Kiromic BioPharma (KRBP) 10-Q13 Aug 212021 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 13, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,437,689
Entity Central Index Key	0001792581
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 3,070,400	$ 10,150,500
Prepaid expenses and other current assets	875,600	588,800
Total current assets	3,946,000	10,739,300
Property and equipment, net	2,468,700	2,066,000
Other assets	24,400	24,400
Total Assets	6,439,100	12,829,700
Current Liabilities:
Accounts payable	1,124,100	665,200
Accrued expenses and other current liabilities	350,900	334,200
Interest payable		200
Loan payable		105,600
Note payable	91,600	362,400
Total current liabilities	1,566,600	1,467,600
Total Liabilities	1,566,600	1,467,600
Commitments and contingencies
Stockholders' Equity:
Common stock, $0.001 par value: 300,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 7,387,500 shares and 7,332,999 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	1,300	1,200
Additional paid-in capital	55,327,800	52,988,700
Accumulated deficit	(50,456,600)	(41,627,800)
Total Stockholders' Equity	4,872,500	11,362,100
Total Liabilities and Stockholders' Equity	$ 6,439,100	$ 12,829,700

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Condensed Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized	300,000,000	300,000,000
Common stock, issued	7,387,500	7,332,999
Common stock, outstanding	7,387,500	7,332,999

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
Condensed Consolidated Statements of Operations - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses:
Research and development	$ 2,658,100	$ 1,272,300	$ 4,543,700	$ 2,300,400
General and administrative	2,314,100	10,094,600	4,385,100	10,919,200
Total operating expenses	4,972,200	11,366,900	8,928,800	13,219,600
Loss from operations	(4,972,200)	(11,366,900)	(8,928,800)	(13,219,600)
Other expense
Gain on loan extinguishment			105,800
Interest expense	(2,100)		(5,800)
Total other expense	(2,100)		100,000
Net loss	$ (4,974,300)	$ (11,366,900)	$ (8,828,800)	$ (13,219,600)
Net loss per share, basic and diluted	$ (0.68)	$ (3.80)	$ (1.21)	$ (4.52)
Weighted average common shares outstanding, basic and diluted	7,345,147	3,077,085	7,345,147	3,077,085

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - 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, 2019	$ 9,134,700	$ 1,306,900		$ 13,965,000	$ (22,427,600)		$ 1,979,000
Balance at beginning of period (in shares) at Dec. 31, 2019	21,822,301	9,869,659	2,863,812
Issuance of Series B Preferred Stock		$ 331,700					331,700
Issuance of Series B Preferred Stock		6,521,738
Series B Preferred Stock discount amortization		$ 368,400		(368,400)		$ (368,400)
Warrants underlying Series B Preferred Stock issuance				2,668,300			2,668,300
Stock compensation expense				456,000			456,000
Net loss					(1,852,700)		(1,852,700)
Balance at end of period at Mar. 31, 2020	$ 9,134,700	$ 2,007,000		16,720,900	(24,280,300)		3,582,300
Balance at end of period (in shares) at Mar. 31, 2020	21,822,301	16,391,397	2,863,812
Balance at beginning of period at Dec. 31, 2019	$ 9,134,700	$ 1,306,900		13,965,000	(22,427,600)		1,979,000
Balance at beginning of period (in shares) at Dec. 31, 2019	21,822,301	9,869,659	2,863,812
Common stock issuance net of issuance costs and discount amortization (in shares)						16,391,397
Series B Preferred Stock discount amortization						$ (692,700)
Net loss							(13,219,600)
Balance at end of period at Jun. 30, 2020	$ 9,134,700	$ 2,331,300		26,276,500	(35,647,200)		2,095,300
Balance at end of period (in shares) at Jun. 30, 2020	21,822,301	16,391,397	4,989,269
Balance at beginning of period at Mar. 31, 2020	$ 9,134,700	$ 2,007,000		16,720,900	(24,280,300)		3,582,300
Balance at beginning of period (in shares) at Mar. 31, 2020	21,822,301	16,391,397	2,863,812
Series B Preferred Stock discount amortization		$ 324,300		(324,300)		$ (324,300)
Exercise of warrants				4,900			4,900
Exercise of warrants (in shares)			1,399,921
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				443,000			443,000
Net loss					(11,366,900)		(11,366,900)
Balance at end of period at Jun. 30, 2020	$ 9,134,700	$ 2,331,300		26,276,500	(35,647,200)		2,095,300
Balance at end of period (in shares) at Jun. 30, 2020	21,822,301	16,391,397	4,989,269
Balance at beginning of period at Dec. 31, 2020			$ 1,200	52,988,700	(41,627,800)		11,362,100
Balance at beginning of period (in shares) at Dec. 31, 2020			7,332,999
Common stock discount amortization				24,700			24,700
Warrants underlying common stock				(24,700)			(24,700)
Stock compensation expense				945,200			945,200
Net loss					(3,854,500)		(3,854,500)
Balance at end of period at Mar. 31, 2021			$ 1,200	53,933,900	(45,482,300)		8,452,800
Balance at end of period (in shares) at Mar. 31, 2021			7,332,999
Balance at beginning of period at Dec. 31, 2020			$ 1,200	52,988,700	(41,627,800)		11,362,100
Balance at beginning of period (in shares) at Dec. 31, 2020			7,332,999
Warrants underlying common stock							(49,600)
Net loss							(8,828,800)
Balance at end of period at Jun. 30, 2021			$ 1,300	55,327,800	(50,456,600)		4,872,500
Balance at end of period (in shares) at Jun. 30, 2021			7,387,500
Balance at beginning of period at Mar. 31, 2021			$ 1,200	53,933,900	(45,482,300)		8,452,800
Balance at beginning of period (in shares) at Mar. 31, 2021			7,332,999
Common stock discount amortization				24,900			24,900
Warrants underlying common stock				(24,900)			(24,900)
Exercise of warrants			$ 100	125,300			125,400
Exercised stock options (in shares)			18,891
Released restricted stock units (in shares)			35,610
Stock compensation expense				1,268,600			1,268,600
Net loss					(4,974,300)		(4,974,300)
Balance at end of period at Jun. 30, 2021			$ 1,300	$ 55,327,800	$ (50,456,600)		$ 4,872,500
Balance at end of period (in shares) at Jun. 30, 2021			7,387,500

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
Condensed Consolidated Statements of Cash Flows - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (8,828,800)	$ (13,219,600)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation	202,400	68,500
Stock compensation expense	2,213,800	10,331,000
Gain on loan extinguishment	(105,800)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	151,500	(141,500)
Accounts payable	41,800	291,000
Accrued expenses and other current liabilities	(19,000)	66,800
Net cash used for operating activities	(6,344,100)	(2,603,800)
Cash flows from investing activities:
Purchases of property and equipment	(590,600)	(762,300)
Net cash used for investing activities	(590,600)	(762,300)
Cash flows from financing activities:
Exercise of stock options	125,400
Proceeds from warrant exercise		4,900
Borrowings from note payable		115,600
Repayment of notes payable	(270,800)
Proceeds from Series B Preferred Stock issuance		3,000,000
Net cash (used in) provided by financing activities	(145,400)	3,120,500
Net change in cash and cash equivalents	(7,080,100)	(245,600)
Cash and cash equivalents:
Beginning of year	10,150,500	1,929,100
End of period	3,070,400	1,683,500
Supplemental disclosures of non-cash investing and financing activities:
Accruals for property and equipment	14,500	45,000
Cash paid for interest on note payable	5,800
Accruals for deferred initial public offering costs	$ 438,300	594,200
Warrants underlying Series B Preferred Stock issuance		$ 2,668,300

ORGANIZATION

ORGANIZATION	6 Months Ended
ORGANIZATION	Jun. 30, 2021
ORGANIZATION
ORGANIZATION	KIROMIC BIOPHARMA, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) 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 its proprietary neural network platform with a therapeutic focus on immuno-oncology. Going Concern— These condensed consolidated financial statements have been 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 flow from operations of $6,344,100 for the six months ended June 30, 2021, and an accumulated deficit of $50,456,600 as of June 30, 2021. 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. The Company has sufficient cash on hand and available liquidity to meet its obligations through the twelve months following the date the condensed consolidated financial statements are issued. After taking into account the Company’s cash flow projections, the Company does not believe it will have sufficient cash on hand or available liquidity to meet its obligations through the twelve months from the date of issuance of the condensed consolidated financial statements for the three months ending September 30, 2021. Therefore, this condition raises 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, 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 condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. NIH Grant

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information (Accounting Standards Codification ("ASC") 270, Interim Reporting) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information necessary for a full presentation of financial position, results of operations, and cash flows in conformity GAAP. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of the Company for the periods presented. All intercompany balances were eliminated upon consolidation. 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. Deposit Deferred Public Offering Costs —In the six months ended June 30, 2021 and 2020, the Company began incurring costs in connection with the filing of a Registration Statements on Form S-1 and Form S-1/A for a public offering and an IPO, respectively, which are deferred in other current assets in accordance with ASC 505-10-25 in the condensed consolidated balance sheets. Public offering costs consist of legal, accounting, and other costs directly related to the Company's efforts to raise capital. As of June 30, 2021 and 2020, $478,900 and $696,700 of deferred costs related to the public offering and IPO were classified as other current assets on the condensed 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 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 and Disclosures 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 three and six months ended June 30, 2021 and 2020. Nonvested Stock Options and Restricted Stock Units The vesting conditions for stock options and restricted stock units include annual and monthly vesting. Annual vesting conditions are for four years. Monthly vesting conditions range from 10 10-year 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 are released to the grantee within sixty days. 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. During the three and six months ended June 30, 2021, the closing price listed on the Nasdaq Capital Market for the Company’s common stock on the date of the grant was used as the common stock valuation. During the three and six months ended June 30, 2020, the Company’s board of directors, with input from management and third-party valuations, determined the fair value of the common stock underlying all stock-based compensation grants. The Company believes that the board of directors had the relevant experience and expertise to determine the fair value of the Company’s common stock before the Company’s common stock became publicly traded. The board of directors exercised reasonable judgment and considered numerous objective and subjective factors to determine the best estimate of the fair value of the Company’s common stock at each grant date. ● 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. From February 2018 to October 2020, 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 board of directors determines the fair value of each share of underlying common stock based on the closing price of the common stock as reported on the date of grant. Future expense amounts for any particular period could be affected by changes in assumptions or market conditions. 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)

NET LOSS PER COMMON SHARE

NET LOSS PER COMMON SHARE	6 Months Ended
NET LOSS PER COMMON SHARE	Jun. 30, 2021
NET LOSS PER COMMON SHARE
NET LOSS PER COMMON SHARE	3. 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, restricted stock units, 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 earnings per share: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net loss $ (4,974,300) $ (11,366,900) $ (8,828,800) $ (13,219,600) Less: Series B Preferred Stock discount amortization — (324,300) — (692,700) Less: IPO Common Stock discount amortization (24,900) — (49,600) — Net loss attributable to common shareholders, basic and diluted $ (4,999,200) $ (11,691,200) $ (8,878,400) $ (13,912,300) Weighted average common shares outstanding, basic and diluted 7,345,147 3,077,085 7,345,147 3,077,085 Net loss per common share, basic and diluted $ (0.68) $ (3.80) $ (1.21) $ (4.52) For the six months ended June 30, 2021 and 2020, potentially dilutive securities excluded from the computations of diluted weighted-average common shares outstanding were: June 30, June 30, 2021 2020 Options to purchase 167 — Restricted Stock Units 66,668 — Series A‑1 Preferred Stock — 624,594 Series B Preferred Stock — 469,136 Total 66,835 1,093,730

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
PROPERTY AND EQUIPMENT	Jun. 30, 2021
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT	4. Property and equipment consisted of the following as of June 30, 2021 and December 31, 2020: June 30, December 31, 2021 2020 Equipment $ 1,514,300 $ 780,500 Leasehold improvements 1,284,600 1,229,700 Office furniture, fixtures, and equipment 16,600 16,600 Software 151,700 151,700 Construction in progress 265,600 449,200 3,232,800 2,627,700 Less: Accumulated depreciation (764,100) (561,700) Total $ 2,468,700 $ 2,066,000 Depreciation expense was $106,800 and $34,700 for the three months ended June 30, 2021 and 2020, respectively, and $202,400 and $68,500 for the six months ended June 30, 2021 and 2020, respectively.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	6 Months Ended
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	Jun. 30, 2021
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	5. Accrued expenses and other current liabilities consisted of the following as of June 30, 2021 and December 31, 2020: June 30, December 31, 2021 2020 Accrued consulting and outside services $ 294,500 $ 143,200 Accrued compensation 56,400 191,000 Total $ 350,900 $ 334,200

LOAN PAYABLE

LOAN PAYABLE	6 Months Ended
LOAN PAYABLE	Jun. 30, 2021
LOAN PAYABLE
LOAN PAYABLE	6. 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 apply for forgiveness of the SBA Loan in accordance with the terms of the CARES Act. 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 Interest 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 $105,800 . The forgiveness was classified as a gain on loan extinguishment in the condensed consolidated statement of operations.

NOTE PAYABLE

NOTE PAYABLE	6 Months Ended
NOTE PAYABLE	Jun. 30, 2021
NOTE PAYABLE
NOTE PAYABLE	7. 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 June 30, 2021 and December 31, 2020, the remaining payable balance on the financed amount was $91,600 and $362,400 , respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	8. Facility Lease Agreements — The Company leases its premises in Houston, Texas under an operating lease which was renewed on November 19, 2020. This renewed lease agreement will commence under an operating lease agreement that is noncancelable from commencement until May 1, 2024. On March 22, 2021, the Company’s board of directors approved a lease expansion within its premises in Houston, Texas. The amended lease agreement commenced 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 a 90-day 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 total lease payments per month are $22,477, 45,554, and $46,116 beginning May 1, 2021, August 1, 2021, and May 1, 2023, respectively. The Company records rent expense as incurred over the term of the leases. As of June 30, 2021, the future minimum commitments under the amended lease agreement will be as follows: Amount 2021 $ 250,200 2022 546,700 2023 551,100 2024 461,200 Total $ 1,809,200 Rent expense for the facility lease agreements was $74,900 and $67,100 during the three months ended June 30, 2021 and 2020, respectively, and $143,900 and $127,100 during the six months ended June 30, 2021 and 2020, respectively. License Agreements Strategic Alliance Agreement with Leon Office (H.K.) — Membership Purchase Agreement with In Silico Solutions, LLC — In Silico from the Seller for an aggregate purchase price of $540,000 (the “Purchase Price”). The Purchase Price is payable in full through (i) the delivery to the Seller of a number of shares of the Company’s stock that is equal to $400,000 and (i) the delivery to the employees of In Silico of the Company’s restricted stock units under the Company’s 2021 Plan that is equal to $140,000. Pursuant to the Purchase Agreement, as soon as practicable following the closing, the Purchase Price shall be subject to a working capital adjustment. In addition, the Purchase Agreement contains customary representations, warranties, covenants (including restrictive covenants), indemnification and other terms for transactions of this nature. The Purchase Agreement may be terminated by either the Company or the Seller if the closing does not occur on or before the 45 th day following execution of the Purchase Agreement. Legal Proceedings The Company regularly assesses all contingencies and believes, based on information presently known, the Company is not involved in any matters that would have a material effect on the Company’s financial position, results of operations and cash flows.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
STOCKHOLDERS' EQUITY	Jun. 30, 2021
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	9. 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 common stock. Accordingly, unless otherwise noted, all share and per share information has been restated to retroactively show the effect of this stock split. As of June 30, 2021 and December 31, 2020, the Company was authorized to issue 300,000,000 shares of common stock and 60,000,000 shares of Preferred Stock, of which 24,000,000 shares were designated as Series A-1 Preferred Stock and 16,500,000 shares were designated as Series B Preferred Stock. 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 three and six months ended June 30, 2021: 2021 Common Stock Balance at January 1, $ 11,975,400 Common stock IPO discount amortization 24,700 Balance at March 31, $ 12,000,100 Common stock IPO discount amortization 24,900 Balance at June 30, $ 12,025,000 On June 8, 2020, the Company agreed to amend the warrant vesting schedule such that the warrants underlying shares of Series B Preferred Stock 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. 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 CSO"), 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 2017 Plan. On September 25, 2019, the board of directors approved an additional 10,000,000 shares to be reserved and authorized under the 2017 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 2017 Plan. This approval increased the total number of authorized shares from 858,615 to 1,708,615. As of June 25, 2021, the Company adopted the 2021 Plan. Under the 2021 Plan, the board of directors approved an additional 200,000 shares to be reserved and authorized under the 2021 Plan plus any unallocated shares from the 2017 Plan. There were 193,679 shares and 379,563 shares available for issuance as of June 30, 2021 and 2020, respectively. Series B Preferred Stock 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. Accordingly, in connection with the IPO, all shares of the Company’s Series B Preferred Stock were converted into 469,136 shares of common stock on October 15, 2020. Below is a table that outlines the initial value of issuances allocated to Series B Preferred Stock and the Series B Preferred Stock discount amortized during the three and six months ended June 30: 2020 Series B Preferred Stock Balance at January 1, $ 1,306,900 Series B Preferred Stock proceeds 3,000,000 Series B Preferred Stock discount (2,668,300) Series B Preferred Stock discount amortization 368,400 Balance at March 31, $ 2,007,000 Series B Preferred Stock discount amortization 324,300 Balance at June 30, $ 2,331,300 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. 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 June 30, 2020, the Company sold 16,391,397 shares of Series B Preferred Stock, which contained 1,399,921 underlying warrants to purchase common stock based on the exercise price and vesting schedule outlined above. These warrants are equity classified and the fair value of $5,533,000 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. As of June 30, 2021, there were no warrants underlying Series B Preferred Stock. The Black-Scholes option-pricing model Risk-free interest rate 1.54% - 1.88 % Expected volatility 71.95% - 72.71 % Expected life (years) 10 Expected dividend yield 0 % Representative's Warrants In connection with the IPO on October 15, 2020, the Company granted the underwriters warrants (the "Underwriters' Warrants") to purchase an aggregate of 62,500 shares of common stock at an exercise price of $15.00 per 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 June 30, 2021. These warrants were equity classified. As of June 30, 2021 and December 31, 2020, the warrant fair values of $307,700 and $357,300 , respectively, is reflected as additional paid-in capital. On the issuance date, the Black-Scholes option-pricing model was used to estimate the fair value of the warrants with the following weighted-average assumptions on October 15, 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	6 Months Ended
STOCK-BASED COMPENSATION	Jun. 30, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	10. 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 six months ended June 30: June 30, June 30, 2021 2020 Risk-free interest rate 1.09 % 0.23% - 2.92 % Expected volatility 83.34 % 72.29% - 82.15 % Expected life (years) 6.22 4.93 - 6.07 Expected dividend yield 0 % 0 % In the six months ended June 30, 2021, the fair value of the common shares underlying the stock options was determined by the closing stock price listed on the Nasdaq Capital Market on the grant date. Prior to the Company’s initial public offering, the fair value of the common shares underlying the stock options had 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 June 30 under the 2017 Plan: 2021 2020 Weighted Weighted Average Average Exercise Exercise Shares Price Shares Price Options outstanding at beginning of year 489,718 $ 10.03 598,083 $ 11.04 Granted 147,038 8.47 65,424 19.15 Exercised (18,891) 6.64 — — Cancelled and forfeited (59,430) 17.86 (45,508) 14.25 Balance at June 30 558,435 $ 8.90 617,999 $ 11.84 Options exercisable at June 30: 391,572 $ 8.84 382,204 $ 8.50 Weighted average grant date fair value for options granted during the year: $ 8.47 $ 20.54 The intrinsic value of the options exercised during the six months ended June 30, 2021 was $33,000. The following table summarizes additional information about stock options outstanding and exercisable at June 30, 2021 and 2020 under the 2017 Plan: Options Outstanding Options Exercisable Weighted Average Weighted Weighted Remaining Average Aggregate Average Aggregate As of Options Contractual Exercise Intrinsic Options Exercise Intrinsic June 30, Outstanding Life Price Value Exercisable Price Value 2021 558,435 7.43 8.90 — 391,572 8.84 — 2020 617,999 8.03 11.84 2,008,892 382,204 8.50 1,718,959 Total stock compensation expense recognized from stock-based compensation awards classified as stock options were recognized in the condensed consolidated statements of operations for the three and six months ended June 30, 2021 and 2020 as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Research and development $ 22,900 $ 386,000 $ 41,900 $ 811,000 General and administrative 54,900 57,000 156,900 88,000 Total $ 77,800 $ 443,000 $ 198,800 $ 899,000 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 $14,000 and $34,900 of stock compensation expense allocable to general and administrative for the three and six months ended June 30, 2021, respectively. Included in that amount were $6,400 and $16,000 of incremental compensation costs resulting from the modifications for the three and six months ended June 30, 2021, respectively. As of June 30, 2021, total unrecognized stock compensation expense is $1,054,500, related to unvested stock options to be recognized over the remaining weighted-average vesting period of 3.47 years. 2017 Stock Incentive Plan—Restricted Stock Units In January 2017, the Company’s board of directors approved the adoption of the 2017 Plan. The 2017 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 2017 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. In the six months ended June 30, 2021, the fair value of the common shares underlying restricted stock units was determined by the closing stock price listed on the Nasdaq Capital Market on the grant date. Prior to the Company’s initial public offering, the fair value of the common shares underlying the stock options had historically been determined by the board of directors, with input from management. . The following table summarizes the activity for all RSUs outstanding at June 30 under the 2017 Plan: 2021 Weighted Average Grant Date Fair Value Shares Per Share Nonvested RSUs at beginning of year 946,245 $ 12.81 Granted 166,660 7.98 Vested (36,791) 6.44 Cancelled and forfeited (627) 9.00 Nonvested RSUs at June 30, 1,075,487 $ 12.28 Total stock compensation expense recognized from stock-based compensation awards classified as restricted stock units were recognized in the condensed consolidated statements of operations for the three and six months ended June 30, 2021, as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2021 Research and development $ 866,100 $ 1,133,800 General and administrative 283,800 840,300 Total $ 1,149,900 $ 1,974,100 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 $268,900 and $621,800 of stock compensation expense allocable to research and development and general and administrative, respectively, during the three months ended June 30, 2021. Included in those amounts were incremental compensation costs of $20,600 and $45,200 of stock compensation expense allocable to research and development and general and administrative, respectively, during the three months ended June 30, 2021. The effects of the RSU modifications resulted in $536,600 and $1,178,300 of stock compensation expense allocable to research and development and general and administrative, respectively, during the six months ended June 30, 2021. Included in those amounts were incremental compensation costs of $41,000 and $89,900 of stock compensation expense allocable to research and development and general and administrative, respectively, during the six months ended June 30, 2021. 2021 Stock Incentive Plan—Restricted Stock Units In June 2021, the Company’s board of directors approved the adoption of the 2021 Plan. The 2021 Plan permits the Company to grant up to 217,292 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 2021 Plan and are available for grant in conjunction with the issuance of new common stock awards. RSUs vest over a specified amount of time or when certain performance metrics are achieved by the Company. In the six months ended June 30, 2021, the fair value of the common shares underlying restricted stock units was determined by the closing stock price listed on the Nasdaq Capital Market on the grant date. The following table summarizes the activity for all RSUs outstanding at June 30, 2021 under the 2021 Plan: 2021 2020 Weighted Average Weighted Average Grant Date Grant Date Fair Value Fair Value Shares Per Share Shares Per Share Nonvested RSUs at beginning of year — $ — — $ — Granted 23,613 8.47 — — Vested (4,723) 8.47 — — Cancelled and forfeited — — — — Nonvested RSUs at June 30, 18,890 $ 8.47 — $ — Total stock compensation expense recognized from stock-based compensation awards classified as restricted stock units were recognized in the condensed consolidated statements of operations for the three and six months ended June 30, 2021 as follows: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 General and administrative 40,900 — 40,900 — Total $ 40,900 $ — $ 40,900 $ —

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2021
INCOME TAXES
INCOME TAXES	11. The Company’s effective tax rate from continuing operations was 0% for the three and six months ended June 30, 2021 and 2020. The Company recorded no income tax provision for the three and six months ended June 30, 2021 and 2020. The provision for income taxes during the interim reporting periods is calculated by applying an estimate of the annual effective tax rate for the full fiscal year to "ordinary" income or loss for the reporting period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including changes in the mix of the pre-tax income and the jurisdictions to which it relates, changes in tax laws, business reorganizations and settlements with taxing authorities. The income tax rates vary from the US federal statutory rate of 21% primarily due to the full valuation allowance on the Company’s deferred tax assets. The Company has recorded the full valuation allowance based on an evaluation of both positive and negative evidence, including latest forecasts and cumulative losses in recent years. The Company has concluded that it was more likely than not that none of its deferred tax assets would be realized.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	12. During the three and six months ended June 30, 2020, the Company maintained two separate consulting agreements with the Company's CSIO, and the CFO and COO. 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 is 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 CSO totaled $540,700 in the six months ended June 30, 2020. 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. 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 $100,000 in the six months ended June 30, 2020. 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. After the Company completed the IPO on October 15, 2020, the CFO and COO and the CSIO became full time employees, at which time their consulting agreements were terminated. There were no related party transactions during the three and six months ended June 30, 2021.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	13. Public Offering On July 2, 2021, the Company received net proceeds of $37,121,200 for its public offering, after deducting underwriting discounts and commissions of $2,399,900 and other offering expenses of $478,900 incurred. The Company issued and sold 8,000,000 shares of common stock in the public offering at a price of $5.00 per share. In connection with the public offering, 400,000 representative warrants were issued with an exercise price of $6.25 per share. Completion of In Silico Acquisition On July 26, 2021, the Company completed its previously announced acquisition of In Silico, a bioinformatics and artificial intelligence company, pursuant to the Purchase Agreement with In Silico and the Seller. Pursuant to the terms of the Purchase Agreement, the Company acquired 100% of the membership interest of In Silico by delivering 50,189 shares to the Seller, and granting 33,177 restricted stock units to the employees of In Silico under the Company’s 2021 Plan (the “Acquisition”). At the closing of the Acquisition, In Silico became a wholly-owned subsidiary of the Company. Due to the recent nature of the acquisition, the Company has not yet completed its assessment of the fair value of the assets acquired and liabilities assumed as of the date these condensed consolidated financial statements are issued. Once determined, the acquisition purchase price will be allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date assessed by management.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information (Accounting Standards Codification ("ASC") 270, Interim Reporting) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information necessary for a full presentation of financial position, results of operations, and cash flows in conformity GAAP. Operating results for interim periods are not necessarily indicative of results that may be expected for the fiscal year as a whole. In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of the Company for the periods presented. All intercompany balances were eliminated upon consolidation.
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.
Deposit	Deposit
Deferred Public Offering Costs	Deferred Public Offering Costs —In the six months ended June 30, 2021 and 2020, the Company began incurring costs in connection with the filing of a Registration Statements on Form S-1 and Form S-1/A for a public offering and an IPO, respectively, which are deferred in other current assets in accordance with ASC 505-10-25 in the condensed consolidated balance sheets. Public offering costs consist of legal, accounting, and other costs directly related to the Company's efforts to raise capital. As of June 30, 2021 and 2020, $478,900 and $696,700 of deferred costs related to the public offering and IPO were classified as other current assets on the condensed 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
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 and Disclosures 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 three and six months ended June 30, 2021 and 2020.
Nonvested Stock Options and Restricted Stock Units	Nonvested Stock Options and Restricted Stock Units The vesting conditions for stock options and restricted stock units include annual and monthly vesting. Annual vesting conditions are for four years. Monthly vesting conditions range from 10 10-year 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 are released to the grantee within sixty days.
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. During the three and six months ended June 30, 2021, the closing price listed on the Nasdaq Capital Market for the Company’s common stock on the date of the grant was used as the common stock valuation. During the three and six months ended June 30, 2020, the Company’s board of directors, with input from management and third-party valuations, determined the fair value of the common stock underlying all stock-based compensation grants. The Company believes that the board of directors had the relevant experience and expertise to determine the fair value of the Company’s common stock before the Company’s common stock became publicly traded. The board of directors exercised reasonable judgment and considered numerous objective and subjective factors to determine the best estimate of the fair value of the Company’s common stock at each grant date. ● 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. From February 2018 to October 2020, 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 board of directors determines the fair value of each share of underlying common stock based on the closing price of the common stock as reported on the date of grant. Future expense amounts for any particular period could be affected by changes in assumptions or market conditions.
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)

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Jun. 30, 2021
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

NET LOSS PER COMMON SHARE (Tabl

NET LOSS PER COMMON SHARE (Tables)	6 Months Ended
NET LOSS PER COMMON SHARE (Tables)	Jun. 30, 2021
NET LOSS PER COMMON SHARE
Schedule of earnings per share, basic and diluted	Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net loss $ (4,974,300) $ (11,366,900) $ (8,828,800) $ (13,219,600) Less: Series B Preferred Stock discount amortization — (324,300) — (692,700) Less: IPO Common Stock discount amortization (24,900) — (49,600) — Net loss attributable to common shareholders, basic and diluted $ (4,999,200) $ (11,691,200) $ (8,878,400) $ (13,912,300) Weighted average common shares outstanding, basic and diluted 7,345,147 3,077,085 7,345,147 3,077,085 Net loss per common share, basic and diluted $ (0.68) $ (3.80) $ (1.21) $ (4.52)
Schedule of antidilutive securities excluded from computation of earnings per share	June 30, June 30, 2021 2020 Options to purchase 167 — Restricted Stock Units 66,668 — Series A‑1 Preferred Stock — 624,594 Series B Preferred Stock — 469,136 Total 66,835 1,093,730

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
PROPERTY AND EQUIPMENT (Tables)	Jun. 30, 2020
PROPERTY AND EQUIPMENT
Schedule of property and equipment	June 30, December 31, 2021 2020 Equipment $ 1,514,300 $ 780,500 Leasehold improvements 1,284,600 1,229,700 Office furniture, fixtures, and equipment 16,600 16,600 Software 151,700 151,700 Construction in progress 265,600 449,200 3,232,800 2,627,700 Less: Accumulated depreciation (764,100) (561,700) Total $ 2,468,700 $ 2,066,000

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	Jun. 30, 2020
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Schedule of accrued expenses and other current liabilities	June 30, December 31, 2021 2020 Accrued consulting and outside services $ 294,500 $ 143,200 Accrued compensation 56,400 191,000 Total $ 350,900 $ 334,200

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Jun. 30, 2020
COMMITMENTS AND CONTINGENCIES
Schedule of future minimum rental payments for operating leases	Amount 2021 $ 250,200 2022 546,700 2023 551,100 2024 461,200 Total $ 1,809,200

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
STOCKHOLDERS' EQUITY (Tables)	Jun. 30, 2021
Stockholders' Equity
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	2021 Common Stock Balance at January 1, $ 11,975,400 Common stock IPO discount amortization 24,700 Balance at March 31, $ 12,000,100 Common stock IPO discount amortization 24,900 Balance at June 30, $ 12,025,000
Common Stock Warrants - Representative
Stockholders' Equity
Schedule of assumptions used to estimate fair value of warrants	Risk-free interest rate 0.18 % Expected volatility 94.08 % Expected life (years) 2.74 Expected dividend yield 0 %
Series B Preferred Stock
Stockholders' Equity
Schedule of initial value of issuances allocated to Series B Preferred Stock and the Series B Preferred Stock discount amortized	2020 Series B Preferred Stock Balance at January 1, $ 1,306,900 Series B Preferred Stock proceeds 3,000,000 Series B Preferred Stock discount (2,668,300) Series B Preferred Stock discount amortization 368,400 Balance at March 31, $ 2,007,000 Series B Preferred Stock discount amortization 324,300 Balance at June 30, $ 2,331,300
Schedule of assumptions used to estimate fair value of warrants	Risk-free interest rate 1.54% - 1.88 % Expected volatility 71.95% - 72.71 % Expected life (years) 10 Expected dividend yield 0 %

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
STOCK-BASED COMPENSATION (Tables)	Jun. 30, 2020
Stock Incentive Plan 2017 \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of assumptions used to estimate fair value of stock options	June 30, June 30, 2021 2020 Risk-free interest rate 1.09 % 0.23% - 2.92 % Expected volatility 83.34 % 72.29% - 82.15 % Expected life (years) 6.22 4.93 - 6.07 Expected dividend yield 0 % 0 %
Schedule of stock option activity	2021 2020 Weighted Weighted Average Average Exercise Exercise Shares Price Shares Price Options outstanding at beginning of year 489,718 $ 10.03 598,083 $ 11.04 Granted 147,038 8.47 65,424 19.15 Exercised (18,891) 6.64 — — Cancelled and forfeited (59,430) 17.86 (45,508) 14.25 Balance at June 30 558,435 $ 8.90 617,999 $ 11.84 Options exercisable at June 30: 391,572 $ 8.84 382,204 $ 8.50 Weighted average grant date fair value for options granted during the year: $ 8.47 $ 20.54 Options Outstanding Options Exercisable Weighted Average Weighted Weighted Remaining Average Aggregate Average Aggregate As of Options Contractual Exercise Intrinsic Options Exercise Intrinsic June 30, Outstanding Life Price Value Exercisable Price Value 2021 558,435 7.43 8.90 — 391,572 8.84 — 2020 617,999 8.03 11.84 2,008,892 382,204 8.50 1,718,959
Schedule of stock-based compensation	Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Research and development $ 22,900 $ 386,000 $ 41,900 $ 811,000 General and administrative 54,900 57,000 156,900 88,000 Total $ 77,800 $ 443,000 $ 198,800 $ 899,000
Stock Incentive Plan 2017 \| RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted stock unit activity	2021 Weighted Average Grant Date Fair Value Shares Per Share Nonvested RSUs at beginning of year 946,245 $ 12.81 Granted 166,660 7.98 Vested (36,791) 6.44 Cancelled and forfeited (627) 9.00 Nonvested RSUs at June 30, 1,075,487 $ 12.28
Schedule of stock-based compensation	Three Months Ended Six Months Ended June 30, June 30, 2021 2021 Research and development $ 866,100 $ 1,133,800 General and administrative 283,800 840,300 Total $ 1,149,900 $ 1,974,100
Stock Incentive Plan 2021 \| RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted stock unit activity	2021 2020 Weighted Average Weighted Average Grant Date Grant Date Fair Value Fair Value Shares Per Share Shares Per Share Nonvested RSUs at beginning of year — $ — — $ — Granted 23,613 8.47 — — Vested (4,723) 8.47 — — Cancelled and forfeited — — — — Nonvested RSUs at June 30, 18,890 $ 8.47 — $ —
Schedule of stock-based compensation	Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 General and administrative 40,900 — 40,900 — Total $ 40,900 $ — $ 40,900 $ —

ORGANIZATION (Details)

ORGANIZATION (Details) - USD ($)	6 Months Ended
ORGANIZATION (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Aug. 31, 2019	Aug. 31, 2018
ORGANIZATION
Cash flow from operations	$ (6,344,100)	$ (2,603,800)
Accumulated deficit	(50,456,600)		$ (41,627,800)
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. 30, 2021USD ($)item	Jun. 30, 2020USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Deferred offering costs \| $	$ 478,900	$ 696,700
Lease facility \| item	1

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property and Equipment
Impairment of long-lived assets held-for-use			$ 0
Unrecognized tax benefits, interest or penalties	$ 0	$ 0	$ 0	$ 0
Minimum
Property and Equipment
Property plant and equipment useful life			1 year
Maximum
Property and Equipment
Property plant and equipment useful life			8 years
Equipment \| Minimum
Property and Equipment
Property plant and equipment useful life			3 years
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
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 ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Changes in fair value hierarchy levels	$ 0	$ 0	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nonvested Stock Options (Details)	6 Months Ended
	Jun. 30, 2021
Nonvested Stock Options
Expected dividend yield	0.00%
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

NET LOSS PER COMMON SHARE - Com

NET LOSS PER COMMON SHARE - Computation of basic and diluted earnings per share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Net loss per common share
Net loss	$ (4,974,300)	$ (3,854,500)	$ (11,366,900)	$ (1,852,700)	$ (8,828,800)	$ (13,219,600)
Less: IPO Common Stock discount amortization	(24,900)	$ (24,700)			(49,600)
Net loss attributable to common shareholders, basic and diluted	$ (4,999,200)		$ (11,691,200)		$ (8,878,400)	$ (13,912,300)
Weighted average common shares outstanding, basic and diluted	7,345,147		3,077,085		7,345,147	3,077,085
Net loss per common share, basic and diluted	$ (0.68)		$ (3.80)		$ (1.21)	$ (4.52)
Series B Preferred Stock
Net loss per common share
Series B Preferred Stock discount amortization			$ (324,300)	$ (368,400)		$ (692,700)

NET LOSS PER COMMON SHARE - Dil

NET LOSS PER COMMON SHARE - Dilutive Securities Excluded From the Computations of Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Dilutive Securities Excluded From the Computations of Earnings Per Share
Potentially dilutive securities	66,835	1,093,730
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		469,136
Stock Options
Dilutive Securities Excluded From the Computations of Earnings Per Share
Potentially dilutive securities	167
RSU
Dilutive Securities Excluded From the Computations of Earnings Per Share
Potentially dilutive securities	66,668

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	3 Months Ended		6 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	$ 3,232,800		$ 3,232,800		$ 2,627,700
Less: Accumulated depreciation	(764,100)		(764,100)		(561,700)
Total	2,468,700		2,468,700		2,066,000
Depreciation	106,800	$ 34,700	202,400	$ 68,500
Equipment
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	1,514,300		1,514,300		780,500
Leasehold improvements
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	1,284,600		1,284,600		1,229,700
Office furniture, fixtures, and equipment
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	16,600		16,600		16,600
Software
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	151,700		151,700		151,700
Construction in progress
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	$ 265,600		$ 265,600		$ 449,200

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued consulting and outside services	$ 294,500	$ 143,200
Accrued compensation	56,400	191,000
Total	$ 350,900	$ 334,200

LOAN PAYABLE (Details)

LOAN PAYABLE (Details) - USD ($)	Feb. 16, 2021	May 01, 2020	Dec. 31, 2020
Current loan payable
Loan payable			$ 105,600
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
Loan principal forgiven	$ 105,800

NOTE PAYABLE (Details)

NOTE PAYABLE (Details) - USD ($)	1 Months Ended
NOTE PAYABLE (Details) - USD ($)	Nov. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Note payable
Note payable		$ 91,600	$ 362,400
Director and Officer Insurance Policy Financing
Note payable
Note payable	$ 540,500	$ 91,600	$ 362,400
Interest rate	4.59%
Note term	9 months

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details)	May 01, 2023USD ($)	Aug. 01, 2021USD ($)	May 01, 2021USD ($)	Mar. 22, 2021ft²	Jan. 28, 2021USD ($)installment	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 14, 2021USD ($)
Leases
Additional office space leased \| ft²				15,385
Period of time after notice of cancellation that the lease effectively terminates				90 days
Total lease payments per month	$ 46,116	$ 45,554	$ 22,477
Rent expense						$ 74,900	$ 67,100	$ 143,900	$ 127,100
Future minimum commitments
2021						250,200		250,200
2022						546,700		546,700
2023						551,100		551,100
2024						461,200		461,200
Total						$ 1,809,200		$ 1,809,200
In Silico Solutions, Purchase Agreement
Purchase agreement
Aggregate purchase price to be paid										$ 540,000
Value of shares to be issued										400,000
In Silico Solutions, Purchase Agreement \| Stock Incentive Plan 2021
Purchase agreement
Value of restricted stock to be issued										$ 140,000
Strategic Alliance Agreement \| Leon Office (H.K.)
Strategic Alliance Agreement
Annual cost					$ 360,000
Number of quarterly installments \| installment					4

STOCKHOLDERS' EQUITY - Informat

STOCKHOLDERS' EQUITY - Information (Details)	Jun. 19, 2020USD ($)shares	Jun. 17, 2020shares	Jun. 10, 2020USD ($)shares	Jun. 08, 2020USD ($)Voteshares	Sep. 25, 2019shares	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)shares	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)shares	Jun. 25, 2021shares	Dec. 31, 2020shares	Jun. 18, 2020shares	Sep. 24, 2019shares
Stockholder's equity (Deficit)
Reverse split		3.494
Preferred stock, authorized						60,000,000		60,000,000			60,000,000
Common stock, authorized						300,000,000		300,000,000			300,000,000
Warrants to purchase shares			1,063,939	335,982
Proceeds from Issuance of Warrants \| $			$ 3,700	$ 1,200					$ 4,900
Stock compensation expenses \| $				$ 9,432,000		$ 77,800	$ 443,000	$ 198,800	$ 899,000
Number of Votes \| Vote				1
Dividend paid \| $ / shares								$ 0
Stock Incentive Plan 2017
Stockholder's equity (Deficit)
Shares available for issuance							379,563		379,563
Authorized shares	1,708,615	858,615			30,000,000							858,615	20,000,000
Additional shares authorized	850,000				10,000,000
Stock Incentive Plan 2021
Stockholder's equity (Deficit)
Shares available for issuance						193,679		193,679
Authorized shares										200,000
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			24,000,000
Series B Preferred Stock
Stockholder's equity (Deficit)
Preferred stock, authorized						16,500,000		16,500,000			16,500,000
Warrants to purchase shares							1,399,921		1,399,921
Proceeds from Issuance of Warrants \| $			$ 3,700	$ 1,200

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock (Details) - USD ($)	Oct. 15, 2020	Jun. 10, 2020	Jun. 08, 2020	Jan. 31, 2020	Jan. 24, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020
Common stock
Beginning Balance							$ 1,200	$ 1,200
Common stock IPO discount amortization						$ 24,900	24,700	49,600
Ending Balance						1,300		1,300
Series B Preferred Stock
Common stock
Shares issued		1,063,939	335,982	1,739,130	4,782,608				16,391,397
IPO
Common stock
Common stock IPO proceeds, net of issuance costs	$ 12,332,700
Underwriting discounts and commissions	1,275,000
Offering expenses	$ 1,392,300
Shares issued	1,250,000
Share price	$ 12
Beginning Balance						12,000,100	11,975,400	11,975,400
Common stock IPO discount amortization						24,900	24,700
Ending Balance						$ 12,025,000	$ 12,000,100	$ 12,025,000
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 - Preferre

STOCKHOLDERS' EQUITY - Preferred Stock (Details) - USD ($)	Jun. 10, 2020	Jun. 08, 2020	Jan. 31, 2020	Jan. 24, 2020	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Jan. 29, 2020
Stockholder's equity (Deficit)
Preferred stock, authorized						60,000,000	60,000,000
Additional paid-in capital						$ 55,327,800	$ 52,988,700
Series A-1 Preferred Stock
Stockholder's equity (Deficit)
Preferred stock, authorized						24,000,000	24,000,000
Series B Preferred Stock
Stockholder's equity (Deficit)
Shares issued	1,063,939	335,982	1,739,130	4,782,608	16,391,397
Issuance of stock			$ 800,000	$ 2,200,000
Original issue price						$ 0.46
Preferred stock, authorized						16,500,000	16,500,000
Warrants to purchase						0.0859
Warrant exercise price						$ 0.003494
Series B Preferred Stock \| Maximum
Stockholder's equity (Deficit)
Preferred stock, authorized								16,500,000

STOCKHOLDERS' EQUITY - Initial

STOCKHOLDERS' EQUITY - Initial value of issuances allocated to Series B Preferred Stock and the Series B Preferred Stock (Details) - Series B Preferred Stock - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020
Stockholder's equity (Deficit)
Balance at beginning of period	$ 2,007,000	$ 1,306,900	$ 1,306,900
Series B Preferred Stock proceeds		3,000,000
Series B Preferred Stock discount		(2,668,300)
Series B Preferred Stock discount amortization	324,300	368,400	692,700
Balance at end of period	$ 2,331,300	$ 2,007,000	$ 2,331,300

STOCKHOLDERS' EQUITY - Warrants

STOCKHOLDERS' EQUITY - Warrants Underlying Series B Preferred Stock (Details) - USD ($)	Jun. 10, 2020	Jun. 08, 2020	Jan. 31, 2020	Jan. 24, 2020	Jun. 30, 2021	Jun. 30, 2020
Stockholder's equity (Deficit)
Warrants to purchase shares	1,063,939	335,982
Proceeds from issuance of warrants	$ 3,700	$ 1,200				$ 4,900
Series B Preferred Stock
Stockholder's equity (Deficit)
Warrants to purchase					0.0859
Warrant purchase price (in dollars per share)					$ 0.003494
Warrant expiration term					10 years
Shares issued	1,063,939	335,982	1,739,130	4,782,608		16,391,397
Warrants to purchase shares						1,399,921
Fair value of warrants reflected as additional paid-in capital						$ 5,533,000
Proceeds from issuance of warrants	$ 3,700	$ 1,200
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 - Estimate

STOCKHOLDERS' EQUITY - Estimate the fair value of the warrants (Details) - Series B Preferred Stock Warrant	Jun. 30, 2020
Weighted average valuation assumptions
Warrants and Rights Outstanding, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueOptionPricingModelMember
Measurement Input, Risk Free Interest Rate \| Minimum
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input	0.0154
Measurement Input, Risk Free Interest Rate \| Maximum
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input	0.0188
Measurement Input, Price Volatility \| Minimum
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input	0.7195
Measurement Input, Price Volatility \| Maximum
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input	0.7271
Measurement Input, Expected Term
Weighted average valuation assumptions
Warrants and Rights Outstanding, Term	10 years
Measurement Input, Expected Dividend Rate
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input	0

STOCKHOLDERS' EQUITY - Represen

STOCKHOLDERS' EQUITY - Representative's Warrants (Details) - Common Stock Warrants - Representative	Oct. 15, 2020$ / sharesshares	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Weighted average valuation assumptions
Warrants fair value \| $		$ 307,700	$ 357,300
Warrants and Rights Outstanding, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueOptionPricingModelMember
IPO
Weighted average valuation assumptions
Warrants and Rights Outstanding, Term	5 years
Warrants
Number of warrants granted \| shares	62,500
Warrant exercise price \| $ / shares	$ 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)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Weighted average assumptions
Expected dividend yield	0.00%
Stock Incentive Plan 2017 \| Stock Options
Weighted average assumptions
Risk-free interest rate	1.09%
Risk-free interest rate, minimum		0.23%
Risk-free interest rate, maximum		2.92%
Expected volatility	83.34%
Expected volatility, minimum		72.29%
Expected volatility, maximum		82.15%
Expected life (years)	6 years 2 months 19 days
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
Stock Incentive Plan 2017 \| Stock Options \| Maximum
Weighted average assumptions
Expected life (years)		6 years 25 days

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summarizes Stock Options Outstanding (Details) - Stock Incentive Plan 2017 - Stock Options	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)$ / sharesshares
Stock option activity
Options outstanding at beginning of year \| shares	489,718	598,083
Granted \| shares	147,038	65,424
Exercised \| shares	(18,891)
Cancelled and forfeited \| shares	(59,430)	(45,508)
Balance at end of period \| shares	558,435	617,999
Options exercisable at June 30: \| shares	391,572	382,204
Intrinsic value of options exercised \| $	$ 33,000
Weighted average exercise price
Options outstanding at beginning of year	$ 10.03	$ 11.04
Granted	8.47	19.15
Exercised	6.64
Cancelled and forfeited	17.86	14.25
Balance at end of period	8.90	11.84
Options exercisable at June 30:	8.84	8.50
Weighted average grant date fair value for options granted during the year:	$ 8.47	$ 20.54
Additional stock option information
Options outstanding, number \| shares	558,435	617,999
Options outstanding, weighted average remaining contractual life	7 years 5 months 4 days	8 years 10 days
Options outstanding, weighted average exercise price	$ 8.90	$ 11.84
Options outstanding, aggregate intrinsic value \| $		$ 2,008,892
Options exercisable, number \| shares	391,572	382,204
Options exercisable, weighted average exercise price	$ 8.84	$ 8.50
Options exercisable, aggregate intrinsic value \| $		$ 1,718,959

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Option Modifications (Details)	Aug. 20, 2020employee$ / sharesshares	Jun. 08, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)$ / sharesshares
Stock compensation expense
Stock compensation expense		$ 9,432,000	$ 77,800	$ 443,000	$ 198,800	$ 899,000
Research and development
Stock compensation expense
Stock compensation expense			22,900	386,000	41,900	811,000
General and administrative
Stock compensation expense
Stock compensation expense			54,900	$ 57,000	$ 156,900	$ 88,000
Stock Incentive Plan 2017 \| Stock Options
Stock compensation expense
Cancelled and forfeited \| shares					59,430	45,508
Number of individuals affected by modifications \| employee	4
Granted \| shares					147,038	65,424
Weighted average grant date fair value for options granted during the year: \| $ / shares					$ 8.47	$ 20.54
Total unrecognized stock compensation expense			1,054,500		$ 1,054,500
Weighted-average period over which cost not yet recognized is expected to be recognized					3 years 5 months 19 days
Stock Incentive Plan 2017 \| Stock Options \| General and administrative
Stock compensation expense
Effect of modifications on stock compensation expense			14,000
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
Effect of modifications on stock compensation expense					$ 34,900
Stock Incentive Plan 2017 \| Stock Options \| Four Nonemployees \| General and administrative
Stock compensation expense
Incremental compensation costs			$ 6,400		$ 16,000

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule 2017 Stock Incentive Plan-Restricted Stock Units (Details)	Aug. 20, 2020individual$ / sharesshares	Jun. 08, 2020USD ($)	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)	Jun. 25, 2021shares	Jun. 19, 2020shares	Jun. 18, 2020shares	Jun. 17, 2020shares	Sep. 25, 2019shares	Sep. 24, 2019shares	Jan. 31, 2017shares
Restricted stock units
Stock compensation expense \| $		$ 9,432,000	$ 77,800	$ 443,000	$ 198,800	$ 899,000
Research and development
Restricted stock units
Stock compensation expense \| $			22,900	386,000	41,900	811,000
General and administrative
Restricted stock units
Stock compensation expense \| $			54,900	$ 57,000	156,900	$ 88,000
Stock Incentive Plan 2017
Restricted stock units
Authorized shares \| shares								1,708,615	858,615	858,615	30,000,000	20,000,000
Stock Incentive Plan 2017 \| RSU
Restricted stock units
Authorized shares \| shares													1,708,615
Number of individuals affected by modifications \| individual	5
Stock compensation expense \| $			$ 1,149,900		$ 1,974,100
Restricted stock unit activity
Nonvested RSUs at beginning of year \| shares					946,245
Granted \| shares	946,245				166,660
Vested \| shares	0				(36,791)
Cancelled and forfeited \| shares	(709,334)				(627)
Nonvested RSUs at March 31 \| shares	12.81		1,075,487		1,075,487
Weighted average grant day fair value per share
Nonvested RSUs at beginning of year \| $ / shares					$ 12.81
Granted \| $ / shares					7.98
Vested \| $ / shares					6.44
Cancelled and forfeited \| $ / shares	$ 12.87				9
Nonvested RSUs at end of period \| $ / shares			$ 12.28		$ 12.28
Stock Incentive Plan 2017 \| RSU \| Research and development
Restricted stock units
Stock compensation expense \| $			$ 866,100		$ 1,133,800
Effect of modifications on stock compensation expense \| $			268,900		536,600
Incremental compensation costs \| $			20,600		41,000
Stock Incentive Plan 2017 \| RSU \| General and administrative
Restricted stock units
Stock compensation expense \| $			283,800		840,300
Effect of modifications on stock compensation expense \| $			621,800		1,178,300
Incremental compensation costs \| $			$ 45,200		$ 89,900
Stock Incentive Plan 2017 \| RSU \| Non-Employees
Restricted stock units
Number of individuals affected by modifications \| individual	2
Stock Incentive Plan 2017 \| RSU \| Employees
Restricted stock units
Number of individuals affected by modifications \| individual	3
Stock Incentive Plan 2021
Restricted stock units
Authorized shares \| shares							200,000
Stock Incentive Plan 2021 \| Maximum
Restricted stock units
Authorized shares \| shares			217,292		217,292
Stock Incentive Plan 2021 \| RSU
Restricted stock units
Stock compensation expense \| $			$ 40,900		$ 40,900
Restricted stock unit activity
Granted \| shares					23,613
Vested \| shares					(4,723)
Nonvested RSUs at March 31 \| shares			18,890		18,890
Weighted average grant day fair value per share
Granted \| $ / shares					$ 8.47
Vested \| $ / shares					8.47
Nonvested RSUs at end of period \| $ / shares			$ 8.47		$ 8.47
Stock Incentive Plan 2021 \| RSU \| General and administrative
Restricted stock units
Stock compensation expense \| $			$ 40,900		$ 40,900

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
INCOME TAXES
Effective tax rate from continuing operations	0.00%	0.00%	0.00%	0.00%
Income tax provision	$ 0	$ 0	$ 0	$ 0
Federal statutory rate			21.00%
Realized deferred tax assets	$ 0		$ 0

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	Jun. 19, 2020USD ($)shares	Sep. 04, 2019USD ($)	Jul. 20, 2018USD ($)item	Apr. 18, 2018USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020agreement	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)agreement
Related party transactions
Number of separate consulting agreements \| agreement						2		2
Related party transactions					$ 0		$ 0
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								$ 540,700
Shares issued for services rendered \| shares	320,000
Cash consideration	$ 0
CFO and COO
Related party transactions
Consulting fee paid								$ 100,000
Shares issued for services rendered \| shares	402,000
Cash consideration	$ 0
Consulting fee per month		$ 10,000		$ 2,500

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($)	Jul. 26, 2021	Jul. 02, 2021
Subsequent events
Proceeds from issuance of common stock		$ 37,121,200
Underwriting discounts and commissions		2,399,900
Offering expenses		$ 478,900
Shares issued		8,000,000
Share price		$ 5
Number of warrants issued		400,000
Warrant exercise price		$ 6.25
In Silico Solutions
Acquisition
Interest percentage acquired	100.00%
Shares issued in acquisition	50,189
Restricted stock units granted	33,177