Kiromic BioPharma (KRBP) 10-K 31 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2021	Jun. 30, 2020
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Entity File Number	001-39169
Entity Registrant Name	Kiromic BioPharma, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-4762913
Entity Address, Address Line One	7707 Fannin Street
Entity Address, Address Line Two	Suite 140
Entity Address, City or Town	Houston
Entity Address State Or Province	TX
Entity Address, Postal Zip Code	77054
City Area Code	832
Local Phone Number	968-4888
Title of 12(b) Security	Common Shares, par value $0.001 per share
Trading Symbol	KRBP
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		7,332,999
Entity Central Index Key	0001792581
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 10,150,500	$ 1,929,100
Inventories		22,200
Prepaid expenses and other current assets	588,800	89,100
Total current assets	10,739,300	2,040,400
Property and equipment, net	2,066,000	587,900
Other assets	24,400	24,400
Total Assets	12,829,700	2,652,700
Current Liabilities:
Accounts payable	665,200	452,400
Accrued expenses and other current liabilities	334,200	221,300
Interest payable	200
Loan payable	105,600
Note payable	362,400
Total current liabilities	1,467,600	673,700
Total Liabilities	1,467,600	673,700
Commitments and contingencies
Stockholders' Equity:
Common stock, $0.001 par value: 300,000,000 shares authorized as of December 31, 2020 and 2019; 7,332,999 and 2,863,812 shares issued and outstanding as of December 31, 2020 and 2019, respectively	1,200
Additional paid-in capital	52,988,700	13,965,000
Accumulated deficit	(41,627,800)	(22,427,600)
Total Stockholders' Equity	11,362,100	1,979,000
Total Liabilities and Stockholders' Equity	12,829,700	2,652,700
Series A-1 Preferred Stock
Stockholders' Equity:
Preferred Stock		9,134,700
Series B Preferred Stock
Stockholders' Equity:
Preferred Stock		1,306,900
Preferred Stock
Stockholders' Equity:
Preferred Stock

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Preferred stock, authorized	60,000,000	60,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized	300,000,000	300,000,000
Common stock, issued	7,332,999	2,863,812
Common stock, outstanding	7,332,999	2,863,812
Series A-1 Preferred Stock
Preferred stock, par value ( in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized	24,000,000	24,000,000
Preferred stock, issued	0	21,822,301
Preferred stock, outstanding	0	21,822,301
Series B Preferred Stock
Preferred stock, par value ( in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized	16,500,000	14,130,435
Preferred stock, issued	0	9,869,659
Preferred stock, outstanding	0	9,869,659
Preferred Stock
Preferred stock, par value ( in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized	19,500,000	21,869,565
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating expenses:
Research and development	$ 5,052,900	$ 1,201,700
General and administrative	14,144,000	2,503,700
Total operating expenses	19,196,900	3,705,400
Loss from operations	(19,196,900)	(3,705,400)
Other expense
Interest expense	(3,300)	(22,500)
Total other expense	(3,300)	(22,500)
Net loss	$ (19,200,200)	$ (3,727,900)
Net loss per share, basic and diluted	$ (4.42)	$ (1.39)
Weighted average common shares outstanding, basic and diluted	4,505,867	2,862,809

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($)	Preferred StockSeries A-1 Preferred Stock	Preferred StockSeries B Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Series B Preferred Stock	Total
Balance at beginning of period at Dec. 31, 2018	$ 8,727,400			$ 10,237,600	$ (18,699,700)		$ 265,300
Balance at beginning of period (in shares) at Dec. 31, 2018	20,886,782		2,863,093
Conversion of convertible promissory notes and accrued interest into Series A-1 Preferred Stock	$ 407,300						407,300
Conversion of convertible promissory notes and accrued interest into Series A-1 Preferred Stock (in shares)	935,519
Issuance of Series B Preferred Stock		$ 1,056,300					1,056,300
Issuance of Series B Preferred Stock		9,782,609
Common stock issuance net of issuance costs and discount amortization (in shares)						9,782,609
Series B Preferred Stock discount amortization		$ 210,600		(210,600)		$ (210,600)	(210,600)
Warrants underlying Series B Preferred Stock issuance				3,443,700			3,443,700
Accretion and settlement of Series B Preferred Stock dividend		$ 40,000		(40,000)		$ (40,000)	(40,000)
Accretion and settlement of Series B Preferred Stock Dividend (in shares)		87,050
Exercised stock options				11,400			11,400
Exercised stock options (in shares)			1,719
Stock compensation expense				522,900			522,900
Net loss					(3,727,900)		(3,727,900)
Balance at end of period at Dec. 31, 2019	$ 9,134,700	$ 1,306,900		13,965,000	(22,427,600)		1,979,000
Balance at end of period (in shares) at Dec. 31, 2019	21,822,301	9,869,659	2,864,812
Issuance of Series B Preferred Stock		$ 331,700					331,700
Issuance of Series B Preferred Stock		6,521,738
Common stock issuance net of issuance costs and discount amortization			$ 1,200	11,974,200			11,975,400
Common stock issuance net of issuance costs and discount amortization (in shares)			1,250,000			6,521,738
Series B Preferred Stock discount amortization		$ 692,700		(692,700)		$ (692,700)	(692,700)
Warrants underlying Series B Preferred Stock issuance				2,668,300			2,668,300
Warrants underlying common stock discount amortization				(19,700)			(19,700)
Warrants underlying common stock issuance				377,000		5,208,700	377,000
Exercise of warrants				4,900			4,900
Exercise of warrants (in shares)			1,399,921
Series A-1 Preferred Stock conversion to common stock and fractional shares adjustments from stock split and conversion	$ (9,134,700)			9,134,700
Series A-1 Preferred Stock conversion to common stock and fractional shares adjustments from stock split and conversion (in shares)	(21,822,301)		624,594
Series B Preferred Stock conversion to common stock and fractional shares adjustments from stock split and conversion		$ (2,331,300)		2,331,300		$ 2,331,300
Series B Preferred Stock conversion to common stock and fractional shares adjustments from stock split and conversion (in shares)		(16,391,397)	469,136
Common stock issuance to employees and non-employees				9,432,000			9,432,000
Common stock issuance to employees and non-employees			725,536
Stock compensation expense				3,813,700			3,813,700
Net loss					(19,200,200)		(19,200,200)
Balance at end of period at Dec. 31, 2020			$ 1,200	$ 52,988,700	$ (41,627,800)		$ 11,362,100
Balance at end of period (in shares) at Dec. 31, 2020			7,333,999

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (19,200,200)	$ (3,727,900)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation	200,000	87,500
Stock compensation expense	13,245,700	522,900
Non-cash interest	200	20,500
Inventory obsolescence impairment	22,200
Changes in operating assets and liabilities:
Unbilled receivables from granting agency		24,300
Inventories		(5,900)
Prepaid expenses and other current assets	(499,700)	46,200
Other assets		(6,600)
Accounts payable	(7,700)	293,400
Accrued expenses and other current liabilities	112,900	(151,300)
Deferred rent		(19,000)
Convertible promissory notes derivative liability		2,000
Net cash used for operating activities	(6,126,600)	(2,913,900)
Cash flows from investing activities:
Purchases of property and equipment	(1,457,600)	(302,700)
Net cash used for investing activities	(1,457,600)	(302,700)
Cash flows from financing activities:
Proceeds from sale of convertible promissory notes		250,000
Exercise of stock options		11,400
Proceeds from issuance of common stock	15,000,000
Issuance costs	(2,667,300)
Proceeds from warrant exercise	4,900
Proceeds from loan payable	115,600
Repayments of loan payable	(10,000)
Borrowings from note payable	540,500
Repayment of notes payable	(178,100)
Proceeds from Series B Preferred Stock issuance	3,000,000	4,500,000
Net cash provided by financing activities	15,805,600	4,761,400
Net change in cash and cash equivalents	8,221,400	1,544,800
Cash and cash equivalents:
Beginning of year	1,929,100	384,300
End of period	10,150,500	1,929,100
Supplemental disclosures of non-cash investing and financing activities:
Accruals for property and equipment	220,500	74,700
Cash paid for interest on note payable	$ 3,100
Conversion of accounts payable into convertible promissory notes		134,800
Conversion of convertible promissory notes and accrued interest into Series A1 Preferred Stock		407,300
Accretion and settlement of Series B Preferred Stock dividend		$ 40,000

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2020
ORGANIZATION
ORGANIZATION	1. ORGANIZATION Nature of Business Kiromic BioPharma, Inc. and subsidiary (the "Company") is a preclinical stage biopharmaceutical company formed under the Texas Business Organizations Code in December 2012. On May 27, 2016, the Company converted from a Texas limited liability company into a Delaware corporation and changed its name from Kiromic LLC to Kiromic Inc. On December 16, 2019, the Company amended and restated its certificate of incorporation charter to re-name the company, Kiromic BioPharma, Inc. The Company is a target discovery and gene-editing company utilizing artificial intelligence and our proprietary neural network platform with a therapeutic focus on immuno-oncology. The Company’s wholly-owned subsidiary, GreenPlanet Pharma, Inc., operates an oral healthcare business. It has developed a mouthwash using a high quality, safe, and natural ingredient formulation to provide effective symptomatic relief for a wide range of oral irritations and health concerns. This business has not generated any revenues. Going Concern— The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred significant losses and negative cash flows from operations since inception and expects to incur additional losses until such time that it can generate significant revenue from the commercialization of its product candidates. The Company had negative cash flows from operations of $6,126,600 for the year ended December 31, 2020, and an accumulated deficit of $41,627,800 as of December 31, 2020. To date, the Company has relied on equity and debt financing to fund its operations. The Company’s product candidates are still in the early stages of development, and substantial additional financing will be needed by the Company to fund its operations and ongoing research and development efforts prior to the commercialization, if any, of its product candidates. Although the Company completed its initial public offering on October 15, 2020 and received net proceeds of $12,332,700 , the Company does not have sufficient cash on hand or available liquidity to meet its obligations through the twelve months following the date the consolidated financial statements are issued. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Given its projected operating requirements and its existing cash and cash equivalents, the Company plans to complete an additional financing transaction in fiscal year 2021 in order to continue operations. Management is currently evaluating different strategies to obtain the required funding of future operations. These strategies may include, but are not limited to, additional funding from current or new investors. However, there can be no assurance that the Company will be able to secure such additional financing, or if available, that it will be sufficient to meet its needs or on favorable terms. Therefore, the plans cannot be deemed probable of being implemented. As a result, the Company has concluded that management’s plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. NIH Grant 2021, Phase II of the grant covers reimbursements for certain salaries and wages, materials and supplies, facilities and administrative costs, and fixed fees of $1,384,000.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany balances were eliminated upon consolidation. Operating results for the year ended December 31, 2020 are not necessarily indicative of results to be expected for any future year. On December 17, 2019, the Company completed a 1-for-10 reverse stock split of its outstanding common stock. On June 17, 2020, the Company completed a 1-for-3.494 reverse stock split of its outstanding common stock. Accordingly, unless otherwise noted, all share and per share information has been restated to retroactively show the effect of these stock splits. Use of Estimates Cash and Cash Equivalents Concentrations of Credit Risk and Other Uncertainties The Company is subject to certain risks and uncertainties from changes in any of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations: the ability to obtain regulatory approval and market acceptance of, and reimbursement for, the Company’s product candidates; the performance of third-party clinical research organizations and manufacturers; protection of the intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; the Company’s ability to attract and retain employees necessary to support commercial success; and changes in the industry or customer requirements including the emergence of competitive products with new capabilities. The Company records receivables resulting from activities under its research grant from the NIH. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the granting agency. Deposit Inventories reserve for inventory obsolescence of $22,200 as the inventory was near its expiration date with no significant marketing activities taking place. As of December 31, 2019 no such adjustments have been recorded. Deferred Initial Public Offering Costs Equity, During the year ended December 31, 2020, the Company classified deferred offering costs of $2,667,300 as a reduction to additional paid-in capital upon completion of the Company's IPO on October 15, 2020. As of December 31, 2020 and 2019, there were no deferred offering costs recorded on the Company's consolidated balance sheets. Property and Equipment 1 Estimated useful lives of property and equipment are as follows for the major classes of assets: ​ ​ ​ ​ Asset Description Estimated Lives Laboratory Equipment 3 - 8 Leasehold Improvements 1 - 7 Office Furniture, Fixtures, and Equipment 5 Software 3 - 5 ​ Internal Use Software Development Costs Impairment of Long-Lived Assets Comprehensive Loss Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which such temporary differences are expected to be recovered or settled. The Company records valuation allowances to reduce deferred income tax assets to the amount that is more likely than not to be realized. The Company records uncertain tax positions in accordance with ASC 740, Income Taxes Research and Development Expense The Company accrues and expenses costs of services provided by contract research organizations in connection with preclinical studies and contract manufacturing organizations engaged to manufacture clinical trial material, costs of licensing technology, and costs of services provided by research organizations and service providers. Upfront payments and milestone payments made for the licensing of technology are expensed as research and development in the period in which they are incurred if the technology is not expected to have any alternative future uses other than the specific research and development project for which it was intended. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed rather than when the payment is made. Proceeds from Grants Convertible Promissory Notes Derivative Liability Upon repurchase of convertible promissory notes, ASC 470, Debt Fair Value Measurements Fair value is 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. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. The Company accounts for financial instruments in accordance with ASC 820, Fair Value Measurements Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2—Quoted prices in non-active markets or in active markets for similar assets or liabilities, observable inputs other than quoted prices, and inputs that are not directly observable but are corroborated by observable market data. Level 3—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. There were no changes in the fair value hierarchy levels during the years ended December 31, 2020 and 2019. The Company’s liabilities that were measured at fair value on a non-recurring and recurring basis converted into Series A-1 Preferred Stock as of December 31, 2019. Per ASC 820, the fair values of the convertible promissory notes are measured on a non-recurring basis at the relevant measurement date. The fair value of convertible promissory notes embedded derivative liability is measured on a recurring basis at the end of each reporting period. Rollforward of Level 3 Liabilities Measured at Fair Value on a Non-Recurring Basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Convertible promissory notes ​ ​ Beginning balance ​ $ — ​ $ — Amounts allocated to the embedded derivative liability at inception (at fair value) ​ — ​ (21,000) Conversions from accounts payable into convertible promissory notes ​ — ​ 134,800 Proceeds from issuances of convertible promissory notes ​ — ​ 250,000 Conversions into Series A‑1 Stock ​ — ​ (363,800) Ending balance ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ Rollforward of Level 3 Liabilities Measured at Fair Value on a Recurring Basis: Convertible promissory note embedded derivative liability ​ ​ Beginning balance ​ $ — ​ $ — Realized and unrealized gains and losses ​ — ​ 2,000 Fair value of embedded derivative liability at inception ​ — ​ 21,000 Amounts derecognized upon conversion of the related convertible promissory notes ​ — ​ (23,000) Ending balance ​ $ — ​ $ — ​ Nonvested Stock Options and Restricted Stock Units The vesting conditions for stock options include annual, and monthly options. Annual vesting conditions are for four years. Monthly vesting conditions range from 10 The vesting conditions for restricted stock units include cliff vesting conditions. Certain restricted stock units vest with a range of 6 to 12 months following the expiration of employee lock-up agreements. Certain restricted stock units vest based on the later of achievement of key milestones or the expiration of employee lock-up agreements. When nonvested restricted stock units are vested, they become exercisable over a 10 year period from grant date. Stock-Based Compensation Compensation—Stock Compensation Until the Company’s common stock became publicly traded, the board of directors’ approach to estimating the fair value of the Company’s common stock includes utilizing methods outlined in the American Institute of Certified Public Accountants’ Practice Aid, Valuation of Privately- Held Company Equity Securities Issued as Compensation The Company estimates the grant-date fair value of stock options using the Black-Scholes model and the assumptions used to value such stock options are determined as follows: Expected Term. Risk-Free Interest Rate. Volatility. Dividend Yield. Common Stock Valuations. Valuation of Privately-Held Company Equity Securities Issued as Compensation ● valuations of the common stock performed by third-party specialists; ● the prices, rights, preferences, and privileges of the Company’s Series A-1 Preferred Stock and Series B Preferred Stock relative to those of the Company’s common stock; ● lack of marketability of the common stock; ● current business conditions and projections; ● hiring of key personnel and the experience of management; ● the Company’s stage of development; ● likelihood of achieving a liquidity event, such as an initial public offering, a merger or acquisition of the Company given prevailing market conditions, or other liquidation event; ● the market performance of comparable publicly traded companies; and ● the US and global capital market conditions. In valuing the common stock, the board of directors determined the equity value of the Company’s business using various valuation methods including combinations of income and market approaches. The income approach estimates value based on the expectation of future cash flows that a company will generate. These future cash flows are discounted to their present values using a discount rate derived from an analysis of the cost of capital of comparable publicly traded companies in the Company’s industry or similar business operations as of each valuation date and is adjusted to reflect the risks inherent in the Company’s cash flows. The market approach references actual transactions involving (i) the subject being valued, or (ii) similar assets and/or enterprises. For each valuation, the equity value determined by the income and market approaches was then allocated to the common stock using either the option pricing method (“OPM”) or probability—weighted expected return model (“PWERM”). The option pricing method is based on the Black-Scholes option valuation model, which allows for the identification of a range of possible future outcomes, each with an associated probability. The OPM is appropriate to use when the range of possible future outcomes is difficult to predict and thus creates highly speculative forecasts. In general, while simple in its application, management did not use the OPM approach when considering allocation techniques for the valuation of equity interests in early stage, privately held life science companies. Management determined that applying the OPM would violate the major assumptions of the Black Scholes option valuation model approach. Additionally, the simulation approach can generally be reasonably approximated by a scenario-based approach like the PWERM as described below. PWERM involves a forward-looking analysis of the possible future outcomes of the enterprise. This method is particularly useful when discrete future outcomes can be predicted at a relatively high confidence level with a probability distribution. Discrete future outcomes considered under the PWERM include an initial public offering, as well as non- initial public offering market-based outcomes. Determining the fair value of the enterprise using the PWERM requires the Company to develop assumptions and estimates for both the probability of an initial public offering liquidity event and stay private outcomes, as well as the values the Company expects those outcomes could yield. Since February 2018, the Company has valued its common stock based on a PWERM. Application of the Company’s approach involves the use of estimates, judgment, and assumptions that are highly complex and subjective, such as those regarding expected future revenue, expenses, and future cash flows, discount rates, market multiples, the selection of comparable companies, and the probability of possible future events. Changes in any or all of these estimates and assumptions or the relationships between those assumptions impact valuations as of each valuation date and may have a material impact on the valuation of the common stock. For valuations after the completion of an initial public offering, the fair value of each share granted by the board of directors will be equal to the closing price of the common stock on the date of grant. Warrants Underlying Shares IPO common stock — Debt with conversion and other options The Company estimated the fair value of warrants underlying shares of IPO common stock using the Black-Scholes option-valuation model and the assumptions used to value such warrants are determined as follows: Expected Term . Risk-Free Interest Rate . Volatility . circumstances change such that the identified peer companies are no longer similar, in which case other suitable peer companies whose common stock prices are publicly available would be utilized in the calculation. Dividend Yield . Common Stock Valuations . Exercise Price . ​ ​ Segment Data ​ ​ Recently Issued Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases In June 2016, FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) On January 1, 2019, the Company adopted ASU 2016-15 (Topic 230), Classification of Certain Cash Receipts and Payments ​

NET LOSS PER COMMON SHARE

NET LOSS PER COMMON SHARE	12 Months Ended
	Dec. 31, 2020
NET LOSS PER COMMON SHARE
NET LOSS PER COMMON SHARE	3. NET LOSS PER COMMON SHARE Basic and diluted net loss per common share is determined by dividing net loss less deemed dividends by the weighted-average common shares outstanding during the period. For all periods presented, the common shares underlying the stock options, convertible Series A-1 Preferred Stock, and the convertible Series B Preferred Stock have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted-average common shares outstanding used to calculate both basic and diluted loss per common shares are the same. The following table illustrates the computation of basic and diluted loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ December 31, ​ 2020 2019 Net loss ​ $ (19,200,200) ​ $ (3,727,900) Less: Accretion and settlement of Series B Preferred Stock dividend ​ ​ — ​ ​ (40,000) Less: Series B Preferred Stock discount amortization ​ (692,700) ​ (210,600) Less: IPO Common Stock discount amortization ​ (19,700) ​ — Net loss attributable to common shareholders, basic and diluted ​ $ (19,912,600) ​ $ (3,978,500) Weighted average common shares outstanding, basic and diluted ​ 4,505,867 ​ 2,862,809 Net loss per common share, basic and diluted ​ $ (4.42) ​ $ (1.39) ​ For the years ended December 31, 2020 and 2019, potentially dilutive securities excluded from the computations of diluted weighted-average common shares outstanding were (in shares): ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Stock options to purchase 1,647 75,405 Restricted Stock Units ​ 95,815 ​ — Series A‑1 Preferred Stock — 624,594 Series B Preferred Stock ​ — ​ 282,478 Warrants underlying Series B Preferred Stock — 839,784 Total 97,462 1,822,261 ​ ​ ​

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2020
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	4. PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Equipment ​ $ 780,500 ​ $ 488,800 Leasehold improvements ​ 1,229,700 ​ 302,700 Office furniture, fixtures, and equipment ​ 16,600 ​ 16,600 Software ​ 151,700 ​ 141,500 Construction in progress ​ 449,200 ​ — ​ ​ 2,627,700 ​ 949,600 Less: Accumulated depreciation ​ (561,700) ​ (361,700) Total ​ $ 2,066,000 ​ $ 587,900 ​ Depreciation expense was $200,000 and $87,500 for the years ended December 31, 2020 and 2019, respectively. Depreciation expense is allocated between research and development and general and administrative operating expenses on the consolidated statements of operations.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2020
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	5. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Accrued consulting and outside services ​ $ 143,200 ​ $ 221,300 Accrued compensation ​ 191,000 ​ — Total ​ $ 334,200 ​ $ 221,300 ​ ​

CURRENT LOAN PAYABLE

CURRENT LOAN PAYABLE	12 Months Ended
	Dec. 31, 2020
CURRENT LOAN PAYABLE
CURRENT LOAN PAYABLE	6. CURRENT LOAN PAYABLE On May 1, 2020, the Company received a loan in the principal amount of $115,600 (the “SBA Loan”) under the Paycheck Protection Program (“PPP”), which was established under the recently enacted Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) administered by the U.S. Small Business Administration (the “SBA”). The intent and purpose of the PPP is to support companies, during the COVID-19 pandemic, by providing funds for certain specified business expenses, with a focus on payroll. As a qualifying business as defined by the SBA, the Company is using the proceeds from this loan to primarily help maintain its payroll. The term of the SBA Loan promissory note (“the Note”) is two years, though it may be payable sooner in connection with an event of default under the Note. The SBA Loan carries a fixed interest rate of one percent per year, with the first payment due seven months from the date of initial cash receipt. Under the CARES Act and the PPP, certain amounts of loans made under the PPP may be forgiven if the recipients use the loan proceeds for eligible purposes, including payroll costs and certain rent or utility costs, and meet other requirements regarding, among other things, the maintenance of employment and compensation levels. The Company intends to use the SBA Loan for qualifying expenses and to applied for forgiveness of the SBA Loan in accordance with the terms of the CARES Act. The SBA Loan was forgiven on February 16, 2021. See Note 14. The Note provides for customary events of default, including, among others, those relating to failure to make payment, bankruptcy, materially false or misleading representations to the SBA, and adverse changes in the Company’s financial condition or business operations that may materially affect its ability to pay the SBA Loan. As the legal form of the Note is a debt obligation, the Company accounts for it as debt under ASC 470, Debt ​ The Company accrued $200 of interest expense during the year ended December 31, 2020. The Company accrues interest over the term of the loan and does not impute additional interest at a market rate because the guidance on imputing interest in ASC 835-30, Interest

NOTE PAYABLE

NOTE PAYABLE	12 Months Ended
	Dec. 31, 2020
NOTE PAYABLE
NOTE PAYABLE	7. NOTE PAYABLE In November 2020, the Company entered into a financing arrangement for its Director and Officer Insurance policy. The total amount financed was approximately $540,500 with an annual interest rate of 4.59%, to be paid over a period of nine months. As of December 31, 2020, the remaining payable balance on the financed amount was approximately $362,400. ​

CONVERTIBLE PROMISSORY NOTES

CONVERTIBLE PROMISSORY NOTES	12 Months Ended
	Dec. 31, 2020
CONVERTIBLE PROMISSORY NOTES
CONVERTIBLE PROMISSORY NOTES	8. Starting in June 2016, the Company sold convertible promissory notes to certain investors to help finance its operations. The convertible promissory notes were in amounts ranging from $12,500 to $500,000, earning annual interest between 6% and 17% and all maturing either on June 1, 2019, January 2, 2020, or June 30, 2020 (the “Maturity Date”). The convertible promissory notes were convertible into shares issued in the Company’s Next Financing Close by dividing the total amount of convertible promissory notes, plus accrued interest (the “Balance”) by the applicable conversion price, as defined in the convertible promissory notes. If the convertible promissory notes have not been converted, the Balance shall be payable in full if the Company consummates a change of control transaction. If there has not been a Next Financing Close or a change in control by the Maturity Date, then at the noteholders’ option, the Company shall either repay the Balance then outstanding or convert into the Company’s common stock at a set conversion price then in effect, as defined in the convertible promissory notes. The estimated fair value of the conversion discount related embedded derivative was determined using a probability-weighted expected return model. The probability of a Next Financing Close occurring prior to the Maturity Date was determined to be 55% during the year ended December 31, 2019. The net present value of the conversion discount related embedded derivative was measured using a discount rate of 25% as of December 31, 2019. Below is a table that outlines the initial value of issuances and the bifurcated embedded derivative liability during the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Convertible promissory notes- issuances ​ $ — ​ $ 250,000 Conversion of accounts payable into convertible promissory notes ​ — ​ 134,800 Total issuances and conversions into convertible promissory notes ​ — ​ 384,800 ​ ​ ​ ​ ​ ​ ​ Embedded derivative liability ​ ​ Initial fair value upon issuance of convertible promissory notes ​ — ​ 21,000 Realized and unrealized gains and losses ​ — ​ 2,000 Converted embedded derivative liability into Series A ​ — ​ (23,000) Embedded derivative liability balance at December 31 ​ $ — ​ $ — ​ On August 15, 2019, each holder of convertible promissory notes issued during 2019 agreed to voluntarily convert the amounts of principal and interest then outstanding into shares of Series A-1 Preferred Stock. See Note 10 for further details. No additional convertible promissory notes were issued for year ended December 31, 2020 following the conversion on August 15, 2019.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	9. Facility Lease Agreements On November 19, 2020, the Company’s board of directors approved the lease renewal of its premises in Houston, Texas. Once the current lease expires in May 2021, the renewed lease agreement will commence under an operating lease agreement that is noncancelable from commencement until May 1, 2024. The Company has the option to cancel the lease thereafter until the agreement expires on May 1, 2026. The termination date is effective after 90 days notice of cancellation. The total lease payments per month will be $21,353 beginning January 1, 2020. The total lease payments per month will be $22,477 and $23,039 beginning May 1, 2021 and May 1, 2022, respectively. The Company records rent expense on a straight-line basis over the term of the leases. As of December 31, 2020, future minimum commitments under the facility lease agreement are as follows: ​ ​ ​ ​ ​ ​ Amount 2021 ​ $ 265,200 2022 ​ ​ 269,700 2023 ​ ​ 274,200 2024 ​ 230,400 Total ​ $ 1,039,500 ​ Annual rent expense for the facility lease agreements was $262,900 and $129,100 for the years ended December 31, 2020 and 2019, respectively, and is included as an allocation between research and development and general and administrative expense in the consolidated statements of operations. License Agreements Legal Proceedings

STOCKHOLDERS' EQUITY (DEFICIT)

STOCKHOLDERS' EQUITY (DEFICIT)	12 Months Ended
	Dec. 31, 2020
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT)	10. On December 16, 2019, the Company amended and restated its certificate of incorporation to, among other things, (i) complete a 1-for-10 reverse split of the Company’s outstanding shares of common stock; (ii) increase the Company’s authorized Preferred Stock to 60,000,000 shares and (iii) change the par value of the Preferred Stock from $0.01 to $0.0001 per share. On June 17, 2020, the Company filed an amendment to its amended and restated certificate of incorporation to complete a 1-for-3.494 reverse split of the Company’s outstanding shares of common stock. Accordingly, unless otherwise noted, all share and per share information has been restated to retroactively show the effect of these stock splits during the years ended December 31, 2020 and 2019. As of December 31, 2020 and 2019, the Company was authorized to issue 300,000,000 shares of common stock and 60,000,000 shares and of Preferred Stock, of which 24,000,000 shares were designated as Series A-1 Preferred Stock. Additionally, 16,500,000 shares and 14,130,435 shares were designated as Series B Preferred Stock as of December 31, 2020 and 2019, respectively. Common Stock On October 15, 2020, the Company received net proceeds of $12,332,700 from its IPO, after deducting underwriting discounts and commissions of $1,275,000 and other offering expenses of $1,392,300 incurred. The Company issued and sold 1,250,000 shares of common stock in the IPO at a price of $12.00 per share. In connection with the IPO, all shares of the Company’s Series A-1 Preferred Stock and Series B Preferred Stock were converted into 624,594 and 469,136 shares of common stock, respectively. ​ Below is a table that outlines the initial value of issuances allocated to the IPO common stock, the IPO common stock discount amortized, and value of IPO common stock that was converted into additional-paid-in-capital during the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ 2020 Common Stock ​ Balance at January 1, ​ $ — ​ Common stock IPO proceeds, net of issuance costs ​ 12,332,700 ​ Common stock IPO discount ​ (377,000) ​ Common stock IPO discount amortization ​ 19,700 ​ Balance at December 31, ​ $ 11,975,400 ​ ​ On June 8, 2020, the Company agreed to amend the warrant vesting schedule such that the warrants became immediately exercisable for each warrant holder. On June 8, 2020, warrant holders exercised their option to purchase 335,982 shares of common stock for proceeds of $1,200. Then, on June 10, 2020, warrant holders exercised their option to purchase an additional 1,063,939 shares of common stock for proceeds of $3,700. There were 0 and 839,952 warrants outstanding as of December 31, 2020 and 2019, respectively. On June 8, 2020, the Company issued 3,106 and 430 shares of common stock to the Company’s Chief Medical Officer and another employee, respectively. In addition, on June 19, 2020, the Company issued 402,000 and 320,000 shares of common stock to the Company’s Chief Financial Officer and Chief Operating Officer ("the CFO and COO") and Chief Strategy and Innovation Officer ("the CSIO"), respectively. The shares were issued in exchange cash considerations Each holder of outstanding shares of common stock shall be entitled to one vote in respect of each share. The number of authorized shares of common stock may be increased or decreased by the affirmative vote of a majority of the outstanding shares of common stock and preferred stock voting together as a single class. The Company has never paid dividends and has no plans to pay dividends on common stock. As of December 31, 2017, the Company adopted the Plan. On September 25, 2019, the board of directors approved an additional 10,000,000 shares to be reserved and authorized under the Plan. This approval increased the total number of authorized shares from 20,000,000 to 30,000,000. After the reverse stock splits, the total number of authorized shares was updated to 858,615. On June 19, 2020, the board of directors approved an additional 850,000 shares to be reserved and authorized under the Plan. This approval increased the total number of authorized shares from 858,615 to 1,708,615. There were 270,933 shares and 258,813 shares available for issuance as of December 31, 2020 and 2019, respectively. Series A-1 Preferred Stock On matters submitted to a vote of the stockholders of the Company, Series A-1 Preferred Stock and common stock vote together as one class, with the vote of the Series A-1 Preferred Stock on an as-converted basis. Each holder of Series A-1 Preferred Stock shall have a number of votes equal to the shares of common stock into which the shares of Series A-1 Preferred Stock held by such holder are then convertible. With respect rights on liquidation, winding up and dissolution, shares of the Series A-1 Preferred Stock rank senior to all shares of common stock. Each share of Series A-1 Preferred Stock is convertible at any time at the option of the holder at the then current conversion rate. In addition, upon the closing of the sale of shares of common stock to the public in an initial public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, all shares of preferred stock shall automatically be converted into shares of common stock at the then effective conversion rate. In connection with the IPO, all shares of the Company's Series A-1 Preferred Stock were converted into 624,594 shares of common stock. Series B Preferred Stock Until the filing of the amended and restated certificate of incorporation on December 16, 2019, shares of Series B Preferred Stock had accrued unpaid dividends at an annual rate of 6% per share. The amended and restated certificate of incorporation eliminated the clause requiring the dividend accrual. In addition, on December 6, 2019, the Series B Preferred Stock investors voted in favor of forfeiting all accrued and unpaid dividends, along with all future dividends. In exchange, the Company issued 87,050 shares of Series B Preferred Stock to the investors. The Company treated this transaction as accretion and settlement of a Series B Preferred Stock dividends in the amount of $40,000. Accordingly, additional paid-in capital was reduced by $40,000. The Series B Preferred Stock conversion price is initially equal to the Series B Preferred Stock original issuance price of $0.46 per share divided by the rate at which shares of Series B Preferred Stock may be converted into shares of common stock. The holders of the Series B Preferred Stock held a special redemption right. In the event the Company had not filed an initial registration statement with the United States Securities and Exchange Commission and submitted an application to be listed on the Nasdaq Stock market on or prior to November 15, 2019, subject to Delaware law governing distributions to stockholders and the Company’s ability to redeem its shares, all or part of the shares of Series B Preferred Stock held by any holder of record as of such date of shares of Series B Preferred Stock with an aggregate purchase price of at least $1,000,000 would have been be redeemable at the option of such holders of record commencing any time on or after November 16, 2019 at a price equal to the purchase price paid for such shares plus all unpaid dividends accrued on such shares. Also, in the event that the Company was not ultimately approved for listing on a Nasdaq Stock Market tier lower than the Nasdaq Global Select Market, the special redemption right would remain in effect and may have been exercisable on any date thereafter. If the Company was unable to execute a redemption upon request of a holder, interest would accrue on the shares at rate of 14.6%, or warrants underlying the shares would be exercisable and the fair market value of the shares of common stock received in connection therewith would be treated as payment in exchange for the shares of Series B Preferred Stock submitted for redemption by such holder. On November 12, 2019 and November 13, 2019, the Series B Preferred Stock investors signed waivers, which provided consent to the Company to eliminate the special redemption right. When the Company amended and restated its certificate of incorporation on December 16, 2019, the special redemption right provision was eliminated. The elimination of the special redemption right allows for permanent equity classification for the Series B Preferred Stock. Since the Warrants are equity classified, the Company allocated the relative fair value of the cash proceeds between the Series B Preferred Stock and the Warrants. The fair value of the Warrants is offset by a contra account, which is classified as a discount to the Series B Preferred Stock. The discount is amortized using the effective interest method at an effective interest rate of 28% per annum. On January 24, 2020, the Company issued 4,782,608 shares of Series B Preferred Stock for $2,200,000. On January 29, 2020, the Company filed a certificate of correction to its amended and restated its certificate of incorporation to authorize the issuance of up to 16,500,000 shares of Series B Preferred Stock. On January 31, 2020, the Company issued an additional 1,739,130 shares of Series B Preferred Stock for $800,000. In connection with the IPO, all shares of the Company's Series B Preferred Stock were converted into 469,136 shares of common stock, and the value of the Series B Preferred Stock converted into additional-paid-in-capital. Below is a table that outlines the initial value of issuances allocated to Series B Preferred Stock, the Series B Preferred Stock discount amortized, and value of Series B Preferred Stock that was converted into additional-paid-in-capital during the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Series B Preferred Stock ​ ​ Balance at January 1, ​ $ 1,306,900 ​ $ 4,500,000 Series B Preferred Stock proceeds ​ 3,000,000 ​ (3,443,700) Series B Preferred Stock discount ​ (2,668,300) ​ 210,600 Series B Preferred Stock discount amortization ​ 692,700 ​ 40,000 Series B Preferred Stock conversion to common stock ​ (2,331,300) ​ — Balance at December 31, ​ $ — ​ $ 1,306,900 ​ In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company or the occurrence of a liquidation, the holders of the shares of Series B Preferred Stock then outstanding shall be entitled to be paid out of the assets of the Company available for distribution to its stockholders, before any payment shall be made to the holders of common stock by reason of their ownership thereof, an amount per share equal to $0.46, the original issue price. On matters submitted to a vote of the stockholders of the Company, Series B Preferred Stock, Series A-1 Preferred Stock, and common stock vote together as one class, with the vote of the Series B Preferred Stock on an as-converted basis. Each holder of Series B Preferred Stock shall have a number of votes equal to the shares of common stock into which the shares of Series B Preferred Stock held by such holder are then convertible. With respect rights on liquidation, winding up and dissolution, shares of Series B Preferred Stock rank senior to all shares of common stock, but not senior to Series A-1 Preferred Stock. Each share of Series B Preferred Stock is convertible at any time at the option of the holder at the then current conversion rate. In addition, upon the closing of the sale of shares of common stock to the public in an initial public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, all shares of preferred stock shall automatically be converted into shares of common stock at the then effective conversion rate. Conversion of Convertible Promissory Notes In connection with the IPO, all shares of the Company's Series A-1 Preferred Stock were converted into 624,594 shares of common stock. Warrants Underlying Series B Preferred Stock ● 30% of the warrants beginning six months after the date on which the securities of the Company are first listed on a United States national securities exchange (such date, the "Listing Date"); ● An additional 30% of the warrants beginning nine months after the Listing Date; and ● The remainder of the warrants beginning twelve months after the Listing Date. As of December 31, 2019, the Company sold 9,782,609 shares of Series B Preferred Stock, which contained 839,952 underlying warrants to purchase common stock based on the exercise price and vesting schedule outlined above. During the year ended December 31, 2020, the Company sold an additional 6,521,738 shares of Series B Preferred Stock, which contained 559,969 underlying warrants to purchase common stock based on the exercise price and vesting schedule outlined above. These warrants were equity classified and the fair value of $5,208,700 is reflected as additional paid-in capital. On June 8, 2020, the Company agreed to amend the warrant vesting schedule such that the warrants became immediately exercisable for each warrant holder. On June 8, 2020, warrant holders exercised their option to purchase 335,982 shares of common stock for proceeds of $1,200. Then, on June 10, 2020, warrant holders exercised their option to purchase an additional 1,063,939 shares of common stock for proceeds of $3,700. There are no warrants underlying Series B Preferred Stock outstanding as of December 31, 2020. The Black-Scholes option-pricing model was used to estimate the fair value of the warrants with the following weighted-average assumptions for the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Risk-free interest rate 1.54% - 1.88 % 1.54% - 1.84 % Expected volatility 71.95% - 72.71 % 71.95% - 72.20 % Expected life (years) 10.00 10.00 ​ Expected dividend yield 0 % 0 % ​ Representative's Warrants — share, which is 125% of the initial public offering price. The Underwriters' Warrants have a five-year term and are not exercisable prior to April 13, 2021. All of the Underwriters' Warrants were outstanding at December 31, 2020. ​ These warrants were equity classified and the fair value of $377,000 is reflected as additional paid-in capital. The Black-Scholes option-pricing model was used to estimate the fair value of the warrants with the following weighted-average assumptions for the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ 2020 Risk-free interest rate 0.18 % Expected volatility 94.08 % Expected life (years) 2.74 Expected dividend yield 0 % ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2020
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	11. 2017 Stock Incentive Plan— Stock Options The Black-Scholes option-pricing model was used to estimate the fair value of stock options with the following weighted-average assumptions for the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Risk-free interest rate 0.15% - 2.92 % 1.60% - 2.92 % Expected volatility 72.29% - 82.52 % 72.29% - 78.16 % Expected life (years) 4.93 – 6.07 4.93 – 6.07 ​ Expected dividend yield 0 % 0 % ​ The fair value of the common shares underlying the stock options has historically been determined by the board of directors, with input from management. Because there was no public market for the Company’s common shares prior to October 15, 2020, the board of directors determined the fair value of the common shares at the time of grant of the stock option by considering a number of objective and subjective factors, including important developments in the Company’s operations, third-party valuations performed, sales of Series A-1 Preferred Stock, sales of Series B Preferred Stock, actual operating results and financial performance, the conditions in the biotechnology industry and the economy in general, the stock price performance and volatility of comparable public companies, and the lack of liquidity of the Company’s common shares, among other factors. The following table summarizes the activity for all stock options outstanding at December 31 under the Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ ​ Exercise ​ ​ ​ Exercise ​ ​ Shares ​ Price ​ Shares ​ Price Options outstanding at beginning of year 598,083 ​ $ 11.04 520,517 ​ $ 8.64 Granted 86,536 ​ 17.95 209,505 ​ 17.29 Exercised — ​ — (1,719) ​ 6.64 Cancelled and forfeited (194,901) ​ 15.06 (130,220) ​ 11.56 Balance at December 31 489,718 ​ $ 10.03 598,083 ​ $ 11.04 Options exercisable at December 31: 441,430 ​ $ 9.50 368,527 ​ $ 7.72 Weighted average grant date fair value for options granted during the year: ​ $ 17.43 ​ $ 10.82 ​ ​ The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2020 and 2019 under the Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ Options Exercisable ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Remaining ​ Average ​ Aggregate ​ ​ ​ Average ​ Aggregate As of ​ Options ​ Contractual ​ Exercise ​ Intrinsic ​ Options ​ Exercise ​ Intrinsic December 31, Outstanding Life Price Value Exercisable Price Value 2020 489,718 6.37 ​ $ 10.03 ​ $ 554,900 441,430 ​ $ 9.50 ​ $ — 2019 598,083 8.07 ​ $ 11.04 ​ $ 19,163,700 368,527 ​ $ 7.72 ​ $ 13,031,000 ​ ​ Total stock compensation expense recognized from stock-based compensation awards classified as stock options were recognized in the consolidated statements of operations for the years ended December 31, 2020 and 2019 as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Research and development ​ $ 1,008,000 ​ $ 332,000 General and administrative ​ 332,000 ​ 190,900 Total ​ $ 1,340,000 ​ $ 522,900 ​ On August 20, 2020, the board of directors canceled and terminated 15,792 stock options, granted during the quarter ended June 30, 2020 to four non-employees. Thereafter, on August 20, 2020, the board of directors granted 21,112 stock options to the same individuals with a grant date fair value of $12.81 per share. There were 3,959 stock option grants that were considered vested on the grant date. The effects of the stock option modifications resulted in $65,900 of stock compensation expense allocable to general and administrative for the year December 31, 2020. Included in that amount were $34,800 of incremental compensation costs resulting from the modifications for the year ended December 31, 2020. As of December 31, 2020, total unrecognized stock compensation expense is $473,900, related to unvested stock options to be recognized over the remaining weighted-average vesting period of 1.79 years. 2017 Stock Incentive Plan—Restricted Stock Units In January 2017, the Company’s board of directors approved the adoption of the Plan. The Plan permits the Company to grant up to 1,708,615 shares of the Company’s common stock awards, including incentive stock options; non-statutory stock options; and conditional share awards to employees, directors, and consultants of the Company. All granted shares that are canceled, forfeited, or expired are returned to the Plan and are available for grant in conjunction with the issuance of new common stock awards. Restricted stock units (“RSUs”) vest over a specified amount of time or when certain performance metrics are achieved by the Company. The fair value of the common shares underlying the RSUs has historically been determined by the board of directors, with input from management. As there was no public market for Company’s common shares prior to October 15, 2020, the board of directors determined the fair value of the common shares at the time of grant of the RSUs by considering a number of objective and subjective factors, including important developments in the Company’s operations, third-party valuations performed, sales of Series A-1 Preferred Stock, sales of Series B Preferred Stock, actual operating results and financial performance, the conditions in the biotechnology industry and the economy in general, the stock price performance and volatility of comparable public companies, and the lack of liquidity of the Company’s common shares, among other factors. The following table summarizes the activity for all RSUs outstanding at December 31 under the Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value ​ ​ Shares ​ Per Share Nonvested RSUs at beginning of year — ​ $ — Granted 1,655,579 ​ 12.84 Vested — ​ — Cancelled and forfeited (709,334) ​ 12.87 Nonvested RSUs at December 31 946,245 ​ $ 12.81 ​ During the year ended December 31, 2020, 1,655,579 RSUs were granted and 709,334 RSUs were cancelled. During the year ended December 31, 2020, no RSUs vested. No RSUs were granted On August 20, 2020, the board of directors canceled and terminated 709,334 RSUs, granted during the quarter ended June 30, 2020. The cancelled RSUs were originally granted to five individuals with a grant date fair value of $12.87 per share. Thereafter, on August 20, 2020, the board of directors granted 946,245 RSUs to the same individuals with a grant date fair value of $12.81 per share. None of the RSU grants were considered vested on the grant date. The RSU grants were modified for three employees and two non-employees. The effects of the RSU modifications resulted in $748,400 and $1,725,300 of stock compensation expense allocable to research and development and general and administrative, respectively, during the year ended December 31, 2020. Included in those amounts were incremental compensation costs of $166,900 and $402,700 of stock compensation expense allocable to research and development and general and administrative, respectively, during the year ended December 31, 2020.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
INCOME TAXES
INCOME TAXES	12. For the years ended December 31, 2020 and 2019, the Company recognized no provision or benefit from income taxes. The following is a reconciliation of the effective income tax rate to the statutory federal income tax rate for the years ended December 31, 2020 and 2019. ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Federal income tax at statutory rates 21.00 % 21.00 % Federal income tax rate reduction — % — % Change in valuation allowance (21.00) (21.00) ​ Effective income tax rate — % — % ​ Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred tax assets relate primarily to its net operating loss carryforwards and other balance sheet basis differences. The Company recorded a valuation allowance to fully offset the net deferred tax asset, because it is more likely than not that the Company will not realize future benefits associated with these deferred tax assets as of December 31, 2020 and 2019 due to the significant uncertainty about the realization of the deferred tax asset until the Company can operate profitably. ​ The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets are as follows as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Deferred tax assets (liabilities): ​ ​ Net operating loss carryforward $ 3,842,900 ​ $ 2,605,400 Stock compensation expense ​ ​ 3,379,000 ​ ​ 597,400 Intangible assets 23,600 ​ 27,800 Total gross deferred tax assets 7,245,500 ​ 3,230,600 Valuation allowance (7,061,600) ​ (3,198,100) Property and equipment (183,900) ​ (32,500) Net deferred tax assets (liabilities) — ​ — ​ As of December 31, 2020 and 2019, the Company has a US net operating loss ("NOL") carryforward of $18,299,500 and $12,406,800, respectively. The NOL carryforwards may be subject to annual limitations due to "change in ownership" provisions of Internal Revenue Code Section 382 ("Section 382") that can be triggered due to future ownership changes. Additionally, the NOL loss carryforwards are subject to examination and adjustments by the Internal Revenue Service until the statute of limitations closes on the year in which the NOL is utilized. As of December 31, 2020 and 2019, there were no material uncertain tax positions taken by the Company. Additionally, the Company does not expect any unrecognized tax benefits to change significantly over the next twelve months. As of December 31, 2020, the Company is not currently under audit by any income tax authority. On March 27, 2020, in response to the COVID-19 pandemic, the president of the United States signed the CARES Act. The Company does not expect there to be any significant benefit to its income tax provision as a result of the CARES Act, and the Company continues to monitor for any potential tax legislation related to the COVID-19 pandemic.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	13. During the year ended December 31, 2020, the Company maintained two separate consulting agreements with the Company’s CSIO and the Company’s CFO and COO. Those consulting agreements were terminated after the completion of the IPO in October 2020. Beginning in the year ended December 31, 2014, the Company entered into its first consulting agreement with the CSIO. Pursuant to the amended agreement dated July 20, 2018, the CSIO was entitled to a consulting fee of $400 per hour, provided that he is limited to nineteen (19) hours per month unless he obtains approval from the Company’s Chief Executive Officer. The consulting agreement indicates that the CSIO will provide a leadership role for the Company’s business development strategies. The consulting fees paid to the CSIO totaled $579,700 and $207,800 in the years ended December 31, 2020 and 2019, respectively. In addition, the Company issued the CSIO 320,000 shares of common stock on June 19, 2020 in exchange for services rendered and no cash considerations. See Note 10. Beginning in the year ended December 31, 2018, the Company entered into its first consulting agreement with the CFO and COO. Initially, his title was "Consultant", and the Company changed his title to CFO and COO on October 25, 2019. The CFO and COO was elected as a director of the Company on January 17, 2020. Pursuant to the agreement on April 18, 2018 and amended on September 4, 2019, the CFO and COO is entitled to a consulting fee of $2,500 per month amended to $10,000 per month plus discretionary bonuses approved by management. The consulting fees paid to the CFO and COO totaled $140,000 and $67,500 in the years ended December 31, 2020 and 2019, respectively. In addition, the Company issued the CFO and COO 402,000 shares of common stock on June 19, 2020 in exchange for services rendered and no cash considerations. See Note 10. On June 8, 2020, the Company issued the Chief Medical Officer and another employee 3,106 and 430 shares of common stock, respectively. The shares were issued in exchange for services rendered and no cash

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	14. Strategic Alliance Agreement with Leon Office (H.K.) On January 28, 2021, the Company executed a strategic alliance agreement with Leon Office (H.K.) (“Leon”) a company established under existing laws of Hong Kong. It is intended that Leon acts as an independent business development advisor on behalf of the Company. Leon will seek to introduce organizations and individuals that will create business development opportunities for the Company, to expand the Company’s reach to international markets with a focus on certain Asian markets and to increase brand recognition and exposure through developing liaisons, collaborations, branches and subsidiaries. The cost of the agreement is $360,000 annually, payable in four quarterly installments. Loan Payable Forgiveness During the year ended December 31, 2020, the Company applied for forgiveness of the SBA Loan in accordance with the terms of the CARES Act. On February 16, 2021 the SBA granted forgiveness of the SBA Loan and all applicable interest. On the date of forgiveness, the principal and accrued interest totaled $105,600 and $300, respectively. Lease Facility Expansion On March 22, 2020, the Company’s board of directors approved a lease expansion within its premises in Houston, Texas. The amended lease agreement will commence on August 1, 2021 under an operating lease agreement that is noncancelable from commencement until May 1, 2024. The amended lease agreement adds approximately 15,385 square feet. The Company has the option to cancel the lease thereafter until the agreement expires on May 1, 2026. The termination date is effective after 90 days notice of cancellation. If the Company exercises the cancellation option, the Company must also pay the lessor a termination payment equal to three months of base rent. The future minimum commitments under the amended lease agreement will be as follows: ​ ​ ​ ​ ​ ​ Amount 2021 ​ $ 380,600 2022 ​ ​ 546,700 2023 ​ ​ 551,100 2024 ​ 461,200 Total ​ $ 1,939,600 ​ Legal Complaint Filed Against the Company A complaint was filed on March 22, 2021 in the Court of Chancery of the State of Delaware against the Company by a former consultant and director. The complaint alleges, among other things, that the plaintiff is entitled to additional stock options and he is seeking declaratory judgment and specific performance. The Company believes that all of the claims in the complaint are without merit and the Company intends to defend vigorously against them.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). All intercompany balances were eliminated upon consolidation. Operating results for the year ended December 31, 2020 are not necessarily indicative of results to be expected for any future year. On December 17, 2019, the Company completed a 1-for-10 reverse stock split of its outstanding common stock. On June 17, 2020, the Company completed a 1-for-3.494 reverse stock split of its outstanding common stock. Accordingly, unless otherwise noted, all share and per share information has been restated to retroactively show the effect of these stock splits.
Use of Estimates	Use of Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents
Concentrations of Credit Risk and Other Uncertainties	Concentrations of Credit Risk and Other Uncertainties The Company is subject to certain risks and uncertainties from changes in any of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations: the ability to obtain regulatory approval and market acceptance of, and reimbursement for, the Company’s product candidates; the performance of third-party clinical research organizations and manufacturers; protection of the intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; the Company’s ability to attract and retain employees necessary to support commercial success; and changes in the industry or customer requirements including the emergence of competitive products with new capabilities. The Company records receivables resulting from activities under its research grant from the NIH. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the granting agency.
Deposit	Deposit
Inventories	Inventories reserve for inventory obsolescence of $22,200 as the inventory was near its expiration date with no significant marketing activities taking place. As of December 31, 2019 no such adjustments have been recorded.
Deferred Initial Public Offering Costs	Deferred Initial Public Offering Costs Equity, During the year ended December 31, 2020, the Company classified deferred offering costs of $2,667,300 as a reduction to additional paid-in capital upon completion of the Company's IPO on October 15, 2020. As of December 31, 2020 and 2019, there were no deferred offering costs recorded on the Company's consolidated balance sheets.
Property and Equipment	Property and Equipment 1 Estimated useful lives of property and equipment are as follows for the major classes of assets: ​ ​ ​ ​ Asset Description Estimated Lives Laboratory Equipment 3 - 8 Leasehold Improvements 1 - 7 Office Furniture, Fixtures, and Equipment 5 Software 3 - 5
Internal Use Software Development Costs	Internal Use Software Development Costs
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets
Comprehensive Loss	Comprehensive Loss
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which such temporary differences are expected to be recovered or settled. The Company records valuation allowances to reduce deferred income tax assets to the amount that is more likely than not to be realized. The Company records uncertain tax positions in accordance with ASC 740, Income Taxes
Research and Development Expense	Research and Development Expense The Company accrues and expenses costs of services provided by contract research organizations in connection with preclinical studies and contract manufacturing organizations engaged to manufacture clinical trial material, costs of licensing technology, and costs of services provided by research organizations and service providers. Upfront payments and milestone payments made for the licensing of technology are expensed as research and development in the period in which they are incurred if the technology is not expected to have any alternative future uses other than the specific research and development project for which it was intended. Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed rather than when the payment is made.
Proceeds from Grants	Proceeds from Grants
Convertible Promissory Notes Derivative Liability	Convertible Promissory Notes Derivative Liability Upon repurchase of convertible promissory notes, ASC 470, Debt
Fair Value Measurements	Fair Value Measurements Fair value is 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. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. The Company accounts for financial instruments in accordance with ASC 820, Fair Value Measurements Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2—Quoted prices in non-active markets or in active markets for similar assets or liabilities, observable inputs other than quoted prices, and inputs that are not directly observable but are corroborated by observable market data. Level 3—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. There were no changes in the fair value hierarchy levels during the years ended December 31, 2020 and 2019. The Company’s liabilities that were measured at fair value on a non-recurring and recurring basis converted into Series A-1 Preferred Stock as of December 31, 2019. Per ASC 820, the fair values of the convertible promissory notes are measured on a non-recurring basis at the relevant measurement date. The fair value of convertible promissory notes embedded derivative liability is measured on a recurring basis at the end of each reporting period. Rollforward of Level 3 Liabilities Measured at Fair Value on a Non-Recurring Basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Convertible promissory notes ​ ​ Beginning balance ​ $ — ​ $ — Amounts allocated to the embedded derivative liability at inception (at fair value) ​ — ​ (21,000) Conversions from accounts payable into convertible promissory notes ​ — ​ 134,800 Proceeds from issuances of convertible promissory notes ​ — ​ 250,000 Conversions into Series A‑1 Stock ​ — ​ (363,800) Ending balance ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ Rollforward of Level 3 Liabilities Measured at Fair Value on a Recurring Basis: Convertible promissory note embedded derivative liability ​ ​ Beginning balance ​ $ — ​ $ — Realized and unrealized gains and losses ​ — ​ 2,000 Fair value of embedded derivative liability at inception ​ — ​ 21,000 Amounts derecognized upon conversion of the related convertible promissory notes ​ — ​ (23,000) Ending balance ​ $ — ​ $ — ​
Nonvested Stock Options and Restricted Stock Units	Nonvested Stock Options and Restricted Stock Units The vesting conditions for stock options include annual, and monthly options. Annual vesting conditions are for four years. Monthly vesting conditions range from 10 The vesting conditions for restricted stock units include cliff vesting conditions. Certain restricted stock units vest with a range of 6 to 12 months following the expiration of employee lock-up agreements. Certain restricted stock units vest based on the later of achievement of key milestones or the expiration of employee lock-up agreements. When nonvested restricted stock units are vested, they become exercisable over a 10 year period from grant date.
Stock-Based Compensation	Stock-Based Compensation Compensation—Stock Compensation Until the Company’s common stock became publicly traded, the board of directors’ approach to estimating the fair value of the Company’s common stock includes utilizing methods outlined in the American Institute of Certified Public Accountants’ Practice Aid, Valuation of Privately- Held Company Equity Securities Issued as Compensation The Company estimates the grant-date fair value of stock options using the Black-Scholes model and the assumptions used to value such stock options are determined as follows: Expected Term. Risk-Free Interest Rate. Volatility. Dividend Yield. Common Stock Valuations. Valuation of Privately-Held Company Equity Securities Issued as Compensation ● valuations of the common stock performed by third-party specialists; ● the prices, rights, preferences, and privileges of the Company’s Series A-1 Preferred Stock and Series B Preferred Stock relative to those of the Company’s common stock; ● lack of marketability of the common stock; ● current business conditions and projections; ● hiring of key personnel and the experience of management; ● the Company’s stage of development; ● likelihood of achieving a liquidity event, such as an initial public offering, a merger or acquisition of the Company given prevailing market conditions, or other liquidation event; ● the market performance of comparable publicly traded companies; and ● the US and global capital market conditions. In valuing the common stock, the board of directors determined the equity value of the Company’s business using various valuation methods including combinations of income and market approaches. The income approach estimates value based on the expectation of future cash flows that a company will generate. These future cash flows are discounted to their present values using a discount rate derived from an analysis of the cost of capital of comparable publicly traded companies in the Company’s industry or similar business operations as of each valuation date and is adjusted to reflect the risks inherent in the Company’s cash flows. The market approach references actual transactions involving (i) the subject being valued, or (ii) similar assets and/or enterprises. For each valuation, the equity value determined by the income and market approaches was then allocated to the common stock using either the option pricing method (“OPM”) or probability—weighted expected return model (“PWERM”). The option pricing method is based on the Black-Scholes option valuation model, which allows for the identification of a range of possible future outcomes, each with an associated probability. The OPM is appropriate to use when the range of possible future outcomes is difficult to predict and thus creates highly speculative forecasts. In general, while simple in its application, management did not use the OPM approach when considering allocation techniques for the valuation of equity interests in early stage, privately held life science companies. Management determined that applying the OPM would violate the major assumptions of the Black Scholes option valuation model approach. Additionally, the simulation approach can generally be reasonably approximated by a scenario-based approach like the PWERM as described below. PWERM involves a forward-looking analysis of the possible future outcomes of the enterprise. This method is particularly useful when discrete future outcomes can be predicted at a relatively high confidence level with a probability distribution. Discrete future outcomes considered under the PWERM include an initial public offering, as well as non- initial public offering market-based outcomes. Determining the fair value of the enterprise using the PWERM requires the Company to develop assumptions and estimates for both the probability of an initial public offering liquidity event and stay private outcomes, as well as the values the Company expects those outcomes could yield. Since February 2018, the Company has valued its common stock based on a PWERM. Application of the Company’s approach involves the use of estimates, judgment, and assumptions that are highly complex and subjective, such as those regarding expected future revenue, expenses, and future cash flows, discount rates, market multiples, the selection of comparable companies, and the probability of possible future events. Changes in any or all of these estimates and assumptions or the relationships between those assumptions impact valuations as of each valuation date and may have a material impact on the valuation of the common stock. For valuations after the completion of an initial public offering, the fair value of each share granted by the board of directors will be equal to the closing price of the common stock on the date of grant. Warrants Underlying Shares IPO common stock — Debt with conversion and other options The Company estimated the fair value of warrants underlying shares of IPO common stock using the Black-Scholes option-valuation model and the assumptions used to value such warrants are determined as follows: Expected Term . Risk-Free Interest Rate . Volatility . circumstances change such that the identified peer companies are no longer similar, in which case other suitable peer companies whose common stock prices are publicly available would be utilized in the calculation. Dividend Yield . Common Stock Valuations . Exercise Price . ​ ​
Segment Data	Segment Data ​ ​
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases In June 2016, FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) On January 1, 2019, the Company adopted ASU 2016-15 (Topic 230), Classification of Certain Cash Receipts and Payments

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of estimated useful lives of property and equipment	​ ​ ​ ​ Asset Description Estimated Lives Laboratory Equipment 3 - 8 Leasehold Improvements 1 - 7 Office Furniture, Fixtures, and Equipment 5 Software 3 - 5
Schedule of Level 3 liabilities measured at fair value on a recurring and nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Convertible promissory notes ​ ​ Beginning balance ​ $ — ​ $ — Amounts allocated to the embedded derivative liability at inception (at fair value) ​ — ​ (21,000) Conversions from accounts payable into convertible promissory notes ​ — ​ 134,800 Proceeds from issuances of convertible promissory notes ​ — ​ 250,000 Conversions into Series A‑1 Stock ​ — ​ (363,800) Ending balance ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ Rollforward of Level 3 Liabilities Measured at Fair Value on a Recurring Basis: Convertible promissory note embedded derivative liability ​ ​ Beginning balance ​ $ — ​ $ — Realized and unrealized gains and losses ​ — ​ 2,000 Fair value of embedded derivative liability at inception ​ — ​ 21,000 Amounts derecognized upon conversion of the related convertible promissory notes ​ — ​ (23,000) Ending balance ​ $ — ​ $ —

NET LOSS PER COMMON SHARE (Tabl

NET LOSS PER COMMON SHARE (Tables)	12 Months Ended
	Dec. 31, 2020
NET LOSS PER COMMON SHARE
Schedule of earnings per share, basic and diluted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ December 31, ​ 2020 2019 Net loss ​ $ (19,200,200) ​ $ (3,727,900) Less: Accretion and settlement of Series B Preferred Stock dividend ​ ​ — ​ ​ (40,000) Less: Series B Preferred Stock discount amortization ​ (692,700) ​ (210,600) Less: IPO Common Stock discount amortization ​ (19,700) ​ — Net loss attributable to common shareholders, basic and diluted ​ $ (19,912,600) ​ $ (3,978,500) Weighted average common shares outstanding, basic and diluted ​ 4,505,867 ​ 2,862,809 Net loss per common share, basic and diluted ​ $ (4.42) ​ $ (1.39)
Schedule of antidilutive securities excluded from computation of earnings per share	For the years ended December 31, 2020 and 2019, potentially dilutive securities excluded from the computations of diluted weighted-average common shares outstanding were (in shares): ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2020 ​ 2019 Stock options to purchase 1,647 75,405 Restricted Stock Units ​ 95,815 ​ — Series A‑1 Preferred Stock — 624,594 Series B Preferred Stock ​ — ​ 282,478 Warrants underlying Series B Preferred Stock — 839,784 Total 97,462 1,822,261 ​

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2020
PROPERTY AND EQUIPMENT, NET
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Equipment ​ $ 780,500 ​ $ 488,800 Leasehold improvements ​ 1,229,700 ​ 302,700 Office furniture, fixtures, and equipment ​ 16,600 ​ 16,600 Software ​ 151,700 ​ 141,500 Construction in progress ​ 449,200 ​ — ​ ​ 2,627,700 ​ 949,600 Less: Accumulated depreciation ​ (561,700) ​ (361,700) Total ​ $ 2,066,000 ​ $ 587,900

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Schedule of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Accrued consulting and outside services ​ $ 143,200 ​ $ 221,300 Accrued compensation ​ 191,000 ​ — Total ​ $ 334,200 ​ $ 221,300

CONVERTIBLE PROMISSORY NOTES (T

CONVERTIBLE PROMISSORY NOTES (Tables)	12 Months Ended
	Dec. 31, 2020
CONVERTIBLE PROMISSORY NOTES
Schedule of initial value of issuances and the bifurcated embedded derivative liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Convertible promissory notes- issuances ​ $ — ​ $ 250,000 Conversion of accounts payable into convertible promissory notes ​ — ​ 134,800 Total issuances and conversions into convertible promissory notes ​ — ​ 384,800 ​ ​ ​ ​ ​ ​ ​ Embedded derivative liability ​ ​ Initial fair value upon issuance of convertible promissory notes ​ — ​ 21,000 Realized and unrealized gains and losses ​ — ​ 2,000 Converted embedded derivative liability into Series A ​ — ​ (23,000) Embedded derivative liability balance at December 31 ​ $ — ​ $ —

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
Schedule of future minimum rental payments for operating leases	As of December 31, 2020, future minimum commitments under the facility lease agreement are as follows: ​ ​ ​ ​ ​ ​ Amount 2021 ​ $ 265,200 2022 ​ ​ 269,700 2023 ​ ​ 274,200 2024 ​ 230,400 Total ​ $ 1,039,500

STOCKHOLDERS' EQUITY (DEFICIT)

STOCKHOLDERS' EQUITY (DEFICIT) (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Schedule of initial value of issuances allocated to IPO common stock, IPO common stock discount amortized and value of IPO common stock converted into additional paid-in-capital	​ ​ ​ ​ ​ ​ ​ 2020 Common Stock ​ Balance at January 1, ​ $ — ​ Common stock IPO proceeds, net of issuance costs ​ 12,332,700 ​ Common stock IPO discount ​ (377,000) ​ Common stock IPO discount amortization ​ 19,700 ​ Balance at December 31, ​ $ 11,975,400 ​
Schedule of initial value of issuances allocated to Series B Preferred Stock and the Series B Preferred Stock discount amortized	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Series B Preferred Stock ​ ​ Balance at January 1, ​ $ 1,306,900 ​ $ 4,500,000 Series B Preferred Stock proceeds ​ 3,000,000 ​ (3,443,700) Series B Preferred Stock discount ​ (2,668,300) ​ 210,600 Series B Preferred Stock discount amortization ​ 692,700 ​ 40,000 Series B Preferred Stock conversion to common stock ​ (2,331,300) ​ — Balance at December 31, ​ $ — ​ $ 1,306,900
Common Stock Warrants - Representative
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Schedule of assumptions used to estimate fair value of warrants	​ ​ ​ ​ ​ ​ 2020 Risk-free interest rate 0.18 % Expected volatility 94.08 % Expected life (years) 2.74 Expected dividend yield 0 %
Series B Preferred Stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Schedule of assumptions used to estimate fair value of warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 Risk-free interest rate 1.54% - 1.88 % 1.54% - 1.84 % Expected volatility 71.95% - 72.71 % 71.95% - 72.20 % Expected life (years) 10.00 10.00 ​ Expected dividend yield 0 % 0 %

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2020
STOCK-BASED COMPENSATION
Schedule of assumptions used to estimate fair value of stock options	The Black-Scholes option-pricing model was used to estimate the fair value of stock options with the following weighted-average assumptions for the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Risk-free interest rate 0.15% - 2.92 % 1.60% - 2.92 % Expected volatility 72.29% - 82.52 % 72.29% - 78.16 % Expected life (years) 4.93 – 6.07 4.93 – 6.07 ​ Expected dividend yield 0 % 0 %
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ ​ Exercise ​ ​ ​ Exercise ​ ​ Shares ​ Price ​ Shares ​ Price Options outstanding at beginning of year 598,083 ​ $ 11.04 520,517 ​ $ 8.64 Granted 86,536 ​ 17.95 209,505 ​ 17.29 Exercised — ​ — (1,719) ​ 6.64 Cancelled and forfeited (194,901) ​ 15.06 (130,220) ​ 11.56 Balance at December 31 489,718 ​ $ 10.03 598,083 ​ $ 11.04 Options exercisable at December 31: 441,430 ​ $ 9.50 368,527 ​ $ 7.72 Weighted average grant date fair value for options granted during the year: ​ $ 17.43 ​ $ 10.82 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ Options Exercisable ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Remaining ​ Average ​ Aggregate ​ ​ ​ Average ​ Aggregate As of ​ Options ​ Contractual ​ Exercise ​ Intrinsic ​ Options ​ Exercise ​ Intrinsic December 31, Outstanding Life Price Value Exercisable Price Value 2020 489,718 6.37 ​ $ 10.03 ​ $ 554,900 441,430 ​ $ 9.50 ​ $ — 2019 598,083 8.07 ​ $ 11.04 ​ $ 19,163,700 368,527 ​ $ 7.72 ​ $ 13,031,000
Schedule of stock-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Research and development ​ $ 1,008,000 ​ $ 332,000 General and administrative ​ 332,000 ​ 190,900 Total ​ $ 1,340,000 ​ $ 522,900
Schedule of restricted stock unit activity	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value ​ ​ Shares ​ Per Share Nonvested RSUs at beginning of year — ​ $ — Granted 1,655,579 ​ 12.84 Vested — ​ — Cancelled and forfeited (709,334) ​ 12.87 Nonvested RSUs at December 31 946,245 ​ $ 12.81

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
INCOME TAXES
Schedule of reconciliation of the effective income tax rate to the statutory federal income tax rate	​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Federal income tax at statutory rates 21.00 % 21.00 % Federal income tax rate reduction — % — % Change in valuation allowance (21.00) (21.00) ​ Effective income tax rate — % — %
Schedule of tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Deferred tax assets (liabilities): ​ ​ Net operating loss carryforward $ 3,842,900 ​ $ 2,605,400 Stock compensation expense ​ ​ 3,379,000 ​ ​ 597,400 Intangible assets 23,600 ​ 27,800 Total gross deferred tax assets 7,245,500 ​ 3,230,600 Valuation allowance (7,061,600) ​ (3,198,100) Property and equipment (183,900) ​ (32,500) Net deferred tax assets (liabilities) — ​ —

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	12 Months Ended
	Dec. 31, 2020
SUBSEQUENT EVENTS
Schedule of future minimum rental payments for renewed operating lease upon commencement	​ ​ ​ ​ ​ ​ Amount 2021 ​ $ 380,600 2022 ​ ​ 546,700 2023 ​ ​ 551,100 2024 ​ 461,200 Total ​ $ 1,939,600

ORGANIZATION (Details)

ORGANIZATION (Details) - USD ($)	Oct. 15, 2020	Dec. 31, 2020	Dec. 31, 2019	Aug. 31, 2019	Aug. 31, 2018
ORGANIZATION
Cash flow from operations		$ (6,126,600)	$ (2,913,900)
Accumulated deficit		(41,627,800)	$ (22,427,600)
Common stock IPO proceeds, net of issuance costs	$ 12,332,700
NIH Grant receivable					$ 2,235,000
Phase I approved amount of grant				$ 851,000
Phase II approved amount of grant		$ 1,384,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Jun. 17, 2020	Dec. 17, 2019	Dec. 16, 2019	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Stock split (Reverse stock split) ratio	3.494	10	10
Reserve for inventory obsolescence				$ 22,200	$ 0
Decrease in additional paid in capital (APIC) resulting from deferred offering costs related to the IPO				2,667,300
Deferred offering costs				$ 0	$ 0
Lease facility | item				1

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property and Equipment
Impairment of long-lived assets held-for-use	$ 0
Unrecognized tax benefits, interest or penalties	0	$ 0
Grants recognized	$ 142,400	298,000
Minimum
Property and Equipment
Property plant and equipment useful life	1 year
Maximum
Property and Equipment
Property plant and equipment useful life	8 years
Laboratory Equipment | Minimum
Property and Equipment
Property plant and equipment useful life	3 years
Laboratory Equipment | Maximum
Property and Equipment
Property plant and equipment useful life	8 years
Leasehold improvements | Minimum
Property and Equipment
Property plant and equipment useful life	1 year
Leasehold improvements | Maximum
Property and Equipment
Property plant and equipment useful life	7 years
Office furniture, fixtures, and equipment
Property and Equipment
Property plant and equipment useful life	5 years
Software
Property and Equipment
Property plant and equipment useful life	5 years
Capitalized software development costs	$ 10,200	$ 20,000
Software | Minimum
Property and Equipment
Property plant and equipment useful life	3 years
Software | Maximum
Property and Equipment
Property plant and equipment useful life	5 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Fair Value Measurements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value Measurements
Changes in fair value hierarchy levels	$ 0	$ 0
Conversions into Series A1 Stock		(407,300)
Non-recurring | Convertible promissory notes | Level 3
Fair Value Measurements
Amounts allocated to the embedded derivative liability at inception (at fair value)		(21,000)
Conversions from accounts payable into convertible promissory notes		134,800
Proceeds from issuances of convertible promissory notes		250,000
Conversions into Series A1 Stock		(363,800)
Recurring | Convertible promissory notes | Level 3
Convertible promissory note embedded derivative liability
Realized and unrealized gains and losses		2,000
Fair value of embedded derivative liability at inception		21,000
Amounts derecognized upon conversion of the related convertible promissory notes		$ (23,000)

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nonvested Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Oct. 15, 2020
Nonvested Stock Options
Expected dividend yield	0.00%
RSU
Nonvested Stock Options
Expiration period	10 years
Monthly Vesting Conditions | Minimum | RSU
Nonvested Stock Options
Vesting period	6 months
Monthly Vesting Conditions | Maximum | RSU
Nonvested Stock Options
Vesting period	12 months
Stock Incentive Plan 2017
Nonvested Stock Options
Expiration period	10 years
Stock Incentive Plan 2017 | Annual Vesting Conditions
Nonvested Stock Options
Vesting period	4 years
Stock Incentive Plan 2017 | Monthly Vesting Conditions | Minimum
Nonvested Stock Options
Vesting period	10 months
Stock Incentive Plan 2017 | Monthly Vesting Conditions | Maximum
Nonvested Stock Options
Vesting period	48 months
IPO
Nonvested Stock Options
Share price		$ 12
Common Stock Warrants - Representative
Nonvested Stock Options
Warrant exercise price	$ 15
Common Stock Warrants - Representative | IPO
Nonvested Stock Options
Warrant exercise price		$ 15

NET LOSS PER COMMON SHARE - Com

NET LOSS PER COMMON SHARE - Computation of basic and diluted earnings per share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
NET LOSS PER COMMON SHARE
Net loss	$ (19,200,200)	$ (3,727,900)
Less: Accretion and settlement of Series B Preferred Stock dividend		(40,000)
Series B Preferred Stock discount amortization	(692,700)	(210,600)
Less: IPO Common Stock discount amortization	(19,700)
Net loss attributable to common shareholders, basic and diluted	$ (19,912,600)	$ (3,978,500)
Weighted average common shares outstanding, basic and diluted	4,505,867	2,862,809
Net loss per common share, basic and diluted	$ (4.42)	$ (1.39)

NET LOSS PER COMMON SHARE - Dil

NET LOSS PER COMMON SHARE - Dilutive Securities Excluded From the Computations of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Dilutive Securities Excluded From the Computations of Earnings Per Share
Potentially dilutive securities	97,462	1,822,261
Series A-1 Preferred Stock
Dilutive Securities Excluded From the Computations of Earnings Per Share
Potentially dilutive securities		624,594
Series B Preferred Stock
Dilutive Securities Excluded From the Computations of Earnings Per Share
Potentially dilutive securities		282,478
Stock Options
Dilutive Securities Excluded From the Computations of Earnings Per Share
Potentially dilutive securities	1,647	75,405
RSU
Dilutive Securities Excluded From the Computations of Earnings Per Share
Potentially dilutive securities	95,815
Series B Preferred Stock Warrant
Dilutive Securities Excluded From the Computations of Earnings Per Share
Potentially dilutive securities		839,784

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	$ 2,627,700	$ 949,600
Less: Accumulated depreciation	(561,700)	(361,700)
Total	2,066,000	587,900
Depreciation	200,000	87,500
Laboratory Equipment
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	780,500	488,800
Leasehold improvements
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	1,229,700	302,700
Office furniture, fixtures, and equipment
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	16,600	16,600
Software
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	151,700	$ 141,500
Construction in progress
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	$ 449,200

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued consulting and outside services	$ 143,200	$ 221,300
Accrued compensation	191,000
Total	$ 334,200	$ 221,300

CURRENT LOAN PAYABLE (Details)

CURRENT LOAN PAYABLE (Details) - USD ($)	May 01, 2020	Dec. 31, 2020	Dec. 31, 2019
Current loan payable
Loan payable		$ 105,600
Loan initial proceeds		115,600
Interest expense		3,300	$ 22,500
SBA Loan
Current loan payable
Principal amount	$ 115,600
Loan payable		105,600
Loan initial proceeds		115,600
Loan repayments		10,000
Loan term	2 years
Loan fixed interest rate	1.00%
Loan first payment due	7 months
Interest expense		$ 200

NOTE PAYABLE (Details)

NOTE PAYABLE (Details) - USD ($)	1 Months Ended
	Nov. 30, 2020	Dec. 31, 2020
Note payable
Note payable		$ 362,400
Director and Officer Insurance Policy Financing
Note payable
Note payable	$ 540,500	$ 362,400
Interest rate	4.59%
Note term	9 months

CONVERTIBLE PROMISSORY NOTES (D

CONVERTIBLE PROMISSORY NOTES (Details) - Convertible promissory notes - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Jun. 30, 2016
CONVERTIBLE PROMISSORY NOTES
Convertible promissory notes		$ 0
Probability of next financing close (as a percent)	55.00%
Embedded derivative discount rate ( as a percent)	25.00%
Minimum
CONVERTIBLE PROMISSORY NOTES
Convertible promissory notes			$ 12,500
Annual interest (as a percent)			6.00%
Maximum
CONVERTIBLE PROMISSORY NOTES
Convertible promissory notes			$ 500,000
Annual interest (as a percent)			17.00%

CONVERTIBLE PROMISSORY NOTES -

CONVERTIBLE PROMISSORY NOTES - Initial Issuance and Bifurcated Embedded Derivative Liability (Details) - Convertible promissory notes	12 Months Ended
	Dec. 31, 2019USD ($)
CONVERTIBLE PROMISSORY NOTES
Convertible promissory notes- issuances	$ 250,000
Conversion of accounts payable into convertible promissory notes	134,800
Total issuances and conversions into convertible promissory notes	384,800
Embedded derivative liability
Initial balance	21,000
Realized and unrealized gains and losses	2,000
Converted embedded derivative liability into Series A1 Preferred Stock	(23,000)
Ending balance	$ 0

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details)	May 01, 2022USD ($)	May 01, 2021USD ($)	Nov. 19, 2020	Jan. 01, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)ft²
COMMITMENTS AND CONTINGENCIES
Area leased | ft²						4,100
Period of time after notice of cancellation that the lease effectively terminates			90 days
Total lease payments per month	$ 23,039	$ 22,477		$ 21,353
Rent expense					$ 262,900	$ 129,100
Future minimum commitments
2021					265,200
2022					269,700
2023					274,200
2024					230,400
Total					$ 1,039,500

STOCKHOLDERS' EQUITY (DEFICIT_2

STOCKHOLDERS' EQUITY (DEFICIT) (Details)	Jun. 19, 2020USD ($)shares	Jun. 17, 2020shares	Jun. 10, 2020USD ($)shares	Jun. 08, 2020USD ($)Voteshares	Dec. 17, 2019	Dec. 16, 2019$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Sep. 18, 2020shares	Dec. 31, 2019$ / sharesshares	Dec. 15, 2019$ / shares	Sep. 25, 2019shares	Sep. 24, 2019shares	Sep. 13, 2019shares
Stockholder's equity (Deficit)
Reverse split		3.494			10	10
Preferred stock, authorized						60,000,000	60,000,000		60,000,000
Preferred stock, par value ( in dollars per share) | $ / shares						$ 0.0001				$ 0.01
Proceeds from issuance of common stock | $							$ 15,000,000
Common stock, authorized	1,708,615	858,615					300,000,000	858,615	300,000,000		30,000,000	20,000,000
Warrants to purchase shares			1,063,939	335,982
Proceeds from Issuance of Warrants | $			$ 3,700	$ 1,200			$ 4,900
Warrants outstanding							0		839,952
Stock compensation expenses | $				$ 9,432,000
Number of Votes | Vote				1
Dividend paid | $ / shares							$ 0
Shares available for issuance	850,000						270,933		258,813		10,000,000
Employees
Stockholder's equity (Deficit)
Shares issued for services				430
Cash consideration | $				$ 0
CMO
Stockholder's equity (Deficit)
Shares issued for services				3,106
Cash consideration | $				$ 0
CFO and COO
Stockholder's equity (Deficit)
Shares issued for services	402,000
Cash consideration | $	$ 0
CSIO
Stockholder's equity (Deficit)
Shares issued for services	320,000
Cash consideration | $	$ 0
Series A-1 Preferred Stock
Stockholder's equity (Deficit)
Preferred stock, authorized							24,000,000		24,000,000
Preferred stock, par value ( in dollars per share) | $ / shares							$ 0.0001		$ 0.0001
Series B Preferred Stock
Stockholder's equity (Deficit)
Preferred stock, authorized							16,500,000		14,130,435				14,130,435
Preferred stock, par value ( in dollars per share) | $ / shares							$ 0.0001		$ 0.0001
Warrants to purchase shares							559,969		839,952
Proceeds from Issuance of Warrants | $			$ 3,700	$ 1,200
Warrants outstanding							0

STOCKHOLDERS' EQUITY (DEFICIT_3

STOCKHOLDERS' EQUITY (DEFICIT) - Common Stock (Details) - USD ($)	Oct. 15, 2020	Jun. 10, 2020	Jun. 08, 2020	Jan. 31, 2020	Jan. 24, 2020	Dec. 06, 2019	Nov. 13, 2019	Sep. 13, 2019	Dec. 31, 2020	Dec. 31, 2019
Common stock
Offering expenses									$ 2,667,300
Common stock IPO proceeds, net of issuance costs	$ 12,332,700
Common stock IPO discount									(377,000)
Common stock IPO discount amortization									19,700
Ending Balance									$ 1,200
Series B Preferred Stock
Common stock
Shares issued		1,063,939	335,982	1,739,130	4,782,608	87,050	2,173,913	7,608,696	6,521,738	9,782,609
Common stock IPO discount									$ (5,208,700)
IPO
Common stock
Underwriting discounts and commissions	1,275,000
Offering expenses	$ 1,392,300
Shares issued	1,250,000
Share price	$ 12
Common stock IPO proceeds, net of issuance costs	$ 12,332,700								12,332,700
Common stock IPO discount									(377,000)
Common stock IPO discount amortization									19,700
Ending Balance									$ 11,975,400
IPO | Series A-1 Preferred Stock
Common stock
Stock issued on conversion	624,594
IPO | Series B Preferred Stock
Common stock
Stock issued on conversion	469,136

STOCKHOLDERS' EQUITY (DEFICIT_4

STOCKHOLDERS' EQUITY (DEFICIT) - Preferred Stock (Details) - USD ($)	Jun. 10, 2020	Jun. 08, 2020	Jan. 31, 2020	Jan. 24, 2020	Dec. 15, 2019	Dec. 06, 2019	Nov. 15, 2019	Nov. 13, 2019	Sep. 13, 2019	Dec. 31, 2020	Dec. 31, 2019	Jan. 29, 2020	Dec. 16, 2019	Nov. 16, 2019
Stockholder's equity (Deficit)
Issuance of stock										$ 11,975,400
Preferred stock, authorized										60,000,000	60,000,000		60,000,000
Accretion of dividend											$ 40,000
Additional paid-in capital										$ 52,988,700	$ 13,965,000
Series A-1 Preferred Stock
Stockholder's equity (Deficit)
Original issue price										$ 0.50
Preferred stock, authorized										24,000,000	24,000,000
Common shares issued for preferred stock converted										624,594
Series B Preferred Stock
Stockholder's equity (Deficit)
Shares issued	1,063,939	335,982	1,739,130	4,782,608		87,050		2,173,913	7,608,696	6,521,738	9,782,609
Issuance of stock			$ 800,000	$ 2,200,000				$ 1,000,000	$ 3,500,000
Original issue price									$ 0.46	$ 0.46
Preferred stock, authorized									14,130,435	16,500,000	14,130,435
Warrants to purchase								0.0859		0.0859
Warrant exercise price								$ 0.003494		$ 0.003494
Annual dividend rate					6.00%
Accretion of dividend						$ 40,000					$ 40,000
Additional paid-in capital						$ (40,000)
Effective interest rate (as a percent)										28.00%				14.60%
Common shares issued for preferred stock converted										469,136
Series B Preferred Stock | Minimum
Stockholder's equity (Deficit)
Aggregate purchase price							$ 1,000,000
Series B Preferred Stock | Maximum
Stockholder's equity (Deficit)
Preferred stock, authorized												16,500,000

STOCKHOLDERS' EQUITY (DEFICIT_5

STOCKHOLDERS' EQUITY (DEFICIT) - Initial value of issuances allocated to Series B Preferred Stock and the Series B Preferred Stock (Details) - USD ($)	Dec. 06, 2019	Dec. 31, 2020	Dec. 31, 2019
Stockholder's equity (Deficit)
Accretion and settlement of Series B Preferred Stock dividend			$ 40,000
Series B Preferred Stock discount amortization		$ 692,700	210,600
Series B Preferred Stock
Stockholder's equity (Deficit)
Balance at beginning of period		1,306,900	4,500,000
Series B Preferred Stock proceeds		3,000,000	(3,443,700)
Accretion and settlement of Series B Preferred Stock dividend	$ 40,000		40,000
Series B Preferred Stock discount		(2,668,300)
Series B Preferred Stock discount amortization		692,700	210,600
Series B Preferred Stock conversion to common stock		$ (2,331,300)
Balance at end of period			$ 1,306,900

STOCKHOLDERS' EQUITY (DEFICIT_6

STOCKHOLDERS' EQUITY (DEFICIT) - Conversion of Convertible Promissory Notes (Details) - Series A-1 Preferred Stock - USD ($)	Aug. 15, 2019	Dec. 31, 2020
Stockholder's equity (Deficit)
Common shares issued for preferred stock converted		624,594
Convertible promissory notes
Stockholder's equity (Deficit)
Outstanding principal and interest	$ 405,300
Number of shares converted		935,519
Principal amount	$ 250,000
Coupon rate	17.00%	6.00%
Conversion of accounts payable into convertible promissory notes		$ 134,800
Conversion rate	0.43%	0.43%

STOCKHOLDERS' EQUITY (DEFICIT_7

STOCKHOLDERS' EQUITY (DEFICIT) - Warrants Underlying Series B Preferred Stock (Details) - USD ($)	Jun. 10, 2020	Jun. 08, 2020	Jan. 31, 2020	Jan. 24, 2020	Dec. 06, 2019	Nov. 13, 2019	Sep. 13, 2019	Dec. 31, 2020	Dec. 31, 2019
Stockholder's equity (Deficit)
Warrants to purchase shares	1,063,939	335,982
Fair value of warrants reflected as additional paid-in capital								$ 377,000
Proceeds from issuance of warrants	$ 3,700	$ 1,200						$ 4,900
Warrants outstanding								0	839,952
Series B Preferred Stock
Stockholder's equity (Deficit)
Warrants to purchase						0.0859		0.0859
Warrant purchase price (in dollars per share)						$ 0.003494		$ 0.003494
Warrant expiration term								10 years
Shares issued	1,063,939	335,982	1,739,130	4,782,608	87,050	2,173,913	7,608,696	6,521,738	9,782,609
Warrants to purchase shares								559,969	839,952
Fair value of warrants reflected as additional paid-in capital								$ 5,208,700
Proceeds from issuance of warrants	$ 3,700	$ 1,200
Warrants outstanding								0
Series B Preferred Stock | Warrants exercise beginning six months after the listing date
Stockholder's equity (Deficit)
Warrant exercise percentage								30.00%
Series B Preferred Stock | Warrants exercise beginning nine months after the listing date
Stockholder's equity (Deficit)
Warrant exercise percentage								30.00%

STOCKHOLDERS' EQUITY (DEFICIT_8

STOCKHOLDERS' EQUITY (DEFICIT) - Estimate the fair value of the warrants (Details) - Series B Preferred Stock Warrant	Dec. 31, 2020	Dec. 31, 2019
Weighted average valuation assumptions
Warrants and Rights Outstanding, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueOptionPricingModelMember	us-gaap:ValuationTechniqueOptionPricingModelMember
Measurement Input, Risk Free Interest Rate | Minimum
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input	0.0154	0.0154
Measurement Input, Risk Free Interest Rate | Maximum
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input	0.0188	0.0184
Measurement Input, Price Volatility | Minimum
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input	0.7195	0.7195
Measurement Input, Price Volatility | Maximum
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input	0.7271	0.7220
Measurement Input, Expected Term
Weighted average valuation assumptions
Warrants and Rights Outstanding, Term	10 years	10 years
Measurement Input, Expected Dividend Rate
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input	0	0

STOCKHOLDERS' EQUITY (DEFICIT_9

STOCKHOLDERS' EQUITY (DEFICIT) - Representative's Warrants (Details) - Common Stock Warrants - Representative	Oct. 15, 2020$ / sharesshares	Dec. 31, 2020USD ($)$ / shares
Weighted average valuation assumptions
Warrants fair value | $		$ 377,000
Warrants and Rights Outstanding, Valuation Technique [Extensible List]		us-gaap:ValuationTechniqueOptionPricingModelMember
Warrants
Warrant exercise price		$ 15
IPO
Weighted average valuation assumptions
Warrants and Rights Outstanding, Term	5 years
Warrants
Number of warrants granted | shares	62,500
Warrant exercise price	$ 15
Exercise price as a percentage of the initial offering price	125.00%
Measurement Input, Risk Free Interest Rate
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input		0.0018
Measurement Input, Price Volatility
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input		0.9408
Measurement Input, Expected Term
Weighted average valuation assumptions
Warrants and Rights Outstanding, Term		2 years 8 months 26 days
Measurement Input, Expected Dividend Rate
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input		0

STOCK-BASED COMPENSATION - Weig

STOCK-BASED COMPENSATION - Weighted-average Assumptions (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Weighted average assumptions
Expected dividend yield	0.00%
Stock Incentive Plan 2017 | Stock Options
Weighted average assumptions
Risk-free interest rate, minimum	0.15%	1.60%
Risk-free interest rate, maximum	2.92%	2.92%
Expected volatility, minimum	72.29%	72.29%
Expected volatility, maximum	82.52%	78.16%
Expected dividend yield	0.00%	0.00%
Stock Incentive Plan 2017 | Stock Options | Minimum
Weighted average assumptions
Expected life (years)	4 years 11 months 4 days	4 years 11 months 4 days
Stock Incentive Plan 2017 | Stock Options | Maximum
Weighted average assumptions
Expected life (years)	6 years 25 days	6 years 25 days

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summarizes Stock Options Outstanding (Details) - Stock Incentive Plan 2017 - Stock Options - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Stock option activity
Options outstanding at beginning of year	598,083	520,517
Granted	86,536	209,505
Exercised		(1,719)
Cancelled and forfeited	(194,901)	(130,220)
Balance at September 30	489,718	598,083
Options exercisable at September 30:			441,430	368,527
Weighted average exercise price
Options outstanding at beginning of year	$ 11.04	$ 8.64
Granted	17.95	17.29
Exercised		6.64
Cancelled and forfeited	15.06	11.56
Balance at September 30	10.03	11.04
Options exercisable at December 31:			$ 9.50	$ 7.72
Weighted average grant date fair value for options granted during the year:	$ 17.43	$ 10.82
Additional stock option information
Options outstanding, number	598,083	598,083	489,718	598,083
Options outstanding, weighted average remaining contractual life	6 years 4 months 13 days	8 years 25 days
Options outstanding, weighted average exercise price	$ 10.03	$ 8.64	$ 10.03	$ 11.04
Options outstanding, aggregate intrinsic value			$ 554,900	$ 19,163,700
Options exercisable, number			441,430	368,527
Options exercisable, weighted average exercise price			$ 9.50	$ 7.72
Options exercisable, aggregate intrinsic value				$ 13,031,000

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Option Modifications (Details)	Aug. 20, 2020employee$ / sharesshares	Jun. 08, 2020USD ($)	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Stock compensation expense
Stock compensation expense		$ 9,432,000
Stock Incentive Plan 2017 | Stock Options
Stock compensation expense
Stock compensation expense			$ 1,340,000	$ 522,900
Cancelled and forfeited | shares			194,901	130,220
Number of persons to whom shares were cancelled | employee	4
Granted | shares			86,536	209,505
Weighted average grant date fair value for options granted during the year: | $ / shares			$ 17.43	$ 10.82
Total unrecognized stock compensation expense			$ 473,900
Unvested Shares to be recognized over the remaining weighted-average vesting period			1 year 9 months 14 days
Stock Incentive Plan 2017 | Stock Options | Research and development
Stock compensation expense
Stock compensation expense			$ 1,008,000	$ 332,000
Stock Incentive Plan 2017 | Stock Options | General and administrative
Stock compensation expense
Stock compensation expense			332,000	$ 190,900
Stock Incentive Plan 2017 | Stock Options | Four Nonemployees
Stock compensation expense
Cancelled and forfeited | shares	15,792
Granted | shares	21,112
Weighted average grant date fair value for options granted during the year: | $ / shares	$ 12.81
Options vested | shares	3,959
Stock Incentive Plan 2017 | Stock Options | Four Nonemployees | General and administrative
Stock compensation expense
Stock compensation expense			65,900
Incremental compensation costs			$ 34,800

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule 2017 Stock Incentive Plan-Restricted Stock Units (Details)	Aug. 20, 2020itemindividual$ / sharesshares	Jun. 08, 2020USD ($)	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019shares	Jan. 31, 2017shares
Restricted stock units
Stock compensation expense | $		$ 9,432,000
Stock Incentive Plan 2017 | RSU
Restricted stock units
Authorized shares | shares					1,708,615
Number of persons to whom shares were cancelled | individual	5
Restricted stock unit activity
Granted | shares	946,245		1,655,579	0
Vested | shares	0		0	0
Cancelled and forfeited | shares	(709,334)		(709,334)
Nonvested RSUs at September 30 | shares			946,245
Weighted average grant day fair value per share
Granted | $ / shares			$ 12.84
Cancelled and forfeited | $ / shares	$ 12.87		12.87
Nonvested RSUs at September 30 | $ / shares	$ 12.81		$ 12.81
Stock Incentive Plan 2017 | RSU | Research and development
Restricted stock units
Stock compensation expense | $			$ 748,400
Incremental compensation costs | $			166,900
Stock Incentive Plan 2017 | RSU | General and administrative
Restricted stock units
Stock compensation expense | $			1,725,300
Incremental compensation costs | $			$ 402,700
Stock Incentive Plan 2017 | RSU | Non-Employees
Restricted stock units
Number of persons to whom shares were cancelled | item	2
Stock Incentive Plan 2017 | RSU | Employees
Restricted stock units
Number of persons to whom shares were cancelled | item	3

INCOME TAXES - Tax Rate Reconci

INCOME TAXES - Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Income tax provision	$ 0	$ 0
Reconciliation of the statutory federal income tax rate to the effective tax rate
Federal income tax at statutory rates	21.00%	21.00%
Change in valuation allowance	(21.00%)	(21.00%)
Effective income tax rate	0.00%	0.00%

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets (liabilities):
Net operating loss carryforward	$ 3,842,900	$ 2,605,400
Stock compensation expense	3,379,000	597,400
Intangible assets	23,600	27,800
Total gross deferred tax assets	7,245,500	3,230,600
Valuation allowance	(7,061,600)	(3,198,100)
Property and equipment	(183,900)	(32,500)
Net deferred tax assets (liabilities)	$ 0	$ 0

INCOME TAXES - Net Operating Lo

INCOME TAXES - Net Operating Loss Carryforward (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
U.S.
Operating loss carryforwards
Net operating loss carryforwards	$ 18,299,500	$ 12,406,800

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	Jun. 19, 2020USD ($)shares	Jun. 08, 2020USD ($)shares	Sep. 04, 2019USD ($)	Jul. 20, 2018USD ($)item	Apr. 18, 2018USD ($)	Dec. 31, 2020USD ($)agreement	Dec. 31, 2019USD ($)
Related party transactions
Number of separate consulting agreements | agreement						2
CSIO
Related party transactions
Consulting fee per hour				$ 400
Threshold number of hours per month for which consulting fees are entitled | item				19
Consulting fee paid						$ 579,700	$ 207,800
Shares issued for services rendered | shares	320,000
Cash consideration	$ 0
CFO and COO
Related party transactions
Consulting fee per hour			$ 10,000		$ 2,500
Consulting fee paid						$ 140,000	$ 67,500
Shares issued for services rendered | shares	402,000
Cash consideration	$ 0
CMO
Related party transactions
Shares issued for services rendered | shares		3,106
Cash consideration		$ 0
Employee
Related party transactions
Shares issued for services rendered | shares		430
Cash consideration		$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	Mar. 22, 2021USD ($)itemft²	Feb. 16, 2021USD ($)	Jan. 28, 2021USD ($)installment	Nov. 19, 2020	Dec. 31, 2020USD ($)
Lease expansion
Period of time after notice of cancellation that the lease effectively terminates				90 days
Future minimum commitments
2021					$ 265,200
2022					269,700
2023					274,200
2024					230,400
Total					$ 1,039,500
Subsequent Event
Lease expansion
Additional office space leased | ft²	15,385
Period of time after notice of cancellation that the lease effectively terminates	90 days
Number of months rent due as a termination payment if lease cancellation option exercised | item	3
Future minimum commitments
2021	$ 380,600
2022	546,700
2023	551,100
2024	461,200
Total	$ 1,939,600
Subsequent Event | Leon Office (H.K.) | Strategic Alliance Agreement
Subsequent events
Annual cost			$ 360,000
Number of quarterly installments | installment			4
Subsequent Event | SBA Loan
Loan payable
Loan principal forgiven		$ 105,600
Accrued interest forgiven		$ 300