Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 02, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-39318 | |
Entity Registrant Name | Lantern Pharma Inc. | |
Entity Central Index Key | 0001763950 | |
Entity Tax Identification Number | 46-3973463 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1920 McKinney Avenue | |
Entity Address, Address Line Two | 7th Floor | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75201 | |
City Area Code | (972) | |
Local Phone Number | 277-1136 | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Trading Symbol | LTRN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,869,040 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 28,423,170 | $ 37,201,786 |
Restricted cash | 541,180 | 541,180 |
Marketable securities | 19,525,798 | 17,994,299 |
Prepaid expenses & other current assets | 2,551,802 | 2,985,472 |
Total current assets | 51,041,950 | 58,722,737 |
Property and equipment, net | 49,954 | 48,008 |
Operating lease right-of-use assets | 308,251 | 47,687 |
Other assets | 25,869 | 17,889 |
TOTAL ASSETS | 51,426,024 | 58,836,321 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 2,852,835 | 2,745,407 |
Operating lease liabilities, current | 163,146 | 52,890 |
Total current liabilities | 3,015,981 | 2,798,297 |
Operating lease liabilities, net of current portion | 150,713 | |
TOTAL LIABILITIES | 3,166,694 | 2,798,297 |
COMMITMENTS AND CONTINGENCIES (NOTE 4) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock (1,000,000 authorized at June 30, 2023 and December 31, 2022; $.0001 par value) (Zero shares issued and outstanding at June 30, 2023 and December 31, 2022) | ||
Common Stock (25,000,000 authorized at June 30, 2023 and December 31, 2022; $.0001 par value) (10,869,040 shares and 10,857,040 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively) | 1,087 | 1,086 |
Additional paid-in capital | 96,417,113 | 95,691,194 |
Accumulated other comprehensive loss | (261,837) | (371,386) |
Accumulated deficit | (47,897,033) | (39,282,870) |
Total stockholders’ equity | 48,259,330 | 56,038,024 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 51,426,024 | $ 58,836,321 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 10,869,040 | 10,857,040 |
Common stock, shares outstanding | 10,869,040 | 10,857,040 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating expenses: | ||||
General and administrative | $ 1,632,080 | $ 1,405,998 | $ 3,365,401 | $ 2,812,158 |
Research and development | 3,558,217 | 2,988,823 | 6,111,164 | 5,649,060 |
Total operating expenses | 5,190,297 | 4,394,821 | 9,476,565 | 8,461,218 |
Loss from operations | (5,190,297) | (4,394,821) | (9,476,565) | (8,461,218) |
Interest income | 117,823 | 55,026 | 251,605 | 77,447 |
Other (expense) income, net | 326,076 | (152,591) | 610,797 | (230,389) |
NET LOSS | $ (4,746,398) | $ (4,492,386) | $ (8,614,163) | $ (8,614,160) |
Net loss per share of common shares, basic | $ (0.44) | $ (0.41) | $ (0.79) | $ (0.79) |
Net loss per share of common shares, diluted | $ (0.44) | $ (0.41) | $ (0.79) | $ (0.79) |
Weighted-average number of common shares outstanding, basic | 10,857,040 | 10,830,947 | 10,857,040 | 10,853,238 |
Weighted-average number of common shares outstanding, diluted | 10,857,040 | 10,830,947 | 10,857,040 | 10,853,238 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
NET LOSS | $ (4,746,398) | $ (4,492,386) | $ (8,614,163) | $ (8,614,160) |
Other comprehensive income (loss) | ||||
Unrealized gain (loss) on available-for-sale securities | 33,763 | (63,783) | 84,536 | (276,271) |
Unrealized gain on foreign currency translation | 4,077 | 26,771 | 25,013 | 20,479 |
Other comprehensive income (loss) | 37,840 | (37,012) | 109,549 | (255,792) |
Comprehensive loss | $ (4,708,558) | $ (4,529,398) | $ (8,504,614) | $ (8,869,952) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 1,109 | $ 96,685,924 | $ (92,689) | $ (25,022,924) | $ 71,571,420 | |
Balance, shares at Dec. 31, 2021 | 11,088,835 | |||||
Common stock issued from warrant and option exercises | $ 10 | 299,778 | 299,788 | |||
Common stock issued from warrant and option exercises, shares | 95,779 | |||||
Stock-based compensation | 267,004 | 267,004 | ||||
Share repurchases | $ (36) | (2,482,250) | (2,482,286) | |||
Share repurchases, shares | (353,667) | |||||
Net loss | (4,121,774) | (4,121,774) | ||||
Other comprehensive gain (loss) | (218,780) | (218,780) | ||||
Balance at Mar. 31, 2022 | $ 1,083 | 94,770,456 | (311,469) | (29,144,698) | 65,315,372 | |
Balance, shares at Mar. 31, 2022 | 10,830,947 | |||||
Balance at Dec. 31, 2021 | $ 1,109 | 96,685,924 | (92,689) | (25,022,924) | 71,571,420 | |
Balance, shares at Dec. 31, 2021 | 11,088,835 | |||||
Net loss | (8,614,160) | |||||
Other comprehensive gain (loss) | (255,792) | |||||
Balance at Jun. 30, 2022 | $ 1,083 | 95,059,989 | (348,481) | (33,637,084) | 61,075,507 | |
Balance, shares at Jun. 30, 2022 | 10,830,947 | |||||
Balance at Mar. 31, 2022 | $ 1,083 | 94,770,456 | (311,469) | (29,144,698) | 65,315,372 | |
Balance, shares at Mar. 31, 2022 | 10,830,947 | |||||
Stock-based compensation | 289,533 | 289,533 | ||||
Net loss | (4,492,386) | (4,492,386) | ||||
Other comprehensive gain (loss) | (37,012) | (37,012) | ||||
Balance at Jun. 30, 2022 | $ 1,083 | 95,059,989 | (348,481) | (33,637,084) | 61,075,507 | |
Balance, shares at Jun. 30, 2022 | 10,830,947 | |||||
Balance at Dec. 31, 2022 | $ 1,086 | 95,691,194 | (371,386) | (39,282,870) | 56,038,024 | |
Balance, shares at Dec. 31, 2022 | 10,857,040 | |||||
Stock-based compensation | 333,530 | 333,530 | ||||
Net loss | (3,867,765) | (3,867,765) | ||||
Other comprehensive gain (loss) | 71,709 | 71,709 | ||||
Balance at Mar. 31, 2023 | $ 1,086 | 96,024,724 | (299,677) | (43,150,635) | 52,575,498 | |
Balance, shares at Mar. 31, 2023 | 10,857,040 | |||||
Balance at Dec. 31, 2022 | $ 1,086 | 95,691,194 | (371,386) | (39,282,870) | 56,038,024 | |
Balance, shares at Dec. 31, 2022 | 10,857,040 | |||||
Net loss | (8,614,163) | |||||
Other comprehensive gain (loss) | $ 109,549 | |||||
Issuance of restricted common stock awards, shares | 12,000 | |||||
Balance at Jun. 30, 2023 | $ 1,087 | 96,417,113 | (261,837) | (47,897,033) | $ 48,259,330 | |
Balance, shares at Jun. 30, 2023 | 10,869,040 | |||||
Balance at Mar. 31, 2023 | $ 1,086 | 96,024,724 | (299,677) | (43,150,635) | 52,575,498 | |
Balance, shares at Mar. 31, 2023 | 10,857,040 | |||||
Stock-based compensation | 392,390 | 392,390 | ||||
Net loss | (4,746,398) | (4,746,398) | ||||
Other comprehensive gain (loss) | 37,840 | 37,840 | ||||
Issuance of restricted common stock awards | $ 1 | (1) | ||||
Issuance of restricted common stock awards, shares | 12,000 | 12,000 | ||||
Balance at Jun. 30, 2023 | $ 1,087 | $ 96,417,113 | $ (261,837) | $ (47,897,033) | $ 48,259,330 | |
Balance, shares at Jun. 30, 2023 | 10,869,040 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (8,614,163) | $ (8,614,160) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation and amortization | 6,929 | 4,374 |
Non-cash lease adjustments | 80,272 | 72,300 |
Stock-based compensation | 725,920 | 556,537 |
Amortization (accretion) of investment premiums (discount) | (86,578) | 67,510 |
Foreign currency remeasurement loss | 50,633 | 63,987 |
Realized loss on redemptions of marketable securities | 60,909 | 48,690 |
Unrealized (gain) loss on equity securities | (12,050) | 357,100 |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | 415,114 | (1,562,090) |
Accounts payable and accrued expenses | 111,774 | 3,023,686 |
Operating lease liabilities | (79,867) | (78,298) |
Other assets | (7,980) | |
Net cash flows used in operating activities | (7,349,087) | (6,060,364) |
INVESTING ACTIVITIES | ||
Purchase of fixed assets | (8,876) | (14,178) |
Purchases of marketable securities | (5,909,244) | (2,004,731) |
Redemptions of marketable securities | 4,500,000 | 1,669,680 |
Net cash flows used in investing activities | (1,418,120) | (349,229) |
FINANCING ACTIVITIES | ||
Repurchase of shares including commissions | (2,482,286) | |
Proceeds from stock option and warrant exercises | 299,788 | |
Net cash flows used in financing activities | (2,182,498) | |
Effect of foreign exchange rates on cash | (11,409) | (28,156) |
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FOR THE PERIOD | (8,778,616) | (8,620,247) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD | 37,742,966 | 52,524,295 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 28,964,350 | 43,904,048 |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS: | ||
Cash and cash equivalents | 28,423,170 | 43,362,868 |
Restricted cash | 541,180 | 541,180 |
Non-cash investing and financing activities | ||
Operating lease right-of-use asset acquired through operating lease liability | 141,989 | |
Remeasurement of operating lease right-of-use asset and operating lease liability | 198,847 | |
Unrealized gain (loss) on debt securities | $ 84,536 | $ (276,271) |
Organization, Principal Activit
Organization, Principal Activities, and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Principal Activities, and Basis of Presentation | Note 1. Organization, Principal Activities, and Basis of Presentation Lantern Pharma Inc., and Subsidiaries (the “Company”) is a clinical stage biopharmaceutical company, focused on leveraging artificial intelligence (“A.I.”), machine learning and biomarker data to streamline the drug development process and to identify the patients that will benefit from its targeted oncology therapies. The Company’s portfolio of therapies consists of small molecule drug candidates that others have tried, but failed, to develop into an approved commercialized drug, as well as new compounds that it is developing with the assistance of its A.I. platform and its biomarker driven approach. The Company’s A.I. platform, known as RADR ® Lantern Pharma Inc. was incorporated under the laws of the state of Texas on November 7, 2013, and thereafter reincorporated in the state of Delaware on January 15, 2020. The Company’s principal operations are located in Texas. The Company formed a wholly owned subsidiary, Lantern Pharma Limited, in the United Kingdom in July 2017 and a wholly owned subsidiary, Lantern Pharma Australia Pty Ltd, in Australia in September 2021. In January 2023, the Company formed a wholly owned subsidiary, Starlight Therapeutics Inc. (“Starlight”), to continue with advancing the development of drug candidate LP-184’s central nervous system (CNS) and brain cancer indications. Since inception, the Company has devoted substantially all its activity to advancing research and development, including efforts in connection with preclinical studies, clinical trials and development of its RADR ® ● LP-300 (Tavocept), which we are currently advancing in a Phase II clinical trial, the Harmonic ™ ● LP-100 (irofulven) is in clinical development with a focus on treatment in combination with PARP inhibitors; ● LP-184, which we are advancing in a recently launched phase I clinical trial, and has potential for treatment of solid tumors including pancreatic, breast, bladder, and lung cancers, and glioblastoma and other CNS cancers. Following the formation of Starlight, the Company now refers to the molecule LP-184, as it is developed in CNS indications, as “STAR-001”; ● LP-284, the stereoisomer (enantiomer) of LP-184, is advancing towards launch of a phase I clinical trial, and has shown promising in-vitro in vivo ● Our ADC program is aimed at identifying targeted or therapeutic antibodies to conjugate with selected compounds. The Company’s fiscal year ends on December 31 of each calendar year. The accompanying interim condensed consolidated financial statements are unaudited and have been prepared on substantially the same basis as the Company’s annual consolidated financial statements for the fiscal year ended December 31, 2022. In the opinion of the Company’s management, these interim condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Actual results could differ from these estimates. The December 31, 2022 year-end condensed consolidated balance sheet data in the accompanying interim condensed consolidated financial statements was derived from audited consolidated financial statements. These condensed consolidated financial statements and notes do not include all disclosures required by U.S. generally accepted accounting principles and should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022 and the notes thereto included in the Company’s Annual Report on Form 10-K, dated March 20, 2023, on file with the Securities and Exchange Commission. The results of operations and cash flows for the interim periods included in these condensed consolidated financial statements are not necessarily indicative of the results to be expected for any future period or the entire fiscal year. Any reference in these notes to applicable guidance refers to Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). To date, the Company has operated its business as one segment. The Company’s condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Lantern Pharma Limited, Lantern Pharma Australia Pty Ltd. and Starlight Therapeutics Inc. All intercompany balances and transactions have been eliminated in consolidation. |
Liquidity
Liquidity | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Note 2. Liquidity The Company incurred a net loss of approximately $ 8,614,000 48,026,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3. Summary of Significant Accounting Policies Use of Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The significant areas of estimation include determining research and development accruals, the inputs in determining the fair value of equity-based awards and warrants issued, the inputs in determining present value of lease payments, and determining the fair value of marketable securities. Actual results could differ from those estimates. Risks and Uncertainties The Company operates in an industry that is subject to intense competition, government regulation and rapid technological change. Operations are subject to significant risk and uncertainties including financial, operational, technological, regulatory, and other risks, including the potential risk of business failure. Our marketable securities have had and may in the future have their market value fluctuate due to rises or falls in interest rates. While we believe our cash, cash equivalents and marketable securities do not contain excessive risk, we cannot provide absolute assurance that in the future our investments will not be subject to adverse changes in market value. In addition, we maintain significant amounts of cash and cash equivalents at one or more financial institutions that are federally insured. Interest bearing and non-interest bearing accounts we hold at these banking institutions are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 Research and Development Research and development costs are expensed as incurred. These expenses primarily consist of payroll, contractor expenses, research study expenses, costs for manufacturing and supplies, clinical site costs and other costs for the conduct of clinical trials, and technical infrastructure on the cloud for the purposes of developing the Company’s RADR ® Cash and Cash Equivalents The Company considers money market funds and other highly liquid instruments with a short-term maturity of 3 months or less to be cash equivalents. Cash equivalents at June 30, 2023 and December 31, 2022 were approximately $ 25,394,000 1,271,000 Restricted Cash The Company considers cash held in escrow for the purposes of contractual contingencies to be restricted cash. All of the restricted cash at June 30, 2023 and December 31, 2022 relates to escrow amounts paid in connection with the Asset Purchase Agreement entered into by the Company and Allarity Therapeutics in July 2021 (See Note 4) and is considered a current asset at June 30, 2023, as the milestones that could require payments to be made to Allarity Therapeutics must be satisfied within the next 12 months. The escrow period under the Asset Purchase Agreement ended in July 2023, and the Company expects the remaining escrow funds to be distributed from escrow to the Company in August 2023. Leases The Company determines whether an arrangement contains a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and net of current portion of operating lease liabilities on our consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at the commencement date in determining the present value of lease payments. The Company does not include options to extend or terminate the lease term unless it is reasonably certain that the Company will exercise any such options. Rent expense is recognized under the operating leases on a straight-line basis. The Company does not recognize right-of-use assets or lease liabilities for short-term leases, which have a lease term of twelve months or less, and instead will recognize lease payments as expense on a straight-line basis over the lease term. Marketable Securities The Company’s marketable securities consist of government and agency securities, corporate bonds, and mutual funds. We classify our marketable securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond twelve months, as current assets in the accompanying condensed consolidated balance sheets. Available-for-sale debt securities are recorded at fair value each reporting period. Unrealized gains and losses are excluded from earnings and recorded as a separate component within “Accumulated other comprehensive income” or “Accumulated other comprehensive loss” on the condensed consolidated balance sheets until realized. Interest is reported within “Interest income” and dividend income is reported within “Other income (expense), net” on the condensed consolidated statements of operations. We evaluate our investments to assess whether the amortized cost basis is in excess of estimated fair value and determine what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses are recognized as a charge in “Other income (expense), net” on the condensed consolidated statements of operations, and any remaining unrealized losses are included in “Accumulated other comprehensive loss” on the condensed consolidated balance sheets. There were no credit losses recorded for the three and six months ended June 30, 2023 and 2022. There was no impairment charge for any unrealized losses for the three and six months ended June 30, 2023 and 2022. We determine realized gains and losses on the sale of marketable securities based on the specific identification method and record such gains and losses in “Other income (expense), net” on the condensed consolidated statements of operations. Recently Adopted Accounting Standard Current Expected Credit Loss In June 2016 the FASB issued Accounting Standard Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). This introduces new methodology for recognition of credit losses - the current expected credit loss (“CECL”) method. The CECL method requires the recognition of all losses expected over the life of a financial instrument upon origination or purchase of the instrument, unless the company elects to recognize such instruments at fair value with changes in profit and loss. CECL was adopted on January 1, 2023 and had no impact on the Company’s condensed consolidated financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 4. Commitments and Contingencies General The Company has entered into, and expects to enter into from time to time in the future, license agreements, strategic alliance agreements, assignment agreements, research service agreements, and similar agreements related to the advancement of its product candidates and research and development efforts. Significant agreements (collectively, the “License, Strategic Alliance, and Research Agreements”) are described in detail in the Company’s 2022 Form 10-K. While specific amounts will fluctuate from quarter to quarter based on clinical trials progress, advancement and completion of research studies and manufacturing projects, and other factors, the Company believes its overall activities regarding License, Strategic Alliance, and Research Agreements are materially consistent with those described in the 2022 Form 10-K, as supplemented by the discussion in the following paragraph. In May 2023, the Company entered into initial agreements with Fortrea Inc. (“Fortrea”) to begin serving as the lead contract research organization (CRO) for the Company’s Phase 2 clinical trial for LP-300 and the Company’s Phase 1 clinical trial for LP-184. In July 2023, the Company entered into a clinical master services agreement and work orders with Fortrea regarding additional CRO services to be provided by Fortrea relating to the LP-300 Phase 2 trial and the LP-184 Phase 1 trial. The Company expects to make substantial payments over the next 18 to 24 months in connection with services provided by Fortrea as well as clinical trial site and other pass-through costs relating to the LP-300 Phase 2 trial and the LP-184 Phase 1 trial. Amounts expensed with respect to Fortrea during the three and six months ended June 30, 2023, as well as accrued and payable amounts and prepaid expense amounts with respect to Fortrea at June 30, 2023, are included in the tables below relating to License, Strategic Alliance, and Research Agreements. In addition to the agreements with Fortrea and the specific agreements described in the 2022 Form 10-K, the Company has entered into, and will in the future enter into, other research and service provider agreements for the advancement of its product candidates and research and development efforts. The Company expects to pay additional amounts in future periods in connection with existing and future research and service provider agreements. Set forth below are the approximate amounts expensed for License, Strategic Alliance, and Research Agreements during the three and six months ended June 30, 2023 and 2022, respectively. These expensed amounts are included under research and development expenses in the accompanying condensed consolidated statements of operations. Schedule of Research and Development 2023 2022 2023 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Amount Expensed for License, Strategic Alliance, and Research Agreements $ 2,100,000 $ 1,931,000 $ 3,348,000 $ 3,789,000 Set forth below at June 30, 2023 and December 31, 2022, respectively, are (1) the approximate amounts accrued and payable under License, Strategic Alliance, and Research Agreements, and (2) the approximate amount of prepaid expenses and other current assets under License, Strategic Alliance, and Research Agreements. These amounts are included in the accompanying condensed consolidated balance sheets. Schedule of Accounts Payable and Accrued Liabilities 2023 2022 June 30, December 31, 2023 2022 Amount accrued and payable under License, Strategic Alliance, and Research Agreements $ 1,155,000 $ 1,813,000 Prepaid expenses and other current assets under License, Strategic Alliance, and Research Agreements $ 693,000 $ 1,595,000 EU Grant In September 2018, Lantern Pharma Limited, a wholly owned subsidiary of Lantern Pharma Inc., was awarded a grant by the UK government in the form of state aid under the Commission Regulations (EU) No. 651/2014 of 17 June 2014 (the “General Block Exemption”), Article 25 Aid for research and development projects, state aid notification no. SA.40154. The grant was awarded to conduct research and development activities for the prostate cancer biomarker analysis of the LP-184 drug candidate. Following the Company’s research and development activities in Northern Ireland, the grant will reimburse the Company 50 24,215 No Actuate Therapeutics In May 2021, the Company entered into a Collaboration Agreement with Actuate Therapeutics, Inc. (“Actuate”), a clinical stage private biopharmaceutical company focused on the development of compounds for use in the treatment of cancer, and inflammatory diseases leading to fibrosis. Pursuant to the agreement, the Company and Actuate are collaborating on utilization of the Company’s RADR ® 25,000 The restricted shares of Actuate stock had a nominal value when acquired and, therefore, were recorded at a cost of $ 0 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases | |
Leases | Note 5. Leases The following provides balance sheet information related to leases as of June 30, 2023 and December 31, 2022: Schedule of Balance Sheet Information Related to Leases 2023 2022 June 30, December 31, 2023 2022 Assets Operating lease, right-of-use asset, net $ 308,251 $ 47,687 Liabilities Current portion of operating lease liabilities $ 163,146 $ 52,890 Operating lease liabilities, net of current portion 150,713 - Total operating lease liabilities $ 313,859 $ 52,890 At June 30, 2023, the future estimated minimum lease payments under non-cancelable operating leases are as follows: Schedule of Future Estimated Minimum Lease Payments Under Non-cancelable Operating Leases 2023 (remaining six months) $ 89,734 2024 184,532 2025 62,448 Total minimum lease payments 336,714 Less amount representing interest (22,855 ) Present value of future minimum lease payments 313,859 Less current portion of operating lease liabilities (163,146 ) Operating lease liabilities, net of current portion $ 150,713 In April 2021, the Company entered into two operating leases for office space that commenced in May 2021. The lease terms were set to expire in April 2023, subject to The following table provides a reconciliation for our operating right-of-use assets and operating lease liabilities: Schedule of Reconciliation of Right-of-Use Assets and lease Liabilities Operating Operating Right-of- Use Lease Assets Liabilities Balance at December 31, 2022 $ 47,687 $ 52,890 Remeasurement of operating lease right-of-use assets and operating lease liability 198,847 198,847 Operating right-of-use asset acquired through operating lease liability 141,989 141,989 Amortizations and reductions (80,272 ) (79,867 ) Balance at June 30, 2023 $ 308,251 $ 313,859 Other supplemental information related to operating leases is as follows: Schedule of Other Supplemental Information Related to Operating Leases 2023 2022 As of June 30, 2023 2022 Weighted average remaining term of operating leases (in years) 1.81 0.83 Weighted average discount rate of operating leases 7.36 % 4.65 % The Company also leased office space in Dallas, Texas under month-to-month lease arrangements during the six months ended June 30, 2023 and 2022. In April 2023, the Company entered into a two-year lease for material storage and handling. The lease is cancellable with 45-days’ written notice. Under these short-term leases, the Company elected the short-term lease measurement and recognition exemption under ASC 842 and recorded rent expense as incurred. The components of lease expense were approximately as follows for the three and six months ended June 30, 2023 and 2022: Schedule of Lease Expense 2023 2022 2023 2022 Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Operating lease cost $ 67,000 $ 39,000 $ 109,000 $ 78,000 Short-term lease cost 5,000 - 5,000 - Total $ 72,000 $ 39,000 $ 114,000 $ 78,000 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 6. Stockholders’ Equity Common Stock In November 2021, the Company’s Board of Directors authorized a share repurchase program to acquire up to $ 7,000,000 zero 353,667 2,482,000 During the three and six months ended June 30, 2022 the Company issued zero 95,779 300,000 3.13 During the three and six months ended June 30, 2023, the Company issued 12,000 63,000 6,000 As of June 30, 2023 and December 31, 2022, the Company had 25,000,000 10,869,040 10,857,040 Warrants During the three and six months ended June 30, 2022, the Company issued zero 95,779 177,998 9.27 March 7, 2024 June 10, 2025 Options The Company recorded stock-based compensation of approximately $ 392,000 726,000 290,000 557,000 The number of shares available under the Lantern Pharma Inc. 2018 Equity Incentive Plan, as amended and restated (the “Plan”), was increased by 250,000 at the Company’s Annual Meeting of Stockholders on June 16, 2023. A summary of stock option activity under the Plan, during the six months ended June 30, 2023 is presented below: Schedule of Stock Option Activity Options Outstanding Number of Shares Weighted- Average Exercise Price Per Share Outstanding December 31, 2022 1,037,591 $ 6.46 Granted 70,000 4.92 Cancelled or expired (29,123 ) 10.00 Outstanding June 30, 2023 1,078,468 $ 6.26 Options were exercisable for 837,954 6.24 |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Marketable Securities | Note 7. Marketable Securities At June 30, 2023, marketable securities consisted of the following: Schedule of Marketable of Securities Amortized Unrealized Unrealized Aggregate Cost Gains Losses Fair Value Government & Agency Securities $ 4,772,979 $ - $ (152,485 ) $ 4,620,494 Corporate Bonds 9,592,757 59 (152,360 ) 9,440,456 Marketable Securities – Debt 14,365,736 59 (304,845 ) 14,060,950 Mutual Funds – Fixed Income 4,002,704 - (327,955 ) 3,674,749 Mutual Funds – Alternative Investments 2,023,154 - (233,055 ) 1,790,099 Marketable Securities – Mutual Funds 6,025,858 - (561,010 ) 5,464,848 $ 20,391,594 $ 59 $ (865,855 ) $ 19,525,798 The contractual maturities of the investments classified as Government & Agency Securities and Corporate Bonds are as follows: Schedule of Contractual Maturities Investments of Marketable Securities June 30, 2023 As of June 30, 2023 Due within one year $ 12,021,718 Due in one to two years 2,039,232 Due in two to five years - Total $ 14,060,950 The following table presents gross unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of June 30, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: Schedule of Gross Unrealized Losses and Fair Values for Marketable Securities Fair Unrealized Fair Unrealized As of June 30, 2023 Less than 12 months More than 12 months Fair Unrealized Fair Unrealized Government & Agency Securities $ 1,936,160 $ (34,938 ) $ 2,684,334 $ (117,547 ) Corporate Bonds 5,286,378 (49,467 ) 3,858,200 (102,893 ) Mutual Funds – Fixed Income - - 3,674,749 (327,955 ) Mutual Funds – Alternative Investments - - 1,790,099 (233,055 ) $ 7,222,538 $ (84,405 ) $ 12,007,382 $ (781,450 ) We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of June 30, 2023, which includes an assessment of whether it is more likely than not we will be required to sell the investment before recovery of the investment’s amortized cost basis. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8. Fair Value Measurements We determine the fair values of our financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 - Inputs are unobservable inputs based on our assumptions. Financial Assets When available, our marketable securities are valued using quoted prices for identical instruments in active markets. If we are unable to value our marketable securities using quoted prices for identical instruments in active markets, we value our investments using broker reports that utilize quoted market prices for comparable instruments. As of June 30, 2023 our available-for-sale debt securities were valued through use of quoted prices for comparable instruments in active markets and are classified as Level 2, and our mutual funds – alternative investments were valued using NAV, net asset value per share, under the practical expedient methodology. Based on our valuation of our marketable securities, we concluded that they are classified in either Level 1, Level 2 or NAV, and we have no financial assets measured using Level 3 inputs. The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories. Schedule of Assets are Measured at Fair Value on Recurring Basis Description Total Level 1 Level 2 Level 3 NAV * Fair Value Measurements as of June 30, 2023 Description Total Level 1 Level 2 Level 3 NAV* Government & Agency Securities $ 4,620,494 $ - $ 4,620,494 $ - $ - Corporate Bonds 9,440,456 - 9,440,456 - - Money Markets 10,000,000 10,000,000 - - - Mutual Funds – Fixed Income 3,674,749 - 3,674,749 - - Mutual Funds – Alternative Investments 1,790,099 - - - 1,790,099 Fair value recurring basis $ 29,525,798 $ 10,000,000 $ 17,735,699 $ - $ 1,790,099 * Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology. |
Loss Per Share of Common Shares
Loss Per Share of Common Shares | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Loss Per Share of Common Shares | Note 9. Loss Per Share of Common Shares Basic loss per share is derived by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period (excluding unvested shares of restricted common stock). Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as warrants and stock options, which would result in the issuance of incremental shares of common stock unless such effect is anti-dilutive. In calculating the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remained the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation. Potentially dilutive securities outstanding that have been excluded from diluted loss per share due to being anti-dilutive include the following: Schedule of Anti-dilutive Securities Outstanding Diluted Loss Per Share 2023 2022 Outstanding at June 30, 2023 2022 Warrants to purchase Common Stock 177,998 177,998 Unvested restricted shares of common stock 12,000 - Stock options 1,078,468 939,940 Anti-dilutive securities 1,268,466 1,117,938 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The significant areas of estimation include determining research and development accruals, the inputs in determining the fair value of equity-based awards and warrants issued, the inputs in determining present value of lease payments, and determining the fair value of marketable securities. Actual results could differ from those estimates. |
Risks and Uncertainties | Risks and Uncertainties The Company operates in an industry that is subject to intense competition, government regulation and rapid technological change. Operations are subject to significant risk and uncertainties including financial, operational, technological, regulatory, and other risks, including the potential risk of business failure. Our marketable securities have had and may in the future have their market value fluctuate due to rises or falls in interest rates. While we believe our cash, cash equivalents and marketable securities do not contain excessive risk, we cannot provide absolute assurance that in the future our investments will not be subject to adverse changes in market value. In addition, we maintain significant amounts of cash and cash equivalents at one or more financial institutions that are federally insured. Interest bearing and non-interest bearing accounts we hold at these banking institutions are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 |
Research and Development | Research and Development Research and development costs are expensed as incurred. These expenses primarily consist of payroll, contractor expenses, research study expenses, costs for manufacturing and supplies, clinical site costs and other costs for the conduct of clinical trials, and technical infrastructure on the cloud for the purposes of developing the Company’s RADR ® |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers money market funds and other highly liquid instruments with a short-term maturity of 3 months or less to be cash equivalents. Cash equivalents at June 30, 2023 and December 31, 2022 were approximately $ 25,394,000 1,271,000 |
Restricted Cash | Restricted Cash The Company considers cash held in escrow for the purposes of contractual contingencies to be restricted cash. All of the restricted cash at June 30, 2023 and December 31, 2022 relates to escrow amounts paid in connection with the Asset Purchase Agreement entered into by the Company and Allarity Therapeutics in July 2021 (See Note 4) and is considered a current asset at June 30, 2023, as the milestones that could require payments to be made to Allarity Therapeutics must be satisfied within the next 12 months. The escrow period under the Asset Purchase Agreement ended in July 2023, and the Company expects the remaining escrow funds to be distributed from escrow to the Company in August 2023. |
Leases | Leases The Company determines whether an arrangement contains a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and net of current portion of operating lease liabilities on our consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at the commencement date in determining the present value of lease payments. The Company does not include options to extend or terminate the lease term unless it is reasonably certain that the Company will exercise any such options. Rent expense is recognized under the operating leases on a straight-line basis. The Company does not recognize right-of-use assets or lease liabilities for short-term leases, which have a lease term of twelve months or less, and instead will recognize lease payments as expense on a straight-line basis over the lease term. |
Marketable Securities | Marketable Securities The Company’s marketable securities consist of government and agency securities, corporate bonds, and mutual funds. We classify our marketable securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond twelve months, as current assets in the accompanying condensed consolidated balance sheets. Available-for-sale debt securities are recorded at fair value each reporting period. Unrealized gains and losses are excluded from earnings and recorded as a separate component within “Accumulated other comprehensive income” or “Accumulated other comprehensive loss” on the condensed consolidated balance sheets until realized. Interest is reported within “Interest income” and dividend income is reported within “Other income (expense), net” on the condensed consolidated statements of operations. We evaluate our investments to assess whether the amortized cost basis is in excess of estimated fair value and determine what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses are recognized as a charge in “Other income (expense), net” on the condensed consolidated statements of operations, and any remaining unrealized losses are included in “Accumulated other comprehensive loss” on the condensed consolidated balance sheets. There were no credit losses recorded for the three and six months ended June 30, 2023 and 2022. There was no impairment charge for any unrealized losses for the three and six months ended June 30, 2023 and 2022. We determine realized gains and losses on the sale of marketable securities based on the specific identification method and record such gains and losses in “Other income (expense), net” on the condensed consolidated statements of operations. |
Recently Adopted Accounting Standard | Recently Adopted Accounting Standard Current Expected Credit Loss In June 2016 the FASB issued Accounting Standard Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). This introduces new methodology for recognition of credit losses - the current expected credit loss (“CECL”) method. The CECL method requires the recognition of all losses expected over the life of a financial instrument upon origination or purchase of the instrument, unless the company elects to recognize such instruments at fair value with changes in profit and loss. CECL was adopted on January 1, 2023 and had no impact on the Company’s condensed consolidated financial statements. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Research and Development | Set forth below are the approximate amounts expensed for License, Strategic Alliance, and Research Agreements during the three and six months ended June 30, 2023 and 2022, respectively. These expensed amounts are included under research and development expenses in the accompanying condensed consolidated statements of operations. Schedule of Research and Development 2023 2022 2023 2022 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Amount Expensed for License, Strategic Alliance, and Research Agreements $ 2,100,000 $ 1,931,000 $ 3,348,000 $ 3,789,000 |
Schedule of Accounts Payable and Accrued Liabilities | Set forth below at June 30, 2023 and December 31, 2022, respectively, are (1) the approximate amounts accrued and payable under License, Strategic Alliance, and Research Agreements, and (2) the approximate amount of prepaid expenses and other current assets under License, Strategic Alliance, and Research Agreements. These amounts are included in the accompanying condensed consolidated balance sheets. Schedule of Accounts Payable and Accrued Liabilities 2023 2022 June 30, December 31, 2023 2022 Amount accrued and payable under License, Strategic Alliance, and Research Agreements $ 1,155,000 $ 1,813,000 Prepaid expenses and other current assets under License, Strategic Alliance, and Research Agreements $ 693,000 $ 1,595,000 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases | |
Schedule of Balance Sheet Information Related to Leases | The following provides balance sheet information related to leases as of June 30, 2023 and December 31, 2022: Schedule of Balance Sheet Information Related to Leases 2023 2022 June 30, December 31, 2023 2022 Assets Operating lease, right-of-use asset, net $ 308,251 $ 47,687 Liabilities Current portion of operating lease liabilities $ 163,146 $ 52,890 Operating lease liabilities, net of current portion 150,713 - Total operating lease liabilities $ 313,859 $ 52,890 |
Schedule of Future Estimated Minimum Lease Payments Under Non-cancelable Operating Leases | At June 30, 2023, the future estimated minimum lease payments under non-cancelable operating leases are as follows: Schedule of Future Estimated Minimum Lease Payments Under Non-cancelable Operating Leases 2023 (remaining six months) $ 89,734 2024 184,532 2025 62,448 Total minimum lease payments 336,714 Less amount representing interest (22,855 ) Present value of future minimum lease payments 313,859 Less current portion of operating lease liabilities (163,146 ) Operating lease liabilities, net of current portion $ 150,713 |
Schedule of Reconciliation of Right-of-Use Assets and lease Liabilities | The following table provides a reconciliation for our operating right-of-use assets and operating lease liabilities: Schedule of Reconciliation of Right-of-Use Assets and lease Liabilities Operating Operating Right-of- Use Lease Assets Liabilities Balance at December 31, 2022 $ 47,687 $ 52,890 Remeasurement of operating lease right-of-use assets and operating lease liability 198,847 198,847 Operating right-of-use asset acquired through operating lease liability 141,989 141,989 Amortizations and reductions (80,272 ) (79,867 ) Balance at June 30, 2023 $ 308,251 $ 313,859 |
Schedule of Other Supplemental Information Related to Operating Leases | Other supplemental information related to operating leases is as follows: Schedule of Other Supplemental Information Related to Operating Leases 2023 2022 As of June 30, 2023 2022 Weighted average remaining term of operating leases (in years) 1.81 0.83 Weighted average discount rate of operating leases 7.36 % 4.65 % |
Schedule of Lease Expense | The components of lease expense were approximately as follows for the three and six months ended June 30, 2023 and 2022: Schedule of Lease Expense 2023 2022 2023 2022 Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Operating lease cost $ 67,000 $ 39,000 $ 109,000 $ 78,000 Short-term lease cost 5,000 - 5,000 - Total $ 72,000 $ 39,000 $ 114,000 $ 78,000 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Stock Option Activity | The number of shares available under the Lantern Pharma Inc. 2018 Equity Incentive Plan, as amended and restated (the “Plan”), was increased by 250,000 at the Company’s Annual Meeting of Stockholders on June 16, 2023. A summary of stock option activity under the Plan, during the six months ended June 30, 2023 is presented below: Schedule of Stock Option Activity Options Outstanding Number of Shares Weighted- Average Exercise Price Per Share Outstanding December 31, 2022 1,037,591 $ 6.46 Granted 70,000 4.92 Cancelled or expired (29,123 ) 10.00 Outstanding June 30, 2023 1,078,468 $ 6.26 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Marketable of Securities | At June 30, 2023, marketable securities consisted of the following: Schedule of Marketable of Securities Amortized Unrealized Unrealized Aggregate Cost Gains Losses Fair Value Government & Agency Securities $ 4,772,979 $ - $ (152,485 ) $ 4,620,494 Corporate Bonds 9,592,757 59 (152,360 ) 9,440,456 Marketable Securities – Debt 14,365,736 59 (304,845 ) 14,060,950 Mutual Funds – Fixed Income 4,002,704 - (327,955 ) 3,674,749 Mutual Funds – Alternative Investments 2,023,154 - (233,055 ) 1,790,099 Marketable Securities – Mutual Funds 6,025,858 - (561,010 ) 5,464,848 $ 20,391,594 $ 59 $ (865,855 ) $ 19,525,798 |
Schedule of Contractual Maturities Investments of Marketable Securities | The contractual maturities of the investments classified as Government & Agency Securities and Corporate Bonds are as follows: Schedule of Contractual Maturities Investments of Marketable Securities June 30, 2023 As of June 30, 2023 Due within one year $ 12,021,718 Due in one to two years 2,039,232 Due in two to five years - Total $ 14,060,950 |
Schedule of Gross Unrealized Losses and Fair Values for Marketable Securities | The following table presents gross unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of June 30, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: Schedule of Gross Unrealized Losses and Fair Values for Marketable Securities Fair Unrealized Fair Unrealized As of June 30, 2023 Less than 12 months More than 12 months Fair Unrealized Fair Unrealized Government & Agency Securities $ 1,936,160 $ (34,938 ) $ 2,684,334 $ (117,547 ) Corporate Bonds 5,286,378 (49,467 ) 3,858,200 (102,893 ) Mutual Funds – Fixed Income - - 3,674,749 (327,955 ) Mutual Funds – Alternative Investments - - 1,790,099 (233,055 ) $ 7,222,538 $ (84,405 ) $ 12,007,382 $ (781,450 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets are Measured at Fair Value on Recurring Basis | Schedule of Assets are Measured at Fair Value on Recurring Basis Description Total Level 1 Level 2 Level 3 NAV * Fair Value Measurements as of June 30, 2023 Description Total Level 1 Level 2 Level 3 NAV* Government & Agency Securities $ 4,620,494 $ - $ 4,620,494 $ - $ - Corporate Bonds 9,440,456 - 9,440,456 - - Money Markets 10,000,000 10,000,000 - - - Mutual Funds – Fixed Income 3,674,749 - 3,674,749 - - Mutual Funds – Alternative Investments 1,790,099 - - - 1,790,099 Fair value recurring basis $ 29,525,798 $ 10,000,000 $ 17,735,699 $ - $ 1,790,099 * Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology. |
Loss Per Share of Common Shar_2
Loss Per Share of Common Shares (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Anti-dilutive Securities Outstanding Diluted Loss Per Share | Schedule of Anti-dilutive Securities Outstanding Diluted Loss Per Share 2023 2022 Outstanding at June 30, 2023 2022 Warrants to purchase Common Stock 177,998 177,998 Unvested restricted shares of common stock 12,000 - Stock options 1,078,468 939,940 Anti-dilutive securities 1,268,466 1,117,938 |
Liquidity (Details Narrative)
Liquidity (Details Narrative) - 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 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Net loss | $ 4,746,398 | $ 3,867,765 | $ 4,492,386 | $ 4,121,774 | $ 8,614,163 | $ 8,614,160 |
Working capital | $ 48,026,000 | $ 48,026,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Cash and cash equivalents | $ 25,394,000 | $ 1,271,000 |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cash FDIC insured amount | $ 250,000 |
Schedule of Research and Develo
Schedule of Research and Development (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Amount Expensed for License, Strategic Alliance, and Research Agreements | $ 3,558,217 | $ 2,988,823 | $ 6,111,164 | $ 5,649,060 |
License Strategic Alliance and Research Agreements [Member] | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Amount Expensed for License, Strategic Alliance, and Research Agreements | $ 2,100,000 | $ 1,931,000 | $ 3,348,000 | $ 3,789,000 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Prepaid expenses and other current assets under License, Strategic Alliance, and Research Agreements | $ 2,551,802 | $ 2,985,472 |
License Strategic Alliance and Research Agreements [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Amount accrued and payable under License, Strategic Alliance, and Research Agreements | 1,155,000 | 1,813,000 |
Prepaid expenses and other current assets under License, Strategic Alliance, and Research Agreements | $ 693,000 | $ 1,595,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
May 31, 2021 USD ($) shares | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 GBP (£) | Jun. 30, 2022 USD ($) | |
Research and development expense | $ 3,558,217 | $ 2,988,823 | $ 6,111,164 | $ 5,649,060 | ||
Lantern Pharma Limited [Member] | ||||||
Research and development expenses percentage | 50% | 50% | ||||
Research and development expense | £ | £ 24,215 | |||||
Revenues | $ 0 | |||||
Actuate Therapeutics [Member] | Collaboration Agreement [Member] | Restricted Stock [Member] | ||||||
Number of shares received | shares | 25,000 | |||||
Nominal value acquired cost | $ 0 |
Schedule of Balance Sheet Infor
Schedule of Balance Sheet Information Related to Leases (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Leases | ||
Operating lease, right-of-use asset, net | $ 308,251 | $ 47,687 |
Current portion of operating lease liabilities | 163,146 | 52,890 |
Operating lease liabilities, net of current portion | 150,713 | |
Total operating lease liabilities | $ 313,859 | $ 52,890 |
Schedule of Future Estimated Mi
Schedule of Future Estimated Minimum Lease Payments Under Non-cancelable Operating Leases (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Leases | ||
2023 (remaining six months) | $ 89,734 | |
2024 | 184,532 | |
2025 | 62,448 | |
Total minimum lease payments | 336,714 | |
Less amount representing interest | (22,855) | |
Present value of future minimum lease payments | 313,859 | $ 52,890 |
Less current portion of operating lease liabilities | (163,146) | (52,890) |
Operating lease liabilities, net of current portion | $ 150,713 |
Schedule of Reconciliation of R
Schedule of Reconciliation of Right-of-Use Assets and lease Liabilities (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Leases | |
Operating Right-of-Use Assets, Beginning Balance | $ 47,687 |
Operating Lease Liabilities, Beginning Balance | 52,890 |
Operating Right-of-Use Assets, Remeasurement of operating lease right-of-use assets and operating lease liability | 198,847 |
Operating Lease Liabilities, Remeasurement of operating lease right-of-use assets and operating lease liability | 198,847 |
Operating Right-of-Use Assets, Operating right-of-use asset acquired through operating lease liability | 141,989 |
Operating Lease Liabilities, Operating right-of-use asset acquired through operating lease liability | 141,989 |
Operating Right-of-Use Assets, Amortizations and reductions | (80,272) |
Operating Lease Liabilities, Amortizations and reductions | (79,867) |
Operating Right-of-Use Assets, Ending Balance | 308,251 |
Operating Lease Liabilities, Ending Balance | $ 313,859 |
Schedule of Other Supplemental
Schedule of Other Supplemental Information Related to Operating Leases (Details) | Jun. 30, 2023 | Jun. 30, 2022 |
Leases | ||
Weighted average remaining term of operating leases (in years) | 1 year 9 months 21 days | 9 months 29 days |
Weighted average discount rate of operating leases | 7.36% | 4.65% |
Schedule of Lease Expense (Deta
Schedule of Lease Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases | ||||
Operating lease cost | $ 67,000 | $ 39,000 | $ 109,000 | $ 78,000 |
Short-term lease cost | 5,000 | 5,000 | ||
Total | $ 72,000 | $ 39,000 | $ 114,000 | $ 78,000 |
Leases (Details Narrative)
Leases (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 | |
Leases | |
Lease expiration date | The lease terms were set to expire in April 2023, subject to |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Equity [Abstract] | |
Number of Shares, Outstanding Beginning Balance | shares | 1,037,591 |
Weighted Average Exercise Price Per Share, Outstanding Beginning Balance | $ / shares | $ 6.46 |
Number of Shares, Granted | shares | 70,000 |
Weighted Average Exercise Price Per Share, Granted | $ / shares | $ 4.92 |
Number of Shares, Cancelled or expired | shares | (29,123) |
Weighted Average Exercise Price Per Share, Cancelled or expired | $ / shares | $ 10 |
Number of Shares, Outstanding Ending Balance | shares | 1,078,468 |
Weighted Average Exercise Price Per Share, Outstanding Ending Balance | $ / shares | $ 6.26 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Nov. 30, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Repurchase of shares, value | $ 2,482,286 | ||||||
Number of restricted shares | 12,000 | 12,000 | |||||
Fair value of restricted shares | $ 63,000 | $ 63,000 | |||||
Expected shares vested | 6,000 | 6,000 | |||||
Common stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 | ||||
Common stock, shares issued | 10,869,040 | 10,869,040 | 10,857,040 | ||||
Common stock, shares outstanding | 10,869,040 | 10,869,040 | 10,857,040 | ||||
Weighted average exercise price | $ 6.26 | $ 6.26 | $ 6.46 | ||||
Stock-based compensation | $ 725,920 | $ 556,537 | |||||
Share-Based Payment Arrangement, Option [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Stock-based compensation | $ 392,000 | $ 290,000 | $ 726,000 | $ 557,000 | |||
Common Stock [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Repurchase of shares | 353,667 | ||||||
Repurchase of shares, value | $ 36 | ||||||
Number of shares of common stock | 0 | 95,779 | |||||
Proceeds from warrants exercise | $ 300,000 | $ 300,000 | |||||
Exercise price | $ 3.13 | $ 3.13 | |||||
Number of restricted shares | 12,000 | ||||||
Options were exercisable | 837,954 | 837,954 | |||||
Weighted average exercise price, exercisable | $ 6.24 | $ 6.24 | |||||
Common Stock [Member] | Director [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Repurchase of shares | 7,000,000 | 0 | 353,667 | ||||
Repurchase of shares, value | $ 2,482,000 | $ 2,482,000 | |||||
Warrant [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Number of shares of common stock | 0 | 95,779 | |||||
Warrants to purchase shares of common stock | 177,998 | 177,998 | |||||
Weighted average exercise price | $ 9.27 | $ 9.27 | |||||
Warrant [Member] | Minimum [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Expiration date of warrants | Mar. 07, 2024 | ||||||
Warrant [Member] | Maximum [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Expiration date of warrants | Jun. 10, 2025 |
Schedule of Marketable of Secur
Schedule of Marketable of Securities (Details) | Jun. 30, 2023 USD ($) |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Marketable securities, amortized cost | $ 20,391,594 |
Marketable securities, unrealized gains | 59 |
Marketable securities, unrealized losses | (865,855) |
Marketable securities, aggregate fair value | 19,525,798 |
Government & Agency Securities [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Marketable securities, amortized cost | 4,772,979 |
Marketable securities, unrealized gains | |
Marketable securities, unrealized losses | (152,485) |
Marketable securities, aggregate fair value | 4,620,494 |
Corporate Bonds [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Marketable securities, amortized cost | 9,592,757 |
Marketable securities, unrealized gains | 59 |
Marketable securities, unrealized losses | (152,360) |
Marketable securities, aggregate fair value | 9,440,456 |
Marketable Securities - Debt [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Marketable securities, amortized cost | 14,365,736 |
Marketable securities, unrealized gains | 59 |
Marketable securities, unrealized losses | (304,845) |
Marketable securities, aggregate fair value | 14,060,950 |
Mutual Funds - Fixed Income [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Marketable securities, amortized cost | 4,002,704 |
Marketable securities, unrealized gains | |
Marketable securities, unrealized losses | (327,955) |
Marketable securities, aggregate fair value | 3,674,749 |
Mutual Funds - Alternative Investments [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Marketable securities, amortized cost | 2,023,154 |
Marketable securities, unrealized gains | |
Marketable securities, unrealized losses | (233,055) |
Marketable securities, aggregate fair value | 1,790,099 |
Marketable Securities - Mutual Funds [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Marketable securities, amortized cost | 6,025,858 |
Marketable securities, unrealized gains | |
Marketable securities, unrealized losses | (561,010) |
Marketable securities, aggregate fair value | $ 5,464,848 |
Schedule of Contractual Maturit
Schedule of Contractual Maturities Investments of Marketable Securities (Details) | Jun. 30, 2023 USD ($) |
Cash and Cash Equivalents [Abstract] | |
Due within one year | $ 12,021,718 |
Due in one to two years | 2,039,232 |
Due in two to five years | |
Total | $ 14,060,950 |
Schedule of Gross Unrealized Lo
Schedule of Gross Unrealized Losses and Fair Values for Marketable Securities (Details) | Jun. 30, 2023 USD ($) |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Fair Value Less than 12 months | $ 7,222,538 |
Unrealized Loss Less than 12 months | (84,405) |
Fair Value More than 12 months | 12,007,382 |
Unrealized Loss More than 12 months | (781,450) |
Government & Agency Securities [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Fair Value Less than 12 months | 1,936,160 |
Unrealized Loss Less than 12 months | (34,938) |
Fair Value More than 12 months | 2,684,334 |
Unrealized Loss More than 12 months | (117,547) |
Corporate Bonds [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Fair Value Less than 12 months | 5,286,378 |
Unrealized Loss Less than 12 months | (49,467) |
Fair Value More than 12 months | 3,858,200 |
Unrealized Loss More than 12 months | (102,893) |
Mutual Funds - Fixed Income [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Fair Value Less than 12 months | |
Unrealized Loss Less than 12 months | |
Fair Value More than 12 months | 3,674,749 |
Unrealized Loss More than 12 months | (327,955) |
Mutual Funds - Alternative Investments [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Fair Value Less than 12 months | |
Unrealized Loss Less than 12 months | |
Fair Value More than 12 months | 1,790,099 |
Unrealized Loss More than 12 months | $ (233,055) |
Schedule of Assets are Measured
Schedule of Assets are Measured at Fair Value on Recurring Basis (Details) | 6 Months Ended | |
Jun. 30, 2023 USD ($) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | $ 29,525,798 | |
NAV [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | 1,790,099 | [1] |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | 10,000,000 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | 17,735,699 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | ||
Government & Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | 4,620,494 | |
Government & Agency Securities [Member] | NAV [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | [1] | |
Government & Agency Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | ||
Government & Agency Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | 4,620,494 | |
Government & Agency Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | ||
Corporate Bond Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | 9,440,456 | |
Corporate Bond Securities [Member] | NAV [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | [1] | |
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | ||
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | 9,440,456 | |
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | ||
Money Markets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | 10,000,000 | |
Money Markets [Member] | NAV [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | [1] | |
Money Markets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | 10,000,000 | |
Money Markets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | ||
Money Markets [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | ||
Mutual Funds - Fixed Income [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | 3,674,749 | |
Mutual Funds - Fixed Income [Member] | NAV [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | [1] | |
Mutual Funds - Fixed Income [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | ||
Mutual Funds - Fixed Income [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | 3,674,749 | |
Mutual Funds - Fixed Income [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | ||
Mutual Funds - Alternative Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | 1,790,099 | |
Mutual Funds - Alternative Investments [Member] | NAV [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | 1,790,099 | [1] |
Mutual Funds - Alternative Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | ||
Mutual Funds - Alternative Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | ||
Mutual Funds - Alternative Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value recurring basis | ||
[1]Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology. |
Schedule of Anti-dilutive Secur
Schedule of Anti-dilutive Securities Outstanding Diluted Loss Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 1,268,466 | 1,117,938 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 177,998 | 177,998 |
Unvested Restricted Share [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 12,000 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 1,078,468 | 939,940 |