Reviva Pharmaceuticals (RVPH) 10-Q 14 Aug 24 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 12, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-38634
Entity Registrant Name	Reviva Pharmaceuticals Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-4306526
Entity Address, Address Line One	10080 N. Wolfe Road, Suite SW3-200
Entity Address, City or Town	Cupertino
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95014
City Area Code	408
Local Phone Number	501-8881
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		29,817,294
Entity Central Index Key	0001742927
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	RVPH
Security Exchange Name	NASDAQ
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase one share of Common Stock
Trading Symbol	RVPHW
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 6,178,180	$ 23,367,456
Prepaid clinical trial costs	528,947	78,295
Prepaid expenses and other current assets	525,826	254,637
Total current assets	7,232,953	23,700,388
Non-current prepaid clinical trial costs	819,721	0
Total Assets	8,052,674	23,700,388
Liabilities
Short-term debt	207,500	0
Accounts payable	4,693,360	3,849,108
Accrued clinical expenses	7,301,782	11,966,812
Accrued compensation	1,295,978	958,607
Other accrued liabilities	445,371	400,490
Total current liabilities	13,943,991	17,175,017
Warrant liabilities	150,205	806,655
Total Liabilities	14,094,196	17,981,672
Stockholders' Equity (Deficit)
Common stock, par value of $0.0001; 115,000,000 shares authorized; 29,817,294 and 27,918,560 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	2,982	2,792
Preferred Stock, par value of $0.0001; 10,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2024 and December 31, 2023	0	0
Additional paid-in capital	143,603,271	140,070,172
Accumulated deficit	(149,647,775)	(134,354,248)
Total stockholders' equity (deficit)	(6,041,522)	5,718,716
Total Liabilities and Stockholders' Equity (Deficit)	$ 8,052,674	$ 23,700,388

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	115,000,000	115,000,000
Common Stock, Shares, Outstanding (in shares)	29,817,294	27,918,560
Common Stock, Shares, Issued (in shares)	29,817,294	27,918,560
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized (in shares)	10,000,000	10,000,000
Preferred Stock, Shares Issued (in shares)	0	0
Preferred Stock, Shares Outstanding (in shares)	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating expenses
Research and development	$ 5,584,347	$ 8,256,336	$ 11,368,212	$ 13,740,481
General and administrative	2,545,296	3,079,301	4,683,537	4,579,855
Total operating expenses	8,129,643	11,335,637	16,051,749	18,320,336
Loss from operations	(8,129,643)	(11,335,637)	(16,051,749)	(18,320,336)
Other income (expense)
Gain (loss) on remeasurement of warrant liabilities	200,273	(456,177)	656,450	(445,051)
Interest expense	(5,153)	(12,759)	(8,640)	(20,414)
Interest income	87,610	103,080	260,708	250,091
Other expense, net	(5,621)	(19)	(135,515)	(14,513)
Total other income (expense), net	277,109	(365,875)	773,003	(229,887)
Loss before provision for income taxes	(7,852,534)	(11,701,512)	(15,278,746)	(18,550,223)
Provision for income taxes	7,385	6,436	14,781	9,414
Net loss	$ (7,859,919)	$ (11,707,948)	$ (15,293,527)	$ (18,559,637)
Net loss per share:
Basic and diluted (in dollars per share)	$ (0.26)	$ (0.52)	$ (0.51)	$ (0.84)
Weighted average shares outstanding
Basic and diluted (in shares)	30,555,012	22,434,781	30,221,168	22,135,850

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2022	20,447,371
Balance at Dec. 31, 2022	$ 2,045	$ 103,485,612	$ (95,093,411)	$ 8,394,246
Stock-based compensation expense	0	2,672,346	0	2,672,346
Net loss	$ 0	0	(18,559,637)	(18,559,637)
Common stock issued in connection with warrant exercises (in shares)	2,202,895
Common stock issued in connection with warrant exercises	$ 220	5,677,630	0	5,677,850
Balance (in shares) at Jun. 30, 2023	22,650,266
Balance at Jun. 30, 2023	$ 2,265	111,835,588	(113,653,048)	(1,815,195)
Balance (in shares) at Mar. 31, 2023	20,452,121
Balance at Mar. 31, 2023	$ 2,045	103,556,732	(101,945,100)	1,613,677
Stock-based compensation expense	0	2,620,819	0	2,620,819
Net loss	$ 0	0	(11,707,948)	(11,707,948)
Common stock issued in connection with warrant exercises (in shares)	2,198,145
Common stock issued in connection with warrant exercises	$ 220	5,658,037	0	5,658,257
Balance (in shares) at Jun. 30, 2023	22,650,266
Balance at Jun. 30, 2023	$ 2,265	111,835,588	(113,653,048)	(1,815,195)
Balance (in shares) at Dec. 31, 2023	27,918,560
Balance at Dec. 31, 2023	$ 2,792	140,070,172	(134,354,248)	5,718,716
Issuance of common stock and warrants in offering, net of transaction costs (in shares)	1,898,734
Issuance of common stock and warrants in offering, net of transaction costs	$ 190	1,494,292	0	1,494,482
Issuance of warrants in offering, net of transaction costs	0	1,081,689	0	1,081,689
Modification of existing warrants, net of transaction costs	0	229,050	0	229,050
Stock-based compensation expense	0	728,068	0	728,068
Net loss	$ 0	0	(15,293,527)	(15,293,527)
Balance (in shares) at Jun. 30, 2024	29,817,294
Balance at Jun. 30, 2024	$ 2,982	143,603,271	(149,647,775)	(6,041,522)
Balance (in shares) at Mar. 31, 2024	27,918,560
Balance at Mar. 31, 2024	$ 2,792	140,439,247	(141,787,856)	(1,345,817)
Issuance of common stock and warrants in offering, net of transaction costs (in shares)	1,898,734
Issuance of common stock and warrants in offering, net of transaction costs	$ 190	1,494,292	0	1,494,482
Issuance of warrants in offering, net of transaction costs	0	1,081,689	0	1,081,689
Modification of existing warrants, net of transaction costs	0	229,050	0	229,050
Stock-based compensation expense	0	358,993	0	358,993
Net loss	$ 0	0	(7,859,919)	(7,859,919)
Balance (in shares) at Jun. 30, 2024	29,817,294
Balance at Jun. 30, 2024	$ 2,982	$ 143,603,271	$ (149,647,775)	$ (6,041,522)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract
Net loss	$ (15,293,527)	$ (18,559,637)
Adjustments to reconcile net loss to net cash used in operating activities
Change in fair value of warrant liabilities	(656,450)	445,051
Stock-based compensation expense	728,068	2,672,346
Changes in operating assets and liabilities:
Prepaid clinical trial costs	(1,270,373)	0
Prepaid expenses and other current assets	(271,189)	(286,621)
Accounts payable	844,252	(871,984)
Accrued expenses and other current liabilities	(4,282,778)	3,332,221
Net cash used in operating activities	(20,201,997)	(13,268,624)
Cash flows from financing activities
Proceeds from issuance of short-term debt	415,000	667,500
Repayment of short-term debt	(207,500)	(445,000)
Proceeds from issuance of common stock and warrants and from modification of existing warrants, in offering, net of issuance costs	2,805,221	0
Proceeds from exercise of warrants	0	5,677,850
Net cash provided by financing activities	3,012,721	5,900,350
Net decrease in cash and cash equivalents	(17,189,276)	(7,368,274)
Cash and cash equivalents, beginning of period	23,367,456	18,519,856
Cash and cash equivalents, end of period	6,178,180	11,151,582
Supplemental disclosures of cash flow information:
Cash paid for taxes	3,417	3,941
Cash paid for interest	8,640	20,414
us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract
Warrant modification recorded in stockholders' deficit	229,050	0
Issuance of common stock warrants	$ 1,081,689	$ 0

Note 1 - Organization and Natur

Note 1 - Organization and Nature of Operations	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. ORGANIZATION AND NATURE OF OPERATIONS On December 14, 2020, Reviva Pharmaceuticals Holdings, Inc. (the “Company”), a Delaware corporation and the successor by re-domiciliation to Tenzing Acquisition Corp. (“Tenzing”), a British Virgin Islands exempted company, Tenzing Merger Subsidiary Inc., a Delaware corporation and wholly-owned subsidiary of Tenzing (“Merger Sub”), and Reviva Pharmaceuticals, Inc., a Delaware corporation (together with its consolidated subsidiary), consummated a business combination (the “Business Combination”) through the merger of Merger Sub with and into Reviva Pharmaceuticals, Inc. (the "Merger"), in accordance with the Agreement and Plan of Merger, dated as of July 20, 2020 (the “Merger Agreement”), by and among Tenzing, Merger Sub, Reviva Pharmaceuticals, Inc., and the other parties thereto. Pursuant to the Merger Agreement, at the effective time of the Merger, Merger Sub merged with and into Reviva Pharmaceuticals, Inc., with Reviva Pharmaceuticals, Inc. as the surviving company in the Merger and, after giving effect to such Merger, Reviva Pharmaceuticals, Inc. becoming a wholly-owned subsidiary of Reviva Pharmaceuticals Holdings, Inc. In these notes to the unaudited condensed consolidated financial statements, unless otherwise specified or the context indicates otherwise, references to the “Company,” “Reviva,” “we,” “us” and “our” refer to Reviva Pharmaceuticals Holdings, Inc. and its consolidated subsidiary. Reviva Pharmaceuticals, Inc. was originally incorporated in the state of Delaware and commenced operations on May 1, 2006 and its Indian subsidiary, Reviva Pharmaceuticals India Pvt. Ltd. was incorporated in 2014. The Company is a late-stage pharmaceutical company developing new therapies that seek to address unmet medical needs in the areas of central nervous system (CNS), inflammatory and cardiometabolic diseases.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies and Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Certain footnotes and other financial information normally required by accounting principles generally accepted in the United States of America, or GAAP, have been condensed or omitted in accordance with such rules and regulations. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as our annual consolidated financial statements and notes thereto and include all adjustments, consisting of normal recurring items, considered necessary for the fair presentation. The operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024. The unaudited condensed consolidated balance sheet as of December 31, 2023, has been derived from our audited financial statements at that date but does not include all disclosures and financial information required by GAAP for complete financial statements. The information included in the quarterly report on Form 10-Q should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2023, which were included in our annual report on Form 10-K, as filed with the Securities and Exchange Commission on April 15, 2024. Reclassifications Certain amounts in the prior year’s consolidated financial statements, as of December 31, 2023 have been reclassified to conform to the current period's presentation. This involved disclosing separately, prepaid clinical trial costs from the prepaid expenses and other current assets balance, which were previously disclosed in the aggregate. This reclassification had no effect on the Company’s loss from operations, net loss, or net loss per share. Principles of consolidation The accompanying condensed consolidated financial statements include the accounts of the Reviva Pharmaceuticals Holdings, Inc. and its wholly owned subsidiary Reviva Pharmaceuticals, India Pvt Ltd. The Company’s subsidiary’s functional currency is the U.S. dollar. The Company recognizes a foreign currency gain or loss each reporting period, on translation of its foreign subsidiary's financial information on consolidation. Any such foreign currency gain or loss is recognized as part of other expense, net, on the condensed consolidated statement of operations. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. All transactions and balances between the parent and its subsidiary have been eliminated in consolidation. Previously-disclosed restatement of previously reported interim condensed consolidated quarterly financial statements The interim consolidated financial statements include corrections to the three and six months ended June 30, 2023, which corrections were previously presented in the audited consolidated financial statements and notes thereto, including specifically Note 10, “ Quarterly Financial Data (Unaudited and Restated) As previously reported in Item 4.02(a) of the Company’s Current Report on Form 8-K as filed with the SEC on April 15, 2024, and in the Company’s 2023 Form 10-K, on April 12, 2024, the audit committee (the “audit committee”) of the board of directors of the Company, after meeting with management, concluded that the Company’s previously issued financial statements for the fiscal year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, the interim financial statements for the quarterly period ended September 30, 2022 included in its Quarterly Report on Form 10-Q, and each of the interim financial statements for the quarterly periods in fiscal 2023 included in its Quarterly Reports on Form 10-Q (cumulatively, the “Restatement Periods”) should be restated to correct historical errors related principally to the timing of recognition of the Company’s estimated accrual of certain research and development expenses. The need for the restatement arose out of the results of certain financial analysis the Company performed in the course of preparing its fiscal year-end 2023 consolidated financial statements. Principally, the Company completed a detailed lookback analysis to compare certain estimated accrued clinical trial expenses, specifically investigator fees, from one contract research organization to its actual clinical trial expenses that were incurred for the respective periods for that contract research organization during the Restatement Periods based on review of historical invoices. In the course of its analysis of the actual information gathered through the lookback process, the Company detected differences between the estimated accrued amounts of those clinical trial expenses and the actual expenses recorded due primarily to the Company’s failure to properly review and evaluate expenses incurred in those clinical trial contracts resulting in the Company not properly accruing for clinical trial expenses that were incurred but for which invoices were not yet received. In addition, the Company determined that an effective process for evaluating the completeness of the research and development expense accrual for investigator fees and related costs, for that contract research organization, was necessary. This included estimated patient site visits not yet reported, average site visit costs and average delay in site invoicing. This provides the Company with an effective estimate of the costs incurred as there can be a lag between receiving an invoice for the services provided from that contract research organization. Management and the audit committee of the Company’s board of directors concluded that, in the ordinary course of closing its financial books and records, the Company previously excluded certain clinical trial expenses and associated accruals from the appropriate periods as required under applicable accounting guidelines. Therefore, the Company misstated research and development expenses, and accrued clinical expenses for the three and six months ended June 30, 2023. As previously disclosed, the Company misstated research and development expenses and associated accrued liabilities during the Restatement Periods. Also as previously disclosed, the Company principally attributes the errors to a material weakness in its internal control activities due to a failure in the design and implementation of its controls to review clinical trial expenses, including the evaluation of the terms of clinical trial contracts. Specifically, the Company failed to properly review and evaluate progress of expenses incurred in clinical trial contracts resulting in the Company not properly accruing for clinical trial expenses that were incurred but for which invoices were not yet received. These material weaknesses were previously disclosed in Item II, Part 9A of the Company’s 2023 Form 10-K, and are disclosed in Part I, Item 4 of this Quarterly Report on Form 10-Q. The Company has commenced procedures to remediate the material weaknesses. However, these material weaknesses will not be considered remediated until the applicable remedial actions have been fully implemented and the Company has concluded that these controls are operating effectively for a sufficient period of time. These condensed consolidated financial statements and the corresponding discussion included in Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, are reflective of the restatement adjustments for the three and six months ended June 30, 2023, as previously presented in Note 10 to the Company’s consolidated financial statements included in the 2023 Form 10-K. As previously disclosed in Note 10, “Quarterly Financial Data (Unaudited and Restated)”, to the Consolidated Financial Statements included in the Company’s 2023 Form 10-K, the restated line items of the consolidated statement operations for three and six months ended June 30, 2023 are as follows: Originally Reported Adjustment Restated Three Months Ended June 30, 2023 Three Months Ended June 30, 2023 Three Months Ended June 30, 2023 Research and development $ 8,991,250 $ (734,914 ) $ 8,256,336 Total operating expenses 12,070,551 (734,914 ) 11,335,637 Loss from operations (12,070,551 ) 734,914 (11,335,637 ) Net loss (12,442,862 ) 734,914 (11,707,948 ) Basic and diluted $ (0.55 ) $ 0.03 $ (0.52 ) Originally Reported Adjustment Restated Six Months Ended June 30, 2023 Six Months Ended June 30, 2023 Six Months Ended June 30, 2023 Research and development $ 14,226,249 $ (485,768 ) $ 13,740,481 Total operating expenses 18,806,104 (485,768 ) 18,320,336 Loss from operations (18,806,104 ) 485,768 (18,320,336 ) Net loss (19,045,405 ) 485,768 (18,559,637 ) Basic and diluted $ (0.86 ) $ 0.02 $ (0.84 ) While the adjustments changed net loss, and accrued expenses and other current liabilities line items in the condensed consolidated cash flow statement, they did not have an impact on total net cash used in operating activities. Further, there was no impact on cash flows from investing or cash flows from financing activities. As previously disclosed in Note 10, “Quarterly Financial Data (Unaudited and Restated)”, to the Consolidated Financial Statements included in the Company’s 2023 Form 10-K, the restated line items of the consolidated cash flow statement for the six months ended June 30, 2023 are as follows: Originally Reported Adjustment Restated Six Months Ended June 30, 2023 Six Months Ended June 30, 2023 Six Months Ended June 30, 2023 Cash flows from operating activities Net loss $ (19,045,405 ) $ 485,768 $ (18,559,637 ) Adjustments to reconcile net loss to net cash used in operating activities Changes in operating assets and liabilities Accrued expenses and other current liabilities 3,817,989 (485,768 ) 3,332,221 Net cash used in operating activities $ (13,268,624 ) $ — $ (13,268,624 ) Liquidity and going concern The Company has incurred losses since inception and as of June 30, 2024 the Company had a working capital deficit of approximately $6.7 million, an accumulated deficit of $149.6 million and cash and cash equivalents on hand of approximately $6.2 million. The Company’s net loss for the three months ended June 30, 2024 and 2023, was approximately $7.9 million and $11.7 million, respectively. The Company's net loss for the for the six months ended June 30, 2024 and 2023, was approximately $15.3 million and $18.6 million, respectively. The Company expects to incur significant expenses and increased operating losses for the next several years. The Company expects its expenses to increase in connection with its ongoing activities to research, develop and commercialize its product candidates. The Company will need to generate significant revenues to achieve profitability, and it may never do so. The Company’s current cash on hand is not sufficient to satisfy its operating cash needs for the 12 months from the filing of this Quarterly Report on Form 10-Q. The Company believes that it has adequate cash on hand to cover anticipated outlays into the third quarter of fiscal year 2024, but will need additional fundraising activities and cash on hand during the third quarter of fiscal year 2024. These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year after the date the financial statements are issued. The amount and timing of our future funding requirements will depend on many factors, including the pace and results of our clinical development efforts. The Company will seek to fund its operations through public or private equity or debt financings or other sources, which may include collaborations with third parties. In May 2024 the Company raised capital through a registered financial offering (Note 4). Adequate additional financing may not be available to the Company on acceptable terms, or at all. Should the Company be unable to raise sufficient additional capital, the Company may be required to undertake cost-cutting measures including delaying or discontinuing certain clinical activities. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. 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 as of the date of the financial statements and the reported amounts of expenses during the reporting periods covered by the financial statements and accompanying notes. Significant areas requiring the use of management estimates include, but are not limited to, accounting for clinical trial costs, assumptions used to calculate the fair value of stock-based compensation, assumptions used to calculate the fair value of warrants, deferred taxes, and related valuation allowances. Actual results could differ materially from such estimates under different assumptions or circumstances. Concentration of credit risk and other risks and uncertainties Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. Substantially, all the Company’s cash and cash equivalents are held in demand deposit and money market funds at three financial institutions. Deposits in financial institutions may, from time to time, exceed federally insured limits. Amounts held in demand deposit in excess of federally insured limits, totaled $915,028 and $786,971 as of June 30, 2024 and December 31, 2023, respectively. The Company has not experienced any losses on its deposits of cash. The Company is subject to all of the risks inherent in an early-stage company developing new pharmaceutical products. These risks include, but are not limited to, limited management resources, dependence upon medical acceptance of the product in development, regulatory approvals, successful clinical trials, availability and willingness of patients to participate in human trials, and competition in the pharmaceutical industry. The Company’s operating results may be materially affected by the foregoing factors. Cash and cash equivalents As of June 30, 2024, and December 31, 2023, the Company’s cash was maintained in demand deposit forms at three financial institutions. The Company considers any highly liquid investments, such as money market funds, with an original maturity of three months or less to be cash and cash equivalents. The components of cash and cash equivalents were as follows: As of June 30, 2024 As of December 31, 2023 Cash on deposit $ 1,251,654 $ 1,155,636 Money market funds (cash equivalents) 4,926,526 22,211,820 Cash and cash equivalents $ 6,178,180 $ 23,367,456 Fair Value Measurements Accounting Standards Codification ("ASC") 820, Fair Value Measurements , The three levels of the fair value hierarchy under ASC 820 are described below: • Level 1 - Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. • Level 2 - Directly or indirectly observable inputs as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. • Level 3 - Unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. In determining the fair value of all warrants, excluding the private-placement warrants (see Note 7), the Company utilizes the Black-Scholes model using assumptions regarding volatility of the Company's common share price, expected term of the warrants, expected divided rate, and risk-free interest rates. In determining the fair value of the private placement warrants, the Company utilizes a Lattice model using assumptions regarding volatility implied by public warrant market price, expected term of the warrants, expected dividend rate, and risk-free interest rates. Due to their short maturities, the carrying amounts for cash and cash equivalents, prepaid clinical trial costs, prepaid expenses and other current assets, accounts payable, accrued clinical expenses, accrued compensation, short-term debt, and other accrued liabilities approximate their fair value. Short-term debt In January 2024, the Company obtained financing for certain Director and Officer liability insurance policy premiums. The governing agreement assigns the lender a first priority lien on and security interest in the financed policies and any additional premium required in the financed policies. The total premiums, taxes, and fees financed was $518,750, of which of which a principal of $415,000 was financed after accounting for the up-front payment made. The financing arrangement has an annual percentage interest rate of 7.99% and a term of 12 months, with payments, inclusive of interest, payable on a monthly basis. New accounting pronouncements not yet adopted In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes Improvements to Income Tax Disclosures

Note 3 - Loss Per Share

Note 3 - Loss Per Share	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	3. LOSS PER SHARE Basic and diluted net loss per share is computed by dividing the net loss for the period by the weighted average number of common stock outstanding during the period. Diluted loss per share includes potentially dilutive securities such as stock options, warrants to purchase common stock (excluding warrants that are exercisable for $0.0001 per warrant), and shares contingently issuable for earnout unless the result of inclusion would be anti-dilutive. These securities have been excluded from the calculation of diluted net loss per shares for the three and six months ended June 30, 2024 and 2023, because all such securities are anti-dilutive for all periods presented. The components of basic and diluted net loss per share were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 (as restated) 2024 2023 (as restated) Numerator: Net loss $ (7,859,919 ) $ (11,707,948 ) $ (15,293,527 ) $ (18,559,637 ) Denominator: Weighted-average common shares outstanding – basic and diluted 30,555,012 22,434,781 30,221,168 22,135,850 Net loss per share – basic and diluted $ (0.26 ) $ (0.52 ) $ (0.51 ) $ (0.84 ) The following table summarizes the Company’s potentially dilutive securities, in common share equivalents, which have been excluded from the calculation of dilutive loss per share as their effect would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Shares issuable upon exercise of stock options 1,505,572 1,547,774 1,505,572 1,547,774 Shares issuable upon exercise of warrants to purchase common stock (excluding warrants that are exercisable for $0.0001 per warrant) 22,782,603 15,030,209 22,782,603 15,030,209 Shares contingently issuable for earnout — 1,000,000 — 1,000,000 24,288,175 17,577,983 24,288,175 17,577,983 The diluted loss per share computation equals basic loss per share for the three and six months ended June 30, 2024 and 2023 because the Company had a net loss and the impact of the assumed exercise of stock options, certain warrants, and shares contingently issuable for earnout would have been anti-dilutive.

Note 4 - Warrants

Note 4 - Warrants	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Warrants [Text Block]	4. WARRANTS Warrant activity during the six months ended June 30, 2024, was as follows: Number of Warrants Weighted Average Exercise Price Total Intrinsic Value Weighted Average Remaining Contractual Life (in years) Outstanding as of December 31, 2023 25,067,643 $ 6.03 $ 29,686,123 3.1 Issued 1,898,734 1.46 — 5.0 Outstanding as of June 30, 2024 26,966,377 $ 5.52 $ 2,519,822 2.8 May 2024 Registered Direct Offering On May 28, 2024, the Company entered into a securities purchase agreement (the "Purchase Agreement") pursuant to which the Company sold, in a registered direct offering (the “Offering”) priced at the market under Nasdaq rules which closed on May 29, 2024, an aggregate of (i) 1,898,734 shares of its common stock, and (ii) warrants (the “Warrants”) exercisable for an aggregate of up to 1,898,734 shares of its common stock. The public offering price for each share of common stock and accompanying Warrant to purchase one share of common stock was $1.58. The Warrants have a term of 5 years and expire on May 29, 2029. The net proceeds to the Company from the Offering were $2.8 million, after deducting placement offering costs, agent fees and expenses and other offering expenses payable by the Company, of $0.4 million. The Company evaluated the Warrants in accordance with the guidance at ASC 480, Distinguishing Liabilities from Equity Derivatives and Hedging The fair value of the Warrants was determined utilizing a Black-Scholes model, considering all relevant assumptions current at the date of issuance (i.e., Company stock price of $1.34, exercise price of $1.46, expected term of 5 years, volatility of 93%, risk-free interest rate of 4.6%, and expected dividend rate of 0%). Refer to Note 2 for further detail regarding how assumptions were determined. The grant date relative fair value of the Warrants was estimated to be approximately $1.1 million to additional paid-in capital in the condensed consolidated balance sheet as the warrants were determined to be equity classified, with the corresponding debit as an issuance cost of the related equity offering. Accounting for Warrant Modification In connection with the Offering, on May 28, 2024, the Company entered into a warrant amendment agreement with the purchaser party to the Purchase Agreement, pursuant to which the Company agreed to amend the purchaser’s existing warrants to purchase 1,365,854 shares of common stock at an exercise price of $5.00 per share issued in November 2023 (the “Existing Warrants”) in consideration for such purchaser party’s participation and purchase of approximately $3.0 million of securities in the Offering and the payment of $0.2 million to (i) lower the exercise price of the Existing Warrants to $1.455 per share and (ii) amend the expiration date of the Existing Warrants to five years following the closing of the Offering, effective upon the closing of the Offering on May 29, 2024. ASC Topic 480, Distinguishing Liabilities from Equity Derivatives and Hedging The following assumptions were used to value the modification of the warrants immediately before the modification and immediately after the modification: Immediately before the modification Immediately after the modification Risk-free interest rate 4.70 % 4.60 % Remaining expected term 4.5 5.0 Expected volatility 97.00 % 93.00 % Stock price on valuation date $ 1.34 $ 1.34 Exercise price $ 5.00 $ 1.46 Expected dividend rate — % — %

Note 5 - Stockholders' Equity (

Note 5 - Stockholders' Equity (Deficit), Stock Option Plans, and Stock-based Compensation	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	5. STOCKHOLDERS' EQUITY (DEFICIT), STOCK OPTION PLANS, AND STOCK-BASED COMPENSATION Our authorized capital stock consists of: • 115,000,000 shares of common stock, par value $0.0001 per share; and • 10,000,000 shares of preferred stock, par value $0.0001 per share. As of June 30, 2024 there were 29,817,294 shares of our common stock outstanding, and no On May 28, 2024, the Company entered into the Purchase Agreement for the sale of shares of common stock and the warrants. Refer to Note 4, Warrants, for additional details. As of June 30, 2024, the Company has shares of common stock reserved for future issuance as follows: Shares underlying outstanding warrants 24,751,368 Shares reserved for future issuance under the 2020 Equity Incentive Plan 3,871,121 Stock options outstanding 1,505,572 Total common stock reserved for future issuance 30,128,061 2006 and 2020 Equity Incentive Plans As of December 31, 2023, there were an aggregate of 1,004,263 shares of common stock available for issuance under the 2020 Equity Incentive Plan, subject to equitable adjustment in the event of stock splits and other capital changes (the “Share Reserve”). Following the December 31, 2023 balance sheet date, in accordance with the “evergreen” provision in our 2020 Equity Incentive Plan (the "Evergreen Provision"), an additional 2,791,856 shares were automatically made available for issuance on the first day of 2024, which represents 10% of the number of shares of the Company’s common stock outstanding on December 31, 2023. As a result, as of June 30, 2024, the Share Reserve available for future awards under the 2020 Equity Incentive Plan stood at 3,871,121 shares, after accounting for the above described 2024 Evergreen Increase and options forfeited in the first and second quarters of 2024. As of June 30, 2024, the Share Reserve related to previously issued and outstanding awards under the 2006 Equity Incentive Plan stood at 16,747. No new grants of awards are permitted under the 2006 Equity Incentive Plan. Stock-Based Compensation Expense The Company records stock-based compensation expense based on the fair value of stock options granted to employees, non-employee consultants and non-employee directors. During the three months ended June 30, 2024 and 2023, the Company recorded stock-based compensation expense of approximately $0.4 million and $2.6 million, respectively. During the six months ended June 30, 2024 and 2023, the Company recorded stock-based compensation expense of approximately $0.7 million and $2.7 million, respectively. As of June 30, 2024 the Company had unrecognized stock-based compensation expense of $2.4 million, which is expected to be recognized over a weighted-average period of 2.0 years. There were no options granted during the six months ended June 30, 2024. Activity under the stock plans for the six months ended June 30, 2024 is as follows: Shares Available for Grant Number of Options Outstanding Weighted Average Exercise price per share Weighted Average Remaining Contractual Term in Years Aggregate Intrinsic Value Balance, December 31, 2023 1,004,263 1,580,574 $ 6.51 9.11 $ 300,969 Expired 75,002 (75,002 ) 6.74 Evergreen plan increase 2,791,856 Balance, June 30, 2024 3,871,121 1,505,572 $ 6.49 8.61 $ 2,850 Options exercisable at June 30, 2024 915,196 $ 6.80 8.42 $ 2,492 For the three months ended June 30, 2024 and 2023, the amount of stock-based compensation expense included within research and development and general and administrative expenses was as follows: Three months ended, June 30, 2024 2023 Research and development $ 184,883 $ 992,473 General and administrative 174,110 1,628,346 Total stock-based compensation expense $ 358,993 $ 2,620,819 For the six months ended June 30, 2024 and 2023, the amount of stock-based compensation expense included within research and development and general and administrative expenses was as follows: Six months ended, June 30, 2024 2023 Research and development $ 379,779 $ 1,033,867 General and administrative 348,289 1,638,479 Total stock-based compensation expense $ 728,068 $ 2,672,346

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	6. COMMITMENTS AND CONTINGENCIES Clinical trials Since 2010, the Company has entered into multiple clinical trial agreements with medical institutions in the United States, Europe and Asia for the purpose of enrolling patients into various clinical trials. The agreements are substantially similar by trial and include a detailed listing of the clinical trial services for which the Company will pay, how much will be paid for each service, a set-up charge (if any), Investigational Review Board fees, contractual term, and other provisions. The clinical trial services provided by each site generally include the screening of prospective patients and, for those patients to be enrolled in the study, administration of the Company’s investigation drug according to the trial protocol, any required hospitalization, ancillary medical supplies, and 2-week patient follow-up. Further, each agreement requires the Company to indemnify each respective clinical site against any and all liability, loss, or damage it may suffer as a result of third-party claims; the Company maintains product liability insurance in conjunction with this indemnification. The agreements may be terminated upon 30 days’ written notice, subject to conditions of paying all liabilities incurred through the date of termination. Additionally, with each screened patient, the Company incurs expense with other entities engaged to provide independent review of patient medical records. As part of the Company's agreement with one of its clinical research organizations, the Company is required to maintain a 7% upfront float for fees related to expenses incurred in clinical studies. When the float has depleted to 15% (i.e. 85% of the float has been used) the Company will receive an invoice to replenish the float up to 7% of the remaining estimated budget for the studies. As of December 31, 2023 and June 30, 2024, the Company had no Indemnification From time to time, in its normal course of business, the Company may indemnify other parties, with whom it enters into contractual relationships, including lessors and parties to other transactions with the Company. The Company may agree to hold other parties harmless against specific losses, such as those that could arise from a breach of representation, covenant or third-party infringement claims. It may not be possible to determine the maximum potential amount of liability under such indemnification obligations due to the unique facts and circumstances that are likely to be involved in each particular claim and indemnification provision. Historically, there have been no such indemnification claims. The Company has also indemnified its directors and executive officers, to the extent legally permissible, against all liabilities reasonably incurred in connection with any action in which such individual may be involved by reason of such individual being or having been a director or executive officer. Operating Leases During the period covered by these condensed consolidated financial statements, the Company had two leases. The first was a twelve-month Litigation The Company is not currently 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.

Note 7 - Fair Value Measurement

Note 7 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	7. FAIR VALUE MEASUREMENTS The following tables provide a summary of the assets and liabilities that are required to be measured at fair value on a recurring basis and where they are classified within the fair value hierarchy as of June 30, 2024 and December 31, 2023: June 30, 2024 Level 1 Level 2 Level 3 Total Assets: Money market funds (cash equivalents) $ 4,929,526 $ — $ — $ 4,929,526 Total assets measured and recorded at fair value $ 4,929,526 $ — $ — $ 4,929,526 Liabilities: Warrant liabilities $ — $ — $ 150,205 $ 150,205 Total liabilities measured and recorded at fair value $ — $ — $ 150,205 $ 150,205 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds (cash equivalents) $ 22,211,820 $ — $ — $ 22,211,820 Total assets measured and recorded at fair value $ 22,211,820 $ — $ — $ 22,211,820 Liabilities: Warrant liabilities $ — $ — $ 806,655 $ 806,655 Total liabilities measured and recorded at fair value $ — $ — $ 806,655 $ 806,655 The following table summarizes the changes in the fair value of the warrant liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance, beginning of period $ 350,478 $ 556,313 $ 806,655 $ 567,439 Change in fair value of warrant liabilities (200,273 ) 456,177 (656,450 ) 445,051 Balance, end of period $ 150,205 $ 1,012,490 $ 150,205 $ 1,012,490 In prior years, the Company issued warrants to purchase 556,313 shares of common stock in a private placement (the "Private Warrants") and classified the warrants as derivative liabilites, pursuant to ASC 815, as the warrants have an exercise price that is subject to potential adjustment, with subsequent changes in their fair values to be recognized in the condensed consolidated statement of operations at each reporting date. The Company calculated the fair value of the Private Warrants as of June 30, 2024 and December 31, 2023 as $150,205 and $806,655, respectively, using a Lattice model. The key inputs used in the Lattice calculation were the following: June 30, 2024 December 31, 2023 Risk-free interest rate 4.92 % 4.25 % Remaining expected term of Private warrants 1.46 1.96 Expected volatility (1) 144.50 % 89.00 % Stock price on valuation date $ 1.28 $ 5.15 Exercise price $ 11.50 $ 11.50 Expected dividend rate — % — % (1)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]		ITEM 5. OTHER INFORMATION. Rule 10b5-1 Trading Arrangements and Non-Rule 10b5-1 Trading Arrangements During the fiscal quarter ended June 30, 2024, none
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Certain footnotes and other financial information normally required by accounting principles generally accepted in the United States of America, or GAAP, have been condensed or omitted in accordance with such rules and regulations. In management’s opinion, these unaudited condensed consolidated financial statements have been prepared on the same basis as our annual consolidated financial statements and notes thereto and include all adjustments, consisting of normal recurring items, considered necessary for the fair presentation. The operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024. The unaudited condensed consolidated balance sheet as of December 31, 2023, has been derived from our audited financial statements at that date but does not include all disclosures and financial information required by GAAP for complete financial statements. The information included in the quarterly report on Form 10-Q should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2023, which were included in our annual report on Form 10-K, as filed with the Securities and Exchange Commission on April 15, 2024.
Reclassification, Comparability Adjustment [Policy Text Block]	Reclassifications Certain amounts in the prior year’s consolidated financial statements, as of December 31, 2023 have been reclassified to conform to the current period's presentation. This involved disclosing separately, prepaid clinical trial costs from the prepaid expenses and other current assets balance, which were previously disclosed in the aggregate. This reclassification had no effect on the Company’s loss from operations, net loss, or net loss per share.
Consolidation, Policy [Policy Text Block]	Principles of consolidation The accompanying condensed consolidated financial statements include the accounts of the Reviva Pharmaceuticals Holdings, Inc. and its wholly owned subsidiary Reviva Pharmaceuticals, India Pvt Ltd. The Company’s subsidiary’s functional currency is the U.S. dollar. The Company recognizes a foreign currency gain or loss each reporting period, on translation of its foreign subsidiary's financial information on consolidation. Any such foreign currency gain or loss is recognized as part of other expense, net, on the condensed consolidated statement of operations. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. All transactions and balances between the parent and its subsidiary have been eliminated in consolidation.
Error Correction, Policy [Policy Text Block]	Previously-disclosed restatement of previously reported interim condensed consolidated quarterly financial statements The interim consolidated financial statements include corrections to the three and six months ended June 30, 2023, which corrections were previously presented in the audited consolidated financial statements and notes thereto, including specifically Note 10, “ Quarterly Financial Data (Unaudited and Restated) As previously reported in Item 4.02(a) of the Company’s Current Report on Form 8-K as filed with the SEC on April 15, 2024, and in the Company’s 2023 Form 10-K, on April 12, 2024, the audit committee (the “audit committee”) of the board of directors of the Company, after meeting with management, concluded that the Company’s previously issued financial statements for the fiscal year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, the interim financial statements for the quarterly period ended September 30, 2022 included in its Quarterly Report on Form 10-Q, and each of the interim financial statements for the quarterly periods in fiscal 2023 included in its Quarterly Reports on Form 10-Q (cumulatively, the “Restatement Periods”) should be restated to correct historical errors related principally to the timing of recognition of the Company’s estimated accrual of certain research and development expenses. The need for the restatement arose out of the results of certain financial analysis the Company performed in the course of preparing its fiscal year-end 2023 consolidated financial statements. Principally, the Company completed a detailed lookback analysis to compare certain estimated accrued clinical trial expenses, specifically investigator fees, from one contract research organization to its actual clinical trial expenses that were incurred for the respective periods for that contract research organization during the Restatement Periods based on review of historical invoices. In the course of its analysis of the actual information gathered through the lookback process, the Company detected differences between the estimated accrued amounts of those clinical trial expenses and the actual expenses recorded due primarily to the Company’s failure to properly review and evaluate expenses incurred in those clinical trial contracts resulting in the Company not properly accruing for clinical trial expenses that were incurred but for which invoices were not yet received. In addition, the Company determined that an effective process for evaluating the completeness of the research and development expense accrual for investigator fees and related costs, for that contract research organization, was necessary. This included estimated patient site visits not yet reported, average site visit costs and average delay in site invoicing. This provides the Company with an effective estimate of the costs incurred as there can be a lag between receiving an invoice for the services provided from that contract research organization. Management and the audit committee of the Company’s board of directors concluded that, in the ordinary course of closing its financial books and records, the Company previously excluded certain clinical trial expenses and associated accruals from the appropriate periods as required under applicable accounting guidelines. Therefore, the Company misstated research and development expenses, and accrued clinical expenses for the three and six months ended June 30, 2023. As previously disclosed, the Company misstated research and development expenses and associated accrued liabilities during the Restatement Periods. Also as previously disclosed, the Company principally attributes the errors to a material weakness in its internal control activities due to a failure in the design and implementation of its controls to review clinical trial expenses, including the evaluation of the terms of clinical trial contracts. Specifically, the Company failed to properly review and evaluate progress of expenses incurred in clinical trial contracts resulting in the Company not properly accruing for clinical trial expenses that were incurred but for which invoices were not yet received. These material weaknesses were previously disclosed in Item II, Part 9A of the Company’s 2023 Form 10-K, and are disclosed in Part I, Item 4 of this Quarterly Report on Form 10-Q. The Company has commenced procedures to remediate the material weaknesses. However, these material weaknesses will not be considered remediated until the applicable remedial actions have been fully implemented and the Company has concluded that these controls are operating effectively for a sufficient period of time. These condensed consolidated financial statements and the corresponding discussion included in Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, are reflective of the restatement adjustments for the three and six months ended June 30, 2023, as previously presented in Note 10 to the Company’s consolidated financial statements included in the 2023 Form 10-K. As previously disclosed in Note 10, “Quarterly Financial Data (Unaudited and Restated)”, to the Consolidated Financial Statements included in the Company’s 2023 Form 10-K, the restated line items of the consolidated statement operations for three and six months ended June 30, 2023 are as follows: Originally Reported Adjustment Restated Three Months Ended June 30, 2023 Three Months Ended June 30, 2023 Three Months Ended June 30, 2023 Research and development $ 8,991,250 $ (734,914 ) $ 8,256,336 Total operating expenses 12,070,551 (734,914 ) 11,335,637 Loss from operations (12,070,551 ) 734,914 (11,335,637 ) Net loss (12,442,862 ) 734,914 (11,707,948 ) Basic and diluted $ (0.55 ) $ 0.03 $ (0.52 ) Originally Reported Adjustment Restated Six Months Ended June 30, 2023 Six Months Ended June 30, 2023 Six Months Ended June 30, 2023 Research and development $ 14,226,249 $ (485,768 ) $ 13,740,481 Total operating expenses 18,806,104 (485,768 ) 18,320,336 Loss from operations (18,806,104 ) 485,768 (18,320,336 ) Net loss (19,045,405 ) 485,768 (18,559,637 ) Basic and diluted $ (0.86 ) $ 0.02 $ (0.84 ) While the adjustments changed net loss, and accrued expenses and other current liabilities line items in the condensed consolidated cash flow statement, they did not have an impact on total net cash used in operating activities. Further, there was no impact on cash flows from investing or cash flows from financing activities. As previously disclosed in Note 10, “Quarterly Financial Data (Unaudited and Restated)”, to the Consolidated Financial Statements included in the Company’s 2023 Form 10-K, the restated line items of the consolidated cash flow statement for the six months ended June 30, 2023 are as follows: Originally Reported Adjustment Restated Six Months Ended June 30, 2023 Six Months Ended June 30, 2023 Six Months Ended June 30, 2023 Cash flows from operating activities Net loss $ (19,045,405 ) $ 485,768 $ (18,559,637 ) Adjustments to reconcile net loss to net cash used in operating activities Changes in operating assets and liabilities Accrued expenses and other current liabilities 3,817,989 (485,768 ) 3,332,221 Net cash used in operating activities $ (13,268,624 ) $ — $ (13,268,624 )
Going Concern [Policy Text Block]	Liquidity and going concern The Company has incurred losses since inception and as of June 30, 2024 the Company had a working capital deficit of approximately $6.7 million, an accumulated deficit of $149.6 million and cash and cash equivalents on hand of approximately $6.2 million. The Company’s net loss for the three months ended June 30, 2024 and 2023, was approximately $7.9 million and $11.7 million, respectively. The Company's net loss for the for the six months ended June 30, 2024 and 2023, was approximately $15.3 million and $18.6 million, respectively. The Company expects to incur significant expenses and increased operating losses for the next several years. The Company expects its expenses to increase in connection with its ongoing activities to research, develop and commercialize its product candidates. The Company will need to generate significant revenues to achieve profitability, and it may never do so. The Company’s current cash on hand is not sufficient to satisfy its operating cash needs for the 12 months from the filing of this Quarterly Report on Form 10-Q. The Company believes that it has adequate cash on hand to cover anticipated outlays into the third quarter of fiscal year 2024, but will need additional fundraising activities and cash on hand during the third quarter of fiscal year 2024. These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year after the date the financial statements are issued. The amount and timing of our future funding requirements will depend on many factors, including the pace and results of our clinical development efforts. The Company will seek to fund its operations through public or private equity or debt financings or other sources, which may include collaborations with third parties. In May 2024 the Company raised capital through a registered financial offering (Note 4). Adequate additional financing may not be available to the Company on acceptable terms, or at all. Should the Company be unable to raise sufficient additional capital, the Company may be required to undertake cost-cutting measures including delaying or discontinuing certain clinical activities. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued.
Use of Estimates, Policy [Policy Text Block]	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 as of the date of the financial statements and the reported amounts of expenses during the reporting periods covered by the financial statements and accompanying notes. Significant areas requiring the use of management estimates include, but are not limited to, accounting for clinical trial costs, assumptions used to calculate the fair value of stock-based compensation, assumptions used to calculate the fair value of warrants, deferred taxes, and related valuation allowances. Actual results could differ materially from such estimates under different assumptions or circumstances.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of credit risk and other risks and uncertainties Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. Substantially, all the Company’s cash and cash equivalents are held in demand deposit and money market funds at three financial institutions. Deposits in financial institutions may, from time to time, exceed federally insured limits. Amounts held in demand deposit in excess of federally insured limits, totaled $915,028 and $786,971 as of June 30, 2024 and December 31, 2023, respectively. The Company has not experienced any losses on its deposits of cash. The Company is subject to all of the risks inherent in an early-stage company developing new pharmaceutical products. These risks include, but are not limited to, limited management resources, dependence upon medical acceptance of the product in development, regulatory approvals, successful clinical trials, availability and willingness of patients to participate in human trials, and competition in the pharmaceutical industry. The Company’s operating results may be materially affected by the foregoing factors.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and cash equivalents As of June 30, 2024, and December 31, 2023, the Company’s cash was maintained in demand deposit forms at three financial institutions. The Company considers any highly liquid investments, such as money market funds, with an original maturity of three months or less to be cash and cash equivalents. The components of cash and cash equivalents were as follows: As of June 30, 2024 As of December 31, 2023 Cash on deposit $ 1,251,654 $ 1,155,636 Money market funds (cash equivalents) 4,926,526 22,211,820 Cash and cash equivalents $ 6,178,180 $ 23,367,456
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value Measurements Accounting Standards Codification ("ASC") 820, Fair Value Measurements , The three levels of the fair value hierarchy under ASC 820 are described below: • Level 1 - Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. • Level 2 - Directly or indirectly observable inputs as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. • Level 3 - Unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. In determining the fair value of all warrants, excluding the private-placement warrants (see Note 7), the Company utilizes the Black-Scholes model using assumptions regarding volatility of the Company's common share price, expected term of the warrants, expected divided rate, and risk-free interest rates. In determining the fair value of the private placement warrants, the Company utilizes a Lattice model using assumptions regarding volatility implied by public warrant market price, expected term of the warrants, expected dividend rate, and risk-free interest rates. Due to their short maturities, the carrying amounts for cash and cash equivalents, prepaid clinical trial costs, prepaid expenses and other current assets, accounts payable, accrued clinical expenses, accrued compensation, short-term debt, and other accrued liabilities approximate their fair value.
Debt, Policy [Policy Text Block]	Short-term debt In January 2024, the Company obtained financing for certain Director and Officer liability insurance policy premiums. The governing agreement assigns the lender a first priority lien on and security interest in the financed policies and any additional premium required in the financed policies. The total premiums, taxes, and fees financed was $518,750, of which of which a principal of $415,000 was financed after accounting for the up-front payment made. The financing arrangement has an annual percentage interest rate of 7.99% and a term of 12 months, with payments, inclusive of interest, payable on a monthly basis.
New Accounting Pronouncements, Policy [Policy Text Block]	New accounting pronouncements not yet adopted In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes Improvements to Income Tax Disclosures

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies and Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	Originally Reported Adjustment Restated Three Months Ended June 30, 2023 Three Months Ended June 30, 2023 Three Months Ended June 30, 2023 Research and development $ 8,991,250 $ (734,914 ) $ 8,256,336 Total operating expenses 12,070,551 (734,914 ) 11,335,637 Loss from operations (12,070,551 ) 734,914 (11,335,637 ) Net loss (12,442,862 ) 734,914 (11,707,948 ) Basic and diluted $ (0.55 ) $ 0.03 $ (0.52 ) Originally Reported Adjustment Restated Six Months Ended June 30, 2023 Six Months Ended June 30, 2023 Six Months Ended June 30, 2023 Research and development $ 14,226,249 $ (485,768 ) $ 13,740,481 Total operating expenses 18,806,104 (485,768 ) 18,320,336 Loss from operations (18,806,104 ) 485,768 (18,320,336 ) Net loss (19,045,405 ) 485,768 (18,559,637 ) Basic and diluted $ (0.86 ) $ 0.02 $ (0.84 ) Originally Reported Adjustment Restated Six Months Ended June 30, 2023 Six Months Ended June 30, 2023 Six Months Ended June 30, 2023 Cash flows from operating activities Net loss $ (19,045,405 ) $ 485,768 $ (18,559,637 ) Adjustments to reconcile net loss to net cash used in operating activities Changes in operating assets and liabilities Accrued expenses and other current liabilities 3,817,989 (485,768 ) 3,332,221 Net cash used in operating activities $ (13,268,624 ) $ — $ (13,268,624 )
Schedule of Cash and Cash Equivalents [Table Text Block]	As of June 30, 2024 As of December 31, 2023 Cash on deposit $ 1,251,654 $ 1,155,636 Money market funds (cash equivalents) 4,926,526 22,211,820 Cash and cash equivalents $ 6,178,180 $ 23,367,456

Note 3 - Loss Per Share (Tables

Note 3 - Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 (as restated) 2024 2023 (as restated) Numerator: Net loss $ (7,859,919 ) $ (11,707,948 ) $ (15,293,527 ) $ (18,559,637 ) Denominator: Weighted-average common shares outstanding – basic and diluted 30,555,012 22,434,781 30,221,168 22,135,850 Net loss per share – basic and diluted $ (0.26 ) $ (0.52 ) $ (0.51 ) $ (0.84 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Shares issuable upon exercise of stock options 1,505,572 1,547,774 1,505,572 1,547,774 Shares issuable upon exercise of warrants to purchase common stock (excluding warrants that are exercisable for $0.0001 per warrant) 22,782,603 15,030,209 22,782,603 15,030,209 Shares contingently issuable for earnout — 1,000,000 — 1,000,000 24,288,175 17,577,983 24,288,175 17,577,983

Note 4 - Warrants (Tables)

Note 4 - Warrants (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Number of Warrants Weighted Average Exercise Price Total Intrinsic Value Weighted Average Remaining Contractual Life (in years) Outstanding as of December 31, 2023 25,067,643 $ 6.03 $ 29,686,123 3.1 Issued 1,898,734 1.46 — 5.0 Outstanding as of June 30, 2024 26,966,377 $ 5.52 $ 2,519,822 2.8
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	June 30, 2024 December 31, 2023 Risk-free interest rate 4.92 % 4.25 % Remaining expected term of Private warrants 1.46 1.96 Expected volatility (1) 144.50 % 89.00 % Stock price on valuation date $ 1.28 $ 5.15 Exercise price $ 11.50 $ 11.50 Expected dividend rate — % — %
Existing Warrants [Member]
Notes Tables
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	Immediately before the modification Immediately after the modification Risk-free interest rate 4.70 % 4.60 % Remaining expected term 4.5 5.0 Expected volatility 97.00 % 93.00 % Stock price on valuation date $ 1.34 $ 1.34 Exercise price $ 5.00 $ 1.46 Expected dividend rate — % — %

Note 5 - Stockholders' Equity_2

Note 5 - Stockholders' Equity (Deficit), Stock Option Plans, and Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Common Stock, Capital Shares Reserved for Future Issuance [Table Text Block]	Shares underlying outstanding warrants 24,751,368 Shares reserved for future issuance under the 2020 Equity Incentive Plan 3,871,121 Stock options outstanding 1,505,572 Total common stock reserved for future issuance 30,128,061
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Shares Available for Grant Number of Options Outstanding Weighted Average Exercise price per share Weighted Average Remaining Contractual Term in Years Aggregate Intrinsic Value Balance, December 31, 2023 1,004,263 1,580,574 $ 6.51 9.11 $ 300,969 Expired 75,002 (75,002 ) 6.74 Evergreen plan increase 2,791,856 Balance, June 30, 2024 3,871,121 1,505,572 $ 6.49 8.61 $ 2,850 Options exercisable at June 30, 2024 915,196 $ 6.80 8.42 $ 2,492
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three months ended, June 30, 2024 2023 Research and development $ 184,883 $ 992,473 General and administrative 174,110 1,628,346 Total stock-based compensation expense $ 358,993 $ 2,620,819 Six months ended, June 30, 2024 2023 Research and development $ 379,779 $ 1,033,867 General and administrative 348,289 1,638,479 Total stock-based compensation expense $ 728,068 $ 2,672,346

Note 7 - Fair Value Measureme_2

Note 7 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	June 30, 2024 Level 1 Level 2 Level 3 Total Assets: Money market funds (cash equivalents) $ 4,929,526 $ — $ — $ 4,929,526 Total assets measured and recorded at fair value $ 4,929,526 $ — $ — $ 4,929,526 Liabilities: Warrant liabilities $ — $ — $ 150,205 $ 150,205 Total liabilities measured and recorded at fair value $ — $ — $ 150,205 $ 150,205 December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds (cash equivalents) $ 22,211,820 $ — $ — $ 22,211,820 Total assets measured and recorded at fair value $ 22,211,820 $ — $ — $ 22,211,820 Liabilities: Warrant liabilities $ — $ — $ 806,655 $ 806,655 Total liabilities measured and recorded at fair value $ — $ — $ 806,655 $ 806,655
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Balance, beginning of period $ 350,478 $ 556,313 $ 806,655 $ 567,439 Change in fair value of warrant liabilities (200,273 ) 456,177 (656,450 ) 445,051 Balance, end of period $ 150,205 $ 1,012,490 $ 150,205 $ 1,012,490
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	June 30, 2024 December 31, 2023 Risk-free interest rate 4.92 % 4.25 % Remaining expected term of Private warrants 1.46 1.96 Expected volatility (1) 144.50 % 89.00 % Stock price on valuation date $ 1.28 $ 5.15 Exercise price $ 11.50 $ 11.50 Expected dividend rate — % — %

Note 2 - Summary of Significa_3

Note 2 - Summary of Significant Accounting Policies and Basis of Presentation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Working Capital	$ 6,700,000		$ 6,700,000
Retained Earnings (Accumulated Deficit)	(149,647,775)		(149,647,775)		$ (134,354,248)
Cash	6,200,000		6,200,000
Net Income (Loss) Attributable to Parent	(7,859,919)	$ (11,707,948)	(15,293,527)	$ (18,559,637)
Cash, Uninsured Amount	915,028		915,028		$ 786,971
Proceeds from Short-Term Debt			415,000	$ 667,500
Financing for Liability Insurance Policy Premiums [Member]
Debt Instrument, Face Amount	$ 518,750		518,750
Proceeds from Short-Term Debt			$ 415,000
Debt Instrument, Interest Rate, Stated Percentage	7.99%		7.99%

Note 2 - Summary of Significa_4

Note 2 - Summary of Significant Accounting Policies and Basis of Presentation - Restatement Adjustments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Research and development	$ 5,584,347	$ 8,256,336	$ 11,368,212	$ 13,740,481
Net loss	(7,859,919)	(11,707,948)	(15,293,527)	(18,559,637)
Total operating expenses	8,129,643	11,335,637	16,051,749	18,320,336
Accrued expenses and other current liabilities			(4,282,778)	3,332,221
Loss from operations	$ (8,129,643)	$ (11,335,637)	(16,051,749)	(18,320,336)
Net cash used in operating activities			$ (20,201,997)	$ (13,268,624)
Basic and diluted (in dollars per share)	$ (0.26)	$ (0.52)	$ (0.51)	$ (0.84)
Previously Reported [Member]
Research and development		$ 8,991,250		$ 14,226,249
Net loss		(12,442,862)		(19,045,405)
Total operating expenses		12,070,551		18,806,104
Accrued expenses and other current liabilities				3,817,989
Loss from operations		$ (12,070,551)		(18,806,104)
Net cash used in operating activities				$ (13,268,624)
Basic and diluted (in dollars per share)		$ (0.55)		$ (0.86)
Revision of Prior Period, Adjustment [Member]
Research and development		$ (734,914)		$ (485,768)
Net loss		734,914		485,768
Total operating expenses		(734,914)		(485,768)
Accrued expenses and other current liabilities				(485,768)
Loss from operations		$ 734,914		485,768
Net cash used in operating activities				$ 0
Basic and diluted (in dollars per share)		$ 0.03		$ 0.02

Note 2 - Summary of Significa_5

Note 2 - Summary of Significant Accounting Policies and Basis of Presentation - Components of Cash and Cash Equivalents (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Cash on deposit	$ 1,251,654	$ 1,155,636
Money market funds (cash equivalents)	4,926,526	22,211,820
Cash and cash equivalents	$ 6,178,180	$ 23,367,456

Note 3 - Loss Per Share (Detail

Note 3 - Loss Per Share (Details Textual) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 5.52	$ 6.03
Warrant [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.0001

Note 3 - Loss Per Share - Sched

Note 3 - Loss Per Share - Schedule of Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net loss	$ (7,859,919)	$ (11,707,948)	$ (15,293,527)	$ (18,559,637)
Basic and diluted (in shares)	30,555,012	22,434,781	30,221,168	22,135,850
Basic and diluted (in dollars per share)	$ (0.26)	$ (0.52)	$ (0.51)	$ (0.84)

Note 3 - Loss Per Share - Antid

Note 3 - Loss Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive securities (in shares)	24,288,175	17,577,983	24,288,175	17,577,983
Share-Based Payment Arrangement, Option [Member]
Antidilutive securities (in shares)	1,505,572	1,547,774	1,505,572	1,547,774
Warrant [Member]
Antidilutive securities (in shares)	22,782,603	15,030,209	22,782,603	15,030,209
Earn-out Shares [Member]
Antidilutive securities (in shares)	0	1,000,000	0	1,000,000

Note 3 - Loss Per Share - Ant_2

Note 3 - Loss Per Share - Antidilutive Securities (Details) (Parentheticals) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 5.52	$ 6.03
Warrant [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.0001

Note 4 - Warrants (Details Text

Note 4 - Warrants (Details Textual)		6 Months Ended
	May 28, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	May 27, 2024	Dec. 31, 2023 $ / shares	Nov. 30, 2023 $ / shares shares
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares		24,751,368
Proceeds from Issuance or Sale of Equity, Net		$ 2,805,221	$ 0
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares		$ 5.52			$ 6.03
The May 2024 Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares	1,898,734
Warrants and Rights Outstanding, Term (Year)	5 years
Warrants and Rights Outstanding	$ 1,100,000
The May 2024 Warrants [Member] | Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input	1.34
The May 2024 Warrants [Member] | Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input	1.46
The May 2024 Warrants [Member] | Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input	5
The May 2024 Warrants [Member] | Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	0.93
The May 2024 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0.046
The May 2024 Warrants [Member] | Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0
Existing Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares						1,365,854
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares	$ 1.455					$ 5
Securities Purchase Required for Modification of Warrants	$ 3,000,000
Payment Required to Lower Exercise Price of Warrants	$ 200,000
Existing Warrants [Member] | Measurement Input, Share Price [Member]
Warrants and Rights Outstanding, Measurement Input	1.34			1.34
Existing Warrants [Member] | Measurement Input, Exercise Price [Member]
Warrants and Rights Outstanding, Measurement Input	1.46			5
Existing Warrants [Member] | Measurement Input, Expected Term [Member]
Warrants and Rights Outstanding, Measurement Input	5			4.5
Existing Warrants [Member] | Measurement Input, Price Volatility [Member]
Warrants and Rights Outstanding, Measurement Input	0.93			0.97
Existing Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0.046			0.047
Existing Warrants [Member] | Measurement Input, Expected Dividend Rate [Member]
Warrants and Rights Outstanding, Measurement Input	0			0
The May 2024 Registered Direct Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares) | shares	1,898,734
Shares Issued, Price Per Share (in dollars per share) | $ / shares	$ 1.58
Proceeds from Issuance or Sale of Equity, Net	$ 2,800,000
Payment of Equity Placement Costs, Agent Fees and Other Expenses	$ 400,000

Note 4 - Warrants - Warrants Ou

Note 4 - Warrants - Warrants Outstanding (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Outstanding, number of warrants (in shares)	25,067,643
Outstanding, weighted average exercise price (in dollars per share)	$ 6.03
Outstanding, intrinsic value	$ 2,519,822	$ 29,686,123
Outstanding, weighted average remaining contractual term (Year)	2 years 9 months 18 days	3 years 1 month 6 days
Issued, number of warrants (in shares)	1,898,734
Issued, weighted average exercise price (in dollars per share)	$ 1.46
Outstanding, number of warrants (in shares)	26,966,377	25,067,643
Outstanding, weighted average exercise price (in dollars per share)	$ 5.52	$ 6.03

Note 4 - Warrants - Summary of

Note 4 - Warrants - Summary of Valuation Assumption (Details) - Existing Warrants [Member]	May 28, 2024	May 27, 2024
Measurement Input, Risk Free Interest Rate [Member]
Measurement Input	0.046	0.047
Measurement Input, Expected Term [Member]
Measurement Input	5	4.5
Measurement Input, Price Volatility [Member]
Measurement Input	0.93	0.97
Measurement Input, Share Price [Member]
Measurement Input	1.34	1.34
Measurement Input, Exercise Price [Member]
Measurement Input	1.46	5
Measurement Input, Expected Dividend Rate [Member]
Measurement Input	0	0

Note 5 - Stockholders' Equity_3

Note 5 - Stockholders' Equity (Deficit), Stock Option Plans, and Stock-based Compensation (Details Textual) - USD ($)		3 Months Ended		6 Months Ended
	Jan. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Common Stock, Shares Authorized		115,000,000		115,000,000		115,000,000
Common Stock, Par or Stated Value Per Share		$ 0.0001		$ 0.0001		$ 0.0001
Preferred Stock, Shares Authorized		10,000,000		10,000,000		10,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.0001		$ 0.0001		$ 0.0001
Common Stock, Shares, Outstanding		29,817,294		29,817,294		27,918,560
Preferred Stock, Shares Outstanding		0		0		0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)		1,505,572		1,505,572
Share-Based Payment Arrangement, Expense		$ 358,993	$ 2,620,819	$ 728,068	$ 2,672,346
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 2,400,000		$ 2,400,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition				2 years
Equity Incentive Plan 2020 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized						1,004,263
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized	2,791,856
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Percent of Increase	10%
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant		3,871,121		3,871,121
Equity Incentive Plan 2006 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)		16,747		16,747

Note 5 - Stockholders' Equity_4

Note 5 - Stockholders' Equity (Deficit), Stock Option Plans, and Stock-based Compensation - Summary of Common Stock Reserved for Future Issuance (Details)	Jun. 30, 2024 shares
Shares underlying outstanding warrants (in shares)	24,751,368
Total common stock reserved for future issuance (in shares)	30,128,061
Stock options outstanding (in shares)	1,505,572
Equity Incentive Plan 2020 [Member]
Total common stock reserved for future issuance (in shares)	3,871,121

Note 5 - Stockholders' Equity,

Note 5 - Stockholders' Equity, Stock Option Plans, and Stock-based Compensation - Stock Option Activity (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Stock options outstanding (in shares)	1,505,572
Share-Based Payment Arrangement, Option [Member]
Balance, shares available for grant (in shares)	1,004,263
Balance, number of options outstanding (in shares)	1,580,574
Balance, weighted average exercise price (in dollars per share)	$ 6.51
Balance, weighted average remaining contractual term (Year)	8 years 7 months 9 days	9 years 1 month 9 days
Balance, aggregate intrinsic value	$ 2,850	$ 300,969
Expired, shares available for grant (in shares)	75,002
Expired, number of options (in shares)	(75,002)
Expired, weighted average exercise price per share (in dollars per share)	$ 6.74
Authorized, shares available for grant (in shares)	2,791,856
Balance, shares available for grant (in shares)	3,871,121	1,004,263
Stock options outstanding (in shares)	1,505,572	1,580,574
Balance, weighted average exercise price (in dollars per share)	$ 6.49	$ 6.51
Options exercisable, number of options (in shares)	915,196
Options exercisable, weighted average exercise price per share (in dollars per share)	$ 6.8
Options exercisable, weighted average remaining contractual term (Year)	8 years 5 months 1 day
Options exercisable, aggregate intrinsic value	$ 2,492

Note 5 - Stockholders' Equity_5

Note 5 - Stockholders' Equity, Stock Option Plans, and Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-based compensation expense	$ 358,993	$ 2,620,819	$ 728,068	$ 2,672,346
Research and Development Expense [Member]
Stock-based compensation expense	184,883	992,473	379,779	1,033,867
General and Administrative Expense [Member]
Stock-based compensation expense	$ 174,110	$ 1,628,346	$ 348,289	$ 1,638,479

Note 6 - Commitments and Cont_2

Note 6 - Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Feb. 01, 2023
Operating Lease, Expense	$ 13,100	$ 5,200	$ 24,300	$ 10,200
Corporate Office Lease [Member]
Lessee, Operating Lease, Term of Contract	12 months		12 months
Lessee, Operating Lease, Monthly Lease Payment			$ 1,447
Lessee, Operating Lease, Renewal Term (Month)						12 months
Corporate Office Lease 2 [Member]
Lessee, Operating Lease, Term of Contract	12 months		12 months
Lessee, Operating Lease, Monthly Lease Payment			$ 4,300
Agreement With One of Clinical Research Organizations [Member]
Agreement, Required Upfront Float for Fees, Percentage	7%		7%
Agreement, Upfront Float, Percentage Left to Receive Invoice to Replenish	15%		15%
Agreement, Upfront Float, Percentage Used to Receive Invoice to Replenish	85%		85%
Upfront Float Balance	$ 0		$ 0		$ 0

Note 7 - Fair Value Measureme_3

Note 7 - Fair Value Measurements (Details Textual) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	24,751,368
Private Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	556,313
Warrants and Rights Outstanding, Fair Value	$ 150,205	$ 806,655

Note 7 - Fair Value Measureme_4

Note 7 - Fair Value Measurements - Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Total assets measured and recorded at fair value	$ 4,929,526	$ 22,211,820
Warrant liability	150,205	806,655
Total	150,205	806,655
Fair Value, Inputs, Level 1 [Member]
Total assets measured and recorded at fair value	4,929,526	22,211,820
Fair Value, Inputs, Level 2 [Member]
Total assets measured and recorded at fair value	0	0
Fair Value, Inputs, Level 3 [Member]
Total assets measured and recorded at fair value	0	0
Warrant liability	150,205	806,655
Total	150,205	806,655
Money Market Funds [Member]
Money market funds (cash equivalents)	4,929,526	22,211,820
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Money market funds (cash equivalents)	4,929,526	22,211,820
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Money market funds (cash equivalents)	0	0
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Money market funds (cash equivalents)	$ 0	$ 0

Note 7 - Fair Value Measureme_5

Note 7 - Fair Value Measurements - Fair Value on Recurring Basis Unobservable Input Reconciliation (Details) - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Balance, beginning of period	$ 350,478	$ 556,313	$ 806,655	$ 567,439
Change in fair value of warrant liability	(200,273)	456,177	(656,450)	445,051
Balance, end of period	$ 150,205	$ 1,012,490	$ 150,205	$ 1,012,490

Note 7 - Fair Value Measureme_6

Note 7 - Fair Value Measurements - Key Inputs (Details) - Private Warrants [Member]		Jun. 30, 2024	Dec. 31, 2023
Measurement Input, Risk Free Interest Rate [Member]
Measurement Input		0.0492	0.0425
Measurement Input, Expected Term [Member]
Measurement Input		1.46	1.96
Measurement Input, Price Volatility [Member]
Measurement Input	[1]	1.445	0.89
Measurement Input, Share Price [Member]
Measurement Input		1.28	5.15
Measurement Input, Exercise Price [Member]
Measurement Input		11.5	11.5
[1]Based on volatility implied by guideline company publicly traded warrant market prices.