Monogram Orthopaedics (MGRM) 10-Q 13 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 13, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-41707
Entity Registrant Name	Monogram Orthopaedics Inc.
Entity Address, Address Line One	3913 Todd Lane
Entity Address, City or Town	Austin
Entity Address State Or Province	TX
Entity Address, Postal Zip Code	78744
City Area Code	512
Local Phone Number	399-2656
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	MGRM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,670,375
Entity Central Index Key	0001769759
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Tax Identification Number	00-0000000

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 10,077,573	$ 13,589,028
Account receivable		364,999
Prepaid expenses and other current assets	629,751	664,262
Total current assets	10,707,324	14,618,289
Equipment, net of accumulated depreciation	903,011	945,020
Intangible assets, net	496,250	548,750
Operating lease right-of-use assets	435,116	466,949
Total assets	12,541,701	16,579,008
Current liabilities:
Accounts payable	1,321,313	2,462,268
Accrued liabilities	531,239	227,684
Operating lease liabilities, current	131,081	128,266
Total current liabilities	1,983,633	2,818,218
Operating lease liabilities, non-current	330,561	363,724
Total liabilities	2,314,194	3,181,942
Commitments and contingencies
Stockholders' equity:
Common stock, $.001 par value; 90,000,000 shares authorized, 31,633,995 and 31,338,391 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	31,634	31,338
Additional paid-in capital	65,211,241	64,874,392
Accumulated deficit	(55,015,368)	(51,508,664)
Total stockholders' equity	10,227,507	13,397,066
Total liabilities and stockholders' equity	$ 12,541,701	$ 16,579,008

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
CONDENSED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	90,000,000	90,000,000
Common stock, shares issued	31,633,995	31,338,391
Common stock, shares outstanding	31,633,995	31,338,391

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development	$ 2,406,754	$ 1,939,551
Marketing and advertising	119,694	1,132,625
General and administrative	1,083,711	822,889
Total operating expenses	3,610,159	3,895,065
Loss from operations	(3,610,159)	(3,895,065)
Other income:
Change in fair value of warrant liability		2,523
Interest income and other, net	103,455	34,820
Total other income	103,455	37,343
Net loss before taxes	(3,506,704)	(3,857,722)
Net loss	$ (3,506,704)	$ (3,857,722)
Basic loss per common share	$ (0.11)	$ (0.40)
Diluted loss per common share	$ (0.11)	$ (0.40)
Weighted-average number of basic shares outstanding	31,535,795	9,673,870
Weighted-average number of diluted shares outstanding	31,535,795	9,673,870

CONDENSED STATEMENTS OF STOCKHO

CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)	Series A Preferred Stock Preferred Stock	Series B Preferred Stock Preferred Stock	Series C Preferred Stock Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance as of beginning at Dec. 31, 2022	$ 4,898	$ 3,196	$ 438	$ 9,674	$ 41,894,417	$ (37,763,447)	$ 4,149,176
Balance as of beginning (in shares) at Dec. 31, 2022	4,897,553	3,195,599	438,367	9,673,870
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
Issuance of Stock for cash, net of issuance costs			$ 21		147,021		147,042
Issuance of Stock for cash, net of issuance costs (in shares)			21,088
Stock-based compensation					368,140		368,140
Net loss						(3,857,722)	(3,857,722)
Balance as of ending at Mar. 31, 2023	$ 4,898	$ 3,196	$ 459	$ 9,674	42,409,578	(41,621,169)	804,636
Balance as of ending (in shares) at Mar. 31, 2023	4,897,553	3,195,599	459,455	9,673,870
Balance as of beginning at Dec. 31, 2023				$ 31,338	64,874,392	(51,508,664)	13,397,066
Balance as of beginning (in shares) at Dec. 31, 2023				31,338,391
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY
Vesting of Common Stock from services performed					37,500		37,500
Issuance of Stock for cash, net of issuance costs				$ 49	4,696		4,746
Issuance of Stock for cash, net of issuance costs (in shares)				49,146
Issuance of Common Stock upon cashless warrant exercise (in shares)				246,458
Issuance of Common Stock upon cashless warrant exercise				$ 246	(246)
Stock-based compensation					294,899		294,899
Net loss						(3,506,704)	(3,506,704)
Balance as of ending at Mar. 31, 2024				$ 31,633	$ 65,211,241	$ (55,015,368)	$ 10,227,507
Balance as of ending (in shares) at Mar. 31, 2024				31,633,995

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net loss	$ (3,506,704)	$ (3,857,722)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	294,899	368,140
Other expenses settled with stock issuances	37,500
Loss from change in fair value of common stock make-whole obligation	45,252
Depreciation and amortization	105,898	102,503
Change in fair value of warrant liability		(2,523)
Changes in non-cash working capital balances:
Account receivable	364,999
Other current assets	(111,445)	231,518
Accounts payable	(1,140,955)	516,762
Accrued liabilities	258,303	(243,501)
Operating lease assets and liabilities, net	1,485	2,446
Cash used in operating activities	(3,650,768)	(2,882,377)
Investing activities:
Purchases of equipment	(11,389)	(14,792)
Cash used in investing activities	(11,389)	(14,792)
Financing activities:
Proceeds from issuances of Common Stock, net of cash costs	150,702
Proceeds from issuances of Series C Preferred Stock, net		147,042
Cash provided by financing activities	150,702	147,042
Decrease in cash and cash equivalents during the period	(3,511,455)	(2,750,127)
Cash and cash equivalents, beginning of the period	13,589,028	10,468,645
Cash and cash equivalents, end of the period	10,077,573	$ 7,718,518
Noncash investing and financing activities:
Amortization of deferred issuance costs of Common Stock Purchase Agreement	145,956
Cashless exercise of warrant	$ 246

Description of Business and Sum

Description of Business and Summary of Accounting Principles	3 Months Ended
	Mar. 31, 2024
Description of Business and Summary of Accounting Principles
Description of Business and Summary of Accounting Principles	1. Description of Business and Summary of Accounting Principles Monogram Orthopaedics Inc. (“Monogram” or the “Company”), incorporated in the state of Delaware on April 21, 2016, is working to develop a product solution architecture to eventually enable mass personalized optimization of orthopedic implants by linking 3D printing and robotics via automated digital image analysis algorithms. The Company has a working navigated robot prototype that can optically track a simulated surgical target and execute optimized auto-generated cut paths for high precision insertion of implants in synthetic bone specimens. These implants and cut-paths are generated with proprietary Monogram software algorithms. Basis of Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America and are consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 31, 2023. Certain amounts from previous reporting periods have been reclassified to conform with the current period presentation. As permitted by SEC requirements for interim reporting, certain footnotes or other financial information have been condensed or omitted. In the opinion of management, all normal and recurring adjustments considered necessary for the fair presentation of the financial statements have been included. Revenues, expenses, assets, and liabilities can vary during each quarter of the year, therefore, the results and trends in these interim financial statements may not be representative of those for the full year. The information included in this Form 10-Q should be read in conjunction with the financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Going Concern The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is a business that has not yet generated profits, incurred a net loss during the three months ended March 31, 2024 of $3,506,704 and has an accumulated deficit of $55,015,368 as of March 31, 2024. The Company’s ability to continue as a going concern in the next twelve months following the date the unaudited financial statements were available to be issued is dependent upon its ability to produce revenues, raise capital, and/or obtain other financing sufficient to meet current and future obligations. Management has evaluated these conditions and believes its current cash balances, plus the additional capital available under the Common Stock Purchase Agreement described in Note 3, will be sufficient for the Company to satisfy its near-term capital needs and to continue as a going concern for a reasonable period. Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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 Company’s most significant estimates relate to the fair value of the warrant liability, valuations of stock-based compensation, and the income tax valuation allowance. On a continual basis, management reviews its estimates, utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such reviews, and if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. Earnings (Loss) Per Share Earnings (loss) per share is computed by dividing net income or loss by the weighted-average number of common stock shares outstanding. To the extent that stock options, warrants, and convertible preferred stock are anti-dilutive, they are excluded from the calculation of diluted earnings (loss) per share. For the three months ended March 31, 2024 and 2023, the Company excluded the following shares from the calculation of diluted loss per share because such amounts were antidilutive: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2024 2023 Shares issuable upon conversion of Series A Preferred Stock — 9,795,106 Shares issuable upon conversion of Series B Preferred Stock — 6,391,334 Shares issuable upon conversion of Series C Preferred Stock — 918,910 Shares issuable upon exercise of warrants — 2,364,697 Shares issuable upon exercise of stock options 4,885,389 4,862,166 Total 4,885,389 24,332,213 ​ Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.

Other Current Assets

Other Current Assets	3 Months Ended
	Mar. 31, 2024
Other Current Assets
Other Current Assets	2. Other Current Assets Other current assets consist of the following as of March 31, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ 2024 2023 Deferred issuance costs of Common Stock Purchase Agreement ​ $ — ​ $ 145,956 Advance paid to vendor for supply development contract ​ 163,380 ​ 163,380 Other ​ 466,371 ​ 354,926 Prepaid expenses and other current assets ​ $ 629,751 ​ $ 664,262 ​

Preferred and Common Stock

Preferred and Common Stock	3 Months Ended
	Mar. 31, 2024
Preferred and Common Stock
Preferred and Common Stock	3. Preferred and Common Stock Common Stock Purchase Agreement On July 19, 2023, the Company entered into a Common Stock Purchase Agreement (the “Common Stock Purchase Agreement”) and a Registration Rights Agreement with B. Riley Principal Capital, II LLC (the “BRPC II”), pursuant to which the registrant has the right to sell to BRPC II up to $20.0 million in shares of Common Stock (the “Committed Equity Shares”), subject to certain limitations and the satisfaction of specified conditions in the Common Stock Purchase Agreement, from time to time over the 24-month period commencing upon the initial satisfaction of the conditions to the BRPC II’s purchase obligations set forth in the Common Stock Purchase Agreement. Sales of Common Stock pursuant to the Common Stock Purchase Agreement, and the timing of any sales, are solely at the Company’s option, and it is under no obligation to sell any securities to BRPC II. As of March 31, 2024, the Company had raised gross proceeds of $889,042 from the sale of 256,346 shares under the Common Stock Purchase Agreement. As consideration for BRPC II’s commitment to purchase shares of Common Stock at the Company’s direction upon the terms and subject to the conditions set forth in the Purchase Agreement, upon execution of the Purchase Agreement, the Company issued 45,252 shares of Common Stock to BRPC II (the “Commitment Shares”). Under the terms of the Common Stock Purchase Agreement, if the aggregate proceeds received by BPRC II from its resale of the Commitment Shares is less than $200,000 then, upon notice by BRPC II, the Company must pay the difference between $200,000 and the aggregate proceeds received by BPRC II from its resale of the Commitment Shares. At March 31, 2024, the market value of the Commitment Shares was $110,415. Therefore, the Company’s make-whole obligation was $89,585 and this amount was recorded as a component of accrued expenses in the accompanying balance sheet. During the three months ended March 31, 2024, the $45,252 increase in the fair value of the Company’s make-whole obligation was recorded as a component of interest income and other, net, in the accompanying statement of operations. Preferred Stock On May 17, 2023, the Company filed a Form 8-A in connection with the listing of its Common Stock on Nasdaq, which was declared effective on the same date. At that time, each outstanding share of Series A, Series B, and Series C Preferred Stock was converted into two shares of Common Stock of the Company. At March 31, 2024, the Company had no shares of preferred stock outstanding. Anti-Dilution Right of CEO Benjamin Sexson, the Company’s Chief Executive Officer (“CEO”), is entitled to pre-emptive rights that permit him to preserve his vested equity position in the Company in the event of any additional issuances of Common Stock (or securities convertible into Common Stock), at a per-share price equal to the then current fair value, as reasonably determined by the Board.

Stock Warrant

Stock Warrant	3 Months Ended
	Mar. 31, 2024
Stock Warrant
Stock Warrant	4. Stock Warrant In February 2019, the Company entered into a warrant agreement that provided the holder with the right to acquire $1,000,000 worth of shares of the Company’s capital stock upon the occurrence of the Company raising $5,000,000 in an equity financing. At December 31, 2023, this warrant was exercisable into 547,944 shares of Common Stock at a price of $1.83 per share. In two transactions during January and February 2024, this warrant was exercised by the holder in a cashless exercise under which the Company issued the holder a total of 246,458 shares of Common Stock and retained the remaining shares as settlement of the $1.83 per share exercise price of the warrant.

Stock Options

Stock Options	3 Months Ended
	Mar. 31, 2024
Stock Options
Stock Options	5. Stock Options The Company has adopted a stock option plan covering the issuance of up to 5,200,000 shares of Common Stock to qualified individuals. Options granted under this plan vest over four years and expire ten years from the date of the grant. The following table summarizes stock option activity for the three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Option Weighted-Average Weighted-Average ​ ​ Number of ​ Exercise ​ Remaining ​ Shares Price Per Share Contractual Term Options outstanding as of January 1, 2024 4,904,266 ​ $ 1.93 7.50 Granted 20,500 ​ 3.84 — Exercised — ​ — — Canceled (39,377) ​ 2.65 — Options outstanding as of March 31, 2024 4,885,389 ​ $ 1.93 7.20 Options exercisable as of March 31, 2024 2,901,918 ​ $ 1.75 6.50 ​ Stock-based compensation expense resulting from granted stock options was $294,899 and $368,140 for the three months ended March 31, 2024 and 2023, respectively. Unrecognized stock-based compensation expense related to stock options of $5,466,998 at March 31, 2024 will be recognized in future periods as the related stock options continue to vest over a weighted-average period of 3 years.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies.
Commitments and Contingencies	6. Commitments and Contingencies Under the Company’s Exclusive License Agreement with the Icahn School of Medicine at Mount Sinai (“Mt. Sinai”), the Company has an obligation to make certain payments to Mt. Sinai as a result of reaching certain milestones in the development and sales of the product, and for significant events related to the Company. The Company is currently in discussions with Mt. Sinai as to whether the Company becoming publicly traded on Nasdaq without undertaking a traditional initial public offering constitutes a "Significant Transaction" under the licensing agreement. Under the licensing agreement, if at the time of completion of a "Significant Transaction" the Company has a valuation greater than $150,000,000, Mount Sinai will receive 1% of the fair market value of Company at the time of completion of the Significant Transaction. It is the Company's position that no Significant Transaction has occurred - but there is no guarantee the Company and Mount Sinai will come to a consensus on this point. If we cannot come to an agreement with Mount Sinai on this point, we may be forced into litigation - and even if we pursue litigation, it is possible that a court would not rule in our favor. If the Company is required to pay this amount, it could have a material adverse effect on the Company's operations.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events
Subsequent Events	7. Subsequent Events The Company evaluated subsequent events through May 13, 2024, the date these unaudited financial statements were issued, for events that should be recorded or disclosed in the financial statements as of March 31, 2024. The Company concluded that no other events have occurred that would require recognition or disclosure in the unaudited financial statements.

Description of Business and S_2

Description of Business and Summary of Accounting Principles (Policies)	3 Months Ended
	Mar. 31, 2024
Description of Business and Summary of Accounting Principles
Basis of Presentation	Basis of Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America and are consistent in all material respects with those applied in our Annual Report on Form 10-K for the year ended December 31, 2023. Certain amounts from previous reporting periods have been reclassified to conform with the current period presentation. As permitted by SEC requirements for interim reporting, certain footnotes or other financial information have been condensed or omitted. In the opinion of management, all normal and recurring adjustments considered necessary for the fair presentation of the financial statements have been included. Revenues, expenses, assets, and liabilities can vary during each quarter of the year, therefore, the results and trends in these interim financial statements may not be representative of those for the full year. The information included in this Form 10-Q should be read in conjunction with the financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Going Concern	Going Concern The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is a business that has not yet generated profits, incurred a net loss during the three months ended March 31, 2024 of $3,506,704 and has an accumulated deficit of $55,015,368 as of March 31, 2024. The Company’s ability to continue as a going concern in the next twelve months following the date the unaudited financial statements were available to be issued is dependent upon its ability to produce revenues, raise capital, and/or obtain other financing sufficient to meet current and future obligations. Management has evaluated these conditions and believes its current cash balances, plus the additional capital available under the Common Stock Purchase Agreement described in Note 3, will be sufficient for the Company to satisfy its near-term capital needs and to continue as a going concern for a reasonable period.
Use of Estimates	Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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 Company’s most significant estimates relate to the fair value of the warrant liability, valuations of stock-based compensation, and the income tax valuation allowance. On a continual basis, management reviews its estimates, utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such reviews, and if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Earnings (loss) per share is computed by dividing net income or loss by the weighted-average number of common stock shares outstanding. To the extent that stock options, warrants, and convertible preferred stock are anti-dilutive, they are excluded from the calculation of diluted earnings (loss) per share. For the three months ended March 31, 2024 and 2023, the Company excluded the following shares from the calculation of diluted loss per share because such amounts were antidilutive: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2024 2023 Shares issuable upon conversion of Series A Preferred Stock — 9,795,106 Shares issuable upon conversion of Series B Preferred Stock — 6,391,334 Shares issuable upon conversion of Series C Preferred Stock — 918,910 Shares issuable upon exercise of warrants — 2,364,697 Shares issuable upon exercise of stock options 4,885,389 4,862,166 Total 4,885,389 24,332,213
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.

Description of Business and S_3

Description of Business and Summary of Accounting Principles (Tables)	3 Months Ended
	Mar. 31, 2024
Description of Business and Summary of Accounting Principles
Schedule of shares excluded from the calculation of diluted loss per share because such amounts were antidilutive	​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ 2024 2023 Shares issuable upon conversion of Series A Preferred Stock — 9,795,106 Shares issuable upon conversion of Series B Preferred Stock — 6,391,334 Shares issuable upon conversion of Series C Preferred Stock — 918,910 Shares issuable upon exercise of warrants — 2,364,697 Shares issuable upon exercise of stock options 4,885,389 4,862,166 Total 4,885,389 24,332,213

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Other Current Assets
Schedule of components of other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ 2024 2023 Deferred issuance costs of Common Stock Purchase Agreement ​ $ — ​ $ 145,956 Advance paid to vendor for supply development contract ​ 163,380 ​ 163,380 Other ​ 466,371 ​ 354,926 Prepaid expenses and other current assets ​ $ 629,751 ​ $ 664,262 ​

Stock Options (Tables)

Stock Options (Tables)	3 Months Ended
	Mar. 31, 2024
Stock Options
Summary of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Option Weighted-Average Weighted-Average ​ ​ Number of ​ Exercise ​ Remaining ​ Shares Price Per Share Contractual Term Options outstanding as of January 1, 2024 4,904,266 ​ $ 1.93 7.50 Granted 20,500 ​ 3.84 — Exercised — ​ — — Canceled (39,377) ​ 2.65 — Options outstanding as of March 31, 2024 4,885,389 ​ $ 1.93 7.20 Options exercisable as of March 31, 2024 2,901,918 ​ $ 1.75 6.50

Description of Business and S_4

Description of Business and Summary of Accounting Principles (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Description of Business and Summary of Accounting Principles
Net loss	$ (3,506,704)	$ (3,857,722)
Accumulated deficit	$ (55,015,368)		$ (51,508,664)

Description of Business and S_5

Description of Business and Summary of Accounting Principles - Antidilutive shares (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive shares
Shares excluded from the calculation of diluted loss per share because such amounts were antidilutive	4,885,389	24,332,213
Shares issuable upon conversion of Series A Preferred Stock
Antidilutive shares
Shares excluded from the calculation of diluted loss per share because such amounts were antidilutive		9,795,106
Shares issuable upon conversion of Series B Preferred Stock
Antidilutive shares
Shares excluded from the calculation of diluted loss per share because such amounts were antidilutive		6,391,334
Shares issuable upon conversion of Series C Preferred Stock
Antidilutive shares
Shares excluded from the calculation of diluted loss per share because such amounts were antidilutive		918,910
Shares issuable upon exercise of warrants
Antidilutive shares
Shares excluded from the calculation of diluted loss per share because such amounts were antidilutive		2,364,697
Shares issuable upon exercise of stock options
Antidilutive shares
Shares excluded from the calculation of diluted loss per share because such amounts were antidilutive	4,885,389	4,862,166

Other Current Assets - Componen

Other Current Assets - Components of other current assets (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Other Current Assets
Deferred costs of Common Stock Purchase Agreement		$ 145,956
Advance paid to vendor for supply development contract	$ 163,380	163,380
Other	466,371	354,926
Prepaid expenses and other current assets	$ 629,751	$ 664,262

Preferred and Common Stock (Det

Preferred and Common Stock (Details) - USD ($)		3 Months Ended
	Jul. 19, 2023	Mar. 31, 2024	May 17, 2023
Preferred and Common Stock
Proceeds from issuances of Common Stock, net of cash costs		$ 150,702
Preferred stock outstanding		0
Loss from change in fair value of common stock make-whole obligation		$ 45,252
Committed Equity Shares | Common Stock Purchase Agreement and Registration Rights Agreement | BRPC II
Preferred and Common Stock
Proceeds from issuances of Common Stock, net of cash costs		$ 889,042
Common stock shares issued	45,252	256,346
Shares agreed to sell	20,000,000
Period commencing upon the initial satisfaction of the conditions	24 months
Minimum aggregate proceeds to be received on resale of shares	$ 200,000
Fair market value of shares		$ 110,415
Market whole obligation payable		$ 89,585
Loss from change in fair value of common stock make-whole obligation	45,252
Committed Equity Shares | Minimum | Common Stock Purchase Agreement and Registration Rights Agreement | BRPC II
Preferred and Common Stock
Minimum aggregate proceeds to be received on resale of shares	$ 200,000
Series C Preferred Stock
Preferred and Common Stock
Number of common stock that each share of preferred stock may be converted into			2

Stock Warrant (Details)

Stock Warrant (Details) - USD ($)	1 Months Ended
	Feb. 29, 2024	Jan. 31, 2024	Feb. 28, 2019
Stock Warrants
Exercises of stock warrants (in shares)	246,458	246,458
Exercise price of warrants	$ 1.83	$ 1.83
February 2019 warrants
Stock Warrants
Value of capital stock shares called by warrants			$ 1,000,000
Threshold proceeds from equity financing for exercise of warrants			$ 5,000,000
February 2019 warrants | Series A Preferred Stock
Stock Warrants
Number of shares called by warrants			547,944
Exercise price of warrants			$ 1.83

Stock Options (Details)

Stock Options (Details)	3 Months Ended
	Mar. 31, 2024 shares
Stock Options
Number of shares authorized	5,200,000
Vesting term	4 years
Expiration term	10 years

Stock Options - Stock option ac

Stock Options - Stock option activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Option Number of Shares
Options outstanding as of beginning	4,904,266
Granted	20,500
Canceled	(39,377)
Options outstanding as of end	4,885,389	4,904,266
Options exercisable as of end	2,901,918
Weighted-Average Exercise Price Per Share
Options outstanding as of beginning (in shares)	$ 1.93
Granted (in shares)	3.84
Canceled (in shares)	2.65
Options outstanding as of end (in shares)	1.93	$ 1.93
Options exercisable as of end (in shares)	$ 1.75
Weighted-Average Remaining Contractual Term
Weighted-Average Remaining Contractual Term	7 years 2 months 12 days	7 years 6 months
Weighted-Average Exercisable Remaining Contractual Term	6 years 6 months

Stock Options - Additional info

Stock Options - Additional information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock Options
Unrecognized stock-based compensation expense	$ 5,466,998
Unrecognized stock-based compensation expense expected to recognize in future periods	3 years
Stock option
Stock Options
Stock-based compensation expense	$ 294,899	$ 368,140

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - Icahn School of Medicine	Oct. 03, 2017 USD ($)
Other Commitments [Line Items]
Payments for milestones achieved	$ 150,000,000
Percentage of obligation to pay for milestones achieved	1%