Acurx Pharmaceuticals (ACXP) 10-Q 12 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 12, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Entity File Number	001-40536
Entity Registrant Name	Acurx Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3733567
Entity Address State Or Province	NY
Entity Address, Address Line One	259 Liberty Ave
Entity Address, City or Town	Staten Island
Entity Address, Postal Zip Code	10305
City Area Code	917
Local Phone Number	533-1469
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	ACXP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,422,413
Entity Central Index Key	0001736243
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED INTERIM BALANCE SHEET

CONDENSED INTERIM BALANCE SHEETS - USD ($)	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash	$ 9,092,197	$ 12,958,846
Prepaid Expenses	116,856	295,304
TOTAL CURRENT ASSETS	9,209,053	13,254,150
NON CURRENT ASSETS
Deferred Offering Costs	50,247
TOTAL ASSETS	9,259,300	13,254,150
CURRENT LIABILITIES
Accounts Payable and Accrued Expenses	473,879	843,909
TOTAL CURRENT LIABILITIES	473,879	843,909
NONCURRENT LIABILITIES
TOTAL LIABILITIES	473,879	843,909
COMMITMENTS AND CONTINGENCIES
MEMBERS' AND SHAREHOLDERS' EQUITY
Common Stock; $.001 par value, 200,000,000 shares authorized, 10,263,202 and 10,215,792 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	10,263	10,216
Additional Paid-In Capital	40,614,138	38,948,334
Accumulated Deficit	(31,838,980)	(26,548,309)
TOTAL SHAREHOLDERS' EQUITY	8,785,421	12,410,241
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 9,259,300	$ 13,254,150

CONDENSED INTERIM BALANCE SHE_2

CONDENSED INTERIM BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
CONDENSED INTERIM BALANCE SHEETS
Common stock, Par value	$ 0.001	$ 0.001
Common stock, Authorized (in shares)	200,000,000	200,000,000
Common stock, Issued (in shares)	10,263,202	10,215,792
Common stock, Outstanding (in shares)	10,263,202	10,215,792

CONDENSED INTERIM STATEMENTS OF

CONDENSED INTERIM STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
OPERATING EXPENSES
Research and Development	$ 911,692	$ 95,074	$ 1,730,580	$ 186,981
General and Administrative	1,708,841	3,975,488	3,560,090	5,357,911
TOTAL OPERATING EXPENSES	2,620,533	4,070,562	5,290,670	5,544,892
Gain on forgiveness of Paycheck Protection Program Loan		66,503		66,503
NET LOSS	$ (2,620,533)	$ (4,004,059)	$ (5,290,670)	$ (5,478,389)
NET LOSS PER SHARE
Basic net loss per common share/units	$ (0.26)	$ (0.57)	$ (0.52)	$ (0.79)
Diluted net loss per common share/units	$ (0.26)	$ (0.57)	$ (0.52)	$ (0.79)
Weighted average common shares/units outstanding basic	10,263,202	6,968,341	10,248,107	6,908,396
Weighted average common shares/units outstanding diluted	10,263,202	6,968,341	10,248,107	6,908,396

CONDENSED INTERIM STATEMENTS _2

CONDENSED INTERIM STATEMENTS OF CHANGES IN MEMBERS' AND SHAREHOLDERS' EQUITY - USD ($)	Members' Equity, Class A Common Stock	Members' Equity, Class B Common Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at beginning at Dec. 31, 2020	$ 16,402,198	$ 100,000			$ (13,800,612)	$ 2,701,586
Balance at beginning, Member Units (in shares) at Dec. 31, 2020	13,493,807	100,000
Executive Compensation Settled with Membership Interests (in value)	$ 186,650	$ 730,115				916,765
Executive Compensation Settled with Membership Interests (in shares)	57,430	471,042
Cancellation of Class B Issuance (in shares)		(471,042)
Share-Based Compensation, (in value)	$ 191,667					191,667
Share-Based Compensation, (in shares)	143,814
Share-Based Payments to Vendors (in value)	$ 135,471					135,471
Share-Based Payments to Vendors (in shares)	30,145
Net Loss					(1,474,330)	(1,474,330)
Balance at ending at Mar. 31, 2021	$ 16,915,986	$ 830,115			(15,274,942)	2,471,159
Balance at ending, Member Units (in shares) at Mar. 31, 2021	13,725,196	100,000
Balance at beginning at Dec. 31, 2020	$ 16,402,198	$ 100,000			(13,800,612)	2,701,586
Balance at beginning, Member Units (in shares) at Dec. 31, 2020	13,493,807	100,000
Net Loss						(5,478,389)
Balance at ending at Jun. 30, 2021			$ 9,916	$ 34,790,591	(19,279,001)	15,521,506
Balance at ending, Common shares (in shares) at Jun. 30, 2021			9,916,208
Balance at beginning at Mar. 31, 2021	$ 16,915,986	$ 830,115			(15,274,942)	2,471,159
Balance at beginning, Member Units (in shares) at Mar. 31, 2021	13,725,196	100,000
Share-Based Compensation, (in value)	$ 563,889			1,655,885		2,219,774
Share-Based Compensation, (in shares)	257,122
Share-Based Payments to Vendors (in value)	$ 37,500					37,500
Corporate Conversion (in value)	$ (17,517,375)	$ (830,115)	$ 7,041	18,340,449
Corporate Conversion (in shares)	(13,982,318)	(100,000)
Corporate Conversion, common stock (in shares)			(7,041,208)
Initial Public Offering, net of cash issuance costs (in value)			$ 2,875	14,794,257		14,797,132
Number of shares issued during the period			2,875,000
Net Loss					(4,004,059)	(4,004,059)
Balance at ending at Jun. 30, 2021			$ 9,916	34,790,591	(19,279,001)	15,521,506
Balance at ending, Common shares (in shares) at Jun. 30, 2021			9,916,208
Balance at beginning at Dec. 31, 2021			$ 10,216	38,948,334	(26,548,309)	$ 12,410,241
Balance at beginning, Common shares (in shares) at Dec. 31, 2021			10,215,792			10,215,792
Share-Based Compensation, (in value)				761,069		$ 761,069
Share-Based Payments to Vendors (in value)			$ 44	188,056		188,100
Share-Based Payments to Vendors (in shares)			43,889
Cashless Warrant Exercise			$ 3	(3)
Cashless Warrant Exercise (in shares)			3,521
Net Loss					(2,670,138)	(2,670,138)
Balance at ending at Mar. 31, 2022			$ 10,263	39,897,456	(29,218,447)	10,689,272
Balance at ending, Common shares (in shares) at Mar. 31, 2022			10,263,202
Balance at beginning at Dec. 31, 2021			$ 10,216	38,948,334	(26,548,309)	$ 12,410,241
Balance at beginning, Common shares (in shares) at Dec. 31, 2021			10,215,792			10,215,792
Net Loss						$ (5,290,670)
Balance at ending at Jun. 30, 2022			$ 10,263	40,614,138	(31,838,980)	$ 8,785,421
Balance at ending, Common shares (in shares) at Jun. 30, 2022			10,263,202			10,263,202
Balance at beginning at Mar. 31, 2022			$ 10,263	39,897,456	(29,218,447)	$ 10,689,272
Balance at beginning, Common shares (in shares) at Mar. 31, 2022			10,263,202
Share-Based Compensation, (in value)				716,682		716,682
Net Loss					(2,620,533)	(2,620,533)
Balance at ending at Jun. 30, 2022			$ 10,263	$ 40,614,138	$ (31,838,980)	$ 8,785,421
Balance at ending, Common shares (in shares) at Jun. 30, 2022			10,263,202			10,263,202

CONDENSED INTERIM STATEMENTS _3

CONDENSED INTERIM STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash Flow from Operating Activities:
Net loss		$ (5,290,670)	$ (5,478,389)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-Based Compensation		1,477,751	2,411,441
Share-Based Payments to Vendors		188,100	172,971
Executive Compensation Settled with Membership Interests			916,765
Gain on forgiveness of Paycheck Protection Program Loan	$ (66,503)		(66,503)
(Increase) / Decrease in:
Prepaid Expenses		178,448	(295,940)
Deferred Offering Costs		(50,247)
Accounts Payable and Accrued Expenses		(370,031)	1,462,708
Net Cash Used in Operating Activities		(3,866,649)	(876,947)
Cash Flow from Financing Activities:
Proceeds from Initial Public Offering, net of issuance costs			14,797,132
Net Cash Provided By Financing Activities			14,797,132
Net (Decrease)/Increase in Cash		(3,866,649)	13,920,185
Cash at Beginning of Period		12,958,846	3,175,411
Cash at End of Period	$ 17,095,596	$ 9,092,197	17,095,596
SUPPLEMENTAL DISCLOSURE NON CASH FINANCING ACTIVITY
Initial Public Offering Issuance Costs yet to be paid			$ 286,000

NATURE OF OPERATIONS

NATURE OF OPERATIONS	6 Months Ended
	Jun. 30, 2022
NATURE OF OPERATIONS
NATURE OF OPERATIONS	NOTE 1 – NATURE OF OPERATIONS Business: Acurx Pharmaceuticals, Inc., a Delaware corporation, formerly Acurx Pharmaceuticals, LLC (the “Company”) is a publicly held, clinical stage biopharmaceutical company formed in July 2017, with operations commencing in February 2018. The Company is focused on developing a novel class of antibiotics that address serious or life threatening bacterial infections. In March 2020, the World Health Organization declared the outbreak of COVID-19, a novel strain of coronavirus, a global pandemic. This outbreak caused major disruptions to businesses and markets worldwide as the virus continued to spread. The COVID-19 pandemic has disrupted, and the Company expects it will continue to disrupt, its operations. The extent of the effect on the Company’s operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic, and governmental, regulatory and private sector responses, direct and indirect economic effects as a result of inflation, supply chain disruptions and labor shortages all of which are uncertain and difficult to predict. Although the Company is unable to estimate the financial effect of the pandemic, at this time, if the pandemic continues over a long period of time, it could have a material adverse effect on the Company’s business, results of operations, financial condition, and cash flows. The financial statements do not reflect any adjustments as a result of the pandemic. In February 2018, the Company purchased the active pharmaceutical ingredient, the intellectual property and other rights to an antibiotic product candidate known as GLS362E (renamed ACX-362E and now approved for non-proprietary name, ibezapolstat) (the “Asset”) from GLSynthesis, Inc. The Company paid $110,174 in cash, along with granting 100,000 Class B Membership Interests, profits interests as defined in the operating agreement, with an exercise price of $0.10 per share. The Company was also required to make certain milestone payments totaling $700,000 in aggregate if certain milestones are achieved, $50,000 of which has already been paid by the Company and royalty payments equal to 4% of net sales for a period of time equal to the last to expire of any applicable patents, as defined in the asset purchase agreement. The purchase of the Asset has resulted in our lead antibiotic product candidate, ibezapolstat, which targets the treatment of CDI. The Company’s primary activities since inception aside from organizational activities have included performing research and development activities relating to the development of its two antibiotic candidates and raising funds through equity offerings including its initial public offering (“IPO”) consummated in June 2021. The Company has not generated any revenues since inception. The Company has experienced net losses and negative cash flows from operations since inception and expects these conditions to continue for the foreseeable future. The Company has needed to raise capital from sales of its securities to sustain operations. On June 29, 2021, the Company completed the IPO, issuing 2,875,000 shares of common stock at a price of $6.00 per share, with gross proceeds of approximately $17.3 million. As of June 30, 2022, the Company had a cash balance of approximately $9.1 million, which based on current estimates will be sufficient to meet its anticipated cash requirements for at least 12 months from the issuance of the condensed financial statements for the period ended June 30, 2022. Also, see note 10 for financing update subsequent to quarter end. Management believes that the Company will continue to incur losses for the foreseeable future and will need additional resources to sustain its operations until it can achieve profitability and positive cash flows, if ever. Management plans to seek additional equity financing and grant funding, but cannot assure that such financing and funding will be available at acceptable terms, or at all. The accompanying condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. There can be no assurance that the Company’s research and development will be successfully completed or that any Company product candidate will be approved by the Food and Drug Administration (“FDA”) or any other worldwide regulatory authority or become commercially viable. The Company is subject to risks common to companies in the biopharmaceutical industry including, but not limited to, dependence on collaborative arrangements, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with FDA and other governmental regulations and approval requirements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the United States Securities Exchange Commission for interim reporting. In the opinion of management, these unaudited interim financial statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair statement of the Company’s financial position, results of operations, and cash flows. The unaudited interim results of operations are not necessarily indicative of the results that may occur for the full fiscal year. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Management believes that the disclosures provided herein are adequate when these unaudited condensed interim financial statements are read in conjunction with the audited financial statements and notes thereto as of December 31, 2021 filed in Form 10-K. Use of Estimates The preparation of financial statements in conformity with accounting standards generally accepted in the Unites States of America (“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 financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Income Taxes The Company estimates an annual effective tax rate of 0% as the Company incurred net losses for the six months ended June 30, 2022 resulting in an estimated net loss for both financial statement and tax purposes. Therefore, no current federal or state income tax expense has been recorded in the financial statements. Based on the Company’s history of generating operating losses and its anticipation of operating losses for the foreseeable future, the Company has determined that it is more likely than not that the tax benefits from those net operating losses would not be realized and a full valuation allowance against all deferred tax assets has been recorded. Should the Company’s assessment change, tax benefits associated with the historic net operating loss carryforwards could be limited due to future ownership changes. Prior to the Company’s corporate conversion in June 2021, the Company was organized as a limited liability company. As such, the Company was not a tax paying entity for federal income tax purposes and, therefore, no income tax expense had been recorded in the financial statements. Income or losses of the Company was passed through to the members for inclusion in their respective income tax returns. Concentration of Credit Risk The Company maintains its cash balance in one financial institution. The balance is insured up to the maximum allowable by the Federal Deposit Insurance Corporation (“FDIC”). The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant risk of loss on cash. At times, the cash balance may exceed the maximum insured limit of the FDIC. As of June 30, 2022, the Company had cash of approximately $9.1 million in U.S. bank accounts which was not fully insured by the FDIC. Research and Development The Company expenses research and development costs when incurred. At times, the Company may make cash advances for future research and development services. These amounts are deferred and expensed in the period the service is provided. The Company incurred research and development expenses in the amount of $911,692 and $95,074 for the three months ended June 30, 2022 and 2021, respectively, and $1,730,580 and $186,981 for the six months ended June 30, 2022 and 2021, respectively. Share-Based Compensation The Company accounts for the cost of services performed by officers and directors received in exchange for an award of Company membership interests, common stock or stock options, based on the grant-date fair value of the award. The Company recognizes compensation expense based on the requisite service period. Compensation expense associated with stock option awards is recognized over the requisite service period based on the fair value of the option at the grant date determined based on the Black-Scholes option pricing model. Option valuation models require the input of highly subjective assumptions including the expected price volatility. The Company’s employee stock options have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value computation using the Black-Scholes option pricing model. Because there is no public market for the Company’s stock options and very little historical experience with the Company’s stock, similar public companies were used for the comparison of volatility and the dividend yield. The risk-free rate of return was derived from U.S. Treasury notes with comparable maturities. Share-Based Payments to Vendors The Company accounts for the cost of services performed by vendors in exchange for an award of Company membership interests, common stock, or stock options, based on the grant-date fair value of the award or the fair value of the services rendered; whichever is more readily determinable. Such fair value is measured as of the date the services or the date performance by the other party is complete. The Company recognizes the expense in the same period and in the same manner as if the Company had paid cash for the services. Major Vendor The Company had a major vendor that accounted for approximately 25% and 0% of the research and development expenditures for the three months ended June 30, 2022 and 2021, respectively, and 36% and 1% for the six months ended June 30, 2022 and 2021, respectively. The same vendor also accounted for approximately 18% and 5% of the total accounts payable and accrued expenses as of June 30, 2022 and December 31, 2021, respectively. The Company continues to maintain this vendor relationship and anticipates incurring significant expenses with this vendor over the next 12 months.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2022
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	NOTE 3 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses as of June 30, 2022 and December 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 December 31, 2021 Accrued compensation expenses ​ $ 26,087 ​ $ 508,343 Accrued research and development ​ 304,052 ​ 229,090 Accrued professional fees ​ 137,976 ​ 43,102 Other accounts payable and accrued expenses ​ 5,764 ​ 63,374 Total ​ $ 473,879 ​ $ 843,909 ​

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION	6 Months Ended
	Jun. 30, 2022
EXECUTIVE COMPENSATION
EXECUTIVE COMPENSATION	NOTE 4 – EXECUTIVE COMPENSATION In January 2021, the Company issued 57,430 Class A Membership Interests at $3.25 per unit, equal to the value of the most recent private placement, to two of its executives to settle unpaid year-end bonus award and deferred compensation, which was approved by the board of directors. The year-end bonus component was equal to 38,353 Class A Membership Interests, which was included as accrued compensation. In January 2021, the Company also amended the employment agreements for the three executives. The board of directors also approved certain grants to members of management as a component of their 2020 year-end compensation, authorizing the issuance of 1,540,000 Class B Membership Interests to its three executives, as well as 75,000 Class B Membership Interests which were granted to non-employee management team members. The Class B Membership Interests are profits interests with a defined exercise price of $3.25 per interest, the Company’s most recent financing offering price. In March 2021, the Company along with its three executives and non-employee management team agreed voluntarily to cancel the aforementioned equity grants. The Company granted options to purchase 770,000 shares of the Company’s common stock in June 2021 to the three-member management team in replacement of the cancelled year-end grants described above. The Company is currently managed by three executives, in each case pursuant to new employment agreements effective June 29, 2021.

ISSUANCE OF EQUITY INTERESTS

ISSUANCE OF EQUITY INTERESTS	6 Months Ended
	Jun. 30, 2022
ISSUANCE OF EQUITY INTERESTS
ISSUANCE OF EQUITY INTERESTS	​ NOTE 5 – ISSUANCE OF EQUITY INTERESTS On June 23, 2021, Acurx Pharmaceuticals, LLC was converted into a corporation and renamed Acurx Pharmaceuticals, Inc. The Company’s certificate of incorporation authorizes 200,000,000 shares of common stock of which 10,263,202 were outstanding as of June 30, 2022. On June 29, 2021, the Company completed an IPO issuing 2,875,000 shares of common stock at a price of $6.00 per share, resulting in net cash proceeds of approximately $14.8 million, with cash issuance costs of approximately $2.4 million. The outstanding Class A and Class B Membership Interests were converted to shares of common stock pursuant to a conversion ratio of one-for-two of the Membership Interests outstanding, resulting in the conversion of 14,082,318 Class A and Class B Membership Interests into 7,041,208 shares of common stock. Warrants to purchase Class A Membership Interests were converted to warrants to purchase common stock at the same one-for two conversion ratio, resulting in 1,437,577 warrants to purchase common stock with a weighted average exercise price of $2.88. ​ In connection with the IPO, the Company issued 150,000 warrants to the underwriter. Each warrant is exercisable for 4.5 four and a half-year

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2022
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	​ NOTE 6 – SHARE-BASED COMPENSATION While the Company was a limited liability company in its pre-IPO phase of corporate development, the Company granted performance-based awards of restricted Class A Membership Interests to board members and corporate advisory council members in exchange for services. All of these awards of membership interests became fully vested upon consummation of the Company’s corporate conversion from a Delaware limited liability company to a Delaware corporation immediately prior to the Company’s IPO in June 2021, with the Company recognizing all previously unrecognized compensation expense. The fair value of the membership interests granted during 2020 and 2019 was equal to the per-membership interest value of the most recent private placement. Total share-based compensation associated with these awards had been recorded as general and administrative expenses in the amount of $563,889 and $755,556 for the three and six months ended June 30, 2021, respectively. In April 2021, the board of directors approved the creation of the 2021 Equity Incentive Plan (the “Plan”). The Plan became effective as of the completion of the corporate conversion, with an annual evergreen provision pursuant to the Plan. The Plan currently reserves an aggregate of 2,408,631 shares of common stock, subject to adjustments as provided in the Plan, of which 537,936 are currently still available for issuance. The purpose of the Plan is to attract, retain and incentivize directors, officers, employees, and consultants. In June 2021, the Company granted stock options to purchase a total of 807,500 shares of common stock to its three executives and three non-employee management team members to replace the Class B Membership Interests that were cancelled in March 2021. The options were issued at an exercise price of $6.26, with the employee options vesting 40% upon issuance In the second quarter of 2021, the Company entered into a number of agreements with vendors pursuant to which the Company granted a total of 175,000 shares of common stock, cash payments in the amount of $343,500 and 100,000 options which were included as a part of the July 2021 grant. These contracts have terms which range from six months to three years. The common stock was valued based on the grant date fair value and the options valued utilizing Black-Scholes option pricing model. The cash payments were expensed over the service period and the equity component expensed consistent with the contractual vesting. The Company recorded general and administrative expense of $1,095,500 for the three and six months ended June 30, 2021 and $0 for the three and six months ended June 30, 2022, respectively related to compensation expense for these shares. In July 2021, the Company granted stock options to purchase a total of 1,550,000 shares of common stock to its three executives pursuant to their respective employment agreements, the independent directors, and one consultant, pursuant to the Plan. The options were issued at an exercise price of $6.18, the grant date fair value, with one-quarter of the executive’s options vesting upon issuance and the balance over 36 months, and the options granted to the directors and consultants vesting over 36 months. The Company recorded general and administrative expenses of $490,917 and $981,833 for the three and six months ended June 30, 2022 related to compensation expense for these options. In January 2022, the Company granted stock options to purchase a total of 80,000 shares of common stock to seven consultants pursuant to the Plan. The options were issued at an exercise price of $4.44, the grant date fair value, with one-quarter of the options vesting upon issuance and the balance over 36 months. The Company recorded general and administrative expenses of $18,950 and $107,383 for the three and six months ended June 30, 2022 related to compensation expense for these options. In April 2022, the Company granted stock options to purchase a total of 30,000 shares of common stock to a new employee pursuant to the Plan. The options were issued at an exercise price of $3.79, the grant date fair value, with one-quarter of the options vesting upon issuance and the balance over 36 months. The Company recorded general and administrative expenses of $25,095 for the three and six months ended June 30, 2022, related to compensation expense for these options. Compensation expense associated with these awards is recognized over the vesting period based on the fair value of the option at the grant date determined based on the Black-Scholes model. Option valuation models require the input of highly subjective assumptions including the expected price volatility. The Company’s employee stock options have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value computation using the Black-Scholes option pricing model. Because there is no public market for the Company’s stock options and very little historical experience with the Company’s stock, similar public companies were used for the comparison of volatility and the dividend yield. The risk-free rate of return was derived from U.S. Treasury notes with comparable maturities. The Company determined the fair value of the option awards using the Black-Scholes option pricing model using the following weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ June 30, 2022 Expected term ​ 9 years ​ Volatility ​ 90 % Dividend yield ​ — % Risk-free interest rate ​ 2.01 % Weighted average grant date fair value ​ $ 3.54 ​ ​ A summary of the Company’s stock option activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended Weighted Average ​ June 30, 2022 Exercise Price Outstanding at the beginning of the period 2,357,500 $ 6.21 Granted 110,000 ​ $ 4.26 Vested (1,253,250) ​ $ 6.16 Outstanding and expected to vest 1,214,250 ​ $ 6.08 ​ The total compensation expense not yet recognized as of June 30, 2022 was $5,637,855. The weighted average vesting period for the unvested options is 2.03 years. The intrinsic value of the stock options as of June 30, 2022 was $0, with a remaining weighted average contractual life of 9.03

SHARE-BASED PAYMENTS TO VENDORS

SHARE-BASED PAYMENTS TO VENDORS	6 Months Ended
	Jun. 30, 2022
SHARE-BASED PAYMENTS TO VENDORS
SHARE-BASED PAYMENTS TO VENDORS	NOTE 7 – SHARE-BASED PAYMENTS TO VENDORS While the Company was a limited liability company in its pre-IPO phase of corporate development, the Company granted Class A Membership Interests to certain vendors in the ordinary course of business in exchange for consulting services relating to research and development activities and investor relations. The Company granted 30,145 Class A Membership Interests for the six months ended June 30, 2021. The fair value of the Class A Membership Interests granted was equal to the value of the most recent private placement. The Company recognized the expense in the same period and in the same manner as if the Company had paid cash for the services. The Company recorded general and administrative expenses and research and development expenses for vendor equity grants in the amounts of $37,500 and $0 for the three months ended June 30, 2021 and $151,375 and $21,596 for the six months ended June 30, 2021, respectively. In October 2019, the Company granted a total of 150,000 restricted Class A Membership Interests to three consultants for investor relations consulting services performed in 2019 through October 2021. These Class A Membership Interests vested on the second anniversary of the grant date, and were subject to accelerated vesting provisions upon a change of control of the Company. The fair value of the Class A Membership Interests granted was equal to the value of the most recent private placement, $2.00 per Class A Membership Interest. The Company recognized the expense on a straight-line basis over the vesting period. The Company recorded general and administrative expenses of $37,500 for the three months ended June 30, 2021 and $75,000 for the six months ended June 30, 2021. The conversion adjusted shares of common stock were issued in October 2021. In October 2021, the Company entered into an agreement with a consultant to provide financial advisory services for a six-month term. Pursuant to the agreement, the Company will grant $150,000 of common stock over the term of service. In January 2022, The Company granted 13,889 shares of common stock at grant date fair value, pursuant to the agreement, and recorded general and administrative expenses of $0 for the three months ended June 30, 2022 and $75,000 for the six months ended June 30, 2022. In March 2022, the Company entered into an agreement with a consultant to provide investor relation services for a six-month term. Pursuant to the agreement, the Company granted 30,000 shares of common stock with a grant date fair value of $3.77 and paid $25,000 of cash compensation The cash component will be expensed over the service period and the equity component expensed consistent with the contractual vesting. The Company recorded general and administrative expenses of $0 for the three months ended June 30, 2022 and $113,100 for the six months ended June 30, 2022.

NET LOSS PER SHARE

NET LOSS PER SHARE	6 Months Ended
	Jun. 30, 2022
NET LOSS PER SHARE
NET LOSS PER SHARE	NOTE 8 – NET LOSS PER SHARE On June 23, 2021, the Company completed a corporate conversion from a limited liability company to a corporation. Accordingly, the outstanding Class A and Class B Membership Interests were converted to shares of common stock using a conversion ratio of one-half of one share of common stock for each Class A membership interest or Class B membership interest. Basic and diluted net loss per share of common stock for the three and six months ended June 30, 2022 and 2021 was determined by dividing net loss by the weighted average shares of common stock outstanding during the period. The Company’s potentially dilutive shares, consisting of 1,582,227 warrants and 2,467,500 stock options, have not been included in the computation of diluted net loss per share for all periods as the result would be antidilutive. The effects of the corporate conversion on the Company’s weighted average shares of common stock outstanding and net loss per share have been reflected for all periods presented retroactively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2022
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 9 – COMMITMENTS AND CONTINGENCIES In conjunction with the Asset purchase in February 2018, the Company is required to make certain milestone payments related to the ongoing development of ACX-362E totaling $700,000 in the aggregate if certain milestones are achieved (which includes $50,000 already paid after the acquisition in February 2018). The Company is also obligated to make royalty payments equal to 4% of net sales of ACX-362E for a period of time equal to the last to expire of any applicable patents, as defined in the purchase agreement.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2022
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 10 – SUBSEQUENT EVENTS On July 25, 2022, the Company entered into securities purchase agreements (the “Purchase Agreements) with David P. Luci, the Company’s President and Chief Executive Officer, Robert J. DeLuccia, the Company’s Executive Chairman, Carl V. Sailer, a member of the Company’s board of directors (collectively, the “Affiliate Investors”), and a single U.S. institutional investor (the “Investor”) pursuant to which the Company issued and sold in a registered direct offering an aggregate of 1,159,211 shares of common stock, par value $0.001 per share and pre-funded warrants to purchase an aggregate of 130,769 shares of common stock. The Affiliate Investors purchased an aggregate of 59,211 shares of common stock at a purchase price of $3.80 per share. The Investor purchased an aggregate of 1,100,000 shares of common stock at a purchase price of $3.25 per share and an aggregate of 130,769 prefunded warrants at a purchase price of $3.2499 per pre-funded warrant. The pre-funded warrants sold to the Investor have an exercise price of $0.0001, were immediately exercisable and may be exercised at any time until fully exercised. The gross proceeds to the Company from the registered direct offering were $4.2 million and net proceeds after deducting the placement agents’ fees and other offering expenses payable by the Company were approximately $3.7 million. In a concurrent private placement, the Company issued to the Affiliate Investors and the Investor, series A warrants to purchase 1,289,980 shares of common stock and series B warrants to purchase 1,289,980 shares of common stock, all of which are deemed equity classified. The Company issued an aggregate of 59,211 series A warrants and an aggregate of 59,211 series B warrants to the Affiliate Investors with an exercise price per share of $3.55. Additionally, the Company issued an aggregate of 1,230,769 series A warrants and an aggregate of 1,230,769 series B warrants to the Investor with an exercise price per share of $3.25. The series A warrants will be exercisable commencing on January 27, 2023 and will expire on January 27, 2028. The series B warrants will be exercisable commencing on January 27, 2023 and will expire on January 27, 2024. The registered direct offering and concurrent private placement closed on July 27, 2022. On July 25, 2022, the Company entered into a co-placement agent agreement (the “Placement Agent Agreement”), with A.G.P./Alliance Global Partners (“AGP”) and Maxim Group LLC (“Maxim”, and together with AGP, the “Placement Agents”) in connection with the registered direct offering pursuant to which the Company paid the Placement Agents a cash fee of $287,874 and issued to the Placement Agents an aggregate of 63,018 warrants to purchase shares of common stock (which is 5% of the aggregate number of shares of common stock and pre-funded warrants sold in the registered direct offering to the Investor and 2.5% of the aggregate number of shares of common stock sold to the Affiliate Investors). The warrants will have an exercise price of $3.60 per share (representing 110% of the weighted average public offering price of the aggregate number of shares of common stock sold in the registered direct offering to the Investor and Affiliate Investors), will be exercisable beginning January 27, 2023, and will expire on July 27, 2027.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the United States Securities Exchange Commission for interim reporting. In the opinion of management, these unaudited interim financial statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair statement of the Company’s financial position, results of operations, and cash flows. The unaudited interim results of operations are not necessarily indicative of the results that may occur for the full fiscal year. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Management believes that the disclosures provided herein are adequate when these unaudited condensed interim financial statements are read in conjunction with the audited financial statements and notes thereto as of December 31, 2021 filed in Form 10-K.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting standards generally accepted in the Unites States of America (“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 financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes	Income Taxes The Company estimates an annual effective tax rate of 0% as the Company incurred net losses for the six months ended June 30, 2022 resulting in an estimated net loss for both financial statement and tax purposes. Therefore, no current federal or state income tax expense has been recorded in the financial statements. Based on the Company’s history of generating operating losses and its anticipation of operating losses for the foreseeable future, the Company has determined that it is more likely than not that the tax benefits from those net operating losses would not be realized and a full valuation allowance against all deferred tax assets has been recorded. Should the Company’s assessment change, tax benefits associated with the historic net operating loss carryforwards could be limited due to future ownership changes. Prior to the Company’s corporate conversion in June 2021, the Company was organized as a limited liability company. As such, the Company was not a tax paying entity for federal income tax purposes and, therefore, no income tax expense had been recorded in the financial statements. Income or losses of the Company was passed through to the members for inclusion in their respective income tax returns.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains its cash balance in one financial institution. The balance is insured up to the maximum allowable by the Federal Deposit Insurance Corporation (“FDIC”). The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant risk of loss on cash. At times, the cash balance may exceed the maximum insured limit of the FDIC. As of June 30, 2022, the Company had cash of approximately $9.1 million in U.S. bank accounts which was not fully insured by the FDIC.
Research and Development	Research and Development The Company expenses research and development costs when incurred. At times, the Company may make cash advances for future research and development services. These amounts are deferred and expensed in the period the service is provided. The Company incurred research and development expenses in the amount of $911,692 and $95,074 for the three months ended June 30, 2022 and 2021, respectively, and $1,730,580 and $186,981 for the six months ended June 30, 2022 and 2021, respectively.
Share-Based Compensation	Share-Based Compensation The Company accounts for the cost of services performed by officers and directors received in exchange for an award of Company membership interests, common stock or stock options, based on the grant-date fair value of the award. The Company recognizes compensation expense based on the requisite service period. Compensation expense associated with stock option awards is recognized over the requisite service period based on the fair value of the option at the grant date determined based on the Black-Scholes option pricing model. Option valuation models require the input of highly subjective assumptions including the expected price volatility. The Company’s employee stock options have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value computation using the Black-Scholes option pricing model. Because there is no public market for the Company’s stock options and very little historical experience with the Company’s stock, similar public companies were used for the comparison of volatility and the dividend yield. The risk-free rate of return was derived from U.S. Treasury notes with comparable maturities.
Share-Based Payments to Vendors	Share-Based Payments to Vendors The Company accounts for the cost of services performed by vendors in exchange for an award of Company membership interests, common stock, or stock options, based on the grant-date fair value of the award or the fair value of the services rendered; whichever is more readily determinable. Such fair value is measured as of the date the services or the date performance by the other party is complete. The Company recognizes the expense in the same period and in the same manner as if the Company had paid cash for the services.
Major Vendor	Major Vendor The Company had a major vendor that accounted for approximately 25% and 0% of the research and development expenditures for the three months ended June 30, 2022 and 2021, respectively, and 36% and 1% for the six months ended June 30, 2022 and 2021, respectively. The same vendor also accounted for approximately 18% and 5% of the total accounts payable and accrued expenses as of June 30, 2022 and December 31, 2021, respectively. The Company continues to maintain this vendor relationship and anticipates incurring significant expenses with this vendor over the next 12 months.

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2022
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Summary of accounts payable and accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 December 31, 2021 Accrued compensation expenses ​ $ 26,087 ​ $ 508,343 Accrued research and development ​ 304,052 ​ 229,090 Accrued professional fees ​ 137,976 ​ 43,102 Other accounts payable and accrued expenses ​ 5,764 ​ 63,374 Total ​ $ 473,879 ​ $ 843,909

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2022
SHARE-BASED COMPENSATION
Schedule of fair value of options using Black-Scholes option pricing model	​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ June 30, 2022 Expected term ​ 9 years ​ Volatility ​ 90 % Dividend yield ​ — % Risk-free interest rate ​ 2.01 % Weighted average grant date fair value ​ $ 3.54 ​
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended Weighted Average ​ June 30, 2022 Exercise Price Outstanding at the beginning of the period 2,357,500 $ 6.21 Granted 110,000 ​ $ 4.26 Vested (1,253,250) ​ $ 6.16 Outstanding and expected to vest 1,214,250 ​ $ 6.08

NATURE OF OPERATIONS (Details)

NATURE OF OPERATIONS (Details) - USD ($)		1 Months Ended	6 Months Ended
	Jun. 29, 2021	Feb. 28, 2018	Jun. 30, 2021	Jun. 30, 2022	Dec. 31, 2021	Dec. 21, 2021
Nature of Operations [Line Item]
Number of shares issued during the period	2,875,000
Gross proceeds	$ 17,300,000		$ 14,797,132
Cash				$ 9,092,197	$ 12,958,846
IPO
Nature of Operations [Line Item]
Exercise price				$ 6.26		$ 7.50
Number of shares issued during the period	2,875,000
Share price	$ 6
Gross proceeds	$ 14,800,000
ACX362E
Nature of Operations [Line Item]
Achieve Milestone payment		$ 700,000
Royalty payments		$ 50,000
Percentage of royalty payments on net sales		4%
ACX362E | Members' Equity, Class B
Nature of Operations [Line Item]
Cash paid		$ 110,174
Granting (in shares)		100,000
Exercise price		$ 0.10

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Effective tax rate			0%
Current federal or state income tax expense			$ 0
Income tax expense			0
Cash insured by Federal Deposit Insurance Corporation	$ 9,100,000		$ 9,100,000
Percentage of major vendor research and development expenditures	25%	0%	36%	1%
Percentage of major vendor accounts payable and accrued expenses			18%		5%
Research and Development Expense	$ 911,692	$ 95,074	$ 1,730,580	$ 186,981

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accrued compensation expenses	$ 26,087	$ 508,343
Accrued research and development	304,052	229,090
Accrued professional fees	137,976	43,102
Other accounts payable and accrued expenses	5,764	63,374
Total	$ 473,879	$ 843,909

EXECUTIVE COMPENSATION (Details

EXECUTIVE COMPENSATION (Details) - Members' Equity, Class A	1 Months Ended	12 Months Ended
	Jan. 31, 2021 item $ / shares shares	Dec. 31, 2021 shares
Shares issued | shares	57,430	38,353
Purchase price | $ / shares	$ 3.25
Number of executives not received compensation	2
Number of executives amended agreement	3

EXECUTIVE COMPENSATION - Additi

EXECUTIVE COMPENSATION - Additional Information (Details)		1 Months Ended		6 Months Ended
	Jun. 29, 2021 item	Jul. 31, 2021 shares	Jun. 30, 2021 item shares	Jun. 30, 2022 $ / shares shares
Granted		100,000		110,000
Profits interest exercise price | $ / shares				$ 3.25
Number of executives pursuant to new employment | item	3
Members' Equity, Class B
Granted				1,540,000
Number of executives pursuant to new employment | item			3
Members' Equity, Class B | Non-Employee
Granted				75,000
Members' Equity, Class B | Common Stock
Purchase to grants in options			770,000

ISSUANCE OF EQUITY INTERESTS (D

ISSUANCE OF EQUITY INTERESTS (Details) - USD ($)			6 Months Ended
	Dec. 21, 2021	Jun. 29, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Jan. 31, 2021
Class of Warrant or Right [Line Items]
Common stock, Authorized (in shares)			200,000,000		200,000,000
Common stock, Outstanding (in shares)			10,263,202		10,215,792
Number of shares issued during the period		2,875,000
Proceeds from Initial Public Offering, net of issuance costs		$ 17,300,000		$ 14,797,132
Converted shares of common stock		7,041,208
Expected term			9 years
Risk-free interest rate			2.01%
Members' Equity, Class A
Class of Warrant or Right [Line Items]
Purchase price						$ 3.25
Warrants Converted to Purchase Common Stock		1,437,577
Members' Equity, Class A and Class B
Class of Warrant or Right [Line Items]
Converted shares of common stock		14,082,318
Warrant
Class of Warrant or Right [Line Items]
Exercise price		$ 2.88
IPO
Class of Warrant or Right [Line Items]
Purchase price		$ 6
Number of shares issued during the period		2,875,000
Proceeds from Initial Public Offering, net of issuance costs		$ 14,800,000
Cash issuance cost		$ 2,400,000
Exercise price	$ 7.50		$ 6.26
Warrant exercisable term	4 years 6 months
Warrants issued to Underwriter			150,000
Fair value of Warrants			$ 618,000
Expected term			4 years 6 months
Risk-free interest rate			0.79%
Volatility Rate			94%

SHARE-BASED COMPENSATION - Opti

SHARE-BASED COMPENSATION - Option pricing model (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares
SHARE-BASED COMPENSATION
Expected term	9 years
Volatility	90%
Risk-free interest rate	2.01%
Weighted average grant date fair value	$ 3.54

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock option activity (Details) - $ / shares		1 Months Ended		6 Months Ended
	Jun. 30, 2022	Apr. 30, 2022	Jul. 31, 2021	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at the beginning of the period				2,357,500
Granted			100,000	110,000
Vested				1,253,250
Outstanding at the end of the period	1,214,250			1,214,250
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted Average Exercise price, Beginning of the period				$ 6.21
Weighted Average Exercise price, granted	$ 4.67	$ 3.79		4.26
Weighted Average Exercise price, Vested				6.16
Weighted Average Exercise price, End of the period	$ 6.08			$ 6.08

SHARE-BASED COMPENSATION - Addi

SHARE-BASED COMPENSATION - Additional information (Details) - USD ($)

1 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jan. 31, 2022

Jun. 29, 2021

Apr. 30, 2022

Jan. 31, 2022

Oct. 31, 2021

Jul. 31, 2021

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Apr. 30, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share based compensation expense

$ 563,889

$ 755,556

Stock options granted

100,000

110,000

General and Administrative

$ 1,708,841

$ 3,975,488

$ 3,560,090

5,357,911

Total compensation expense not yet recognized

$ 5,637,855

5,637,855

$ 5,637,855

Weighted average vesting period

2 years 10 days

Intrinsic value of stock option

$ 0

0

$ 0

Weighted average contractual life

6 months

9 years 3 months 7 days

Exercise price

$ 4.67

$ 3.79

$ 4.26

Number of common stock granted

2,875,000

Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Contract term

6 months

Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Contract term

3 years

Over 36 months

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting percentage

60%

Vendor

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

General and Administrative

$ 1,095,500

$ 0

1,095,500

Number of common stock granted

175,000

Cash Payments Made to Vendors

$ 343,500

2021 Equity Incentive Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock shares reserved

2,408,631

Common stock shares available for issuance

537,936

Exercise price

$ 4.44

2021 Equity Incentive Plan | Seven Consultants

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock options granted

80,000

General and Administrative

18,950

107,383

Employee Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock options granted

30,000

General and Administrative

25,095

25,095

Vesting percentage

40%

Exercise price

$ 6.18

$ 6.26

Employee Stock | Executive officer

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock options granted

1,550,000

General and Administrative

490,917

981,833

Employee Stock | Executive And Non-employee management team

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share based compensation expense

$ 1,655,885

$ 1,655,885

Stock options granted

807,500

General and Administrative

$ 181,720

$ 363,440

SHARE-BASED PAYMENTS TO VENDO_2

SHARE-BASED PAYMENTS TO VENDORS (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 31, 2021	Oct. 31, 2019	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Granted	100,000				110,000
General and Administrative			$ 1,708,841	$ 3,975,488	$ 3,560,090	$ 5,357,911
Research and Development			$ 911,692	95,074	$ 1,730,580	186,981
Share Based Payments To Vendor
General and Administrative				37,500		151,375
Research and Development				$ 0		$ 21,596
Members' Equity, Class A
Granted		150,000			30,145

SHARE-BASED PAYMENTS TO VENDO_3

SHARE-BASED PAYMENTS TO VENDORS - Company Grants (Details) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended
	Jul. 31, 2021	Oct. 31, 2019	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Granted	100,000			110,000
Fair value of share granted				$ 3.54
Share based compensation expense			$ 563,889		$ 755,556
Members' Equity, Class A
Granted		150,000		30,145
Fair value of share granted		$ 2
General and Administrative Expense
Share based compensation expense			$ 37,500		$ 75,000

SHARE-BASED PAYMENTS TO VENDO_4

SHARE-BASED PAYMENTS TO VENDORS - Agreements with Vendors (Details) - USD ($)	1 Months Ended				3 Months Ended		6 Months Ended
	Mar. 31, 2022	Jan. 31, 2022	Oct. 31, 2021	Jul. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Weighted average contractual life			6 months				9 years 3 months 7 days
Share based compensation expenses						$ 563,889		$ 755,556
General and Administrative					$ 0		$ 113,100
Granted				100,000			110,000
Investor relation services
Weighted average contractual life	6 months
Grant date fair value	$ 3.77
Cash compensation	$ 25,000
Common Stock
Share based compensation expenses			$ 150,000
Available for grants		13,889
Common Stock | Investor relation services
Granted	30,000
Common Stock | Stock Options
General and Administrative					$ 0		$ 75,000

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details)	6 Months Ended
	Jun. 30, 2022 shares
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares	1,582,227
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares	2,467,500

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - ACX362E	1 Months Ended
	Feb. 28, 2018 USD ($)
Product Liability Contingency [Line Items]
Achieve Milestone payment	$ 700,000
Royalty payments	$ 50,000
Percentage of royalty payments on net sales	4%

SUBSEQUENT EVENTS - Purchase Ag

SUBSEQUENT EVENTS - Purchase Agreements (Details) - USD ($)	Jul. 25, 2022	Jun. 29, 2021	Jun. 30, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Number of shares issued during the period		2,875,000
Common stock, par value			$ 0.001	$ 0.001
Subsequent Event | Affiliate Investors
Subsequent Event [Line Items]
Number of shares issued during the period	59,211
Purchase price	$ 3.80
Warrants exercise price	$ 3.55
Subsequent Event | Investor
Subsequent Event [Line Items]
Number of shares issued during the period	1,100,000
Purchase price	$ 3.25
Warrants to purchase shares of common stock	130,769
Purchase price per pre-funded warrant	$ 3.2499
Warrants exercise price	$ 0.0001
Subsequent Event | Registered direct offering
Subsequent Event [Line Items]
Number of shares issued during the period	1,159,211
Common stock, par value	$ 0.001
Warrants to purchase shares of common stock	130,769
Warrants exercise price	$ 3.60
Gross proceeds from registered direct offering	$ 4,200,000
Net proceeds from registered direct offering	$ 3,700,000

SUBSEQUENT EVENTS - funded warr

SUBSEQUENT EVENTS - funded warrants (Details) - $ / shares	Jul. 25, 2022	Jun. 29, 2021
Subsequent Event [Line Items]
Number of shares issued during the period		2,875,000
Subsequent Event | Affiliate Investors
Subsequent Event [Line Items]
Number of shares issued during the period	59,211
Warrants exercise price	$ 3.55
Subsequent Event | Affiliate Investors | Series A warrants
Subsequent Event [Line Items]
Number of shares issued during the period	59,211
Subsequent Event | Affiliate Investors | Series B warrants
Subsequent Event [Line Items]
Number of shares issued during the period	59,211
Subsequent Event | Investor
Subsequent Event [Line Items]
Warrants to purchase shares of common stock	130,769
Number of shares issued during the period	1,100,000
Warrants exercise price	$ 0.0001
Subsequent Event | Investor | Series A warrants
Subsequent Event [Line Items]
Number of shares issued during the period	1,230,769
Subsequent Event | Investor | Series B warrants
Subsequent Event [Line Items]
Number of shares issued during the period	1,230,769
Warrants exercise price	$ 3.25
Subsequent Event | Private Placement | Series A warrants
Subsequent Event [Line Items]
Warrants to purchase shares of common stock	1,289,980
Subsequent Event | Private Placement | Series B warrants
Subsequent Event [Line Items]
Warrants to purchase shares of common stock	1,289,980

SUBSEQUENT EVENTS - Placement A

SUBSEQUENT EVENTS - Placement Agency Agreement (Details) - Subsequent Event	Jul. 25, 2022 USD ($) $ / shares shares
Placement Agents
Subsequent Event [Line Items]
Warrants to purchase shares of common stock | shares	63,018
Investor
Subsequent Event [Line Items]
Warrants to purchase shares of common stock | shares	130,769
Warrants exercise price | $ / shares	$ 0.0001
Affiliate Investors
Subsequent Event [Line Items]
Warrants exercise price | $ / shares	$ 3.55
Registered direct offering
Subsequent Event [Line Items]
Cash fee paid to placement agent | $	$ 287,874
Warrants to purchase shares of common stock | shares	130,769
Warrants exercise price | $ / shares	$ 3.60
Percentage of weighted average public offering price of the aggregate number of shares of common stock sold	110%
Registered direct offering | Investor
Subsequent Event [Line Items]
Percentage of aggregate number of shares of common stock and pre-funded warrants sold	5%
Registered direct offering | Affiliate Investors
Subsequent Event [Line Items]
Percentage of aggregate number of shares of common stock and pre-funded warrants sold	2.50%