PaxMedica, Inc. Common Stock (PXMD) 10-Q 30 Sep 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Sep. 30, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity Registrant Name	PaxMedica, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-41475
Entity Tax Identification Number	85-0870387
Entity Address, Address Line One	303 South Broadway, Suite 125
Entity Address, City or Town	Tarrytown
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	10591
City Area Code	914
Local Phone Number	987-2876
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	PXMD
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		11,779,475
Entity Central Index Key	0001811623
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash	$ 9,056	$ 444,087
Total current assets	9,056	444,087
Deferred offering costs	547,321	204,779
Total assets	556,377	648,866
Current liabilities
Accounts payable	2,163,419	736,251
Accounts payable - related party	162,625	750
Accrued expenses	603,141	680,026
Notes payable - fair value	1,208,950
SAFE liability	1,833,455	4,824,217
Warrant liability	2,481,144	4,516,485
Total current liabilities	8,452,734	10,757,729
Total liabilities	8,452,734	10,757,729
Commitments and contingencies (Note 9)
Stockholders' deficit
Preferred shares, par value $0.0001; 2,696,439 shares authorized; 2,696,439 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively; aggregate liquidation preference of $2,808,148	270	270
Common stock, par value $0.0001; 20,000,000 shares authorized at June 30, 2022 and December 31, 2021; 6,913,492 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	691	691
Additional paid-in capital	9,158,437	8,828,425
Accumulated deficit	(17,055,755)	(18,938,249)
Total stockholders' deficit	(7,896,357)	(10,108,863)
Total liabilities, and stockholders' deficit	$ 556,377	$ 648,866

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
CONDENSED BALANCE SHEETS
Preferred shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, shares authorized (in shares)	2,696,439	2,696,439
Preferred shares, shares issued (in shares)	2,696,439	2,696,439
Preferred shares, shares outstanding (in shares)	2,696,439	2,696,439
Preferred shares, aggregate liquidation preference	$ 2,808,148	$ 2,808,148
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	6,913,492	6,913,492
Common stock, shares outstanding (in shares)	6,913,492	6,913,492

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses
General and administrative	$ 775,963	$ 1,086,939	$ 1,709,780	$ 2,373,932
Research and development	151,425	889,914	1,222,129	1,317,869
Total operating expenses	927,388	1,976,853	2,931,909	3,691,801
Loss from operations	(927,388)	(1,976,853)	(2,931,909)	(3,691,801)
Other income (expense):
Interest expense				(2,805,856)
Gain on conversion of notes				59,890
Loss on issuance of debt	(303,012)		(303,012)
Change in fair value of notes	(103,950)		(103,950)
Change in fair value of SAFE	1,356,545	(878,195)	2,990,762	(3,184,162)
Change in fair value warrant liability	(3,163)	(3,255,356)	2,230,603	(3,708,726)
Other expense		(20,930)		(20,930)
Total other income (expense)	946,420	(4,154,481)	4,814,403	(9,659,784)
Net income (loss)	$ 19,032	$ (6,131,334)	$ 1,882,494	$ (13,351,585)
Basic weighted average number of shares outstanding	6,913,492	6,913,492	6,913,492	6,414,415
Diluted weighted average number of shares outstanding	6,913,492	6,913,492	7,473,519	6,414,415
Basic net income (loss) per share	$ 0	$ (0.89)	$ 0.19	$ (2.08)
Diluted net income (loss) per share	$ 0	$ (0.89)	$ (0.05)	$ (2.08)

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2020	$ 270	$ 578	$ 4,079,891	$ (8,709,278)	$ (4,628,539)
Beginning balance (in shares) at Dec. 31, 2020	2,696,439	5,775,898
Increase (Decrease) in Stockholders' Equity
Common stock issued in connection with conversion of notes payable		$ 113	3,412,669		3,412,782
Common stock issued in connection with conversion of notes payable (in shares)		1,137,594
Stock-based compensation			838,750		838,750
Net income (loss)				(13,351,585)	(13,351,585)
Ending balance at Jun. 30, 2021	$ 270	$ 691	8,331,310	(22,060,863)	(13,728,592)
Ending balance (in shares) at Jun. 30, 2021	2,696,439	6,913,492
Beginning balance at Mar. 31, 2021	$ 270	$ 691	8,003,876	(15,929,529)	(7,924,692)
Beginning balance (in shares) at Mar. 31, 2021	2,696,439	6,913,492
Increase (Decrease) in Stockholders' Equity
Stock-based compensation			327,434		327,434
Net income (loss)				(6,131,334)	(6,131,334)
Ending balance at Jun. 30, 2021	$ 270	$ 691	8,331,310	(22,060,863)	(13,728,592)
Ending balance (in shares) at Jun. 30, 2021	2,696,439	6,913,492
Beginning balance at Dec. 31, 2021	$ 270	$ 691	8,828,425	(18,938,249)	(10,108,863)
Beginning balance (in shares) at Dec. 31, 2021	2,696,439	6,913,492
Increase (Decrease) in Stockholders' Equity
Stock-based compensation			330,012		330,012
Net income (loss)				1,882,494	1,882,494
Ending balance at Jun. 30, 2022	$ 270	$ 691	9,158,437	(17,055,755)	(7,896,357)
Ending balance (in shares) at Jun. 30, 2022	2,696,439	6,913,492
Beginning balance at Mar. 31, 2022	$ 270	$ 691	9,009,619	(17,074,787)	(8,064,207)
Beginning balance (in shares) at Mar. 31, 2022	2,696,439	6,913,492
Increase (Decrease) in Stockholders' Equity
Stock-based compensation			148,818		148,818
Net income (loss)				19,032	19,032
Ending balance at Jun. 30, 2022	$ 270	$ 691	$ 9,158,437	$ (17,055,755)	$ (7,896,357)
Ending balance (in shares) at Jun. 30, 2022	2,696,439	6,913,492

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Cash flows from operating activities
Net income (loss)	$ 1,882,494	$ (13,351,585)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation	330,012	838,750
Amortization of debt discount		2,550,780
Change in fair value of notes	103,950
Change in fair value of SAFE	(2,990,762)	3,184,162
Loss on issuance of debt	303,012
Gain on conversion of notes		(59,890)
Change in fair value warrant liability	(2,230,603)	3,708,726
Non-cash interest expense		255,076
Changes in assets and liabilities:
Deferred offering costs		(60,779)
Accounts payable	(76,885)	176,940
Accounts payable - related party	161,875	(100,138)
Accrued expenses	1,084,626	100,053
Net cash used in operating activities	(1,432,281)	(2,757,905)
Cash flows from financing activities
Proceeds from issuance of convertible promissory notes	997,250
Proceeds from SAFE investment		5,000,000	$ 5,000,000
Net cash provided by financing activities	997,250	5,000,000
Net (decrease) increase in cash	(435,031)	2,242,095
Cash, beginning of period	444,087	1,123,625	1,123,625
Cash, end of period	9,056	3,365,720	$ 444,087
Non-cash financing activities:
Common stock issued in connection with conversion of notes payable		3,412,782
Unpaid offering costs	$ 342,542	$ 2,115

Organization and description of

Organization and description of business operations	6 Months Ended
	Jun. 30, 2022
Organization and description of business operations
Organization and description of business operations	Note 1. Organization and description of business operations PaxMedica, Inc. (the “Company”) is a clinical stage biopharmaceutical company organized as a Delaware limited liability company on April 5, 2018 (“Inception”) to focus on the development of drug candidates for the treatment of autism spectrum disorder (ASD), Fragile X syndrome tremor-ataxia (FXTAS) and Human African Trypanosomiasis (HAT). Initial Public Offering On August 9, 2022, the Company entered into an underwriting agreement relating to the public offering of its common stock, par value $0.0001 per share. The Company agreed to sell 1,545,454 shares of its common stock to the underwriters, at a purchase price per share of $4.83 (the offering price to the public of $5.25 per share minus the underwriters’ discount), pursuant to the Company’s registration statement on Form S-1 (File No. 333-239676), as amended, under the Securities Act of 1933, that was filed by the Company under Rule 462(b) under the Securities Act. The Company also granted the underwriters a 45-day option to purchase up to 231,818 additional shares of common stock to cover over-allotments. On August 30, 2022, the Company received net proceeds from its public offering of approximately $6.8 million, net of underwriter fees and commissions of approximately $0.8 million, and offering costs of approximately $0.5 million. In connection with its public offering the Company issued 108,181 warrants to purchase shares of the Company’s common stock with an exercise price of $6.5625 per share. Going concern, liquidity and capital resources The Company has no product revenues, incurred operating losses since inception, and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. The Company had an accumulated deficit of approximately $17.1 million at June 30, 2022, net income of approximately $1.9 million, and approximately $1.4 million of net cash used in operating activities for the six months ended June 30, 2022. 2022 Notes Between April and July 2022, the Company entered into senior secured convertible promissory notes (the “2022 Notes”) with a principal balance totaling approximately $1.5 million. The 2022 Notes contain an original issue discount totaling $0.2 million and the Company received net proceeds of approximately $1.3 million. During the six months ended June 30, 2022, the Company received net proceeds of approximately $1.0 million and the principal balance of the 2022 Notes totaled $1.2 million (See Note 6). Series X Preferred Stock On August 2, 2022, the Company issued 3,200 shares of Series X preferred stock, par value $0.0001 per share at a purchase price of $100 per share. The Company received net proceeds of approximately $0.3 million, net of fees. (See Note 8). Going Concern The accompanying condensed financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to its ability to continue as a going concern. The Company’s future liquidity and capital funding requirements will depend on numerous factors, including: ● its ability to raise additional funds to finance its operations; ● the outcome, costs and timing of clinical trial results for the Company’s current or future product candidates; ● the emergence and effect of competing or complementary products; ● its ability to maintain, expand and defend the scope of its intellectual property portfolio, including the amount and timing of any payments the Company may be required to make, or that it may receive, in connection with the licensing, filing, prosecution, defense and enforcement of any patents or other intellectual property rights; ● its ability to retain its current employees and the need and ability to hire additional management and scientific and medical personnel; and ● the terms and timing of any collaborative, licensing or other arrangements that it has or may establish. The Company will likely need to raise substantial additional funds through one or more of the following: issuance of additional debt or equity, or the completion of a licensing transaction for one or more of the Company’s pipeline assets. If the Company is unable to maintain sufficient financial resources, its business, financial condition and results of operations will be materially and adversely affected. This could affect future development and business activities and potential future clinical studies and/or other future ventures. Failure to obtain additional equity or debt financing will have a material, adverse impact on the Company’s business operations. There can be no assurance that the Company will be able to obtain the needed financing on acceptable terms or at all. Additionally, equity or debt financings will likely have a dilutive effect on the holdings of the Company’s existing stockholders. Accordingly, there are material risks and uncertainties that raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the issuance of these condensed financial statements. The accompanying condensed financial statements do not include any adjustments that result from the outcome of these uncertainties. The COVID-19 global pandemic has been unprecedented and unpredictable, is likely to continue to result in significant national and global economic disruption, which may adversely affect our business. Based on the Company’s current assessment, the Company does not expect any material impact on its long-term development timeline and its liquidity due to the worldwide spread of the COVID-19 virus. However, the Company is continuing to assess the effect on its operations by monitoring the spread of COVID-19 and the resulting global pandemic and the actions implemented to combat the virus throughout the world.

Significant accounting policies

Significant accounting policies	6 Months Ended
	Jun. 30, 2022
Significant accounting policies
Significant accounting policies	Note 2. Significant accounting policies Basis of presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars and in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected through December 31, 2022. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the registration statement on Form S-1/A filed by the Company with the SEC on August 8, 2022. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s condensed financial statements relate to the valuation of convertible notes, valuation of warrants, valuation of the SAFE liability and valuation of equity-based awards. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. Cash, cash equivalents and short-term investments The Company considers all highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash equivalents. As of June 30, 2022 and December 31, 2021, the Company had no cash equivalents or short-term investments. Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash. The Company maintains its cash high credit quality financial institutions, which may at times, be in excess of federal insured limits. The Company believes it is not exposed to any significant losses due to credit risk on cash. Fair value of financial instruments The Company accounts for financial instruments under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 820 (“ASC 820”), Fair Value Measurements. This statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and Level 3 - assets and liabilities whose significant value drivers are unobservable. Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment. During the six months ended June 30, 2022, the Company issued certain of the 2022 Notes and warrants in connection with the 2022 Notes. The 2022 Notes and warrants were classified as liabilities and measured at fair value on the issuance date, with changes in fair value recognized as other expense on the statements of operations and disclosed in the condensed financial statements. During the year ended December 31, 2021, the Company entered into its SAFE agreement and classified the SAFE as a liability measured at cost on the issuance date, with changes in fair value recognized as other income on the statement of operations. The carrying amounts of the Company’s financial assets and liabilities, such as accounts payable, approximate fair value due to the short-term nature of these instruments. Convertible Notes In accordance with Accounting Standards Codification 825, Financial Instruments Warrant Liability The Company accounts for certain common stock warrants outstanding as a liability at fair value and adjusts the instruments to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statements of operations. The fair value of the warrants issued by the Company have been estimated using the Monte Carlo simulation. Simple Agreement for Future Equity The Company accounts for a Simple Agreement For Equity (“SAFE”) as a liability at fair value and adjusts the instrument to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until a triggering event, equity financing or a liquidity/dissolution occurs, and any change in fair value is recognized in the Company’s statements of operations. The fair value of the SAFE has been estimated using the Backsolve method which utilizes the Option Pricing Method. Research and development Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. Accrued Outsourcing Costs Substantial portions of the Company’s preclinical studies and clinical trials are performed by third-party laboratories, medical centers, contract research organizations and other vendors (collectively “CROs”). These CROs generally bill monthly or quarterly for services performed, or bill based upon milestone achievement. For preclinical studies, the Company accrues expenses based upon estimated percentage of work completed and the contract milestones remaining. Clinical trial costs are a significant component of research and development expenses and include costs associated with third-party contractors. The Company outsources a substantial portion of its clinical trial activities, utilizing external entities such as CROs, independent clinical investigators, and other third-party service providers to assist the Company with the execution of its clinical studies. For each clinical trial that the Company conducts, certain clinical trial costs are expensed immediately, while others are expensed over time based on the number of patients in the trial, the attrition rate at which patients leave the trial, and/or the period over which clinical investigators or CROs are expected to provide services. The Company’s estimates depend on the timeliness and accuracy of the data provided by the CROs regarding the status of each program and total program spending. The Company periodically evaluates the estimates to determine if adjustments are necessary or appropriate based on information it receives. Stock-Based Compensation The Company expenses stock-based compensation to employees, non-employees and board members over the requisite service period based on the estimated grant-date fair value of the awards and actual forfeitures. The Company accounts for forfeitures as they occur. Stock-based awards with graded vesting schedules are recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model, and the assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. All stock-based compensation costs are recorded in general and administrative costs in the statements of operations. Income (Loss) Per Share Basic net income (loss) per share (“EPS”) of common stock is computed by dividing net income (loss) allocated to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Preferred stock, unvested restricted stock units and the SAFE investment are participating securities as they participate in undistributed earnings on an as-if converted basis. The Company computes earnings (loss) per share of Common Stock using the two-class method required for participating securities. Basic earnings per share reflects an allocation of undistributed earnings to the Company’s participating securities. Diluted earnings (loss) per share is calculated using the more dilutive approach of (i) applying the treasury stock method, the if-converted method, or contingently issuable method and (ii) adding back the undistributed earnings allocated to participating securities in arriving at basic earnings per share, assuming that all other dilutive potential common shares have been exercised and then next reallocating the undistributed earnings. For warrants that are liability-classified, during periods when the impact is dilutive, the Company assumes share settlement of the instruments as of the beginning of the reporting period and adjusts the numerator to remove the change in fair value of the warrant liability and adjusts the denominator to include the dilutive shares calculated using the treasury stock method. Participating securities do not share in the losses of the Company, therefore, during periods of net loss, no effect is given to the preferred stock, unvested restricted stock units and the SAFE investment. The net effect of common stock equivalents is based on the incremental common stock that would be issued upon the assumed conversion of convertible notes, convertible preferred stock, exercise of common stock warrants, the SAFE investment and the vesting of RSUs using the treasury stock method. The Company’s common stock equivalents have been excluded from the computation of diluted loss per share for the three and six months ended June 30, 2021, as the effect would be to reduce the loss per share. Therefore, the weighted average common stock outstanding used to calculate both basic and diluted income (loss) per share is the same for the three and six months ended June 30, 2021. The following is a reconciliation of the numerator and denominator of the diluted net income (loss) per share computations for the three and six months ended June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, Six months ended June 30, ​ ​ 2022 2021 ​ 2022 2021 Numerator: ​ ​ ​ ​ Net income (loss) ​ $ 19,032 ​ $ (6,131,334) ​ $ 1,882,494 ​ $ (13,351,585) Amount allocated to participating common shareholders ​ (5,831) ​ — ​ (576,802) ​ — Net income (loss) allocate to common shareholders- Basic ​ $ 13,201 ​ $ (6,131,334) ​ $ 1,305,692 ​ $ (13,351,585) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 19,032 ​ $ (6,131,334) ​ $ 1,882,494 ​ $ (13,351,585) Less: Change in fair value of warrant liabilities ​ — ​ — ​ (2,230,603) ​ — Net income (loss) allocate to common shareholders- Diluted ​ $ 19,032 ​ $ (6,131,334) ​ $ (348,109) ​ $ (13,351,585) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ Basic weighted average number of shares outstanding ​ 6,913,492 ​ 6,913,492 ​ 6,913,492 ​ 6,414,415 Add: ​ ​ ​ ​ Warrants ​ — ​ — ​ 560,027 ​ — Diluted weighted average number of shares outstanding ​ 6,913,492 ​ 6,913,492 ​ 7,473,519 ​ 6,414,415 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share ​ $ 0.00 ​ $ (0.89) ​ $ 0.19 ​ $ (2.08) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income (loss) per share ​ $ 0.00 ​ $ (0.89) ​ $ (0.05) ​ $ (2.08) ​ The following securities were excluded from the computation of diluted net income (loss) per share attributable to common shareholders for the six months ended June 30, 2022 and 2021, because including them would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2022 2021 Preferred stock 1,557,435 1,557,435 Unvested restricted stock units 1,086,500 1,377,999 Common stock warrants — 1,034,176 SAFE investment (1) 410,169 414,808 Convertible notes 189,684 — Total 3,243,788 4,384,418 (1) SAFE investment As of June 30, 2022, the Company’s price per share of $12.19 was calculated by dividing the post money valuation of $150 million by 12,305,060 shares of common stock outstanding. The 12,305,060 shares of common stock outstanding was calculated in accord with the agreement and includes 6,913,492 of common shares outstanding, 2,696,439 of shares to be issued in connection with the Company’s initial public offering, 1,086,500 of restricted stock units, 1,198,460 of common stock warrants and 410,169 of SAFE shares. The SAFE investment shares of 410,169 (included in the table above) were calculated using the SAFE investment of $5.0 million divided by $12.19 per share. Income taxes ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s condensed financial statements. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in material changes to its financial position. Recent accounting pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. This ASU is effective for annual reporting periods beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. This update permits the use of either the modified retrospective or fully retrospective method of transition. The Company adopted this standard on January 1, 2022, and the adoption did not have a material impact on the Company’s condensed financial statements or disclosures. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). This ASU reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. This ASU provides guidance for a modification or an exchange of a freestanding equity-classified written call option that is not within the scope of another Topic. It specifically addresses: (1) how an entity should treat a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange; (2) how an entity should measure the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange; and (3) how an entity should recognize the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange. This ASU will be effective for all entities for fiscal years beginning after December 15, 2021. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted, including adoption in an interim period. The Company adopted this standard on January 1, 2022, and the adoption did not have a material impact on the Company’s condensed financial statements or disclosures.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Measurements
Fair Value Measurements	Note 3. Fair Value Measurements Convertible Notes During April and June 2022, the Company issued the 2022 Notes. The fair value of the 2022 Notes was estimated using a terms. The significant unobservable inputs used in the fair value measurement of the Company’s convertible notes are Significant changes in these inputs . A summary of significant unobservable inputs (Level 3 inputs) used in measuring the 2022 Notes upon the issuance dates and during the six months ended June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 25, 2022 - ​ ​ ​ Six months ended ​ April 28, 2022 June 9, 2022 June 30, 2022 Dividend yield 0 % 0 % 0 % Expected price volatility 57.2 % 57.2 % 57.2 % Risk free interest rate 1.97 % 2.35 % 2.80 % Expected term (in years) 1.0 1.0 0.8-0.9 ​ ​ Simple Agreement for Future Equity On March 19, 2021, the Company entered into a SAFE agreement with an investor. At issuance date, the Company classified the cash received of $5.0 million as a liability, with changes in fair value recognized as other income (expense) on the statements of operations and disclosed in the condensed financial statements (See Note 5). A summary of significant unobservable inputs (Level 3 inputs) used in measuring the SAFE during the six months ended June 30, 2022 and 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ 2022 2021 Dividend yield 0 % 0 % Expected price volatility 50.0 % 50.0 % Risk free interest rate 1.35%-2.86 % 0.07%-0.09 % Expected term (in years) 0.8-1.5 1.0-1.3 ​ ​ Warrants During the six months ended June 30, 2022, the Company issued 164,284 common stock warrants in connection with its 2022 Notes (See Note 6). During the year ended December 31, 2020, the Company issued 1,034,176 common stock warrants in association with its 2020 convertible notes (the “2020 Notes”) issued during 2020. As of June 30, 2022, 1,198,460 warrants were outstanding with a weighted average exercise price of $3.16 per share. The warrants were classified as liabilities and measured at fair value on the grant date, with changes in fair value recognized as other income (expense) on the statements of operations and disclosed in the condensed financial statements. Warrant Exchange On August 3, 2022, the Company entered into a warrant exchange agreement (the “Warrant Exchange Agreement”) with a holder of certain warrants to purchase the Company’s common stock. The warrants were issued in connection with the Company’s 2020 Notes. Pursuant to the Warrant Exchange Agreement, the Company agreed to exchange 750,000 warrants for 375,000 shares of common stock (or, to the extent that the holder would exceed the beneficial ownership limitation contained in the Warrant Exchange Agreement, an equivalent number of shares of Series X preferred stock) at the consummation of the Company’s initial public offering (See Note 8). A summary of significant unobservable inputs (Level 3 inputs) used in measuring warrants during the six months ended June 30, 2022 and 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ 2022 2021 Dividend yield 0 % 0 % Expected price volatility 57.2%-105.0 % 96.0%- 112.1 % Risk free interest rate 0.17%-2.99 % 0.06% - 0.81 % Expected term (in years) 0.3-4.0 0.4 - 4.6 ​ ​ Significant changes in the expected price volatility and expected term would result in significantly lower or higher fair value measurement of the warrants, respectively. The following tables classify the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of June 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured at June 30, 2022 ​ ​ ​ ​ Quoted prices in active ​ Significant other ​ Significant ​ ​ Total carrying value at ​ markets ​ observable inputs ​ unobservable inputs ​ June 30, 2022 (Level 1) (Level 2) (Level 3) Liabilities: ​ ​ ​ ​ Convertible notes ​ $ 1,208,950 ​ $ — ​ $ — ​ $ 1,208,950 SAFE liability ​ $ 1,833,455 ​ $ — ​ $ — ​ $ 1,833,455 Warrant liability ​ $ 2,481,144 ​ $ — ​ $ — ​ $ 2,481,144 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured at December 31, 2021 ​ ​ ​ ​ Quoted prices in active ​ Significant other ​ Significant ​ ​ Total carrying value at ​ markets ​ observable inputs ​ unobservable inputs ​ December 31, 2021 (Level 1) (Level 2) (Level 3) Liabilities: ​ ​ ​ ​ SAFE liability ​ $ 4,824,217 ​ $ — ​ $ — ​ $ 4,824,217 Warrant liability ​ $ 4,516,485 ​ $ — ​ $ — ​ $ 4,516,485 ​ For the three and six months ended June 30, 2022, there was a change of approximately $1.25 million and $5.1 million in Level 3 liabilities measured at fair value, respectively. The fair value of the convertible notes, warrant liability and SAFE liability may change significantly as additional data is obtained, impacting the Company’s assumptions used to estimate the fair value of the liabilities. In evaluating this information, considerable judgment is required to interpret the data used to develop the assumptions and estimates. The estimates of fair value may not be indicative of the amounts that could be realized in a current market exchange. Accordingly, the use of different market assumptions and/or different valuation techniques may have a material effect on the estimated fair value amounts, and such changes could materially impact the Company’s results of operations in future periods. The following table presents changes in Level 3 liabilities measured at fair value for the six months ended June 30, 2022. Unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value that were attributable to unobservable (e.g., changes in unobservable long-dated volatilities) inputs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible Notes SAFE Liability Warrant Liability Balance at December 31, 2021 ​ $ — ​ $ 4,824,217 ​ $ 4,516,485 Issuance of convertible notes and warrants ​ 1,105,000 ​ — ​ 195,262 Change in fair value ​ 103,950 ​ (2,990,762) ​ (2,230,603) Balance at June 30, 2022 ​ $ 1,208,950 ​ $ 1,833,455 ​ $ 2,481,144 ​

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2022
Accrued Expenses
Accrued Expenses	Note 4. Accrued Expenses The Company’s accrued expenses as of June 30, 2022 and December 31, 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 ​ 2021 ​ (Unaudited) ​ ​ Employee and related expenses ​ $ 566,061 ​ $ 680,026 Professional fees ​ 37,080 ​ — Total accrued expenses ​ $ 603,141 ​ $ 680,026 ​

Simple Agreement for Future Equ

Simple Agreement for Future Equity ("SAFE")	6 Months Ended
	Jun. 30, 2022
Simple Agreement for Future Equity ("SAFE").
Simple Agreement for Future Equity ("SAFE")	Note 5. Simple Agreement for Future Equity (“SAFE”) During the year ended December 31, 2021, the Company entered into a SAFE with an investor, and received proceeds of $5.0 million. Under the terms of the SAFE, the investor has the right to participate in future equity financings of the Company. The number of shares to be received by the SAFE investor is based on a 50% discount of the pricing in the triggering equity financing and includes a post money valuation cap of $150.0 million. In a liquidity or dissolution event, the investors right to receive cash out is junior to payment of outstanding indebtedness and creditor claims, on par for other SAFE agreements and/or preferred stock, and senior to payments for common stock. The SAFE has no interest rate or maturity date, the SAFE investor has no voting rights prior to conversion, and if the Company pays a dividend on outstanding shares of common stock while the SAFE is outstanding, the SAFE investor will receive the same dividend. As of June 30, 2022, the SAFE had not yet converted as a qualifying financing had not yet occurred. Pursuant to the guidance under ASC 480, Distinguishing Liabilities from Equity On August 2, 2022, the $5.0 million outstanding under the SAFE was converted into 100,000 shares of Series X preferred stock (See Note 8).

Convertible promissory notes

Convertible promissory notes	6 Months Ended
	Jun. 30, 2022
Convertible promissory notes
Convertible promissory notes	Note 6. Convertible promissory notes Between April and July 2022, the Company entered into its 2022 Notes with a principal balance totaling approximately $1.5 million. The 2022 Notes contain an original issue discount totaling $0.2 million and the Company received net proceeds of approximately $1.3 million. The 2022 Notes bear interest at 10% per annum and mature 12 months from the issuance date. The notes are secured by all assets and personal property of the Company. The note holders have the right to convert all or any portion of the outstanding principal balance and accrued interest into shares of the Company’s common stock, up to a beneficial ownership limitation of 9.99% of the number of shares of common stock outstanding at the time of conversion. The per share conversion price is equal to the lessor of (i) $7.00 or (ii) 80% of the qualified offering price of the Company’s common stock resulting from the listing for trading of its common stock on a qualified exchange. In connection with the notes, the Company issued common stock warrants to purchase 195,140 shares of the Company’s common stock. The warrants have an exercise price of the lessor of (i) $7.00 or (ii) 80% of the qualified offering price and expire five years from the issuance date. As a result of the issuance of the common stock warrants, the exercise price of the Company’s existing warrants was adjusted to an exercise of $3.00 per share. During the six months ended June 30, 2022, the Company entered into its 2022 Notes with a principal balance of $1.2 million. The June 2022 Notes contain an original issue discount totaling $0.1 million and the Company received proceeds of $1.0 million net of fees paid of $0.1 million. As of June 30, 2022, the outstanding principal balance of the 2022 Notes was $1.2 million. In connection with the 2022 Notes issued during the six months ended June 30, 2022, the Company issued common stock warrants to purchase 164,284 shares of the Company’s common stock. For the six months ended June 30, 2022, the Company recorded a loss on issuance of debt of $0.3 million, and a fair value loss of $0.1 million that is included in the change in fair value of notes, in the accompanying condensed statements of operations. The Company recognized interest expense as a component of the change in fair value of the notes during the six months ended June 30, 2022 (See Note 2). On August 26, 2022, upon the consummation of the Company’s initial public offering, the conversion price of the 2022 Notes and the exercise price of the warrants is calculated at 80% of $5.25 per share (the offering price) or $4.20 per share. On August 3, 2022, the Company entered into a conversion agreement with certain holders of the 2022 Notes, pursuant to which the holders agreed to convert $1.0 million of the principal balance at the consummation of the Company’s initial public offering at the conversion price of $4.20 per share. On August 26, 2022, $1.0 million of convertible notes outstanding were converted into 238,094 shares of the Company’s common stock. On August 3, 2022, the Company entered into a conversion agreement with an additional holder of the 2022 Notes, pursuant to which the holder agreed to convert $255,555 of the principal balance at the consummation of the Company’s initial public offering into 2,555 shares of Series X preferred stock (See Note 8). On August 26, 2022, $255,555 of convertible notes outstanding were converted into 2,555 shares of the Company’s Series X preferred stock.

Stock-based compensation

Stock-based compensation	6 Months Ended
	Jun. 30, 2022
Stock-based compensation.
Stock-based compensation	Note 7. Stock-based compensation Restricted Stock Units The following is a summary of the restricted stock units during the six months ended June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ Number of Shares Fair Value Unvested as of December 31, 2021 — ​ $ — Granted 1,378,000 ​ $ 10.73 Forfeited (291,500) ​ $ 10.87 Unvested as of June 30, 2022 1,086,500 ​ $ 10.69 ​ On May 15 2022 August 26, 2022 initial public remaining 66.66% two three-month On January 1, 2022 May 1, 2022 three -month anniversary performance no December 31, 2022 no During the six months ended June 30, 2022, 291,500 RSU’s (granted on January 1, 2022) were forfeited due to terminations of two of the Company’s employees and two of its board members. In August 2022, the Company modified the remaining 1,086,500 RSUs granted on January 1, 2022 May 1, 2022 quarter 6-month shall 6-month December 31, 2022 then On August 26, 2022 Company consummated public February 26, 2023 additional quarter On July 16, 2022 one one-year the remaining restricted stock units vesting On December 22, 2020, the Company granted 896,583 RSUs with a fair value of approximately $6.3 million to its officers and directors, in exchange for 787,499 vested and unvested stock options. The RSUs are subject to service conditions (vesting of 33.34% on May 1, 2021 three-month May 1, 2023 subject no December 31, 2021 no 718- Canceled Stock Options The Company previously granted options to purchase shares of the Company’s common stock and during the year ended December 31, 2020 these options were canceled. No stock options were outstanding as of June 30, 2022 and December 31, 2021. Compensation cost related to the canceled stock options of $4.3 million will continue to be recognized over the original vesting criteria. During the three months ended June 30, 2022 and 2021, the Company recorded stock-based compensation expense related to the canceled stock options of approximately $0.1 million and $0.3 million, respectively. During the six months ended June 30, 2022 and 2021, the Company recorded stock-based compensation expense related to the canceled stock options of approximately $0.3 million and $0.8 million, respectively. The unamortized stock-based compensation expense related to canceled stock options as of June 30, 2022 is approximately $0.4 million.

Preferred and common stock

Preferred and common stock	6 Months Ended
	Jun. 30, 2021
Preferred and common stock
Preferred and common stock	Note 8. Preferred and common stock Series X Preferred Stock On August 1, 2022, the Company authorized 500,000 shares of Series X preferred stock, par value 0.0001 per share. The stated value of the Series X preferred stock is $100 per share. The holders of the Series X preferred stock have no voting rights and are not entitled to dividends. Upon consummation of the Company’s initial public offering, all outstanding shares of Series X preferred stock will automatically convert into shares of common stock at the initial public offering price, subject to the beneficial ownership limitation of 9.99% of the number of shares of common stock outstanding at the time of conversion. On August 2, 2022, the Company issued 3,200 shares of Series X preferred stock in a private placement, at a purchase price of $100 per share, and received net proceeds of approximately $0.3 million, after deducting expenses (the “Series X Private Placement”). The Series X Private Placement constituted a qualified offering under the terms of the SAFE and the $5.0 million outstanding under the SAFE automatically converted into 100,000 shares of Series X preferred stock (See Note 5). On August 26, 2022, the Company issued 2,555 shares of its Series X preferred stock in connection with the conversion of certain 2022 Notes (See Note 6). The 2,555 shares of Series X preferred stock are convertible into shares of common stock at the initial offering price of $5.25 per share, subject to the beneficial ownership limitation. On the August 26, 2022, in connection with its Warrant Exchange Agreement (See Note 3), the Company exchanged 750,000 warrants for 350,000 shares of its common stock and 1,250 shares of its Series X preferred stock. On August 26, 2022, upon the consummation of the Company’s initial public offering, 61,689 shares of the Series X preferred stock were converted into 1,175,000 shares of the Company’s common stock. As of August 26, 2022, 45,317 shares of Series X preferred stock remain outstanding. Series Seed Preferred Stock On August 5, 2022, the Company entered into exchange agreements with the holders of the Company’s Series Seed preferred stock, par value $0.0001 per share. The Company and the holders agreed to exchange all shares of outstanding Series Seed preferred stock into 1,557,435 shares of common stock immediately prior to the effectiveness of its registration statement filed in connection with the Company’s initial public offering. Amendment to Certificate of Incorporation On August 30, 2022, the Company filed an amendment (the “Amendment”) to its certificate of incorporation (the “Certificate”) with the Secretary of State of the State of Delaware in connection with the completion of the Company’s initial public offering. The Amendment amends the Company’s Certificate to, among other things: (i) authorize 200,000,000 shares of common stock and (ii) authorize 10,000,000 shares of preferred stock, 500,000 of which are designated as Series X Preferred Stock. In connection with the initial public offering, the Board waived any lock-up restrictions contained in the Series X Certificate of Designations.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and contingencies
Commitments and contingencies	Note 9. Commitments and contingencies Litigation As of June 30, 2022 and 2021, there was no litigation against the Company. The Company may be involved in legal proceedings, claims and assessments arising from the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance.

Related party transactions

Related party transactions	6 Months Ended
	Jun. 30, 2022
Related party transactions
Related party transactions	Note 10. Related party transactions Accounts payable - Accrued expenses -

Subsequent events

Subsequent events	6 Months Ended
	Jun. 30, 2022
Subsequent events
Subsequent events	Note 11. Subsequent events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed financial statements were issued. Based upon this review, other than as described in the Notes above, primarily related to transaction entered into in connection with the Company’s initial public offering and other financings, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed financial statements.

Significant accounting polici_2

Significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2022
Significant accounting policies
Basis of presentation	Basis of presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars and in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected through December 31, 2022. The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the registration statement on Form S-1/A filed by the Company with the SEC on August 8, 2022.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s condensed financial statements relate to the valuation of convertible notes, valuation of warrants, valuation of the SAFE liability and valuation of equity-based awards. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.
Cash, cash equivalents and short-term investments	Cash, cash equivalents and short-term investments The Company considers all highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash equivalents. As of June 30, 2022 and December 31, 2021, the Company had no cash equivalents or short-term investments.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash. The Company maintains its cash high credit quality financial institutions, which may at times, be in excess of federal insured limits. The Company believes it is not exposed to any significant losses due to credit risk on cash.
Fair value of financial instruments	Fair value of financial instruments The Company accounts for financial instruments under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 820 (“ASC 820”), Fair Value Measurements. This statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements, ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and Level 3 - assets and liabilities whose significant value drivers are unobservable. Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment. During the six months ended June 30, 2022, the Company issued certain of the 2022 Notes and warrants in connection with the 2022 Notes. The 2022 Notes and warrants were classified as liabilities and measured at fair value on the issuance date, with changes in fair value recognized as other expense on the statements of operations and disclosed in the condensed financial statements. During the year ended December 31, 2021, the Company entered into its SAFE agreement and classified the SAFE as a liability measured at cost on the issuance date, with changes in fair value recognized as other income on the statement of operations. The carrying amounts of the Company’s financial assets and liabilities, such as accounts payable, approximate fair value due to the short-term nature of these instruments.
Convertible Notes	Convertible Notes In accordance with Accounting Standards Codification 825, Financial Instruments
Warrant Liability	Warrant Liability The Company accounts for certain common stock warrants outstanding as a liability at fair value and adjusts the instruments to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statements of operations. The fair value of the warrants issued by the Company have been estimated using the Monte Carlo simulation.
Simple Agreement for Future Equity	Simple Agreement for Future Equity The Company accounts for a Simple Agreement For Equity (“SAFE”) as a liability at fair value and adjusts the instrument to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until a triggering event, equity financing or a liquidity/dissolution occurs, and any change in fair value is recognized in the Company’s statements of operations. The fair value of the SAFE has been estimated using the Backsolve method which utilizes the Option Pricing Method.
Research and development	Research and development Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made.
Accrued Outsourcing Costs	Accrued Outsourcing Costs Substantial portions of the Company’s preclinical studies and clinical trials are performed by third-party laboratories, medical centers, contract research organizations and other vendors (collectively “CROs”). These CROs generally bill monthly or quarterly for services performed, or bill based upon milestone achievement. For preclinical studies, the Company accrues expenses based upon estimated percentage of work completed and the contract milestones remaining. Clinical trial costs are a significant component of research and development expenses and include costs associated with third-party contractors. The Company outsources a substantial portion of its clinical trial activities, utilizing external entities such as CROs, independent clinical investigators, and other third-party service providers to assist the Company with the execution of its clinical studies. For each clinical trial that the Company conducts, certain clinical trial costs are expensed immediately, while others are expensed over time based on the number of patients in the trial, the attrition rate at which patients leave the trial, and/or the period over which clinical investigators or CROs are expected to provide services. The Company’s estimates depend on the timeliness and accuracy of the data provided by the CROs regarding the status of each program and total program spending. The Company periodically evaluates the estimates to determine if adjustments are necessary or appropriate based on information it receives.
Stock-Based Compensation	Stock-Based Compensation The Company expenses stock-based compensation to employees, non-employees and board members over the requisite service period based on the estimated grant-date fair value of the awards and actual forfeitures. The Company accounts for forfeitures as they occur. Stock-based awards with graded vesting schedules are recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model, and the assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. All stock-based compensation costs are recorded in general and administrative costs in the statements of operations.
Income (Loss) Per Share	Income (Loss) Per Share Basic net income (loss) per share (“EPS”) of common stock is computed by dividing net income (loss) allocated to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Preferred stock, unvested restricted stock units and the SAFE investment are participating securities as they participate in undistributed earnings on an as-if converted basis. The Company computes earnings (loss) per share of Common Stock using the two-class method required for participating securities. Basic earnings per share reflects an allocation of undistributed earnings to the Company’s participating securities. Diluted earnings (loss) per share is calculated using the more dilutive approach of (i) applying the treasury stock method, the if-converted method, or contingently issuable method and (ii) adding back the undistributed earnings allocated to participating securities in arriving at basic earnings per share, assuming that all other dilutive potential common shares have been exercised and then next reallocating the undistributed earnings. For warrants that are liability-classified, during periods when the impact is dilutive, the Company assumes share settlement of the instruments as of the beginning of the reporting period and adjusts the numerator to remove the change in fair value of the warrant liability and adjusts the denominator to include the dilutive shares calculated using the treasury stock method. Participating securities do not share in the losses of the Company, therefore, during periods of net loss, no effect is given to the preferred stock, unvested restricted stock units and the SAFE investment. The net effect of common stock equivalents is based on the incremental common stock that would be issued upon the assumed conversion of convertible notes, convertible preferred stock, exercise of common stock warrants, the SAFE investment and the vesting of RSUs using the treasury stock method. The Company’s common stock equivalents have been excluded from the computation of diluted loss per share for the three and six months ended June 30, 2021, as the effect would be to reduce the loss per share. Therefore, the weighted average common stock outstanding used to calculate both basic and diluted income (loss) per share is the same for the three and six months ended June 30, 2021. The following is a reconciliation of the numerator and denominator of the diluted net income (loss) per share computations for the three and six months ended June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, Six months ended June 30, ​ ​ 2022 2021 ​ 2022 2021 Numerator: ​ ​ ​ ​ Net income (loss) ​ $ 19,032 ​ $ (6,131,334) ​ $ 1,882,494 ​ $ (13,351,585) Amount allocated to participating common shareholders ​ (5,831) ​ — ​ (576,802) ​ — Net income (loss) allocate to common shareholders- Basic ​ $ 13,201 ​ $ (6,131,334) ​ $ 1,305,692 ​ $ (13,351,585) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 19,032 ​ $ (6,131,334) ​ $ 1,882,494 ​ $ (13,351,585) Less: Change in fair value of warrant liabilities ​ — ​ — ​ (2,230,603) ​ — Net income (loss) allocate to common shareholders- Diluted ​ $ 19,032 ​ $ (6,131,334) ​ $ (348,109) ​ $ (13,351,585) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ Basic weighted average number of shares outstanding ​ 6,913,492 ​ 6,913,492 ​ 6,913,492 ​ 6,414,415 Add: ​ ​ ​ ​ Warrants ​ — ​ — ​ 560,027 ​ — Diluted weighted average number of shares outstanding ​ 6,913,492 ​ 6,913,492 ​ 7,473,519 ​ 6,414,415 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share ​ $ 0.00 ​ $ (0.89) ​ $ 0.19 ​ $ (2.08) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income (loss) per share ​ $ 0.00 ​ $ (0.89) ​ $ (0.05) ​ $ (2.08) ​ The following securities were excluded from the computation of diluted net income (loss) per share attributable to common shareholders for the six months ended June 30, 2022 and 2021, because including them would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2022 2021 Preferred stock 1,557,435 1,557,435 Unvested restricted stock units 1,086,500 1,377,999 Common stock warrants — 1,034,176 SAFE investment (1) 410,169 414,808 Convertible notes 189,684 — Total 3,243,788 4,384,418 (1) SAFE investment As of June 30, 2022, the Company’s price per share of $12.19 was calculated by dividing the post money valuation of $150 million by 12,305,060 shares of common stock outstanding. The 12,305,060 shares of common stock outstanding was calculated in accord with the agreement and includes 6,913,492 of common shares outstanding, 2,696,439 of shares to be issued in connection with the Company’s initial public offering, 1,086,500 of restricted stock units, 1,198,460 of common stock warrants and 410,169 of SAFE shares. The SAFE investment shares of 410,169 (included in the table above) were calculated using the SAFE investment of $5.0 million divided by $12.19 per share.
Income taxes	Income taxes ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s condensed financial statements. The Company believes that its income tax positions and deductions would be sustained on audit and does not anticipate any adjustments that would result in material changes to its financial position.
Recent accounting pronouncements	Recent accounting pronouncements In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. This ASU is effective for annual reporting periods beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. This update permits the use of either the modified retrospective or fully retrospective method of transition. The Company adopted this standard on January 1, 2022, and the adoption did not have a material impact on the Company’s condensed financial statements or disclosures. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). This ASU reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. This ASU provides guidance for a modification or an exchange of a freestanding equity-classified written call option that is not within the scope of another Topic. It specifically addresses: (1) how an entity should treat a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange; (2) how an entity should measure the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange; and (3) how an entity should recognize the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange. This ASU will be effective for all entities for fiscal years beginning after December 15, 2021. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted, including adoption in an interim period. The Company adopted this standard on January 1, 2022, and the adoption did not have a material impact on the Company’s condensed financial statements or disclosures.

Significant accounting polici_3

Significant accounting policies (Tables)	6 Months Ended
	Jun. 30, 2022
Significant accounting policies
Schedule of reconciliation of the numerator and denominator of the diluted net income (loss) per share computations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, Six months ended June 30, ​ ​ 2022 2021 ​ 2022 2021 Numerator: ​ ​ ​ ​ Net income (loss) ​ $ 19,032 ​ $ (6,131,334) ​ $ 1,882,494 ​ $ (13,351,585) Amount allocated to participating common shareholders ​ (5,831) ​ — ​ (576,802) ​ — Net income (loss) allocate to common shareholders- Basic ​ $ 13,201 ​ $ (6,131,334) ​ $ 1,305,692 ​ $ (13,351,585) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ $ 19,032 ​ $ (6,131,334) ​ $ 1,882,494 ​ $ (13,351,585) Less: Change in fair value of warrant liabilities ​ — ​ — ​ (2,230,603) ​ — Net income (loss) allocate to common shareholders- Diluted ​ $ 19,032 ​ $ (6,131,334) ​ $ (348,109) ​ $ (13,351,585) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ Basic weighted average number of shares outstanding ​ 6,913,492 ​ 6,913,492 ​ 6,913,492 ​ 6,414,415 Add: ​ ​ ​ ​ Warrants ​ — ​ — ​ 560,027 ​ — Diluted weighted average number of shares outstanding ​ 6,913,492 ​ 6,913,492 ​ 7,473,519 ​ 6,414,415 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income (loss) per share ​ $ 0.00 ​ $ (0.89) ​ $ 0.19 ​ $ (2.08) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income (loss) per share ​ $ 0.00 ​ $ (0.89) ​ $ (0.05) ​ $ (2.08)
Schedule of securities excluded from the computation of diluted net income (loss) per share attributable to common shareholders	The following securities were excluded from the computation of diluted net income (loss) per share attributable to common shareholders for the six months ended June 30, 2022 and 2021, because including them would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2022 2021 Preferred stock 1,557,435 1,557,435 Unvested restricted stock units 1,086,500 1,377,999 Common stock warrants — 1,034,176 SAFE investment (1) 410,169 414,808 Convertible notes 189,684 — Total 3,243,788 4,384,418 (1) SAFE investment As of June 30, 2022, the Company’s price per share of $12.19 was calculated by dividing the post money valuation of $150 million by 12,305,060 shares of common stock outstanding. The 12,305,060 shares of common stock outstanding was calculated in accord with the agreement and includes 6,913,492 of common shares outstanding, 2,696,439 of shares to be issued in connection with the Company’s initial public offering, 1,086,500 of restricted stock units, 1,198,460 of common stock warrants and 410,169 of SAFE shares. The SAFE investment shares of 410,169 (included in the table above) were calculated using the SAFE investment of $5.0 million divided by $12.19 per share.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Summary of Company's liabilities measured at fair value on a recurring basis into fair value hierarchy	The following tables classify the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of June 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured at June 30, 2022 ​ ​ ​ ​ Quoted prices in active ​ Significant other ​ Significant ​ ​ Total carrying value at ​ markets ​ observable inputs ​ unobservable inputs ​ June 30, 2022 (Level 1) (Level 2) (Level 3) Liabilities: ​ ​ ​ ​ Convertible notes ​ $ 1,208,950 ​ $ — ​ $ — ​ $ 1,208,950 SAFE liability ​ $ 1,833,455 ​ $ — ​ $ — ​ $ 1,833,455 Warrant liability ​ $ 2,481,144 ​ $ — ​ $ — ​ $ 2,481,144 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured at December 31, 2021 ​ ​ ​ ​ Quoted prices in active ​ Significant other ​ Significant ​ ​ Total carrying value at ​ markets ​ observable inputs ​ unobservable inputs ​ December 31, 2021 (Level 1) (Level 2) (Level 3) Liabilities: ​ ​ ​ ​ SAFE liability ​ $ 4,824,217 ​ $ — ​ $ — ​ $ 4,824,217 Warrant liability ​ $ 4,516,485 ​ $ — ​ $ — ​ $ 4,516,485
Summary of changes in Level 3 liabilities measured at fair value	The following table presents changes in Level 3 liabilities measured at fair value for the six months ended June 30, 2022. Unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value that were attributable to unobservable (e.g., changes in unobservable long-dated volatilities) inputs. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible Notes SAFE Liability Warrant Liability Balance at December 31, 2021 ​ $ — ​ $ 4,824,217 ​ $ 4,516,485 Issuance of convertible notes and warrants ​ 1,105,000 ​ — ​ 195,262 Change in fair value ​ 103,950 ​ (2,990,762) ​ (2,230,603) Balance at June 30, 2022 ​ $ 1,208,950 ​ $ 1,833,455 ​ $ 2,481,144
SAFE Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Summary of significant unobservable inputs (Level 3 inputs) used in measurement upon issuance dates	A summary of significant unobservable inputs (Level 3 inputs) used in measuring the SAFE during the six months ended June 30, 2022 and 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ 2022 2021 Dividend yield 0 % 0 % Expected price volatility 50.0 % 50.0 % Risk free interest rate 1.35%-2.86 % 0.07%-0.09 % Expected term (in years) 0.8-1.5 1.0-1.3 ​
Warrant Exchange Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Summary of significant unobservable inputs (Level 3 inputs) used in measurement upon issuance dates	A summary of significant unobservable inputs (Level 3 inputs) used in measuring warrants during the six months ended June 30, 2022 and 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ 2022 2021 Dividend yield 0 % 0 % Expected price volatility 57.2%-105.0 % 96.0%- 112.1 % Risk free interest rate 0.17%-2.99 % 0.06% - 0.81 % Expected term (in years) 0.3-4.0 0.4 - 4.6 ​
2022 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Summary of significant unobservable inputs (Level 3 inputs) used in measurement upon issuance dates	A summary of significant unobservable inputs (Level 3 inputs) used in measuring the 2022 Notes upon the issuance dates and during the six months ended June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ April 25, 2022 - ​ ​ ​ Six months ended ​ April 28, 2022 June 9, 2022 June 30, 2022 Dividend yield 0 % 0 % 0 % Expected price volatility 57.2 % 57.2 % 57.2 % Risk free interest rate 1.97 % 2.35 % 2.80 % Expected term (in years) 1.0 1.0 0.8-0.9 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2022
Accrued Expenses
Schedule of Company's accrued expenses	The Company’s accrued expenses as of June 30, 2022 and December 31, 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 ​ 2021 ​ (Unaudited) ​ ​ Employee and related expenses ​ $ 566,061 ​ $ 680,026 Professional fees ​ 37,080 ​ — Total accrued expenses ​ $ 603,141 ​ $ 680,026

Stock-based compensation (Table

Stock-based compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Stock-based compensation.
Summary of the restricted stock units	The following is a summary of the restricted stock units during the six months ended June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ Number of Shares Fair Value Unvested as of December 31, 2021 — ​ $ — Granted 1,378,000 ​ $ 10.73 Forfeited (291,500) ​ $ 10.87 Unvested as of June 30, 2022 1,086,500 ​ $ 10.69

Organization and description _2

Organization and description of business operations - Initial Public Offering (Details) $ / shares in Units, $ in Millions	Aug. 30, 2022 USD ($) $ / shares shares	Aug. 09, 2022 D $ / shares shares	Jun. 30, 2022 $ / shares	Dec. 31, 2021 $ / shares
Initial Public Offering
Common stock, par value (in dollars per share)			$ 0.0001	$ 0.0001
Price per share			$ 12.19
Subsequent event | Initial public offering
Initial Public Offering
Common stock, par value (in dollars per share)		$ 0.0001
Shares agreed to sell (in shares) | shares		1,545,454
Purchase price per share (in dollars per share)		$ 4.83
Price per share		$ 5.25
Net proceeds from issuance | $	$ 6.8
Underwriter fees and commissions | $	0.8
Offering costs | $	$ 0.5
Number of warrants issued (in shares) | shares	108,181
Exercise price of warrants (in dollars per share)	$ 6.5625
Subsequent event | Overallotment option
Initial Public Offering
Shares agreed to sell (in shares) | shares		231,818
Number of days option provided | D		45

Organization and description _3

Organization and description of business operations - Going concern, liquidity and capital resources (Details) - USD ($)		3 Months Ended		4 Months Ended	6 Months Ended
	Aug. 02, 2022	Jun. 30, 2022	Jun. 30, 2021	Jul. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Aug. 01, 2022	Dec. 31, 2021
Organization And Description Of Business Operation [Line Items]
Revenue					$ 0
Accumulated deficit		$ (17,055,755)			(17,055,755)			$ (18,938,249)
Net income		19,032	$ (6,131,334)		1,882,494	$ (13,351,585)
Net cash used in operating activities					(1,432,281)	$ (2,757,905)
2022 Notes, principal balance		$ 1,200,000			1,200,000
2022 Notes, net proceeds received					$ 997,250
Par value per share (in dollars per share)		$ 0.0001			$ 0.0001			$ 0.0001
Series X preferred stock
Organization And Description Of Business Operation [Line Items]
Par value per share (in dollars per share)							$ 0.0001
2022 Notes
Organization And Description Of Business Operation [Line Items]
2022 Notes, principal balance		$ 1,200,000		$ 1,500,000	$ 1,200,000
2022 Notes, original issue discount		$ 100,000			100,000
2022 Notes, net proceeds received				1,300,000	$ 1,000,000
Subsequent event | Series X preferred stock
Organization And Description Of Business Operation [Line Items]
Number of shares issued (in shares)	3,200
Par value per share (in dollars per share)	$ 0.0001
Purchase price per share (in dollars per share)	$ 100
Net proceeds	$ 300,000
Subsequent event | 2022 Notes
Organization And Description Of Business Operation [Line Items]
2022 Notes, principal balance				1,500,000
2022 Notes, original issue discount				200,000
2022 Notes, net proceeds received				$ 1,300,000

Significant accounting polici_4

Significant accounting policies - Cash, cash equivalents and short-term investments (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Significant accounting policies
Cash equivalents	$ 0	$ 0
Short-term investments	$ 0	$ 0

Significant accounting polici_5

Significant accounting policies - Income (loss) per share reconciliation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income (loss)	$ 19,032	$ (6,131,334)	$ 1,882,494	$ (13,351,585)
Amount allocated to participating common shareholders	(5,831)		(576,802)
Net income (loss) allocate to common shareholders- Basic	13,201	(6,131,334)	1,305,692	(13,351,585)
Net income (loss)	19,032	(6,131,334)	1,882,494	(13,351,585)
Less: Change in fair value of warrant liabilities			(2,230,603)
Net income (loss) allocate to common shareholders- Diluted	$ 19,032	$ (6,131,334)	$ (348,109)	$ (13,351,585)
Denominator:
Basic weighted average number of shares outstanding	6,913,492	6,913,492	6,913,492	6,414,415
Add: Warrants			560,027
Diluted weighted average number of shares outstanding	6,913,492	6,913,492	7,473,519	6,414,415
Basic net income (loss) per share	$ 0	$ (0.89)	$ 0.19	$ (2.08)
Diluted net income (loss) per share	$ 0	$ (0.89)	$ (0.05)	$ (2.08)

Significant accounting polici_6

Significant accounting policies - Anti-dilutive securities (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted net income (loss) per share attributable to common shareholders	3,243,788	4,384,418
Preferred stock
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted net income (loss) per share attributable to common shareholders	1,557,435	1,557,435
Restricted stock units
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted net income (loss) per share attributable to common shareholders	1,086,500	1,377,999
Common stock warrants
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted net income (loss) per share attributable to common shareholders		1,034,176
SAFE investment
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted net income (loss) per share attributable to common shareholders	410,169	414,808
Convertible notes
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted net income (loss) per share attributable to common shareholders	189,684

Significant accounting polici_7

Significant accounting policies - SAFE Investment (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Significant accounting policies
Price per share (in dollars per share)	$ 12.19
Post money valuation	$ 150	$ 150
Aggregate common stock outstanding considered for calculation of price per share (in shares)	12,305,060
Common stock, shares outstanding considered for calculation of price per share (in shares)	6,913,492	6,913,492
Shares to be issued in connection with the Company's initial public offering, considered for calculation of price per share (in shares)	2,696,439
Restricted stock units outstanding, considered for calculation of price per share (in shares)	1,086,500
Common stock warrants considered for calculation of price per share (in shares)	1,198,460
SAFE shares considered for calculation of price per share (in shares)	410,169
SAFE investment	$ 5

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Inputs (Details)	Jun. 30, 2022	Jun. 09, 2022	Apr. 28, 2022	Jun. 30, 2021
SAFE Liability | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0			0
SAFE Liability | Expected price volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	50			50
SAFE Liability | Risk free interest rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.35			0.07
SAFE Liability | Risk free interest rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	2.86			0.09
SAFE Liability | Expected term (in years) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.8			1
SAFE Liability | Expected term (in years) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.5			1.3
Warrant Liability | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0			0
Warrant Liability | Expected price volatility | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	57.2			96
Warrant Liability | Expected price volatility | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	105			112.1
Warrant Liability | Risk free interest rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.17			0.06
Warrant Liability | Risk free interest rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	2.99			0.81
Warrant Liability | Expected term (in years) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.3			0.4
Warrant Liability | Expected term (in years) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	4			4.6
Convertible Notes | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0	0
Convertible Notes | Expected price volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	57.2	57.2	57.2
Convertible Notes | Risk free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	2.80	2.35	1.97
Convertible Notes | Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		1	1
Convertible Notes | Expected term (in years) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.8
Convertible Notes | Expected term (in years) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.9

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)			3 Months Ended	6 Months Ended	12 Months Ended
	Aug. 03, 2022	Mar. 19, 2022	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants outstanding			1,198,460	1,198,460
SAFE Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in Level 3 liabilities measured at fair value				$ (2,990,762)
SAFE Agreement | 2020 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash received		$ 5,000,000
Common stock warrants issued				164,284	1,034,176
Warrants outstanding			1,198,460	1,198,460
Exercise price of warrants (in dollars per share)			$ 3.16	$ 3.16
Number of warrants exchanged	750,000
Number of common stock shares converted	375,000
Change in Level 3 liabilities measured at fair value			$ 1,250,000	$ 5,100,000

Fair Value Measurements - Liabi

Fair Value Measurements - Liabilities Measured at fair value (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable - fair value	$ 1,208,950
Warrant liability	2,481,144	$ 4,516,485
SAFE Agreement | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	1,833,455	4,824,217
SAFE Agreement | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	1,833,455	4,824,217
Warrant Exchange Agreement | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	2,481,144	4,516,485
Warrant Exchange Agreement | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	2,481,144	$ 4,516,485
2022 Notes | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable - fair value	1,208,950
2022 Notes | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable - fair value	$ 1,208,950

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Level 3 Liabilities (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
SAFE Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2021	$ 4,824,217
Change in Level 3 liabilities measured at fair value	(2,990,762)
Balance at June 30, 2022	1,833,455
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2021	4,516,485
Issuance of convertible notes and warrants	195,262
Change in Level 3 liabilities measured at fair value	(2,230,603)
Balance at June 30, 2022	2,481,144
Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Issuance of convertible notes and warrants	1,105,000
Change in Level 3 liabilities measured at fair value	103,950
Balance at June 30, 2022	$ 1,208,950

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Accrued Expenses
Employee and related expenses	$ 566,061	$ 680,026
Professional fees	37,080
Total accrued expenses	$ 603,141	$ 680,026

Simple Agreement for Future E_2

Simple Agreement for Future Equity ("SAFE") (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Aug. 02, 2022	Jun. 30, 2022
Simple Agreement for Future Equity ("SAFE")
Proceeds From SAFE Investment	$ 5,000,000	$ 5,000,000
Percentage of discount of pricing in the triggering equity financing (as a percent)		50%
Post money valuation		$ 150,000,000		$ 150,000,000
Subsequent event | Series X Preferred Stock
Simple Agreement for Future Equity ("SAFE")
SAFE, Outstanding amount converted			$ 5,000,000
Number of shares issued upon conversion			100,000

Convertible promissory notes (D

Convertible promissory notes (Details) - USD ($)			4 Months Ended	6 Months Ended
	Aug. 26, 2022	Aug. 03, 2022	Jul. 31, 2022	Jun. 30, 2022
Debt Instrument [Line Items]
Principal balance				$ 1,200,000
Proceeds from issuance of convertible promissory notes				997,250
Loss on issuance of debt				300,000
Change in fair value of notes				103,950
Conversion agreement with certain holders of 2022 Notes
Debt Instrument [Line Items]
Principal balance		$ 1,000,000
Conversion price (per share)		$ 4.20
Convertible notes outstanding	$ 1,000,000
Shares converted	238,094
Conversion agreement with an additional holder of 2022 Notes
Debt Instrument [Line Items]
Principal balance		$ 255,555
Convertible notes outstanding	$ 255,555
Shares converted	2,555	2,555
2022 Notes
Debt Instrument [Line Items]
Principal balance			$ 1,500,000	1,200,000
Original issue discount			200,000
Proceeds from issuance of convertible promissory notes			$ 1,300,000	1,000,000
Net of fees amount paid				100,000
Interest rate per annum			10%
Maturity period			12 months
Percent of beneficial ownership limitation			9.99%
Conversion price (per share)	$ 4.20		$ 7
Percent of offering price	80%		80%
Number of warrants exchanged			195,140
Exercise price of warrants (in dollars per share)			$ 7
Percent of qualified offering price			80%
Warrants expiry term			5 years
Adjusted exercise price per share			$ 3
2022 Notes, original issue discount				$ 100,000
Common stock warrants issued				164,284
Offering price per share	$ 5.25

Stock-based compensation (Detai

Stock-based compensation (Details) - $ / shares		1 Months Ended	6 Months Ended
	Aug. 26, 2022	Aug. 31, 2022	Jun. 30, 2022
Number of units outstanding
Granted (shares)		1,086,500
Ending balance (shares)			1,086,500
Restricted stock units
Number of units outstanding
Granted (shares)	1,086,500		1,378,000
Forfeited (shares)			(291,500)
Ending balance (shares)			1,086,500
Weighted Average Fair Value Per unit
Beginning balance (usd per share)			$ 10.69
Granted (usd per share)			10.73
Forfeited (usd per share)			10.87
Ending balance (usd per share)			$ 10.69

Stock-based compensation - Addi

Stock-based compensation - Additional information (Details) $ / shares in Units, $ in Millions

1 Months Ended

6 Months Ended

Aug. 26, 2022 shares

Jul. 16, 2022 USD ($) shares

May 15, 2022 USD ($) shares

May 01, 2022

Jan. 01, 2022 USD ($) shares

May 01, 2021 $ / shares

Dec. 22, 2020 USD ($) shares

Aug. 31, 2022 USD ($) shares

Jun. 30, 2022 USD ($) employee director shares

Jun. 30, 2021 USD ($)

Dec. 31, 2021 shares

Dec. 31, 2020 USD ($)

Stock-based compensation

Number of units granted

1,086,500

Compensation cost | $

$ 5.7

Member of its board of directors

Stock-based compensation

Number of board members terminated | director

2

Employees, officers and directors

Stock-based compensation

Number of employees terminated | employee

2

Restricted stock units

Stock-based compensation

Number of units granted

1,086,500

1,378,000

Vesting percentage

33.34%

33.34%

Vesting period

3 months

3 months

Number of units forfeited

291,500

Stock options outstanding

0

0

Canceled stock options and the related stock compensation | $

$ 0.1

$ 0.3

$ 4.3

Stock-based compensation expense | $

0.3

$ 0.8

Unamortized stock-based compensation expense | $

$ 0.4

Restricted stock units | First three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

8.3325%

Restricted stock units | Second three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

8.3325%

Restricted stock units | Third three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

8.3325%

Restricted stock units | Fourth three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

8.3325%

Restricted stock units | Fifth three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

8.3325%

Restricted stock units | Sixth three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

8.3325%

Restricted stock units | Seventh three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

8.3325%

Restricted stock units | Eighth three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

8.3325%

Restricted stock units | Member of its board of directors

Stock-based compensation

Number of units granted

35,333

Fair value of units granted | $

$ 0.2

Vesting percentage

33.34%

Vesting period

2 years

Restricted stock units | Member of its board of directors | First three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Restricted stock units | Member of its board of directors | Second three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Restricted stock units | Member of its board of directors | Third three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Restricted stock units | Member of its board of directors | Fourth three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Restricted stock units | Member of its board of directors | Fifth three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Restricted stock units | Member of its board of directors | Sixth three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Restricted stock units | Member of its board of directors | Seventh three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Restricted stock units | Member of its board of directors | Eighth three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Restricted stock units | Employees, officers and directors

Stock-based compensation

Number of units granted

1,342,667

492,500

Fair value of units granted | $

$ 14.6

$ 2.6

Vesting percentage

33.34%

0.33%

Vesting period

3 months

Restricted stock units | Employees, officers and directors | First three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

8.3325%

Restricted stock units | Employees, officers and directors | Second three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

8.3325%

Restricted stock units | Employees, officers and directors | Third three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

8.3325%

Restricted stock units | Employees, officers and directors | Fourth three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

8.3325%

Restricted stock units | Employees, officers and directors | Fifth three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

8.3325%

Restricted stock units | Employees, officers and directors | Sixth three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

8.3325%

Restricted stock units | Employees, officers and directors | Seventh three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

8.3325%

Restricted stock units | Employees, officers and directors | Eighth three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Restricted stock units | Chief Financial Officer [Member]

Stock-based compensation

Number of units granted

15,000

896,583

Fair value of units granted | $

$ 0.1

$ 6.3

Vesting percentage

33.34%

Vesting period

2 years

Number of stock options exchanged for units

787,499

Exercise price | $ / shares

$ 8.98

Restricted stock units | Chief Financial Officer [Member] | First three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Restricted stock units | Chief Financial Officer [Member] | Second three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Restricted stock units | Chief Financial Officer [Member] | Third three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Restricted stock units | Chief Financial Officer [Member] | Fourth three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Restricted stock units | Chief Financial Officer [Member] | Fifth three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Restricted stock units | Chief Financial Officer [Member] | Sixth three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Restricted stock units | Chief Financial Officer [Member] | Seventh three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Restricted stock units | Chief Financial Officer [Member] | Eighth three-month anniversary from Start Date

Stock-based compensation

Vesting percentage

8.3325%

Preferred and common stock (Det

Preferred and common stock (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 26, 2022	Aug. 05, 2022	Aug. 02, 2022	Aug. 30, 2022	Aug. 01, 2022	Jun. 30, 2022	Dec. 31, 2021
ClassOfStockLineItems
Preferred shares, shares authorized (in shares)						2,696,439	2,696,439
Preferred shares, par value (in dollars per share)						$ 0.0001	$ 0.0001
Preferred shares, shares outstanding (in shares)						2,696,439	2,696,439
Preferred stock outstanding						2,696,439	2,696,439
Common stock, shares authorized (in shares)				200,000,000		20,000,000	20,000,000
Warrant Exchange Agreement
ClassOfStockLineItems
Number of warrants exchanged	750,000
Exchange agreements with holders of Seed preferred stock
ClassOfStockLineItems
Preferred shares, par value (in dollars per share)		$ 0.0001
Number of shares on conversion of preferred stock		1,557,435
Private placement | SAFE
ClassOfStockLineItems
Preferred shares, shares outstanding (in shares)			5,000,000
Preferred stock outstanding			5,000,000
Preferred Stock
ClassOfStockLineItems
Preferred shares, shares authorized (in shares)				10,000,000
Series X preferred stock
ClassOfStockLineItems
Preferred shares, shares authorized (in shares)				500,000	500,000
Preferred shares, par value (in dollars per share)					$ 0.0001
Preferred stock, stated value, (per share)					$ 100
Percentage on number of shares of common stock for beneficial ownership limitation					9.99%
Preferred shares, shares outstanding (in shares)	45,317
Number of shares issued on conversion	1,250
Preferred stock outstanding	45,317
Series X preferred stock | 2022 Notes
ClassOfStockLineItems
Number of shares issued on conversion	2,555
Conversion price (per share)	$ 5.25
Series X preferred stock | SAFE
ClassOfStockLineItems
Number of shares on conversion of preferred stock			100,000
Series X preferred stock | Private placement
ClassOfStockLineItems
Number of shares issued			3,200
Price per share			$ 100
Net proceeds from issuance			$ 0.3
Series X preferred stock | Initial public offering
ClassOfStockLineItems
Number of shares exchanged	61,689
Common Stock
ClassOfStockLineItems
Number of shares issued on conversion	1,175,000
Common Stock | Warrant Exchange Agreement
ClassOfStockLineItems
Number of shares issued on conversion	350,000

Commitments and contingencies (

Commitments and contingencies (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Commitments and contingencies
Litigation against the Company	$ 0	$ 0

Related party transactions (Det

Related party transactions (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($) director	Jun. 30, 2022 USD ($) director
Accounts payable
Related party transactions
Due to related party	$ 163,000	$ 163,000
Expensed amount		120,000
Accrued expenses
Related party transactions
Due to related party	600,000	600,000
Management fees | Accounts payable
Related party transactions
Expensed amount	60,000
Accrued bonus | Accrued expenses
Related party transactions
Due to related party	500,000	500,000
Expensed amount	155,000	155,000
Tardimed | Management fees | Accounts payable
Related party transactions
Due to related party	120,000	120,000
Members of board of directors | Accounts payable
Related party transactions
Due to related party	43,000	43,000
Expensed amount	$ 38,000	$ 54,000
Executives | Accrued expenses
Related party transactions
Number of executives terminated | director	2	2
Executives | Payroll expenses | Accrued expenses
Related party transactions
Due to related party	$ 100,000	$ 100,000