Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 01, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | IKT | |
Entity Registrant Name | INHIBIKASE THERAPEUTICS, INC. | |
Entity Central Index Key | 0001750149 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity File Number | 001-39676 | |
Entity Current Reporting Status | Yes | |
Entity Tax Identification Number | 26-3407249 | |
Entity Address, Address Line One | 3350 Riverwood Parkway SE | |
Entity Address, Address Line Two | Suite 1900 | |
Entity Address, City or Town | Atlanta | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30339 | |
City Area Code | 678 | |
Local Phone Number | 392-3419 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 5,348,326 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,905,108 | $ 7,188,553 |
Marketable securities | 19,029,908 | 15,861,620 |
Accounts receivable | 79,604 | 39,881 |
Prepaid research and development | 425,229 | 1,117,616 |
Prepaid expenses and other current assets | 543,923 | 163,452 |
Total current assets | 21,983,772 | 24,371,122 |
Equipment and improvements | 86,523 | 236,532 |
Right-of-use asset | 277,092 | 328,643 |
Total assets | 22,347,387 | 24,936,297 |
Current liabilities: | ||
Accounts payable | 754,146 | 1,151,173 |
Lease obligation, current | 147,966 | 145,836 |
Accrued expenses and other current liabilities | 1,830,924 | 2,398,436 |
Total current liabilities | 2,733,036 | 3,695,445 |
Lease obligation, net of current portion | 149,971 | 205,451 |
Total liabilities | 2,883,007 | 3,900,896 |
Commitments and contingencies (see Note 13) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2023 and December 31, 2022 | 0 | 0 |
Common stock, $0.001 par value; 100,000,000 shares authorized; 5,290,826 and 4,224,294 shares issued and outstanding at June 30, 2023 and December 31, 2022 | 5,291 | 4,224 |
Additional paid-in capital | 77,588,389 | 68,798,301 |
Accumulated other comprehensive income (loss) | (1,714) | 104,718 |
Accumulated deficit | (58,127,586) | (47,871,842) |
Total stockholders' equity | 19,464,380 | 21,035,401 |
Total liabilities and stockholders' equity | $ 22,347,387 | $ 24,936,297 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 5,290,826 | 4,224,294 |
Common stock, shares outstanding | 5,290,826 | 4,224,294 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue: | ||||
Total revenue | $ 116,410 | $ 6,552 | $ 180,931 | $ 52,583 |
Revenue from Contract with Customer, Product and Service [Extensible List] | us-gaap:GrantMember | us-gaap:GrantMember | us-gaap:GrantMember | us-gaap:GrantMember |
Costs and expenses: | ||||
Research and development | $ 4,535,698 | $ 2,982,183 | $ 7,389,817 | $ 5,999,174 |
Selling, general and administrative | 1,783,113 | 1,664,308 | 3,708,464 | 3,333,944 |
Total costs and expenses | 6,318,811 | 4,646,491 | 11,098,281 | 9,333,118 |
Loss from operations | (6,202,401) | (4,639,939) | (10,917,350) | (9,280,535) |
Interest income (expense) | 424,435 | 0 | 661,606 | (5) |
Net loss | (5,777,966) | (4,639,939) | (10,255,744) | (9,280,540) |
Other comprehensive income, net of tax | ||||
Unrealized loss on marketable securities | (167,536) | 0 | (106,432) | 0 |
Comprehensive Loss | $ (5,945,502) | $ (4,639,939) | $ (10,362,176) | $ (9,280,540) |
Net loss per share - basic | $ (1.11) | $ (1.1) | $ (2.09) | $ (2.2) |
Net loss per share - diluted | $ (1.11) | $ (1.1) | $ (2.09) | $ (2.2) |
Weighted average number of common share - basic | 5,226,101 | 4,224,294 | 4,918,206 | 4,222,496 |
Weighted average number of common share - diluted | 5,226,101 | 4,224,294 | 4,918,206 | 4,222,496 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2021 | $ 38,415,549 | $ 4,212 | $ 68,229,024 | $ 0 | $ (29,817,687) |
Beginning balance, Shares at Dec. 31, 2021 | 4,212,317 | ||||
Stock-based compensation expense | 123,229 | 123,229 | |||
Issuance of common stock for services | 67,000 | $ 8 | 66,992 | ||
Issuance of common stock for services, shares | 8,334 | ||||
Issuance of common stock, stock options exercised | 44,142 | $ 4 | 44,138 | ||
Issuance of common stock, stock options exercised, Shares | 3,643 | ||||
Net loss | (4,640,601) | (4,640,601) | |||
Ending balance at Mar. 31, 2022 | 34,009,319 | $ 4,224 | 68,463,383 | (34,458,288) | |
Ending balance, Shares at Mar. 31, 2022 | 4,224,294 | ||||
Beginning balance at Dec. 31, 2021 | 38,415,549 | $ 4,212 | 68,229,024 | 0 | (29,817,687) |
Beginning balance, Shares at Dec. 31, 2021 | 4,212,317 | ||||
Net loss | (9,280,540) | ||||
Ending balance at Jun. 30, 2022 | 29,502,147 | $ 4,224 | 68,596,150 | (39,098,227) | |
Ending balance, Shares at Jun. 30, 2022 | 4,224,294 | ||||
Beginning balance at Mar. 31, 2022 | 34,009,319 | $ 4,224 | 68,463,383 | (34,458,288) | |
Beginning balance, Shares at Mar. 31, 2022 | 4,224,294 | ||||
Stock-based compensation expense | 132,767 | 132,767 | |||
Net loss | (4,639,939) | (4,639,939) | |||
Ending balance at Jun. 30, 2022 | 29,502,147 | $ 4,224 | 68,596,150 | (39,098,227) | |
Ending balance, Shares at Jun. 30, 2022 | 4,224,294 | ||||
Beginning balance at Dec. 31, 2022 | $ 21,035,401 | $ 4,224 | 68,798,301 | 104,718 | (47,871,842) |
Beginning balance, Shares at Dec. 31, 2022 | 4,224,294 | 4,224,294 | |||
Stock-based compensation expense | $ 123,273 | 123,273 | |||
Issuance of common stock, pre-funded warrants and warrants, net of issuance costs | 8,542,942 | $ 972 | 8,541,970 | ||
Issuance of common stock, pre-funded warrants and warrants, net of issuance costs, Shares | 971,532 | ||||
Other comprehensive income | 61,104 | 61,104 | |||
Net loss | (4,477,778) | (4,477,778) | |||
Ending balance at Mar. 31, 2023 | 25,284,942 | $ 5,196 | 77,463,544 | 165,822 | (52,349,620) |
Ending balance, Shares at Mar. 31, 2023 | 5,195,826 | ||||
Beginning balance at Dec. 31, 2022 | $ 21,035,401 | $ 4,224 | 68,798,301 | 104,718 | (47,871,842) |
Beginning balance, Shares at Dec. 31, 2022 | 4,224,294 | 4,224,294 | |||
Net loss | $ (10,255,744) | ||||
Ending balance at Jun. 30, 2023 | $ 19,464,380 | $ 5,291 | 77,588,389 | (1,714) | (58,127,586) |
Ending balance, Shares at Jun. 30, 2023 | 5,290,826 | 5,290,826 | |||
Beginning balance at Mar. 31, 2023 | $ 25,284,942 | $ 5,196 | 77,463,544 | 165,822 | (52,349,620) |
Beginning balance, Shares at Mar. 31, 2023 | 5,195,826 | ||||
Stock-based compensation expense | 124,845 | 124,845 | |||
Issuance of common stock, pre-funded warrants and warrants, net of issuance costs | 95 | $ 95 | |||
Issuance of common stock, pre-funded warrants and warrants, net of issuance costs, Shares | 95,000 | ||||
Other comprehensive income | (167,536) | (167,536) | |||
Net loss | (5,777,966) | (5,777,966) | |||
Ending balance at Jun. 30, 2023 | $ 19,464,380 | $ 5,291 | $ 77,588,389 | $ (1,714) | $ (58,127,586) |
Ending balance, Shares at Jun. 30, 2023 | 5,290,826 | 5,290,826 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net loss | $ (10,255,744) | $ (9,280,540) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 164,247 | 0 |
Stock-based compensation expense | 248,118 | 255,996 |
Noncash consulting fees | 0 | 67,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (39,721) | 103,589 |
Operating lease right of use assets | 51,551 | 0 |
Prepaid expenses and other current assets | (380,471) | 691,243 |
Prepaid research and development | 692,387 | (812,053) |
Accounts payable | (397,027) | (229,334) |
Operating lease liabilities | (53,350) | 0 |
Accrued expenses and other current liabilities | (567,509) | 890,416 |
Deferred revenue | 0 | 23,684 |
Net cash used in operating activities | (10,537,519) | (8,289,999) |
Cash flows from investing activities | ||
Purchases of equipment and improvements | (14,238) | (43,089) |
Purchases of investments - marketable securities | (18,681,260) | 0 |
Maturities of investments - marketable securities | 15,406,535 | 0 |
Net cash used in investing activities | (3,288,963) | (43,089) |
Cash flows from financing activities | ||
Issuance of common stock from exercise of stock options | 0 | 44,142 |
Proceeds from issuance of common stock, pre-funded warrants and warrants, net of issuance costs | 8,543,037 | 0 |
Repayments of notes payable | 0 | (248,911) |
Net cash provided by/(used in) financing activities | 8,543,037 | (204,769) |
Net decrease in cash and cash equivalents | (5,283,445) | (8,537,857) |
Cash and cash equivalents at beginning of period | 7,188,553 | 40,750,133 |
Cash and cash equivalents at end of period | 1,905,108 | 32,212,276 |
Supplemental disclosures of cash flow information | ||
Cash paid for interest | 0 | 973 |
Issuance costs | $ 1,456,479 | $ 0 |
Nature of Business
Nature of Business | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | 1. Nature of Business Inhibikase Therapeutics, Inc. (the “Company,” “we” or “our”) is a clinical-stage pharmaceutical company developing protein kinase inhibitor therapeutics to modify the course of Parkinson’s disease ("PD"), Parkinson’s-related disorders and other diseases of the Abelson Tyrosine Kinases. The Company’s multi-therapeutic pipeline has a primary focus on neurodegeneration and its lead program utilizing IkT-148009, a selective inhibitor of the non-receptor Abelson Tyrosine Kinases, targets the treatment of Parkinson’s disease inside and outside the brain as well as other diseases that arise from Abelson Tyrosine Kinases. In 2021, we commenced clinical development of IkT-148009, which we believe can modify the course of Parkinson’s disease including its manifestation in the gastrointestinal tract, or GI. In January, 2023, the Company initiated its Phase 2 program for IkT-148009 as a treatment for Parkinson’s disease. As of the date of this Report, 22 of 35 planned sites are currently screening and enrolling patients and the first patient has completed the 12 week treatment regimen. In March, 2023 the Company opened its IND for IkT-148009 as a treatment for the orphan disease Multiple System Atrophy or MSA. The Company is also developing platform technologies for alternate ways to deliver protein kinase inhibitors in patients. Our first example of this technology is IkT-001Pro, a prodrug of the anticancer agent imatinib mesylate, to treat Stable Phase Chronic Myelogenous Leukemia (SP-CML). Pursuant to its IND, which was cleared by the FDA in August 2022, IkT-001Pro is being evaluated in a two-part dose finding/dose equivalence study in up to 59 healthy volunteers (the 501 trial). The study is designed to evaluate the 96-hour pharmacokinetics of imatinib delivered as IkT-001Pro and determine the dose of IkT-001Pro that can deliver imatinib equivalent to 400 mg imatinib mesylate, the standard-of-care dose for SP-CML. Following completion of the 501 study, Inhibikase will confer with the FDA and seek agreement on the requirements for the New Drug Application (“NDA”) process following the proposed approval path for IkT-001Pro under the 505(b)(2) approval pathway. |
Liquidity
Liquidity | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Of Liquidity And Going Concern [Abstract] | |
Liquidity | 2. Liquidity The Company has recognized recurring losses. At June 30, 2023, the Company had working capital of $ 19,250,736 and accumulated deficit of $ 58,127,586 , cash of $ 1,905,108 marketable securities of $ 19,029,908 and accounts payable, accrued expenses and other current liabilities of $ 2,733,036 . The future success of the Company is dependent on its ability to successfully obtain additional working capital, obtain regulatory approval for and successfully launch and commercialize its product candidates and to ultimately attain profitable operations. Historically, the Company has funded its operations primarily through cash received in connection with revenue from its various grant programs. In addition, in December 2020, June 2021 and January 2023, the Company raised approximately $ 14.6 million, $ 41.1 million a nd $ 8.6 million in net proceeds for working capital from its initial public offering (“IPO”), June 2021 Offering and January 2023 Offering, respectively. The Company is subject to a variety of risks similar to other early-stage life science companies including, but not limited to, the successful development, regulatory approval, and market acceptance of the Company’s product candidates, development by its competitors of new technological innovations, protection of proprietary technology, and raising additional working capital. The Company has incurred significant research and development expenses and general and administrative expenses related to its product candidate programs. The Company anticipates costs and expenses to increase in the future as the Company continues to develop its product candidates. The Company may seek to fund its operations through additional public equity, private equity, or debt financings, as well as other sources. However, the Company may be unable to raise additional working capital, or if it is able to raise additional capital, it may be unable to do so on commercially favorable terms. The Company’s failure to raise capital or enter into such other arrangements if and when needed would have a negative impact on the Company’s business, results of operations and financial condition and the Company’s ability to continue to develop its product candidates. The Company estimates that its working capital at June 30, 2023 is sufficient to fund its normal operations into the fourth quarter of 2024. On June 23, 2023, at the Company’s annual meeting of stockholders, the Company’s stockholders approved an amendment to the Company’s restated certificate of incorporation to grant discretionary authority to the board of directors to effect a reverse stock split of the Company’s common stock. Following the receipt of the stockholders’ approval, the Company’s board of directors approved the reverse stock split at the ratio of 1 post-split share for every 6 pre-split shares , which was effective as of June 30, 2023. On July 17, 2023, the Company received a letter from Nasdaq informing the Company that it has regained compliance with the Minimum Bid Price Rule . The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | 3. Basis of Presentation and Significant Accounting Policies Basis of Presentation of Interim Financial Statements The accompanying unaudited condensed consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. The December 31, 2022 balance sheet was derived from December 31, 2022 audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The results for the interim periods are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2023. The condensed unaudited consolidated financial statements contained herein should be read in conjunction with the Company’s annual audited financial statements and notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC. On June 30, 2023, we effected a reverse stock split at the ratio of 1 post-split share for every 6 pre-split shares. All common stock, options and warrant amounts and references have been retroactively adjusted for all figures presented to reflect this split unless specifically stated otherwise. The unaudited condensed consolidated financial statements have been prepared in conformity with US GAAP, which prescribes elimination of all significant intercompany accounts and transactions in the accounts of the Company and its wholly-owned subsidiary, IKT Securities Corporation, Inc., which was incorporated in the Commonwealth of Massachusetts in December 2021. Any reference in these notes to applicable guidance is meant to refer to the authoritative US GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and are generally adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. The JOBS Act permits an emerging growth company such as the Company to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. The Company has elected not to “opt out” of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company will adopt the new or revised standard at the time private companies adopt the new or revised standard and will do so until such time that it either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. Use of Estimates The preparation of the Company’s financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company utilizes certain estimates in the determination of our liquidity and working capital adequacy, the fair value of its stock options and warrants, deferred tax valuation allowances and revenue recognition, to record expenses relating to research and development contracts and accrued expenses. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates. New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on its condensed consolidated financial statements and disclosures. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 will change how companies account for credit losses for most financial assets and certain other instruments. For trade receivables, loans and held-to-maturity debt securities, companies will be required to recognize an allowance for credit losses rather than reducing the carrying value of the asset. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates to amend the effective date of ASU 2016-13, for entities eligible to be “smaller reporting companies,” as defined by the SEC, to be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2016-13 as of January 1, 2023, on a prospective basis. The adoption did not have a material impact on the Company’s condensed consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for convertible debt instruments by reducing the number of accounting models and the number of embedded features that could be recognized separately from the host contract. Consequently, more convertible debt instruments will be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. ASU 2020-06 also requires use of the if-converted method in the diluted earnings per share calculation for convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years for smaller reporting companies, with early adoption permitted. The Company adopted ASU 2020-06 as of January 1, 2023, on a prospective basis. The adoption did not have a material impact on the Company’s condensed consolidated financial statements. Concentrations of Credit Risk For the three and six months ended June 30, 2023 and 2022, the Company d erived 100 % of its to tal revenue from a single source, the United States Government, in the form of federal research grants. Revenue Recognition The Company generates revenue from research and development grants under contracts with third parties that do not create customer-vendor relationships. The Company’s research and development grants are non-exchange transactions and are not within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Contribution revenue earned from activities performed pursuant to research and development grants is reported as grant revenue in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss. Revenue from these grants is recognized as the Company incurs qualifying expenses as stipulated by the terms of the respective grant. Cash received from grants in advance of incurring qualifying expenses is recorded as deferred revenue. The Company records revenue and a corresponding receivable when qualifying costs are incurred before the grants are received. Leases The Company accounts for its leases under ASU 2021-09, ASU 2018-10, and ASC Topic 842, Leases (“ASC 842”). ASC 842 requires a lessee to record a right-of-use asset and a corresponding lease liability for most lease arrangements on the Company's balance sheet. Under the standard, disclosure of key information about leasing arrangements to assist users of the financial statements with assessing the amount, timing and uncertainty of cash flows arising from leases is required. Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: the lease transfers ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to be exercised, the lease term is for a major part of the remaining useful life of the asset or the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any of these criteria. For all leases at the lease commencement date, a right-of-use asset and a lease liability are recognized. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred if any, less any lease incentives received. All right-of-use assets are reviewed for impairment. The lease liability is initially measured at the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the secured incremental borrowing rate for the same term as the underlying lease. Lease payments included in the measurement of the lease liability comprise the following: the fixed noncancelable lease payments, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early. Lease cost for operating leases consists of the lease payments plus any initial direct costs, primarily brokerage commissions, and is recognized on a straight-line basis over the lease term. Included in lease cost are any variable lease payments incurred in the period that are not included in the initial lease liability and lease payments incurred in the period for any leases with an initial term of 12 months or less. Lease cost for finance leases consists of the amortization of the right-of-use asset on a straight-line basis over the lease term and interest expense determined on an amortized cost basis. The lease payments are allocated between a reduction of the lease liability and interest expense. The Company has made an accounting policy election to not recognize leases with an initial term of 12 months or less within our condensed consolidated balance sheets and to recognize those lease payments on a straight-line basis in our condensed consolidated statements of operations and comprehensive loss over the lease term. Equipment and Improvements Equipment and improvements are stated at cost, less accumulated depreciation. For financial reporting purposes, depreciation is recognized using the straight-line method, allocating the cost of the assets over their estimated usefulness from three to five years for network equipment, office equipment, and furniture classified as fixed assets. Estimated Useful Economic Life Leasehold property improvements, right of use assets Lesser of lease term or useful life Furniture and office equipment 5 years Lab equipment 3 Years IT equipment 3 years Fair Value Measurement The Company has certain financial assets and liabilities recorded at fair value which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements. · Level 1 — Fair values are determined utilizing quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access; · Level 2 — Fair values are determined by utilizing quoted prices for identical or similar assets and liabilities in active markets or other market observable inputs such as interest rates, yield curves and foreign currency spot rates; and · Level 3 — inputs are unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s financial assets, which include cash equivalents and marketable securities, have been initially valued at the transaction price, and subsequently revalued at the end of each reporting period, utilizing third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market based approaches, to determine value and improvements are stated at cost, less accumulated depreciation. Marketable Securities The Company's marketable securities consist of U.S. Treasury securities with maturities of less than one year which are classified as available-for-sale and included in current assets on the condensed consolidated balance sheets. Available-for-sale debt securities are carried at fair value with unrealized gains and losses reported as a component of stockholders’ equity in accumulated other comprehensive income. Realized gains and losses, if any, are included in other income, net in the condensed consolidated statements of operations and comprehensive loss. Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise that may indicate impairment. When the fair value of the securities declines below the amortized cost basis, impairment is indicated and it must be determined whether it is other than temporary. Impairment is considered to be other than temporary if the Company: (i) intends to sell the security, (ii) will more likely than not be forced to sell the security before recovering its cost, or (iii) does not expect to recover the security’s amortized cost basis. If the decline in fair value is considered other than temporary, the cost basis of the security is adjusted to its fair market value and the realized loss is reported. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 4. Fair Value of Financial Instruments The following table summarizes cash equivalents and marketable securities measured at their fair value on a recurring basis as of June 30, 2023: Fair Value Measurements as of June 30, 2023 Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 1,075,859 $ — $ — $ 1,075,859 Total $ 1,075,859 $ — $ — $ 1,075,859 Marketable securities, available-for-sale: U.S. treasury obligations $ 19,029,908 $ — $ — $ 19,029,908 Total $ 19,029,908 $ — $ — $ 19,029,908 Fair Value Measurements as of December 31, 2022 Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 5,304,405 $ — $ — $ 5,304,405 Total $ 5,304,405 $ — $ — $ 5,304,405 Marketable securities, available-for-sale: U.S. treasury obligations $ 15,861,620 $ — $ — $ 15,861,620 Total $ 15,861,620 $ — $ — $ 15,861,620 |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 5. Marketable Securities Marketable securities consisted of the following as of June 30, 2023: June 30, 2023 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Marketable securities, available-for-sale: U.S. Treasury obligations $ 19,031,622 $ — $ ( 1,714 ) $ 19,029,908 Total $ 19,031,622 $ — $ ( 1,714 ) $ 19,029,908 December 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Marketable securities, available-for-sale: U.S. Treasury obligations $ 15,756,902 $ 104,718 $ — $ 15,861,620 Total $ 15,756,902 $ 104,718 $ — $ 15,861,620 As of June 30, 2023, the Company held five U.S. Treasury debt securities that were in an unrealized loss position totaling $ 1,714 . As of December 31, 2022, the Comp any held three U.S. Treasury debt securities that were in an unrealized gain position totaling $ 104,718 . The Company received proceeds of $ 15.4 m illion from maturities of marketable securities for the period ended June 30, 2023 . The Company received proceeds of $ 4.96 million from maturities of marketable securities for the year ended December 31, 2022. The Company did no t realize any gains or losses from maturities of marketable securities for the period ended June 30, 2023 or the year ended December 31, 2022. |
Equipment and Improvements
Equipment and Improvements | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Equipment and Improvements | 6. Equipment and Improvements Equipment and Improvements, net June 30, December 31, 2023 2022 Furniture and office equipment $ 86,930 $ 72,692 Lab equipment 153,668 153,668 IT equipment 16,895 16,895 257,493 243,255 Less: Accumulated Depreciation 170,970 6,723 Total $ 86,523 $ 236,532 Depreciation expense for three and six months ended June 30, 2023 was $ 159,204 and $ 164,247 , respectively and no depreciation expense for the three and six months ended June 30, 2022 . |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Balance Sheet Information | 7. Supplemental Balance Sheet Information Accrued expenses and other current liabilities consist of the following: June 30, December 31, Accrued consulting $ 384,059 $ 232,390 Accrued compensation 464,979 459,997 Accrued research and development 980,161 1,696,129 Accrued other 1,725 9,920 Total accrued expenses and other current liabilities $ 1,830,924 $ 2,398,436 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding. As of June 30, 2023, a total of 3,973,503 shares of common stock were reserved for issuance upon the exercise of outstanding stock options and warrants under the 2020 Equity Incentive Plan (the "2020 Plan") and the 2011 Equity Incentive Plan. Share Issuances On January 25, 2023, the Company entered into a securities purchase agreement in connection with a registered direct offering and concurrent private placement with an institutional investor. The Company also entered into a securities purchase agreement and a registration rights agreement in connection with a concurrent private placement with the same institutional investor (collectively the "January 2023 Offering") . The January 2023 Offering Consisted of (i) 466,799 shares of Common Stock sold at $ 5.16 per share, (ii) Common Warrants to purchase up to 1,937,985 shares of Common Stock with an exercise price of $ 5.16 , and (iii) Pre-Funded Warrants to purchase up to 1,471,187 shares of Common Stock with an exercise price of $ 5.16 all issued to Armistice Capital Master Fund Ltd ( "Armistice") . The warrants will expire on January 27, 2028. As part of the January 2023 Offering, the Company further issued warrants to H.C. Wainwright & Co., LLC (“Placement Agent Warrants”) to purchase up to 67,830 shares of Common Stock with an exercise price of $ 6.45 and an expiration date of January 25, 2028. As of the date of issuance, Armistice exercised 599,733 Pre-Funded Warrants. The Company received net proceeds from the January 2023 Offering of approximately $ 8.6 million. Effective January 25, 2023, the Company terminated the Equity Distribution Agreement with Piper Sandler & Co. by providing a notice of termination in accordance with the terms of the Equity Distribution Agreement (see Note 10). |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation 2020 Equity Incentive Plan The Company’s 2020 Plan was established for granting stock incentive awards to directors, officers, employees and consultants to the Company. Stock Options During the six months ended June 30, 2023 , the Company granted 86,669 options with a weighted average strike price of $ 4.28 to purchase common stock to certain employees and the Board of Directors. Employee options vest annually in 3 equal parts over 3 years, whilst Board of Directors options vest over 1 year . The Company granted 25,000 performance-based options with a weighted average strike price of $ 4.44 to purchase common stock to certain employees. These options are s ubject to performance vesting and will vest and become exercisable once the performance conditions have been met. There is no assurance that the performance conditions will be met and therefore some or all of these options may never vest or become exercisable. The total aggregate grant date fair value of all options granted was $ 338,741 . During the six months ended June 30, 2022 , the Company granted 66,648 options with a weighted average strike price of $ 5.80 to purchase common stock to certain employees and the Board of Directors. Employee options vest annually in 3 equal parts over 3 years , whilst Board of Directors options vest over 1 year . The Company granted 62,500 performance-based options with a weighted average strike price of $ 6.02 to purchase common stock to certain employees. These options are s ubject to performance vesting and will vest and become exercisable once the performance conditions have been met. There is no assurance that the performance conditions will be met and therefore some or all of these options may never vest or become exercisable. The total aggregate grant date fair value of all options granted was $ 505,649 . During the three and six months ended June 30, 2023 and 2022 no defined performance conditions were probable of being met. Stock-Based Compensation Expense The following table summarizes the stock-based compensation expense for stock options granted to employees and non-employees: Three months ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 40,259 $ 41,592 $ 78,876 $ 63,005 Selling, general and administrative 84,586 91,175 169,242 192,991 Total stock-based compensation expense $ 124,845 $ 132,767 $ 248,118 $ 255,996 |
ATM Program
ATM Program | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
ATM Program | 10. ATM Program On May 16, 2022, the Company entered into an Equity Distribution Agreement (the “Agreement”) with Piper Sandler & Co. as sales agent (the “Agent”), pursuant to which the Company may, from time to time, issue and sell shares of its Common Stock, at an aggregate offering price of up to $ 9.8 million (the “Shares”) through the Agent. Under the terms of the Agreement, the Agent may sell the Shares at market prices by any method that is deemed to be an “at the market offering” as defined in Rule 415 under the Securities Act, as amended. Subject to the terms and conditions of the Agreement, the Agent will use its commercially reasonable efforts to sell the Shares from time to time, based upon the Company’s instructions. The Company has no obligation to sell any of the Shares, and may at any time suspend sales under the Agreement or terminate the Agreement in accordance with its terms. The Company has provided the Agent with customary indemnification rights, and the Agent will be entitled to a fixed commission of 3.0 % of the aggregate gross proceeds from the Shares sold. The Agreement contains customary representations and warranties, and the Company is required to deliver customary closing documents and certificates in connection with sales of the Shares. Effective January 25, 2023, the Company terminated the Equity Distribution Agreement by providing a notice of termination to the Agent in accordance with the terms of the Equity Distribution Agreement. As of the date of termination, no Shares have been sold under the Agreement. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. Net Loss Per Share The following table presents the calculation of basic and diluted net loss per sh are applicable to common stockholders: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ ( 5,777,966 ) $ ( 4,639,939 ) $ ( 10,255,744 ) $ ( 9,280,540 ) Denominator: Weighted-average number of common shares 5,226,101 4,224,294 4,918,206 4,222,496 Net loss per share applicable to common $ ( 1.11 ) $ ( 1.10 ) $ ( 2.09 ) $ ( 2.20 ) Note that the net loss per share computations for all periods presented reflect the changes in the number of shares resulting from the 1 for 6 reverse stock split that was approved by shareholders on June 23, 2023 and became effective as of June 30, 2023. The number of shares of common stock issued and outstanding immediately before the reverse stock split was 31,626,238 ; the number of shares outstanding immediately after the reverse split was 5,290,826 , a decrease of 26,335,412 shares. The following shares were excluded from the calculation of diluted net loss per share applicable to common stockholders, prior to the application of the treasury stock method, because their effect would have been anti-dilutive for the periods presented: Six Months Ended June 30, 2023 2022 Options to purchase shares of stock 835,913 672,900 Warrants to purchase shares of stock 3,137,590 260,319 Total 3,973,503 933,219 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes During the three and six months ended June 30, 2023 and 2022 , there was no provision for income taxes as the Company incurred losses during those periods. Deferred tax assets and liabilities reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company recorded a full valuation allowance against its deferred tax assets as the Company believes it is more likely than not the deferred tax assets will not be realized. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Litigation From time to time, the Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. When the Company is aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably estimated, the Company will record a liability for the loss. In addition to the estimated loss, the recorded liability would include probable and estimable legal costs associated with the claim or potential claim. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company’s business. Lease On April 18, 2022, the Company entered into an operating lease agreement for office space at its new location in Lexington, Massachusetts (the "Office Lease"). On August 8, 2022, the Company commenced occupancy of the leased space. The lease runs through September 30, 2025 . We have an option to extend the lease term for an additional three (3) years thereafter. The Company accounts for the Office Le ase under the provisions of ASU No. 2021-09, ASU 2018-10, and ASC 842. We recorded a right-of-use asset and a corresponding operating lease liability on the Company's condensed consolidated balance sheets upon the accounting commencement date in August 2022. The lease liability was measured at the accounting commencement date utilizing a 12 % discount rate. The right-of-use asset had a balance of $ 277,092 at June 30, 2023 . The operating lease obligations totaled $ 297,937 at June 30, 2023 , of which $ 147,966 is included under current liabilities and $ 149,971 is included under non-current liabilities. The Company recorded lease expense of $ 35,296 and $ 70,591 for the three and six months ended June 30, 2023, respectively included in selling, general and administrative expenses. T he Company recorded lease expense relating to the Office Lease of $ 35,296 and $ 70,592 and other short-term payments of $ 5,788 and $ 11,576 for the three and six months ended June 30, 2023, respectively and other short-term payments o f $ 19,063 and $ 38,126 for th e three and six months ended June 30, 2022, respectively in selling, general and administrative expenses. The Office Lease contains escalating payments during the lease period. Upon execution of the Office Lease, the Company prepaid one month of rent and a security deposit, one of which will be held in escrow and credited at the termination of the lease and the other of which will be applied to the first month’s rent. As of June 30, 2023 , a security deposit of approximately $ 25,000 was included in prepaid expenses and other current assets on the Company’s condensed consolidated balance sheet related to the Office Lease. Future minimum lease payments under these leases at June 30, 2023, are presented by calendar year as follows: Year 2023 $ 73,451 2024 150,095 2025 114,965 Total lease payments 338,511 Less: imputed interest ( 40,574 ) Present value of operating lease liabilities $ 297,937 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events Minimum Bid Price of Common Stock On July 17, 2023, the Company received a letter from Nasdaq informing the Company that it has regained compliance with the Minimum Bid Price Rule. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation of Interim Financial Statements | Basis of Presentation of Interim Financial Statements The accompanying unaudited condensed consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. The December 31, 2022 balance sheet was derived from December 31, 2022 audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The results for the interim periods are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2023. The condensed unaudited consolidated financial statements contained herein should be read in conjunction with the Company’s annual audited financial statements and notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC. On June 30, 2023, we effected a reverse stock split at the ratio of 1 post-split share for every 6 pre-split shares. All common stock, options and warrant amounts and references have been retroactively adjusted for all figures presented to reflect this split unless specifically stated otherwise. The unaudited condensed consolidated financial statements have been prepared in conformity with US GAAP, which prescribes elimination of all significant intercompany accounts and transactions in the accounts of the Company and its wholly-owned subsidiary, IKT Securities Corporation, Inc., which was incorporated in the Commonwealth of Massachusetts in December 2021. Any reference in these notes to applicable guidance is meant to refer to the authoritative US GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and are generally adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. The JOBS Act permits an emerging growth company such as the Company to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. The Company has elected not to “opt out” of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company will adopt the new or revised standard at the time private companies adopt the new or revised standard and will do so until such time that it either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. |
Use of Estimates | Use of Estimates The preparation of the Company’s financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company utilizes certain estimates in the determination of our liquidity and working capital adequacy, the fair value of its stock options and warrants, deferred tax valuation allowances and revenue recognition, to record expenses relating to research and development contracts and accrued expenses. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates. |
New Accounting Pronouncements | New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on its condensed consolidated financial statements and disclosures. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 will change how companies account for credit losses for most financial assets and certain other instruments. For trade receivables, loans and held-to-maturity debt securities, companies will be required to recognize an allowance for credit losses rather than reducing the carrying value of the asset. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates to amend the effective date of ASU 2016-13, for entities eligible to be “smaller reporting companies,” as defined by the SEC, to be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2016-13 as of January 1, 2023, on a prospective basis. The adoption did not have a material impact on the Company’s condensed consolidated financial statements. In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for convertible debt instruments by reducing the number of accounting models and the number of embedded features that could be recognized separately from the host contract. Consequently, more convertible debt instruments will be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. ASU 2020-06 also requires use of the if-converted method in the diluted earnings per share calculation for convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years for smaller reporting companies, with early adoption permitted. The Company adopted ASU 2020-06 as of January 1, 2023, on a prospective basis. The adoption did not have a material impact on the Company’s condensed consolidated financial statements. |
Concentrations of Credit Risk | Concentrations of Credit Risk For the three and six months ended June 30, 2023 and 2022, the Company d erived 100 % of its to tal revenue from a single source, the United States Government, in the form of federal research grants. |
Revenue Recognition | Revenue Recognition The Company generates revenue from research and development grants under contracts with third parties that do not create customer-vendor relationships. The Company’s research and development grants are non-exchange transactions and are not within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Contribution revenue earned from activities performed pursuant to research and development grants is reported as grant revenue in the Company’s unaudited condensed consolidated statements of operations and comprehensive loss. Revenue from these grants is recognized as the Company incurs qualifying expenses as stipulated by the terms of the respective grant. Cash received from grants in advance of incurring qualifying expenses is recorded as deferred revenue. The Company records revenue and a corresponding receivable when qualifying costs are incurred before the grants are received. |
Leases | Leases The Company accounts for its leases under ASU 2021-09, ASU 2018-10, and ASC Topic 842, Leases (“ASC 842”). ASC 842 requires a lessee to record a right-of-use asset and a corresponding lease liability for most lease arrangements on the Company's balance sheet. Under the standard, disclosure of key information about leasing arrangements to assist users of the financial statements with assessing the amount, timing and uncertainty of cash flows arising from leases is required. Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: the lease transfers ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to be exercised, the lease term is for a major part of the remaining useful life of the asset or the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any of these criteria. For all leases at the lease commencement date, a right-of-use asset and a lease liability are recognized. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred if any, less any lease incentives received. All right-of-use assets are reviewed for impairment. The lease liability is initially measured at the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the secured incremental borrowing rate for the same term as the underlying lease. Lease payments included in the measurement of the lease liability comprise the following: the fixed noncancelable lease payments, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early. Lease cost for operating leases consists of the lease payments plus any initial direct costs, primarily brokerage commissions, and is recognized on a straight-line basis over the lease term. Included in lease cost are any variable lease payments incurred in the period that are not included in the initial lease liability and lease payments incurred in the period for any leases with an initial term of 12 months or less. Lease cost for finance leases consists of the amortization of the right-of-use asset on a straight-line basis over the lease term and interest expense determined on an amortized cost basis. The lease payments are allocated between a reduction of the lease liability and interest expense. The Company has made an accounting policy election to not recognize leases with an initial term of 12 months or less within our condensed consolidated balance sheets and to recognize those lease payments on a straight-line basis in our condensed consolidated statements of operations and comprehensive loss over the lease term. |
Equipment and Improvements | Equipment and Improvements Equipment and improvements are stated at cost, less accumulated depreciation. For financial reporting purposes, depreciation is recognized using the straight-line method, allocating the cost of the assets over their estimated usefulness from three to five years for network equipment, office equipment, and furniture classified as fixed assets. Estimated Useful Economic Life Leasehold property improvements, right of use assets Lesser of lease term or useful life Furniture and office equipment 5 years Lab equipment 3 Years IT equipment 3 years Fair Value Measurement The Company has certain financial assets and liabilities recorded at fair value which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements. · Level 1 — Fair values are determined utilizing quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access; · Level 2 — Fair values are determined by utilizing quoted prices for identical or similar assets and liabilities in active markets or other market observable inputs such as interest rates, yield curves and foreign currency spot rates; and · Level 3 — inputs are unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s financial assets, which include cash equivalents and marketable securities, have been initially valued at the transaction price, and subsequently revalued at the end of each reporting period, utilizing third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market based approaches, to determine value and improvements are stated at cost, less accumulated depreciation. |
Marketable Securities | Marketable Securities The Company's marketable securities consist of U.S. Treasury securities with maturities of less than one year which are classified as available-for-sale and included in current assets on the condensed consolidated balance sheets. Available-for-sale debt securities are carried at fair value with unrealized gains and losses reported as a component of stockholders’ equity in accumulated other comprehensive income. Realized gains and losses, if any, are included in other income, net in the condensed consolidated statements of operations and comprehensive loss. Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise that may indicate impairment. When the fair value of the securities declines below the amortized cost basis, impairment is indicated and it must be determined whether it is other than temporary. Impairment is considered to be other than temporary if the Company: (i) intends to sell the security, (ii) will more likely than not be forced to sell the security before recovering its cost, or (iii) does not expect to recover the security’s amortized cost basis. If the decline in fair value is considered other than temporary, the cost basis of the security is adjusted to its fair market value and the realized loss is reported. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Property plant estimate useful life | For financial reporting purposes, depreciation is recognized using the straight-line method, allocating the cost of the assets over their estimated usefulness from three to five years for network equipment, office equipment, and furniture classified as fixed assets. Estimated Useful Economic Life Leasehold property improvements, right of use assets Lesser of lease term or useful life Furniture and office equipment 5 years Lab equipment 3 Years IT equipment 3 years |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of financial instrument | The following table summarizes cash equivalents and marketable securities measured at their fair value on a recurring basis as of June 30, 2023: Fair Value Measurements as of June 30, 2023 Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 1,075,859 $ — $ — $ 1,075,859 Total $ 1,075,859 $ — $ — $ 1,075,859 Marketable securities, available-for-sale: U.S. treasury obligations $ 19,029,908 $ — $ — $ 19,029,908 Total $ 19,029,908 $ — $ — $ 19,029,908 Fair Value Measurements as of December 31, 2022 Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 5,304,405 $ — $ — $ 5,304,405 Total $ 5,304,405 $ — $ — $ 5,304,405 Marketable securities, available-for-sale: U.S. treasury obligations $ 15,861,620 $ — $ — $ 15,861,620 Total $ 15,861,620 $ — $ — $ 15,861,620 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | Marketable securities consisted of the following as of June 30, 2023: June 30, 2023 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Marketable securities, available-for-sale: U.S. Treasury obligations $ 19,031,622 $ — $ ( 1,714 ) $ 19,029,908 Total $ 19,031,622 $ — $ ( 1,714 ) $ 19,029,908 December 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Marketable securities, available-for-sale: U.S. Treasury obligations $ 15,756,902 $ 104,718 $ — $ 15,861,620 Total $ 15,756,902 $ 104,718 $ — $ 15,861,620 |
Equipment and Improvements (Tab
Equipment and Improvements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Equipment and Improvements | Equipment and Improvements, net June 30, December 31, 2023 2022 Furniture and office equipment $ 86,930 $ 72,692 Lab equipment 153,668 153,668 IT equipment 16,895 16,895 257,493 243,255 Less: Accumulated Depreciation 170,970 6,723 Total $ 86,523 $ 236,532 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consist of the following: June 30, December 31, Accrued consulting $ 384,059 $ 232,390 Accrued compensation 464,979 459,997 Accrued research and development 980,161 1,696,129 Accrued other 1,725 9,920 Total accrued expenses and other current liabilities $ 1,830,924 $ 2,398,436 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation Expense for Stock Options Granted to Employees and Non-Employees | The following table summarizes the stock-based compensation expense for stock options granted to employees and non-employees: Three months ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Research and development $ 40,259 $ 41,592 $ 78,876 $ 63,005 Selling, general and administrative 84,586 91,175 169,242 192,991 Total stock-based compensation expense $ 124,845 $ 132,767 $ 248,118 $ 255,996 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of Basic and Diluted Net Loss Per Share applicable to Common Stockholders | The following table presents the calculation of basic and diluted net loss per sh are applicable to common stockholders: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ ( 5,777,966 ) $ ( 4,639,939 ) $ ( 10,255,744 ) $ ( 9,280,540 ) Denominator: Weighted-average number of common shares 5,226,101 4,224,294 4,918,206 4,222,496 Net loss per share applicable to common $ ( 1.11 ) $ ( 1.10 ) $ ( 2.09 ) $ ( 2.20 ) |
Summary of Shares Excluded from Calculation of Diluted Net Loss per Share Applicable to Common Stockholders | The following shares were excluded from the calculation of diluted net loss per share applicable to common stockholders, prior to the application of the treasury stock method, because their effect would have been anti-dilutive for the periods presented: Six Months Ended June 30, 2023 2022 Options to purchase shares of stock 835,913 672,900 Warrants to purchase shares of stock 3,137,590 260,319 Total 3,973,503 933,219 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments | Future minimum lease payments under these leases at June 30, 2023, are presented by calendar year as follows: Year 2023 $ 73,451 2024 150,095 2025 114,965 Total lease payments 338,511 Less: imputed interest ( 40,574 ) Present value of operating lease liabilities $ 297,937 |
Liquidity - Additional Informat
Liquidity - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 23, 2023 | Mar. 31, 2022 | Jun. 30, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure Of Liquidity And Going Concern [Line Items] | |||||||
Working capital | $ 19,250,736 | ||||||
Accumulated deficit | (58,127,586) | $ (47,871,842) | |||||
Cash and cash equivalents | 1,905,108 | $ 7,188,553 | |||||
Accounts payable and accrued expenses | 19,029,908 | ||||||
Other current liabilities | $ 2,733,036 | ||||||
Stockholders' equity, reverse stock split | 1 for 6 reverse stock split | reverse stock split at the ratio of 1 post-split share for every 6 pre-split shares | |||||
Issuance of common stock for services | $ 67,000 | ||||||
IPO | |||||||
Disclosure Of Liquidity And Going Concern [Line Items] | |||||||
Working capital | $ 14,600,000 | ||||||
June 2021 Offering | |||||||
Disclosure Of Liquidity And Going Concern [Line Items] | |||||||
Working capital | $ 41,100,000 | ||||||
January 2023 Offering | |||||||
Disclosure Of Liquidity And Going Concern [Line Items] | |||||||
Working capital | $ 8,600,000 |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Minimum | Network Equipment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | P3Y | |||
Maximum | Network Equipment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives | P5Y | |||
Customer Concentration Risk | Sales Revenue | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | 100% | 100% |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - classified as fixed assets useful life (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Leasehold property improvements, right of use asset | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | Lesser of lease term or useful life |
Furniture and office equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Economic Life | 5 years |
Lab equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Economic Life | 3 years |
IT equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Economic Life | 3 years |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of cash equivalents and marketable securities measured at their fair value (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable securities, amortized cost | $ 19,031,622 | $ 15,756,902 |
Fair Value, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents and marketable securities measured at their fair value on a recurring basis | 1,075,859 | 5,304,405 |
Marketable securities, amortized cost | 19,029,908 | 15,861,620 |
Fair Value, Recurring [Member] | U.S. Treasury obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable securities, amortized cost | 19,029,908 | 15,861,620 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents and marketable securities measured at their fair value on a recurring basis | 1,075,859 | 5,304,405 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents and marketable securities measured at their fair value on a recurring basis | 1,075,859 | 5,304,405 |
Marketable securities, amortized cost | 19,029,908 | 15,861,620 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | U.S. Treasury obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable securities, amortized cost | 19,029,908 | 15,861,620 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents and marketable securities measured at their fair value on a recurring basis | 1,075,859 | 5,304,405 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents and marketable securities measured at their fair value on a recurring basis | 0 | 0 |
Marketable securities, amortized cost | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | U.S. Treasury obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable securities, amortized cost | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents and marketable securities measured at their fair value on a recurring basis | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents and marketable securities measured at their fair value on a recurring basis | 0 | 0 |
Marketable securities, amortized cost | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | U.S. Treasury obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable securities, amortized cost | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents and marketable securities measured at their fair value on a recurring basis | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Additional Information) (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Marketable securities | $ 19,029,908 | $ 15,861,620 |
Marketable Securities - Summary
Marketable Securities - Summary of Marketable Securities (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Marketable securities, available-for-sale: | ||
Marketable securities, Amortized Cost | $ 19,031,622 | $ 15,756,902 |
Marketable securities, Unrealized Gain | 0 | 104,718 |
Marketable securities, Unrealized Loss | (1,714) | 0 |
Marketable securities, Fair Value | 19,029,908 | 15,861,620 |
U.S. Treasury obligations | ||
Marketable securities, available-for-sale: | ||
Marketable securities, Amortized Cost | 19,031,622 | 15,756,902 |
Marketable securities, Unrealized Gain | 0 | 104,718 |
Marketable securities, Unrealized Loss | (1,714) | 0 |
Marketable securities, Fair Value | $ 19,029,908 | $ 15,861,620 |
Marketable securities (Addition
Marketable securities (Additional Information) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Gain (Loss) on Securities [Line Items] | ||
Unrealized gain | $ 0 | $ 104,718 |
Marketable securities, Unrealized Loss | (1,714) | 0 |
Proceeds from maturity of marketable securities | 15,400,000 | 4,960,000 |
Marketable securities, realized gain loss | 0 | 0 |
U.S. treasury debt securities | ||
Gain (Loss) on Securities [Line Items] | ||
Unrealized gain | 0 | 104,718 |
Marketable securities, Unrealized Loss | $ (1,714) | $ 0 |
Equipment and Improvements - Sc
Equipment and Improvements - Schedule of Equipment and Improvements (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment, Gross | $ 257,493 | $ 243,255 |
Less: Accumulated Depreciation | 170,970 | 6,723 |
Total | 86,523 | 236,532 |
Furniture and office equipment | ||
Property, Plant and Equipment, Gross | 86,930 | 72,692 |
Lab equipment | ||
Property, Plant and Equipment, Gross | 153,668 | 153,668 |
IT equipment | ||
Property, Plant and Equipment, Gross | $ 16,895 | $ 16,895 |
Equipment and Improvements (Add
Equipment and Improvements (Additional Information) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 159,204 | $ 0 | $ 164,247 | $ 0 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued consulting | $ 384,059 | $ 232,390 |
Accrued compensation | 464,979 | 459,997 |
Accrued research and development | 980,161 | 1,696,129 |
Accrued other | 1,725 | 9,920 |
Total accrued expenses and other current liabilities | $ 1,830,924 | $ 2,398,436 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2023 USD ($) | Jan. 25, 2023 $ / shares shares | Mar. 31, 2022 shares | Jun. 30, 2023 USD ($) Vote shares | Jun. 30, 2022 USD ($) | |
Class Of Stock [Line Items] | |||||
Votes per each common stock share | Vote | 1 | ||||
Common stock shares reserved for issuance | 3,973,503 | ||||
Class of warrant or right number of securities called by warrants or rights | 599,733 | ||||
Proceeds from issuance of common stock, pre-funded warrants and warrants, net of issuance costs | $ | $ 8,600,000 | $ 8,543,037 | $ 0 | ||
Common Stock [Member] | |||||
Class Of Stock [Line Items] | |||||
Issuance of common stock for services, shares | 466,799 | 8,334 | |||
Sale of common stock | $ / shares | $ 5.16 | ||||
Warrant [Member] | |||||
Class Of Stock [Line Items] | |||||
Class of warrant or right number of securities called by warrants or rights | 1,937,985 | ||||
Warrants exercise price | $ / shares | $ 5.16 | ||||
Placement Agent Warrants [Member] | Warrant [Member] | |||||
Class Of Stock [Line Items] | |||||
Class of warrant or right number of securities called by warrants or rights | 67,830 | ||||
Warrants exercise price | $ / shares | $ 6.45 | ||||
Armistice Capital Master Fund Ltd [Member] | Warrant [Member] | |||||
Class Of Stock [Line Items] | |||||
Class of warrant or right number of securities called by warrants or rights | 1,471,187 | ||||
Warrants exercise price | $ / shares | $ 5.16 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Board of Director | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Number of stock options granted | 86,669 | 66,648 |
Stock option, strike price | $ 4.28 | $ 5.8 |
Granted shares vested period | 3 years | 3 years |
Vesting period | 1 year | 1 year |
Performance-based options, granted | 25,000 | 62,500 |
Performance-based options, weighted average strike price | $ 4.44 | $ 6.02 |
Employee | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock option, aggregate grant date fair value | $ 338,741 | $ 505,649 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense for Stock Options Granted to Employees and Non-Employees (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 124,845 | $ 132,767 | $ 248,118 | $ 255,996 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 40,259 | 41,592 | 78,876 | 63,005 |
Selling, General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 84,586 | $ 91,175 | $ 169,242 | $ 192,991 |
ATM Program (Additional Informa
ATM Program (Additional Information) (Details) - Equity Distribution Agreement [Member] - USD ($) $ in Millions | May 16, 2022 | Jun. 30, 2023 |
Marketable Securities [Line Items] | ||
Common stock Aggregate offering price | $ 9.8 | |
Fixed commission percentage | 3% |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Calculation of Basic and Diluted Net Loss Per Share applicable to Common Stockholders (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||||
Net loss | $ (5,777,966) | $ (4,477,778) | $ (4,639,939) | $ (4,640,601) | $ (10,255,744) | $ (9,280,540) |
Denominator: | ||||||
Weighted average number of common share - basic | 5,226,101 | 4,224,294 | 4,918,206 | 4,222,496 | ||
Weighted average number of common share - diluted | 5,226,101 | 4,224,294 | 4,918,206 | 4,222,496 | ||
Net loss per share applicable to common stockholders - basic | $ (1.11) | $ (1.1) | $ (2.09) | $ (2.2) | ||
Net loss per share applicable to common stockholders - diluted | $ (1.11) | $ (1.1) | $ (2.09) | $ (2.2) |
Net Loss Per Share (Additional
Net Loss Per Share (Additional Information) (Details) - shares | 6 Months Ended | |
Jun. 23, 2023 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stockholders' equity, reverse stock split | 1 for 6 reverse stock split | reverse stock split at the ratio of 1 post-split share for every 6 pre-split shares |
Stock issued, decrease | 26,335,412 | |
Before [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Reverse stock split, shares | 31,626,238 | |
After [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Reverse stock split, shares | 5,290,826 |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Shares Excluded from Calculation of Diluted Net Loss per Share Applicable to Common Stockholders (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted net loss per share | 3,973,503 | 933,219 |
Options to Purchase Shares of Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted net loss per share | 835,913 | 672,900 |
Warrants to Purchase Shares of Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from calculation of diluted net loss per share | 3,137,590 | 260,319 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Additional Information) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Apr. 18, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Lessor, Lease, Description [Line Items] | ||||||
Right-of-use asset | $ 277,092 | $ 277,092 | $ 328,643 | |||
Operating Lease, Liability, Current | 147,966 | 147,966 | ||||
Lease term | 3 years | |||||
Operating Lease, Liability, Noncurrent | 149,971 | 149,971 | ||||
Lease Expense | 35,296 | 70,592 | ||||
ShortTerm Lease Payments | 5,788 | $ 19,063 | 11,576 | $ 38,126 | ||
Present value of operating lease liabilities | 297,937 | 297,937 | ||||
Prepaid Expenses and Other Current Assets [Member] | ||||||
Lessor, Lease, Description [Line Items] | ||||||
Security deposit | $ 25,000 | $ 25,000 | ||||
Lexington | ||||||
Lessor, Lease, Description [Line Items] | ||||||
Lease Expiration Date | Sep. 30, 2025 | |||||
Lessee, Operating Lease, Discount Rate | 12% | 12% | ||||
Right-of-use asset | $ 277,092 | $ 277,092 | ||||
Lease Expense | 35,296 | $ 70,591 | ||||
Lessor, Operating Lease, Description | The Office Lease contains escalating payments during the lease period. Upon execution of the Office Lease, the Company prepaid one month of rent and a security deposit, one of which will be held in escrow and credited at the termination of the lease and the other of which will be applied to the first month’s rent. | |||||
Present value of operating lease liabilities | $ 297,937 | $ 297,937 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Future minimum lease payments (Details) | Jun. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 73,451 |
2024 | 150,095 |
2025 | 114,965 |
Total lease payment | 338,511 |
Less: imputed interest | (40,574) |
Present value of operating lease liabilities | $ 297,937 |