Kiromic BioPharma (KRBP) 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 13, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
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 Stock, par value $0.001 per share
Trading Symbol	KRBP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
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		15,669,340
Entity Central Index Key	0001792581
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 15,123,100	$ 25,353,900
Accounts receivable		16,200
Prepaid expenses and other current assets	1,607,900	1,699,400
Total current assets	16,731,000	27,069,500
Property and equipment, net	6,900,400	3,629,000
Operating lease right-of-use asset	2,227,300
Other assets	31,100	31,100
Total Assets	25,889,800	30,729,600
Current Liabilities:
Accounts payable	2,302,600	2,214,300
Accrued expenses and other current liabilities	1,036,600	741,000
Note payable	285,700	454,500
Operating lease liability - short term	480,300
Total current liabilities	4,105,200	3,409,800
Deferred rent	5,500
Operating lease liability - long term	1,747,000
Total Liabilities	5,857,700	3,409,800
Commitments and contingencies
Stockholders' Equity:
Common stock, $0.001 par value: 300,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 15,585,587 shares and 15,477,518 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	9,300	9,300
Additional paid-in capital	94,607,100	94,527,000
Accumulated deficit	(74,584,300)	(67,216,500)
Total Stockholders' Equity	20,032,100	27,319,800
Total Liabilities and Stockholders' Equity	$ 25,889,800	$ 30,729,600

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	15,585,587	15,488,516
Common stock, outstanding	15,585,587	15,488,516

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses:
Research and development	$ 2,925,800	$ 1,885,600
General and administrative	4,439,200	2,071,000
Total operating expenses	7,365,000	3,956,600
Loss from operations	(7,365,000)	(3,956,600)
Other income (expense)
Gain on loan extinguishment		105,800
Interest expense	(2,800)	(3,700)
Total other income (expense)	(2,800)	102,100
Net loss	$ (7,367,800)	$ (3,854,500)
Net loss per share, basic	$ (0.48)	$ (0.53)
Net loss per share, diluted	$ (0.48)	$ (0.53)
Weighted average common shares outstanding, basic	15,542,444	7,332,999
Weighted average common shares outstanding, diluted	15,542,444	7,332,999

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
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 issuance		(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, 2021	$ 9,300	94,527,000	(67,216,500)	27,319,800
Balance at beginning of period (in shares) at Dec. 31, 2021	15,488,516
Common stock discount amortization		85,100		85,100
Warrants underlying common stock issuance		(85,100)		(85,100)
Released restricted stock units (in shares)	97,071
Stock compensation expense		80,100		80,100
Net loss			(7,367,800)	(7,367,800)
Balance at end of period at Mar. 31, 2022	$ 9,300	$ 94,607,100	$ (74,584,300)	$ 20,032,100
Balance at end of period (in shares) at Mar. 31, 2022	15,585,587

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (7,367,800)	$ (3,854,500)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation	182,800	95,600
Stock compensation expense	80,100	945,200
Gain on loan extinguishment		(105,800)
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	16,200
Prepaid expenses and other current assets	91,500	75,400
Operating lease right-of-use asset	(2,227,300)
Accounts payable	(882,800)	273,600
Accrued expenses and other current liabilities	295,600	(65,400)
Deferred rent	5,500
Operating lease liability	2,227,300
Net cash used for operating activities	(7,578,900)	(2,635,900)
Cash flows from investing activities:
Purchases of property and equipment	(2,483,100)	(44,700)
Net cash used for investing activities	(2,483,100)	(44,700)
Cash flows from financing activities:
Repayments of note payable	(168,800)	(134,600)
Net cash used for financing activities	(168,800)	(134,600)
Net change in cash and cash equivalents	(10,230,800)	(2,815,200)
Cash and cash equivalents:
Beginning of year	25,353,900	10,150,500
End of period	15,123,100	7,335,300
Supplemental disclosures of non-cash investing and financing activities:
Accounts payable and accruals for property and equipment	971,100	264,400
Cash paid for interest on note payable	$ 2,800	$ 3,700

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2022
ORGANIZATION
ORGANIZATION	KIROMIC BIOPHARMA, INC. Notes to Condensed Consolidated Financial Statements (Unaudited) 1. ORGANIZATION Nature of Business Kiromic BioPharma, Inc. and subsidiaries (the "Company") is a clinical stage fully integrated biotherapeutics company formed under the Texas Business Organizations Code in December 2012. The Company is an artificial intelligence-driven, end-to-end CAR-T and gene therapy company, developing the first multi-indication allogeneic CAR-T cell therapy, that exploits the natural potency of Gamma Delta T-cells to target solid cancers. The Company maintains offices in Houston, Texas. The Company has not generated any revenues to date. The Company is developing its brand of CAR-T cell product candidates known as ALEXIS. The two product candidates are called ALEXIS-PRO-1 and ALEXIS-ISO-1. ALEXIS-PRO-1 is an allogeneic gamma delta chimeric T cell therapy product candidate targeting PD-L1. ALEXIS-ISO-1 is an allogenic gamma delta CAR-T cell therapy product candidate targeting Isomesothelin (the isoform of Mesothelin). These are designed to treat cancer by capitalizing on the immune system’s ability to destroy cancer cells. We filed two investigational new drug (“IND”) applications in May 2021 for ALEXIS-PRO-1 and ALEXIS-ISO-1. The Food and Drug Administration (“FDA”) placed these applications under a clinical hold in June 2021. On July 13, 2021, the Company received the FDA’s formal clinical hold letters, which asked the Company to address key components regarding the chemical, manufacturing, and control components of the IND applications. Those components included tracing of all reagents used in manufacturing, flow chart of manufacturing processes, and certificate of analysis. The Company is currently working on addressing the FDA’s comments. 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 $7,578,900 for the three months ended March 31, 2022, and an accumulated deficit of $74,584,300 as of March 31, 2022. 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 does not have sufficient cash on hand or available liquidity to meet its obligations through the twelve months following the date the condensed consolidated financial statements are issued. 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’s plans include evaluating different strategies to obtain the required funding of future operations. These plans 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 ​

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
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 with 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 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 Goodwill— The Company assessed events and circumstances as of December 31, 2021 which was primarily driven by a reduced stock price as of December 31, 2021. The carrying value of the Company’s assets was in excess of the market value of equity as of December 31, 2021. After analyzing this quantitative circumstance along with other qualitative considerations, the Company’s management determined that an impairment of the entire value of the goodwill was appropriate. Accordingly, the Company incurred an impairment expense on the statement of operations totaling $430,000 during the year ended December 31, 2021. Since the Company records a full valuation allowance to offset any deferred tax assets, the Company does not believe this impairment would result in any material tax impact. 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 unrecognized tax benefits on the income tax expense line in the accompanying condensed consolidated statements of operations. No such interest or penalties were recognized during the three months ended March 31, 2022 and 2021. 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. 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 months ended March 31, 2022 and 2021. Nonvested Stock Options and Restricted Stock Units The vesting conditions for stock options and restricted stock units include annual vesting, monthly vesting, and fully vesting upon grant date. 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 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 months ended March 31, 2022 and 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. Segment Data Recently Issued Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases retroactive transition approach will be required for operating leases existing at or entered into after the beginning of the earliest comparative period presented. The Company notes that adopting the new standard resulted in recording a lease liability In June 2016, FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) ​

NET LOSS PER SHARE OF COMMON ST

NET LOSS PER SHARE OF COMMON STOCK	3 Months Ended
	Mar. 31, 2022
NET LOSS PER COMMON SHARE
NET LOSS PER SHARE OF COMMON STOCK	3. NET LOSS PER SHARE OF COMMON STOCK Basic and diluted net loss per share of common stock is determined by dividing net loss less deemed dividends by the weighted-average shares of common stock outstanding during the period. For all periods presented, the shares of common stock underlying the stock options, and restricted stock units have been excluded from the calculation because their effect would be anti-dilutive. Therefore, the weighted-average shares of common stock outstanding used to calculate both basic and diluted loss per share of common stock are the same. The following table illustrates the computation of basic and diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2022 2021 Net loss ​ $ (7,367,800) ​ $ (3,854,500) Less: initial public offering Common Stock discount amortization ​ ​ (24,700) ​ ​ (24,700) Less: public offering Common Stock discount amortization ​ (60,400) ​ — Net loss attributable to common shareholders, basic and diluted ​ $ (7,452,900) ​ $ (3,879,200) Weighted average common shares outstanding, basic and diluted ​ 15,542,444 ​ 7,332,999 Net loss per common share, basic and diluted ​ $ (0.48) ​ $ (0.53) ​ For the three months ended March 31, 2022 and 2021, potentially dilutive securities excluded from the computations of diluted weighted-average shares of common stock outstanding were: ​ ​ ​ ​ ​ ​ ​ March 31, March 31, ​ ​ 2022 ​ 2021 Stock options — 677 Restricted stock units ​ — ​ 32,000 Total — 32,677 ​

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2022
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT	4. PROPERTY AND EQUIPMENT Property and equipment consisted of the following as of March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Equipment ​ $ 1,651,800 ​ $ 1,593,100 Leasehold improvements ​ 2,936,200 ​ 1,464,700 Office furniture, fixtures, and equipment ​ 109,500 ​ 16,600 Software ​ 359,500 ​ 359,500 Construction in progress ​ 3,057,700 ​ 1,226,600 ​ ​ 8,114,700 ​ 4,660,500 Less: Accumulated depreciation ​ (1,214,300) ​ (1,031,500) Total ​ $ 6,900,400 ​ $ 3,629,000 ​ Depreciation expense was $182,800 and $95,600 for the three months ended March 31, 2022 and 2021, respectively.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Accrued consulting and outside services ​ $ 742,900 ​ $ 467,100 Accrued compensation ​ 293,700 ​ 273,900 Total ​ $ 1,036,600 ​ $ 741,000 ​

LOAN PAYABLE

LOAN PAYABLE	3 Months Ended
	Mar. 31, 2022
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	3 Months Ended
	Mar. 31, 2022
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 December 31, 2021, this financing arrangement was paid in its entirety. ​ In November 2021, the Company entered into a financing arrangement for its Director and Officer Insurance policy. The total amount financed was approximately $665,900 with an annual interest rate of 4.59% , to be paid over a period of ten months . As of March 31, 2022 and December 31, 2021, the remaining payable balance on the financed amount was $285,700 and $454,500 , respectively. ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	8. License Agreements ​ Strategic Alliance Agreement with Leon Office (H.K.) — ​ Legal Proceedings ​ The Company disputes Terrell’s claims and allegations in the Action and intends to vigorously defend against them. On May 21, 2021, the Company filed a motion to dismiss Terrell’s claims in the actions with prejudice, arguing that (i) Terrell’s options-related claims fail because his 2014 and January 2017 agreements were explicitly superseded by a later options agreement, under which Terrell relinquished his prior options; and (ii) Terrell is not entitled to indemnification because the Action relates to contracts between the Company and Terrell in his personal capacity, and not in connection with any activities or duties of Terrell in his official capacity as former director. In response to the motion, filed on June 21, 2021, Terrell withdrew his claim for indemnification, but opposed the portion seeking dismissal of his declaratory judgment claim. The motion was fully briefed with the filing of the Company’s reply brief on July 7, 2021. Oral argument was held before the Vice Chancellor on October 20, 2021. During oral argument, the Vice Chancellor invited the parties to submit supplemental letter briefs on the question of whether the Court of Chancery even had the authority to adjudicate the Action in light of the delegation of authority in Terrell’s most recent stock option agreement with the Company (the “SOA”) to the Company’s Compensation Committee to resolve all disputes regarding the interpretation of the SOA. The parties submitted simultaneous supplemental letters briefs on this issue on November 15, 2021. On January 20, 2022, the Vice Chancellor issued her decision on our motion to dismiss, ruling that the Action is stayed until the Compensation Committee itself resolves whether it has sole authority to resolve the parties’ contract interpretation dispute. ​ Subsequently, the parties agreed upon a process for coordinating submissions and/or presentations to the Compensation Committee. The parties made their respective written submissions to the Compensation Committee on March 31, 2022 and are awaiting the Compensation Committee’s determination(s). ​ In the interim, as noted, the Action is stayed and no further proceedings are taking place. In a separate matter, on or about August 17 and 23, 2021, Tony Tontat, who at the time was the Chief Financial Officer and a member of the Board, submitted substantially identical reports (the “Complaints”) through the Company’s complaint hotline. These Complaints, alleged, among other topics, risks associated with the Company’s public disclosures in securities filings and in statements made to the public, investors, and potential investors regarding (i) the anticipated timing of the FDA authorization of the IND applications and (ii) the anticipated timing of human clinical trials. These Complaints were subsequently submitted to the Audit Committee of the Board. After receiving the Complaints, the Audit Committee recommended that the Board form, and the Board did in turn form, a Special Committee comprised of three independent directors (the “Special Committee”) to review the Complaints and other related issues (the “Internal Review”). The Special Committee retained an independent counsel to assist it in conducting the Internal Review. ​ On February 2, 2022, following the conclusion of the Internal Review, the Company’s Special Committee reported the results of its Internal Review to the Board. The Board approved certain actions to address the fact that the Company had received communications from the FDA on June 16 and June 17, 2021 that the FDA was placing the IND applications that the Company submitted to the FDA on May 14 and May 17, 2021 for the ALEXIS-PRO-1 and ALEXIS-ISO-1 product candidates, respectively, on clinical hold (the “June 16 and 17 FDA Communications”). On July 13, 2021, the Company received the FDA’s formal clinical hold letters, which asked the Company to address key components regarding the chemical, manufacturing, and control components of the IND applications. On July 16, 2021, the Company issued a press release disclosing that it had received comments from the FDA on the two INDs, but did not use the term “clinical hold.” The Company then consummated a public offering of $40 million of its common stock pursuant to the Registration Statement on July 2, 2021. On August 13, 2021, the Company issued a press release announcing that these INDs were placed on clinical hold. The Company did not disclose the June 16 and 17, 2021 FDA Communications in (i) the Registration Statement on Form S-1 (Registration No. 333-257427) that was filed on June 25, 2021 and declared effective on June 29, 2021, nor the final prospectus contained therein dated June 29, 2021 (collectively, the “Registration Statement”); or (ii) the Form 10-Q for the fiscal quarter ended June 30, 2021 that was filed with the Securities and Exchange Commission on August 13, 2021. ​ As a result of the disclosure omission of the June 16 and 17 FDA Communications, on March 7, 2022, entities related to Sabby Management LLC (the “Sabby Entities”) and Empery Asset Management, LP (the “Empery Entities”) filed a complaint in the District Court for the Southern District of New York alleging claims against the Company and certain current and former officers and directors of the Company for alleged violations of Sections 11, 12, and 15 of the Securities Act of 1933 in connection with the purchase of common stock through the Company’s public offering that closed on July 2, 2021. The plaintiffs seek unspecified damages; rescission to the extent they still hold the Company’s securities, or if sold, rescissory damages; reasonable costs and expenses, including attorneys’ and experts’ fees; and other unspecified equitable and injunctive relief. The parties have agreed that the Defendants’ shall respond to the complaint on June 30, 2022. The Company has evaluated that it is reasonably possible that the Sabby Entities’ and Empery Entities’ claims may result in an estimated loss ranging between $0 and $8,100,000. ​ Similarly, the Company has evaluated that it is reasonably possible that other unasserted claims in future litigation and losses may occur. However, the Company is unable to estimate any possible range of loss attributed to other unasserted claims at this time. ​ The Company regularly assesses all contingencies and believes, based on information presently known, the Company is not involved in any other matters that would have a material effect on the Company’s financial position, results of operations and cash flows. ​

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2022
ACQUISITIONS
ACQUISITIONS	9. InSilico On July 26, 2021, the Company completed its previously announced acquisition of InSilico pursuant to the Membership Interest Purchase Agreement (the “Purchase Agreement”) with InSilico and Michael Ryan (the “Seller”). ​ Pursuant to the terms of the Purchase Agreement, the Company acquired 100% of the membership interest of InSilico by delivering 50,189 shares to the Seller, and granting 33,177 restricted stock units to the employees of InSilico under the Company’s 2021 Plan (the “Acquisition”). At the closing of the Acquisition, InSilico became a wholly-owned subsidiary of the Company. InSilico, based in Fairfax, VA, is a world class bioinformatics and artificial intelligence services company. ​ The Company determined fair values for the assets purchased, liabilities assumed, and purchase consideration as of the date of acquisition in the following table. The determination of the estimated fair value required management to make significant estimates and assumptions. See below for the fair value of purchase consideration and fair value of net assets acquired. ​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value ​ ​ at Acquisition Date Fair value of purchase consideration ​ ​ ​ ​ Fair value of common stock issued to Seller ​ $ 400,000 ​ Fair value of restricted stock units granted ​ ​ 140,000 ​ Fair value of purchase consideration ​ $ 540,000 ​ ​ ​ ​ ​ ​ Fair value of net assets acquired ​ ​ ​ ​ Cash ​ $ 84,000 ​ Accounts receivable ​ ​ 26,000 ​ Fixed asset ​ ​ 1,000 ​ Goodwill (a) ​ ​ 430,000 ​ Other current liabilities ​ ​ (1,000) ​ Fair value of net assets acquired ​ 540,000 ​ ​ ​ (a) Goodwill represents the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of the business acquired. This amount also includes intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating InSilico processes with the Company’s. ​ The Company assessed events and circumstances as of December 31, 2021 which was primarily driven by a reduced stock price as of December 31, 2021. The carrying value of the Company’s assets was in excess of the market value of equity as of December 31, 2021. After analyzing this quantitative circumstance along with other qualitative considerations, the Company’s management determined that an impairment of the entire value of the goodwill was appropriate. Accordingly, the Company recorded impairment expense of $430,000 during the year ended December 31, 2021.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2022
Leases
LEASES	10. The Company adopted FASB ASU No. 2016-02, Leases (Topic 842) on January 1, 2022, using the modified retrospective method, in which it did not restate prior periods. Upon adoption, the Company elected the package of practical expedients permitted under the transition guidance within Topic 842 which, among other things, allowed the Company to carry forward the historical lease classification. In our implementation of ASU No. 2016-02 the Company elected to discount lease obligations using our incremental borrowing rate, which is derived from information available at the lease commencement date, in determining the present value of lease payments. The Company’s incremental borrowing rate represents the rate of interest that it would have to pay to borrow over a similar term an amount equal to the lease payments in a similar economic environment. The Company considers publicly available data for instruments with similar terms and characteristics when determining its incremental borrowing rates. In addition, we elected the practical expedient to account for the lease and non-lease components on a combined basis. The Company intends to use the full lease term under the existing lease agreement as the lease term, which is currently set to expire on April 30, 2026. As of March 31, 2022, the Company is not able to determine if any renewal options will be exercised. ​ 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. Two further amendments were executed in 2021. The agreements commenced on November 1, 2021, and December 1, 2021 under an operating lease agreement that is noncancelable from commencement until May 1, 2024. The amended lease agreement adds approximately 3,684 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. An amendment to the lease agreement was executed in January 2022 and commenced May 1, 2022. The amendment will add approximately 9,352 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 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 following table indicates the balance sheet line items that include the right-of-use assets and lease liabilities for our operating lease: ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2022 ​ ​ ​ Operating lease Right-of-Use Asset ​ ​ ​ Operating lease ​ $ 2,227,300 Total right-of use asset ​ ​ 2,227,300 ​ ​ ​ ​ Lease Liabilities ​ ​ ​ Operating lease - short term ​ $ (480,300) Operating lease - long term ​ ​ (1,747,000) Deferred rent ​ ​ (5,500) Total lease liabilities ​ ​ (2,232,800) ​ For the three months ended March 31, 2022, the components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ Operating lease cost allocated to research and development expense ​ $ 82,300 ​ Operating lease cost allocated to general and administrative expense ​ ​ 68,100 ​ Total lease expense ​ $ 150,400 ​ Weighted-average remaining lease term ​ ​ 4.08 ​ Weighted-average discount rate ​ ​ 7.12 % ​ ​ As of March 31, 2022 the maturities of the Company’s operating lease liabilities were as follows: ​ ​ ​ ​ ​ Maturity of Lease Liabilities ​ ​ Operating lease 2022 ​ $ 465,300 2023 ​ ​ 626,100 2024 ​ ​ 628,900 2025 ​ ​ 634,600 2026 ​ ​ 212,500 Total lease payments ​ ​ 2,567,400 Less: imputed interest ​ ​ (334,600) Present value of lease payments ​ ​ 2,232,800 ​ ​ The Company maintains a month to month lease in Arlington, VA, which is considered a short term lease. The Company elected to exclude this lease from the determination of the right-of-use asset and lease liability, as permitted under ASC 842. The Company will recognize the lease payments in profit or loss in the statement of operations on a straight-line basis over the term of the lease. ​ Under ASC 840, rent expense recognized under the leases was $69,000 for the three months ended March 31, 2021. ​ Future minimum lease payments under noncancellable operating leases were: ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 2022 ​ $ 616,157 2023 ​ ​ 624,825 2024 ​ ​ 523,939 Total lease payments ​ ​ 1,764,921 ​

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY	3 Months Ended
	Mar. 31, 2022
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	11 . As of March 31, 2022 and December 31, 2021, 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 initial public offering (“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. ​ On July 2, 2021, the Company received net proceeds of $37,118,100 from its public offering, after deducting underwriting discounts and commissions of $2,494,900 and other offering expenses of $457,000 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. ​ Below is a table that outlines the initial value of issuances allocated to the IPO and public offering of common stock and the IPO and public offering common stock discount amortization, during the three months ended March 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Common Stock ​ ​ ​ ​ ​ ​ Balance at January 1, ​ $ 48,264,300 ​ $ 11,975,400 Common stock initial public offering discount amortization ​ ​ 24,700 ​ ​ 24,700 Common stock public offering discount amortization ​ ​ 60,400 ​ ​ — Balance at March 31, ​ $ 48,349,400 ​ $ 12,000,100 ​ 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. As of June 25, 2021, the Company adopted the 2021 Plan. Under the 2021 Plan, the Board 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 880,785 shares and 433,895 shares available for issuance as of March 31, 2022, and December 31, 2021, respectively. ​ 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 March 31, 2022. ​ These warrants were equity classified. As of March 31, 2022 and December 31, 2021, the warrant fair values of $232,600 and $257,300 , 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 % ​ In connection with the public offering on July 2, 2021, the Company granted the underwriters warrants (the “Additional Underwriters’ Warrants”) to purchase an aggregate of 400,000 shares of common stock at an exercise price of $6.25 per share, which is 125% of the initial public offering price. The Additional Underwriters’ Warrants have a five-year term and are not exercisable prior to January 2, 2022. All of the Additional Underwriters’ Warrants were outstanding at March 31, 2022. ​ These warrants were equity classified. As of March 31, 2022 and December 31, 2021, the fair value of the warrants was $868,900 and $929,300 , respectively, and 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 July 2, 2021: ​ ​ ​ ​ ​ Risk-free interest rate 0.40 % Expected volatility 98.27 % Expected life (years) 2.75 Expected dividend yield 0 % ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	12. 2017 Stock Incentive Plan— Stock Options The Black-Scholes option-pricing model has been used previously to estimate the fair value of stock options. However, there were no options granted during the three months ended March 31, 2022 and 2021. ​ The following table summarizes the activity for all stock options outstanding at March 31 under the 2017 Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ ​ Exercise ​ ​ ​ Exercise ​ ​ Shares ​ Price ​ Shares ​ Price Options outstanding at beginning of year 380,909 ​ $ 10.03 489,718 ​ $ 10.03 Granted — ​ — — ​ — Exercised — ​ — — ​ — Cancelled and forfeited (42,037) ​ 9.19 (57,149) ​ 17.88 Balance at March 31 338,872 ​ $ 8.49 432,569 ​ $ 8.99 Options exercisable at March 31: 332,674 ​ $ 8.44 408,306 ​ $ 8.75 Weighted average grant date fair value for options granted and expected to be vested during the period: ​ $ — ​ $ — ​ ​ ​ The following table summarizes additional information about stock options outstanding and exercisable at March 31, 2022 and 2021 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 March 31, Outstanding Life Price Value Exercisable Price Value 2022 338,872 ​ 5.76 ​ ​ 8.49 ​ ​ — ​ 332,674 ​ ​ 8.44 ​ ​ — 2021 432,569 ​ 6.72 ​ ​ 8.99 ​ ​ 839,700 ​ 408,306 ​ ​ 8.75 ​ ​ 269,514 ​ 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 ended March 31, 2022 and 2021 as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2022 2021 Research and development ​ $ 49,000 ​ $ 19,000 General and administrative ​ 8,000 ​ 102,000 Total ​ $ 57,000 ​ $ 121,000 ​ ​ 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 $20,900 of stock compensation expense allocable to general and administrative for the three months ended March 31, 2021. Included in that amount were $9,600 of incremental compensation costs resulting from the modifications for the three months ended March 31, 2021. As of March 31, 2022, total unrecognized stock compensation expense is $61,815 related to unvested stock options to be recognized over the remaining weighted-average vesting period of 0.79 years. 2017 Stock Incentive Plan—Restricted Stock Units The 2017 Plan permits the Company to grant equity awards for 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 three months ended March 31, 2022 and 2021, the fair value of the shares of common stock 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 March 31 under the 2017 Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ Weighted Average ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value ​ ​ ​ Fair Value ​ ​ Shares ​ Per Share ​ Shares ​ Per Share Nonvested RSUs at beginning of year, as restated 510,851 ​ $ 12.48 946,245 ​ $ 12.81 Granted — ​ — 6,019 ​ 9.00 Vested (2,947) ​ 8.71 — ​ — Cancelled and forfeited (334,271) ​ 12.81 — ​ — Nonvested RSUs at March 31, 173,633 ​ $ 11.91 952,264 ​ $ 12.79 ​ Subsequent to the issuance of the December 31, 2021 consolidated financial statements, the Company identified an error related to the calculation of the number of vested shares of restricted stock units related to the Company’s 2017 Equity Incentive Plan. The Company used an incorrect number of vested shares of restricted stock units for the year ended December 31, 2021. Accordingly, the Company restated the number of vested shares of restricted stock units for the year ended December 31, 2021 from 37,802 shares to 393,909 shares, and the resulting total non-vested restricted stock units at December 31, 2021 from 866,958 shares to 510,851 shares. Additionally, the weighted average grant date fair value of vested shares for the year ended December 31, 2021 was restated from $6.51 per share to $11.21 per share, and the weighted average grant date fair value for total nonvested restricted stock units as of December 31, 2021 was restated from $12.16 per share to $12.48 per share. This change did not have any impact on our earnings per share calculations, nor did it have any impact on any previous disclosures related to potentially dilutive securities excluded from the computations of diluted weighted-average shares of common stock outstanding. The Company has evaluated the materiality of this error and concluded that it is not material to the December 31, 2021 consolidated financial statements. Further, the Company will also prospectively restate the previously reported financial information for the related error in future and annual filings for the year ending December 31, 2022. ​ 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 months ended March 31, 2022 and 2021, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2022 2021 Research and development ​ $ 12,000 ​ $ 267,700 General and administrative ​ (7,100) ​ 556,600 Total ​ $ 4,900 ​ $ 824,300 ​ ​ On August 20, 2020, the board of directors canceled and terminated RSUs, granted during the quarter ended June 30, 2020. The cancelled RSUs were originally granted to individuals with a grant date fair value of $ per share. Thereafter, on August 20, 2020, the board of directors granted RSUs to the same individuals with a grant date fair value of $ per share. of the RSU grants were considered vested on the grant date. The RSU grants were modified for employees and non-employees. The effects of the RSU modifications did no t result in any stock compensation expense during the three months ended March 31, 2022. The effects of the RSU modifications resulted in $ and $ of stock compensation expense allocable to research and development and general and administrative, respectively, during the three months ended March 31, 2021. Included in those amounts were incremental compensation costs of $ and $ of stock compensation expense allocable to research and development and general and administrative, respectively, during the three months ended March 31, 2021. ​ 2021 Stock Incentive Plan—Restricted Stock Units The 2021 Plan permits the Company to grant equity awards for 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 three months ended March 31, 2022, the fair value of the shares of common stock 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 March 31, 2022 under the 2021 Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ ​ Fair Value ​ ​ ​ Shares ​ Per Share ​ Nonvested RSUs at beginning of year 62,049 ​ $ 5.52 Granted — ​ — Vested — ​ — Cancelled and forfeited (2,090) ​ 4.22 Nonvested RSUs at March 31, 59,959 ​ $ 5.57 ​ 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 months ended March 31, 2022, as follows: ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2022 Research and development ​ $ 8,300 General and administrative ​ 9,900 Total ​ $ 18,200 ​ ​ ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2022
INCOME TAXES
INCOME TAXES	13. The Company’s effective tax rate from continuing operations was 0% for the three months ended March 31, 2022 and 2021. The Company recorded no income tax provision for the three months ended March 31, 2022 and 2021. 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.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
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 with 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
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
Goodwill	Goodwill— The Company assessed events and circumstances as of December 31, 2021 which was primarily driven by a reduced stock price as of December 31, 2021. The carrying value of the Company’s assets was in excess of the market value of equity as of December 31, 2021. After analyzing this quantitative circumstance along with other qualitative considerations, the Company’s management determined that an impairment of the entire value of the goodwill was appropriate. Accordingly, the Company incurred an impairment expense on the statement of operations totaling $430,000 during the year ended December 31, 2021. Since the Company records a full valuation allowance to offset any deferred tax assets, the Company does not believe this impairment would result in any material tax impact.
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 unrecognized tax benefits on the income tax expense line in the accompanying condensed consolidated statements of operations. No such interest or penalties were recognized during the three months ended March 31, 2022 and 2021.
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.
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 months ended March 31, 2022 and 2021.
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 vesting, monthly vesting, and fully vesting upon grant date. 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 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 months ended March 31, 2022 and 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.
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 retroactive transition approach will be required for operating leases existing at or entered into after the beginning of the earliest comparative period presented. The Company notes that adopting the new standard resulted in recording a lease liability 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)	3 Months Ended
	Mar. 31, 2022
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 SHARE OF COMMON _2

NET LOSS PER SHARE OF COMMON STOCK (Tables)	3 Months Ended
	Mar. 31, 2022
NET LOSS PER COMMON SHARE
Schedule of earnings per share, basic and diluted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2022 2021 Net loss ​ $ (7,367,800) ​ $ (3,854,500) Less: initial public offering Common Stock discount amortization ​ ​ (24,700) ​ ​ (24,700) Less: public offering Common Stock discount amortization ​ (60,400) ​ — Net loss attributable to common shareholders, basic and diluted ​ $ (7,452,900) ​ $ (3,879,200) Weighted average common shares outstanding, basic and diluted ​ 15,542,444 ​ 7,332,999 Net loss per common share, basic and diluted ​ $ (0.48) ​ $ (0.53)
Schedule of antidilutive securities excluded from computation of earnings per share	​ ​ ​ ​ ​ ​ ​ March 31, March 31, ​ ​ 2022 ​ 2021 Stock options — 677 Restricted stock units ​ — ​ 32,000 Total — 32,677

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2022
PROPERTY AND EQUIPMENT
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Equipment ​ $ 1,651,800 ​ $ 1,593,100 Leasehold improvements ​ 2,936,200 ​ 1,464,700 Office furniture, fixtures, and equipment ​ 109,500 ​ 16,600 Software ​ 359,500 ​ 359,500 Construction in progress ​ 3,057,700 ​ 1,226,600 ​ ​ 8,114,700 ​ 4,660,500 Less: Accumulated depreciation ​ (1,214,300) ​ (1,031,500) Total ​ $ 6,900,400 ​ $ 3,629,000

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Schedule of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 Accrued consulting and outside services ​ $ 742,900 ​ $ 467,100 Accrued compensation ​ 293,700 ​ 273,900 Total ​ $ 1,036,600 ​ $ 741,000

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2022
ACQUISITIONS
Schedule of fair value of purchase consideration and fair value of net assets acquired	​ ​ ​ ​ ​ ​ ​ ​ Estimated Fair Value ​ ​ at Acquisition Date Fair value of purchase consideration ​ ​ ​ ​ Fair value of common stock issued to Seller ​ $ 400,000 ​ Fair value of restricted stock units granted ​ ​ 140,000 ​ Fair value of purchase consideration ​ $ 540,000 ​ ​ ​ ​ ​ ​ Fair value of net assets acquired ​ ​ ​ ​ Cash ​ $ 84,000 ​ Accounts receivable ​ ​ 26,000 ​ Fixed asset ​ ​ 1,000 ​ Goodwill (a) ​ ​ 430,000 ​ Other current liabilities ​ ​ (1,000) ​ Fair value of net assets acquired ​ 540,000 ​ ​ ​ (a) Goodwill represents the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of the business acquired. This amount also includes intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating InSilico processes with the Company’s.

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2022
Leases
Schedule of lessee's operating lease right-of-use assets and lease liabilities	​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2022 ​ ​ ​ Operating lease Right-of-Use Asset ​ ​ ​ Operating lease ​ $ 2,227,300 Total right-of use asset ​ ​ 2,227,300 ​ ​ ​ ​ Lease Liabilities ​ ​ ​ Operating lease - short term ​ $ (480,300) Operating lease - long term ​ ​ (1,747,000) Deferred rent ​ ​ (5,500) Total lease liabilities ​ ​ (2,232,800)
Schedule of components of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ Operating lease cost allocated to research and development expense ​ $ 82,300 ​ Operating lease cost allocated to general and administrative expense ​ ​ 68,100 ​ Total lease expense ​ $ 150,400 ​ Weighted-average remaining lease term ​ ​ 4.08 ​ Weighted-average discount rate ​ ​ 7.12 %
Schedule of maturities of operating lease liabilities	As of March 31, 2022 the maturities of the Company’s operating lease liabilities were as follows: ​ ​ ​ ​ ​ Maturity of Lease Liabilities ​ ​ Operating lease 2022 ​ $ 465,300 2023 ​ ​ 626,100 2024 ​ ​ 628,900 2025 ​ ​ 634,600 2026 ​ ​ 212,500 Total lease payments ​ ​ 2,567,400 Less: imputed interest ​ ​ (334,600) Present value of lease payments ​ ​ 2,232,800
Schedule of future minimum lease payments under noncancelable operating leases	​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 2022 ​ $ 616,157 2023 ​ ​ 624,825 2024 ​ ​ 523,939 Total lease payments ​ ​ 1,764,921

STOCKHOLDERS EQUITY (Tables)

STOCKHOLDERS EQUITY (Tables)	3 Months Ended
	Mar. 31, 2022
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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Common Stock ​ ​ ​ ​ ​ ​ Balance at January 1, ​ $ 48,264,300 ​ $ 11,975,400 Common stock initial public offering discount amortization ​ ​ 24,700 ​ ​ 24,700 Common stock public offering discount amortization ​ ​ 60,400 ​ ​ — Balance at March 31, ​ $ 48,349,400 ​ $ 12,000,100
Common Stock Warrants - Representative | Initial Public Offering
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 %
Common Stock Warrants - Representative | Public Offering
Stockholders' Equity
Schedule of assumptions used to estimate fair value of warrants	​ ​ ​ ​ ​ Risk-free interest rate 0.40 % Expected volatility 98.27 % Expected life (years) 2.75 Expected dividend yield 0 %

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
Stock Incentive Plan 2017 | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ Weighted ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ Average ​ ​ ​ ​ Exercise ​ ​ ​ Exercise ​ ​ Shares ​ Price ​ Shares ​ Price Options outstanding at beginning of year 380,909 ​ $ 10.03 489,718 ​ $ 10.03 Granted — ​ — — ​ — Exercised — ​ — — ​ — Cancelled and forfeited (42,037) ​ 9.19 (57,149) ​ 17.88 Balance at March 31 338,872 ​ $ 8.49 432,569 ​ $ 8.99 Options exercisable at March 31: 332,674 ​ $ 8.44 408,306 ​ $ 8.75 Weighted average grant date fair value for options granted and expected to be vested during the period: ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ Options Exercisable ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Weighted ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Remaining ​ Average ​ Aggregate ​ ​ ​ Average ​ Aggregate As of ​ Options ​ Contractual ​ Exercise ​ Intrinsic ​ Options ​ Exercise ​ Intrinsic March 31, Outstanding Life Price Value Exercisable Price Value 2022 338,872 ​ 5.76 ​ ​ 8.49 ​ ​ — ​ 332,674 ​ ​ 8.44 ​ ​ — 2021 432,569 ​ 6.72 ​ ​ 8.99 ​ ​ 839,700 ​ 408,306 ​ ​ 8.75 ​ ​ 269,514
Schedule of stock-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2022 2021 Research and development ​ $ 49,000 ​ $ 19,000 General and administrative ​ 8,000 ​ 102,000 Total ​ $ 57,000 ​ $ 121,000
Stock Incentive Plan 2017 | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted stock unit activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ Weighted Average ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value ​ ​ ​ Fair Value ​ ​ Shares ​ Per Share ​ Shares ​ Per Share Nonvested RSUs at beginning of year, as restated 510,851 ​ $ 12.48 946,245 ​ $ 12.81 Granted — ​ — 6,019 ​ 9.00 Vested (2,947) ​ 8.71 — ​ — Cancelled and forfeited (334,271) ​ 12.81 — ​ — Nonvested RSUs at March 31, 173,633 ​ $ 11.91 952,264 ​ $ 12.79
Schedule of stock-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2022 2021 Research and development ​ $ 12,000 ​ $ 267,700 General and administrative ​ (7,100) ​ 556,600 Total ​ $ 4,900 ​ $ 824,300
Stock Incentive Plan 2021 | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of restricted stock unit activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ ​ ​ ​ Fair Value ​ ​ ​ Shares ​ Per Share ​ Nonvested RSUs at beginning of year 62,049 ​ $ 5.52 Granted — ​ — Vested — ​ — Cancelled and forfeited (2,090) ​ 4.22 Nonvested RSUs at March 31, 59,959 ​ $ 5.57
Schedule of stock-based compensation	​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2022 Research and development ​ $ 8,300 General and administrative ​ 9,900 Total ​ $ 18,200

ORGANIZATION (Details)

ORGANIZATION (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
ORGANIZATION
Cash flow from operations	$ (7,578,900)	$ (2,635,900)
Accumulated deficit	$ (74,584,300)		$ (67,216,500)

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Mar. 31, 2022item
Deferred costs
Number of lease facilities with deposit held by lessor	1

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property and Equipment
Impairment of long-lived assets held-for-use	$ 0		$ 0
Goodwill impairment expense			$ 430,000
Unrecognized tax benefits, interest or penalties	$ 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
Laboratory equipment | Minimum
Property and Equipment
Property plant and equipment useful life	3 years
Laboratory equipment | Maximum
Property and Equipment
Property plant and equipment useful life	8 years
Leasehold improvements | Minimum
Property and Equipment
Property plant and equipment useful life	1 year
Leasehold improvements | Maximum
Property and Equipment
Property plant and equipment useful life	7 years
Office furniture, fixtures, and equipment
Property and Equipment
Property plant and equipment useful life	5 years
Software | 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
Software development costs
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
	Mar. 31, 2022	Mar. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Changes in fair value hierarchy levels	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nonvested Stock Options (Details)	3 Months Ended
	Mar. 31, 2022
Nonvested Stock Options
Expected dividend yield	0.00%
Monthly Vesting Conditions | Minimum | Restricted Stock Units
Nonvested Stock Options
Vesting period	6 months
Monthly Vesting Conditions | Maximum | Restricted Stock Units
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

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently issued accounting pronouncements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2022
Adoption of accounting pronouncements
Operating lease liability		$ 2,232,800
Operating lease right-of-use asset		$ 2,227,300
Cumulative Effect, Period of Adoption, Adjustment
Adoption of accounting pronouncements
Operating lease liability	$ 2,067,000
Operating lease right-of-use asset	$ 2,063,400
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate201602Member

NET LOSS PER SHARE OF COMMON _3

NET LOSS PER SHARE OF COMMON STOCK - Computation of basic and diluted earnings per share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
NET LOSS PER COMMON SHARE
Net loss	$ (7,367,800)	$ (3,854,500)
Less: Initial Public Offering Common Stock discount amortization	(24,700)	(24,700)
Less: public offering Common Stock discount amortization	(60,400)
Net loss attributable to common shareholders, basic	(7,452,900)	(3,879,200)
Net loss attributable to common shareholders, diluted	$ (7,452,900)	$ (3,879,200)
Weighted average common shares outstanding, basic	15,542,444	7,332,999
Weighted average common shares outstanding, diluted	15,542,444	7,332,999
Net loss per common share, basic	$ (0.48)	$ (0.53)
Net loss per common share, diluted	$ (0.48)	$ (0.53)

NET LOSS PER SHARE OF COMMON _4

NET LOSS PER SHARE OF COMMON STOCK - Dilutive Securities Excluded From the Computations of Earnings Per Share (Details)	3 Months Ended
	Mar. 31, 2021shares
Dilutive Securities Excluded From the Computations of Earnings Per Share
Potentially dilutive securities	32,677
Stock Options
Dilutive Securities Excluded From the Computations of Earnings Per Share
Potentially dilutive securities	677
Restricted Stock Units
Dilutive Securities Excluded From the Computations of Earnings Per Share
Potentially dilutive securities	32,000

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	$ 8,114,700		$ 4,660,500
Less: Accumulated depreciation	(1,214,300)		(1,031,500)
Total	6,900,400		3,629,000
Depreciation	182,800	$ 95,600
Equipment
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	1,651,800		1,593,100
Leasehold improvements
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	2,936,200		1,464,700
Office furniture, fixtures, and equipment
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	109,500		16,600
Software
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	359,500		359,500
Construction in progress
PROPERTY AND EQUIPMENT
Property, Plant and Equipment, Gross	$ 3,057,700		$ 1,226,600

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued consulting and outside services	$ 742,900	$ 467,100
Accrued compensation	293,700	273,900
Total	$ 1,036,600	$ 741,000

LOAN PAYABLE (Details)

LOAN PAYABLE (Details) - SBA Loan - USD ($)	Feb. 16, 2021	May 01, 2020	Dec. 31, 2020
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 forgiveness	$ 105,800

NOTE PAYABLE (Details)

NOTE PAYABLE (Details) - USD ($)	1 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Mar. 31, 2022	Dec. 31, 2021
Note payable
Note payable			$ 285,700	$ 454,500
Director and Officer Insurance Policy Financing
Note payable
Note payable	$ 665,900	$ 540,500	$ 285,700	$ 454,500
Interest rate	4.59%	4.59%
Note term	10 months	9 months

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Legal proceedings (Details)	Jul. 02, 2021USD ($)	Mar. 22, 2021$ / sharesshares	Jan. 28, 2021USD ($)installment	Mar. 07, 2022USD ($)
Strategic Alliance Agreement
Legal proceedings
Proceeds from issuance of common stock	$ 40,000,000
Jason Terrell - 2014 Consulting Agreement
Legal proceedings
Number of stock options sought | shares		500,000
Stock option exercise price | $ / shares		$ 0.50
Jason Terrell - 2017 Non-employee Director Options Agreement
Legal proceedings
Number of stock options sought | shares		500,005
Stock option exercise price | $ / shares		$ 0.17
Sabby Volatility Warrant Master Fund Ltd | Minimum
Strategic Alliance Agreement
Estimated loss from legal complaint				$ 0
Sabby Volatility Warrant Master Fund Ltd | Maximum
Strategic Alliance Agreement
Estimated loss from legal complaint				$ 8,100,000
Leon Office (H.K.) | Strategic Alliance Agreement
Strategic Alliance Agreement
Annual cost			$ 360,000
Number of quarterly installments | installment			4

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($)	Jul. 26, 2021	Dec. 31, 2021
Fair value of net assets acquired
Goodwill impairment expense		$ 430,000
InSilico
Acquisitions
Interest percentage acquired	100.00%
Common shares issued for Insilico Solutions LLC Membership Purchase Agreement (in shares)	50,189
Restricted stock units granted	33,177
Fair value of purchase consideration
Fair value of common stock issued to Seller	$ 400,000
Fair value of restricted stock units granted	140,000
Fair value of purchase consideration	540,000
Fair value of net assets acquired
Cash	84,000
Accounts receivable	26,000
Fixed asset	1,000
Goodwill	430,000
Other current liabilities	(1,000)
Fair value of net assets acquired	$ 540,000
Goodwill impairment expense		$ 430,000

LEASES - Lease information (Det

LEASES - Lease information (Details)	May 01, 2022USD ($)item	Dec. 01, 2021USD ($)item	Aug. 01, 2021USD ($)	Mar. 31, 2022
Leases
Lease, Practical Expedients, Package [true false]				true
Additional office space leased	9,352	3,684	15,385
Period of time after notice of cancellation that the lease effectively terminates	90 days	90 days	90 days
Number of lease amendments executed | item		2
Number of months rent due as a termination payment if lease cancellation option exercised | item	3
Monthly rent - Years one and two	$ 4,800
Monthly rent - Years three and four	4,896
Monthly rent - Year five	$ 5,000

LEASES - Balance sheet disclosu

LEASES - Balance sheet disclosures (Details)	Mar. 31, 2022USD ($)
Leases
Operating lease right-of-use asset	$ 2,227,300
Operating lease liability - short term	(480,300)
Operating lease liability - long term	(1,747,000)
Deferred rent	(5,500)
Total lease liabilities	$ (2,232,800)

LEASES - Components of lease ex

LEASES - Components of lease expense (Details)	3 Months Ended
	Mar. 31, 2022USD ($)
Operating leases
Operating lease cost	$ 150,400
Weighted-average remaining lease term	4 years 29 days
Weighted-average discount rate	7.12%
Research and development
Operating leases
Operating lease cost	$ 82,300
General and administrative
Operating leases
Operating lease cost	$ 68,100

LEASES - Operating lease liabil

LEASES - Operating lease liability maturities (Details)	Mar. 31, 2022USD ($)
Operating leases
2022	$ 465,300
2023	626,100
2024	628,900
2025	634,600
2026	212,500
Total lease payments	2,567,400
Less: imputed interest	(334,600)
Present value of lease payments	$ 2,232,800

LEASES - Future minimum lease p

LEASES - Future minimum lease payments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2021
Leases
Rent expense	$ 69,000
Future minimum commitments
2022		$ 616,157
2023		624,825
2024		523,939
Total		$ 1,764,921

STOCKHOLDERS EQUITY - Informati

STOCKHOLDERS EQUITY - Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Jun. 25, 2021
Stockholder's equity (Deficit)
Preferred stock, authorized	60,000,000	60,000,000
Common stock, authorized	300,000,000	300,000,000
Stock compensation expenses	$ 18,200
Dividend paid	$ 0
Shares available for issuance	880,785	433,895
Stock Incentive Plan 2021
Stockholder's equity (Deficit)
Authorized shares			200,000
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)
Preferred stock, authorized	16,500,000	16,500,000

STOCKHOLDERS EQUITY - Common St

STOCKHOLDERS EQUITY - Common Stock (Details) - USD ($)	Jul. 02, 2021	Oct. 15, 2020	Mar. 31, 2022	Mar. 31, 2021
Common stock
Beginning balance			$ 48,264,300	$ 11,975,400
Common stock discount amortization			85,100	24,700
Ending Balance			48,349,400	12,000,100
Initial Public Offering
Common stock
Common stock initial public offering 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
Common stock discount amortization			24,700	$ 24,700
Public Offering
Common stock
Proceeds from issuance of common stock net of issuance costs	$ 37,118,100
Underwriting discounts and commissions	2,494,900
Offering expenses	$ 457,000
Shares issued	8,000,000
Share price	$ 5
Common stock discount amortization			$ 60,400

STOCKHOLDERS EQUITY - Represent

STOCKHOLDERS EQUITY - Representative's Warrants (Details) - Common Stock Warrants - Representative	Jul. 02, 2021$ / sharesshares	Oct. 15, 2020$ / sharesshares	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Initial Public Offering
Weighted average valuation assumptions
Warrants fair value | $			$ 232,600	$ 257,300
Warrants and Rights Outstanding, Valuation Technique [Extensible List]		us-gaap:ValuationTechniqueOptionPricingModelMember
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%
Public Offering
Weighted average valuation assumptions
Warrants fair value | $			$ 868,900	$ 929,300
Warrants and Rights Outstanding, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueOptionPricingModelMember
Warrants and Rights Outstanding, Term	5 years
Warrants
Number of warrants granted | shares	400,000
Warrant exercise price | $ / shares	$ 6.25
Exercise price as a percentage of the initial offering price	125.00%
Measurement Input, Risk Free Interest Rate | Initial Public Offering
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input		0.0018
Measurement Input, Risk Free Interest Rate | Public Offering
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input	0.0040
Measurement Input, Price Volatility | Initial Public Offering
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input		0.9408
Measurement Input, Price Volatility | Public Offering
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input	0.9827
Measurement Input, Expected Term | Initial Public Offering
Weighted average valuation assumptions
Warrants and Rights Outstanding, Term		2 years 8 months 26 days
Measurement Input, Expected Term | Public Offering
Weighted average valuation assumptions
Warrants and Rights Outstanding, Term	2 years 9 months
Measurement Input, Expected Dividend Rate | Initial Public Offering
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input		0
Measurement Input, Expected Dividend Rate | Public Offering
Weighted average valuation assumptions
Warrants and Rights Outstanding, Measurement Input	0

STOCK-BASED COMPENSATION - Weig

STOCK-BASED COMPENSATION - Weighted-average Assumptions (Details)	3 Months Ended
	Mar. 31, 2022
Weighted average assumptions
Expected dividend yield	0.00%

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summarizes Stock Options Outstanding (Details) - Stock Incentive Plan 2017 - Stock Options - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock option activity
Options outstanding at beginning of year	380,909	489,718
Cancelled and forfeited	(42,037)	(57,149)
Balance at end of period	338,872	432,569
Options exercisable at March 31:	332,674	408,306
Intrinsic value of options exercised		$ 269,514
Weighted average exercise price
Options outstanding at beginning of year	$ 10.03	$ 10.03
Cancelled and forfeited	9.19	17.88
Balance at end of period	8.49	8.99
Options exercisable at March 31:	$ 8.44	$ 8.75
Additional stock option information
Options outstanding, number	338,872	432,569
Options outstanding, weighted average remaining contractual life	5 years 9 months 3 days	6 years 8 months 19 days
Options outstanding, weighted average exercise price	$ 8.49	$ 8.99
Options outstanding, aggregate intrinsic value		$ 839,700
Options exercisable, number	332,674	408,306
Options exercisable, weighted average exercise price	$ 8.44	$ 8.75

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Option Modifications (Details)	Aug. 20, 2020employee$ / sharesshares	Mar. 31, 2022USD ($)shares	Mar. 31, 2021USD ($)shares
Stock compensation expense
Stock compensation expense		$ 18,200
Research and development
Stock compensation expense
Stock compensation expense		8,300
General and administrative
Stock compensation expense
Stock compensation expense		9,900
Stock Incentive Plan 2017 | Stock Options
Stock compensation expense
Stock compensation expense		$ 57,000	$ 121,000
Cancelled and forfeited | shares		42,037	57,149
Number of individuals affected by modifications | employee	4
Total unrecognized stock compensation expense		$ 61,815
Weighted-average period over which cost not yet recognized is expected to be recognized		9 months 14 days
Stock Incentive Plan 2017 | Stock Options | Research and development
Stock compensation expense
Stock compensation expense		$ 49,000	$ 19,000
Stock Incentive Plan 2017 | Stock Options | General and administrative
Stock compensation expense
Stock compensation expense		$ 8,000	102,000
Effect of modifications on stock compensation expense			20,900
Incremental compensation costs			$ 9,600
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 and expected to be vested during the year: | $ / shares	$ 12.81
Options vested | shares	3,959

STOCK-BASED COMPENSATION - 2017

STOCK-BASED COMPENSATION - 2017 and 2021 Stock Incentive Plan-Restricted Stock Units (Details)	Aug. 20, 2020employeeindividual$ / sharesshares	Jan. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2021$ / sharesshares	Jun. 30, 2021shares	Jun. 25, 2021shares	Jan. 31, 2017shares
Restricted stock units
Stock compensation expense | $			$ 18,200
Research and development
Restricted stock units
Stock compensation expense | $			8,300
General and administrative
Restricted stock units
Stock compensation expense | $			9,900
Stock Incentive Plan 2017 | Restricted Stock Units
Restricted stock units
Authorized shares								1,708,615
Number of individuals affected by modifications | individual	5
Stock compensation expense | $		$ 4,900		$ 824,300
Effect of modifications on stock compensation expense | $			$ 0
Restricted stock unit activity
Nonvested RSUs at beginning of year		510,851	510,851	946,245	946,245
Granted	946,245			6,019
Vested	0		(2,947)
Cancelled and forfeited	(709,334)		(334,271)
Nonvested RSUs at end of period			173,633	952,264	510,851
Weighted average grant day fair value per share
Nonvested RSUs at beginning of year | $ / shares		$ 12.48	$ 12.48	$ 12.81	$ 12.81
Granted | $ / shares	$ 12.81			9
Vested | $ / shares			8.71
Cancelled and forfeited | $ / shares	$ 12.87		12.81
Nonvested RSUs at end of period | $ / shares			$ 11.91	$ 12.79	$ 12.48
Stock Incentive Plan 2017 | Restricted Stock Units | Research and development
Restricted stock units
Stock compensation expense | $		$ 12,000		$ 267,700
Effect of modifications on stock compensation expense | $				267,700
Incremental compensation costs | $				20,400
Stock Incentive Plan 2017 | Restricted Stock Units | General and administrative
Restricted stock units
Stock compensation expense | $		$ (7,100)		556,600
Effect of modifications on stock compensation expense | $				556,600
Incremental compensation costs | $				$ 44,700
Stock Incentive Plan 2017 | Restricted Stock Units | Non-Employees
Restricted stock units
Number of individuals affected by modifications | individual	2
Stock Incentive Plan 2017 | Restricted Stock Units | Employees
Restricted stock units
Number of individuals affected by modifications | employee	3
Stock Incentive Plan 2017 | Restricted Stock Units | Previously Reported
Restricted stock unit activity
Nonvested RSUs at beginning of year		866,958	866,958
Vested					(37,802)
Nonvested RSUs at end of period					866,958
Weighted average grant day fair value per share
Nonvested RSUs at beginning of year | $ / shares		$ 12.16	$ 12.16
Vested | $ / shares					$ 6.51
Nonvested RSUs at end of period | $ / shares					$ 12.16
Stock Incentive Plan 2017 | Restricted Stock Units | Restated
Restricted stock unit activity
Nonvested RSUs at beginning of year		510,851	510,851
Vested					(393,909)
Nonvested RSUs at end of period					510,851
Weighted average grant day fair value per share
Nonvested RSUs at beginning of year | $ / shares		$ 12.48	$ 12.48
Vested | $ / shares					$ 11.21
Nonvested RSUs at end of period | $ / shares					$ 12.48
Stock Incentive Plan 2021
Restricted stock units
Authorized shares							200,000
Stock Incentive Plan 2021 | Maximum
Restricted stock units
Authorized shares						217,292
Stock Incentive Plan 2021 | Restricted Stock Units
Restricted stock unit activity
Nonvested RSUs at beginning of year		62,049	62,049
Cancelled and forfeited			(2,090)
Nonvested RSUs at end of period			59,959		62,049
Weighted average grant day fair value per share
Nonvested RSUs at beginning of year | $ / shares		$ 5.52	$ 5.52
Cancelled and forfeited | $ / shares			4.22
Nonvested RSUs at end of period | $ / shares			$ 5.57		$ 5.52

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
INCOME TAXES
Effective tax rate from continuing operations	0.00%	0.00%
Income tax provision	$ 0	$ 0
Federal statutory rate	21.00%
Realized deferred tax assets	$ 0