Hoth Therapeutics (HOTH) 10-Q 11 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 09, 2023
Document Information Line Items
Entity Registrant Name	Hoth Therapeutics, Inc.
Trading Symbol	HOTH
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		3,302,113
Amendment Flag	false
Entity Central Index Key	0001711786
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38803
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	82-1553794
Entity Address, Address Line One	1 Rockefeller Plaza
Entity Address, Address Line Two	Suite 1039
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10020
City Area Code	(646)
Local Phone Number	756-2997
Title of 12(b) Security	Common Stock, $0.0001 par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash	$ 11,544,802	$ 6,428,611
Marketable equity securities, at fair value	24,567	209,320
Prepaid expenses	314,881	88,450
Total current assets	11,884,250	6,726,381
Investment in joint ventures at fair value	33,000	33,000
Total assets	11,917,250	6,759,381
Current liabilities:
Accounts payable	520,658	694,989
Accrued expenses	1,161,680	667,742
Accrued license fee - current portion	33,750	25,000
Total current liabilities	1,716,088	1,387,731
Accrued license fee - less current portion	250,000	250,000
Total liabilities	1,966,088	1,637,731
Commitments and contingencies (Note 6)
Stockholders' equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2023 and December 31, 2022
Common stock, $0.0001 par value, 50,000,000 shares authorized, 3,302,113 and 1,302,113 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	330	130
Additional paid-in capital	59,130,198	50,198,630
Accumulated deficit	(49,155,654)	(45,099,116)
Accumulated other comprehensive income (loss)	(23,712)	22,006
Total stockholders' equity	9,951,162	5,121,650
Total liabilities and stockholders' equity	$ 11,917,250	$ 6,759,381

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	3,302,113	1,302,113
Common stock, shares outstanding	3,302,113	1,302,113

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating costs and expenses
Research and development	$ 640,959	$ 971,182	$ 1,531,804	$ 1,919,561
Research and development - licenses acquired (including stock-based compensation)	11,243	36,453	59,276	77,725
Compensation and related expenses (including stock-based compensation)	518,476	515,090	814,040	1,472,859
Professional fees (including stock-based compensation)	483,883	523,595	1,100,258	1,010,296
Rent	7,897	15,591	23,017	29,487
Other general and administrative expenses	46,171	237,636	373,051	450,313
Total operating expenses	1,708,629	2,299,547	3,901,446	4,960,241
Loss from operations	(1,708,629)	(2,299,547)	(3,901,446)	(4,960,241)
Other expense, net
Unrealized gain (loss) on marketable securities	(165,950)	(216,127)	(184,753)	(194,179)
Realized gain (loss) on marketable securities		(158,636)		(158,635)
Change in fair value of investments in joint ventures		(22,600)		(22,600)
Dividend income	1,548	19,579	29,661	45,132
Other income, net		(262)		41,423
Total other income, net	(164,402)	(378,046)	(155,092)	(288,859)
Net loss	(1,873,031)	(2,677,593)	(4,056,538)	(5,249,100)
Other comprehensive income
Foreign currency translation adjustment	(51,088)	14,230	(45,718)	10,500
Total comprehensive loss	$ (1,924,119)	$ (2,663,363)	$ (4,102,256)	$ (5,238,600)
Net loss per share - basic and diluted (in Dollars per share)	$ (0.57)	$ (2.16)	$ (1.4)	$ (4.77)
Weighted average number of common shares outstanding, basic and diluted (in Shares)	3,302,113	1,241,398	2,894,732	1,100,990

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net loss per share diluted	$ (0.57)	$ (2.16)	$ (1.40)	$ (4.77)
Weighted average number of common shares outstanding, diluted	3,302,113	1,241,398	2,894,732	1,100,990

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2021	$ 2,398	$ 43,589,471	$ (33,727,163)	$ 17,586	$ 9,882,292
Balance (in Shares) at Dec. 31, 2021	959,009
Stock-based compensation		592,976			592,976
Stock-based compensation (in Shares)	48
Issuance of common stock (net of offering costs of $1,014,896)	$ 823	5,984,280			5,985,103
Issuance of common stock (net of offering costs of $1,014,896) (in Shares)	329,412
Cumulative translation adjustment				10,500	10,500
Cumulative translation adjustment (in Shares)
Net loss			(5,249,100)		(5,249,100)
Balance at Jun. 30, 2022	$ 3,221	50,166,727	(38,976,263)	28,086	11,221,771
Balance (in Shares) at Jun. 30, 2022	1,288,469
Balance at Mar. 31, 2022	$ 2,398	44,166,909	(36,298,670)	13,856	7,884,493
Balance (in Shares) at Mar. 31, 2022	959,033
Stock-based compensation		15,538			15,538
Stock-based compensation (in Shares)	24
Issuance of common stock (net of offering costs of $1,014,896)	$ 823	5,984,280			5,985,103
Issuance of common stock (net of offering costs of $1,014,896) (in Shares)	329,412
Cumulative translation adjustment				14,230	14,230
Cumulative translation adjustment (in Shares)
Net loss			(2,677,593)		(2,677,593)
Balance at Jun. 30, 2022	$ 3,221	50,166,727	(38,976,263)	28,086	11,221,771
Balance (in Shares) at Jun. 30, 2022	1,288,469
Balance at Dec. 31, 2022	$ 130	50,198,630	(45,099,116)	22,006	5,121,650
Balance (in Shares) at Dec. 31, 2022	1,302,113
Exercise of warrants	$ 186	1,674			1,860
Exercise of warrants (in Shares)	1,860,000
Stock-based compensation		20,378			20,378
Stock-based compensation (in Shares)
Common stock and warrants issued in private placement, net of offering costs	$ 14	8,909,516			8,909,530
Common stock and warrants issued in private placement, net of offering costs (in Shares)	140,000
Cumulative translation adjustment				(45,718)	(45,718)
Cumulative translation adjustment (in Shares)
Net loss			(4,056,538)		(4,056,538)
Balance at Jun. 30, 2023	$ 330	59,130,198	(49,155,654)	(23,712)	9,951,162
Balance (in Shares) at Jun. 30, 2023	3,302,113
Balance at Mar. 31, 2023	$ 330	59,120,450	(47,282,623)	27,376	11,865,533
Balance (in Shares) at Mar. 31, 2023	3,302,113
Stock-based compensation		9,748			9,748
Stock-based compensation (in Shares)
Cumulative translation adjustment				(51,088)	(51,088)
Cumulative translation adjustment (in Shares)
Net loss			(1,873,031)		(1,873,031)
Balance at Jun. 30, 2023	$ 330	$ 59,130,198	$ (49,155,654)	$ (23,712)	$ 9,951,162
Balance (in Shares) at Jun. 30, 2023	3,302,113

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) (Parentheticals) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Issuance of common stock net of offering costs	$ 1,014,896	$ 1,014,896

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (4,056,538)	$ (5,249,100)
Adjustments to reconcile net loss to net cash used in operating activities:
Research and development-acquired license, expensed	8,750	61,453
Change in fair value of investments in joint ventures		22,600
Stock-based compensation	20,378	592,976
Realized loss on marketable securities		194,179
Unrealized loss on marketable securities	184,753	158,635
Changes in operating assets and liabilities:
Prepaid expenses	(227,391)	(101,090)
Accounts payable and accrued expenses	330,933	(38,762)
Net cash used in operating activities	(3,739,115)	(4,359,109)
Cash flows from investing activities
Purchase of research and development licenses		(76,453)
Sale of marketable securities		1,235,696
Net cash provided by investing activities		1,159,243
Cash flows from financing activities
Proceeds from issuance common stock, common stock warrants and prefunded warrants, net of offering costs	8,909,530
Proceeds from issuance common stock, net of offering costs		5,985,103
Proceeds from exercise of warrants	1,860
Net cash provided by financing activities	8,911,390	5,985,103
Effect of exchange rate changes on cash and cash equivalents	(56,084)	(5,972)
Net change in cash	5,172,275	2,785,237
Cash, beginning of period	6,428,611	8,538,270
Cash, end of period	$ 11,544,802	$ 11,317,535

Organization and Description of

Organization and Description of Business Operations	6 Months Ended
	Jun. 30, 2023
Organization and Description of Business Operations [Abstract]
Organization and Description of Business Operations	NOTE 1 – Organization and Description of Business Operations Hoth Therapeutics, Inc. (together with its wholly-owned subsidiary, Hoth Therapeutics Australia Pty Ltd, the “Company”) was incorporated under the laws of the State of Nevada on May 16, 2017. The Company is a clinical-stage biopharmaceutical company focused on developing new generation therapies for unmet medical needs. The Company is focused on developing (i) a topical formulation for treating side effects from drugs used for the treatment of cancer (HT-001); (ii) a treatment for mast-cell derived cancers and anaphylaxis (HT-KIT); (iii) a treatment for traumatic brain injury and ischemic stroke (HT-TBI); and (iv) a treatment and/or prevention for Alzheimer’s or other neuroinflammatory diseases (HT-ALZ). The Company also has assets being developed for (i) atopic dermatitis (also known as eczema) (BioLexa); (ii) a treatment for asthma and allergies using inhalational administration (HT-004); and (iii) a treatment for acne as well as inflammatory bowel diseases (HT-003). In addition, the Company is developing a diagnostic device via a mobile device. The Company also has interests in certain other assets being developed by third parties (see Note 4 for a discussion of the Company’s agreement with Zylö Therapeutics, Inc.). Liquidity and capital resources Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements - Going Concern The Company has funded its operations from proceeds from the sale of equity and debt securities. The Company will require significant additional capital to make the investments it needs to execute its longer-term business plan. The Company’s ability to successfully raise sufficient funds through the sale of debt or equity securities when needed is subject to many risks and uncertainties and, even if it were successful, future equity issuances may result in dilution to its existing shareholders and future debt securities may contain covenants that limit the Company’s operations or ability to enter into certain transactions. On December 29, 2022, the Company entered into a securities purchase agreement with an accredited investor pursuant to which it sold (i) 140,000 shares of common stock, (ii) warrants (the “December Pre-Funded Warrants”) to purchase up to 1,860,000 shares of common stock and (iii) warrants (the “December Common Stock Warrants”) to purchase up to 2,500,000 shares of common stock at a purchase price of $5.00 per share and accompanying warrant (less $0.001 for each December Pre-Funded Warrant) in a private placement for aggregate gross proceeds of approximately $10 million, exclusive of placement agent commission and fees and other offering expenses. The closing of the offering occurred on January 3, 2023. Each December Common Stock Warrant is exercisable for a period of five and one-half years from the issuance date at an exercise price of $5.00 per share, subject to adjustment, and may, under certain circumstances, be exercised on a cashless basis. Each December Pre-Funded Warrant is exercisable until exercised in full at an exercise price of $0.001 per share and may be exercised on a cashless basis. In addition, pursuant to the terms of the offering, the Company issued to designees of H.C. Wainwright & Co., LLC warrants (“December Wainwright Warrants”) to purchase up to 100,000 shares of the Company’s common stock. The December Wainwright Warrants are exercisable for a period of five and one-half years from the issuance date at an exercise price of $6.25 per share, subject to adjustment, and may, under certain circumstances, be exercised on a cashless basis. The Company believes current cash is sufficient to fund operations for at least the next 12 months from the date of issuance of these financial statements. However, the Company will need to raise additional funding, through strategic relationships, public or private equity or debt financings, grants or other arrangements, to develop and seek regulatory approvals for the Company’s current and future product candidates. If such funding is not available, or not available on terms acceptable to the Company, the Company’s current development plan and plans for expansion of its general and administrative infrastructure may be curtailed.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 2 – Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Certain information and footnote disclosures normally included in the Company’s annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited interim condensed consolidated financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission (the “SEC”) on March 31, 2023. The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiary, Hoth Therapeutics Australia Pty Ltd, which was incorporated under the laws of the State of Victoria in Australia on June 5, 2019. All significant intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. These reclassifications had no impact on net income (loss), stockholder’s equity or cash flows as previously reported. The reclassification included separating dividend income from gain on marketable securities within the condensed consolidated statements of operations and comprehensive loss. Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. The most significant estimates in the Company’s condensed consolidated financial statements relate to stock-based compensation and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations may be affected. Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the SEC on March 31, 2023. Cash Cash consists of bank accounts and total $11,544,802 and $6,428,611 as of June 30, 2023 and December 31, 2022, respectively. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits at the two financial institutions the Company utilizes for its banking requirements. Accounts at each financial institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. The Company’s cash deposits above the FDIC insured amounts totaled $10,726,329 and $5,542,838 as of June 30, 2023 and December 31, 2022, respectively. The Company’s foreign bank accounts are not subject to FDIC insurance. Cash held in the Company’s Australian bank accounts as of June 30, 2023 and December 31, 2022 was $318,473 and $385,771 in U.S. dollars, respectively. Concentrations of credit risk and off-balance sheet risk The Company has significant cash balances at financial institutions which, throughout the period, regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements Fair Value Measurement FASB ASC 820, Fair Value Measurements The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Investment in joint ventures Ownership interests in entities for which the Company has significant influence that are not consolidated are accounted for as equity method investments. SEC Staff Announcement: Accounting for Limited Partnership Investments (codified in ASC 323-30-S99-1) guidance requires the use of the equity method unless the investor’s interest “is so minor that the limited partner may have virtually no influence over partnership operating and financial policies.” The SEC staff’s position is that investments in limited partnerships of greater than 3% to 5% are considered more than minor and, therefore, should be accounted for using the equity method or fair value option. Investments accounted for using the equity method may be reported on a lag up to three months if financial statements of the investee are not available in sufficient time for the investor to apply the equity method as of the current reporting date. The determination of whether an investee’s results are recorded on a lag is made on an investment-by-investment basis. This investment in joint ventures is further described in Note of 4 these consolidated financial statements. Accounts Payable As of June 30, 2023, our subsidiary Hoth Therapeutics Australia Pty Ltd, recorded approximately a $260,000 gain due to a settlement agreement on a payable balance with Novotech, a clinical trial management vendor. Income taxes Income taxes are recorded in accordance with ASC 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the condensed consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. Net loss per share Net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same. The following were excluded from the computation of diluted shares outstanding due to the losses for each period presented, as they would have had an anti-dilutive impact on the Company’s net loss: Three months ended, Six months ended, Potentially dilutive securities 2023 2022 2023 2022 Warrants 3,002,840 402,840 3,002,840 402,840 Options 104,651 104,651 104,651 104,651 Non-vested restricted stock awards 3,384 76 3,384 76 Total 3,110,875 507,567 3,110,875 507,567 Recent accounting pronouncements Currently, management does not believe that any other recently issued, but not yet effective accounting pronouncements, if currently adopted, would have a material impact on the Company’s condensed consolidated financial statements.

License Agreements

License Agreements	6 Months Ended
	Jun. 30, 2023
License Agreements [Abstract]
License Agreements	NOTE 3 - License Agreements The following summarizes the Company’s research and development expenses for licenses acquired (including stock-based compensation) during three and six months ended June 30, 2023 and 2022: For the Three Months Ended For the Six Months Ended 2023 2022 2023 2022 The George Washington University $ 10,618 $ 23,953 $ 51,776 $ 40,225 North Carolina State University — — — 20,000 Virginia Commonwealth University — 10,000 6,250 10,000 University of Cincinnati 625 2,500 1,250 7,500 $ 11,243 $ 36,453 $ 59,276 $ 77,725 The George Washington University During the three and six months ended June 30, 2023, the Company recorded an expense of $30,000 related to the initiation of a clinical trial. In addition, during the three and six months ended June 30, 2023, the Company recorded expenses of $10,618 and $51,776, respectively, for license fees. The Company also recorded an expense of $16,412 for the three months ended June 30, 2023 related to warrants granted to The George Washington University (“GW”) pursuant to the patent license agreement with GW dated February 1, 2020 and the patent license agreement with GW dated August 7, 2020. North Carolina State University During the three and six months ended June 30, 2023, the Company did not recognize any expenses for license fees associated with the license agreement by and between the Company and North Carolina State University dated February 25, 2021. Virginia Commonwealth University On May 11, 2023, the Company provided notice to the Virginia Commonwealth University Intellectual Property Foundation (“VCU”) of its intent to terminate the exclusive license agreement (the “VCU Agreement”) by and between the Company and VCU dated May 18, 2020. The VCU Agreement terminated on August 9, 2023. During the three and six months ended June 30, 2023, the Company recognized expenses of $0 and $6,250, respectively, for license fees associated with the VCU License Agreement. Chelexa Biosciences, Inc. and the University of Cincinnati During the three and six months ended June 30, 2023, the Company recognized expenses of $625 and $1,250, respectively, for license fees associated with the Assignment and Assumption Agreement by and between the Company and Chelexa Biosciences, Inc. dated May 14, 2020.

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	6 Months Ended
	Jun. 30, 2023
Fair Value of Financial Assets and Liabilities [Abstract]
Fair Value of Financial Assets and Liabilities	NOTE 4 – Fair Value of Financial Assets and Liabilities The following table presents the Company’s assets and liabilities that are measured at fair value at June 30, 2023 and December 31, 2022: Fair value measured at June 30, 2023 Total at Quoted prices Significant Significant Assets Marketable securities - mutual funds $ 24,567 $ 24,567 $ — $ — Investment in joint ventures $ 33,000 $ — $ — $ 33,000 Fair value measured at December 31, 2022 Total at Quoted prices Significant Significant Assets Marketable securities - mutual funds $ 209,320 $ 209,320 $ — $ — Investment in joint ventures $ 33,000 $ — $ — $ 33,000 Level 3 Measurement The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial assets that are measured at fair value on a recurring basis as of June 30, 2023 and 2022: Investment in joint venture for the three months ended June 30, 2023 Investment in joint ventures at fair value at March 31, 2023 $ 33,000 Change in fair value of investments in joint ventures — Investment in joint ventures at fair value at June 30, 2023 $ 33,000 Investment in joint venture for the six months ended June 30, 2023 Investment in joint ventures at fair value at December 31, 2022 $ 33,000 Change in fair value of investments in joint ventures — Investment in joint ventures at fair value at June 30, 2023 $ 33,000 Investment in joint venture for the three months ended June 30, 2022 Investment in joint ventures at fair value at March 31, 2022 $ 410,000 Change in fair value of investments in joint ventures (22,600 ) Investment in joint ventures at fair value at June 30, 2022 $ 387,400 Investment in joint venture for the six months ended June 30, 2022 Investment in joint ventures at fair value at December 31, 2021 $ 410,000 Change in fair value of investments in joint ventures (22,600 ) Investment in joint ventures at fair value at June 30, 2022 $ 387,400 Investment in joint ventures The Company has elected to measure the investment in joint ventures using the fair value option at each reporting date. Under the fair value option, bifurcation of an embedded derivative is not necessary, and all related gains and losses on the host contract and derivative due to change in the fair value will be reflected in interest income and other, net in the consolidated statements of operations and comprehensive loss. The value at which the Company’s investment in joint ventures is carried on its books is adjusted to estimated fair value at the end of each quarter, taking into account general economic and stock market conditions and those characteristics specific to the underlying investments. Investment in Zylö In connection with the Company’s March 2020 underwritten public offering of shares of its common stock, on May 4, 2020, the Company purchased 120,000 shares of Zylö’s Class B common stock for $60,000. On December 8, 2021, the Company entered into a third amendment (the “Zylö Amendment”) to the Exclusive Sublicense Agreement with Zylö originally dated August 19, 2019, pursuant to which the Company licensed its novel cannabinoid therapeutic, HT-005 for lupus patients, back to Zylö. Pursuant to the Zylö Amendment, on December 6, 2021, Zylö issued the Company 100,000 shares of its Class B common stock. In addition, pursuant to the Zylö Amendment, within 90 days following a sale by Zylö of all of its assets and rights related to HT-005 to a third-party (a “Sale”), Zylö shall pay the Company a low single digit percent of the net proceeds received by it attributable to HT-005 in the United States and Canada and their respective territories (collectively, the “Territory”) for the purposes of therapeutic uses related to lupus in humans (the “Field”). After the Sale, any and all rights of the Company pursuant to the Exclusive Sublicense Agreement, including all amendments thereto, shall terminate. Furthermore, pursuant to the Zylö Amendment, following the date of the first commercial sale of HT-005 in the Territory, in the Field, Zylö shall pay the Company (i) a low single digit percent of the Net Sales (as defined in the Exclusive Sublicense Agreement) of HT-005 in the event HT-005 is sold in the Territory and (ii) a low double digit percent of any royalty that Zylö receives through the sublicense to a third-party based on Net Sales of HT-005 in the Territory which payments shall continue in each country in the Territory until expiration of the last-to-expire Valid Claim (as defined in the Exclusive Sublicense Agreement). The Company recorded approximately $27,000 in unrealized loss on this investment during the fourth quarter of 2022. The investment in Zylö was valued at $33,000 as of June 30, 2023 and December 31, 2022.

Stockholders Equity

Stockholders Equity	6 Months Ended
	Jun. 30, 2023
Stockholders Equity [Abstract]
Stockholders Equity	NOTE 5 - Stockholders Equity Securities Purchase Agreement On December 29, 2022, the Company entered into a securities purchase agreement with an accredited investor pursuant to which it sold (i) 140,000 shares of common stock, (ii) December Pre-Funded Warrants to purchase up to 1,860,000 shares of common stock and (iii) December Common Stock Warrants to purchase up to 2,500,000 shares of common stock at a purchase price of $5.00 per share and accompanying warrant (less $0.001 for each December Pre-Funded Warrant) in a private placement for aggregate gross proceeds of approximately $10 million, exclusive of placement agent commission and fees and other offering expenses, and approximately $8.9 million in net proceeds. The closing of the offering occurred on January 3, 2023. 2018 Equity Incentive Plan The compensation committee of the board of directors increased the number of shares reserved pursuant to the Company’s 2018 Equity Incentive Plan (“2018 Plan”) by 26,878 shares effective as of January 1, 2021, such that as of January 1, 2021, the Company had an aggregate of 66,878 shares of common stock reserved for issuance pursuant to the 2018 Plan. On June 24, 2021, at the annual meeting of shareholders, shareholders of the Company approved an amendment to the 2018 Plan to further increase the number of shares reserved for issuance thereunder from 66,878 shares to 146,878 shares. On February 2, 2022, the compensation committee of the board of directors further increased the number of shares reserved for issuance under the 2018 Plan from 146,878 shares to 156,878 shares. On January 11, 2023, the compensation committee of the board of directors further increased the number of shares reserved for issuance under the 2018 Plan from 156,878 shares to 166,878 shares. 2022 Equity Incentive Plan On March 24, 2022, the Company’s board of directors adopted the Hoth Therapeutics, Inc. 2022 Omnibus Equity Incentive Plan (the “2022 Plan”) initially reserving 96,000 shares of the Company’s common stock for issuance thereunder. The 2022 Plan became effective on June 23, 2022 upon approval of the 2022 Plan by the Company’s shareholders at the Company’s annual meeting of shareholders. Restricted Stock Awards A summary of the Company’s restricted stock awards granted under the equity incentive plans during the six months ended June 30, 2023 is as follows: Number of Weighted Nonvested at December 31, 2022 3,384 $ 3.16 Nonvested at June 30, 2023 3,384 $ 3.16 As of June 30, 2023, approximately $6,000 of unrecognized stock-based compensation expense was related to restricted stock awards. The weighted average remaining contractual terms of unvested restricted stock awards was approximately 1.0 year at June 30, 2023. Stock Options A summary of option activity under the Company’s stock option plan for the six months ended June 30, 2023 is presented below: Number of Shares Weighted Total Weighted Outstanding as of December 31, 2022 104,651 $ 49.80 $ — 8.3 Outstanding as of June 30, 2023 104,651 $ 49.80 $ — 7.8 Options vested and exercisable as of June 30, 2023 104,651 $ 49.80 $ — 7.8 All stock compensation associated with the amortization of employee stock option expense was recorded as a component of compensation and related expense in the condensed consolidated statements of operations and comprehensive loss. All stock compensation associated with the amortization of nonemployee stock option expense was recorded as a component of professional fees in the condensed consolidated statements of operations and comprehensive loss. Estimated future stock-based compensation expense relating to unvested stock options is $0. Stock Based Compensation Stock-based compensation expense for the three and six months ended June 30, 2023 and 2022 was as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Employee stock option awards $ — $ — — 560,376 Non-employee restricted stock awards 1,994 585 3,966 1,375 Non-employee stock warrant awards 7,754 14,953 16,412 31,225 $ 9,748 $ 15,538 $ 20,378 $ 592,976 Employee and director related stock-based compensation was included in compensation and related expenses, and non-employee related stock-based compensation was included in professional fees and research and development related with licenses acquisition in the consolidated statements of operations and comprehensive loss. Warrants On December 29, 2022, the Company entered into a securities purchase agreement with an accredited investor pursuant to which it sold (i) 140,000 shares of common stock, (ii) December Pre-Funded Warrants to purchase up to 1,860,000 shares of common stock and (iii) December Common Stock Warrants to purchase up to 2,500,000 shares of common stock at a purchase price of $5.00 per share and accompanying warrant (less $0.001 for each December Pre-Funded Warrant), in a private placement, for aggregate gross proceeds of approximately $10 million, exclusive of placement agent commission and fees and other offering expenses. The closing of the offering occurred on January 3, 2023. Each December Common Stock Warrant is exercisable for a period of five and one-half years from the issuance date at an exercise price of $5.00 per share, subject to adjustment, and may, under certain circumstances, be exercised on a cashless basis. Each December Pre-Funded Warrant is exercisable until exercised in full at an exercise price of $0.001 per share and may be exercised on a cashless basis. The measurement of fair value of the December Pre-Funded Warrants was determined utilizing a Black-Scholes model considering all relevant assumptions current at January 3, 2023, the date of issuance (i.e., share price of $6.56, exercise price of $0.001, term of 30 years beginning January 3, 2023 (as these do not have an expiration date), volatility of 135.07%, risk-free rate of 3.88%, and expected dividend rate of 0%). The grant date fair value of the December Pre-Funded Warrants was estimated to be $12.2 million on January 3, 2023 and is reflected within additional paid-in capital as of March 31, 2023 as the Pre-Funded Warrants were determined to be equity classified. The measurement of fair value of the December Common Stock Warrants was determined utilizing a Black-Scholes model considering all relevant assumptions current at January 3, 2023, the date of issuance (i.e., share price of $6.56, exercise price of $5.00, term of five and a half years beginning January 3, 2023, volatility of 135.07%, risk-free rate of 3.94%, and expected dividend rate of 0%). The grant date fair value of these December Common Stock Warrants was estimated to be $15.0 million on January 3, 2023 and is reflected within additional paid-in capital as of March 31, 2023 as the December Common Stock Warrants were determined to be equity classified. On various dates in February 2023, the investor exercised all the December Pre-Funded Warrants for 1,860,000 shares of the Company’s common stock for proceeds to the Company of $1,860. In addition, pursuant to the terms of the offering, the Company issued the designees of the placement agent, H.C. Wainwright & Co., LLC, the December Wainwright Warrants to purchase up to 100,000 shares of the Company’s common stock. The December Wainwright Warrants had a determined fair value of $591,090 as of the date of issuance. The December Wainwright Warrants are exercisable for a period of five and one-half years from the issuance date at an exercise price of $6.25 per share, subject to adjustment, and may, under certain circumstances, be exercised on a cashless basis. As these December Wainwright Warrants were issued for services provided in facilitating the private placement, the Company recorded the fair value of such December Wainwright Warrants as a cost of capital on the issuance date. The measurement of fair value was determined utilizing a Black-Scholes model considering all relevant assumptions current at January 3, 2023, the date of issuance (i.e., share price of $6.56, exercise price of $6.25, term of five and a half years beginning January 3, 2023, volatility of 135.07%, risk-free rate of 3.94%, and expected dividend rate of 0%). A summary of warrant activity for the six months ended June 30, 2023 is as follows: Number of Weighted Total Intrinsic Weighted Outstanding as of December 31, 2022 402,840 $ 49.73 $ — 1.4 Issued 4,460,000 2.94 — — Exercised (1,860,000 ) 0.001 — — Outstanding as of June 30, 2023 3,002,840 11.04 — 4.58 Warrants exercisable as of June 30, 2023 3,002,840 $ 11.04 $ — 4.58 The Company has determined that the warrants should be accounted as a component of stockholders’ equity.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies [Abstract]
Commitments and Contingencies	NOTE 6 - Commitments and Contingencies Office lease The Company leases office space for approximately $2,500 per month. Rent expense for the three months ended June 30, 2023 and 2022 was approximately $7,897 and $15,591, respectively. Rent expense for the six months ended June 30, 2023 and 2022 was approximately $23,017 and $29,487, respectively. The Company is not a party to a lease that is in excess of 12 months. Litigation The Company is not a party to any material legal proceedings and is not aware of any pending or threatened claims. From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	NOTE 7 – Subsequent Events The Company evaluates events that have occurred after the balance sheet date through the date for which the condensed consolidated financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements except as set forth herein. On July 17, 2023, the Company issued 90,000 Common stock options under the 2022 Equity Incentive Plan.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies [Abstract]
Basis of presentation and principles of consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the unaudited interim condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Certain information and footnote disclosures normally included in the Company’s annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited interim condensed consolidated financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period. The accompanying unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed by the Company with the Securities and Exchange Commission (the “SEC”) on March 31, 2023. The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiary, Hoth Therapeutics Australia Pty Ltd, which was incorporated under the laws of the State of Victoria in Australia on June 5, 2019. All significant intercompany balances and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications Certain reclassifications have been made to prior year financial statements to conform to classifications used in the current year. These reclassifications had no impact on net income (loss), stockholder’s equity or cash flows as previously reported. The reclassification included separating dividend income from gain on marketable securities within the condensed consolidated statements of operations and comprehensive loss.
Use of estimates	Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. The most significant estimates in the Company’s condensed consolidated financial statements relate to stock-based compensation and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations may be affected.
Significant Accounting Policies	Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the SEC on March 31, 2023.
Cash	Cash Cash consists of bank accounts and total $11,544,802 and $6,428,611 as of June 30, 2023 and December 31, 2022, respectively. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits at the two financial institutions the Company utilizes for its banking requirements. Accounts at each financial institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. The Company’s cash deposits above the FDIC insured amounts totaled $10,726,329 and $5,542,838 as of June 30, 2023 and December 31, 2022, respectively. The Company’s foreign bank accounts are not subject to FDIC insurance. Cash held in the Company’s Australian bank accounts as of June 30, 2023 and December 31, 2022 was $318,473 and $385,771 in U.S. dollars, respectively.
Concentrations of credit risk and off-balance sheet risk	Concentrations of credit risk and off-balance sheet risk The Company has significant cash balances at financial institutions which, throughout the period, regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurements
Fair Value Measurement	Fair Value Measurement FASB ASC 820, Fair Value Measurements The accounting guidance classifies fair value measurements in one of the following three categories for disclosure purposes: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 prices for similar assets or liabilities that are directly or indirectly observable in the marketplace. Level 3: Unobservable inputs which are supported by little or no market activity and values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
Investment in joint ventures	Investment in joint ventures Ownership interests in entities for which the Company has significant influence that are not consolidated are accounted for as equity method investments. SEC Staff Announcement: Accounting for Limited Partnership Investments (codified in ASC 323-30-S99-1) guidance requires the use of the equity method unless the investor’s interest “is so minor that the limited partner may have virtually no influence over partnership operating and financial policies.” The SEC staff’s position is that investments in limited partnerships of greater than 3% to 5% are considered more than minor and, therefore, should be accounted for using the equity method or fair value option. Investments accounted for using the equity method may be reported on a lag up to three months if financial statements of the investee are not available in sufficient time for the investor to apply the equity method as of the current reporting date. The determination of whether an investee’s results are recorded on a lag is made on an investment-by-investment basis. This investment in joint ventures is further described in Note of 4 these consolidated financial statements.
Accounts Payable	Accounts Payable As of June 30, 2023, our subsidiary Hoth Therapeutics Australia Pty Ltd, recorded approximately a $260,000 gain due to a settlement agreement on a payable balance with Novotech, a clinical trial management vendor.
Income taxes	Income taxes Income taxes are recorded in accordance with ASC 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an asset and liability approach. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the condensed consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company accounts for uncertain tax positions in accordance with the provisions of ASC 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances.
Net loss per share	Net loss per share Net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same. The following were excluded from the computation of diluted shares outstanding due to the losses for each period presented, as they would have had an anti-dilutive impact on the Company’s net loss: Three months ended, Six months ended, Potentially dilutive securities 2023 2022 2023 2022 Warrants 3,002,840 402,840 3,002,840 402,840 Options 104,651 104,651 104,651 104,651 Non-vested restricted stock awards 3,384 76 3,384 76 Total 3,110,875 507,567 3,110,875 507,567
Recent accounting pronouncements	Recent accounting pronouncements Currently, management does not believe that any other recently issued, but not yet effective accounting pronouncements, if currently adopted, would have a material impact on the Company’s condensed consolidated financial statements.

Significant Accounting Polici_2

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies [Abstract]
Schedule of Anti-Dilutive Impact on the Company’s Net Loss	The following were excluded from the computation of diluted shares outstanding due to the losses for each period presented, as they would have had an anti-dilutive impact on the Company’s net loss: Three months ended, Six months ended, Potentially dilutive securities 2023 2022 2023 2022 Warrants 3,002,840 402,840 3,002,840 402,840 Options 104,651 104,651 104,651 104,651 Non-vested restricted stock awards 3,384 76 3,384 76 Total 3,110,875 507,567 3,110,875 507,567

License Agreements (Tables)

License Agreements (Tables)	6 Months Ended
	Jun. 30, 2023
License Agreements [Abstract]
Schedule of Research And Development Expenses For Licenses Acquired	The following summarizes the Company’s research and development expenses for licenses acquired (including stock-based compensation) during three and six months ended June 30, 2023 and 2022: For the Three Months Ended For the Six Months Ended 2023 2022 2023 2022 The George Washington University $ 10,618 $ 23,953 $ 51,776 $ 40,225 North Carolina State University — — — 20,000 Virginia Commonwealth University — 10,000 6,250 10,000 University of Cincinnati 625 2,500 1,250 7,500 $ 11,243 $ 36,453 $ 59,276 $ 77,725

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value of Financial Assets and Liabilities [Abstract]
Schedule of Assets and Liabilities that are Measured at Fair Value	The following table presents the Company’s assets and liabilities that are measured at fair value at June 30, 2023 and December 31, 2022: Fair value measured at June 30, 2023 Total at Quoted prices Significant Significant Assets Marketable securities - mutual funds $ 24,567 $ 24,567 $ — $ — Investment in joint ventures $ 33,000 $ — $ — $ 33,000 Fair value measured at December 31, 2022 Total at Quoted prices Significant Significant Assets Marketable securities - mutual funds $ 209,320 $ 209,320 $ — $ — Investment in joint ventures $ 33,000 $ — $ — $ 33,000
Schedule of Changes in the Fair Value of the Company’s Level 3 Financial Assets	The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial assets that are measured at fair value on a recurring basis as of June 30, 2023 and 2022: Investment in joint venture for the three months ended June 30, 2023 Investment in joint ventures at fair value at March 31, 2023 $ 33,000 Change in fair value of investments in joint ventures — Investment in joint ventures at fair value at June 30, 2023 $ 33,000 Investment in joint venture for the six months ended June 30, 2023 Investment in joint ventures at fair value at December 31, 2022 $ 33,000 Change in fair value of investments in joint ventures — Investment in joint ventures at fair value at June 30, 2023 $ 33,000 Investment in joint venture for the three months ended June 30, 2022 Investment in joint ventures at fair value at March 31, 2022 $ 410,000 Change in fair value of investments in joint ventures (22,600 ) Investment in joint ventures at fair value at June 30, 2022 $ 387,400 Investment in joint venture for the six months ended June 30, 2022 Investment in joint ventures at fair value at December 31, 2021 $ 410,000 Change in fair value of investments in joint ventures (22,600 ) Investment in joint ventures at fair value at June 30, 2022 $ 387,400

Stockholders Equity (Tables)

Stockholders Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders Equity [Abstract]
Schedule of Restricted Stock Awards Granted	A summary of the Company’s restricted stock awards granted under the equity incentive plans during the six months ended June 30, 2023 is as follows: Number of Weighted Nonvested at December 31, 2022 3,384 $ 3.16 Nonvested at June 30, 2023 3,384 $ 3.16
Schedule of Stock Option Plan	A summary of option activity under the Company’s stock option plan for the six months ended June 30, 2023 is presented below: Number of Shares Weighted Total Weighted Outstanding as of December 31, 2022 104,651 $ 49.80 $ — 8.3 Outstanding as of June 30, 2023 104,651 $ 49.80 $ — 7.8 Options vested and exercisable as of June 30, 2023 104,651 $ 49.80 $ — 7.8
Schedule of Stock-Based Compensation Expense	Stock-based compensation expense for the three and six months ended June 30, 2023 and 2022 was as follows: Three Months Ended Six Months Ended 2023 2022 2023 2022 Employee stock option awards $ — $ — — 560,376 Non-employee restricted stock awards 1,994 585 3,966 1,375 Non-employee stock warrant awards 7,754 14,953 16,412 31,225 $ 9,748 $ 15,538 $ 20,378 $ 592,976
Schedule of Warrant Activity	A summary of warrant activity for the six months ended June 30, 2023 is as follows: Number of Weighted Total Intrinsic Weighted Outstanding as of December 31, 2022 402,840 $ 49.73 $ — 1.4 Issued 4,460,000 2.94 — — Exercised (1,860,000 ) 0.001 — — Outstanding as of June 30, 2023 3,002,840 11.04 — 4.58 Warrants exercisable as of June 30, 2023 3,002,840 $ 11.04 $ — 4.58

Organization and Description _2

Organization and Description of Business Operations (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended
	Dec. 29, 2022	Jun. 30, 2023
Organization and Description of Business Operations (Details) [Line Items]
Shares of common stock	140,000
Common stock, shares purchase	1,860,000
Warrants to purchase	2,500,000
Common stock, purchase price (in Dollars per share)	$ 5
Aggregate gross proceeds (in Dollars)	$ 10
Exercise price, per share (in Dollars per share)	$ 5
Warrant exercisable term, description		The December Wainwright Warrants are exercisable for a period of five and one-half years from the issuance date at an exercise price of $6.25 per share, subject to adjustment, and may, under certain circumstances, be exercised on a cashless basis.
Pre-Funded Warrant [Member]
Organization and Description of Business Operations (Details) [Line Items]
Exercise price, per share (in Dollars per share)	$ 0.001
Wainwright Warrants [Member]
Organization and Description of Business Operations (Details) [Line Items]
Purchase of shares	100,000

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Significant Accounting Policies (Details) [Line Items]
Bank accounts	$ 11,544,802	$ 6,428,611
Federal deposit insurance corporation	250,000
Insured amount	10,726,329	5,542,838
Australian bank accounts	318,473	$ 385,771
Federally insureance limit	250,000
Accounts Payable	$ 260,000
Minimum [Member] | Limited Partnership [Member]
Significant Accounting Policies (Details) [Line Items]
Limited partnership, percentage	3%
Maximum [Member] | Limited Partnership [Member]
Significant Accounting Policies (Details) [Line Items]
Limited partnership, percentage	5%

Significant Accounting Polici_4

Significant Accounting Policies (Details) - Schedule of Anti-Dilutive Impact on the Company’s Net Loss - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Anti-Dilutive Impact on the Company’s Net Loss [Line Items]
Total	3,110,875	507,567	3,110,875	507,567
Warrants [Member]
Schedule of Anti-Dilutive Impact on the Company’s Net Loss [Line Items]
Total	3,002,840	402,840	3,002,840	402,840
Options [Member]
Schedule of Anti-Dilutive Impact on the Company’s Net Loss [Line Items]
Total	104,651	104,651	104,651	104,651
Non-Vested Restricted Stock Awards [Member]
Schedule of Anti-Dilutive Impact on the Company’s Net Loss [Line Items]
Total	3,384	76	3,384	76

License Agreements (Details)

License Agreements (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
License Agreements (Details) [Line Items]
Recorded an expense	$ 30,000	$ 30,000
Expenses related to warrants granted	10,618	51,776
Warrant [Member]
License Agreements (Details) [Line Items]
Expenses related to warrants granted	16,412
Virginia Commonwealth University [Member]
License Agreements (Details) [Line Items]
License fee	0	6,250
Chelexa Biosciences, Inc. and the University of Cincinnati [Member]
License Agreements (Details) [Line Items]
License fee	$ 625	$ 1,250

License Agreements (Details) -

License Agreements (Details) - Schedule of Research And Development Expenses For Licenses Acquired - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Research And Development Expenses For Licenses Acquired [Line Items]
Research and development expense	$ 11,243	$ 36,453	$ 59,276	$ 77,725
The George Washington University [Member]
Schedule of Research And Development Expenses For Licenses Acquired [Line Items]
Research and development expense	10,618	23,953	51,776	40,225
North Carolina State University [Member]
Schedule of Research And Development Expenses For Licenses Acquired [Line Items]
Research and development expense				20,000
Virginia Commonwealth University [Member]
Schedule of Research And Development Expenses For Licenses Acquired [Line Items]
Research and development expense		10,000	6,250	10,000
University of Cincinnati [Member]
Schedule of Research And Development Expenses For Licenses Acquired [Line Items]
Research and development expense	$ 625	$ 2,500	$ 1,250	$ 7,500

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 06, 2021	May 04, 2020
Fair Value of Financial Assets and Liabilities (Details) [Line Items]
Unrealized loss		$ 27,000
Investment value	$ 33,000	$ 33,000
Class B common stock [Member]
Fair Value of Financial Assets and Liabilities (Details) [Line Items]
Purchased shares (in Shares)				120,000
Common stock value				$ 60,000
Shares issued (in Shares)			100,000

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities (Details) - Schedule of Assets and Liabilities that are Measured at Fair Value - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Assets
Marketable securities - mutual funds	$ 24,567	$ 209,320
Investment in joint ventures	33,000	33,000
Quoted prices in active markets (Level 1) [Member]
Assets
Marketable securities - mutual funds	24,567	209,320
Investment in joint ventures
Significant other observable inputs (Level 2) [Member]
Assets
Marketable securities - mutual funds
Investment in joint ventures
Significant unobservable inputs (Level 3) [Member]
Assets
Marketable securities - mutual funds
Investment in joint ventures	$ 33,000	$ 33,000

Fair Value of Financial Asset_5

Fair Value of Financial Assets and Liabilities (Details) - Schedule of Changes in the Fair Value of the Company’s Level 3 Financial Assets - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Changes in the Fair Value of the Company’s Level 3 Financial Assets [Abstract]
Investment in joint ventures at fair value at starting	$ 33,000	$ 410,000	$ 33,000	$ 410,000
Change in fair value of investments in joint ventures		(22,600)		(22,600)
Investment in joint ventures at fair value at ending	$ 33,000	$ 387,400	$ 33,000	$ 387,400

Stockholders Equity (Details)

Stockholders Equity (Details) - USD ($)							1 Months Ended		6 Months Ended
	Jan. 11, 2023	Jan. 03, 2023	Mar. 24, 2022	Feb. 02, 2022	Jun. 24, 2021	Jan. 01, 2021	Feb. 28, 2023	Dec. 29, 2022	Jun. 30, 2023	Dec. 31, 2022
Stockholders Equity (Details) [Line Items]
Securities purchase agreements description								(i) 140,000 shares of common stock, (ii) December Pre-Funded Warrants to purchase up to 1,860,000 shares of common stock and (iii) December Common Stock Warrants to purchase up to 2,500,000 shares of common stock at a purchase price of $5.00 per share and accompanying warrant (less $0.001 for each December Pre-Funded Warrant) in a private placement for aggregate gross proceeds of approximately $10 million, exclusive of placement agent commission and fees and other offering expenses, and approximately $8.9 million in net proceeds. The closing of the offering occurred on January 3, 2023.
Aggregate of shares						66,878
Unrecognized stock-based compensation expense (in Dollars)									$ 6,000
Unrecognized stock-based compensation term									1 year
Unvested stock options (in Dollars)									$ 0
Common stock shares								140,000
Purchase of share								2,500,000
Purchase price per share (in Dollars per share)								$ 5
Accompanying warrant per share (in Dollars per share)								$ 0.001
Gross proceeds (in Dollars)								$ 10,000,000
Common stock warrant term, description								Each December Common Stock Warrant is exercisable for a period of five and one-half years from the issuance date at an exercise price of $5.00 per share, subject to adjustment, and may, under certain circumstances, be exercised on a cashless basis.
Warrants exercise price (in Dollars per share)		$ 0.001
Share price (in Dollars per share)		$ 6.56
Debt term		30 years
Volatility rate		135.07%
Risk-free rate		3.94%
Dividend rate		0%
Exercise price per share (in Dollars per share)		$ 5
Common stock and accompanying warrant (in Dollars)		$ 15,000,000
Common stock, shares authorized									50,000,000	50,000,000
Fair value (in Dollars)									$ 591,090
Pre-Funded Warrant [Member]
Stockholders Equity (Details) [Line Items]
Purchase of share								1,860,000
Warrant [Member]
Stockholders Equity (Details) [Line Items]
Warrants exercise price (in Dollars per share)		$ 6.56
Volatility rate		135.07%
Risk-free rate		3.94%
Dividend rate		0%
Exercise price per share (in Dollars per share)		$ 6.25
Common Stock [Member]
Stockholders Equity (Details) [Line Items]
Volatility rate		135.07%
Risk-free rate		3.88%
Dividend rate		0%
Placement Agent Warrant [Member] | Warrant [Member]
Stockholders Equity (Details) [Line Items]
Warrants exercise price (in Dollars per share)								$ 0.001
Public Offering of Securities [Member]
Stockholders Equity (Details) [Line Items]
Wainwright warrants, description									The December Wainwright Warrants are exercisable for a period of five and one-half years from the issuance date at an exercise price of $6.25 per share, subject to adjustment, and may, under certain circumstances, be exercised on a cashless basis.
Series B Convertible Preferred Stock [Member]
Stockholders Equity (Details) [Line Items]
Share price (in Dollars per share)		$ 6.56
Preferred stock designated							1,860,000
aggregate purchase price (in Dollars)							$ 1,860
Series B Convertible Preferred Stock [Member] | Minimum [Member]
Stockholders Equity (Details) [Line Items]
Common stock, shares authorized									100,000
Investor [Member] | Common Stock [Member]
Stockholders Equity (Details) [Line Items]
Warrants estimated (in Dollars)		$ 12,200,000
2018 Equity Incentive Plan [Member]
Stockholders Equity (Details) [Line Items]
Aggregate of shares						26,878
2018 Equity Incentive Plan [Member] | Minimum [Member]
Stockholders Equity (Details) [Line Items]
Issuance of share	156,878			146,878	66,878
2018 Equity Incentive Plan [Member] | Maximum [Member]
Stockholders Equity (Details) [Line Items]
Issuance of share	166,878			156,878	146,878
2022 Equity Incentive Plan [Member]
Stockholders Equity (Details) [Line Items]
Issuance of share			96,000

Stockholders Equity (Details) -

Stockholders Equity (Details) - Schedule of Restricted Stock Awards Granted	Jun. 30, 2023 $ / shares shares
Schedule of Restricted Stock Awards Granted [Abstract]
Number of Restricted Stock Awards, Nonvested at Beginning Balance | shares	3,384
Weighted Average Grant Day Fair Value, Nonvested at Beginning Balance | $ / shares	$ 3.16
Number of Restricted Stock Awards, Nonvested at Ending Balance | shares	3,384
Weighted Average Grant Day Fair Value, Nonvested at Ending Balance | $ / shares	$ 3.16

Stockholders Equity (Details)_2

Stockholders Equity (Details) - Schedule of Stock Option Plan	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Schedule of Stock Option Plan [Abstract]
Number of Shares, Outstanding as of Beginning Balance | shares	104,651
Weighted Average Exercise Price, Outstanding as of Beginning Balance | $ / shares	$ 49.8
Total Intrinsic Value, Outstanding as of Beginning Balance | $
Weighted Average Remaining Contractual Life (in years), Outstanding as of Beginning Balance	8 years 3 months 18 days
Number of Shares, Outstanding Ending Balance | shares	104,651
Weighted Average Exercise Price, Outstanding Ending Balance | $ / shares	$ 49.8
Total Intrinsic Value, Outstanding Ending Balance | $
Weighted Average Remaining Contractual Life (in years), Outstanding Ending Balance	7 years 9 months 18 days
Number of Shares, Options vested and exercisable | shares	104,651
Weighted Average Exercise Price, Options vested and exercisable | $ / shares	$ 49.8
Total Intrinsic Value, Options vested and exercisable | $
Weighted Average Remaining Contractual Life (in years), Options vested and exercisable	7 years 9 months 18 days

Stockholders Equity (Details)_3

Stockholders Equity (Details) - Schedule of Stock-Based Compensation Expense - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Stock-Based Compensation Expense [Line Items]
Stock-based compensation expense, total	$ 9,748	$ 15,538	$ 20,378	$ 592,976
Employee stock option awards [Member]
Schedule of Stock-Based Compensation Expense [Line Items]
Stock-based compensation expense, total				560,376
Non-employee restricted stock awards [Member]
Schedule of Stock-Based Compensation Expense [Line Items]
Stock-based compensation expense, total	1,994	585	3,966	1,375
Non-employee stock warrant awards [Member]
Schedule of Stock-Based Compensation Expense [Line Items]
Stock-based compensation expense, total	$ 7,754	$ 14,953	$ 16,412	$ 31,225

Stockholders Equity (Details)_4

Stockholders Equity (Details) - Schedule of Warrant Activity - Warrants [Member]	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Schedule of Warrant Activity [Line Items]
Number of Warrants, Outstanding as of Beginning Balance | shares	402,840
Weighted Average Exercise Price, Outstanding as of Beginning Balance | $ / shares	$ 49.73
Total Intrinsic Value, Outstanding as of Beginning Balance | $
Weighted Average Remaining Contractual Life (in years), Outstanding as of Beginning Balance	1 year 4 months 24 days
Number of Warrants, Issued | shares	4,460,000
Weighted Average Exercise Price, Issued | $ / shares	$ 2.94
Total Intrinsic Value, Issued | $
Weighted Average Remaining Contractual Life (in years), Issued
Number of Warrants, Exercised | shares	(1,860,000)
Weighted Average Exercise Price, Exercised | $ / shares	$ 0.001
Total Intrinsic Value, Exercised | $
Weighted Average Remaining Contractual Life (in years), Exercised
Number of Warrants, Outstanding as of Ending Balance | shares	3,002,840
Weighted Average Exercise Price, Outstanding as of Ending Balance | $ / shares	$ 11.04
Total Intrinsic Value, Outstanding as of Ending Balance | $
Weighted Average Remaining Contractual Life (in years), Outstanding as of Ending Balance	4 years 6 months 29 days
Number of Warrants, Warrants exercisable | shares	3,002,840
Weighted Average Exercise Price, Warrants exercisable | $ / shares	$ 11.04
Total Intrinsic Value, Warrants exercisable | $
Weighted Average Remaining Contractual Life (in years), Warrants exercisable	4 years 6 months 29 days

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies [Abstract]
Leases office space			$ 2,500
Rent expense	$ 7,897	$ 15,591	$ 23,017	$ 29,487

Subsequent Events (Details)

Subsequent Events (Details)	Jul. 17, 2023 shares
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Common stock options shares issued	90,000