on its net deferred tax assets. Consequently, the Company reported no income tax benefit for the three and six months ended June 30, 2023 and 2022. If the Company’s assumptions change and the Company believes that it will be able to realize these deferred tax assets, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets will be recognized as a reduction of future income tax expense. If the assumptions do not change, each period the Company could record an additional valuation allowance on any increases in the deferred tax assets. ​ ​

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions
Related Party Transactions	11. Related Party Transactions ​ Manufacturing Agreement with Dong-A ST ​ On September 28, 2018, the Company entered into a five year manufacturing and supply agreement with Dong-A ​ On June 7, 2020, the Company entered into a manufacturing and supply agreement (the “Manufacturing and Supply Agreement”) with Dong-A for the manufacturing and supply of NB-02 drug product and placebo for the purpose of research and development of NB-02, including but not limited to, the use in the first NB-02 human clinical trial to be conducted by the Company. Under the terms of the Manufacturing and Supply Agreement, upon receipt of a purchase order from the Company no later than 270 days prior to the requested delivery date, Dong-A has agreed to produce for the Company tablets of the NB-02 drug substance and placebos at a specified supply price. The Company is obligated to manufacture, or have manufactured, and supply to Dong-A the active pharmaceutical ingredients which are necessary to manufacture the NB-02 drug product. The Manufacturing and Supply Agreement has a five year term, subject to earlier termination under certain circumstances. The Company recognized no product manufacturing related costs under the Manufacturing and Supply Agreement during the three and six months ended June 30, 2023 and 2022. None of the costs incurred under the Manufacturing Agreement remained unpaid as of June 30, 2023 or December 31, 2022. ​ Shared Services Agreement On September 14, 2022, in conjunction with the Dong-A License Agreement, the Company entered into a shared services agreement with Dong-A (the “Shared Services Agreement”), relating to DA-1241 and DA-1726. The Shared Services Agreement provides that Dong-A may provide technical support, pre-clinical development, and clinical trial support services on terms and conditions acceptable to both parties. In addition, the Shared Services Agreement provides that Dong-A will manufacture all of the Company’s clinical requirements of DA-1241 and DA-1726. Either party may terminate the Shared Services Agreement for the other party’s material breach that is not cured within 30 days of notice. Dong-A may also terminate the Shared Services Agreement in part on a service-by-service or product-by-product basis upon a breach by the Company which is not cured within 30 days . ​ As of June 30, 2023, the table below summarizes the statements of work (the “SOW”s) executed between the Company and Dong-A pursuant to the Shared Services Agreement: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SOW ​ Description ​ ​ SOW amount (1) ​ R&D expense for the three months ended June 30, 2023 ​ R&D expense for the six months ended June 30, 2023 ​ ​ Accounts payable/Accrued research and development as of June 30, 2023 SOW 2 ​ Secondment of Dong-A Personnel ​ $ 120 ​ $ 30 ​ $ 30 ​ $ - SOW 3 ​ Manufacture of DA-1241 and DA-1726 ​ ​ 780 ​ ​ 780 ​ ​ 780 ​ ​ 780 SOW 4 ​ Preclinical and Research Overhead for DA-1241 and DA-1726 ​ ​ 1,231 ​ ​ 707 ​ ​ 1,033 ​ ​ 1,033 SOW 5 ​ Secondment of Dong-A Personnel ​ ​ 18 ​ ​ 3 ​ ​ 3 ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ $ 2,149 ​ $ 1,520 ​ $ 1,846 ​ $ 1,816 ​ (1) The SOW 3 amounts provided in the above table represents the expense incurred to manufacture DA-1241 for the three and six months ended June 30, 2023. The SOW 3 amounts in the table above do not reflect the cost to manufacture DA-1726, which is to be provided by Dong-A closer to completion.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies
Use of Estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, and related disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company's condensed consolidated financial statements relate to accrued expenses and the fair value of stock-based compensation and warrant issuances. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.
General and Administrative Expenses	General and Administrative Expenses ​ General and administrative expenses consist primarily of personnel-related costs, including salaries, fees and stock-based compensation costs, for personnel in functions not directly associated with research and development activities. Other significant costs include legal fees related to intellectual property and corporate matters and professional fees for accounting and other services.
Research and Development Costs	Research and Development Costs ​ Research and development (“R&D”) costs are charged to expense as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including clinical trial costs, manufacturing costs for both clinical and pre-clinical materials as well as other contracted services, license fees, and other external costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity is performed or when the goods have been received, rather than when payment is made, in accordance with Accounting Standards Codification (“ASC”) 730, Research and Development
Fair Value of Financial Instruments	Fair Value of Financial Instruments ​ The Company’s financial instruments principally include cash, prepaid expenses, right of use assets, accounts payable, accrued liabilities, lease liabilities and warrant liabilities. The carrying amounts of cash, prepaid expenses and other current assets, accounts payable, and accrued liabilities are reasonable estimates of their fair value because of the short maturity of these items. Fair Value Measurements
Warrant Liabilities	Warrant Liabilities The Company accounts for its warrants as liabilities at fair value if equity accounting treatment is precluded due to provisions existing within the warrants. The change in fair value of the warrant liabilities are recognized as a fair value change in warrant liabilities in the consolidated statements of operations and comprehensive loss and as an operating item in the statement of cash flows.
Stock-Based Compensation	Stock-Based Compensation ​ The Company accounts for stock-based compensation in accordance with the provisions of ASC 718, Compensation — Stock Compensation
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted ​ From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption. ​ In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses”

Balance Sheet Detail (Tables)

Balance Sheet Detail (Tables)	6 Months Ended
	Jun. 30, 2023
Balance Sheet Detail
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ December 31, 2022 ​ Office equipment ​ $ 34 ​ $ 30 ​ Less accumulated depreciation ​ ​ (29) ​ ​ (28) ​ Property and equipment, net ​ $ 5 ​ $ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ December 31, 2022 External research and development expenses ​ $ 2,005 ​ $ 109 ​ Payroll related ​ — ​ 100 ​ Professional services ​ ​ 36 ​ ​ 23 ​ Other ​ — ​ 48 ​ Total ​ $ 2,041 ​ $ 280 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
ANA Merger
Schedule of milestone events	​ ​ ​ ​ ​ ​ Milestone Event ​ ​ ​ ​ ​ Milestone Payment First receipt of Marketing Approval (as defined in the 2020 Merger Agreement) from the FDA for any Niclosamide Product (as defined in the 2020 Merger Agreement) ​ ​ $ 45.0 million ​ Sales Milestones: ​ ​ ​ ​ ​ ​ Milestone Event – Worldwide Cumulative Net Sales of a Niclosamide Product ​ ​ ​ ​ ​ equal to or greater than: ​ ​ ​ ​ ​ Milestone Payment $500 million ​ ​ ​ $ 9.0 million $1 billion ​ $ 13.5 million $3 billion ​ $ 36.0 million $5 billion ​ $ 72.0 million

Stockholders Equity (Tables)

Stockholders Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity
Schedule of warrants outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant Issuance ​ June 30, 2023 December 31, 2022 ​ Exercise Price ​ Expiration Date July 2018 ​ 48 48 ​ $ 5,602.50 ​ July 2028 April 2020 ​ 1,252 1,252 ​ $ 375.00 ​ April 2025 January 2021 ​ 83,338 83,338 ​ $ 180.90 ​ July 2026 October 2021 ​ 143,597 143,597 ​ $ 112.50 ​ April 2025 November 2022 Series A ​ 423,504 6,768,837 ​ $ 0.00 ​ December 2023 November 2022 Series B ​ 1,806,837 8,267,170 ​ $ 0.00 ​ December 2027 Total ​ 2,458,576 15,264,242 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Stock-Based Compensation
Schedule of share-based compensation expense	Stock-based compensation expense was included in general and administrative and research and development costs as follows in the accompanying condensed consolidated statements of operations and comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ June 30, ​ June 30, ​ ​ 2023 ​ 2022 ​ ​ 2023 ​ 2022 General and administrative $ 24 ​ $ 211 ​ $ (61) ​ $ 418 Research and development ​ - ​ ​ - ​ ​ 11 ​ ​ - Total stock-based compensation $ 24 ​ $ 211 ​ $ (50) ​ $ 418
Schedule of stock option plan activity	The following table summarizes the Company’s activity related to its stock options for the six months ended June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ‑ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ Aggregate ​ ​ ​ ​ Average ​ Remaining ​ Intrinsic ​ ​ Number of ​ Exercise ​ Contractual ​ Value ​ ​ Options ​ Price ​ Term (years) ​ (in thousands) Outstanding at December 31, 2022 ​ 36,493 ​ $ 99.62 ​ 8.5 ​ $ — Granted ​ 25,000 ​ $ 0.67 ​ — ​ $ — Exercised ​ - ​ $ — ​ — ​ $ — Forfeited/Cancelled ​ (21,221) ​ $ 59.72 ​ — ​ $ — Outstanding at June 30, 2023 ​ 40,272 ​ $ 59.21 ​ 8.9 ​ $ - Vested and expected to vest at June 30, 2023 ​ 40,272 ​ $ 59.21 ​ 8.9 ​ $ - Options exercisable at June 30, 2023 ​ 38,734 ​ $ 58.09 ​ 8.9 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of assumptions used in the Black Scholes option-pricing model	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ June 30, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected stock price volatility ​ ​ ​ 82.9 % ​ ​ 80.7-85.2 % Expected life of options (years) ​ ​ ​ 5.0 ​ ​ ​ 5.5-5.8 ​ Expected dividend yield ​ ​ ​ — % ​ ​ — % Risk free interest rate ​ ​ ​ 3.54 % ​ ​ 1.72-3.08 %

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2023
Net Loss Per Common Share
Schedule of potential common shares not considered in computation of diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30 ​ June 30 ​ 2023 2022 2023 2022 Stock options ​ 40,272 ​ 36,493 ​ 40,272 ​ 36,493 Warrants (excluding 2022 Series A Warrants and 2022 Series B Warrants) ​ 228,235 ​ 228,235 ​ 228,235 ​ 228,235

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Measurements
Schedule of fair value of financial instruments measured on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 ​ Description Total Level 1 Level 2 Level 3 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant liabilities ​ $ 975 ​ $ — ​ $ 975 ​ $ — ​ Total liabilities at Fair Value ​ $ 975 ​ $ — ​ $ 975 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ Description Total Level 1 Level 2 Level 3 Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrant liabilities ​ $ 10,796 ​ $ — ​ $ — ​ $ 10,796 ​ Total liabilities at Fair Value ​ $ 10,796 ​ $ — ​ $ — ​ $ 10,796 ​
Schedule of a roll-forward of the warrant liabilities measured at fair value	​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ June 30, ​ 2023 Balance at beginning of period $ 10,796 Change in fair value of warrant liabilities ​ (2,988) Reclass of warrant liabilities upon exercise of warrants ​ (6,833) Balance at end of period $ 975

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions
Schedule of statements of work	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SOW ​ Description ​ ​ SOW amount (1) ​ R&D expense for the three months ended June 30, 2023 ​ R&D expense for the six months ended June 30, 2023 ​ ​ Accounts payable/Accrued research and development as of June 30, 2023 SOW 2 ​ Secondment of Dong-A Personnel ​ $ 120 ​ $ 30 ​ $ 30 ​ $ - SOW 3 ​ Manufacture of DA-1241 and DA-1726 ​ ​ 780 ​ ​ 780 ​ ​ 780 ​ ​ 780 SOW 4 ​ Preclinical and Research Overhead for DA-1241 and DA-1726 ​ ​ 1,231 ​ ​ 707 ​ ​ 1,033 ​ ​ 1,033 SOW 5 ​ Secondment of Dong-A Personnel ​ ​ 18 ​ ​ 3 ​ ​ 3 ​ ​ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ $ 2,149 ​ $ 1,520 ​ $ 1,846 ​ $ 1,816 ​ (1) The SOW 3 amounts provided in the above table represents the expense incurred to manufacture DA-1241 for the three and six months ended June 30, 2023. The SOW 3 amounts in the table above do not reflect the cost to manufacture DA-1726, which is to be provided by Dong-A closer to completion.

The Company and Basis of Pres_2

The Company and Basis of Presentation (Details) $ in Thousands		3 Months Ended				6 Months Ended
	Sep. 12, 2022	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
The Company and Basis of Presentation
Reverse stock split, ratio	0.33
Cash		$ 28,688				$ 28,688		$ 33,364
Accumulated deficit		99,133				99,133		$ 95,795
Net losses		$ 734	$ 2,604	$ 3,303	$ 2,875	$ 3,338	$ 6,178

Balance Sheet Detail - Property

Balance Sheet Detail - Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Detail
Less accumulated depreciation	$ (29)	$ (28)
Property and equipment, net	5	2
Office equipment
Balance Sheet Detail
Office equipment	$ 34	$ 30

Balance Sheet Detail - Accrued

Balance Sheet Detail - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Balance Sheet Detail
External research and development expenses	$ 2,005	$ 109
Payroll related		100
Professional services	36	23
Other		48
Total	$ 2,041	$ 280

Commitments and Contingencies -

Commitments and Contingencies - Operating Leases - (Details) - Head Quarters in Boston Lease - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	May 14, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Commitments and Contingencies
Term of contract	6 months
Monthly rental cost	$ 3	$ 2
Rent concessions granted by the landlord	$ 2
Lease expense		6	$ 4	$ 11	$ 8
Right-of-use assets and other		0		0		$ 0
Lease asset liability		$ 0		$ 0		$ 0

Commitments and Contingencies_2

Commitments and Contingencies - License Agreement with Dong-A ST (Details) $ in Thousands	Sep. 14, 2022 USD ($) item	Jun. 30, 2023 USD ($)
Commitments and Contingencies
Amount of milestones accrued		$ 0
Dong A ST License Agreement | Dong-A
Commitments and Contingencies
Number of proprietary compounds in a license | item	2
DA-1726 | Dong-A
Commitments and Contingencies
Developmental and regulatory milestone payment eligible to be received	$ 178,000
DA-1241 | Dong-A
Commitments and Contingencies
Developmental and regulatory milestone payment eligible to be received	$ 138,000

Commitments and Contingencies_3

Commitments and Contingencies - ANA Merger Milestone Payment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2020
Asset Acquisition [Line Items]
Percentage of royalty payments	2.50%
Amount of royalty payments accrued	$ 0
ANA Merger
Asset Acquisition [Line Items]
Ownership acquired		100%
500 million
Asset Acquisition [Line Items]
Milestone Payment	9,000
Sales based milestone payment	500,000
1 billion
Asset Acquisition [Line Items]
Milestone Payment	13,500
Sales based milestone payment	1,000,000
3 billion
Asset Acquisition [Line Items]
Milestone Payment	36,000
Sales based milestone payment	3,000,000
5 billion
Asset Acquisition [Line Items]
Milestone Payment	72,000
Sales based milestone payment	5,000,000
First Amendment to Original CVR Agreement | ANA Merger
Asset Acquisition [Line Items]
Milestone Payment	$ 45,000

Commitments and Contingencies_4

Commitments and Contingencies - YourChoice and Pfizer License Agreement (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Commitments and Contingencies
Percentage of royalty payments	2.50%
Tier One Net Sales Milestone [Member]
Commitments and Contingencies
Sales based milestone payment	$ 1,000,000
Payments for specified global net sales milestones	500,000,000
Tier Two Net Sales Milestone [Member]
Commitments and Contingencies
Sales based milestone payment	1,500,000
Payments for specified global net sales milestones	1,000,000,000
Tier Three Net Sales Milestone [Member]
Commitments and Contingencies
Sales based milestone payment	4,000,000
Payments for specified global net sales milestones	3,000,000,000
Tier Four Net Sales Milestone [Member]
Commitments and Contingencies
Sales based milestone payment	8,000,000
Payments for specified global net sales milestones	5,000,000,000
YourChoice | License Agreements
Commitments and Contingencies
Milestones or royalty payments triggered	0
Royalty and milestone payment due	$ 19,500,000
Percentage of royalty payments	0.50%
YourChoice | License Agreements | Milestone Payments
Commitments and Contingencies
Royalty and milestone payment due	$ 5,000,000
Pfizer, Inc. | License Agreements
Commitments and Contingencies
Number of years after the first commercial sale	five
Milestones or royalty payments triggered	$ 0
Pfizer, Inc. | License Agreements | Milestone Payments | Maximum
Commitments and Contingencies
Potential payments upon achievement of certain milestones	37,000,000

Commitments and Contingencies_5

Commitments and Contingencies - Gemphire Contingent Value Rights Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 23, 2021	Dec. 30, 2019
Mergers
Amount of milestones accrued	$ 0
Original CVR Agreement
Mergers
Percentage of proceeds from the grant, sale, or transfer of rights		10%	80%
Amount of milestones accrued	$ 0

License and Collaboration Agr_2

License and Collaboration Agreement - Beijing (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
License Agreement with Beijing SL
License Agreements
Revenue recognized from the agreement	$ 0

Stockholders Equity - Warrants

Stockholders Equity - Warrants (Details) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Warrants
Number of Warrants	2,458,576	15,264,242
$5,602.50
Warrants
Number of Warrants	48	48
Exercise Price	$ 5,602.50
$375.00
Warrants
Number of Warrants	1,252	1,252
Exercise Price	$ 375
$180.90
Warrants
Number of Warrants	83,338	83,338
Exercise Price	$ 180.90
$112.50
Warrants
Number of Warrants	143,597	143,597
Exercise Price	$ 112.50
$0.00
Warrants
Number of Warrants	423,504	6,768,837
Exercise Price	$ 0
$0.00
Warrants
Number of Warrants	1,806,837	8,267,170
Exercise Price	$ 0

Stockholders Equity - Warrant_2

Stockholders Equity - Warrants - Narrative (Details) - USD ($)	1 Months Ended	6 Months Ended
	Nov. 30, 2022	Jun. 30, 2023	Oct. 31, 2022
November 2022 Series A and B
Number of warrants exchanged	1
Consideration received	$ 0
Warrants exercise price	$ 0		$ 3
Series A Warrant
Number of warrants exchanged for common stock		6,345,333
Series B Warrant
Number of warrants exchanged for common stock		6,460,333

Stock-based Compensation - Expe

Stock-based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Number of Options
Stock-based compensation	$ 24	$ 211	$ (50)	$ 418
General and administrative
Number of Options
Stock-based compensation	$ 24	$ 211	(61)	$ 418
Research and development
Number of Options
Stock-based compensation			$ 11

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Options (Details) - Employee Stock Option [Member] - $ / shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Stock Options, Additional Disclosures
Outstanding, Number, Beginning Balance (in shares)			36,493
Granted (in shares)	0		25,000
Forfeited/Cancelled (in shares)			(21,221)
Outstanding, Number, Ending Balance (in shares)	40,272		40,272		36,493
Vested and expected to vest (in shares)	40,272		40,272
Options Exercisable (in share)	38,734		38,734
Outstanding, Weighted Average Exercise Price, Beginning Balance (in dollars per share)			$ 99.62
Granted (in dollars per share)			0.67
Forfeited/Cancelled (in dollars per share)			59.72
Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share)	$ 59.21		59.21		$ 99.62
Vested and expected to vest (in dollars per share)	59.21		59.21
Options Exercisable (in dollars per share)	$ 58.09		$ 58.09
Options, Outstanding, Weighted Average Remaining Contractual Term (years)			8 years 10 months 24 days		8 years 6 months
Vested and expected to vest (years)			8 years 10 months 24 days
Options Exercisable (years)			8 years 10 months 24 days
Weighted average fair value per share of options granted				$ 9.99
Non Employee Director
Stock Options, Additional Disclosures
Granted (in shares)		4,662	25,000	5,995
Weighted average fair value per share of options granted			$ 0.45	$ 12.43
Minimum | Non Employee Director
Stock Options, Additional Disclosures
Vesting period		1 year		1 year
Maximum | 2019 Plan
Stock Options, Additional Disclosures
Expiration period			10 years
Maximum | Non Employee Director
Stock Options, Additional Disclosures
Vesting period		3 years		3 years

Stock-based Compensation - Assu

Stock-based Compensation - Assumptions (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based compensation
Expected stock price volatility	82.90%
Expected stock price volatility, minimum		80.70%
Expected stock price volatility, maximum		85.20%
Expected life of options (years)	5 years
Risk free interest rate	3.54%
Risk free interest rate, minimum		1.72%
Risk free interest rate, maximum		3.08%
Minimum
Share-based compensation
Expected life of options (years)		5 years 6 months
Maximum
Share-based compensation
Expected life of options (years)		5 years 9 months 18 days

Stock-based Compensation - Ever

Stock-based Compensation - Evergreen provision (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Unrecognized share-based compensation
Unrecognized share-based compensation cost	$ 0.1		$ 0.1
Unrecognized share-based compensation - Weighted average period			1 year 4 months 24 days
2022 Plan | Employee Stock Option [Member]
Number of Options
Vested	4,273	779	29,719	1,576
Forfeited, nonvested	8,888	889	21,221	2,000
2021 Inducement Plan and the 2022 Plan | Employee Stock Option [Member]
Number of Options
Available for grant	5,087,721		5,087,721

Net Loss Per Common Share - Ant

Net Loss Per Common Share - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock options.
Potential common shares
Potential common shares	40,272	36,493	40,272	36,493
Warrants
Potential common shares
Potential common shares	228,235	228,235	228,235	228,235

Fair Value Measurements - Recur

Fair Value Measurements - Recurring basis (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair value measurements
Warrant liabilities	$ 975	$ 10,796
Total liabilities at Fair Value	975	10,796
Level 2
Fair value measurements
Warrant liabilities	975
Total liabilities at Fair Value	$ 975
Level 3
Fair value measurements
Warrant liabilities		10,796
Total liabilities at Fair Value		$ 10,796

Fair Value Measurements - Roll-

Fair Value Measurements - Roll-Forward of Premium conversion Derivative Liabilities (Details) - Warrants $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Warrant Liability [Roll Forward]
Balance at beginning of period	$ 10,796
Change in fair value of warrant liabilities	$ (2,988)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Fair Value Adjustment of Warrants
Reclass of warrant liabilities upon exercise of warrants	$ (6,833)
Balance at end of period	$ 975

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating loss carryforwards
Effective tax rate (as a percent)	0%	0%	0%	0%
Income tax benefit	$ 0	$ 0	$ 0	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands				3 Months Ended		6 Months Ended
	Sep. 14, 2022 item	Jun. 07, 2020	Sep. 28, 2018	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transactions
Accounts Payable, Related Party, Type [Extensible Enumeration]				us-gaap:RelatedPartyMember		us-gaap:RelatedPartyMember
Amount of milestones accrued				$ 0		$ 0
Manufacturing and Supply Agreement | Dong-A
Related Party Transactions
Term of agreement		5 years	5 years
Manufacturing related costs				0	$ 0	0	$ 0
Notice period for purchase order prior to requested delivery date		270 days
Costs incurred under the Manufacturing Agreement remained unpaid				$ 0		0		$ 0
Dong A ST License Agreement | Dong-A
Related Party Transactions
Number of proprietary compounds in a license | item	2
Shared Services Agreement | Dong-A
Related Party Transactions
Total consideration						$ 2,149
Period for termination notice when material breach not cured	30 days
Period for failing to cure the beach, the agreement may get terminated	30 days

Related Party Transactions - St

Related Party Transactions - Statements of work (Details) - Dong-A $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Secondment of DongA Personnel, Sow 2
Related Party Transactions
SOW amount		$ 120
R&D expense	$ 30	30
Manufacture of DA-1241 and DA-1726
Related Party Transactions
SOW amount		780
R&D expense	780	780
Accounts payable/Accrued research and development	780	780
Preclinical and Research Overhead for DA-1241 and DA-1726
Related Party Transactions
SOW amount		1,231
R&D expense	707	1,033
Accounts payable/Accrued research and development	1,033	1,033
Secondment of DongA Personnel, Sow 5
Related Party Transactions
SOW amount		18
R&D expense	3	3
Accounts payable/Accrued research and development	3	3
Shared Services Agreement
Related Party Transactions
SOW amount		2,149
R&D expense	1,520	1,846
Accounts payable/Accrued research and development	$ 1,816	$ 1,816

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (734)	$ (2,604)	$ (3,303)	$ (2,875)	$ (3,338)	$ (6,178)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Trading Plans – Directors and Officers ​ During the three months ended June 30, 2023, none of the Company's directors or 16 officers adopted terminated non-Rule 10b5-1
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false