Virpax Pharmaceuticals (VRPX) 10-Q 12 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 08, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Information [Line Items]
Entity Registrant Name	VIRPAX PHARMACEUTICALS, INC.
Entity Central Index Key	0001708331
Entity File Number	001-40064
Entity Tax Identification Number	82-1510982
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Contact Personnel [Line Items]
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
Entity Phone Fax Numbers [Line Items]
City Area Code	(610)
Local Phone Number	727-4597
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.00001 Par Value Per Share
Trading Symbol	VRPX
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		4,887,581

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash	$ 1,870,729	$ 9,141,512
Prepaid expenses and other current assets	719,880	486,833
Total current assets	2,590,609	9,628,345
Total assets	2,590,609	9,628,345
Current liabilities
Accounts payable and accrued expenses	2,885,107	1,694,024
Litigation liability	2,500,000	6,000,000
Total current liabilities	5,385,107	7,694,024
Total liabilities	5,385,107	7,694,024
Commitments and contingencies
Stockholders’ (deficit) equity
Preferred stock, par value $0.00001, 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2024, and December 31, 2023
Common stock, $0.00001 par value; 100,000,000 shares authorized, 2,837,898 shares issued and outstanding as of June 30, 2024; and 1,171,233 shares issued and outstanding as of December 31, 2023	28	12
Additional paid-in capital	63,420,289	61,478,444
Accumulated deficit	(66,214,815)	(59,544,135)
Total stockholders’ (deficit) equity	(2,794,498)	1,934,321
Total liabilities and stockholders’ (deficit) equity	$ 2,590,609	$ 9,628,345

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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	2,837,898	1,171,233
Common stock, shares outstanding	2,837,898	1,171,233

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
OPERATING EXPENSES
General and administrative (net of insurance reimbursement of $0 and $1,250,000 during the three and six months ended June 30, 2023 - See Note 5)	$ 1,502,288	$ 1,948,700	$ 3,191,470	$ 2,364,151
Research and development	1,956,094	1,290,787	3,569,369	2,526,401
Total operating expenses	3,458,382	3,239,487	6,760,839	4,890,552
Loss from operations	(3,458,382)	(3,239,487)	(6,760,839)	(4,890,552)
OTHER INCOME (EXPENSE)
Interest expense	(11,002)		(11,002)
Other income	19,128	126,720	101,161	257,251
Total other income	8,126	126,720	90,159	257,251
Net loss	$ (3,450,256)	$ (3,112,767)	$ (6,670,680)	$ (4,633,301)
Basic net loss per share (in Dollars per share)	$ (1.75)	$ (2.66)	$ (4.24)	$ (3.96)
Basic weighted average common stock outstanding (in Shares)	1,977,093	1,171,233	1,574,163	1,171,233

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net of insurance reimbursement		$ 0		$ 1,250,000
Diluted net loss per share	$ (1.75)	$ (2.66)	$ (4.24)	$ (3.96)
Diluted weighted average common stock outstanding	1,977,093	1,171,233	1,574,163	1,171,233

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ (Deficit) Equity (Unaudited) - USD ($)	Common stock	Additional paid-in capital	Accumulated deficit	Total
Balance at Dec. 31, 2022	$ 12	$ 60,933,674	$ (44,354,627)	$ 16,579,059
Balance (in Shares) at Dec. 31, 2022	1,171,233
Stock-based compensation		140,583		140,583
Net loss			(1,520,534)	(1,520,534)
Balance at Mar. 31, 2023	$ 12	61,074,257	(45,875,161)	15,199,108
Balance (in Shares) at Mar. 31, 2023	1,171,233
Balance at Dec. 31, 2022	$ 12	60,933,674	(44,354,627)	16,579,059
Balance (in Shares) at Dec. 31, 2022	1,171,233
Net loss				(4,633,301)
Balance at Jun. 30, 2023	$ 12	61,292,514	(48,987,928)	12,304,598
Balance (in Shares) at Jun. 30, 2023	1,171,233
Balance at Mar. 31, 2023	$ 12	61,074,257	(45,875,161)	15,199,108
Balance (in Shares) at Mar. 31, 2023	1,171,233
Stock-based compensation		218,257		218,257
Net loss			(3,112,767)	(3,112,767)
Balance at Jun. 30, 2023	$ 12	61,292,514	(48,987,928)	12,304,598
Balance (in Shares) at Jun. 30, 2023	1,171,233
Balance at Dec. 31, 2023	$ 12	61,478,444	(59,544,135)	1,934,321
Balance (in Shares) at Dec. 31, 2023	1,171,233
Stock-based compensation		72,719		72,719
Net loss			(3,220,424)	(3,220,424)
Balance at Mar. 31, 2024	$ 12	61,551,163	(62,764,559)	(1,213,384)
Balance (in Shares) at Mar. 31, 2024	1,171,233
Balance at Dec. 31, 2023	$ 12	61,478,444	(59,544,135)	1,934,321
Balance (in Shares) at Dec. 31, 2023	1,171,233
Net loss				(6,670,680)
Balance at Jun. 30, 2024	$ 28	63,420,289	(66,214,815)	(2,794,498)
Balance (in Shares) at Jun. 30, 2024	2,837,898
Balance at Mar. 31, 2024	$ 12	61,551,163	(62,764,559)	(1,213,384)
Balance (in Shares) at Mar. 31, 2024	1,171,233
Common stock issued pursuant to public offering, net	$ 9	1,796,616		1,796,625
Common stock issued pursuant to public offering, net (in Shares)	937,034
Issuance of common stock upon exercise of pre-funded warrants	$ 7			7
Issuance of common stock upon exercise of pre-funded warrants (in Shares)	729,631
Stock-based compensation		72,510		72,510
Net loss			(3,450,256)	(3,450,256)
Balance at Jun. 30, 2024	$ 28	$ 63,420,289	$ (66,214,815)	$ (2,794,498)
Balance (in Shares) at Jun. 30, 2024	2,837,898

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (6,670,680)	$ (4,633,301)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	145,229	358,840
Change in operating assets and liabilities:
Prepaid expenses and other current assets	(233,047)	(469,003)
Accounts payable and accrued expenses	885,559	552,180
Litigation liability	(3,500,000)
Net cash used in operating activities	(9,372,939)	(4,191,284)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from public offering	2,249,993
Payments for issuance costs	(453,368)
Issuance of common stock upon exercise of pre-funded warrants	7
Proceeds from insurance financing agreement	502,798
Payments to insurance financing agreement	(197,274)
Net cash provided by financing activities	2,102,156
Net change in cash	(7,270,783)	(4,191,284)
Cash, beginning of period	9,141,512	18,995,284
Cash, end of period	$ 1,870,729	$ 14,804,000

Business, and Liquidity and Goi

Business, and Liquidity and Going Concern	6 Months Ended
	Jun. 30, 2024
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. On July 26, 2023, the Company formed Novvae Pharmaceuticals, Inc., a wholly owned subsidiary of the Company, in the state of Delaware, for the purpose of developing over the counter products. No activities with respect to Novvae Pharmaceuticals, Inc. have occurred since formation through the three and six months ended June 30, 2024. 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 $6.7 million and $4.6 million for the six months ended June 30, 2024 and 2023, respectively, and had an accumulated deficit of $66.2 million as of June 30, 2024. 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 5. Commitments and Contingencies, the Company has paid $6 million to Sorrento Therapeutics, Inc. (“Sorrento”), and Scilex Pharmaceuticals Inc. (“Scilex” and together with Sorrento, the “Plaintiffs”) pursuant to the terms of the settlement agreement that the Company entered into with the Plaintiffs on February 29, 2024 (the “Settlement Agreement”). The Company will need to raise additional capital to fund operations and, in addition, fund other required payments, if any, to its former Chief Executive Officer. Due to the Company’s continuing losses and cash position, there exists substantial doubt about the Company’s ability to continue as a going concern. The accompanying 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. Substantial additional financing 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. If the Company does not obtain financing, the Company may have to liquidate assets, initiate bankruptcy proceedings, or cease operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Summary of Significant 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, contingent liabilities, and the valuation of stock-based compensation. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ from those estimates. 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 Three Months Ended Six Months Ended 2024 2023 2024 2023 Equivalent common shares Stock options 226,221 218,078 226,221 218,078 Warrants 3,335,177 1,843 3,335,177 1,843 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 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 represent 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 limited 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 June 30, 2024, the Company had no uncertain income tax positions.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2024
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 consist of the following: June 30, December 31, Prepaid insurance $ 483,624 $ 136,241 Prepaid research and development 128,117 283,370 Other prepaid expenses and current assets 108,139 67,222 $ 719,880 $ 486,833

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2024
Accounts Payable and Accrued Expenses [Abstract]
Accounts Payable and Accrued Expenses	Note 4. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following: June 30, December 31, Accrued payroll $ 473,942 $ 493,780 Estimated separation expense 711,000 711,000 Insurance financing agreement 305,524 — Research and development expenses 1,026,898 143,071 Legal expenses 151,185 97,089 Professional fees 141,159 230,627 Other 75,399 18,457 $ 2,885,107 $ 1,694,024

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 5. 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 its former Chief Executive Officer, Anthony P. Mack (together, the “Defendants”), were named as defendants in a complaint (the “Complaint”) filed by the Plaintiffs in the Court of Chancery of the State of Delaware captioned Sorrento Therapeutics, Inc. and Scilex Pharmaceuticals Inc. v. Anthony Mack and Virpax Pharmaceuticals, Inc. In March 2023, the Company collected $1,250,000 in reimbursement of legal costs pursuant to the Company’s directors’ and officers’ insurance policy, and recorded it as a reduction of general and administrative expense on the condensed consolidated statements of operations. No further reimbursements are permitted from the insurance policy with respect to the litigation. On September 1, 2023, the Chancery Court issued a memorandum opinion addressing liability in the Action and found in favor of Plaintiffs on all but three counts, which the Court found were waived. The Chancery Court found it proper to attribute Mr. Mack’s knowledge and actions to the Company, which Mr. Mack used to effectuate the tortious interference and breach of fiduciary duty. The Chancery Court found that Mr. Mack breached the Restrictive Covenants Agreement he entered into with Sorrento by developing Epoladerm TM On October 18, 2023, in accordance with the Chancery Court’s supplemental briefing schedule, Plaintiffs filed their supplemental brief requesting the following relief: an injunction, in the first instance, enjoining Mr. Mack from having any relationship with Virpax for a period of 18 months and 27 days; enjoining Virpax from further developing or marketing Epoladerm for a period of 18 months and 27 days; alternatively, if these two injunction requests were not granted, Plaintiffs requested a judgement of joint and several liability against Mr. Mack and Virpax of $14,684,833. In addition to these requests for injunctive relief (or in, the alternative, damages), Plaintiffs sought a constructive trust over the revenues of Epoladerm, Probudur TM TM On November 29, 2023, in accordance with the Chancery Court’s supplemental briefing schedule, Defendants filed their supplement brief on damages rebutting Plaintiffs’ damages analysis. Throughout the brief, Defendants argued Plaintiffs failed to meet their burden to prove damages, and as such, should be precluded from any damages award. However, given the Court’s instruction, Defendants proffered a reasonable damages analysis as follows. As for the injunctive relief requested against Mr. Mack, the Company took no position, as the request was directed to Mr. Mack personally. Concerning Plaintiffs’ request for an injunction against further development of Epoladerm for a period of 18 months and 27 days On December 21, 2023, Plaintiffs filed their reply brief on damages, generally reasserting their prior arguments on damages and rebutting Defendants’ arguments. Plaintiffs also asserted they supported their damages claims with sufficient evidence. On February 29, 2024, the Plaintiffs and the Company entered into a Settlement Agreement to fully resolve all claims by the Plaintiffs against the Company related to the Action As settlement consideration, the Company agreed to pay Sorrento and Scilex a total cash payment of $6 million, of which $3.5 million was paid two business days after the date that the Settlement Order was entered by the Bankruptcy Court (the “Effective Date”), which payment was made on March 18, 2024 and the remaining $2.5 million was paid on July 8, 2024. Additionally, the Company agreed to pay to Plaintiffs royalties of 6% of annual net sales of products developed from drug candidates Epoladerm, Probudur and Envelta until the earlier of the expiration of the last-to-expire valid patent claim of such product and the expiration of any period of regulatory exclusivity for such product. Pursuant to the Settlement Agreement, each of the Plaintiffs and the Company provided mutual releases of all claims as of the Effective Date, whether known or unknown, arising from any allegations set forth in the Action. Plaintiffs’ release relates to claims against the Company only. Plaintiffs’ release as to the Company was effective upon the Company’s initial payment of $3.5 million, and the Company’s release of the Plaintiffs was effective on the Effective Date. The Plaintiffs can still pursue claims against Mr. Mack. The Company’s Bylaws require the Company to “indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Corporation) by reason of the fact that such person is or was a director or officer of the Corporation, or, while a director or officer of the Corporation.” Such indemnification, however, is limited to circumstances where the covered person “acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the Corporation….” Mr. Mack may attempt to claim he is entitled to indemnification, should the Court find him liable for damages in the Action. Given the findings in the Memorandum Opinion issued in the Action, the Company believes it has a strong position that Mr. Mack would not be entitled to indemnification. There is a risk, however, that a Court could find he is entitled to such indemnification. Additionally, per Section 7.6 of the Bylaws, the Company has been advancing Mr. Mack’s attorneys’ fees and costs for the Action. It is likely Mr. Mack will contend he is still entitled to advancement of any fees and/or costs for the Action going forward and may seek judicial intervention. However, as per the Bylaws, Mr. Mack is only entitled to advancement of expenses for indemnifiable actions. As noted above, given the Memorandum Opinion in the Action, the Company believes that it has a strong position that Mr. Mack is not entitled to indemnification, and therefore, not entitled to advancement of expenses. However, there is a risk that a Court could find that Mr. Mack is entitled to such advancement. Further, Mr. Mack may attempt to seek damages from the Company based on the Court’s final judgment on damages under the theory of joint and several liability and seek contribution from the Company for any monetary judgment. The Court is aware that Plaintiffs have settled with the Company and that the Settlement Agreement fully releases the Company from any claims or damages, the Plaintiff has against the Company, related to the Action. Given the Settlement Agreement does not release Mr. Mack from liability related to the Action, the Court has requested supplemental briefing as to whether the Court can dismiss the Company from the lawsuit, as well as any claims Mr. Mack has against the Company arising from the Action. While the Company believes that any damages assessed may be awarded against Mr. Mack alone, Plaintiffs cannot seek additional damages from Virpax. However, there is a risk that Mr. Mack will still seek contribution from the Company for any damages claim arising from the Action and, there is a risk that the Court will rule in Mr. Mack’s favor. Any such amounts for indemnification, contribution or other amounts awarded by the Court in Mr. Mack’s favor could be significant. No further reimbursements are permitted from our insurance policy with respect to the litigation. Accordingly, if Mr. Mack was successful in seeking indemnification from us, we would have to pay such amounts in cash which would further reduce our cash position. As of December 31, 2023, the Company had accrued $6.0 million with respect to the litigation. After the initial payment of $3.5 million to the Plaintiffs, as of June 30, 2024, the Company had an accrual of $2.5 million with respect to the litigation, which was paid as of July 8, 2024. Global Macroeconomic Environment The global macroeconomic environment could be negatively affected by, among other things, resurgence of 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 Ukraine, the war in the Middle East, 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 in the past 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. In addition, the licensor of Probudur that is conducting the development work for Probudur is located in Israel and could be impacted by the current Middle East crisis which could disrupt the development of Probudur. 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 the remainder of 2024 and potentially beyond. Anthony Mack Resignation On November 15, 2023, the Company accepted the resignation of Anthony P. Mack as Chief Executive Officer (“CEO”) and Chair of the Board of Directors (the “Board”) of the Company effective November 17, 2023. The resignation was not related to any disagreement with the Company on any matter relating to its operations, policies or practices. The Company was negotiating a separation agreement with Mr. Mack and has recorded estimated separation compensation related to the separation agreement of $711,000 which is included in accounts payable and accrued expenses as of June 30, 2024 and December 31, 2023. While the Company believes this estimated expense related to the separation agreement to be reasonably possible, actual results may materially vary from these estimates. As part of the consideration for the separation agreement, Mr. Mack will be expected to release, discharge and waive any rights to indemnification, and/or contribution related to the Action. The accrual does not include any amounts that the Company may be required to pay for indemnification claims or contribution that he may seek against the Company and such claims may be significant

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Stockholders Equity [Abstract]
Stockholders' Equity	Note 6. Stockholders’ Equity Overview Preferred Stock The Company’s current Certificate of Incorporation authorizes the issuance of preferred stock. The total number of shares of preferred stock which the Company is authorized to issue is 10,000,000, with a par value of $0.00001 per share. As of June 30, 2024 and December 31, 2023 there were no Common Stock The Company’s current Certificate of Incorporation 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 (the “Common Stock”). As of June 30, 2024 and December 31, 2023, there were 2,837,898 and 1,171,233 shares of Common Stock issued or outstanding, respectively. On February 29, 2024, the Company filed a certificate of amendment to the Company’s Amended and Restated Certificate of Incorporation for purposes of effecting a 1-for-10 reverse stock split (the “Reverse Split”) of the Company’s outstanding shares of Common Stock such that, effective upon March 1, 2024, the day after the filing thereof, every 10 issued and outstanding shares of the Company’s Common Stock were subdivided and reclassified into one validly issued, fully paid and non-assessable share of the Company’s Common Stock. All share and per share amounts in the condensed consolidated financial statements have been retroactively adjusted for all periods presented to give effect to the Reverse Split, including reclassifying $105 equal to the reduction in par value to additional paid-in capital. The Reverse Split affected all issued and outstanding shares of Common Stock, as well as Common Stock underlying stock options and warrants outstanding immediately prior to the effectiveness of the Reverse Split. On May 17, 2024 (the “Closing Date”), the Company consummated a public offering (the “Offering”) of an aggregate of (i) 937,034 shares (the “Shares”) of Common Stock, pre-funded warrants to purchase up to 729,633 shares of Common Stock (“Pre-Funded Warrants”), Series A-1 Common Stock purchase warrants (“Series A-1 Common Warrants”) to purchase up to 1,666,667 shares of Common Stock (“Series A-1 Warrant Shares”), and Series A-2 Common Stock purchase warrants (“Series A-2 Common Warrants” and together with the Series A-1 Common Warrants, the “Common Warrants”) to purchase up to 1,666,667 shares of Common Stock (“Series A-2 Warrant Shares” and together with the Series A-1 Warrant Shares, the “Common Warrant Shares”). Each Share and associated Series A-1 Common Warrant and Series A-2 Common Warrant to purchase an aggregate of two (2) Common Warrant Shares was sold at a combined public offering price of $1.35. Each Pre-Funded Warrant and associated Series A-1 Common Warrant and Series A-2 Common Warrant to purchase an aggregate of two (2) Common Warrant Shares was sold at a combined public offering price of $1.34999. The aggregate net proceeds from the Offering was approximately $1.8 million, after deducting placement agent fees and other offering expenses, which amounted to approximately $453,000. Warrants The following table sets forth activity with respect to the Company’s warrants to purchase common stock for the six months ended June 30, 2024: Number of Weighted Weighted- Contractual Outstanding, at January 1, 1,843 $ 117.84 3.4 Grants of warrants: Common 3,333,334 $ 1.35 Pre-funded 729,633 $ 0.00001 Exercised (1) (729,633 ) $ 0.00001 Forfeited — — Outstanding and Exercisable, at June 30, 3,335,177 $ 1.41 3.1 (1) A portion of the pre-funded warrants were exercised on a cashless basis, resulting in 2 shares being forfeited. In May 2024, the Company granted common warrants in connection with the Offering, those warrants had a relative fair value of approximately $1.1 million which was recorded to additional paid-in capital at the time of issuance. For the six months ended June 30, 2024, the valuation assumptions for warrants issued were estimated on the measurement date using the Black-Scholes option-pricing model with the following weighted-average assumptions: Expected term (years) 3.25 Risk-free interest rate 4.79 % Expected volatility 138.49 % Expected dividend yield — %

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 7. 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, had 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. 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 initially reserving 150,000 shares of the Company’s Common Stock for issuance under the 2022 Plan which was increased by 267,779 shares of Common Stock to 500,000 shares of Common Stock as of annual meeting of shareholders held on July 29, 2024, subject to initially a 2% annual increase which was increased to 5% as of the annual meeting of shareholders held on July 29, 2024 (similar to the 2017 Plan) pursuant to an “evergreen” provision in 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, as amended on July 29, 2024 reserves an aggregate of (i) 500,000 shares of the Company’s 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 5% 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 the Board. The 2022 Plan increased by 23,425 shares on January 1, 2024. 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. There are 89,401 shares available for future grant under the 2022 Plan at June 30, 2024. Under the 2022 Plan, the Company may grant equity-based awards to individuals who are employees, officers, directors, or consultants of the Company. Options issued under the 2022 Plan will generally expire ten years from the date of grant and vest over a one-year to three-year period. Total stock-based compensation, consists of the following: For the Three Months Ended For the Six Months Ended 2024 2023 2024 2023 General and administrative expense $ 39,240 $ 169,794 $ 90,821 $ 265,736 Research and development expense 33,270 48,463 54,408 93,104 $ 72,510 $ 218,257 $ 145,229 $ 358,840 The fair value of option awards is estimated using the Black-Scholes option-pricing model. The 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. The Company estimates its expected volatility by using a combination of historical share price volatilities of similar companies within its 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. Options granted under the 2022 Plan during the six months ended June 30, 2024 and 2023 were valued using the Black-Scholes option-pricing model with the following weighted-average assumptions: For the Six Months Ended 2024 2023 Expected term (years) 5.87 5.46 Risk-free interest rate 3.99 % 3.67 % Expected volatility 124.83 % 113.12 % Expected dividend yield — % — % The following is a summary of stock option activity under the Company’s stock option Plans for the six months ended June 30, 2024: Number of Weighted Weighted- Contractual Aggregate Options outstanding at January 1, 2024 175,686 34.60 — — Forfeited (15,465 ) 77.67 — — Exercised — — — — Granted 66,000 3.18 Options outstanding at June 30, 2024 226,221 22.49 8.2 — Options exercisable at June 30, 2024 126,972 35.54 7.4 — The weighted-average grant-date fair value of stock options granted during the six months ended June 30, 2024 and 2023 was $2.83 and $7.00, respectively. As of June 30, 2024, there was $363,200 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 1.2 years.

Research and Development and Li

Research and Development and License Agreements	6 Months Ended
	Jun. 30, 2024
Research and Development and License Agreements [Abstract]
Research and Development and License Agreements	Note 8. 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. The Company is 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 the Company 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. Lipocure met the development milestone of $300,000 in the third quarter of 2023 for successfully completing a formulation for the Licensed Product. The Company paid $150,000 in the third quarter of 2023 and paid the balance in the fourth quarter of 2023. 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 Envelta, 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 (“PTSD”). 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 it enters 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 August 7, 2020, the Company entered into a collaboration and license agreement with Nanomerics (the “Nanomerics License Agreement”) for the exclusive North American license to develop and commercialize a High-Density Molecular Masking Spray (AnQlar) as an anti-viral barrier to prevent or reduce the risk or the intensity of viral infections in humans. Under the Nanomerics License Agreement, the Company was required to make royalty payments and milestone payments upon the achievement of specified development and commercial milestones, and sublicense fees for any sublicense relationships we enter into subsequent to the Nanomerics License Agreement (any patent that issues from the currently filed provisional patent application would expire on August 24, 2041). 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 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. Nanomerics License Agreement (NobrXiol™, formerly VRP324) On September 17, 2021, we 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, Lennox-Gastaut syndrome and Dravet syndrome in patients two years of age and older. Under the Nanomerics License Agreement – NobrXiol, we are required to make royalty payments within a range of 5% to 15% of annual net sales of royalty qualifying products. Our obligation to pay royalties, on a country-by-country basis, shall commence on the date of first commercial sale of licensed products (as defined in the Nanomerics License Agreement – NobrXiol) and shall expire with respect to each separate licensed product, on the latest to occur of (a) the fifteen (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. We paid an upfront milestone payment upon signing of $200,000 and are 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 we enter into subsequent to the Nanomerics License Agreement – NobrXiol (any patent that issues from the currently filed PCT patent application would expire on September 9, 2043). We have the right to terminate the Nanomerics License Agreement – NobrXiol upon one hundred and eighty (180) days’ prior written notice to Nanomerics. Upon termination, we 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 we conclude in writing to Nanomerics that the study aim has not been achieved or we notify Nanomerics that we have decided against proceeding with a Phase 3 Clinical trial. On April 21, 2022, the Company 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 - NobrXiol, the Company paid and incurred a milestone payment of $500,000 upon meeting this study aim in April 2022. Research Agreements Yissum On January 31, 2023, the Company entered into an Agreement for Rendering of Research Services with Yissum Research Development Company of the Hebrew University of Jerusalem Ltd (“Yissum”) for optimization of the Liposomal Bupivacaine formulation (Probudur) and to increase stability for manufacturing purposes. 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). On January 1, 2024, the Company entered into an Agreement for Rendering of Research Services with Yissum for additional work on formulation, method development, animal studies and patent related work. In consideration for the research services, the Company will pay research service fees of $343,467 in four equal quarterly installments. The Company may terminate the agreement at any time and will only be responsible to pay Yissum for work performed through the date of termination. The Company incurred $85,867 and $81,500 in research and development expenses, respectively, for the three months ended June 30, 2024 and 2023 associated with these Yissum agreements. The Company incurred $171,734 and $163,000 in research and development expenses respectively for the six months ended June 30, 2024 and 2023 associated with these Yissum agreements. Lipocure On February 1, 2023, the Company entered into an Agreement for Rendering of Research Services with Lipocure for optimization of the Liposomal Bupivacaine formulation, manufacture of pre-clinical batches including batches for stability testing, animal studies, toxicology, and patent related work. 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), as well as reasonable pass-through expenses. On March 27, 2024, the Company entered into an Agreement for Rendering of Research Services (the “January 2024 Lipocure Research Agreement”) with Lipocure for optimization of the Liposomal Bupivacaine formulation, manufacture of pre-clinical and GMP batches including method development, stability testing, animal studies and toxicology work. In consideration for the research services, the Company will pay research service fees of $1,845,260 in twelve equal installments, as well as pass-through expenses for manufacturing site and GMP lab modification and preparation for GMP manufacturing. 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 and any non-cancellable contract cost. The Company incurred $704,182 and $321,500 in research and development expenses, respectively, for the three months ended June 30, 2024 and 2023 associated with these Lipocure agreements. The Company incurred $1,415,497 and $643,000 in research and development expenses, respectively, for the six months ended June 30, 2024 and 2023 associated with these Lipocure agreements. 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, Envelta, an intranasal peptide, to control severe pain, including post 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, an extension is currently being negotiated. 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 Envelta as a novel analgesic to control severe pain, including post cancer pain, and for studies to further develop Envelta through 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 Envelta dosage form. As of August 8, 2024 the Company has not received any Go/No Go notifications from NCATS. With respect to NCATS rights to any invention made solely by an NCATS employee(s) or made jointly by an NCATS employee(s) and the Company’s 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, it grants 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 as a potential novel analgesic for battlefield injury-induced pain solution. The research project will evaluate the analgesic effectiveness and physiologic effects of Probudur. The initial term of this agreement was to expire on September 30, 2023 unless it was revised by mutual written agreement. The CRADA was modified and signed on October 10, 2023, and extended the terms of the agreement until September 2024. 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	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 9. Subsequent Events The Company has evaluated subsequent events from the balance sheet date through August 12, 2024. Securities Purchase Agreement On July 5, 2024, the Company entered into a Securities Purchase Agreement, dated July 5, 2024 (the “Purchase Agreement”), with an institutional investor (the “Investor”) pursuant to which, on July 5, 2024, the Company issued to the Investor a senior secured promissory note in the principal amount of $2.5 million (the “Secured Note”) for $2.5 million (the “Subscription Amount”). This transaction is referred to as the “Financing.” The Company used the proceeds from the Financing to finance the satisfaction of its liabilities with respect to the litigation captioned Sorrento Therapeutics, Inc. and Scilex Pharmaceuticals Inc. v. Anthony Mack and Virpax Pharmaceuticals, Inc., as noted in Note 5. The Secured Note bore interest at the rate of 18% per annum with the principal and accrued interest due in full on December 31, 2025. In order to secure the Company’s obligations under the Secured Note, the Company entered into a Security Agreement, dated July 5, 2024 (the “Security Agreement”), granting the Investor a security interest in substantially all of the Company’s personal property and assets, including its intellectual property. The Secured Note contained customary events of default. If an event of default occurs, the Investor may accelerate the indebtedness under the Secured Note, in an amount equal to 110% of the outstanding principal amount and accrued and unpaid interest plus liquidated damages and other amounts, costs, expenses and/or liquidated damages due under or in respect of the Secured Note, if any. The Secured Note was repaid in full on July 25, 2024. The Purchase Agreement provides that it was a condition of the closing of the Financing that not less than five of the current members of the Company’s Board of Directors resign and that four nominees designated by the Investor be appointed to the Board of Directors. As a result, effective as of the closing of the Financing, (i) each of Barbara Ruskin, Jerrold Sendrow, Jeffrey Gudin, Thani Jambulingam and Michael F. Dubin resigned as directors of the Company, and (ii) the Company’s Board of Directors appointed Judy Su as a Class I Director, Jatinder Dhaliwal and Katharyn Field as Class II directors, and Gary Herman as a Class III director of the Company. The Purchase Agreement also provides that the Company and Investor will negotiate in good faith in order to agree upon and consummate an equity or debt financing (a “Subsequent Financing”) of not less than $5.0 million as soon as practicable after the closing date of the Financing and that (i) the Investor shall have the exclusive right to negotiate the terms of and consummate any Subsequent Financing until September 30, 2024 on terms no less favorable than a third party would offer; and (ii) in any event, the Investor shall have a right of refusal with respect to any Subsequent Financing that may be consummated by any third-party on or before September 30, 2024. In the event that a Subsequent Financing of at least $5.0 million is not Exercise of Common Warrants

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,450,256)	$ (3,220,424)	$ (3,112,767)	$ (1,520,534)	$ (6,670,680)	$ (4,633,301)

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2024
Summary of Significant 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, contingent liabilities, and the valuation of stock-based compensation. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ from those estimates. 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 Three Months Ended Six Months Ended 2024 2023 2024 2023 Equivalent common shares Stock options 226,221 218,078 226,221 218,078 Warrants 3,335,177 1,843 3,335,177 1,843
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 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 represent 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 limited 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 June 30, 2024, the Company had no uncertain income tax positions.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract]
Schedule of Antidilutive Due to the Net Loss	. Equivalent common shares are excluded from the calculation of diluted net loss per share since their effect is antidilutive due to the net loss of the Company which consisted of the following: Three Months Ended Six Months Ended 2024 2023 2024 2023 Equivalent common shares Stock options 226,221 218,078 226,221 218,078 Warrants 3,335,177 1,843 3,335,177 1,843

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Prepaid Expenses and Other Current Assets [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following: June 30, December 31, Prepaid insurance $ 483,624 $ 136,241 Prepaid research and development 128,117 283,370 Other prepaid expenses and current assets 108,139 67,222 $ 719,880 $ 486,833

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2024
Accounts Payable and Accrued Expenses [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consist of the following: June 30, December 31, Accrued payroll $ 473,942 $ 493,780 Estimated separation expense 711,000 711,000 Insurance financing agreement 305,524 — Research and development expenses 1,026,898 143,071 Legal expenses 151,185 97,089 Professional fees 141,159 230,627 Other 75,399 18,457 $ 2,885,107 $ 1,694,024

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders Equity [Abstract]
Schedule of Warrants to Purchase Common Stock	The following table sets forth activity with respect to the Company’s warrants to purchase common stock for the six months ended June 30, 2024: Number of Weighted Weighted- Contractual Outstanding, at January 1, 1,843 $ 117.84 3.4 Grants of warrants: Common 3,333,334 $ 1.35 Pre-funded 729,633 $ 0.00001 Exercised (1) (729,633 ) $ 0.00001 Forfeited — — Outstanding and Exercisable, at June 30, 3,335,177 $ 1.41 3.1 (1) A portion of the pre-funded warrants were exercised on a cashless basis, resulting in 2 shares being forfeited.
Schedule of the Valuation Assumptions for Warrants Issued	For the six months ended June 30, 2024, the valuation assumptions for warrants issued were estimated on the measurement date using the Black-Scholes option-pricing model with the following weighted-average assumptions: Expected term (years) 3.25 Risk-free interest rate 4.79 % Expected volatility 138.49 % Expected dividend yield — %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Stock-Based Compensation [Abstract]
Schedule of Stock Based Compensation	Total stock-based compensation, consists of the following: For the Three Months Ended For the Six Months Ended 2024 2023 2024 2023 General and administrative expense $ 39,240 $ 169,794 $ 90,821 $ 265,736 Research and development expense 33,270 48,463 54,408 93,104 $ 72,510 $ 218,257 $ 145,229 $ 358,840
Schedule of Options Granted under Black-Scholes Option-Pricing Model with Weighted-Average Assumptions	Options granted under the 2022 Plan during the six months ended June 30, 2024 and 2023 were valued using the Black-Scholes option-pricing model with the following weighted-average assumptions: For the Six Months Ended 2024 2023 Expected term (years) 5.87 5.46 Risk-free interest rate 3.99 % 3.67 % Expected volatility 124.83 % 113.12 % Expected dividend yield — % — %
Schedule of Stock Option Activity	The following is a summary of stock option activity under the Company’s stock option Plans for the six months ended June 30, 2024: Number of Weighted Weighted- Contractual Aggregate Options outstanding at January 1, 2024 175,686 34.60 — — Forfeited (15,465 ) 77.67 — — Exercised — — — — Granted 66,000 3.18 Options outstanding at June 30, 2024 226,221 22.49 8.2 — Options exercisable at June 30, 2024 126,972 35.54 7.4 —

Business, and Liquidity and G_2

Business, and Liquidity and Going Concern (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Business, and Liquidity and Going Concern [Line Items]
Net loss	$ (3,450,256)	$ (3,220,424)	$ (3,112,767)	$ (1,520,534)	$ (6,670,680)	$ (4,633,301)
Accumulated deficit	$ (66,214,815)				(66,214,815)		$ (59,544,135)
Payment of settle agreement					3,500,000
Sorrento Therapeutics, Inc.[Member]
Business, and Liquidity and Going Concern [Line Items]
Payment of settle agreement					$ 6,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Summary of Significant Accounting Policies [Abstract]
Cash exceeded federally insured limits	$ 1.6	$ 8.9
Largest amount of tax rate	50%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - Schedule of Antidilutive Due to the Net Loss - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock options [Member]
Schedule of Antidilutive Due to the Net Loss [Line Items]
Antidilutive equivalent common shares	226,221	218,078	226,221	218,078
Warrants [Member]
Schedule of Antidilutive Due to the Net Loss [Line Items]
Antidilutive equivalent common shares	3,335,177	1,843	3,335,177	1,843

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - Schedule of Prepaid Expenses and Other Current Assets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Prepaid Expenses and Other Current Assets [Abstract]
Prepaid insurance	$ 483,624	$ 136,241
Prepaid research and development	128,117	283,370
Other prepaid expenses and current assets	108,139	67,222
Total prepaid expenses and other current assets	$ 719,880	$ 486,833

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - Schedule of Accounts Payable and Accrued Expenses - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Schedule of Accounts Payable and Accrued Liabilities [Abstract]
Accrued payroll	$ 473,942	$ 493,780
Estimated separation expense	711,000	711,000
Insurance financing agreement	305,524
Research and development expenses	1,026,898	143,071
Legal expenses	151,185	97,089
Professional fees	141,159	230,627
Other	75,399	18,457
Total accounts payable and accrued liabilities	$ 2,885,107	$ 1,694,024

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)				1 Months Ended		3 Months Ended	6 Months Ended
	Jul. 08, 2024	Nov. 29, 2023	Oct. 18, 2023	Nov. 29, 2023	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Commitments and Contingencies [Line Items]
Insurance reimbursement amount					$ 1,250,000	$ 0		$ 1,250,000
Several liability arrangement			$ 14,684,833
Net sales of epoladerm			5%
Net sales of envelta			7.50%
Trade amount		$ 6,700,000	$ 13,400,000
Development of epoladerm				18 months 27 days
Proffered documents (in Shares)		1,182		1,182
Several liability		$ 28,382
Litigation settlement							$ 3,500,000
Royalties annual net sales percentage							6%
Initial payment							$ 3,500,000
Accrued litigation							2,500,000		$ 6,000,000
Accrual litigation							2,500,000
Bankruptcy Court [Member]
Commitments and Contingencies [Line Items]
Litigation settlement							6,000,000
Minimum [Member]
Commitments and Contingencies [Line Items]
Net sales of probudur			8%
Royalty rate		1%
Maximum [Member]
Commitments and Contingencies [Line Items]
Net sales of probudur			11%
Royalty rate		3%
Misuse of Scilex [Member]
Commitments and Contingencies [Line Items]
Trade amount			$ 1,300,000
Subsequent Event [Member]
Commitments and Contingencies [Line Items]
Litigation settlement	$ 2,500,000
Mr Mack and Virpax [Member]
Commitments and Contingencies [Line Items]
Trade amount			$ 6,700,000
Estimated separation expense.							711,000		$ 711,000
Litigation [Member]
Commitments and Contingencies [Line Items]
Initial payment							$ 3,500,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)		6 Months Ended
	Feb. 29, 2024	Jun. 30, 2024	Jun. 30, 2023	May 17, 2024	Mar. 01, 2024	Dec. 31, 2023
Stockholders’ Equity [Line Items]
Preferred stock, shares authorized		10,000,000				10,000,000
Preferred stock, par value (in Dollars per share)		$ 0.00001				$ 0.00001
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, shares authorized		100,000,000				100,000,000
Common stock, par value (in Dollars per share)		$ 0.00001				$ 0.00001
Common stock, shares issued		2,837,898				1,171,233
Common stock, shares outstanding		2,837,898				1,171,233
Reverse stock spilt, description	1-for-10
Additional paid-in capital reverse split (in Dollars)		$ 105
Offering price per share (in Dollars per share)				$ 1.34999
Net proceeds from publice offerings (in Dollars)		2,249,993
Agent Fees and other offering expenses (in Dollars)		$ 453,000
Forfeited shares		2
Fair value (in Dollars)		$ 1,100,000
Pre-Funded Warrants [Member]
Stockholders’ Equity [Line Items]
Warrants purchase shares				729,633
Series A-1 Warrant Shares [Member]
Stockholders’ Equity [Line Items]
Warrants purchase shares				1,666,667
Series A-2 Warrant Shares [Member]
Stockholders’ Equity [Line Items]
Warrants purchase shares				1,666,667
Common Warrant Shares [Member]
Stockholders’ Equity [Line Items]
Offering price per share (in Dollars per share)				$ 1.35
Common Stock [Member]
Stockholders’ Equity [Line Items]
Common stock, shares issued				937,034	10
Common stock, shares outstanding					10
IPO [Member]
Stockholders’ Equity [Line Items]
Net proceeds from publice offerings (in Dollars)		$ 1,800,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Schedule of Warrants to Purchase Common Stock - Warrants [Member] - $ / shares			6 Months Ended
		Dec. 31, 2023	Jun. 30, 2024
Schedule of Warrants to Purchase Common Stock [Line Items]
Number of Shares, Grants of warrants:
Weighted Average Exercise Price, Grants of warrants:
Number of Shares, Common			3,333,334
Weighted Average Exercise Price, Common			$ 1.35
Number of Shares, Pre-funded			729,633
Weighted Average Exercise Price, Pre-funded			$ 0.00001
Number of Shares, Exercised	[1]		(729,633)
Weighted Average Exercise Price, Exercised	[1]		$ 0.00001
Number of Shares, Forfeited
Weighted Average Exercise Price, Forfeited
Number of Shares, Outstanding and Exercisable Balance		1,843	3,335,177
Weighted Average Exercise Price, Outstanding and Exercisable		$ 117.84	$ 1.41
Weighted- Average Remaining Contractual Term (Years), Outstanding and Exercisable Balance		3 years 4 months 24 days	3 years 1 month 6 days
[1] A portion of the pre-funded warrants were exercised on a cashless basis, resulting in 2 shares being forfeited.

Stockholders' Equity (Details_2

Stockholders' Equity (Details) - Schedule of the Valuation Assumptions for Warrants Issued - Black-Scholes Option-Pricing Model [Member]	Jun. 30, 2024
Expected term (years) [Member]
Schedule of the Valuation Assumptions for Warrants Issued [Line Items]
Valuation assumption of warrant	3.25
Risk-free interest rate [Member]
Schedule of the Valuation Assumptions for Warrants Issued [Line Items]
Valuation assumption of warrant	4.79
Expected volatility [Member]
Schedule of the Valuation Assumptions for Warrants Issued [Line Items]
Valuation assumption of warrant	138.49
Expected dividend yield [Member]
Schedule of the Valuation Assumptions for Warrants Issued [Line Items]
Valuation assumption of warrant

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)		6 Months Ended
	Jul. 29, 2024	Jun. 30, 2024	Jun. 30, 2023	Jan. 01, 2024
Stock-Based Compensation [Line Items]
Unrecognized compensation costs (in Dollars)		$ 363,200
Recognized over a weighted average period		1 year 2 months 12 days
Stock Option [Member]
Stock-Based Compensation [Line Items]
Weighted-average grant-date fair value of stock options (in Dollars per share)		$ 2.83	$ 7
2022 Plan [Member]
Stock-Based Compensation [Line Items]
Common stock issuance				23,425
Percentage of annual increase		5%
2022 Plan [Member] | Subsequent Event [Member]
Stock-Based Compensation [Line Items]
Common stock issuance	500,000
2022 Plan [Member] | Minimum [Member] | Subsequent Event [Member]
Stock-Based Compensation [Line Items]
Common stock issuance	267,779
Percentage of annual increase	2%
2022 Plan [Member] | Maximum [Member] | Subsequent Event [Member]
Stock-Based Compensation [Line Items]
Percentage of annual increase	5%
2022 Plan [Member] | Common Stock [Member] | Subsequent Event [Member]
Stock-Based Compensation [Line Items]
Common stock issuance	150,000
2022 Equity Incentive Plan [Member]
Stock-Based Compensation [Line Items]
Future grant available shares		89,401
2022 Equity Incentive Plan [Member] | Maximum [Member] | Subsequent Event [Member]
Stock-Based Compensation [Line Items]
Common stock issuance	500,000

Stock-Based Compensation (Det_2

Stock-Based Compensation (Details) - Schedule of Stock Based Compensation - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 72,510	$ 218,257	$ 145,229	$ 358,840
General and Administrative Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	39,240	169,794	90,821	265,736
Research and Development Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 33,270	$ 48,463	$ 54,408	$ 93,104

Stock-Based Compensation (Det_3

Stock-Based Compensation (Details) - Schedule of Options Granted under Black-Scholes Option-Pricing Model with Weighted-Average Assumptions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Expected term (years)	5 years 10 months 13 days	5 years 5 months 15 days
Risk-free interest rate	3.99%	3.67%
Expected volatility	124.83%	113.12%
Expected dividend yield

Stock-Based Compensation (Det_4

Stock-Based Compensation (Details) - Schedule of Stock Option Activity - Stock Options [Member]		6 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares
Schedule of Stock Option Activity [Line Items]
Number of Shares, Forfeited | shares		(15,465)
Weighted- Average Exercise Price, Forfeited | $ / shares		$ 77.67
Weighted- Average Remaining Contractual Term, Cancelled
Number of Shares Exercised | shares
Weighted- Average Exercise Price,Exercised | $ / shares
Weighted- Average Remaining Contractual Term, Exercised
Aggregate Intrinsic Value, Exercised | $
Number of Shares, Granted | shares		66,000
Weighted- Average Exercise Price, Granted | $ / shares		$ 3.18
Weighted- Average Remaining Contractual Term, Granted
Aggregate Intrinsic Value, Granted | $
Number of Shares Options outstanding, balance | shares	175,686	226,221
Weighted Average Exercise Price, Options outstanding, balance | $ / shares	$ 34.6	$ 22.49
Weighted Average Remaining Contractual Term, Options outstanding, balance		8 years 2 months 12 days
Aggregate Intrinsic Value, Options outstanding, balance | $
Number of Shares, Options exercisable | shares		126,972
Weighted- Average Exercise Price, Options exercisable | $ / shares		$ 35.54
Weighted- Average Remaining Contractual Term, Options exercisable		7 years 4 months 24 days
Aggregate Intrinsic Value, Options exercisable | $

Research and Development and _2

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

3 Months Ended

6 Months Ended

Mar. 27, 2024 USD ($)

Jan. 01, 2024 USD ($)

Feb. 01, 2023 USD ($)

Jan. 31, 2023 USD ($)

Apr. 21, 2022 USD ($)

Mar. 09, 2022 USD ($)

Sep. 17, 2021 USD ($)

Mar. 19, 2018 USD ($)

Jun. 06, 2017 GBP (£)

Jun. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Jun. 30, 2023 USD ($)

Jun. 30, 2024 USD ($)

Jun. 30, 2023 USD ($)

Mar. 31, 2022 USD ($)

Research and Development and License Agreements [Line Items]

Aggregate milestone payments

$ 19,800,000

$ 150,000

Upfront fee

$ 1,845,260

$ 343,467

$ 321,500

$ 81,500

Notice period for terminating

90 days

Nonrefundable fees

$ 1,500,000

Research and development expenses

$ 1,956,094

$ 1,290,787

$ 3,569,369

$ 2,526,401

License [Member]

Research and Development and License Agreements [Line Items]

Aggregate milestone payments

$ 300,000

MedPharm License Agreement [Member]

Research and Development and License Agreements [Line Items]

Aggregate milestone payments | £

£ 1,150

Lipocure Agreement [Member]

Research and Development and License Agreements [Line Items]

Upfront fee

$ 1,286,000

$ 150,000

Research and development expenses

704,182

321,500

1,415,497

643,000

Nanomerics Collaboration Agreement [Member]

Research and Development and License Agreements [Line Items]

Aggregate milestone payments

103,000,000

Amended Nanomerics License Agreement [Member]

Research and Development and License Agreements [Line Items]

Aggregate milestone payments

$ 5,500,000

Additional milestone payments

999,999

Nanomerics License Agreement [Member]

Research and Development and License Agreements [Line Items]

Upfront milestone payment

$ 200,000

Milestone payments

$ 500,000

Yissum Research Agreement [Member]

Research and Development and License Agreements [Line Items]

Upfront fee

$ 326,000

Research and development expenses

$ 85,867

$ 81,500

$ 171,734

$ 163,000

Commercial Milestone [Member] | Amended Nanomerics License Agreement [Member]

Research and Development and License Agreements [Line Items]

Aggregate milestone payments

$ 112,500,000

Commercial Milestone [Member] | Nanomerics License Agreement [Member]

Research and Development and License Agreements [Line Items]

Royalty payments

$ 41,000,000

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

Research and Development and License Agreements [Line Items]

Profit share arrangement percentage

30%

Percentage of royalties

5%

Minimum [Member] | Nanomerics License Agreement [Member]

Research and Development and License Agreements [Line Items]

Percentage of royalties

5%

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

Research and Development and License Agreements [Line Items]

Profit share arrangement percentage

40%

Percentage of royalties

15%

Maximum [Member] | Nanomerics License Agreement [Member]

Research and Development and License Agreements [Line Items]

Percentage of royalties

15%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jul. 18, 2024	Jul. 05, 2024
Subsequent Event [Member]
Subsequent Event [Line Items]
Financing caost			$ 5
Gross proceeds		$ 2.8
Subsequent Event [Member] | Series A-1 Common Warrants [Member]
Subsequent Event [Line Items]
Exercised shares (in Shares)		513,850
Subsequent Event [Member] | Series A-2 Common Warrants [Member]
Subsequent Event [Line Items]
Exercised shares (in Shares)		1,535,833
Subsequent Event [Member] | Secured Note [Member] | Senior Secured Promissory Note [Member]
Subsequent Event [Line Items]
Senior secured promissory note			$ 2.5
Interest rate			18%
Percentage of outstanding principal			110%
Subsequent Event [Member] | Secured Note [Member] | Secured Note [Member]
Subsequent Event [Line Items]
Senior secured promissory note			$ 2.5
Subsequent Event [Member] | Investor [Member]
Subsequent Event [Line Items]
Exercised shares (in Shares)		2,049,683
Forecast [Member] | Investor [Member]
Subsequent Event [Line Items]
Financing caost	$ 5