Eyenovia (EYEN) 10-Q11 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 08, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38365
Entity Registrant Name	EYENOVIA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1178401
Entity Address, Postal Zip Code	10017
Entity Address, Address Line One	295 Madison Avenue, Suite 2400
Entity Address, City or Town	NEW YORK
Entity Address, State or Province	NY
City Area Code	833
Local Phone Number	393-6684
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	EYEN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		0
Entity Central Index Key	0001682639
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 17,468,088	$ 22,863,520
Deferred clinical supply costs	3,578,326	2,284,931
License fee and expense reimbursements receivable	429,006	1,183,786
Security deposits, current		119,550
Prepaid expenses and other current assets	1,801,373	1,190,719
Total Current Assets	23,276,793	27,642,506
Property and equipment, net	3,698,421	1,295,115
Security deposits, non-current	198,674	80,874
Operating lease right-of-use asset	1,915,061	1,291,592
Equipment deposits	257,950	726,326
Total Assets	29,346,899	31,036,413
Current Liabilities:
Accounts payable	1,312,749	1,428,283
Accrued compensation	1,013,118	1,747,191
Accrued expenses and other current liabilities	363,431	503,076
Operating lease liabilities - current portion	427,749	484,882
Notes payable - current portion, net of debt discount of $91,621 and $33,885 as of June 30, 2023 and December 31, 2022, respectively	947,163	174,448
Convertible notes payable - current portoin, net of dedt discount of $0 and $33,885 as of June 30, 2023 and December 31, 2022, respectively		174,448
Total Current Liabilities	4,064,210	4,512,328
Operating lease liabilities - non-current portion	1,584,218	907,644
Notes payable - non-current portion, net of debt discount of $1,120,372 and $813,229 as of June 30, 2023 and December 31, 2022, respectively	8,683,794	4,190,938
Convertible notes payable - non-current portion, net of debt discount of $507,270 and $813,229 as of June 30, 2023 and December 31, 2022, respectively	4,492,730	4,190,938
Total Liabilities	18,824,952	13,801,848
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $0.0001 par value, 6,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2023 and December 31, 2022
Common stock, $0.0001 par value, 90,000,000 shares authorized; 38,169,398 and 36,668,980 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	3,817	3,667
Additional paid-in capital	140,703,819	135,461,361
Accumulated deficit	130,185,689	118,230,463
Total Stockholders' Equity	10,521,947	17,234,565
Total Liabilities and Stockholders' Equity	$ 29,346,899	$ 31,036,413

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Condensed Balance Sheets
Notes payable - current portion, net of debt discount	$ 91,621	$ 33,885
Convertible notes payable - current portion, net of debt discount	0	33,885
Notes payable - non-current portion, net of debt discount	1,120,372	813,229
Convertible notes payable - non-current portion, net of debt discount	$ 507,270	$ 813,229
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	6,000,000	6,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	38,169,398	36,668,980
Common stock, shares outstanding	38,169,398	36,668,980

Condensed Statements of Operati

Condensed Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
Condensed Statements of Operations - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Expenses:
Research and development	$ 2,811,061	$ 3,586,866	$ 5,333,011	$ 7,299,450
General and administrative	3,149,809	3,534,590	6,086,695	7,009,555
Total Operating Expenses	5,960,870	7,121,456	11,419,706	14,309,005
Loss From Operations	(5,960,870)	(7,121,456)	(11,419,706)	(14,309,005)
Other Income (Expense):
Other income, net	119,450	33,376	190,443	26,303
Interest expense	(558,003)	(153,436)	(1,012,006)	(298,673)
Interest income	183,563	2,416	286,043	2,610
Net Loss	$ (6,215,860)	$ (7,239,100)	$ (11,955,226)	$ (14,578,765)
Net Loss Per Share
Net Loss Per Share - Basic	$ (0.16)	$ (0.22)	$ (0.32)	$ (0.46)
Net Loss Per Share - Diluted	$ (0.16)	$ (0.22)	$ (0.32)	$ (0.46)
Weighted Average Number of Common Shares Outstanding
Weighted Average Number of Common Shares Outstanding - Basic	38,093,826	33,644,867	37,753,694	31,836,582
Weighted Average Number of Common Shares Outstanding - Diluted	38,093,826	33,644,867	37,753,694	31,836,582

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Equity - USD ($)		Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at the beginning at Dec. 31, 2021		$ 2,844	$ 110,683,077	$ (90,219,306)	$ 20,466,615
Balance at the beginning (in shares) at Dec. 31, 2021		28,426,616
Issuance of common stock in At the Market offering	[1]	$ 25	860,340		860,365
Issuance of common stock in At the Market offering (in shares)	[1]	252,449
Issuance of common stock and warrants in registered direct offering	[2]	$ 300	14,897,608		14,897,908
Issuance of common stock and warrants in registered direct offering (in shares)	[2]	3,000,000
Stock-based compensation			908,987		908,987
Issuance of common stock related to vested restricted stock units		$ 2	(2)
Issuance of common stock related to vested restricted stock units (in shares)		19,359
Net Income (Loss)				(7,339,665)	(7,339,665)
Balance at the end at Mar. 31, 2022		$ 3,171	127,350,010	(97,558,971)	29,794,210
Balance at the end (in shares) at Mar. 31, 2022		31,698,424
Balance at the beginning at Dec. 31, 2021		$ 2,844	110,683,077	(90,219,306)	20,466,615
Balance at the beginning (in shares) at Dec. 31, 2021		28,426,616
Net Income (Loss)					(14,578,765)
Balance at the end at Jun. 30, 2022		$ 3,363	128,405,445	(104,798,071)	23,610,737
Balance at the end (in shares) at Jun. 30, 2022		33,623,053
Balance at the beginning at Mar. 31, 2022		$ 3,171	127,350,010	(97,558,971)	29,794,210
Balance at the beginning (in shares) at Mar. 31, 2022		31,698,424
Exercise of stock warrants		$ 187	18,514		18,701
Exercise of stock warrants (in shares)		1,870,130
Stock-based compensation			1,036,926		1,036,926
Issuance of common stock related to vested restricted stock units		$ 5	(5)
Issuance of common stock related to vested restricted stock units (in shares)		54,499
Net Income (Loss)				(7,239,100)	(7,239,100)
Balance at the end at Jun. 30, 2022		$ 3,363	128,405,445	(104,798,071)	23,610,737
Balance at the end (in shares) at Jun. 30, 2022		33,623,053
Balance at the beginning at Dec. 31, 2022		$ 3,667	135,461,361	(118,230,463)	17,234,565
Balance at the beginning (in shares) at Dec. 31, 2022		36,668,980
Issuance of common stock in At the Market offering	[3]	$ 130	3,499,462		3,499,592
Issuance of common stock in At the Market offering (in shares)	[3]	1,299,947
Cashless exercise of stock options		$ 2	(2)
Cashless exercise of stock options (in shares)		19,530
Stock-based compensation			819,064		819,064
Issuance of common stock related to vested restricted stock units (in shares)		3,289
Net Income (Loss)				(5,739,366)	(5,739,366)
Balance at the end at Mar. 31, 2023		$ 3,799	139,779,885	(123,969,829)	15,813,855
Balance at the end (in shares) at Mar. 31, 2023		37,991,746
Balance at the beginning at Dec. 31, 2022		$ 3,667	135,461,361	(118,230,463)	17,234,565
Balance at the beginning (in shares) at Dec. 31, 2022		36,668,980
Net Income (Loss)					(11,955,226)
Balance at the end at Jun. 30, 2023		$ 3,817	140,703,819	(130,185,689)	10,521,947
Balance at the end (in shares) at Jun. 30, 2023		38,169,398
Balance at the beginning at Mar. 31, 2023		$ 3,799	139,779,885	(123,969,829)	15,813,855
Balance at the beginning (in shares) at Mar. 31, 2023		37,991,746
Issuance of common stock in At the Market offering	[4]	$ 13	403,107		403,120
Issuance of common stock in At the Market offering (in shares)	[4]	121,989
Cashless exercise of stock options (in shares)		1,219
Exercise of stock options (in shares)		10,000
Exercise of stock options		$ 1	27,199		27,200
Stock-based compensation			493,632		493,632
Issuance of common stock related to vested restricted stock units		$ 4	(4)
Issuance of common stock related to vested restricted stock units (in shares)		44,444
Net Income (Loss)				(6,215,860)	(6,215,860)
Balance at the end at Jun. 30, 2023		$ 3,817	$ 140,703,819	$ (130,185,689)	$ 10,521,947
Balance at the end (in shares) at Jun. 30, 2023		38,169,398

[1] Includes gross proceeds of $886,974 , less total issuance costs of $26,609 Includes gross proceeds of $14,981,299 less total issuance costs of $83,391 Includes gross proceeds of $3,607,827 less total issuance costs of $108,235 Includes gross proceeds of $415,588 less total issuance costs of $12,468

Condensed Statements of Chang_2

Condensed Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($)	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Mar. 31, 2022
IPO
Proceeds of stock issued during period gross			$ 14,981,299
Adjustments to additional paid in capital upon stock issuance costs			83,391
At Market Offering
Proceeds of stock issued during period gross	$ 415,588	$ 3,607,827	886,974
Adjustments to additional paid in capital upon stock issuance costs	$ 12,468	$ 108,235	$ 26,609

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($)	6 Months Ended
Condensed Statements of Cash Flows - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Cash Flows From Operating Activities
Net Income (Loss)	$ (11,955,226)	$ (14,578,765)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,312,696	1,945,913
Depreciation of property and equipment	187,267	145,901
Amortization of debt discount	313,446	52,431
Non-cash rent expense	280,968
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,514)	(461,761)
License fee and expense reimbursements receivables	754,780	1,095,831
Deferred clinical supply costs	(1,293,395)	(1,538,380)
Security and equipment deposits	1,750	(68,868)
Accounts payable	(115,534)	1,072,690
Accrued compensation	(734,073)	(529,534)
Accrued expenses and other current liabilities	(139,645)	(21,417)
Lease liabilities	(284,996)	2,356
Net Cash Used In Operating Activities	(11,673,476)	(12,883,603)
Cash Flows From Investing Activities
Purchases of property and equipment	(2,122,197)	(281,342)
Vendor deposits for property and equipment		(118,298)
Net Cash Used In Investing Activities	(2,122,197)	(399,640)
Cash Flows From Financing Activities
Proceeds from sale of common stock and warrants in direct offering		14,981,299
Payment of offering issuance costs		(83,391)
Proceeds from sale of common stock in At the Market offering	4,023,414	886,974
Payment of issuance costs for At the Market offering	(120,702)	(26,609)
Proceeds from exercise of stock options	27,200	18,701
Proceeds from note payable to Avenue	5,000,000
Payment of issuance costs for notes issued to Avenue	(125,982)
Repayments of notes payable	(403,689)	(448,999)
Net Cash Provided By Financing Activities	8,400,241	15,327,975
Net (Decrease) Increase in Cash and Cash Equivalents	(5,395,432)	2,044,732
Cash, cash equivalents and restricted cash - Beginning of Period	22,863,520	27,336,850
Cash, cash equivalents and restricted cash - End of Period	17,468,088	29,381,582
Cash, cash equivalents and restricted cash consisted of the following:
Cash and cash equivalents	17,468,088	21,506,582
Restricted cash		7,875,000
Total	17,468,088	29,381,582
Supplemental Disclosure of Cash Flow Information:
Interest	699,116	199,367
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Purchase of insurance policy financed by note payable	609,140	675,331
Right-of-use assets and lease liabilities recognized upon lease renewal	904,437
Vendor deposits applied to purchases of property and equipment	468,376
Original issue discount on notes payable	212,500
Cashless exercise of stock options	2
Issuance of common stock related to vested restricted stock units	$ 4	$ 7

Condensed Statements of Cash _2

Condensed Statements of Cash Flows (Parenthetical)	3 Months Ended
Condensed Statements of Cash Flows (Parenthetical)	Mar. 31, 2022 USD ($)
IPO
Proceeds of stock issued during period gross	$ 14,981,299
IPO \| Pre-funded warrants
Proceeds of stock issued during period gross	5,741,299
At Market Offering
Proceeds of stock issued during period gross	$ 886,974

Business Organization, Nature o

Business Organization, Nature of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Business Organization, Nature of Operations and Basis of Presentation
Business Organization, Nature of Operations and Basis of Presentation	Note 1 – Business Organization, Nature of Operations and Basis of Presentation Eyenovia, Inc. (“Eyenovia” or the “Company”) is an ophthalmic technology company developing the Optejet® delivery system for use both in combination with its own drug-device therapeutic programs in mydriasis (pupil dilation), presbyopia and pediatric progressive myopia as well as out-licensing for additional indications. The Company’s investigational products are classified by the Food and Drug Administration (“FDA”) as drug-device combination products with drug primary mode of action, meaning that the Center for Drug Evaluation and Research, or CDER, is designated as the lead center with primary jurisdictional oversight. Accordingly, the product candidates are submitted to the FDA and CDER for premarket review and approval under new drug applications, or NDAs. The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the condensed financial statements of the Company as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the operating results for the full year ending December 31, 2023 or any other period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related disclosures of the Company as of December 31, 2022 and for the year then ended, which were included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023, as amended by Amendment No. 1, filed with the SEC on May 1, 2023.

Going Concern and Summary of Si

Going Concern and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Going Concern and Summary of Significant Accounting Policies
Going Concern and Summary of Significant Accounting Policies	Note 2 – Going Concern and Summary of Significant Accounting Policies Since the date of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, there have been no material changes to the Company’s significant accounting policies, except as disclosed below. Going Concern As of June 30, 2023, the Company had cash and cash equivalents in the aggregate amount of approximately $17.5 million. For the six months ended June 30, 2023 and 2022, the Company incurred net losses of approximately $12.0 million and $14.6 million, respectively, and used cash in operations of approximately $11.7 million and $12.9 million, respectively. The Company does not have recurring revenue, has not yet achieved profitability and may never become profitable. The Company expects to continue to incur cash outflows from operations. Research and development and general and administrative expenses will continue to be incurred by the Company and, as a result, the Company will eventually need to generate significant product revenues to achieve profitability. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date that these financial statements are issued. Implementation of the Company’s plans and its ability to continue as a going concern will depend upon the Company’s ability to raise further capital through licensing transactions, the sale of additional equity or debt securities, or otherwise, to support its future operations. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its products and services, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement its product and service offerings. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and/or take additional measures to reduce general and administrative and sales and marketing costs in order to conserve its cash. Reclassifications Certain prior period amounts presented on the Company’s financial statements have been reclassified in order to conform to current period presentation. These reclassifications have no effect on previously reported results of operations or loss per share. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements.As of June 30, 2023, the Company had Treasury bills with original maturity dates of three months or less in the amount of $4,493,766. The Company has cash deposits in a financial institution that, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. As of June 30, 2023 and December 31, 2022, the Company had cash balances in excess of FDIC insurance limits of $12,474,323 and $22,613,520, respectively. Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period plus fully vested shares that are subject to issuance for little or no monetary consideration. Diluted earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. The following table presents the computation of basic and diluted net loss per common share: For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Numerator: Net loss attributable to common stockholders $ (6,215,860) $ (7,239,100) $ (11,955,226) $ (14,578,765) Denominator (weighted average quantities): Common shares issued 38,064,215 31,669,431 37,724,083 31,089,811 Add: Prefunded warrants — 1,870,130 — 671,594 Add: Undelivered vested restricted shares 29,611 105,306 29,611 75,177 Denominator for basic and diluted net loss per share 38,093,826 33,644,867 37,753,694 31,836,582 Basic and diluted net loss per common share $ (0.16) $ (0.22) $ (0.32) $ (0.46) The following securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive: June 30, 2023 2022 Options 5,185,078 4,926,750 Warrants 6,087,845 6,087,845 Convertible notes 2,327,747 — Restricted stock units 86,205 111,110 Total potentially dilutive shares 13,686,875 11,125,705 Clinical Supply Arrangements Bausch + Lomb, Inc. (“B+L”) and Arctic Vision (Hong Kong) Limited (“Arctic Vision”) have contracted with the Company to manufacture and supply them with the appropriate drug-device combination products to conduct their clinical trials on a cost plus 10% mark-up basis. The Company’s licensing agreements with Bausch + Lomb and Arctic Vision represent collaborative arrangements and they are not a customer with respect to the clinical supply arrangements. The Company’s policy is to (a) defer the materials and manufacturing costs in order to properly match them up against the income from the clinical supply arrangements; and (b) to report the net income from the clinical supply arrangements as other income. Recently Adopted Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326)” and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05 (collectively, “Topic 326”). Topic 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on the Company’s financial position, results of operations or cash flows. In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20)” and “Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, to clarify the accounting for certain financial instruments with characteristics of liabilities and equity. The amendments in this update reduce the number of accounting models for convertible debt instruments and convertible preferred stock by removing the cash conversion model and the beneficial conversion feature model. Limiting the accounting models will result in fewer embedded conversion features being separately recognized from the host contract. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in-capital. In addition, ASU 2020-06 improves disclosure requirements for convertible instruments and earnings-per-share guidance. ASU 2020-06 also revises the derivative scope exception guidance to reduce form-over-substance-based accounting conclusions driven by remote contingent events. The amendments in this update are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted ASU 2020-06 effective January 1, 2023 which eliminates the need to assess whether a beneficial conversion feature needs to be recognized upon the issuance of new convertible instruments. The adoption of ASU 2020-06 did not have a material impact on the Company’s financial position, results of operations or cash flows.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
Prepaid Expenses and Other Current Assets	Jun. 30, 2023
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	Note 3 – Prepaid Expenses and Other Current Assets As of June 30, 2023 and December 31, 2022, prepaid expenses and other current assets consisted of the following: June 30, December 31, 2023 2022 Payroll tax receivable $ 645,566 $ 660,891 Prepaid insurance expenses 600,607 201,082 Prepaid general and administrative expenses 310,701 87,982 Prepaid research and development expenses 83,192 2,521 Prepaid patent expenses 73,157 38,796 Prepaid conference expenses 69,400 97,743 Prepaid rent and security deposit 18,750 74,959 Other — 26,745 Total prepaid expenses and other current assets $ 1,801,373 $ 1,190,719

Accrued Compensation

Accrued Compensation	6 Months Ended
Accrued Compensation	Jun. 30, 2023
Accrued Compensation
Accrued Compensation	Note 4 – Accrued Compensation As of June 30, 2023 and December 31, 2022, accrued compensation consisted of the following: June 30, December 31, 2023 2022 Accrued bonus expenses $ 695,450 $ 1,447,643 Accrued payroll expenses 317,668 299,548 Total accrued compensation $ 1,013,118 $ 1,747,191

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
Accrued Expenses and Other Current Liabilities	Jun. 30, 2023
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	Note 5 – Accrued Expenses and Other Current Liabilities As of June 30, 2023 and December 31, 2022, accrued expenses and other current liabilities consisted of the following: June 30, December 31, 2023 2022 Accrued consulting and professional services $ 142,915 $ 320,000 Accrued research and development expenses 117,983 35,524 Accrued leasehold improvements — 92,528 Credit card payable 58,549 50,639 Accrued franchise tax 26,201 — Accrued travel and entertainment expenses 13,784 — Other 3,999 4,385 Total accrued expenses and other current liabilities $ 363,431 $ 503,076

Notes Payable

Notes Payable	6 Months Ended
Notes Payable	Jun. 30, 2023
Notes Payable
Notes Payable	Note 6 – Notes Payable As of June 30, 2023 and December 31, 2022, notes payable consisted of the following: June 30, 2023 December 31, 2022 Notes Payable Debt Discount Net Notes Payable Debt Discount Net Current portion: D&O insurance policy loan $ 205,451 $ — $ 205,451 $ — $ — $ — Avenue - Note payable 833,333 (91,621) 741,712 208,333 (33,885) 174,448 Avenue - Convertible note payable — — — 208,333 (33,885) 174,448 Total current portion $ 1,038,784 $ (91,621) $ 947,163 $ 416,666 $ (67,770) $ 348,896 Non-Current portion: Avenue - Note payable 9,804,166 (1,120,372) 8,683,794 5,004,167 (813,229) 4,190,938 Avenue - Convertible note payable 5,000,000 (507,270) 4,492,730 5,004,167 (813,229) 4,190,938 Total non-current portion $ 14,804,166 $ (1,627,642) $ 13,176,524 $ 10,008,334 $ (1,626,458) $ 8,381,876 On February 24, 2023, the Company issued a note payable in the amount of $609,140 for the purchase of a directors and officers’ liability insurance policy (the “D&O Loan”). The note accrues interest at a rate of 7.11% per year and matures on August 24, 2023. The D&O Loan is payable in six On May 22, 2023, pursuant to the Company’s Loan and Security Agreement (the “Loan and Security Agreement”) with Avenue Capital Management II, L.P., and related entities (“Avenue”), the Company received an additional tranche of non-convertible debt funding in the gross amount of $5,000,000. The Company paid approximately $126,000 of origination and legal fees connected to this debt funding. The additional funding was made under the provisions of the Loan and Security Agreement, bearing interest at an annual rate equal to the greater of (A) 7.0% and (B) the prime rate as reported in The Wall Street Journal plus 4.45%. The entire outstanding balance due under the Loan and Security Agreement has a maturity date of November 1, 2025. The additional funding triggered the extension of the interest-only period from the original 12 months to 18 months (through May 2024) for the entire outstanding balance due under the Loan and Security Agreement (initial and additional tranches). Following the interest-only period, the Company will make equal monthly payments of principal until the maturity date, plus interest. During the three months ended June 30, 2023, the Company recorded interest expense of $558,003, of which $550,746 was related to the Loan and Security Agreement with Avenue Capital Management II, L.P. (“Avenue”) and related entities, (including amortization of debt discount of $163,956) and $7,257 was related to the D&O Loan. During the six months ended June 30, 2023, the Company recorded interest expense of $1,012,006, of which $1,001,140 was related to the Loan and Security Agreement (including amortization of debt discount of $313,446) and $10,866 was related to the D&O Loan.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies
Commitments and Contingencies	Note 7 – Commitments and Contingencies Operating Leases In June 2023, the Company entered into an extension agreement to renew its lease for approximately 3,800 square feet of office space in New York, NY. The lease was due to expire on October 31, 2023. The lease was extended from November 1, 2023 to December 31, 2026. In February 2023, the Company exercised its options to renew its three leases in Redwood City, California, for a total of approximately 6,700 square feet. The leases were due to expire on August 31, 2023. The leases were extended from September 1, 2023 to August 31, 2025. A summary of the Company’s right-of-use assets and liabilities as follows: For the Six Months Ended June 30, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating activities $ 284,996 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 904,437 Weighted Average Remaining Lease Term (Years) Operating leases 3.5 years Weighted Average Discount Rate Operating leases 10.0 % Future minimum payments under all of the Company’s operating lease agreements are as follows: For the Year Ending December 31, Minimum Lease Payments 2023 $ 445,025 2024 660,923 2025 675,400 2026 560,996 2027 214,619 Total future minimum lease payments 2,556,963 Less: amount representing imputed interest (544,996) Present value of lease liabilities 2,011,967 Less: current portion (427,749) Lease liabilities, non current portion $ 1,584,218 Litigations, Claims and Assessments The Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2023
Stockholders' Equity
Stockholders' Equity	Note 8 – Stockholders’ Equity Equity Incentive Plan On June 27, 2023, the Company’s stockholders approved an amendment to the Company’s Amended and Restated 2018 Omnibus Stock Incentive Plan, reserving an additional 1,000,000 shares of common stock for further issuance under such plan. At-The-Market Offering During the six months ended June 30, 2023, the Company received approximately $3.9 million in net proceeds from the sale of 1,421,936 shares of its common stock pursuant to its Sales Agreement with SVB Securities LLC (“SVB Securities”) in an ”at-the-market” offering (the “At-the-Market Offering Program”). Stock-Based Compensation Expense The Company records stock-based compensation expense related to stock options and restricted stock units (“RSUs”). For the three months ended June 30, 2023 and 2022, the Company recorded expense of $493,632 ($36,197 of which was included within research and development expenses and $457,435 was included within general and administrative expenses on the statements of operations) and $1,036,926 ($516,669 of which was included within research and development expenses and $520,257 was included within general and administrative expenses on the statements of operations), respectively. For the six months ended June 30, 2023 and 2022, the Company recorded expense of $1,312,696 ($411,327 of which was included within research and development expenses and $901,369 was included within general and administrative expenses on the statements of operations) and $1,945,913 ($1,017,850 of which was included within research and development expenses and $928,063 was included within general and administrative expenses on the statements of operations), respectively. Restricted Stock Units A summary of RSU activity during the six months ended June 30, 2023 is presented below: Weighted Average Number of Grant Date Value RSUs Per Share RSUs non-vested January 1, 2023 172,800 $ 1.80 Granted 86,205 2.32 Vested (150,578) 1.80 Forfeited (22,222) 1.80 RSUs non-vested June 30, 2023 86,205 $ 2.32 Vested RSUs undelivered June 30, 2023 29,611 $ 3.68 To date, RSUs have only been granted to directors in accordance with the Company’s Amended and Restated 2018 Omnibus Stock Incentive Plan. The Company’s policy is to defer settlement of such RSUs until the termination of such director’s service on the Company’s board of directors. On February 28, 2023, the Company delivered 3,289 shares of common stock in respect of RSUs upon the resignation of a director. On June 16, 2023, the Company delivered 44,444 shares of common stock in respect of RSUs based on the prior resignation of two directors. As of June 30, 2023, there was $200,000 of unrecognized stock-based compensation expense related to RSUs which will be recognized over a weighted average period of 1.0 years. Stock Options In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions: For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Expected term (years) 5.50 - 10.00 5.09 - 5.50 5.50 - 10.00 0.58 - 10.00 Risk free interest rate 3.44% - 4.02% 2.79% 3.44% - 4.18% 0.76% - 2.79% Expected volatility 82% - 94% 88% 82% - 95% 82% - 90% Expected dividends 0.00% 0.00% 0.00% 0.00% The Company has computed the fair value of stock options granted using the Black-Scholes option pricing model. Option forfeitures are accounted for at the time of occurrence. The expected term is the estimated period of time that options granted are expected to be outstanding. The Company utilizes the “simplified” method to develop an estimate of the expected term of “plain vanilla” employee option grants. The Company uses a blended volatility calculation, the components of which are the Company’s historical volatility for the period from its initial public offering through the valuation date and the average peer-group data of six comparable entities to supplement the Company’s own historical data for the preceding years in computing the expected volatility. Accordingly, the Company is utilizing an expected volatility figure based on a review of the historical volatility of comparable entities over a period of time equivalent to the expected life of the instrument being valued. The risk-free interest rate was determined from the implied yields from U.S. Treasury zero-coupon bonds with a remaining term consistent with the expected term of the instrument being valued. The Company has not declared dividends, is currently in the development stage and has no plan to declare future dividends at this time. The weighted average estimated grant date fair value of the stock options granted for the three months ended June 30, 2023 and 2022 was approximately $2.04 and $1.37 per share, respectively. The weighted average estimated grant date fair value of the stock options granted for the six months ended June 30, 2023 and 2022 was approximately $1.78 and $2.02 per share, respectively. A summary of the option activity during the six months ended June 30, 2023 is presented below: Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding, January 1, 2023 5,380,553 $ 3.55 Granted 677,190 2.39 Exercised (88,999) 1.83 Forfeited/ Expired (783,666) 3.88 Outstanding June 30, 2023 5,185,078 $ 3.37 7.1 $ 962,979 Exercisable June 30, 2023 3,582,370 $ 3.69 6.2 $ 501,462 The following table presents information related to stock options as of June 30, 2023: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $1.00 - $1.99 1,407,183 4.7 884,183 $2.00 - $2.99 1,473,663 6.9 844,473 $3.00 - $3.99 908,528 6.8 694,510 $4.00 - $4.99 350,500 8.1 216,178 $5.00 - $5.99 50,805 4.3 50,638 $6.00 - $6.99 843,759 6.5 741,748 $7.00 + 150,640 4.8 150,640 5,185,078 6.2 3,582,370 As of June 30, 2023, there was $2,868,023 of unrecognized stock-based compensation expense related to stock options, which will be recognized over a weighted average period of 1.7 years.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
Employee Benefit Plans	Jun. 30, 2023
Employee Benefit Plans
Employee Benefit Plans	Note 9 – Employee Benefit Plans 401(k) Plan In April 2019, the Company adopted the Eyenovia 401(k) Plan (the “Plan”), which went into effect in May 2019. All Company employees are able to participate in the Plan, subject to eligibility requirements as outlined in the Plan documents. Under the terms of the Plan, eligible employees are able to defer a percentage of their pay every pay period up to annual limitations set by Congress and the Internal Revenue Service under Section 401(k) of the Internal Revenue Code. For 2023 and 2022, the Company’s Board of Directors approved a matching contribution equal to 100% of elective deferrals up to 4% of eligible earnings with the matching contribution subject to certain vesting requirements as outlined in the Plan documents. During the three months ended June 30, 2023 and 2022, the Company recorded expense of $46,196 and $47,883 associated with its matching contributions, respectively. During the six months ended June 30, 2023 and 2022, the Company recorded expense of $125,164 and $133,982 associated with its matching contributions, respectively.

Going Concern and Summary of _2

Going Concern and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Going Concern and Summary of Significant Accounting Policies
Going Concern	Going Concern As of June 30, 2023, the Company had cash and cash equivalents in the aggregate amount of approximately $17.5 million. For the six months ended June 30, 2023 and 2022, the Company incurred net losses of approximately $12.0 million and $14.6 million, respectively, and used cash in operations of approximately $11.7 million and $12.9 million, respectively. The Company does not have recurring revenue, has not yet achieved profitability and may never become profitable. The Company expects to continue to incur cash outflows from operations. Research and development and general and administrative expenses will continue to be incurred by the Company and, as a result, the Company will eventually need to generate significant product revenues to achieve profitability. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the date that these financial statements are issued. Implementation of the Company’s plans and its ability to continue as a going concern will depend upon the Company’s ability to raise further capital through licensing transactions, the sale of additional equity or debt securities, or otherwise, to support its future operations. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its products and services, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement its product and service offerings. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and/or take additional measures to reduce general and administrative and sales and marketing costs in order to conserve its cash.
Reclassifications	Reclassifications Certain prior period amounts presented on the Company’s financial statements have been reclassified in order to conform to current period presentation. These reclassifications have no effect on previously reported results of operations or loss per share.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents in the financial statements.As of June 30, 2023, the Company had Treasury bills with original maturity dates of three months or less in the amount of $4,493,766. The Company has cash deposits in a financial institution that, at times, may be in excess of Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced losses in such accounts and periodically evaluates the creditworthiness of its financial institutions. As of June 30, 2023 and December 31, 2022, the Company had cash balances in excess of FDIC insurance limits of $12,474,323 and $22,613,520, respectively.
Net Loss Per Common Share	Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the period plus fully vested shares that are subject to issuance for little or no monetary consideration. Diluted earnings per share reflects the potential dilution that could occur if securities or other instruments to issue common stock were exercised or converted into common stock. The following table presents the computation of basic and diluted net loss per common share: For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Numerator: Net loss attributable to common stockholders $ (6,215,860) $ (7,239,100) $ (11,955,226) $ (14,578,765) Denominator (weighted average quantities): Common shares issued 38,064,215 31,669,431 37,724,083 31,089,811 Add: Prefunded warrants — 1,870,130 — 671,594 Add: Undelivered vested restricted shares 29,611 105,306 29,611 75,177 Denominator for basic and diluted net loss per share 38,093,826 33,644,867 37,753,694 31,836,582 Basic and diluted net loss per common share $ (0.16) $ (0.22) $ (0.32) $ (0.46) The following securities are excluded from the calculation of weighted average diluted common shares because their inclusion would have been anti-dilutive: June 30, 2023 2022 Options 5,185,078 4,926,750 Warrants 6,087,845 6,087,845 Convertible notes 2,327,747 — Restricted stock units 86,205 111,110 Total potentially dilutive shares 13,686,875 11,125,705
Clinical Supply Arrangements	Clinical Supply Arrangements Bausch + Lomb, Inc. (“B+L”) and Arctic Vision (Hong Kong) Limited (“Arctic Vision”) have contracted with the Company to manufacture and supply them with the appropriate drug-device combination products to conduct their clinical trials on a cost plus 10% mark-up basis. The Company’s licensing agreements with Bausch + Lomb and Arctic Vision represent collaborative arrangements and they are not a customer with respect to the clinical supply arrangements. The Company’s policy is to (a) defer the materials and manufacturing costs in order to properly match them up against the income from the clinical supply arrangements; and (b) to report the net income from the clinical supply arrangements as other income.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326)” and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05 (collectively, “Topic 326”). Topic 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. The Company adopted ASU 2016-13 on January 1, 2023. The adoption of ASU 2016-13 did not have a material impact on the Company’s financial position, results of operations or cash flows. In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20)” and “Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, to clarify the accounting for certain financial instruments with characteristics of liabilities and equity. The amendments in this update reduce the number of accounting models for convertible debt instruments and convertible preferred stock by removing the cash conversion model and the beneficial conversion feature model. Limiting the accounting models will result in fewer embedded conversion features being separately recognized from the host contract. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in-capital. In addition, ASU 2020-06 improves disclosure requirements for convertible instruments and earnings-per-share guidance. ASU 2020-06 also revises the derivative scope exception guidance to reduce form-over-substance-based accounting conclusions driven by remote contingent events. The amendments in this update are effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted ASU 2020-06 effective January 1, 2023 which eliminates the need to assess whether a beneficial conversion feature needs to be recognized upon the issuance of new convertible instruments. The adoption of ASU 2020-06 did not have a material impact on the Company’s financial position, results of operations or cash flows.

Going Concern and Summary of _3

Going Concern and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Going Concern and Summary of Significant Accounting Policies
Schedule of computation of basic and diluted net loss per common share	For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Numerator: Net loss attributable to common stockholders $ (6,215,860) $ (7,239,100) $ (11,955,226) $ (14,578,765) Denominator (weighted average quantities): Common shares issued 38,064,215 31,669,431 37,724,083 31,089,811 Add: Prefunded warrants — 1,870,130 — 671,594 Add: Undelivered vested restricted shares 29,611 105,306 29,611 75,177 Denominator for basic and diluted net loss per share 38,093,826 33,644,867 37,753,694 31,836,582 Basic and diluted net loss per common share $ (0.16) $ (0.22) $ (0.32) $ (0.46)
Schedule of weighted average diluted common shares	June 30, 2023 2022 Options 5,185,078 4,926,750 Warrants 6,087,845 6,087,845 Convertible notes 2,327,747 — Restricted stock units 86,205 111,110 Total potentially dilutive shares 13,686,875 11,125,705

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
Prepaid Expenses and Other Current Assets (Tables)	Jun. 30, 2023
Prepaid Expenses and Other Current Assets
Schedule of prepaid expenses and other current assets	June 30, December 31, 2023 2022 Payroll tax receivable $ 645,566 $ 660,891 Prepaid insurance expenses 600,607 201,082 Prepaid general and administrative expenses 310,701 87,982 Prepaid research and development expenses 83,192 2,521 Prepaid patent expenses 73,157 38,796 Prepaid conference expenses 69,400 97,743 Prepaid rent and security deposit 18,750 74,959 Other — 26,745 Total prepaid expenses and other current assets $ 1,801,373 $ 1,190,719

Accrued Compensation (Tables)

Accrued Compensation (Tables)	6 Months Ended
Accrued Compensation (Tables)	Jun. 30, 2023
Accrued Compensation
Schedule of accrued compensation	June 30, December 31, 2023 2022 Accrued bonus expenses $ 695,450 $ 1,447,643 Accrued payroll expenses 317,668 299,548 Total accrued compensation $ 1,013,118 $ 1,747,191

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
Accrued Expenses and Other Current Liabilities (Tables)	Jun. 30, 2023
Accrued Expenses and Other Current Liabilities
Schedule of accrued expenses and other current liabilities	June 30, December 31, 2023 2022 Accrued consulting and professional services $ 142,915 $ 320,000 Accrued research and development expenses 117,983 35,524 Accrued leasehold improvements — 92,528 Credit card payable 58,549 50,639 Accrued franchise tax 26,201 — Accrued travel and entertainment expenses 13,784 — Other 3,999 4,385 Total accrued expenses and other current liabilities $ 363,431 $ 503,076

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
Notes Payable (Tables)	Jun. 30, 2023
Notes Payable
Schedule of notes payable	June 30, 2023 December 31, 2022 Notes Payable Debt Discount Net Notes Payable Debt Discount Net Current portion: D&O insurance policy loan $ 205,451 $ — $ 205,451 $ — $ — $ — Avenue - Note payable 833,333 (91,621) 741,712 208,333 (33,885) 174,448 Avenue - Convertible note payable — — — 208,333 (33,885) 174,448 Total current portion $ 1,038,784 $ (91,621) $ 947,163 $ 416,666 $ (67,770) $ 348,896 Non-Current portion: Avenue - Note payable 9,804,166 (1,120,372) 8,683,794 5,004,167 (813,229) 4,190,938 Avenue - Convertible note payable 5,000,000 (507,270) 4,492,730 5,004,167 (813,229) 4,190,938 Total non-current portion $ 14,804,166 $ (1,627,642) $ 13,176,524 $ 10,008,334 $ (1,626,458) $ 8,381,876

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Jun. 30, 2023
Commitments and Contingencies
Summary of company's right-of-use assets and liabilities	For the Six Months Ended June 30, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating activities $ 284,996 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 904,437 Weighted Average Remaining Lease Term (Years) Operating leases 3.5 years Weighted Average Discount Rate Operating leases 10.0 %
Schedule of future minimum operating lease payments	For the Year Ending December 31, Minimum Lease Payments 2023 $ 445,025 2024 660,923 2025 675,400 2026 560,996 2027 214,619 Total future minimum lease payments 2,556,963 Less: amount representing imputed interest (544,996) Present value of lease liabilities 2,011,967 Less: current portion (427,749) Lease liabilities, non current portion $ 1,584,218

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 2023
Stockholders' Equity
Schedule of Restricted Stock Units activity	Weighted Average Number of Grant Date Value RSUs Per Share RSUs non-vested January 1, 2023 172,800 $ 1.80 Granted 86,205 2.32 Vested (150,578) 1.80 Forfeited (22,222) 1.80 RSUs non-vested June 30, 2023 86,205 $ 2.32 Vested RSUs undelivered June 30, 2023 29,611 $ 3.68
Schedule of Black-Scholes option pricing model to stock options granted	For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Expected term (years) 5.50 - 10.00 5.09 - 5.50 5.50 - 10.00 0.58 - 10.00 Risk free interest rate 3.44% - 4.02% 2.79% 3.44% - 4.18% 0.76% - 2.79% Expected volatility 82% - 94% 88% 82% - 95% 82% - 90% Expected dividends 0.00% 0.00% 0.00% 0.00%
Summary of the option activity	Average Remaining Aggregate Number of Exercise Life Intrinsic Options Price In Years Value Outstanding, January 1, 2023 5,380,553 $ 3.55 Granted 677,190 2.39 Exercised (88,999) 1.83 Forfeited/ Expired (783,666) 3.88 Outstanding June 30, 2023 5,185,078 $ 3.37 7.1 $ 962,979 Exercisable June 30, 2023 3,582,370 $ 3.69 6.2 $ 501,462
Schedule of information related to stock options	The following table presents information related to stock options as of June 30, 2023: Options Outstanding Options Exercisable Weighted Outstanding Average Exercisable Exercise Number of Remaining Life Number of Price Options In Years Options $1.00 - $1.99 1,407,183 4.7 884,183 $2.00 - $2.99 1,473,663 6.9 844,473 $3.00 - $3.99 908,528 6.8 694,510 $4.00 - $4.99 350,500 8.1 216,178 $5.00 - $5.99 50,805 4.3 50,638 $6.00 - $6.99 843,759 6.5 741,748 $7.00 + 150,640 4.8 150,640 5,185,078 6.2 3,582,370

Going Concern and Summary of _4

Going Concern and Summary of Significant Accounting Policies - Anti-dilutive weighted average diluted common shares (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Going Concern and Summary of Significant Accounting Policies
Total potentially dilutive shares			13,686,875	11,125,705
Numerator:
Net loss attributable to common stockholders	$ (6,215,860)	$ (7,239,100)	$ (11,955,226)	$ (14,578,765)
Denominator (weighted average quantities):
Common shares issued	38,064,215	31,669,431	37,724,083	31,089,811
Add: Prefunded warrants		1,870,130		671,594
Add: Undelivered vested restricted shares	29,611	105,306	29,611	75,177
Denominator for basic net loss per share	38,093,826	33,644,867	37,753,694	31,836,582
Denominator for diluted net loss per share	38,093,826	33,644,867	37,753,694	31,836,582
Basic net loss per share of common stock	$ (0.16)	$ (0.22)	$ (0.32)	$ (0.46)
Diluted net loss per share of common stock	$ (0.16)	$ (0.22)	$ (0.32)	$ (0.46)
Options
Going Concern and Summary of Significant Accounting Policies
Total potentially dilutive shares			5,185,078	4,926,750
Warrants
Going Concern and Summary of Significant Accounting Policies
Total potentially dilutive shares			6,087,845	6,087,845
Convertible notes
Going Concern and Summary of Significant Accounting Policies
Total potentially dilutive shares			2,327,747	0
Restricted stock units
Going Concern and Summary of Significant Accounting Policies
Total potentially dilutive shares			86,205	111,110

Going Concern and Summary of _5

Going Concern and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Going Concern and Summary of Significant Accounting Policies
Cash and cash equivalents	$ 17,468,088		$ 21,506,582		$ 17,468,088	$ 21,506,582	$ 22,863,520
Net Income (Loss)	(6,215,860)	$ (5,739,366)	$ (7,239,100)	$ (7,339,665)	(11,955,226)	(14,578,765)
Cash used in operations					(11,673,476)	$ (12,883,603)
Treasury bills	4,493,766				4,493,766
Cash, uninsured amount	$ 12,474,323				$ 12,474,323		$ 22,613,520
Clinical Supply Arrangements
Going Concern and Summary of Significant Accounting Policies
Clinical trials, percentage of additional mark-up on cost					10%

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expenses and Other Current Assets
Payroll tax receivable	$ 645,566	$ 660,891
Prepaid insurance expenses	600,607	201,082
Prepaid general and administrative expenses	310,701	87,982
Prepaid research and development expenses	83,192	2,521
Prepaid patent expenses	73,157	38,796
Prepaid conference expenses	69,400	97,743
Prepaid rent and security deposit	18,750	74,959
Other	0	26,745
Total prepaid expenses and other current assets	$ 1,801,373	$ 1,190,719

Accrued Compensation (Details)

Accrued Compensation (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Accrued Compensation
Accrued bonus expenses	$ 695,450	$ 1,447,643
Accrued payroll expenses	317,668	299,548
Total accrued compensation	$ 1,013,118	$ 1,747,191

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Accrued Expenses and Other Current Liabilities
Accrued consulting and professional services	$ 142,915	$ 320,000
Accrued research and development expenses	117,983	35,524
Accrued leasehold improvements	0	92,528
Credit card payable	58,549	50,639
Accrued franchise tax	26,201	0
Accrued travel and entertainment expenses	13,784	0
Other	3,999	4,385
Total accrued expenses and other current liabilities	$ 363,431	$ 503,076

Notes Payable - Schedule of not

Notes Payable - Schedule of notes payable (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current portion
Notes Payable, Current portion	$ 1,038,784	$ 416,666
Debt Discount, Current portion	(91,621)	(67,770)
Net, Current portion	947,163	348,896
Note payable, Non Current portion	14,804,166	10,008,334
Debt Discount, Non-Current portion	(1,627,642)	(1,626,458)
Net, Non Current portion	13,176,524	8,381,876
D&O insurance policy loan
Current portion
Notes Payable, Current portion	205,451	0
Debt Discount, Current portion	0	0
Net, Current portion	205,451	0
Avenue - Note payable
Current portion
Notes Payable, Current portion	833,333	208,333
Debt Discount, Current portion	(91,621)	(33,885)
Net, Current portion	741,712	174,448
Note payable, Non Current portion	9,804,166	5,004,167
Debt Discount, Non-Current portion	(1,120,372)	(813,229)
Net, Non Current portion	8,683,794	4,190,938
Avenue - Convertible note payable
Current portion
Notes Payable, Current portion	0	208,333
Debt Discount, Current portion	0	(33,885)
Net, Current portion	0	174,448
Note payable, Non Current portion	5,000,000	5,004,167
Debt Discount, Non-Current portion	(507,270)	(813,229)
Net, Non Current portion	$ 4,492,730	$ 4,190,938

Notes Payable - Additional Info

Notes Payable - Additional Information (Details) - USD ($)			3 Months Ended		6 Months Ended
Notes Payable - Additional Information (Details) - USD ($)	May 22, 2023	Feb. 24, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Aug. 24, 2023	Feb. 24, 2023	Dec. 31, 2022
Notes Payable
Short term notes payable			$ 947,163		$ 947,163				$ 174,448
Repayments of notes payable					$ 403,689	$ 448,999
Amount pledged to establish and maintain a collateralized money market account				$ 7,875,000		$ 7,875,000
Expected volatility				88%
Risk free interest rate				2.79%
Payment of origination and legal fees	$ 126,000
Prime Rate
Notes Payable
SVB loan cash flow	4.45%
Debt instrument interest rate	4.45%
Maximum
Notes Payable
Expected term (years)			10 years	5 years 6 months	10 years	10 years
Expected volatility			94%		95%	90%
Risk free interest rate			4.02%		4.18%	2.79%
Minimum
Notes Payable
Expected term (years)			5 years 6 months	5 years 1 month 2 days	5 years 6 months	6 months 29 days
Expected volatility			82%		82%	82%
Risk free interest rate			3.44%		3.44%	0.76%
Avenue Ventures Loan
Notes Payable
Interest expense			$ 558,003
Interest expense related to the Loan and Security Agreement with Avenue Capital Management			550,746
D&O insurance policy loan
Notes Payable
Short term notes payable								$ 609,140
Interest rate (as a percent)							7.11%
Number of monthly payments		6 months
Debt Instrument, Periodic Payment					$ 103,639
Amortization of debt discount			163,956		313,446
Amortization of debt discount related to loans			$ 7,257		10,866
Loan and Security Agreement
Notes Payable
Loan issuance costs					1,001,140
Interest expense					$ 1,012,006
SVB loan cash flow	7%
Debt instrument interest rate	7%
Loan and Security Agreement \| Avenue Capital Management II, L.P
Notes Payable
Debt gross amount	$ 5,000,000
Loan and Security Agreement \| Maximum
Notes Payable
Extension of interest period	18 months
Loan and Security Agreement \| Minimum
Notes Payable
Extension of interest period	12 months

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - Lease Agreement For Office Located In Redwood City, California [Member] - ft²	1 Months Ended
	Feb. 28, 2023	Jun. 30, 2023
Commitments and Contingencies
Net rentable area	6,700	3,800
Lease expiration date	Aug. 31, 2023

Commitments and Contingencies_2

Commitments and Contingencies - Company's right-of-use assets and liabilities (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Commitments and Contingencies
Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating activities	$ 284,996
Right-of-use assets obtained in exchange for lease obligations; Operating leases	$ 904,437
Weighted Average Remaining Lease Term (Years): Operating leases	3 years 6 months
Weighted Average Discount Rate: Operating leases	10%

Commitments and Contingencies_3

Commitments and Contingencies - Future Minimum Payments under Operating Lease Agreement (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Minimum Lease Payments
2023	$ 445,025
2024	660,923
2025	675,400
2026	560,996
2027	214,619
Total future minimum lease payments	2,556,963
Less: amount representing imputed interest	(544,996)
Present value of lease liabilities	2,011,967
Less: current portion	(427,749)	$ (484,882)
Lease liabilities, non current portion	$ 1,584,218	$ 907,644

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted stock units activity (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of RSUs
RSUs non-vested at beginning of period \| shares	172,800
Granted \| shares	86,205
Vested \| shares	(150,578)
Forfeited \| shares	(22,222)
RSUs non-vested at end of the period \| shares	86,205
Vested RSUs undelivered \| shares	29,611
Weighted Average Grant Date Value Per Share
RSUs non-vested January 1, 2023 \| $ / shares	$ 1.80
Granted \| $ / shares	2.32
Vested \| $ / shares	1.80
Forfeited \| $ / shares	1.80
RSUs non-vested December 31, 2023 \| $ / shares	2.32
Vested RSUs undelivered September 30, 2023 \| $ / shares	$ 3.68

Stockholders' Equity - Black Sc

Stockholders' Equity - Black Scholes option (Details)	3 Months Ended		6 Months Ended
Stockholders' Equity - Black Scholes option (Details)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stockholders' Equity
Risk free interest rate		2.79%
Expected volatility		88%
Expected dividends	0%	0%	0%	0%
Minimum
Stockholders' Equity
Expected term (years)	5 years 6 months	5 years 1 month 2 days	5 years 6 months	6 months 29 days
Risk free interest rate	3.44%		3.44%	0.76%
Expected volatility	82%		82%	82%
Maximum
Stockholders' Equity
Expected term (years)	10 years	5 years 6 months	10 years	10 years
Risk free interest rate	4.02%		4.18%	2.79%
Expected volatility	94%		95%	90%

Stockholders' Equity - Summary

Stockholders' Equity - Summary of option activity (Details) - Stock Options - USD ($)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity
Number of Options, Outstanding \| Shares	5,380,553
Number of Options, Granted \| Shares	677,190
Number of Options, Exercised \| Shares	(88,999)
Number of Options, Forfeited \| Shares	(783,666)
Number of Options, Outstanding \| Shares	5,185,078
Number of Options, Exercisable \| Shares	3,582,370
Weighted Average Exercise Price, Outstanding \| $ / Shares	$ 3.55
Weighted Average Exercise Price, Granted \| $ / Shares	2.39
Weighted Average Exercise Price, Exercised \| $ / Shares	1.83
Weighted Average Exercise Price, Forfeited \| $ / Shares	3.88
Weighted Average Exercise Price, Outstanding \| $ / Shares	3.37
Weighted Average Exercise Price, Exercisable \| $ / Shares	$ 3.69
Remaining Life In Years, Outstanding	7 years 1 month 6 days
Remaining Life In Years, Exercisable	6 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding \| $	$ 962,979
Aggregate Intrinsic Value, Exercisable	$ 501,462

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of information related to stock options (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	5,185,078
Options Exercisable, Weighted Average Remaining Life In Years	6 years 2 months 12 days
Options Exercisable, Exercisable Number of Options	3,582,370
Exercise Price $1.00 - $1.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	1,407,183
Options Exercisable, Weighted Average Remaining Life In Years	4 years 8 months 12 days
Options Exercisable, Exercisable Number of Options	884,183
Exercise Price $1.00 - $1.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 1
Exercise Price $1.00 - $1.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 1.99
Exercise Price $2.00 - $2.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	1,473,663
Options Exercisable, Weighted Average Remaining Life In Years	6 years 10 months 24 days
Options Exercisable, Exercisable Number of Options	844,473
Exercise Price $2.00 - $2.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 2
Exercise Price $2.00 - $2.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 2.99
Exercise Price $3.00 - $3.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	908,528
Options Exercisable, Weighted Average Remaining Life In Years	6 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	694,510
Exercise Price $3.00 - $3.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 3
Exercise Price $3.00 - $3.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 3.99
Exercise Price $4.00 - $4.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	350,500
Options Exercisable, Weighted Average Remaining Life In Years	8 years 1 month 6 days
Options Exercisable, Exercisable Number of Options	216,178
Exercise Price $4.00 - $4.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 4
Exercise Price $4.00 - $4.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 4.99
Exercise Price $5.00 - $5.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	50,805
Options Exercisable, Weighted Average Remaining Life In Years	4 years 3 months 18 days
Options Exercisable, Exercisable Number of Options	50,638
Exercise Price $5.00 - $5.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 5
Exercise Price $5.00 - $5.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 5.99
Exercise Price $6.00 - $6.99
Stockholders' Equity
Options Outstanding, Outstanding Number of Options	843,759
Options Exercisable, Weighted Average Remaining Life In Years	6 years 6 months
Options Exercisable, Exercisable Number of Options	741,748
Exercise Price $6.00 - $6.99 \| Minimum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 6
Exercise Price $6.00 - $6.99 \| Maximum
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	6.99
Exercise Price $7.00+
Stockholders' Equity
Options Outstanding, Outstanding Exercise Price \| $ / shares	$ 7
Options Outstanding, Outstanding Number of Options	150,640
Options Exercisable, Weighted Average Remaining Life In Years	4 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	150,640

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($)			3 Months Ended				6 Months Ended
	Jun. 16, 2023	Feb. 28, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 27, 2023	Dec. 31, 2022
Stockholders' Equity
Common stock, shares authorized			90,000,000				90,000,000			90,000,000
Common Stock, par value			$ 0.0001				$ 0.0001			$ 0.0001
Preferred stock, shares authorized			6,000,000				6,000,000			6,000,000
Preferred stock, par value			$ 0.0001				$ 0.0001			$ 0.0001
Net proceeds (in shares)							1,421,936
Stock-based compensation			$ 493,632		$ 1,036,926		$ 1,312,696	$ 1,945,913
Unrecognized stock - based compensation expense			2,868,023				$ 2,868,023
Weighted average period of recognition							1 year 8 months 12 days
Proceeds from Stock Options Exercised							$ 27,200	18,701
Stock-based compensation			493,632	$ 819,064	1,036,926	$ 908,987
Granted							86,205
Net proceeds							$ 3,900,000
Research and Development Expense.
Stockholders' Equity
Stock-based compensation			36,197		516,669			1,017,850
Stock-based compensation							411,327
General and Administrative Expense
Stockholders' Equity
Stock-based compensation			457,435		$ 520,257		901,369	$ 928,063
Restricted stock units
Stockholders' Equity
Resignation of common stock RSU		3,289
Unrecognized stock - based compensation expense			$ 200,000				$ 200,000
Weighted average period of recognition							1 year
Options
Stockholders' Equity
Weighted average estimated grant date fair value			$ 2.04		$ 1.37		$ 1.78	$ 2.02
Common Stock
Stockholders' Equity
Resignation of common stock RSU			44,444	3,289	54,499	19,359
Cashless exercise of stock options (in shares)			10,000
Common Stock \| Restricted stock units
Stockholders' Equity
Number of shares delivered	44,444
Amended and Restated 2018 Omnibus Stock Incentive Plan
Stockholders' Equity
Number of shares of common stock reserved for further issuance									1,000,000

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
Employee Benefit Plans (Details) - USD ($)	Apr. 30, 2019	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Benefit Plans
Defined contribution plan, employer matching contribution, percent of match	100%
Defined contribution plan, employers matching contribution, annual vesting percentage	4%
Defined contribution plan, maximum annual contributions per employee, amount		$ 46,196	$ 47,883	$ 125,164	$ 133,982

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($)	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)	$ (6,215,860)	$ (5,739,366)	$ (7,239,100)	$ (7,339,665)	$ (11,955,226)	$ (14,578,765)

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 5. Other Information. Securities Trading Plans of Directors and Executive Officers During the three months ended June 30, 2023, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
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