PaxMedica, Inc. Common Stock (PXMD) 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 14, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,779,475
Entity Central Index Key	0001811623
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash	$ 5,563,332	$ 444,087
Prepaid and other current assets	416,439
Total current assets	5,979,771	444,087
Deferred offering costs		204,779
Total assets	5,979,771	648,866
Current liabilities
Accounts payable	2,688,533	736,251
Accounts payable - related party	132,000	750
Accrued expenses	614,450	680,026
Notes payable - fair value	156,486
SAFE liability		4,824,217
Warrant liability	0	4,516,485
Total current liabilities	3,591,469	10,757,729
Total liabilities	3,591,469	10,757,729
Commitments and contingencies
Stockholders' Equity (Deficit)
Preferred stock
Common stock, par value $0.0001; 200,000,000 shares authorized at September 30, 2022 and 20,000,000 shares authorized at December 31, 2021; 11,779,475 and 6,913,492 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	1,178	691
Additional paid-in capital	30,906,477	8,828,425
Accumulated deficit	(28,519,368)	(18,938,249)
Total stockholders' equity (deficit)	2,388,302	(10,108,863)
Total liabilities, and stockholders' equity (deficit)	5,979,771	648,866
Series Seed
Stockholders' Equity (Deficit)
Preferred stock		$ 270
Series X Preferred Stock
Stockholders' Equity (Deficit)
Preferred stock	$ 15

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Preferred shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, shares authorized (in shares)	10,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	20,000,000
Common stock, shares issued (in shares)	11,779,475	6,913,492
Common stock, shares outstanding (in shares)	6,913,492	6,913,492
Series Seed Preferred Stock [member]
Preferred shares, shares authorized (in shares)	2,696,439	2,696,439
Preferred shares, shares issued (in shares)	0	2,696,439
Preferred shares, shares outstanding (in shares)	0	2,696,439
Preferred shares, aggregate liquidation preference		$ 2,808,148
Series X Preferred Stock
Preferred shares, shares authorized (in shares)	500,000	0
Preferred shares, shares issued (in shares)	45,316	0
Preferred shares, shares outstanding (in shares)	45,316	0

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating expenses
General and administrative	$ 2,367,711	$ 1,277,287	$ 4,077,491	$ 3,651,218
Research and development	327,268	437,559	1,549,397	1,755,428
Total operating expenses	2,694,979	1,714,846	5,626,888	5,406,646
Loss from operations	(2,694,979)	(1,714,846)	(5,626,888)	(5,406,646)
Other income (expense):
Interest expense	(1,309)		(1,309)	(2,805,856)
Gain on conversion of notes				59,890
Loss on conversion of SAFE	(5,338,808)		(5,338,808)
Loss on issuance of debt	(88,234)		(391,246)
Loss on extinguishment of debt	(3,940)		(3,940)
Change in fair value of notes	(151,195)		(255,145)
Change in fair value of SAFE	(2,827,737)	(622,212)	163,025	(3,806,374)
Change in fair value warrant liability	(357,411)	(789,419)	1,873,192	(4,498,146)
Other income (expense)		15,835		(5,095)
Total other expense	(8,768,634)	(1,395,796)	(3,954,231)	(11,055,581)
Net loss	$ (11,463,613)	$ (3,110,642)	$ (9,581,119)	$ (16,462,227)
Basic weighted average number of shares outstanding	9,177,683	6,913,492	7,676,516	6,582,602
Diluted weighted average number of shares outstanding	9,177,683	6,913,492	7,676,516	6,582,602
Basic net income (loss) per share	$ (0.87)	$ (0.45)	$ (1.10)	$ (2.50)
Diluted net income (loss) per share	$ (0.87)	$ (0.45)	$ (1.10)	$ (2.50)

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($)	Preferred Stock Series Seed Preferred Stock [member]	Preferred Stock Series X Preferred Stock	Common Stock Series Seed Preferred Stock [member]	Common Stock Series X Preferred Stock	Common Stock	Additional Paid-in Capital Series Seed Preferred Stock [member]	Additional Paid-in Capital Series X Preferred Stock	Additional Paid-in Capital	Accumulated Deficit	Series X Preferred Stock	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
Issuance of common stock in connection with conversion of notes payable					$ 113			3,412,669			3,412,782
Issuance of common stock in connection with conversion of notes payable (in shares)					1,137,594
Net income (loss)									(16,462,227)		(16,462,227)
Stock-based compensation								1,110,874			1,110,874
Ending balance at Sep. 30, 2021	$ 270				$ 691			8,603,434	(25,171,505)		(16,567,110)
Ending balance (in shares) at Sep. 30, 2021	2,696,439				6,913,492
Beginning balance at Jun. 30, 2021	$ 270				$ 691			8,331,310	(22,060,863)		(13,728,592)
Beginning balance (in shares) at Jun. 30, 2021	2,696,439				6,913,492
Increase (Decrease) in Stockholders' Equity
Net income (loss)									(3,110,642)		(3,110,642)
Stock-based compensation								272,124			272,124
Ending balance at Sep. 30, 2021	$ 270				$ 691			8,603,434	(25,171,505)		(16,567,110)
Ending balance (in shares) at Sep. 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
Issuance of Series X preferred stock, net of fees		$ 1						299,999			300,000
Issuance of Series X preferred stock, net of fees (in shares)		3,200
Conversion of SAFE liability to Series X preferred stock		$ 20						9,999,980			10,000,000
Conversion of SAFE liability to Series X preferred stock (in shares)		100,000								100,000
Issuance of common stock and warrants, net of fees					$ 154			6,022,859			6,023,013
Issuance of common stock and warrants, net of fees (in shares)					1,545,454
Issuance of common stock in connection with conversion of notes payable					$ 24			1,159,476			1,159,500
Issuance of common stock in connection with conversion of notes payable (in shares)					238,094
Issuance of Series X preferred stock in connection with conversion of notes payable								296,819			296,819
Issuance of Series X preferred stock in connection with conversion of notes payable (in shares)		2,555
Conversion of preferred stock to common stock	$ (270)	$ (6)	$ 156	$ 118		$ 114	$ (112)
Conversion of preferred stock to common stock (in shares)	(2,696,439)	(61,689)	1,557,435	1,175,000
Warrants exchanged for shares of common stock and Series X preferred stock					$ 35			2,009,172			2,009,207
Warrants exchanged for shares of common stock and Series X preferred stock (in shares)		1,250			350,000
Reclassification of warrants to equity								912,580			912,580
Net income (loss)									(9,581,119)		(9,581,119)
Stock-based compensation								1,377,165			1,377,165
Ending balance at Sep. 30, 2022		$ 15			$ 1,178			30,906,477	(28,519,368)		2,388,302
Ending balance (in shares) at Sep. 30, 2022		45,316			11,779,475
Beginning balance at Jun. 30, 2022	$ 270				$ 691			9,158,437	(17,055,755)		(7,896,357)
Beginning balance (in shares) at Jun. 30, 2022	2,696,439				6,913,492
Increase (Decrease) in Stockholders' Equity
Issuance of Series X preferred stock, net of fees		$ 1						299,999			300,000
Issuance of Series X preferred stock, net of fees (in shares)		3,200
Conversion of SAFE liability to Series X preferred stock		$ 20						9,999,980			10,000,000
Conversion of SAFE liability to Series X preferred stock (in shares)		100,000
Issuance of common stock and warrants, net of fees					$ 154			6,022,859			6,023,013
Issuance of common stock and warrants, net of fees (in shares)					1,545,454
Issuance of common stock in connection with conversion of notes payable					$ 24			1,159,476			1,159,500
Issuance of common stock in connection with conversion of notes payable (in shares)					238,094
Issuance of Series X preferred stock in connection with conversion of notes payable								296,819			296,819
Issuance of Series X preferred stock in connection with conversion of notes payable (in shares)		2,555
Conversion of preferred stock to common stock	$ (270)	$ (6)	$ 156	$ 118		$ 114	$ (112)
Conversion of preferred stock to common stock (in shares)	(2,696,439)	(61,689)	1,557,435	1,175,000
Warrants exchanged for shares of common stock and Series X preferred stock					$ 35			2,009,172			2,009,207
Warrants exchanged for shares of common stock and Series X preferred stock (in shares)		1,250			350,000
Reclassification of warrants to equity								912,580			912,580
Net income (loss)									(11,463,613)		(11,463,613)
Stock-based compensation								1,047,153			1,047,153
Ending balance at Sep. 30, 2022		$ 15			$ 1,178			$ 30,906,477	$ (28,519,368)		$ 2,388,302
Ending balance (in shares) at Sep. 30, 2022		45,316			11,779,475

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash flows from operating activities
Net loss		$ (9,581,119)	$ (16,462,227)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		1,377,165	1,110,874
Amortization of debt discount			2,550,780
Change in fair value of notes		255,145
Change in fair value of SAFE		(163,025)	3,806,374
Loss on conversion of SAFE	$ 5,338,808	5,338,808
Loss on issuance of debt		391,246
Loss on extinguishment of debt	3,940	3,940
Gain on conversion of notes			(59,890)
Change in fair value warrant liability		(1,873,192)	4,498,145
Non-cash interest expense			255,076
Changes in assets and liabilities:
Other current assets		(416,439)
Deferred offering costs		204,779
Accounts payable		(65,578)	140,935
Accounts payable - related party		131,250	(100,138)
Accrued expenses		1,392,845	(4,179)
Net cash used in operating activities		(3,004,175)	(4,264,250)
Cash flows from financing activities
Proceeds from issuance of common stock and warrants, net of fees		6,582,450
Proceeds from issuance of convertible promissory notes, net of fees		1,240,970
Proceeds from issuance of Series X preferred stock, net of fees		300,000
Proceeds from SAFE investment			5,000,000	$ 5,000,000
Payment of deferred offering costs			(60,779)
Net cash provided by financing activities		8,123,420	4,939,221
Net increase in cash		5,119,245	674,971
Cash, beginning of period		444,087	1,123,625	1,123,625
Cash, end of period	5,563,332	5,563,332	1,798,596	$ 444,087
Non-cash financing activities:
Series X preferred stock issued in connection with conversion of notes payable	$ 296,819	296,819
Common stock issued in connection with conversion of notes payable		1,159,500	$ 3,412,782
Conversion of SAFE liability to Series X preferred stock		10,000,000
Warrants exchanged for shares of common stock and Series X preferred stock		2,009,207
Reclassification of warrants to equity		912,580
Unpaid offering costs		$ 559,437

Organization and description of

Organization and description of business operations	9 Months Ended
	Sep. 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 $6.0 million, net of underwriter fees and commissions of approximately $0.8 million, and offering costs of approximately $1.4 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 $28.5 million at September 30, 2022, a net loss of approximately $9.6 million, and approximately $3.0 million of net cash used in operating activities for the nine months ended September 30, 2022. 2022 Notes During the second and third quarters of 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 $0.3 million and the Company received net proceeds of approximately $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	9 Months Ended
	Sep. 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 nine months ended September 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 Simple Agreement For Equity (“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 September 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 nine months ended September 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. As of September 30, 2022, there are no warrant liabilities (See Note 3). Simple Agreement for Future Equity The Company accounts for a 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. As of September 30, 2022, the SAFE liability has been converted to 100,000 shares of Series X preferred stock (See Note 8). 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. Loss Per Share Basic net loss per share (“EPS”) of common stock is computed by dividing net 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. The Company’s common stock equivalents have been excluded from the computation of diluted loss per share for the three and nine months ended September 30, 2022 and 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 loss per share is the same for the three and nine months ended September 30, 2022 and 2021. The following securities were excluded from the computation of diluted net loss per share attributable to common shareholders for the nine months ended September 30, 2022 and 2021, because including them would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2022 2021 Preferred stock — 1,557,435 Series X preferred stock ​ 863,162 ​ — Unvested restricted stock units 1,582,220 1,377,999 Common stock warrants 587,497 1,034,176 SAFE investment — 414,808 Convertible notes 37,259 — Total 3,070,138 4,384,418 ​ 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	9 Months Ended
	Sep. 30, 2022
Fair Value Measurements
Fair Value Measurements	Note 3. Fair Value Measurements Convertible Notes During the second and third quarters of 2022, the Company issued the 2022 Notes. The fair value of the 2022 Notes on the issuance dates and as of September 30, 2022 were estimated using a Monte Carlo simulation to capture the path dependencies intrinsic to their terms. The significant unobservable inputs used in the fair value measurement of the Company’s convertible notes are the common stock price, volatility, and risk-free interest rates. Significant changes in these inputs may result in significantly lower or higher fair value measurement. The Company elected the fair value option when recording its 2022 Notes (See Note 2) and the notes were classified as liabilities and measured at fair value on the issuance date, with changes in fair value recognized as other income (expense) on the statements of operations and disclosed in the condensed financial statements. On August 26, 2022, two holders of the 2022 Notes converted their notes to 238,094 shares of the Company’s common stock and one holder of the 2022 Notes converted its note to 2,555 shares of Series X preferred stock. A summary of significant unobservable inputs (Level 3 inputs) used in measuring the 2022 Notes upon the issuance dates, conversion dates and during three and nine months ended September 30, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ​ ​ ​ ​ ​ ​ August 3, 2022 - ​ ended September ​ Nine months ended ​ ​ July 8, 2022 August 5, 2022 30, 2022 September 30, 2022 Dividend yield 0 % 0 % 0 % 0 % Expected price volatility 57.0 % 57.0 % 57.0 % 57.0%-57.2 % Risk free interest rate 2.96 % 3.14%-3.29 % 2.8%-4.05 % 2.8%-4.05 % Expected term (in years) 1.0 1.0 0.7-0.9 ​ 0.7-0.9 ​ ​ 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). On August 2, 2022 the SAFE was converted to 100,000 shares of Series X preferred stock (See Note 8). A summary of significant unobservable inputs (Level 3 inputs) used in measuring the SAFE on the conversion date of August 2, 2022, and the period January 1, 2022 through August 2, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 1, ​ ​ August 2, ​ 2022-August ​ ​ 2022 2, 2022 Dividend yield 0 % 0 % Expected price volatility 50.0 % 50.0 % Risk free interest rate 3.08 % 1.35%-3.08 % Expected term (in years) 1.5 0.8-1.5 ​ ​ Warrants During the nine months ended September 30, 2022, the Company issued 195,140 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. 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. On August 26, 2022, 750,000 warrants issued in connection with the 2020 Notes were exchanged for 350,000 shares of common stock and 1,250 shares of Series X preferred stock (see below). On August 26, 2022, 479,316 liability classified warrants were reclassified to equity. As of September 30, 2022, there are no liability classified warrants. 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 exchanged 750,000 warrants for 350,000 shares of common stock and 1,250 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 on issuance date, August 26, 2022, and during the period January 1, 2022 through August 26, 2022, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 1 2022 - ​ ​ July 2022 August 26, 2022 August 26, 2022 Dividend yield 0 % 0 % 0 % Expected price volatility 57.0 % 57.0 % 57.0%- 105.0 % Risk free interest rate 2.70% -2.82 % 2.39%-3.40 % 0.17%-3.40 % Expected term (in years) 5.0 ​ 0.1-4.9 0.1-4.0 ​ ​ 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 September 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured at September 30, 2022 ​ ​ ​ ​ Quoted prices in active ​ Significant other ​ Significant ​ ​ Total carrying value at ​ markets ​ observable inputs ​ unobservable inputs ​ September 30, 2022 (Level 1) (Level 2) (Level 3) Liabilities: ​ ​ ​ ​ Convertible notes ​ $ 156,486 ​ $ — ​ $ — ​ $ 156,486 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 nine months ended September 30, 2022, there was a change of approximately $3.3 million and $1.8 million in Level 3 liabilities measured at fair value, respectively. The fair value of the convertible notes 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 nine months ended September 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 ​ 1,353,720 ​ — ​ 278,494 Conversion of SAFE liability to Series X preferred stock ​ ​ — ​ ​ (10,000,000) ​ ​ — Issuance of common stock in connection with conversion of notes payable ​ ​ (1,159,500) ​ ​ — ​ ​ — Issuance of Series X preferred stock in connection with conversion of notes payable ​ ​ (296,819) ​ ​ — ​ ​ — Warrants exchanged for shares of common stock and Series X preferred stock ​ ​ — ​ ​ — ​ ​ (2,009,207) Loss on extinguishment of debt ​ ​ 3,940 ​ ​ — ​ ​ — Change in fair value ​ 255,145 ​ (163,025) ​ (1,873,192) Reclassification of warrants to equity ​ ​ — ​ ​ — ​ ​ (912,580) Loss on conversion of SAFE ​ ​ — ​ ​ 5,338,808 ​ ​ — Balance at September 30, 2022 ​ $ 156,486 ​ $ — ​ $ — ​

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2022
Accrued Expenses
Accrued Expenses	Note 4. Accrued Expenses The Company’s accrued expenses as of September 30, 2022 and December 31, 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2022 ​ 2021 ​ (Unaudited) ​ ​ Employee and related expenses ​ $ 50,335 ​ $ 680,026 Directors and officers insurance ​ ​ 385,362 ​ ​ — Professional fees ​ ​ 153,995 ​ ​ — Research and development ​ 24,758 ​ — Total accrued expenses ​ $ 614,450 ​ $ 680,026 ​

Simple Agreement for Future Equ

Simple Agreement for Future Equity ("SAFE")	9 Months Ended
	Sep. 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 was 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 was 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 had no interest rate or maturity date, the SAFE investor had no voting rights prior to conversion, and if the Company paid a dividend on outstanding shares of common stock while the SAFE was outstanding, the SAFE investor would have received the same dividend. On August 2, 2022, the fair value of the SAFE was approximately $4.7 million and the SAFE was converted into 100,000 shares of Series X preferred stock. During the three and nine months ended September 30, 2022, the Company recognized a $5.3 million loss on conversion of the SAFE (See Note 8).

Convertible promissory notes

Convertible promissory notes	9 Months Ended
	Sep. 30, 2022
Convertible promissory notes
Convertible promissory notes	Note 6. Convertible promissory notes During the second and third quarters of 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 $1.2 million (net of financing fees of approximately $0.1 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. 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, the holders of the 2022 Notes converted the notes fair value of approximately $1.2 million to 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. On August 26, 2022, the note holder converted the notes fair value of $0.3 million to 2,555 shares of Series X preferred stock (See Note 8). As of September 30, 2022, the outstanding principal balance of the 2022 Notes was approximately $0.2 million. For the nine months ended September 30, 2022, the Company recorded a loss on issuance of debt of $0.4 million, and a fair value loss of $0.25 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 nine months ended September 30, 2022 (See Note 2).

Stock-based compensation

Stock-based compensation	9 Months Ended
	Sep. 30, 2022
Stock-based compensation.
Stock-based compensation	Note 7. Stock-based compensation Stock-based Compensation The following is a summary of stock-based compensation during the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2022 2021 ​ 2022 2021 Canceled stock options ​ $ 119,829 ​ $ 272,124 ​ $ 449,840 ​ $ 1,110,874 Restricted stock units ​ 927,324 ​ — ​ 927,325 ​ — Total ​ $ 1,047,153 ​ $ 272,124 ​ $ 1,377,165 ​ $ 1,110,874 ​ Restricted Stock Units The following is a summary of the restricted stock units during the nine months ended September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ Number of Shares Fair Value Unvested as of December 31, 2021 — ​ $ — Granted 1,885,500 ​ $ 5.25 Forfeited (291,500) ​ $ 5.25 Vested ​ (11,780) ​ $ 5.26 Unvested as of September 30, 2022 1,582,220 ​ $ 5.25 ​ 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 nine months ended September 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 1,051,167 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 quarterly 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 no December 31, 2021 no 718- During the three and nine months ended September 30, 2022, the Company recorded stock-based compensation expense related to the RSUs of approximately $0.9 million, respectively. No stock-based compensation expense related to the RSUs was recognized during the three and nine months ended September 30, 2021. The unamortized stock-based compensation expense related to RSUs as of September 30, 2022 is approximately $7.4 million, which is expected to be recognized over a remaining weighted average vesting period of 1.3 years. 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 September 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 September 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 nine months ended September 30, 2022 and 2021, the Company recorded stock-based compensation expense related to the canceled stock options of approximately $0.45

Preferred and common stock

Preferred and common stock	9 Months Ended
	Sep. 30, 2022
Preferred and common stock
Preferred and common stock	Note 8. Preferred and common stock 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. 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. The Series X preferred stock is convertible into shares of the Company’s common stock and is subject to a 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 September 30, 2022, 45,316 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 exchanged 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.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and contingencies
Commitments and contingencies	Note 9. Commitments and contingencies Litigation As of September 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	9 Months Ended
	Sep. 30, 2022
Related party transactions
Related party transactions	Note 10. Related party transactions Accounts payable - Accrued expenses -

Subsequent events

Subsequent events	9 Months Ended
	Sep. 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, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed financial statements. Time-Based Restricted Stock Units Subsequent to September 30, 2022, the Company granted 51,583 time-based RSUs with a fair value of approximately $124,000 to a member of its board of directors. The RSUs are subject to service conditions and vest 33.34% on the one year three-month Subsequent to September 30, 2022, the Company granted 12,000 time-based RSUs with a fair value of approximately $29,000 for consulting services. The RSUs will vest 100% on January 31, 2023. Performance-Based Restricted Stock Units Subsequent to September 30, 2022, the Company granted 25,000 performance-based RSUs with a fair value of approximately $60,000 for consulting services. The RSUs are subject to a performance condition, and will vest upon the Company signing a definitive agreement with a strategic partner. ​

Significant accounting polici_2

Significant accounting policies (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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 Simple Agreement For Equity (“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 September 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 nine months ended September 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. As of September 30, 2022, there are no warrant liabilities (See Note 3).
Simple Agreement for Future Equity	Simple Agreement for Future Equity The Company accounts for a 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. As of September 30, 2022, the SAFE liability has been converted to 100,000 shares of Series X preferred stock (See Note 8).
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	Loss Per Share Basic net loss per share (“EPS”) of common stock is computed by dividing net 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. The Company’s common stock equivalents have been excluded from the computation of diluted loss per share for the three and nine months ended September 30, 2022 and 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 loss per share is the same for the three and nine months ended September 30, 2022 and 2021. The following securities were excluded from the computation of diluted net loss per share attributable to common shareholders for the nine months ended September 30, 2022 and 2021, because including them would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2022 2021 Preferred stock — 1,557,435 Series X preferred stock ​ 863,162 ​ — Unvested restricted stock units 1,582,220 1,377,999 Common stock warrants 587,497 1,034,176 SAFE investment — 414,808 Convertible notes 37,259 — Total 3,070,138 4,384,418
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)	9 Months Ended
	Sep. 30, 2022
Significant accounting policies
Schedule of securities excluded from the computation of diluted net loss per share attributable to common shareholders	The following securities were excluded from the computation of diluted net loss per share attributable to common shareholders for the nine months ended September 30, 2022 and 2021, because including them would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2022 2021 Preferred stock — 1,557,435 Series X preferred stock ​ 863,162 ​ — Unvested restricted stock units 1,582,220 1,377,999 Common stock warrants 587,497 1,034,176 SAFE investment — 414,808 Convertible notes 37,259 — Total 3,070,138 4,384,418

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured at September 30, 2022 ​ ​ ​ ​ Quoted prices in active ​ Significant other ​ Significant ​ ​ Total carrying value at ​ markets ​ observable inputs ​ unobservable inputs ​ September 30, 2022 (Level 1) (Level 2) (Level 3) Liabilities: ​ ​ ​ ​ Convertible notes ​ $ 156,486 ​ $ — ​ $ — ​ $ 156,486 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 nine months ended September 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 ​ 1,353,720 ​ — ​ 278,494 Conversion of SAFE liability to Series X preferred stock ​ ​ — ​ ​ (10,000,000) ​ ​ — Issuance of common stock in connection with conversion of notes payable ​ ​ (1,159,500) ​ ​ — ​ ​ — Issuance of Series X preferred stock in connection with conversion of notes payable ​ ​ (296,819) ​ ​ — ​ ​ — Warrants exchanged for shares of common stock and Series X preferred stock ​ ​ — ​ ​ — ​ ​ (2,009,207) Loss on extinguishment of debt ​ ​ 3,940 ​ ​ — ​ ​ — Change in fair value ​ 255,145 ​ (163,025) ​ (1,873,192) Reclassification of warrants to equity ​ ​ — ​ ​ — ​ ​ (912,580) Loss on conversion of SAFE ​ ​ — ​ ​ 5,338,808 ​ ​ — Balance at September 30, 2022 ​ $ 156,486 ​ $ — ​ $ —
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 on the conversion date of August 2, 2022, and the period January 1, 2022 through August 2, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 1, ​ ​ August 2, ​ 2022-August ​ ​ 2022 2, 2022 Dividend yield 0 % 0 % Expected price volatility 50.0 % 50.0 % Risk free interest rate 3.08 % 1.35%-3.08 % Expected term (in years) 1.5 0.8-1.5 ​
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 on issuance date, August 26, 2022, and during the period January 1, 2022 through August 26, 2022, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 1 2022 - ​ ​ July 2022 August 26, 2022 August 26, 2022 Dividend yield 0 % 0 % 0 % Expected price volatility 57.0 % 57.0 % 57.0%- 105.0 % Risk free interest rate 2.70% -2.82 % 2.39%-3.40 % 0.17%-3.40 % Expected term (in years) 5.0 ​ 0.1-4.9 0.1-4.0 ​
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, conversion dates and during three and nine months ended September 30, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ​ ​ ​ ​ ​ ​ August 3, 2022 - ​ ended September ​ Nine months ended ​ ​ July 8, 2022 August 5, 2022 30, 2022 September 30, 2022 Dividend yield 0 % 0 % 0 % 0 % Expected price volatility 57.0 % 57.0 % 57.0 % 57.0%-57.2 % Risk free interest rate 2.96 % 3.14%-3.29 % 2.8%-4.05 % 2.8%-4.05 % Expected term (in years) 1.0 1.0 0.7-0.9 ​ 0.7-0.9 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
Accrued Expenses
Schedule of Company's accrued expenses	The Company’s accrued expenses as of September 30, 2022 and December 31, 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2022 ​ 2021 ​ (Unaudited) ​ ​ Employee and related expenses ​ $ 50,335 ​ $ 680,026 Directors and officers insurance ​ ​ 385,362 ​ ​ — Professional fees ​ ​ 153,995 ​ ​ — Research and development ​ 24,758 ​ — Total accrued expenses ​ $ 614,450 ​ $ 680,026

Stock-based compensation (Table

Stock-based compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Stock-based compensation.
Summary of stock based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2022 2021 ​ 2022 2021 Canceled stock options ​ $ 119,829 ​ $ 272,124 ​ $ 449,840 ​ $ 1,110,874 Restricted stock units ​ 927,324 ​ — ​ 927,325 ​ — Total ​ $ 1,047,153 ​ $ 272,124 ​ $ 1,377,165 ​ $ 1,110,874
Summary of the restricted stock units	The following is a summary of the restricted stock units during the nine months ended September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ Number of Shares Fair Value Unvested as of December 31, 2021 — ​ $ — Granted 1,885,500 ​ $ 5.25 Forfeited (291,500) ​ $ 5.25 Vested ​ (11,780) ​ $ 5.26 Unvested as of September 30, 2022 1,582,220 ​ $ 5.25

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	Sep. 30, 2022 $ / shares	Dec. 31, 2021 $ / shares
Initial Public Offering
Common stock, par value (in dollars per share)			$ 0.0001	$ 0.0001
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
Underwriter fees and commissions | $	0.8
Offering costs | $	$ 1.4
Number of warrants issued (in shares) | shares	108,181
Exercise price of warrants (in dollars per share)	$ 6.5625
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		6 Months Ended	9 Months Ended
	Aug. 02, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Aug. 01, 2022	Dec. 31, 2021
Organization And Description Of Business Operation
Revenue					$ 0
Accumulated deficit		$ (28,519,368)		$ (28,519,368)	(28,519,368)			$ (18,938,249)
Net loss		$ (11,463,613)	$ (3,110,642)		(9,581,119)	$ (16,462,227)
Net cash used in operating activities					(3,004,175)	$ (4,264,250)
2022 Notes, net proceeds received					$ 1,240,970
Par value per share (in dollars per share)		$ 0.0001		$ 0.0001	$ 0.0001			$ 0.0001
Net proceeds					$ 300,000
Series X preferred stock
Organization And Description Of Business Operation
Number of shares issued (in shares)	3,200
Par value per share (in dollars per share)	$ 0.0001						$ 0.0001
Purchase price per share (in dollars per share)	$ 100
Net proceeds	$ 300,000
2022 Notes
Organization And Description Of Business Operation
2022 Notes, principal balance		$ 1,500,000		$ 1,500,000	1,500,000
2022 Notes, original issue discount		$ 300,000		300,000	$ 300,000
2022 Notes, net proceeds received				$ 1,200,000

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 - Anti-dilutive securities (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders	3,070,138	4,384,418
Preferred stock
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders		1,557,435
Series X preferred stock
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders	863,162
Unvested restricted stock units
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders	1,582,220	1,377,999
Common stock warrants
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders	587,497	1,034,176
SAFE investment
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders		414,808
Convertible notes
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders	37,259

Significant accounting polici_6

Significant accounting policies - SAFE Investment (Details) - shares		9 Months Ended
	Aug. 02, 2022	Sep. 30, 2022
Series X preferred stock
Accounting Policies
Conversion of SAFE liability to Series X preferred stock (in shares)	100,000	100,000

Fair Value Measurements - Level

Fair Value Measurements - Level 3 Inputs (Details)	Sep. 30, 2022 item	Aug. 26, 2022 item	Aug. 05, 2022 item	Aug. 02, 2022 item	Jul. 08, 2022 item	Jul. 02, 2022 item
SAFE Liability | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques
Measurement input				0
SAFE Liability | Expected price volatility
Fair Value Measurement Inputs and Valuation Techniques
Measurement input				0.500
SAFE Liability | Risk free interest rate
Fair Value Measurement Inputs and Valuation Techniques
Measurement input				0.0308
SAFE Liability | Risk free interest rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement input				0.0135
SAFE Liability | Risk free interest rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement input				0.0308
SAFE Liability | Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques
Measurement input				1.5
SAFE Liability | Expected term (in years) | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement input				0.8
SAFE Liability | Expected term (in years) | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement input				1.5
Warrant Liability | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques
Measurement input		0				0
Warrant Liability | Expected price volatility
Fair Value Measurement Inputs and Valuation Techniques
Measurement input						0.570
Warrant Liability | Expected price volatility | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement input		0.570
Warrant Liability | Expected price volatility | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement input		1.050
Warrant Liability | Risk free interest rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement input	0.0017	0.0239				0.0270
Warrant Liability | Risk free interest rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement input	0.0340	0.0340				0.0282
Warrant Liability | Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques
Measurement input						5
Warrant Liability | Expected term (in years) | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement input		0.1
Warrant Liability | Expected term (in years) | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement input	4	4.9
Convertible Notes | Dividend yield
Fair Value Measurement Inputs and Valuation Techniques
Measurement input	0		0		0
Convertible Notes | Expected price volatility
Fair Value Measurement Inputs and Valuation Techniques
Measurement input	0.570		0.570		0.570
Convertible Notes | Expected price volatility | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement input	0.570
Convertible Notes | Expected price volatility | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement input	0.572
Convertible Notes | Risk free interest rate
Fair Value Measurement Inputs and Valuation Techniques
Measurement input					2.96
Convertible Notes | Risk free interest rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement input	0.028		0.0314
Convertible Notes | Risk free interest rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement input	0.0405		0.0329
Convertible Notes | Expected term (in years)
Fair Value Measurement Inputs and Valuation Techniques
Measurement input			1		1
Convertible Notes | Expected term (in years) | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement input	0.007
Convertible Notes | Expected term (in years) | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement input	0.9

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)					3 Months Ended	9 Months Ended	12 Months Ended
	Aug. 26, 2022	Aug. 03, 2022	Aug. 02, 2022	Mar. 19, 2022	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Reclassification of warrants to equity, shares	479,316
Warrant liability					$ 0	$ 0	$ 4,516,485
Series X Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Conversion of SAFE liability to Series X preferred stock (in shares)			100,000			100,000
Warrants exchanged for shares of common stock	1,250
Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Number of shares issued on conversion	1,175,000
Warrants exchanged for shares of common stock	350,000
2020 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrants exchanged for shares of common stock	750,000
Convertible notes 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Number of shares issued on conversion	238,094
Convertible notes 2022 | Series X Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Issuance of Series X preferred stock in connection with conversion of notes payable (in shares)	2,555
SAFE Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Change in Level 3 liabilities measured at fair value						$ (163,025)
SAFE Agreement | 2020 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Cash received				$ 5,000,000
Common stock warrants issued						195,140	1,034,176
Number of warrants exchanged		750,000
Change in Level 3 liabilities measured at fair value					$ 3,300,000	$ 1,800,000
Warrants exchanged for shares of common stock		350,000

Fair Value Measurements - Liabi

Fair Value Measurements - Liabilities Measured at fair value (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Notes payable - fair value	$ 156,486
Warrant liability	0	$ 4,516,485
SAFE Agreement | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrant liability		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
Warrant liability		4,824,217
Warrant Exchange Agreement | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Warrant liability		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
Warrant liability		$ 4,516,485
2022 Notes | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Notes payable - fair value	156,486
2022 Notes | Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Notes payable - fair value	$ 156,486

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Level 3 Liabilities (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Conversion of SAFE liability to Series X preferred stock	$ 10,000,000	$ 10,000,000
Issuance of common stock in connection with conversion of notes payable	1,159,500	1,159,500	$ 3,412,782
Issuance of Series X preferred stock in connection with conversion of notes payable	296,819	296,819
Warrants exchanged for shares of common stock and Series X preferred stock	2,009,207	2,009,207
Loss on extinguishment of debt	3,940	3,940
Reclassification of warrants to equity	(912,580)	(912,580)
Loss on conversion of SAFE	5,338,808	5,338,808
SAFE Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Balance at December 31, 2021		4,824,217
Conversion of SAFE liability to Series X preferred stock		(10,000,000)
Change in fair value		(163,025)
Loss on conversion of SAFE		5,338,808
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Balance at December 31, 2021		4,516,485
Issuance of convertible notes and warrants		278,494
Warrants exchanged for shares of common stock and Series X preferred stock		(2,009,207)
Change in fair value		(1,873,192)
Reclassification of warrants to equity		(912,580)
Convertible Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
Issuance of convertible notes and warrants		1,353,720
Issuance of common stock in connection with conversion of notes payable		(1,159,500)
Issuance of Series X preferred stock in connection with conversion of notes payable		(296,819)
Loss on extinguishment of debt		3,940
Change in fair value		255,145
Balance at September 30, 2022	$ 156,486	$ 156,486

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Accrued Expenses
Employee and related expenses	$ 50,335	$ 680,026
Directors and officers insurance	385,362
Professional fees	153,995
Research and development	24,758
Total accrued expenses	$ 614,450	$ 680,026

Simple Agreement for Future E_2

Simple Agreement for Future Equity ("SAFE") (Details) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Aug. 02, 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
Loss recognized on conversion	$ 5,300,000	$ 5,300,000
Series X Preferred Stock
Simple Agreement for Future Equity ("SAFE")
SAFE, Outstanding amount converted					$ 4,700,000
Number of shares issued upon conversion					100,000

Convertible promissory notes (D

Convertible promissory notes (Details) - USD ($)			3 Months Ended	6 Months Ended	9 Months Ended
	Aug. 26, 2022	Aug. 03, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2022
Debt Instrument [Line Items]
Proceeds from issuance of convertible promissory notes, net of fees					$ 1,240,970
Loss on issuance of debt			$ (88,234)		(391,246)
Fair value loss			(151,195)		(255,145)
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	$ 1,200,000
Shares converted	238,094
Conversion agreement with an additional holder of 2022 Notes
Debt Instrument [Line Items]
Principal balance		$ 255,555
Convertible notes outstanding	$ 300,000
Conversion agreement with an additional holder of 2022 Notes | Series X Preferred Stock
Debt Instrument [Line Items]
Shares converted	2,555	2,555
2022 Notes
Debt Instrument [Line Items]
Principal balance			1,500,000	$ 1,500,000	1,500,000
Financing fee			100,000	100,000	100,000
Original issue discount			$ 200,000	200,000	$ 200,000
Proceeds from issuance of convertible promissory notes, net of fees				$ 1,200,000
Interest rate per annum			10%	10%	10%
Maturity period				12 months
Percent of beneficial ownership limitation			9.99%	9.99%	9.99%
Conversion price (per share)	$ 4.20		$ 7	$ 7	$ 7
Percent of offering price	80%			80%
Number of warrants exchanged			195,140	195,140	195,140
Exercise price of warrants (in dollars per share)			$ 7	$ 7	$ 7
Percent of qualified offering price				80%
Warrants expiry term			5 years	5 years	5 years
Adjusted exercise price per share				$ 3
2022 Notes, original issue discount			$ 300,000	$ 300,000	$ 300,000
Offering price per share	$ 5.25
Convertible notes outstanding					200,000
Loss on issuance of debt					400,000
Fair value loss					$ 250,000

Stock-based compensation - Summ

Stock-based compensation - Summary of Stock based Compensation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock-based compensation
Stock-based compensation expense	$ 1,047,153	$ 272,124	$ 1,377,165	$ 1,110,874
Cancelled stock options
Stock-based compensation
Stock-based compensation expense	119,829	272,124	449,840	1,110,874
Restricted stock units
Stock-based compensation
Stock-based compensation expense	$ 927,324	$ 0	$ 927,325	$ 0

Stock-based compensation - Rest

Stock-based compensation - Restricted Stock Units (Details) - $ / shares		1 Months Ended	9 Months Ended
	Aug. 26, 2022	Aug. 31, 2022	Sep. 30, 2022
Number of units outstanding
Granted (shares)		1,051,167
Restricted stock units
Number of units outstanding
Granted (shares)	1,051,167		1,885,500
Forfeited (shares)			(291,500)
Vested (shares)			(11,780)
Ending balance (shares)			1,582,220
Weighted Average Fair Value Per unit
Beginning balance (usd per share)			$ 5.25
Granted (usd per share)			5.25
Forfeited (usd per share)			5.25
Vested (usd per share)			5.26
Ending balance (usd per share)			$ 5.25

Stock-based compensation - Addi

Stock-based compensation - Additional information (Details)								1 Months Ended	3 Months Ended		9 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	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) director employee shares	Sep. 30, 2021 USD ($)	Jun. 30, 2022 shares	Dec. 31, 2021 shares
Stock-based compensation
Number of units granted | shares								1,051,167
Compensation cost								$ 5,500,000
Stock-based compensation expense									$ 1,047,153	$ 272,124	$ 1,377,165	$ 1,110,874
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 | shares	1,051,167										1,885,500
Vesting percentage	33.34%			33.34%
Vesting period	3 months			3 months
Number of units forfeited | shares											291,500
Stock-based compensation expense									927,324	0	$ 927,325	0
Unamortized stock-based compensation expense									7,400,000		$ 7,400,000
Unamortized stock-based compensation period recognition											1 year 3 months 18 days
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 | shares			35,333
Fair value of units granted			$ 200,000
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 | shares					1,342,667		896,583	492,500
Fair value of units granted					$ 14,600,000		$ 6,300,000	$ 2,600,000
Vesting percentage				33.34%		33.34%		0.33%
Vesting period				3 months				2 years
Number of stock options exchanged for units | shares							787,499
Exercise price | $ / shares						$ 8.98
Restricted stock units | Employees, officers and directors | First three-month anniversary from Start Date
Stock-based compensation
Vesting percentage				8.3325%		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%		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%		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%		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%		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%		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%		8.3325%
Restricted stock units | Employees, officers and directors | Eighth three-month anniversary from Start Date
Stock-based compensation
Vesting percentage				8.3325%		8.3325%		8.3325%
Restricted stock units | Chief Financial Officer [Member]
Stock-based compensation
Number of units granted | shares		15,000
Fair value of units granted		$ 100,000
Cancelled stock options
Stock-based compensation
Stock options outstanding | shares													0	0
Canceled stock options and the related stock compensation									4,300,000		$ 4,300,000
Stock-based compensation expense									119,829	$ 272,124	449,840	$ 1,110,874
Unamortized stock-based compensation expense									$ 300,000		$ 300,000

Preferred and common stock (Det

Preferred and common stock (Details) - USD ($)	Aug. 30, 2022	Aug. 26, 2022	Aug. 05, 2022	Aug. 02, 2022	Sep. 30, 2022	Aug. 01, 2022	Dec. 31, 2021
Preferred and common stock
Preferred shares, shares authorized (in shares)					10,000,000
Preferred shares, par value (in dollars per share)					$ 0.0001		$ 0.0001
Preferred stock value outstanding
Common stock, shares authorized (in shares)					200,000,000		20,000,000
Warrant Exchange Agreement
Preferred and common stock
Number of warrants exchanged		750,000
Exchange agreements with holders of Seed preferred stock
Preferred and common stock
Preferred shares, par value (in dollars per share)			$ 0.0001
Private placement | SAFE
Preferred and common stock
Preferred stock value outstanding				$ 5,000,000
Initial public offering
Preferred and common stock
Net proceeds from issuance	$ 6,000,000
Preferred Stock
Preferred and common stock
Preferred shares, shares authorized (in shares)	10,000,000
Series X preferred stock
Preferred and common stock
Preferred shares, shares authorized (in shares)	500,000				500,000	500,000	0
Preferred shares, par value (in dollars per share)				$ 0.0001		$ 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)		45,316			45,316		0
Preferred stock value outstanding					$ 15
Preferred stock outstanding		45,316			45,316		0
Series X preferred stock | 2022 Notes
Preferred and common stock
Number of shares issued on conversion		2,555
Conversion price (per share)		$ 5.25
Series X preferred stock | SAFE
Preferred and common stock
Number of shares on conversion of preferred stock				100,000
Series X preferred stock | Warrant Exchange Agreement
Preferred and common stock
Number of shares issued on conversion		1,250
Series X preferred stock | Private placement
Preferred and common stock
Number of shares issued				3,200
Price per share				$ 100
Net proceeds from issuance				$ 300,000
Series X preferred stock | Initial public offering
Preferred and common stock
Number of shares exchanged		61,689
Common Stock
Preferred and common stock
Number of shares issued on conversion		1,175,000
Common stock, shares authorized (in shares)	200,000,000
Common Stock | Warrant Exchange Agreement
Preferred and common stock
Number of shares issued on conversion		350,000
Common Stock | Exchange agreements with holders of Seed preferred stock
Preferred and common stock
Number of shares on conversion of preferred stock			1,557,435

Commitments and contingencies (

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

Related party transactions (Det

Related party transactions (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) employee
Accounts payable
Related party transactions
Due to related party	$ 132,000	$ 132,000
Management fees | Accounts payable
Related party transactions
Expensed amount	60,000	180,000
Board of directors fees | Accounts payable
Related party transactions
Expensed amount	20,000	74,000
Consulting services | Accounts payable
Related party transactions
Expensed amount	25,000	25,000
Accrued bonus | Accrued expenses
Related party transactions
Expensed amount		155,000
Payroll expenses | Accrued expenses
Related party transactions
Due to related party	50,000	50,000
Tardimed | Management fees | Accounts payable
Related party transactions
Due to related party	80,000	80,000
Members of board of directors | Accounts payable
Related party transactions
Due to related party	27,000	27,000
Chief Financial Officer | Accounts payable
Related party transactions
Due to related party	$ 25,000	$ 25,000
Executives | Accrued expenses
Related party transactions
Number of executives terminated | employee		2

Subsequent events - Additional

Subsequent events - Additional Information (Details) - Subsequent event	1 Months Ended
	Oct. 31, 2022 USD ($) shares
Time-Based Restricted Stock Units | Consulting Services [Member]
Subsequent Event [Line Items]
Grants (in shares) | shares	12,000
Fai value | $	$ 29,000
Vesting percentage	100%
Time-Based Restricted Stock Units | Board of Directors Chairman [Member]
Subsequent Event [Line Items]
Grants (in shares) | shares	51,583
Fai value | $	$ 124,000
Vesting percentage	33.34%
Vesting period	3 months
Time-Based Restricted Stock Units | Board of Directors Chairman [Member] | Maximum
Subsequent Event [Line Items]
Vesting period	1 year
Performance-Based Restricted Stock Units | Consulting Services [Member]
Subsequent Event [Line Items]
Grants (in shares) | shares	25,000
Fai value | $	$ 60,000