Virpax Pharmaceuticals (VRPX) 10-K 22 Mar 23 2022 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 21, 2023	Jun. 30, 2022
Document Information Line Items
Entity Registrant Name	VIRPAX PHARMACEUTICALS, INC.
Trading Symbol	VRPX
Document Type	10-K
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		11,714,284
Entity Public Float			$ 14,614,844
Amendment Flag	false
Entity Central Index Key	0001708331
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-40064
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1510982
Entity Address, Address Line One	1055 Westlakes Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Berwyn
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19312
City Area Code	(610)
Local Phone Number	727-4597
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Auditor Firm ID	274
Auditor Name	EisnerAmper LLP
Auditor Location	Philadelphia, Pennsylvania

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash	$ 18,995,284	$ 36,841,992
Prepaid expenses and other current assets	678,365	2,730,444
Total current assets	19,673,649	39,572,436
Total assets	19,673,649	39,572,436
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Accounts payable and accrued expenses	1,094,590	2,087,691
Estimated litigation liability	2,000,000
Total current liabilities	3,094,590	2,087,691
Total liabilities	3,094,590	2,087,691
Commitments and contingencies
Stockholders’ equity
Preferred stock, par value $0.00001, 10,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.00001 par value; 100,000,000 shares authorized, 11,714,284 shares issued and outstanding as of December 31, 2022; 11,714,885 shares issued and outstanding as of December 31, 2021	117	117
Additional paid-in capital	60,933,569	60,188,535
Accumulated deficit	(44,354,627)	(22,703,907)
Total stockholders’ equity	16,579,059	37,484,745
Total liabilities and stockholders’ equity	$ 19,673,649	$ 39,572,436

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock par value (in Dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	11,714,284	11,714,885
Common stock, shares outstanding	11,714,284	11,714,885

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
OPERATING EXPENSES
General and administrative	$ 11,082,463	$ 7,186,385
Research and development	10,762,670	4,839,115
Total operating expenses	21,845,133	12,025,500
Loss from operations	(21,845,133)	(12,025,500)
OTHER INCOME (EXPENSE)
Interest expense		(92,822)
Other income	194,413	62,259
Other income (expense)	194,413	(30,563)
Loss before tax provision	(21,650,720)	(12,056,063)
Benefit from income taxes
Net loss	$ (21,650,720)	$ (12,056,063)
Basic net loss per share (in Dollars per share)	$ (1.85)	$ (1.81)
Basic weighted average common stock outstanding (in Shares)	11,712,186	6,677,271

Statements of Operations (Paren

Statements of Operations (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Diluted net loss per share	$ (1.85)	$ (1.81)
Diluted weighted average common stock outstanding	11,712,186	6,677,271

Statements of Changes in Stockh

Statements of Changes in Stockholders’ Equity (Deficit) - USD ($)	Common stock	Additional paid-in capital	Accumulated deficit	Total
Balance at Dec. 31, 2020	$ 31	$ 6,431,715	$ (10,647,844)	$ (4,216,098)
Balance (in Shares) at Dec. 31, 2020	3,145,153
Common stock issued pursuant to initial public offering, net of offering costs	$ 18	15,783,189		15,783,207
Common stock issued pursuant to initial public offering, net of offering costs (in Shares)	1,800,000
Common stock issued pursuant to underwritten public offering, net of offering costs	$ 67	36,999,398		36,999,465
Common stock issued pursuant to underwritten public offering, net of offering costs (in Shares)	6,670,000
Cashless exercise of stock options and warrants
Cashless exercise of stock options and warrants (in Shares)	85,669
Stock-based compensation		974,234		974,234
Restricted stock awards granted	$ 1	(1)
Restricted stock awards granted (in Shares)	15,000
Restricted stock awards forfeited
Restricted stock awards forfeited (in Shares)	(937)			937
Net loss			(12,056,063)	$ (12,056,063)
Balance at Dec. 31, 2021	$ 117	60,188,535	(22,703,907)	37,484,745
Balance (in Shares) at Dec. 31, 2021	11,714,885
Stock-based compensation		745,034		745,034
Restricted stock awards forfeited
Restricted stock awards forfeited (in Shares)	(601)			601
Net loss			(21,650,720)	$ (21,650,720)
Balance at Dec. 31, 2022	$ 117	$ 60,933,569	$ (44,354,627)	$ 16,579,059
Balance (in Shares) at Dec. 31, 2022	11,714,284

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (21,650,720)	$ (12,056,063)
Adjustments to reconcile net loss to net cash used in operating activities:
Forgiveness of PPP loan		(61,816)
Stock-based compensation	745,034	974,234
Change in operating assets and liabilities:
Prepaid expenses and other current assets	2,052,079	(2,712,171)
Accounts payable and accrued expenses	(993,101)	(686,776)
Estimated litigation liability	2,000,000
Net cash used in operating activities	(17,846,708)	(14,542,592)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of notes payable		(503,764)
Proceeds from related party notes payable		100,000
Repayment of related party notes payable		(1,100,000)
Offering costs related to underwritten public offering		(3,020,535)
Proceeds from underwritten public offering of common stock		40,020,000
Offering costs related to initial public offering		(2,165,913)
Proceeds from initial public offering of common stock		18,000,000
Net cash provided by financing activities		51,329,788
Net change in cash	(17,846,708)	36,787,196
Cash, beginning of year	36,841,992	54,796
Cash, end of year	18,995,284	36,841,992
Supplemental disclosure of cash and non-cash financing activities
Cash paid for interest		362,822
Cash paid for taxes

Business, and Liquidity and Goi

Business, and Liquidity and Going Concern	12 Months Ended
	Dec. 31, 2022
Business, and Liquidity and Going Concern [Abstract]
Business, and Liquidity and Going Concern	Note 1. Business, and Liquidity and Going Concern Business Virpax Pharmaceuticals, Inc. (“Virpax” or the “Company”) was incorporated on May 12, 2017 in the state of Delaware. Virpax is a preclinical stage pharmaceutical company focused on developing novel and proprietary drug-delivery systems, and drug-releasing technologies focused on advancing non-opioid and non-addictive pain management treatments and treatments for central nervous system (“CNS”) disorders to enhance patients’ quality of life. Liquidity and Going Concern The Company, since inception, has been engaged in organizational activities, including raising capital and research and development activities. The Company has not generated revenues and has not yet achieved profitable operations, nor has it ever generated positive cash flow from operations. There is no assurance that profitable operations, if achieved, could be sustained on a continuing basis. The Company is subject to those risks associated with any preclinical stage pharmaceutical company that has substantial expenditures for research and development. There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants. Further, the Company’s future operations are dependent on the success of the Company’s efforts to raise additional capital. The Company incurred a net loss of $21,650,720 and $12,056,063 for the year ended December 31, 2022 and 2021, respectively, and had an accumulated deficit of $44,354,627 as of December 31, 2022. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant revenue from its product candidates currently in development. The Company’s primary source of capital has been the issuance of debt and equity securities. As noted in Note 6. Commitments and Contingencies, the Company is currently involved in defending litigation and intends to vigorously defend the action. The Company has established an estimated litigation liability of $2.0 million in respect of the litigation. While the Company believes it has meritorious defenses, the ultimate resolution of the action could result in a material loss. Due to the Company’s continuing losses and the uncertainty regarding the outcome of this ongoing litigation and any potential claims, there exists substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern. Additional financings will be needed by the Company to fund its operations, including litigation costs, and to complete clinical development of and to commercially develop all of its product candidates. There is no assurance that such financing will be available when needed or on acceptable terms. The Company also may be forced to curtail spending in research and development activities in order to conserve cash.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation Use of Estimates Significant items subject to such estimates and assumptions include research and development accruals and prepaid expenses, estimated litigation liability, and the valuation of stock-based compensation. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. Accounting estimates used in the preparation of these financial statements change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. Basic and Diluted Loss per Share Year Ended Year Ended Equivalent common shares Stock options 1,172,281 669,067 Warrants 18,436 18,436 Unvested restricted stock awards 237 6,196 Cash Fair Value of Financial Instruments Research and Development Stock-based Compensation Determining the appropriate fair value of share-based awards requires the use of subjective assumptions, including the fair value of the Company’s common shares prior to its initial public offering, and for options, the expected life of the option and expected share price volatility. The Company uses the Black-Scholes option pricing model to value its option awards. The assumptions used in calculating the fair value of share-based awards represents management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, share-based compensation expense could be materially different for future awards. The expected life of options was estimated using the simplified method, as the Company has no historical information to develop reasonable expectations about future exercise patterns and post-vesting employment. Income Taxes The Company follows the guidance in ASC 740-10 in assessing uncertain tax positions. The standard applies to all tax positions and clarifies the recognition of tax benefits in the financial statements by providing for a two-step approach of recognition and measurement. The first step involves assessing whether the tax position is more-likely-than-not to be sustained upon examination based upon its technical merits. The second step involves measurement of the amount to be recognized. Tax positions that meet the more-likely than-not threshold are measured at the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate finalization with the taxing authority. The Company recognizes the impact of an uncertain income tax position in the financial statements if it believes that the position is more likely than not to be sustained by the relevant taxing authority. The Company will recognize interest and penalties related to tax positions in income tax expense. As of December 31, 2022, the Company had no uncertain income tax positions.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 2022
Prepaid Expenses and Other Current Assets [Abstract]
Prepaid Expenses and Other Current Assets	Note 3. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consists of the following: December 31, December 31, Prepaid insurance $ 156,754 $ 152,801 Research and development 496,270 2,466,140 Legal retainer — 103,050 Other prepaid expenses and current assets 25,341 8,453 $ 678,365 $ 2,730,444

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
	Dec. 31, 2022
Accounts Payable and Accrued Liabilities [Abstract]
Accounts Payable and Accrued Liabilities	Note 4. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consists of the following: December 31, December 31, Accrued payroll $ 654,765 $ 627,281 Research and development expenses 254,904 930,561 Legal expenses 147,277 510,008 Other 37,644 19,841 $ 1,094,590 $ 2,087,691

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Notes Payable	Note 5. Notes Payable On October 1, 2018, the Company entered into a promissory note, as amended, (the “2018 Promissory Note”), which promised to pay Anthony Mack, Chief Executive Officer and significant investor, the principal amount of $500,000, and bore interest at a rate of 11.19% per annum. The 2018 Promissory Note stated that the principal was due on January 15, 2021. During the year ended December 31, 2021, the Company fully repaid the balance due of $500,000 on this promissory note with accrued interest of $166,296. On January 15, 2019, the Company entered into a promissory note, as amended, (the “2019 Promissory Note”), which promised to pay Anthony Mack the principal amount of $500,000 and bore interest at a rate of 11.19% per annum. The 2019 Promissory Note stated that the principal was due on January 15, 2021. During the year ended December 31, 2021, the Company fully repaid the balance due of $500,000 on this promissory note with accrued interest of $149,977. In January 2021, the Company issued notes with an aggregate principal amount of $75,000 and $25,000, respectively. These notes were issued to Anthony Mack for $75,000 and Christopher Chipman, Chief Financial Officer, for $25,000. These notes bore interest at a rate of 1.35% per annum and were subsequently fully repaid with proceeds from the IPO. On August 29, 2019, the Company entered into a service provider convertible note purchase agreement (the “RRD Note”) with RRD International, LLC (“RRD”). Under the RRD Note, the Company and RRD agreed to make certain compensation due to RRD payable in the form of a convertible promissory note. The RRD Note stated that a maximum principal balance of $400,000 could be applied for services provided by RRD to the Company, which could be converted into equity or cash (all or in part) upon a Qualified Financing (as defined in the RRD Note) or the Conversion Date of March 31, 2020. Borrowings under the RRD Note bore simple interest on the outstanding principal amount of the RRD Note until paid in full at the fixed rate of 10% per annum. During 2020, the RRD Note was amended to increase the maximum principal to $600,000 and to extend the maturity and conversion dates through to January 31, 2021. In February 2021, the Company fully paid the balance on its RRD Note of $493,480, with $34,544 of accrued interest, with proceeds from the Company’s IPO. On May 4, 2020, the Company entered into a Promissory Note (the “PPP Note”) with PNC Bank as the lender (the “Lender”), pursuant to which the Lender agreed to make a loan to the Company under the Paycheck Protection Program (the “PPP Loan”) offered by the U.S. Small Business Administration (the “SBA”) in a principal amount of $72,100 pursuant to Title 1 of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The PPP Loan proceeds were available to be used to pay for payroll costs, including salaries, commissions, and similar compensation, group health care benefits, and paid leaves; rent; utilities; and interest on certain other outstanding debt. The amount that was forgiven was to be calculated in part with reference to the Company’s full-time headcount during the period ending October 31, 2020. The interest rate on the PPP Note was a fixed rate of 1% per annum. The PPP Note matured in two years. On July 2, 2021, the SBA notified the Company that the forgiveness amount totaled $61,816 which was recorded as other income within the statement of operations in 2021. The remaining balance of $10,284 was fully repaid by the Company during the year ended December 31, 2021.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6. Commitments and Contingencies Litigation From time to time the Company is subject to claims by third parties under various legal disputes. The defense of such claims, or any adverse outcome relating to any such claims, could have a material adverse effect on the Company’s liquidity, financial condition and cash flows. On March 12, 2021, the Company and the Company’s Chief Executive Officer, Anthony P. Mack (the “Defendants”), were named as defendants in a complaint (the “Complaint”) filed by Sorrento Therapeutics, Inc. (“Sorrento”), and Scilex Pharmaceuticals Inc. (“Scilex” and together with Sorrento, the “Plaintiffs”) in the Court of Chancery of the State of Delaware. In the Complaint, Plaintiffs alleged (i) Mr. Mack breached a Restrictive Covenants Agreement, dated as of November 8, 2016, between himself and Sorrento (the “Restrictive Covenants Agreement”), (ii) the Company tortiously interfered with the Restrictive Covenants Agreement, and (iii) the Company tortiously interfered with Scilex’s relationship with Mr. Mack. On May 7, 2021 Plaintiffs filed an Amended Complaint asserting the same three causes of action. On September 28, 2021, Plaintiffs filed a Second Amended Complaint asserting the same three causes of action as the prior complaints, as well as claims in which Plaintiffs alleged (i) Mr. Mack breached an Employment, Proprietary Information and Inventions Agreement, dated as of October 25, 2016, between himself and Sorrento (the “Employment Agreement”), (ii) the Company tortiously interfered with the Employment Agreement, (iii) Mr. Mack breached his fiduciary duties to Scilex, and (iv) the Company aided and abetted Mr. Mack’s alleged breach of fiduciary duties to Scilex. On April 1, 2022, Plaintiffs filed a Third Amended Complaint. The Third Amended Complaint asserts the same causes of action as the Second Amended Complaint, as well as claims for (i) misappropriation of trade secrets by Defendants under Delaware law, and (ii) misappropriation of trade secrets by Defendants under California law. On April 18, 2022, Defendants filed answers to the Third Amended Complaint. Trial was held before Vice Chancellor Paul Fiorvanti from September 12 through September 14, 2022. Post-trial briefing was completed by December 12, 2022, and post-trial argument was held on January 20, 2023. The Company intends to vigorously defend the action. However, the Company is unable to predict the ultimate outcome of the lawsuit. Plaintiffs asserted alternative damages theories that would imply potential damages up to approximately $35.0 million. The Company countered that actual damages, even if Plaintiffs establish liability, could be zero because, among other things, Plaintiffs’ calculations use various unsupported assumptions, any alleged damages are speculative in nature, and there is a possibility the Company’s product candidates never reach market. To date, the parties have not had successful settlement negotiations. Based on the foregoing, the Company accrued $2 million in respect of the litigation. While the Company believes it has meritorious defenses, the ultimate resolution of the action could result in a material loss. Global Macroeconomic Environment The global macroeconomic environment could be negatively affected by, among other things, COVID-19 or other pandemics or epidemics, instability in global economic markets, increased U.S. trade tariffs and trade disputes with other countries, instability in the global credit markets, supply chain weaknesses, instability in the geopolitical environment as a result of the withdrawal of the United Kingdom from the European Union, the Russian invasion of the Ukraine and other political tensions, and foreign governmental debt concerns. Such challenges have caused, and may continue to cause, uncertainty and instability in local economies and in global financial markets. As a result, the Company and its third party CMOs, and CROs have and may in the future face disruptions in procuring items that are essential to the Company’s research and development activities, including, for example, medical and laboratory supplies used in the Company’s preclinical studies that are sourced from abroad or for which there are shortages, or potential difficulties recruiting patients, and may cause delays and difficulties with ongoing and planned preclinical and clinical trials. The extent to which the Company’s financial condition, liquidity or results of operations are impacted is uncertain, and may negatively impact the Company’s results of operations, financial condition, and liquidity in 2023 and potentially beyond.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 7. Stockholders’ Equity Overview Preferred Stock The Company’s Certificate of Incorporation, filed on May 12, 2017, and amended and restated on February 16, 2021, authorizes the issuance of preferred stock. The total number of shares which the Company is authorized to issue is 10,000,000, with a par value of $0.00001 per share. Common Stock The Company’s Certificate of Incorporation, filed on May 12, 2017, and amended and restated on February 16, 2021, authorizes the issuance of common stock. The total number of shares which the Company is authorized to issue is 100,000,000, with a par value of $0.00001 per share. On February 19, 2021, the Company issued 1,800,000 shares of common stock related to the Company’s IPO, for net proceeds totaling $15,783,207, after deducting underwriting discounts and offering expenses. On September 16, 2021, the Company issued 6,670,000 shares of common stock related to the Company’s Underwritten Public Offering, for net proceeds totaling $36,999,465, after deducting underwriting discounts and offering expenses. The Company issued 45,448 shares of the Company’s common stock upon the exercise of 87,751 options in a cashless exercise during the year ended December 31, 2021. Warrants In conjunction with the IPO, the Company granted the underwriters warrants to purchase 90,000 shares of the Company’s common stock at an exercise price of $12.50 per share, which is 125% of the initial public offering price. The warrants have a five-year term. The fair value allocated to the warrants of $639,000 was accounted for as a component of stockholders’ equity during the year ended December 31, 2021. The fair value of the warrants was estimated using the Black-Scholes option-pricing model and is affected by the Company’s share fair value as well as assumptions regarding a number of complex and subjective variables, including a term of 5 years, expected price volatility of 100%, and a risk-free interest rate of 0.6%. There were warrants to purchase 18,436 shares of the Company’s common stock outstanding as of December 31, 2022. There were no warrants granted during the year ended December 31, 2022. The Company issued 40,221 shares of the Company’s common stock upon the exercise of 76,620 warrants in a cashless exercise during the year ended December 31, 2021.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 8. Stock-Based Compensation On May 20, 2017, the Company established the Virpax Pharmaceuticals, Inc. Amended and Restated 2017 Equity Incentive Plan (the “2017 Plan”). The Company’s Board of Directors (the “Board”), acting through its Equity Incentive Plan Committee, has determined that it would be to the advantage and best interest of the Company and its stockholders to grant restricted stock awards to certain individuals as compensation to serve as an employee of the Company and as an incentive for increased efforts during such service. Restricted Stock As of December 31, 2022 and 2021, there were 237 and 6,196 of unvested restricted stock awards issued totaling $2,342 and $39,862, respectively, based on a fair value of the Company’s common stock on the respective date of grant. During the year ended December 31, 2022 and 2021, there were 0 and 15,000 restricted stock awards granted during the periods, respectively. There were 601 and 937 of restricted stock awards forfeited during the years ended December 31, 2022 and 2021, respectively. The Company recognized $37,520 and $79,438 of stock based compensation for vested restricted shares during the years ended December 31, 2022 and 2021, respectively. Stock Options On June 14, 2022, the Company established the Virpax Pharmaceuticals, Inc. 2022 Equity Incentive Plan (the “2022 Plan”) and no new grants of awards will be made under the 2017 Plan and all new grants of awards will be made under the 2022 Plan. The 2022 Plan and 2017 Plan are administered by the Compensation Committee of the Board (the “Compensation Committee”); provided that the entire Board may act in lieu of the Compensation Committee on any matter. The 2022 Plan enables the Company to continue to provide equity and equity-based awards to eligible employees, officers, non-employee directors and other individual service providers by reserving 1,500,000 shares of the Company’s common stock for issuance under the 2022 Plan, subject to annual increase (like the 2017 Plan) under the 2% “evergreen” provision of the 2022 Plan (discussed further below). The Company believes that offering ownership interests in the Company is a key factor in retaining and recruiting employees, officers, non-employee directors and other individual service providers, and aligning and increasing their interests in the Company’s success. The 2022 Plan (which is summarized below) is substantially similar to the 2017 Plan, except for (i) the increase in shares of common stock reserved for issuance as discussed above, and (ii) the elimination of annual limitations on grants of awards to eligible individuals and certain other provisions which had been included in the 2017 Plan in order to satisfy (now repealed) provisions of Section 162(m) of the Internal Revenue Code of 1986, as amended. The 2022 Plan reserves an aggregate of (i) 1,500,000 shares of our common stock for the issuance of awards under the 2022 Plan (all of which may be granted as an Incentive Stock Option, or ISOs) plus (ii) an additional number of shares of common stock subject to outstanding awards under the 2017 Plan that become forfeited or canceled without payment or which are surrendered in payment of the exercise price and/or withholding taxes (collectively, the “Share Limit”). Pursuant to the 2022 Plan’s “evergreen” provision, the Share Limit shall be cumulatively increased on January 1, 2023, and on each January 1 thereafter, by 2% of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or such lesser number of shares as determined by our Board. In applying the aggregate share limitation under the 2022 Plan, shares of common stock (i) subject to awards that are forfeited, cancelled, returned to the Company for failure to satisfy vesting requirements or otherwise forfeited, or terminated without payment being made thereunder and (ii) that are surrendered in payment or partial payment of the exercise price of an option or stock appreciation right or taxes required to be withheld with respect to the exercise of Stock Options or stock appreciation rights or in payment with respect to any other form of award are not counted and, therefore, may be made subject to new awards under the 2022 Plan. The 2022 Plan provides that: ● on January 1 of each year, each non-employee director will be granted Stock Options under the 2022 Plan to purchase 15,000 shares of our common stock. ● each new non-employee director will be granted Stock Options under the 2022 Plan to purchase up to 25,000 shares of our common stock, as determined by the Compensation Committee, at the time the individual first becomes a director. ● on January 1, of each year, each then serving non-Chair member of the Audit Committee, the Compensation Committee, the Nominating and Corporate Governance Committee and the Science and Technology Committee shall automatically be granted Stock Options to purchase 5,000 shares of common stock under the 2022 Plan, and the Chair of the Audit Committee, the Compensation Committee, the Nominating and Corporate Governance Committee and the Science and Technology Committee shall each be granted Stock Options to purchase 10,000 shares of common stock under the 2022 Plan. All such options will become exercisable on the one-year anniversary of the date of grant. There was no stock option activity and no stock options outstanding under the 2022 Plan for the year ended December 31, 2022. The Company recognized stock based compensation related to stock options under the 2017 Plan of $707,514 and $894,796 for the years ended December 31, 2022 and 2021, respectively. Total stock based compensation, inclusive of restricted shares and stock options, consists of the following: For the Year Ended 2022 2021 General and administrative expense 598,655 915,423 Research and development expense 146,379 58,811 745,034 974,234 The fair value of option awards is estimated using the Black-Scholes option-pricing model. Exercise price of each award is generally not less than the per share fair value in effect as of that award date. The determination of fair value using the Black-Scholes model is affected by the Company’s share fair value as well as assumptions regarding a number of complex and subjective variables, including expected price volatility, risk-free interest rate and projected employee share option exercise behaviors. Options granted or modified under the Plan during the years ended December 31, 2022 and 2021 were valued using the Black-Scholes option-pricing model with the following weighted-average assumptions: For the Year Ended 2022 2021 Expected term (years) 5.65 5.74 Risk-free interest rate 1.96 % 1.04 % Expected volatility 77.12 % 78.98 % Expected dividend yield 0.00 % 0.00 % The Company estimates its expected volatility by using a combination of historical share price volatilities of similar companies within our industry. The risk-free interest rate assumption is based on observed interest rates for the appropriate term of the Company’s options on a grant date. The expected option term assumption is estimated using the simplified method and is based on the mid-point between vest date and the remaining contractual term of the option, since the Company does not have sufficient exercise history to estimate expected term of its historical option awards. The following is a summary of stock option activity under the 2017 Plan for the years ended December 31, 2022 and 2021: Number of Weighted- Weighted- Aggregate Options outstanding at January 1, 2021 486,101 $ 9.89 8.68 $ - Forfeited (5,000 ) 4.62 Exercised (87,751 ) 9.89 Granted 275,717 4.62 - - Options outstanding at December 31, 2021 669,067 7.75 8.34 - Forfeited (15,591 ) 3.14 Cancelled - - Granted 518,805 2.24 - - Options outstanding at December 31, 2022 1,172,281 $ 5.38 8.11 $ - Options exercisable at December 31, 2022 620,734 $ 7.71 7.37 $ - On January 31, 2022, our Board approved an equity compensation award for the Company’s officers and employees. The Board approved this award of options to purchase an aggregate of 321,204 shares of Common Stock pursuant to the 2017 Plan. The options, other than Mr. Mack’s, have an exercise price of $2.13 per share, the fair market value of the Common Stock on the date of grant. Mr. Mack’s options have an exercise price of $2.34 per share, which represents 110% of the fair market value on the date of grant. The options granted to the officers and employees vest in three equal installments beginning on the one-year anniversary of the grant date and have a ten-year expiration date. On January 1, 2022, options were granted to the Non-Employee Directors pursuant to the 2017 Plan to purchase an aggregate of 77,601 shares of Common Stock. The options have an exercise price of $3.43 per share, the fair market value of the Common Stock on the date of grant. The options granted to the directors will vest upon the one-year anniversary of the grant date and have a ten-year expiration date. On April 25, 2022, options were granted to a consultant pursuant to the 2017 Plan to purchase an aggregate of 60,000 shares of Common Stock. The options have an exercise price of $1.76 per share, the fair market value of the Common Stock on the date of grant. The options granted to the consultant will vest upon the one-year anniversary of the grant date and have a ten-year expiration date. Options were also granted to the Company’s EVP Commercial Operations and director pursuant to the 2017 Plan to purchase an aggregate of 60,000 shares of Common Stock. The options have an exercise price of $1.76 per share, the fair market value of the Common Stock on the date of grant. The options granted to this individual vest immediately upon grant and have a ten-year expiration date. The weighted-average grant-date fair value of stock options granted during the year ended December 31, 2022 was $1.98. As of December 31, 2022, there was $519,190 of total time-based unrecognized compensation costs related to unvested stock options. These costs are expected to be recognized over a weighted average period of 1.64 years.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 9. Income Taxes Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred tax assets relate primarily to its net operating loss carryforwards and other balance sheet basis differences. In accordance with ASC 740, the Company recorded a valuation allowance to fully offset the deferred tax asset, because it is not more likely than not that the Company will realize future benefits associated with these deferred tax assets at December 31, 2022 and 2021. During the years ended December 31, 2022 and 2021, there was no income tax expense. Significant components of the Company’s deferred tax assets at December 31, 2022 and 2021: December 31, December 31, Deferred tax assets: Net-operating loss carryforwards $ 8,206,000 $ 5,771,000 Capitalized R&D costs 2,868,000 - Stock-based compensation 922,000 805,000 Accrued expenses 743,000 - R&D credit 546,000 86,000 Other 6,000 6,000 Total deferred tax assets 13,291,000 6,668,000 Valuation allowance (13,291,000 ) (6,668,000 ) Net deferred tax asset $ — $ — The Tax Cuts and Jobs Act modified the section 174 rules and beginning in 2022, taxpayers may no longer currently deduct R&D expenditures but instead must amortize specified R&D expenditures ratably over five years (or 15 years for foreign expenditures). Gross capitalized R&D Costs for the year ended December 31, 2022 amounted to approximately $10,559,000. The change in the valuation allowance for the years ended December 31, 2022 and 2021 was an increase of approximately $6,623,000 and $3,460,000, respectively. The Company’s reconciliation of the federal statutory tax rate and the effective tax rates for the years ended December 31, 2022 and 2021 is as follows: December 31, December 31, Federal statutory rate 21.0 % 21.0 % Increase (decrease) in tax expense at federal statutory rate State income taxes 7.9 % 7.9 % Change in valuation allowance (31.0 )% (28.7 )% Other 2.1 % 0.2 % Effective tax rate 0.0 % 0.0 % The Company had approximately $28,397,000 of gross net operating loss (“NOL”) carryforwards, for both federal and state, as of December 31, 2022. The Company’s ability to use net operating loss, other carry forwards and tax credits is subject to limitation in subsequent periods under certain provisions of Section 382 and Section 383 of the Internal Revenue Code of 1986, as amended, upon a more than 50% change in ownership of the Company’s stock by a 5% or greater shareholder. The Company examined the application of Section 382 with respect to ownership changes that took place during 2021, as well as the limitation on the application of net operating loss carry forwards. The Company has determined that a more than 50% ownership change occurred on September 16, 2021. The Company has determined that the recent change in ownership limits the Company’s usage of net operating loss, other carry forwards and tax credits of approximately $19,417,000 as of the change in ownership date to an annual amount of approximately $4.1 million which will be released by December 31, 2028. The Company’s net carryforwards and tax credits may be further limited in the future if additional ownership changes occur. From the total of the Company’s federal NOL of $28,397,000, $326,000 expires in 2037, and the remaining NOL has an indefinite carryover period but its usage is limited to 80% of taxable income in any subsequent year. The Company’s state NOL’s of $28,397,000 expire from 2037 through 2042. Additionally, the Company has $546,000 of R&D credits which have a 20 year carryforward period, which will expire from 2038 to 2042.

Research and Development and Li

Research and Development and License Agreements	12 Months Ended
	Dec. 31, 2022
Research and Development [Abstract]
Research and Development and License Agreements	Note 10. Research and Development and License Agreements MedPharm Limited Research and Option Agreement On April 11, 2017, the Company entered into a research and option agreement, as amended on May 30, 2018 (the “MedPharm Research and Option Agreement”), with MedPharm Limited, a company organized and existing under the laws of the United Kingdom (“MedPharm”), pursuant to which MedPharm granted the Company an option to obtain an exclusive, world-wide, royalty bearing license to use certain technology developed by MedPharm. Pursuant to the MedPharm Research and Option Agreement, MedPharm will conduct certain research and development of proprietary formulations incorporating certain MedPharm technologies and certain of the Company’s proprietary molecules. Under the MedPharm Research and Option Agreement, MedPharm granted the Company an option (the “MedPharm Option”) to obtain an exclusive (even to MedPharm), worldwide, sub-licensable (through multiple tiers), royalty bearing, irrevocable license to research, develop, market, commercialize, and sell any product utilizing MedPharm’s spray formulation technology which is the result of the activities performed under the MedPharm Research and Option Agreement, subject to the Company’s entry into a definitive license agreement with MedPharm. In order to exercise the MedPharm Option, the Company must provide MedPharm with written notice of such exercise before the end of the Option Period (as defined in the MedPharm Research and Option Agreement). The Option Period is subject to extension upon mutual agreement with MedPharm. Pursuant to the MedPharm Research and Option Agreement, the Company has a right of first refusal with respect to any license or commercial arrangement involving any Licensed Intellectual Property (as defined in the MedPharm Research and Option Agreement) in combination with any Virpax Molecule (as defined in the MedPharm Research and Option Agreement). In the event that MedPharm reaches an agreement with respect to a license or other commercial arrangement that involves technology or molecules covered by the right of first refusal, the Company has ten business days from the date of notice to notify MedPharm of its intention to exercise the right of first refusal and the Company’s intention to match the financial terms of the other license or commercial arrangement. License Agreement On June 6, 2017, as a result of the Company’s exercise of the MedPharm Option under the MedPharm Research and Option Agreement, the Company entered into a license agreement, as amended on September 2, 2017 and October 31, 2017 (the “MedPharm License Agreement”), with MedPharm for the exclusive global rights to discover, develop, make, sell, market, and otherwise commercialize any pharmaceutical composition or preparation (in any and all dosage forms) in final form containing one or more compounds, including Diclofenac Epolamine (“Epoladerm”), that was developed, manufactured or commercialized utilizing MedPharm’s spray formulation technology (“MedPharm Product”), to be used for any and all uses in humans (including all diagnostic, therapeutic and preventative uses). Under the MedPharm License Agreement, the Company is required to make future milestone and royalty payments to MedPharm. We are obligated to make aggregate milestone payments to MedPharm of up to GBP 1.150 million upon the achievement of specified development milestones (payable in Great British Pounds). Additional milestone payments are due upon the achievement of certain development and commercial milestones achieved outside the United States, payable on a country-by-country basis. Royalty payments must be paid to MedPharm in an amount equal to a single-digit percentage of net sales of all MedPharm Product sold by us during the royalty term in the territory. Royalties shall be payable, on a country-by-country basis, during the period of time commencing on the first commercial sale and ending upon the expiration of the last-to-expire patent claim on the licensed product, which is set to expire on December 4, 2028. Each party has the right to terminate the agreement in its entirety upon written notice to the other party if such other party is in material breach of the agreement and has not cured such breach within ninety (90) days after notice from the terminating party indicating the nature of such breach. LipoCureRx, Ltd. On March 19, 2018, the Company entered into a license and sublicense agreement (the “LipoCure Agreement”) with LipoCureRx, Ltd., a company organized and existing under the laws of Israel (“LipoCure”), for the sole and exclusive global license and sub-license rights to discover, develop, make, sell, market, and otherwise commercialize bupivacaine liposome, in injectable gel or suspension (“Licensed Compound”) or any pharmaceutical composition or preparation (in any and all dosage forms) in final form, including any combination product, containing a Licensed Compound (“Licensed Product”), including Probudur. Under the LipoCure Agreement, the Company was required to pay an upfront fee upon signing of $150,000 and is required to make future milestone and royalty payments to LipoCure. The Company is obligated to make aggregate milestone payments of up to $19.8 million upon the achievement of specified development and commercial milestones. Royalty payments must be paid in an amount equal to a single digit to low double-digit percentage of annual net sales of royalty qualifying products, subject to certain adjustments. Royalties shall be payable during the period of time, on a country-by-country basis, commencing on the first commercial sale and ending upon the expiration of the last-to-expire patent claim on the licensed product, which is set to expire on July 24, 2030. Each party has the right to terminate the agreement in its entirety upon written notice to the other party if such other party is in material breach of the agreement and has not cured such breach within ninety (90) days after notice from the terminating party indicating the nature of such breach. Nanomerics Ltd. Nanomerics Collaboration Agreement On April 11, 2019, the Company entered into an exclusive collaboration and license agreement, as amended (the “Nanomerics Collaboration Agreement”), with Nanomerics Ltd., a company organized and existing under the laws of United Kingdom (“Nanomerics”), for the exclusive world-wide license to develop and commercialize products, including NES100, which contain hydrophilic neuropeptide Leucin5-Enkephalin and an amphiphile compound which is quaternary ammonium palmitoyl glycol chitosan, to engage in a collaborative program utilizing Nanomerics’ knowledge, skills and expertise in the clinical development of products and to attract external funding for such development. The Nanomerics Collaboration Agreement was also amended to include a program for the pre-clinical development of a product for post-traumatic stress disorder. Under the Nanomerics Collaboration Agreement, the Company is required to make royalty payments equal to a single digit percentage of annual net sales of royalty qualifying products. The Company is also required to make aggregate milestone payments of up to $103 million upon the achievement of specified development and commercial milestones, and sublicense fees for any sublicense relationships we enter into subsequent to the Nanomerics Collaboration Agreement. The Company’s obligation to pay royalties, on a country-by-country basis, shall commence on the date of first commercial sale of its licensed products and shall expire with respect to each separate licensed product, on the latest to occur of (a) the tenth (10th) anniversary of the first commercial sale of the first licensed product; (b) the expiration date of the last to expire of any valid claim (patent is set to expire on November 3, 2034); and, (c) the date upon which a generic product has been on the market for a period of no fewer than ninety (90) days. The Company has the right to terminate the agreement upon 180 days’ prior written notice to Nanomerics. Upon termination, the Company shall assign to Nanomerics all its right title and interest in all results other than results specific to (a) the Device (as defined in the Nanomerics Collaboration Agreement), including its manufacture or use; and (b) the Technology, but excluding any clinical Results relating to the Compound or Licensed Products (all terms as defined in the Nanomerics Collaboration Agreement). Nanomerics License Agreement (AnQlar) On March 9, 2022, the Company entered into an Amended and Restated Collaboration and License Agreement with Nanomerics (the “Amended Nanomerics License Agreement”) which amended and restated the August 7, 2020, Nanomerics License Agreement and expanded the Company’s North American rights for AnQlar to include exclusive global rights to develop and commercialize AnQlar as a viral barrier to prevent or reduce the risk or the intensity of viral infections. The Amended Nanomerics License Agreement provides for payments up to $5.5 million upon the achievement of specified development milestones and profit share payments equal to between 30% to 40% of certain profits (as set forth in the Amended Nanomerics License Agreement), payable to Nanomerics upon the achievement of specified commercial milestones. The profit share payments are triggered upon determination by the FDA that AnQlar may be marketed as an Over-the-Counter product in the United States. In the event the profit share payments are not triggered as defined above, the Company’s would be obligated to pay royalties within a range of 5% to 15% of annual net sales of royalty qualifying products and commercial milestones on a worldwide basis amounting to aggregate milestone payments of up to $112.5 million upon the achievement of these commercial milestones. The Amended Nanomerics License Agreement also provides for additional aggregate milestone payments totaling $999,999 upon first receipt of regulatory approval for a licensed product in the European Union, Asia/Pacific region and South America/Middle East region. The Company’s obligation to pay royalties, on a country-by-country basis, shall commence on the date of first commercial sale of its licensed products and shall expire with respect to each separate licensed product, on the latest to occur of (a) the tenth (10th) anniversary of the first commercial sale of the first licensed product; (b) the expiration date of the last to expire of any valid claim; and, (c) the date upon which a generic product has been on the market for a period of no fewer than ninety (90) days. The Company has the right to terminate the Nanomerics License Agreement upon sixty (60) days’ prior written notice to Nanomerics. Upon termination, the Company shall assign to Nanomerics all its rights, title and interest in all of its results. Nanomerics has the right to terminate the agreement upon sixty (60) days’ prior written notice. In consideration for entering into this Amended Nanomerics License Agreement, the Company paid Nanomerics a nonrefundable fee of $1,500,000 in March 2022, which is included in research and development expenses during the year ended December 31, 2022. Nanomerics License Agreement (NobrXiol, formerly VRP324) On September 17, 2021, the Company entered into a collaboration and license agreement with Nanomerics (the “Nanomerics License Agreement - NobrXiol”) for the exclusive worldwide license to develop and commercialize an investigational formulation delivered via the nasal route to enhance pharmaceutical-grade cannabidiol (“CBD”) transport to the brain to potentially treat seizures associated with tuberous sclerosis complex (TSC), Lennox-Gastaut syndrome and Dravet syndrome in patients one year of age and older. Lennox-Gastaut syndrome and Dravet syndrome are rare central nervous system diseases considered serious epileptic encephalopathies that cause different types of epileptic seizures as well as cognitive and behavioral changes and are generally resistant to treatment. Under the Nanomerics License Agreement – NobrXiol, the Company is required to make royalty payments within a range of 5% to 15% of annual net sales of royalty qualifying products. The Company’s obligation to pay royalties, on a country-by-country basis, shall commence on the date of first commercial sale of its licensed products and shall expire with respect to each separate licensed product, on the latest to occur of (a) the fifteenth (15th) anniversary of the first commercial sale of the first licensed product; (b) the expiration date of the last to expire of any valid claim; and, (c) the date upon which a generic product has been on the market for a period of no fewer than ninety (90) days. The Company paid an upfront milestone payment upon signing of $200,000 and is required to make future milestone and royalty payments of up to $41 million upon the achievement of specified development and commercial milestones, and sublicense fees for any sublicense relationships the Company enters into subsequent to the Nanomerics License Agreement (any patent that is issued from the currently filed provisional patent application would expire on August 24, 2041). The Company has the right to terminate the Nanomerics License Agreement upon one hundred and eighty (180) days’ prior written notice to Nanomerics. Upon termination, the Company shall assign to Nanomerics all its rights, title and interest in all of its results. Nanomerics has the right to terminate the agreement upon thirty (30) days’ prior written notice if the Company concludes in writing to Nanomerics that the study aim has not been achieved or the Company notifies Nanomerics that the Company has decided against proceeding with a Phase III Clinical trial. On April 21, 2022, we notified Nanomerics that the study aim of demonstrating the ability of Nanomerics platform technology delivering CBD to the brain via nasal administration in an animal model was met. Pursuant to the Nanomerics License Agreement - VRP324, we paid a milestone payment of $500,000 upon meeting this study aim in April 2022. We submitted the pre-IND Briefing Book with the FDA in October 2022. Research Agreements Yissum On October 11, 2020, the Company entered into an Agreement for Rendering of Research Services with Yissum (the “October 2020 Yissum Research Agreement”). Under the October 2020 Yissum Research Agreement, the Company shall provide funding for research and development studies to be performed by researchers at Hebrew University related to the formulation of Liposomal Bupivacaine as well as efficacy and PK studies in animals. In consideration for the research services, the Company agreed to pay research service fees of $81,000 in six equal monthly installments. In connection with the completion of the Company’s IPO, the Company paid Yissum $40,500 towards the total consideration of $81,000. All services to be provided under the October 2020 Yissum Research Agreement were completed by June 30, 2021. On June 30, 2021, the Company entered into an Agreement for Rendering of Research Services with Yissum (the “June 2021 Yissum Research Agreement”) on substantially similar terms and conditions as detailed above under the October 2020 Yissum Research Agreement. Under the June 2021 Yissum Research Agreement, the Company shall provide funding for research and development studies to be performed by researchers at Hebrew University related to the optimization of the Liposomal Bupivacaine formulation and to increase stability for manufacturing purposes. The Company may terminate the agreement at any time and shall be only responsible to pay Yissum for work performed through the date of termination. In consideration for the research services, the Company agreed to pay research service fees of $337,500 in six equal quarterly installments. All services to be provided under the June 2021 Yissum Research Agreement initiated on July 1, 2021 and were substantially complete by the end of 2022. See also Note 10 - Subsequent Events for discussion of January 2023 Yissum Research Agreement, entered into on January 31, 2023. Lipocure On June 29, 2021, the Company entered into an Agreement for Rendering of Research Services (the “June 2021 Lipocure Research Agreement”) with Lipocure RX, Ltd. (“Lipocure”). Under the June 2021 Lipocure Research Agreement, the Company shall provide funding for research and development related to the optimization of the Liposomal Bupivacaine formulation and eventual manufacture of pre-clinical batches including batches for stability testing, animal studies and toxicology work. This will also include work associated with the potential filing of additional provisional patent applications. The Company may terminate the agreement at any time upon 30 days written notice and shall be only responsible to pay Lipocure for work performed through the date of such notice. In consideration for the research services, the Company agreed to pay research service fees of $200,000 upon execution, as well as $400,000 in July 2021, $270,000 in both September 2021 and January 2022, and three additional payments of $270,000 during 2022. The Company also agreed to pay $250,000 to Lipocure upon successful completion of a Chemistry, Manufacturing and Controls “CMC” filing with the U.S. Food and Drug Administration (the (“FDA”). All services to be provided under the June 2021 Lipocure Research Agreement initiated on July 1, 2021 and were substantially complete by the end of 2022. The Company recorded $990,000 and $870,000 in research and development expense for the years ended December 31, 2022 and 2021, respectively, associated with this agreement. See also Note 10 - Subsequent Events for discussion of January 2023 Lipocure Research Agreement, entered into on February 1, 2023. NCATS-NIH Cooperative Research and Development Agreement On August 25, 2020, the Company entered into a Cooperative Research and Development Agreement (“CRADA”) with the National Center for Advancing Translational Science (“NCATS”). This collaboration is for the continued development of the Company’s product candidate, NES100, an intranasal peptide, for the management of acute and chronic non-cancer pain. The term of the CRADA is for a period of four years from May 6, 2020 (the effective date of the agreement) and can be terminated by both parties at any time by mutual written consent. In addition, either party may unilaterally terminate the CRADA at any time by providing written notice of at least sixty (60) days before the desired termination date. The agreement provides for studies that are focused on the pre-clinical characterization of NES100 as a novel analgesic for acute and chronic non-cancer pain, and for studies to further develop NES100 through investigative new drug (“IND”) enabling studies. There are certain development “Go/No Go” provisions within the agreement whereby, if certain events occur, or do not occur, NCATS may terminate the CRADA. These “No GO” provisions include: i) lack of efficacy in all animal pain models, ii) no reliable and sensitive bioanalytical method can be developed, iii) manufacturing failure due to inherent process scalability issues, iv) unacceptable toxicity or safety profile to enable clinical dosing, and v) inability to manufacture the NES100 dosage form. With respect to NCATS rights to any invention made solely by an NCATS employee(s) or made jointly by an NCATS employee(s) and our employee(s), the CRADA grants to the Company an exclusive option to elect an exclusive or nonexclusive commercialization license. For inventions owned solely by NCATS or jointly by NCATS and the Company, and licensed pursuant to the Company’s option, the Company must grant to NCATS a nonexclusive, nontransferable, irrevocable, paid-up license to practice the invention or have the invention practiced throughout the world by or on behalf of the United States government. For inventions made solely by an employee of the Company, we grant to the United States government a nonexclusive, nontransferable, irrevocable, paid-up license to practice the invention or have the invention practiced throughout the world by or on behalf of the United States government for research or other government purposes. U.S Army Institute of Surgical Research On April 28, 2022, the Company entered into a CRADA with the U.S. Army Institute of Surgical Research (USAISR) to evaluate Probudur. The research project will evaluate the analgesic effectiveness and physiologic effects of Probudur. This agreement will automatically expire on September 30, 2023 unless it is revised by mutual written agreement. No funding is being provided by either party to the other party under the agreement. Each party is responsible for funding its own work performed and other activities undertaken for the research project under this agreement. The parties may elect to terminate this agreement, or portions thereof, at any time by mutual consent. Either party may unilaterally terminate this entire agreement at any time by giving the other party written notice, not less than thirty (30) days prior to the desired termination date.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 11. Subsequent Events The Company has evaluated subsequent events from the balance sheet date through March 22, 2022. The following are subsequent events: On January 1, 2023, options were granted to the Non-Employee Directors pursuant to the 2022 Plan to purchase an aggregate of 155,000 shares of Common Stock. The options have an exercise price of $0.622 per share, the fair market value of the Common Stock on the date of grant. The options granted to the directors will vest upon the one-year anniversary of the grant date and have a ten-year expiration date. On January 25, 2023, our Compensation Committee approved an equity compensation award for the Company’s officers and employees. The Committee approved this award of options to purchase an aggregate of 528,500 shares of Common Stock pursuant to the 2022 Plan. The options, other than Mr. Mack’s, have an exercise price of $0.788 per share, the fair market value of the Common Stock on the date of grant. Mr. Mack’s options have an exercise price of $0.867 per share, which represents 110% of the fair market value on the date of grant and a five year expiration date. The remaining options granted to the officers and employees vest in three equal installments beginning on the one-year anniversary of the grant date, and have a ten-year expiration date. On January 31, 2023, the Company entered into an Agreement for Rendering of Research Services with Yissum (the “January 2023 Yissum Research Agreement”) on substantially similar terms and conditions as detailed above under the June 2021 Yissum Research Agreement. Under the January 2023 Yissum Research Agreement, the Company shall provide funding for research and development studies to be performed by researchers at Hebrew University related to the optimization of the Liposomal Bupivacaine formulation and to increase stability for manufacturing purposes. The Company may terminate the agreement at any time and shall be only responsible to pay Yissum for work performed through the date of termination. In consideration for the research services, the Company agreed to pay research service fees of $326,000 in four equal quarterly installments ($81,500 per calendar quarter). All services to be provided under the January 2023 Yissum Research Agreement initiated in January 1, 2023 and are anticipated to be completed towards the end 2023. On February 1, 2023, the Company entered into an Agreement for Rendering of Research Services (the “January 2023 Lipocure Research Agreement”) with Lipocure. Under the January 2023 Lipocure Research Agreement, the Company shall provide funding for research and development related to the optimization of the Liposomal Bupivacaine formulation and eventual manufacture of pre-clinical batches including batches for stability testing, animal studies and toxicology work. This will also include work associated with the potential filing of additional provisional patent applications. The Company may terminate the agreement at any time upon 30 days written notice and shall be only responsible to pay Lipocure for work performed through the date of such notice. In consideration for the research services, the Company agreed to pay research service fees of $1,286,000 in four equal quarterly installments ($321,500 per calendar quarter). All services to be provided under the January 2023 Lipocure Research Agreement initiated on January 1, 2023 and are anticipated to be completed towards the end 2023.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Use of Estimates	Use of Estimates Significant items subject to such estimates and assumptions include research and development accruals and prepaid expenses, estimated litigation liability, and the valuation of stock-based compensation. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. Accounting estimates used in the preparation of these financial statements change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes.
Basic and Diluted Loss per Share	Basic and Diluted Loss per Share Year Ended Year Ended Equivalent common shares Stock options 1,172,281 669,067 Warrants 18,436 18,436 Unvested restricted stock awards 237 6,196
Cash	Cash
Fair Value of Financial Instruments	Fair Value of Financial Instruments
Research and Development	Research and Development
Stock-based Compensation	Stock-based Compensation Determining the appropriate fair value of share-based awards requires the use of subjective assumptions, including the fair value of the Company’s common shares prior to its initial public offering, and for options, the expected life of the option and expected share price volatility. The Company uses the Black-Scholes option pricing model to value its option awards. The assumptions used in calculating the fair value of share-based awards represents management’s best estimates and involve inherent uncertainties and the application of management’s judgment. As a result, if factors change and management uses different assumptions, share-based compensation expense could be materially different for future awards. The expected life of options was estimated using the simplified method, as the Company has no historical information to develop reasonable expectations about future exercise patterns and post-vesting employment.
Income Taxes	Income Taxes The Company follows the guidance in ASC 740-10 in assessing uncertain tax positions. The standard applies to all tax positions and clarifies the recognition of tax benefits in the financial statements by providing for a two-step approach of recognition and measurement. The first step involves assessing whether the tax position is more-likely-than-not to be sustained upon examination based upon its technical merits. The second step involves measurement of the amount to be recognized. Tax positions that meet the more-likely than-not threshold are measured at the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate finalization with the taxing authority. The Company recognizes the impact of an uncertain income tax position in the financial statements if it believes that the position is more likely than not to be sustained by the relevant taxing authority. The Company will recognize interest and penalties related to tax positions in income tax expense. As of December 31, 2022, the Company had no uncertain income tax positions.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of antidilutive due to the net loss	Year Ended Year Ended Equivalent common shares Stock options 1,172,281 669,067 Warrants 18,436 18,436 Unvested restricted stock awards 237 6,196

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Prepaid Expenses and Other Current Assets [Abstract]
Schedule of prepaid expenses and other current assets	December 31, December 31, Prepaid insurance $ 156,754 $ 152,801 Research and development 496,270 2,466,140 Legal retainer — 103,050 Other prepaid expenses and current assets 25,341 8,453 $ 678,365 $ 2,730,444

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of accounts payable and accrued liabilities	December 31, December 31, Accrued payroll $ 654,765 $ 627,281 Research and development expenses 254,904 930,561 Legal expenses 147,277 510,008 Other 37,644 19,841 $ 1,094,590 $ 2,087,691

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of stock based compensation	For the Year Ended 2022 2021 General and administrative expense 598,655 915,423 Research and development expense 146,379 58,811 745,034 974,234
Schedule of stock based compensation	For the Year Ended 2022 2021 Expected term (years) 5.65 5.74 Risk-free interest rate 1.96 % 1.04 % Expected volatility 77.12 % 78.98 % Expected dividend yield 0.00 % 0.00 %
Schedule of stock option activity	Number of Weighted- Weighted- Aggregate Options outstanding at January 1, 2021 486,101 $ 9.89 8.68 $ - Forfeited (5,000 ) 4.62 Exercised (87,751 ) 9.89 Granted 275,717 4.62 - - Options outstanding at December 31, 2021 669,067 7.75 8.34 - Forfeited (15,591 ) 3.14 Cancelled - - Granted 518,805 2.24 - - Options outstanding at December 31, 2022 1,172,281 $ 5.38 8.11 $ - Options exercisable at December 31, 2022 620,734 $ 7.71 7.37 $ -

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of deferred tax assets	December 31, December 31, Deferred tax assets: Net-operating loss carryforwards $ 8,206,000 $ 5,771,000 Capitalized R&D costs 2,868,000 - Stock-based compensation 922,000 805,000 Accrued expenses 743,000 - R&D credit 546,000 86,000 Other 6,000 6,000 Total deferred tax assets 13,291,000 6,668,000 Valuation allowance (13,291,000 ) (6,668,000 ) Net deferred tax asset $ — $ —
Schedule of reconciliation of the federal statutory tax rate and the effective tax rates	December 31, December 31, Federal statutory rate 21.0 % 21.0 % Increase (decrease) in tax expense at federal statutory rate State income taxes 7.9 % 7.9 % Change in valuation allowance (31.0 )% (28.7 )% Other 2.1 % 0.2 % Effective tax rate 0.0 % 0.0 %

Business, and Liquidity and G_2

Business, and Liquidity and Going Concern (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business and Liquidity [Line Items]
Incurred a net loss	$ 21,650,720	$ 12,056,063
Accumulated deficit	(44,354,627)	(22,703,907)
Estimated litigation liability	$ 2,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Total cash	$ 18,995,284	$ 36,841,992
Tax benefit	50%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - Schedule of antidilutive due to the net loss - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Warrants [Member]
Equivalent common shares
Equivalent common shares	18,436	18,436
Unvested Restricted Stock Awards [Member]
Equivalent common shares
Equivalent common shares	237	6,196
Stock options [Member]
Equivalent common shares
Equivalent common shares	1,172,281	669,067

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - Schedule of prepaid expenses and other current assets - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Prepaid Expenses And Other Current Assets Abstract
Prepaid insurance	$ 156,754	$ 152,801
Research and development	496,270	2,466,140
Legal retainer		103,050
Other prepaid expenses and current assets	25,341	8,453
Total prepaid expenses and other current assets	$ 678,365	$ 2,730,444

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - Schedule of accounts payable and accrued liabilities - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Accounts Payable And Accrued Liabilities Abstract
Accrued payroll	$ 654,765	$ 627,281
Research and development expenses	254,904	930,561
Legal expenses	147,277	510,008
Other	37,644	19,841
Total accounts payable and accrued liabilities	$ 1,094,590	$ 2,087,691

Notes Payable (Details)

Notes Payable (Details) - USD ($)			1 Months Ended		12 Months Ended
	Jul. 02, 2021	May 04, 2020	Feb. 28, 2021	Jan. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Aug. 29, 2019	Jan. 15, 2019	Oct. 01, 2018
Notes Payable (Details) [Line Items]
Balance amount		$ 72,100
Interest rate		1%
Accrued interest			$ 34,544
Notes payable description				In January 2021, the Company issued notes with an aggregate principal amount of $75,000 and $25,000, respectively. These notes were issued to Anthony Mack for $75,000 and Christopher Chipman, Chief Financial Officer, for $25,000. These notes bore interest at a rate of 1.35% per annum and were subsequently fully repaid with proceeds from the IPO.
Maturity term		two
Forgiveness amount	$ 61,816
Repayments of debt					$ 10,284
Promissory Note 2018 [Member]
Notes Payable (Details) [Line Items]
Balance amount									$ 500,000
Interest rate									11.19%
Promissory note					500,000
Accrued interest					166,296
Promissory Note 2019 [Member]
Notes Payable (Details) [Line Items]
Balance amount					500,000			$ 500,000
Interest rate								11.19%
Accrued interest					$ 149,977
RRD International, LLC [Member]
Notes Payable (Details) [Line Items]
Principal balance							$ 400,000
Fixed rate							10%
Balance amount on note			$ 493,480
RRD International, LLC [Member] | Maximum [Member]
Notes Payable (Details) [Line Items]
Increased the amount of principal						$ 600,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Commitments and Contingencies [Abstract]
Potential damages	$ 35
Estimated litigation liability	$ 2

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	1 Months Ended		12 Months Ended
	Sep. 16, 2021	Feb. 19, 2021	Dec. 31, 2022	Dec. 31, 2021
Stockholder's Equity [Abstract]
Preferred stock, shares authorized			10,000,000	10,000,000
Preferred stock, par value (in Dollars per share)			$ 0.00001	$ 0.00001
Common stock, shares authorized			100,000,000	100,000,000
Common stock, par value (in Dollars per share)			$ 0.00001	$ 0.00001
Exercise option				87,751
Warrants to purchase common shares			90,000
Exercise price per share (in Dollars per share)			$ 12.5
Warrant exercise percentage			125%
Number of complex and subjective variables years			5 years
Price volatility			100%
Risk-free interest rate			0.60%
Warrants purchase shares			18,436
Common Stock [Member]
Stockholder's Equity [Abstract]
Shares of common stock	6,670,000			45,448
Secondary offering net proceeds total (in Dollars)	$ 36,999,465
Fair value of warrants issued to underwriters (in Dollars)				$ 639,000
Warrant [Member]
Stockholder's Equity [Abstract]
Shares of common stock				40,221
Exercise of warrants				76,620
IPO [Member]
Stockholder's Equity [Abstract]
Shares of common stock		1,800,000
Net proceeds (in Dollars)		$ 15,783,207

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)				1 Months Ended	12 Months Ended
	Jun. 14, 2022	Apr. 25, 2022	Jan. 01, 2022	Jan. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation (Details) [Line Items]
Unvested restricted stock awards					237	6,196
Restricted stock awards, forfeited					601	937
Stock based compensation for vested restricted shares (in Dollars)					$ 37,520	$ 79,438
Reserving shares	1,500,000
Annual increase	2%
Common stock for issuance of awards, description					The 2022 Plan reserves an aggregate of (i) 1,500,000 shares of our common stock for the issuance of awards under the 2022 Plan (all of which may be granted as an Incentive Stock Option, or ISOs) plus (ii) an additional number of shares of common stock subject to outstanding awards under the 2017 Plan that become forfeited or canceled without payment or which are surrendered in payment of the exercise price and/or withholding taxes (collectively, the “Share Limit”). Pursuant to the 2022 Plan’s “evergreen” provision, the Share Limit shall be cumulatively increased on January 1, 2023, and on each January 1 thereafter, by 2% of the number of shares of common stock issued and outstanding on the immediately preceding December 31 or such lesser number of shares as determined by our Board.
Non-employee director granted stock options, description					The 2022 Plan provides that:  ●on January 1 of each year, each non-employee director will be granted Stock Options under the 2022 Plan to purchase 15,000 shares of our common stock.   ●each new non-employee director will be granted Stock Options under the 2022 Plan to purchase up to 25,000 shares of our common stock, as determined by the Compensation Committee, at the time the individual first becomes a director.   ●on January 1, of each year, each then serving non-Chair member of the Audit Committee, the Compensation Committee, the Nominating and Corporate Governance Committee and the Science and Technology Committee shall automatically be granted Stock Options to purchase 5,000 shares of common stock under the 2022 Plan, and the Chair of the Audit Committee, the Compensation Committee, the Nominating and Corporate Governance Committee and the Science and Technology Committee shall each be granted Stock Options to purchase 10,000 shares of common stock under the 2022 Plan.
Stock options (in Dollars)					$ 707,514	894,796
Stock-based compensation award of options				321,204
Exercise price per share (in Dollars per share)				$ 2.13
Exercise price per share (in Dollars per share)		$ 1.76	$ 3.43	$ 2.34
Number of shares of common stock issued, percentage				110%
Award of options		60,000	77,601
Stock based compensation unrecognized costs (in Dollars)					$ 519,190
Weighted average term					1 year 7 months 20 days
Common Stock [Member]
Stock-Based Compensation (Details) [Line Items]
Fair value (in Dollars)					$ 2,342	$ 39,862
Restricted stock awards granted						15,000
Restricted stock awards, forfeited					(601)	(937)
Exercise price per share (in Dollars per share)		$ 1.76
Award of options		60,000
Restricted Stock [Member]
Stock-Based Compensation (Details) [Line Items]
Restricted stock awards granted					0	15,000

Stock-Based Compensation (Det_2

Stock-Based Compensation (Details) - Schedule of stock based compensation - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Stock Based Compensation Abstract
General and administrative expense	$ 598,655	$ 915,423
Research and development expense	146,379	58,811
Total	$ 745,034	$ 974,234

Stock-Based Compensation (Det_3

Stock-Based Compensation (Details) - Schedule of black-scholes option-pricing model	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Black Scholes Option Pricing Model Abstract
Expected term (years)	5 years 7 months 24 days	5 years 8 months 26 days
Risk-free interest rate	1.96%	1.04%
Expected volatility	77.12%	78.98%
Expected dividend yield	0%	0%

Stock-Based Compensation (Det_4

Stock-Based Compensation (Details) - Schedule of stock option activity - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Stock Option Activity Abstract
Number of Shares, Options outstanding at beginning balance	669,067	486,101
Weighted- Average Exercise Price, Options outstanding at beginning balance	$ 7.75	$ 9.89
Weighted- Average Remaining Contractual Term, Options outstanding at beginning balance		8 years 8 months 4 days
Aggregate Intrinsic Value, Options outstanding at beginning balance
Number of Shares, Forfeited	(15,591)	(5,000)
Weighted- Average Exercise Price, Forfeited	$ 3.14	$ 4.62
Number of Shares, Cancelled
Weighted- Average Exercise Price, Cancelled
Number of Shares, Options exercisable	620,734
Weighted- Average Exercise Price, Options exercisable	$ 7.71
Weighted- Average Remaining Contractual Term, Options exercisable	7 years 4 months 13 days
Aggregate Intrinsic Value, Options exercisable
Number of Shares, Exercised		(87,751)
Weighted- Average Exercise Price, Exercised		$ 9.89
Number of Shares, Granted	518,805	275,717
Weighted- Average Exercise Price, Granted	$ 2.24	$ 4.62
Weighted- Average Remaining Contractual Term, Granted
Aggregate Intrinsic Value, Granted
Number of Shares, Options outstanding at ending balance	1,172,281	669,067
Weighted- Average Exercise Price, Options outstanding at ending balance	$ 5.38	$ 7.75
Weighted- Average Remaining Contractual Term, Options outstanding at ending balance	8 years 1 month 9 days	8 years 4 months 2 days
Aggregate Intrinsic Value, Options outstanding at ending balance

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax cuts, description	The Tax Cuts and Jobs Act modified the section 174 rules and beginning in 2022, taxpayers may no longer currently deduct R&D expenditures but instead must amortize specified R&D expenditures ratably over five years (or 15 years for foreign expenditures). Gross capitalized R&D Costs for the year ended December 31, 2022 amounted to approximately $10,559,000.
Change in valuation allowance	$ 6,623,000	$ 3,460,000
Gross net operating loss (“NOL”) carryforwards	$ 28,397,000
Tax credits description	Internal Revenue Code of 1986, as amended, upon a more than 50% change in ownership of the Company’s stock by a 5% or greater shareholder. The Company examined the application of Section 382 with respect to ownership changes that took place during 2021, as well as the limitation on the application of net operating loss carry forwards. The Company has determined that a more than 50% ownership change occurred on September 16, 2021. The Company has determined that the recent change in ownership limits the Company’s usage of net operating loss, other carry forwards and tax credits of approximately $19,417,000 as of the change in ownership date to an annual amount of approximately $4.1 million which will be released by December 31, 2028. The Company’s net carryforwards and tax credits may be further limited in the future if additional ownership changes occur.
Net operating loss, description	From the total of the Company’s federal NOL of $28,397,000, $326,000 expires in 2037, and the remaining NOL has an indefinite carryover period but its usage is limited to 80% of taxable income in any subsequent year. The Company’s state NOL’s of $28,397,000 expire from 2037 through 2042. Additionally, the Company has $546,000 of R&D credits which have a 20 year carryforward period, which will expire from 2038 to 2042.

Income Taxes (Details) - Schedu

Income Taxes (Details) - Schedule of deferred tax assets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net-operating loss carryforwards	$ 8,206,000	$ 5,771,000
Capitalized R&D costs	2,868,000
Stock-based compensation	922,000	805,000
Accrued expenses	743,000
R&D credit	546,000	86,000
Other	6,000	6,000
Total deferred tax assets	13,291,000	6,668,000
Valuation allowance	(13,291,000)	(6,668,000)
Net deferred tax asset

Income Taxes (Details) - Sche_2

Income Taxes (Details) - Schedule of reconciliation of the federal statutory tax rate and the effective tax rates	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Reconciliation Of The Federal Statutory Tax Rate And The Effective Tax Rates Abstract
Federal statutory rate	21%	21%
Increase (decrease) in tax expense at federal statutory rate
State income taxes	7.90%	7.90%
Change in valuation allowance	(31.00%)	(28.70%)
Other	2.10%	0.20%
Effective tax rate	0%	0%

Research and Development and _2

Research and Development and License Agreements (Details) £ in Thousands

1 Months Ended

6 Months Ended

12 Months Ended

Mar. 09, 2022 USD ($)

Oct. 11, 2020

Apr. 11, 2019 USD ($)

Jun. 06, 2017 GBP (£)

Mar. 31, 2022 USD ($)

Sep. 17, 2021 USD ($)

Jul. 31, 2021 USD ($)

Aug. 25, 2020

Mar. 19, 2018

Jun. 30, 2021 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Apr. 21, 2022 USD ($)

Jan. 31, 2022 USD ($)

Sep. 30, 2021 USD ($)

Research and Development and License Agreements (Details) [Line Items]

Description of lipocure agreement

Under the LipoCure Agreement, the Company was required to pay an upfront fee upon signing of $150,000 and is required to make future milestone and royalty payments to LipoCure. The Company is obligated to make aggregate milestone payments of up to $19.8 million upon the achievement of specified development and commercial milestones. Royalty payments must be paid in an amount equal to a single digit to low double-digit percentage of annual net sales of royalty qualifying products, subject to certain adjustments. Royalties shall be payable during the period of time, on a country-by-country basis, commencing on the first commercial sale and ending upon the expiration of the last-to-expire patent claim on the licensed product, which is set to expire on July 24, 2030.

Nanomerics collaboration agreement, description

On April 11, 2019, the Company entered into an exclusive collaboration and license agreement, as amended (the “Nanomerics Collaboration Agreement”), with Nanomerics Ltd., a company organized and existing under the laws of United Kingdom (“Nanomerics”), for the exclusive world-wide license to develop and commercialize products, including NES100, which contain hydrophilic neuropeptide Leucin5-Enkephalin and an amphiphile compound which is quaternary ammonium palmitoyl glycol chitosan, to engage in a collaborative program utilizing Nanomerics’ knowledge, skills and expertise in the clinical development of products and to attract external funding for such development.

Research service fees

$ 400,000

Research and development

$ 10,762,670

$ 4,839,115

Description of cooperative research and development agreement

The term of the CRADA is for a period of four years from May 6, 2020 (the effective date of the agreement) and can be terminated by both parties at any time by mutual written consent.

MedPharm License Agreement [Member]

Research and Development and License Agreements (Details) [Line Items]

Milestone and royalty payments | £

£ 1,150

Nanomerics Collaboration Agreement [Member]

Research and Development and License Agreements (Details) [Line Items]

Aggregate milestone payments

$ 103,000,000

Amended Nanomerics License Agreement [Member]

Research and Development and License Agreements (Details) [Line Items]

Milestone and royalty payments

$ 5,500,000

Aggregate milestone payments

112,500,000

Additional aggregate milestone payments

$ 999,999

Nonrefundable fee of research and development expenses

$ 1,500,000

Amended Nanomerics License Agreement [Member] | Minimum [Member]

Research and Development and License Agreements (Details) [Line Items]

Profit share arrangement percentage

30%

Percentage of royalties

5%

Amended Nanomerics License Agreement [Member] | Maximum [Member]

Research and Development and License Agreements (Details) [Line Items]

Profit share arrangement percentage

40%

Percentage of royalties

15%

Nanomerics License Agreement [Member]

Research and Development and License Agreements (Details) [Line Items]

Amount paid for milestone payment

$ 200,000

$ 500,000

Royalty payments

$ 41,000,000

Nanomerics License Agreement [Member] | Minimum [Member]

Research and Development and License Agreements (Details) [Line Items]

Royalty payments percentage

5%

Nanomerics License Agreement [Member] | Maximum [Member]

Research and Development and License Agreements (Details) [Line Items]

Royalty payments percentage

15%

Yissum Research Agreement [Member]

Research and Development and License Agreements (Details) [Line Items]

Description of yissum research agreement

Under the October 2020 Yissum Research Agreement, the Company shall provide funding for research and development studies to be performed by researchers at Hebrew University related to the formulation of Liposomal Bupivacaine as well as efficacy and PK studies in animals. In consideration for the research services, the Company agreed to pay research service fees of $81,000 in six equal monthly installments. In connection with the completion of the Company’s IPO, the Company paid Yissum $40,500 towards the total consideration of $81,000. All services to be provided under the October 2020 Yissum Research Agreement were completed by June 30, 2021.On June 30, 2021, the Company entered into an Agreement for Rendering of Research Services with Yissum (the “June 2021 Yissum Research Agreement”) on substantially similar terms and conditions as detailed above under the October 2020 Yissum Research Agreement.

Research and development in process

$ 337,500

Lipocure Research Agreement [Member]

Research and Development and License Agreements (Details) [Line Items]

Research service fees

$ 200,000

Research service fees paid in quarterly payments

$ 270,000

$ 270,000

Research and development

270,000

Lipocure payment

250,000

Research and development expense

$ 990,000

$ 870,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - $ / shares			1 Months Ended
	Feb. 01, 2023	Jan. 01, 2023	Jan. 31, 2023	Jan. 25, 2023
Subsequent Events [Line Items]
Stock option granted		155,000		528,500
Exercise price per share		$ 0.622		$ 0.788
Expiration date, description		The options granted to the directors will vest upon the one-year anniversary of the grant date and have a ten-year expiration date.		The remaining options granted to the officers and employees vest in three equal installments beginning on the one-year anniversary of the grant date, and have a ten-year expiration date.
Exercise price				$ 0.867
Fair market value on the date of grant				110%
Expiration				5 years
Amended nanomerics license agreement description	the Company entered into an Agreement for Rendering of Research Services (the “January 2023 Lipocure Research Agreement”) with Lipocure. Under the January 2023 Lipocure Research Agreement, the Company shall provide funding for research and development related to the optimization of the Liposomal Bupivacaine formulation and eventual manufacture of pre-clinical batches including batches for stability testing, animal studies and toxicology work. This will also include work associated with the potential filing of additional provisional patent applications. The Company may terminate the agreement at any time upon 30 days written notice and shall be only responsible to pay Lipocure for work performed through the date of such notice. In consideration for the research services, the Company agreed to pay research service fees of $1,286,000 in four equal quarterly installments ($321,500 per calendar quarter). All services to be provided under the January 2023 Lipocure Research Agreement initiated on January 1, 2023 and are anticipated to be completed towards the end 2023.		the Company entered into an Agreement for Rendering of Research Services with Yissum (the “January 2023 Yissum Research Agreement”) on substantially similar terms and conditions as detailed above under the June 2021 Yissum Research Agreement. Under the January 2023 Yissum Research Agreement, the Company shall provide funding for research and development studies to be performed by researchers at Hebrew University related to the optimization of the Liposomal Bupivacaine formulation and to increase stability for manufacturing purposes. The Company may terminate the agreement at any time and shall be only responsible to pay Yissum for work performed through the date of termination. In consideration for the research services, the Company agreed to pay research service fees of $326,000 in four equal quarterly installments ($81,500 per calendar quarter). All services to be provided under the January 2023 Yissum Research Agreement initiated in January 1, 2023 and are anticipated to be completed towards the end 2023.