PaxMedica, Inc. Common Stock (PXMD) 10-Q15 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 15, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		14,619,477
Entity Central Index Key	0001811623
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash	$ 3,986,249	$ 1,901,887
Prepaid and other current assets	766,172	302,431
Total current assets	4,752,421	2,204,318
Total assets	4,752,421	2,204,318
Current liabilities
Accounts payable	480,211	721,955
Accounts payable - related party		20,000
Accrued expenses	163,983	1,019,071
Note payable - fair value, current portion	1,120,707	173,543
Shares settled liability	34,500	160,949
Total current liabilities	1,799,401	2,095,518
Note payable - fair value, less current portion	420,253
Total liabilities	2,219,654	2,095,518
Commitments and contingencies (Note 9)
Stockholders' Equity
Common stock, par value $0.0001; 200,000,000 shares authorized at March 31, 2023 and 20,000,000 shares authorized at December 31, 2022; 13,920,234 and 12,035,592 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	1,392	1,204
Additional paid-in capital	40,105,133	33,847,607
Accumulated deficit	(37,573,763)	(33,740,016)
Total stockholders' equity	2,532,767	108,800
Total liabilities, and stockholders' equity	4,752,421	2,204,318
Series X Preferred Stock
Stockholders' Equity
Preferred stock	$ 5	$ 5

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Preferred shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred shares, shares authorized (in shares)	10,000,000	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)	13,920,234	12,035,592
Common stock, shares outstanding (in shares)	13,920,234	12,035,592
Series X Preferred Stock
Preferred shares, shares authorized (in shares)	500,000	500,000
Preferred shares, shares issued (in shares)	45,567	45,567
Preferred shares, shares outstanding (in shares)	45,567	45,567

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
CONDENSED STATEMENTS OF OPERATIONS - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Operating expenses
General and administrative	$ 3,814,184	$ 933,817
Research and development	222,491	1,070,704
Total operating expenses	4,036,675	2,004,521
Loss from operations	(4,036,675)	(2,004,521)
Other income (expense):
Interest expense	(3,928)
Loss on extinguishment of debt	(36,850)
Change in fair value of notes	335,364
Change in fair value of SAFE		1,634,217
Change in fair value warrant liability		2,233,766
Other income (expense)	(91,658)
Total other income (expense)	202,928	3,867,983
Net income (loss)	$ (3,833,747)	$ 1,863,462
Basic weighted average number of shares outstanding	12,637,671	6,913,492
Diluted weighted average number of shares outstanding	12,637,671	7,562,978
Basic net income (loss) per share	$ (0.30)	$ 0.18
Diluted net income (loss) per share	$ (0.30)	$ (0.05)

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($)	Preferred Stock Series Seed preferred shares	Preferred Stock Series X Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
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 (Deficit)
Stock-based compensation				181,194		181,194
Net loss					1,863,462	1,863,462
Ending balance at Mar. 31, 2022	$ 270		$ 691	9,009,619	(17,074,787)	(8,064,207)
Ending balance (in shares) at Mar. 31, 2022	2,696,439		6,913,492
Beginning balance at Dec. 31, 2022		$ 5	$ 1,204	33,847,607	(33,740,016)	108,800
Beginning balance (in shares) at Dec. 31, 2022		45,567	12,035,592
Increase (Decrease) in Stockholders' Equity (Deficit)
Reclassification of shares settled liability to equity			$ 2	126,447		126,449
Reclassification of shares settled liability to equity (in shares)			23,808
Issuance of common stock in connection with equity purchase agreement			$ 120	2,804,880		2,805,000
Issuance of common stock in connection with equity purchase agreement (in shares)			1,200,000
Issuance of common stock warrants in connection with notes payable, net of fees				1,155,643		1,155,643
Stock-based compensation			$ 66	2,170,556		2,170,622
Stock-based compensation (in shares)			660,834
Net loss					(3,833,747)	(3,833,747)
Ending balance at Mar. 31, 2023		$ 5	$ 1,392	$ 40,105,133	$ (37,573,763)	$ 2,532,767
Ending balance (in shares) at Mar. 31, 2023		45,567	13,920,234

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income (loss)	$ (3,833,747)	$ 1,863,462
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based compensation	2,170,622	181,194
Change in fair value of notes	(335,364)
Change in fair value of SAFE		(1,634,217)
Loss on extinguishment of debt	36,850
Change in fair value warrant liability		(2,233,766)
Other expense	91,658
Changes in assets and liabilities:
Prepaid and other current assets	(463,741)
Accounts payable	125,037	1,134,454
Accounts payable - related party	(20,000)	97,500
Accrued expenses	(754,660)	196,669
Net cash used in operating activities	(2,983,345)	(394,704)
Cash flows from financing activities
Proceeds from issuance of convertible promissory notes and warrants	3,200,000
Payment of costs in connection with convertible promissory notes and warrants	(503,696)
Proceeds from the issuance of common stock in connection with equity purchase agreement	2,805,000
Payment of costs incurred in connection with equity purchase agreement	(195,997)
Repayment of convertible promissory notes	(237,600)
Net cash provided by financing activities	5,067,707
Net increase (decrease) in cash	2,084,362	(394,704)
Cash, beginning of period	1,901,887	444,087
Cash, end of period	3,986,249	49,383
Non-cash financing activities:
Reclassification of shares settled liability	126,449
Unpaid deferred offering costs and financing fees	$ 20,393	$ 286,757

Organization and description of

Organization and description of business operations	3 Months Ended
Organization and description of business operations	Mar. 31, 2023
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 $37.6 million at March 31, 2023, a net loss of approximately $3.8 million, and approximately $3.0 million of net cash used in operating activities for the three months ended March 31, 2023. Equity Purchase Agreement with Lincoln Park Capital During the three months ended March 31, 2023, in connection with its equity purchase agreement with Lincoln Park Capital Fund, LLC (LPC), the Company received net proceeds of approximately $2.6 million from the issuance of 1.2 million shares of the Company’s common stock (See Note 8). Subsequent to March 31, 2023, the Company received proceeds of approximately $1.1 million from the issuance of 0.6 million shares of the Company’s common stock. 2023 Note During the three months ended March 31, 2023, the Company issued a convertible promissory note (the “2023 Note”) with a principal balance of $3.7 million. The Company received proceeds of approximately $2.5 million, net of expenses and other costs. The 2023 Note bears no interest and matures 18 months from the issuance date. In connection with the 2023 Note, the Company issued a common stock warrant to purchase 800,000 shares of the Company’s common stock (See Note 6). 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.

Basis of Presentation, Summary

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2023
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements	Note 2 Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements 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 months ended March 31, 2023 are not necessarily indicative of the results that may be expected through December 31, 2023. The accompanying unaudited condensed financial statements should be read in conjunction with the financial statements for the year ended December 31, 2022 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2023. 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, 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. Significant Accounting Policies: For a detailed discussion about the Company’s significant accounting policies, see the Company’s December 31, 2022 financial statements included in its 2022 Annual Report. 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 three months ended March 31, 2023, the Company issued the 2023 Notes and warrants in connection with the 2023 Notes. The 2023 Notes 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. 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 Earnings (Loss) Per Share Basic net earnings (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. Preferred Stock, unvested restricted stock units and the SAFE investment are participating securities as they participate in undistributed earnings on an as-if converted basis. The Company computes earnings (loss) per share of common stock using the two-class method required for participating securities. Basic earnings per share includes an allocation of undistributed earnings to the Company’s participating securities. Diluted earnings (loss) per share is calculated using the more dilutive approach of (i) applying the treasury stock method, the if-converted method, or contingently issuable method and (ii) adding back the undistributed earnings allocated to participating securities in arriving at basic earnings per share, assuming that all other dilutive potential common shares have been exercised and then next reallocating the undistributed earnings. For warrants that are liability-classified, during periods when the impact is dilutive, the Company assumes share settlement of the instruments as of the beginning of the reporting period and adjusts the numerator to remove the change in fair value of the warrant liability and adjusts the denominator to include the dilutive shares calculated using the treasury stock method. Participating securities do not share in the losses of the Company, therefore, during periods of net loss, no effect is given to the Preferred Stock, unvested restricted stock units and the SAFE investment. The net effect of common stock equivalents is based on the incremental common stock that would be issued upon the assumed conversion of convertible preferred stock, exercise of common stock warrants, the SAFE investment and the vesting of RSUs using the treasury stock method. The Company’s common stock equivalents have been excluded from the computation of diluted loss per share for the three-month period ended March 31, 2023, as the effect would be to reduce the loss per share. Therefore, the weighted average common stock outstanding used to calculate both basic and diluted income (loss) per share is the same for the three-month period ended March 31, 2023. The following is a reconciliation of the numerator and denominator of the diluted net income (loss) per share computations for the three-month period ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Numerator: Net income (loss) $ (3,833,747) $ 1,863,462 Amount allocated to participating common shareholders — (603,927) Net income (loss) allocated to common shareholders- Basic $ (3,833,747) $ 1,259,535 Net income (loss) (3,833,747) 1,863,462 Less: Change in fair value of warrant liabilities — (2,233,766) Net income (loss) allocated to common shareholders- Diluted $ (3,833,747) $ (370,304) Denominator: Basic weighted average number of shares outstanding 12,637,671 6,913,492 Add: Warrants — 649,486 Diluted weighted average number of shares outstanding 12,637,671 7,562,978 Basic net income (loss) per share $ (0.30) $ 0.18 Diluted net income (loss) per share $ (0.30) $ (0.05) The following securities were excluded from the computation of diluted net loss per share attributable to common shareholders for the three months ended March 31, 2023 and 2022, because including them would have been anti-dilutive: March 31, 2023 2022 Preferred stock — 1,557,435 Series X preferred stock 867,943 — Unvested restricted stock units 1,194,248 1,342,666 Common stock warrants 1,387,409 — SAFE investment — 414,808 Convertible notes 2,140,780 — Shares settled liability 7,206 — Total 5,597,585 3,314,909 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 June 2016, No. 2016 13, 326 2016 13. 2016 13 In November 2018, No. 2018 19, 326, November 2019, No. 2019 11, 326, 2016 13. November 2019 No. 2019 10, 326 815 842 2016 13 three 2016 13 December 15, 2022 January 1, 2023,

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2023
Fair Value Measurements
Fair Value Measurements	Note 3. Fair Value Measurements Convertible Notes During the three months ended March 31, 2023, the Company issued the 2023 Note. The fair value of the 2023 Note on the issuance date and as of March 31, 2023 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 2023 Note (See Note 2) and its convertible notes issued in 2022 (the “2022 Notes”). 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. During the three months ended March 31, 2023, the Company paid down the remaining balance of its 2022 Notes (approximately $0.2 million) with a portion of the proceeds received from the 2023 Note. A summary of significant unobservable inputs (Level 3 inputs) used in measuring the 2022 Notes as of the paydown date of February 6, 2023, and the 2023 Note upon the issuance date, and as of March 31, 2023 is as follows: February 6, 2023 March 31, 2023 Dividend yield - % - % Expected price volatility 30.0 - 53.7 % 30.0 % Risk free interest rate 4.65 - 4.89 % 4.44 % Expected term (in years) 0.5 - 1.4 0.3 -1.3 The following tables classify the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of March 31, 2023 and December 31, 2022: Fair value measured at March 31, 2023 Quoted prices in active Significant other Significant Total carrying value at markets observable inputs unobservable inputs March 31, 2023 (Level 1) (Level 2) (Level 3) Liabilities: Convertible notes $ 1,540,960 $ — $ — $ 1,540,960 Fair value measured at December 31, 2022 Quoted prices in active Significant other Significant Total carrying value at markets observable inputs unobservable inputs December 31, 2022 (Level 1) (Level 2) (Level 3) Liabilities: Convertible notes $ 173,543 $ — $ — $ 173,543 For the three months ended March 31, 2023, there was a change of approximately $0.3 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 three months ended March 31, 2023. 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 Balance at December 31, 2022 $ 173,543 Issuance of convertible notes 1,903,531 Repayment of convertible notes (237,600) Loss on extinguishment of debt 36,850 Change in fair value (335,364) Balance at March 31, 2023 $ 1,540,960

Prepaid and other current asset

Prepaid and other current assets	3 Months Ended
Prepaid and other current assets	Mar. 31, 2023
Prepaid and other current assets
Prepaid and other current assets	Note 4. Prepaid and other current assets As of March 31, 2023, the Company recorded prepaid expenses and other current assets of approximately $0.8 million, consisting of $0.6 million paid in connection with services to be performed for research and development activities, and $0.2 million of deferred insurance related to the Company’s directors and officers insurance. As of December 31, 2022, prepaid and other current assets totaled approximately $0.3 million, primarily consisting of directors and officer insurance.

Accrued Expenses

Accrued Expenses	3 Months Ended
Accrued Expenses	Mar. 31, 2023
Accrued Expenses
Accrued Expenses	Note 5. Accrued Expenses The Company’s accrued expenses as of March 31, 2023 and December 31, 2022 consisted of the following: March 31, December 31, 2023 2022 Employee and related expenses $ 9,839 $ 510,297 Directors and officers insurance 154,144 269,753 Professional fees — 162,021 Research and development — 77,000 Total accrued expenses $ 163,983 $ 1,019,071

Convertible promissory notes

Convertible promissory notes	3 Months Ended
Convertible promissory notes	Mar. 31, 2023
Convertible promissory notes
Convertible promissory notes	Note 6. Convertible promissory notes During the three months ended March 31, 2023, the Company issued the 2023 Note with a principal balance of $3.7 million. The Company received proceeds of approximately $3.2 million and incurred fees of approximately $0.5 million. The 2023 Note bears no interest and matures 18 months from the issuance date. In connection with the 2023 Note, the Company issued a common stock warrant to purchase 800,000 shares of the Company’s common stock. The 2023 Note is secured by all of the Company’s assets and personal property. The 2023 Note is convertible into shares of the Company's common stock at any time, provided that no such conversion would result in the beneficial ownership by the investor and its affiliates of more than 4.99% of the Company’s outstanding shares of common stock. The conversion price of the 2023 Note is equal to $3.50, subject to customary adjustments, however, if new securities, other than exempted securities, are issued by the Company at a price less than the conversion price, the conversion price shall be reduced to such price. The 2023 Note provides that, commencing August 6, 2023, the Company will pay the outstanding principal amount of the 2023 Note in twelve consecutive monthly payments of $306,666.66 each. At the option of the Company, the monthly payment can be made in cash, shares of the common stock of the Company at a price based on 90% of the 5 lowest VWAPs during the 20 days prior to the payment date, or a combination of cash and stock. The shares issued as monthly payments must either be eligible for immediate resale under Rule 144 or be registered. Any portion of a monthly payment being made in cash shall include a premium of 5% of such cash amount. As of March 31, 2023, the outstanding principal balance of the 2023 Notes was approximately $3.7 million. As of December 31, 2022, the outstanding principal balance of the 2022 Notes was approximately $0.2 million, and proceeds received from the 2023 Note were used to repay the remaining balance. For the three months ended March 31, 2023, the Company recorded a $0.3 million change in fair value of its notes, and a loss on extinguishment of debt of approximately $37,000, which are included in the accompanying condensed statements of operations.

Stock-based compensation

Stock-based compensation	3 Months Ended
Stock-based compensation	Mar. 31, 2023
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 months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Canceled stock options $ 65,903 $ 181,194 Restricted stock units 2,104,719 — Total $ 2,170,622 $ 181,194 Restricted Stock Units The following is a summary of the restricted stock units during the three months ended March 31, 2023: Weighted Average Grant-Date Number of Shares Fair Value Unvested as of December 31, 2022 1,852,582 $ 4.79 Vested (683,334) $ 5.02 Unvested as of March 31, 2023 1,169,248 $ 4.66 No restricted stock units (RSUs) were granted during the three months ended March 31, 2023. On January 1, 2022, the Company granted 1,342,667 RSUs with a fair value of approximately $14.6 million to employees, officers and directors of the Company. The RSUs were subject to service conditions (vesting of 33.34% on May 1, 2022, with the remaining units vesting on each three-month anniversary thereafter) and performance conditions in the form of a liquidity event. Vesting of the RSUs was subject to all grantees continuous service with the Company, and no vesting occurred if the Company had not completed a Qualified Offering or a Change of Control on or before the vesting date. In the event that neither a Qualified Offering nor a Change of Control had occurred prior to December 31, 2022, then all RSUs would be forfeited for no consideration. Because a Qualified Offering or Change of Control is not considered probable of achievement until consummation, compensation cost measured at the grant date was not recognized until the Company completed its IPO in August 2022. During the three month ended March 31, 2023, the Company recorded stock-based compensation expense related to the RSUs of approximately $2.1 million. No stock-based compensation expense related to the RSUs was recognized during the three months ended March 31, 2022. The unamortized stock-based compensation expense related to RSUs as of March 31, 2023 is approximately $3.0 million, which is expected to be recognized over a remaining weighted average vesting period of 1.0 year. Performance-based Restricted Stock Units As of March 31, 2023, there were 25,000 performance-based restricted stock units with a fair value of approximately $60,000 outstanding. The RSUs are subject to a performance condition, and will vest upon the Company signing a definitive agreement with a strategic partner. 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 in exchange for RSUs. No stock options were outstanding as of March 31, 2023 and 2022. 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 March 31, 2023 and 2022, the Company recorded stock-based compensation expense related to the canceled stock options of approximately $0.1 million and $0.2 million, respectively. The unamortized stock-based compensation expense related to canceled stock options as of March 31, 2023 is approximately $0.1 million. Warrants The following is a summary of the Company’s warrant activity during the three months ended March 31, 2023: Weighted Weighted Average Shares Average Aggregate Remaining Underlying Exercise Intrinsic Contractual Warrants Price Value Term (Years) Outstanding as of December 31, 2022 445,409 $ 4.47 $ — 3.9 Issued 942,000 $ 3.27 Outstanding as of March 31, 2023 1,387,409 $ 3.66 $ — 3.9 Exercisable as of March 31, 2023 1,275,409 $ 3.67 $ — 4.9 On January 19, 2023, the Company issued 30,000 warrants to purchase shares of the Company’s common stock with an exercise price of $3.00 per share as consideration to free up the lock-up restriction related to its August IPO. The warrants expire 5 years from the issuance date. On February 6, 2023, the Company issued 800,000 warrants to purchase shares of the Company’s common stock with an exercise price of $3.25 per share in connection with the issuance of its 2023 Note (See Note 6). On March 7, 2023, the Company issued 112,000 warrants to purchase shares of the Company’s common stock with an exercise price of $3.50 per share as consideration to free up the lock-up restriction related to its August IPO. The warrants are not exercisable prior to September 7, 2023 and expire 5 years from the issuance date.

Preferred and common stock

Preferred and common stock	3 Months Ended
Preferred and common stock	Mar. 31, 2023
Preferred and common stock
Preferred and common stock	Note 8. Preferred and common stock Series X Preferred Stock There were no shares of Series X preferred stock issued during the three months ended March 31, 2023. As of March 31, 2023, there were 45,567 shares of Series X preferred stock outstanding. Common Stock On November 17, 2022, the Company entered into an equity purchase agreement (the “Purchase Agreement”) with LPC which provided that, upon the terms and subject to the conditions and limitations set forth therein, the Company could sell to LPC, at its discretion, up to $20.0 million of shares of its common stock over the 30 -month term of the Purchase Agreement. During the three months ended March 31, 2023, the Company issued 660,834 shares of its common stock in connection with the vesting of RSUs issued to members of the Company’s board of directors and employees. During the three months ended March 31, 2023, the Company issued 23,808 shares of its common stock in settlement of a shares settled liability at December 31, 2022 of approximately $126,000. The remaining shares settled liability of $34,500 will be settled in the second quarter of 2023.

Commitments and contingencies

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2023
Commitments and contingencies
Commitments and contingencies	Note 9. Commitments and contingencies Litigation As of March 31, 2023 and 2022, 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	3 Months Ended
Related party transactions	Mar. 31, 2023
Related party transactions
Related party transactions	Note 10. Related party transactions Expenses

Subsequent events

Subsequent events	3 Months Ended
Subsequent events	Mar. 31, 2023
Subsequent events
Subsequent events	Note 11. Subsequent events The Company has evaluated all subsequent events through the date of filing, May 15, 2023, of this Quarterly Report on Form 10-Q with the SEC, to ensure that this filing includes appropriate disclosure of events both recognized in the condensed financial statements as of March 31, 2023, and events which occurred after March 31, 2023, but which were not recognized in the condensed financial statements. Common Stock Subsequent to March 31, 2023, in connection with its equity purchase agreement with LPC, the Company received proceeds of approximately $1.1 million from the issuance of 0.6 million shares of the Company’s common stock (See Note 8). Time-Based Restricted Stock Units Subsequent to March 31, 2023, the Company granted 762,000 time-based RSUs with a fair value of approximately $1.4 million to members of its board of directors and employees of the Company. The RSUs are subject to service conditions and vest 33.34% on the one year three-month

Basis of Presentation, Summar_2

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2023
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
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 months ended March 31, 2023 are not necessarily indicative of the results that may be expected through December 31, 2023. The accompanying unaudited condensed financial statements should be read in conjunction with the financial statements for the year ended December 31, 2022 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2023.
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, 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.
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 three months ended March 31, 2023, the Company issued the 2023 Notes and warrants in connection with the 2023 Notes. The 2023 Notes 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. 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
Earnings (Loss) Per Share	Earnings (Loss) Per Share Basic net earnings (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. Preferred Stock, unvested restricted stock units and the SAFE investment are participating securities as they participate in undistributed earnings on an as-if converted basis. The Company computes earnings (loss) per share of common stock using the two-class method required for participating securities. Basic earnings per share includes an allocation of undistributed earnings to the Company’s participating securities. Diluted earnings (loss) per share is calculated using the more dilutive approach of (i) applying the treasury stock method, the if-converted method, or contingently issuable method and (ii) adding back the undistributed earnings allocated to participating securities in arriving at basic earnings per share, assuming that all other dilutive potential common shares have been exercised and then next reallocating the undistributed earnings. For warrants that are liability-classified, during periods when the impact is dilutive, the Company assumes share settlement of the instruments as of the beginning of the reporting period and adjusts the numerator to remove the change in fair value of the warrant liability and adjusts the denominator to include the dilutive shares calculated using the treasury stock method. Participating securities do not share in the losses of the Company, therefore, during periods of net loss, no effect is given to the Preferred Stock, unvested restricted stock units and the SAFE investment. The net effect of common stock equivalents is based on the incremental common stock that would be issued upon the assumed conversion of convertible preferred stock, exercise of common stock warrants, the SAFE investment and the vesting of RSUs using the treasury stock method. The Company’s common stock equivalents have been excluded from the computation of diluted loss per share for the three-month period ended March 31, 2023, as the effect would be to reduce the loss per share. Therefore, the weighted average common stock outstanding used to calculate both basic and diluted income (loss) per share is the same for the three-month period ended March 31, 2023. The following is a reconciliation of the numerator and denominator of the diluted net income (loss) per share computations for the three-month period ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Numerator: Net income (loss) $ (3,833,747) $ 1,863,462 Amount allocated to participating common shareholders — (603,927) Net income (loss) allocated to common shareholders- Basic $ (3,833,747) $ 1,259,535 Net income (loss) (3,833,747) 1,863,462 Less: Change in fair value of warrant liabilities — (2,233,766) Net income (loss) allocated to common shareholders- Diluted $ (3,833,747) $ (370,304) Denominator: Basic weighted average number of shares outstanding 12,637,671 6,913,492 Add: Warrants — 649,486 Diluted weighted average number of shares outstanding 12,637,671 7,562,978 Basic net income (loss) per share $ (0.30) $ 0.18 Diluted net income (loss) per share $ (0.30) $ (0.05) The following securities were excluded from the computation of diluted net loss per share attributable to common shareholders for the three months ended March 31, 2023 and 2022, because including them would have been anti-dilutive: March 31, 2023 2022 Preferred stock — 1,557,435 Series X preferred stock 867,943 — Unvested restricted stock units 1,194,248 1,342,666 Common stock warrants 1,387,409 — SAFE investment — 414,808 Convertible notes 2,140,780 — Shares settled liability 7,206 — Total 5,597,585 3,314,909
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 June 2016, No. 2016 13, 326 2016 13. 2016 13 In November 2018, No. 2018 19, 326, November 2019, No. 2019 11, 326, 2016 13. November 2019 No. 2019 10, 326 815 842 2016 13 three 2016 13 December 15, 2022 January 1, 2023,

Basis of Presentation, Summar_3

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2023
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Schedule of reconciliation of the numerator and denominator of the diluted net income (loss) per share computations	The following is a reconciliation of the numerator and denominator of the diluted net income (loss) per share computations for the three-month period ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Numerator: Net income (loss) $ (3,833,747) $ 1,863,462 Amount allocated to participating common shareholders — (603,927) Net income (loss) allocated to common shareholders- Basic $ (3,833,747) $ 1,259,535 Net income (loss) (3,833,747) 1,863,462 Less: Change in fair value of warrant liabilities — (2,233,766) Net income (loss) allocated to common shareholders- Diluted $ (3,833,747) $ (370,304) Denominator: Basic weighted average number of shares outstanding 12,637,671 6,913,492 Add: Warrants — 649,486 Diluted weighted average number of shares outstanding 12,637,671 7,562,978 Basic net income (loss) per share $ (0.30) $ 0.18 Diluted net income (loss) per share $ (0.30) $ (0.05)
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 three months ended March 31, 2023 and 2022, because including them would have been anti-dilutive: March 31, 2023 2022 Preferred stock — 1,557,435 Series X preferred stock 867,943 — Unvested restricted stock units 1,194,248 1,342,666 Common stock warrants 1,387,409 — SAFE investment — 414,808 Convertible notes 2,140,780 — Shares settled liability 7,206 — Total 5,597,585 3,314,909

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2023
Fair Value Measurements
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 as of the paydown date of February 6, 2023, and the 2023 Note upon the issuance date, and as of March 31, 2023 is as follows: February 6, 2023 March 31, 2023 Dividend yield - % - % Expected price volatility 30.0 - 53.7 % 30.0 % Risk free interest rate 4.65 - 4.89 % 4.44 % Expected term (in years) 0.5 - 1.4 0.3 -1.3
Schedule of fair value hierarchy of liabilities measured at fair value on a recurring basis	The following tables classify the Company’s liabilities measured at fair value on a recurring basis into the fair value hierarchy as of March 31, 2023 and December 31, 2022: Fair value measured at March 31, 2023 Quoted prices in active Significant other Significant Total carrying value at markets observable inputs unobservable inputs March 31, 2023 (Level 1) (Level 2) (Level 3) Liabilities: Convertible notes $ 1,540,960 $ — $ — $ 1,540,960 Fair value measured at December 31, 2022 Quoted prices in active Significant other Significant Total carrying value at markets observable inputs unobservable inputs December 31, 2022 (Level 1) (Level 2) (Level 3) Liabilities: Convertible notes $ 173,543 $ — $ — $ 173,543
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 three months ended March 31, 2023. 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 Balance at December 31, 2022 $ 173,543 Issuance of convertible notes 1,903,531 Repayment of convertible notes (237,600) Loss on extinguishment of debt 36,850 Change in fair value (335,364) Balance at March 31, 2023 $ 1,540,960

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
Accrued Expenses (Tables)	Mar. 31, 2023
Accrued Expenses
Schedule of Company's accrued expenses	The Company’s accrued expenses as of March 31, 2023 and December 31, 2022 consisted of the following: March 31, December 31, 2023 2022 Employee and related expenses $ 9,839 $ 510,297 Directors and officers insurance 154,144 269,753 Professional fees — 162,021 Research and development — 77,000 Total accrued expenses $ 163,983 $ 1,019,071

Stock-based compensation (Table

Stock-based compensation (Tables)	3 Months Ended
Stock-based compensation (Tables)	Mar. 31, 2023
Stock-based compensation
Schedule of share-based compensation	The following is a summary of stock-based compensation during the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Canceled stock options $ 65,903 $ 181,194 Restricted stock units 2,104,719 — Total $ 2,170,622 $ 181,194
Summary of changes in restricted stock units	The following is a summary of the restricted stock units during the three months ended March 31, 2023: Weighted Average Grant-Date Number of Shares Fair Value Unvested as of December 31, 2022 1,852,582 $ 4.79 Vested (683,334) $ 5.02 Unvested as of March 31, 2023 1,169,248 $ 4.66
Summary of warrant activity	The following is a summary of the Company’s warrant activity during the three months ended March 31, 2023: Weighted Weighted Average Shares Average Aggregate Remaining Underlying Exercise Intrinsic Contractual Warrants Price Value Term (Years) Outstanding as of December 31, 2022 445,409 $ 4.47 $ — 3.9 Issued 942,000 $ 3.27 Outstanding as of March 31, 2023 1,387,409 $ 3.66 $ — 3.9 Exercisable as of March 31, 2023 1,275,409 $ 3.67 $ — 4.9

Organization and description _2

Organization and description of business operations - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Millions	Aug. 30, 2022	Aug. 09, 2022	Mar. 31, 2023	Dec. 31, 2022
Organization and description of business operations
Common stock, par value (in dollars per share)			$ 0.0001	$ 0.0001
Initial public offering
Organization and description of business operations
Common stock, par value (in dollars per share)		$ 0.0001
Issuance of stock		1,545,454
Price per share		$ 5.25
Net proceeds from issuance of shares	$ 6
Underwriter fees and commissions	0.8
Offering costs	$ 1.4
Number of warrants issued	108,181
Exercise price of warrants	$ 6.5625
Overallotment option
Organization and description of business operations
Price per share		$ 4.83
Underwriters' option term		45 days
Additional shares which may be purchased during the option period		231,818

Organization and description _3

Organization and description of business operations - Going concern, liquidity and capital resources (Details) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Organization and description of business operations
Product revenues		$ 0
Accumulated deficit		(37,573,763)		$ (33,740,016)
Net income (loss)		(3,833,747)	$ 1,863,462
Net cash used in operating activities		(2,983,345)	$ (394,704)
Equity Purchase Agreement with Lincoln Park Capital Fund, LLC
Organization and description of business operations
Net proceeds from the issuance of common stock in connection with an equity purchase agreement		$ 2,600,000
Number of common stock shares issued in connection with an equity purchase agreement		1,200,000
Equity Purchase Agreement with Lincoln Park Capital Fund, LLC \| Subsequent Event
Organization and description of business operations
Net proceeds from the issuance of common stock in connection with an equity purchase agreement	$ 1,100,000
Number of common stock shares issued in connection with an equity purchase agreement	600,000
Convertible Promissory Note ("2023 Note")
Organization and description of business operations
Face amount of debt		$ 3,700,000
Proceeds from issuance of convertible notes, net of expenses and other costs		$ 2,500,000
Interest rate		0%
Maturity period		18 months
Number of shares which may be purchased from issued warrants		800,000

Basis of Presentation, Summar_4

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements - Earnings (Loss) Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator, Basic:
Net income (loss)	$ (3,833,747)	$ 1,863,462
Amount allocated to participating common shareholders		(603,927)
Net income (loss) allocated to common shareholders - Basic	(3,833,747)	1,259,535
Numerator, Diluted:
Net income (loss)	(3,833,747)	1,863,462
Less: Change in fair value of warrant liabilities		(2,233,766)
Net income (loss) allocated to common shareholders - Diluted	$ (3,833,747)	$ (370,304)
Denominator:
Basic weighted average number of shares outstanding	12,637,671	6,913,492
Add:
Warrants		649,486
Diluted weighted average number of shares outstanding	12,637,671	7,562,978
Basic net income (loss) per share	$ (0.30)	$ 0.18
Diluted net income (loss) per share	$ (0.30)	$ (0.05)

Basis of Presentation, Summar_5

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements - Anti-dilutive securities (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders	5,597,585	3,314,909
Preferred stock
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders		1,557,435
Series X Preferred Stock
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders	867,943
Unvested restricted stock units
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders	1,194,248	1,342,666
Common stock warrants
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders	1,387,409
SAFE investment
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders		414,808
Convertible notes
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders	2,140,780
Shares settled liability
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders	7,206

Fair Value Measurements - Conve

Fair Value Measurements - Convertible Notes (Details)	3 Months Ended
Fair Value Measurements - Convertible Notes (Details)	Mar. 31, 2023 USD ($) Y	Feb. 06, 2023 Y
Fair Value Measurements
Paydown of convertible promissory notes \| $	$ 237,600
Convertible Notes \| Dividend yield
Fair Value Measurements
Debt instrument, measurement input	0	0
Convertible Notes \| Expected price volatility
Fair Value Measurements
Debt instrument, measurement input	0.300
Convertible Notes \| Expected price volatility \| Minimum
Fair Value Measurements
Debt instrument, measurement input		0.300
Convertible Notes \| Expected price volatility \| Maximum
Fair Value Measurements
Debt instrument, measurement input	0.537
Convertible Notes \| Risk free interest rate
Fair Value Measurements
Debt instrument, measurement input	0.0444
Convertible Notes \| Risk free interest rate \| Minimum
Fair Value Measurements
Debt instrument, measurement input		0.0465
Convertible Notes \| Risk free interest rate \| Maximum
Fair Value Measurements
Debt instrument, measurement input		0.0489
Convertible Notes \| Expected term (in years) \| Minimum
Fair Value Measurements
Debt instrument, measurement input	0.3	0.5
Convertible Notes \| Expected term (in years) \| Maximum
Fair Value Measurements
Debt instrument, measurement input	(1.3)	1.4

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy (Details) - USD ($)	3 Months Ended
Fair Value Measurements - Hierarchy (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Significant unobservable inputs (Level 3)
Liabilities
Change in fair value of Level 3 liabilities	$ 300,000
Recurring \| Carrying Value
Liabilities
Convertible notes	1,540,960	$ 173,543
Recurring \| Fair Value \| Significant unobservable inputs (Level 3)
Liabilities
Convertible notes	$ 1,540,960	$ 173,543

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Level 3 Liabilities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Measurements
Beginning Balance	$ 173,543
Issuance of convertible notes	1,903,531
Repayment of convertible notes	(237,600)
Loss on extinguishment of debt	36,850
Change in fair value	(335,364)
Ending Balance	$ 1,540,960

Prepaid and other current ass_2

Prepaid and other current assets (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Prepaid and other current assets
Prepaid and other current assets	$ 766,172	$ 302,431
Prepaid research and development expenses	600,000
Deferred insurance expenses	$ 200,000

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Accrued Expenses
Employee and related expenses	$ 9,839	$ 510,297
Directors and officers insurance	154,144	269,753
Professional fees		162,021
Research and development		77,000
Total accrued expenses	$ 163,983	$ 1,019,071

Convertible promissory notes (D

Convertible promissory notes (Details)		3 Months Ended
Convertible promissory notes (Details)	Aug. 06, 2023 USD ($) item	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Convertible promissory notes
Change in fair value		$ (335,364)
Loss on extinguishment of debt		36,850
2023 Note
Convertible promissory notes
Face amount of debt		3,700,000
Net proceeds from issuance of convertible promissory notes		3,200,000
Fees incurred		$ 500,000
Annual interest rate		0%
Maturity period		18 months
Number of shares which may be purchased from issued warrants \| shares		800,000
Percent of beneficial ownership limitation		4.99%
Conversion price (per share) \| $ / shares		$ 3.50
Percentage of share price used to calculate shares issued as payment of debt		90%
Monthly payment cash premium percentage		5%
Convertible notes outstanding		$ 3,700,000
Change in fair value		300,000
Loss on extinguishment of debt		$ 37,000
2023 Note \| Forecast
Convertible promissory notes
Number of periodic payments \| item	12
Frequency of periodic payment	monthly
Amount of periodic payment	$ 306,666.66
2022 Notes
Convertible promissory notes
Convertible notes outstanding				$ 200,000

Stock-based compensation - Comp

Stock-based compensation - Compensation expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share based compensation
Stock-based compensation	$ 2,170,622	$ 181,194
Canceled stock options
Share based compensation
Stock-based compensation	65,903	181,194
Restricted stock units
Share based compensation
Stock-based compensation	$ 2,104,719	$ 0

Stock-based compensation - Rest

Stock-based compensation - Restricted Stock Units (Details) - USD ($)		3 Months Ended
	Jan. 01, 2022	Mar. 31, 2023	Mar. 31, 2022
Additional disclosures
Stock-based compensation		$ 2,170,622	$ 181,194
Restricted stock units
Number of Shares
Beginning balance		1,852,582
Vested		(683,334)
Ending balance		1,169,248
Weighted Average Grant-Date Fair Value
Beginning balance (in dollars per share)		$ 4.79
Vested (in dollars per share)		5.02
Ending balance (in dollars per share)		$ 4.66
Additional disclosures
Number of units granted	1,342,667	0
Shares granted, grant date fair value	$ 14,600,000
Description of vesting terms	The RSUs were subject to service conditions (vesting of 33.34% on May 1, 2022, with the remaining units vesting on each three-month anniversary thereafter) and performance conditions in the form of a liquidity event.
Vesting percentage	33.34%
Stock-based compensation		$ 2,104,719	$ 0
Unamortized stock-based compensation expense, RSUs		$ 3,000,000
Recognition period for remaining unamortized stock-based compensation expense		1 year

Stock-based compensation - Perf

Stock-based compensation - Performance-based Restricted Stock Units (Details) - Performance-based Restricted Stock Units	Mar. 31, 2023 USD ($) shares
Stock-based compensation
Restricted stock units outstanding \| shares	25,000
Fair value of restricted stock units outstanding \| $	$ 60,000

Stock-based compensation - Canc

Stock-based compensation - Canceled Stock Options (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock-based compensation
Stock-based compensation	$ 2,170,622	$ 181,194
Stock options
Stock-based compensation
Stock options outstanding	0	0
Canceled stock options
Stock-based compensation
Compensation costs to be recognized over the original vesting criteria	$ 4,300,000
Stock-based compensation	65,903	$ 181,194
Unamortized stock-based compensation expense	$ 100,000

Stock-based compensation - Warr

Stock-based compensation - Warrants (Details) - $ / shares				3 Months Ended	12 Months Ended
Stock-based compensation - Warrants (Details) - $ / shares	Mar. 07, 2023	Feb. 06, 2023	Jan. 19, 2023	Mar. 31, 2023	Dec. 31, 2022
Shares Underlying Warrants
Outstanding, beginning of period				445,409
Issued				942,000
Outstanding, end of period				1,387,409	445,409
Exercisable, end of period				1,275,409
Weighted Average Exercise Price
Outstanding, beginning of period				$ 4.47
Issued				3.27
Outstanding, end of period				3.66	$ 4.47
Exercisable, end of period				$ 3.67
Weighted Average Remaining Contractual Term (Years)
Outstanding, Weighted Average Remaining Contractual Term				3 years 10 months 24 days	3 years 10 months 24 days
Exercisable, Weighted Average Remaining Contractual Term				4 years 10 months 24 days
Warrants issued in January 2023 related to the IPO
Shares Underlying Warrants
Issued			30,000
Weighted Average Exercise Price
Issued			$ 3
Weighted Average Remaining Contractual Term (Years)
Term of warrants			5 years
Warrants related to the 2023 Note
Shares Underlying Warrants
Issued		800,000
Weighted Average Exercise Price
Issued		$ 3.25
Warrants issued in March 2023 related to IPO
Shares Underlying Warrants
Issued	112,000
Weighted Average Exercise Price
Issued	$ 3.50
Weighted Average Remaining Contractual Term (Years)
Term of warrants	5 years

Preferred and common stock (Det

Preferred and common stock (Details) - USD ($)		3 Months Ended
Preferred and common stock (Details) - USD ($)	Nov. 17, 2022	Mar. 31, 2023	Dec. 31, 2022
Preferred and common stock
Value of shares issued in settlement of shares settled liability		$ 126,449
Shares settled liability		$ 34,500	$ 160,949
Equity Purchase Agreement with Lincoln Park Capital Fund, LLC
Preferred and common stock
Value of shares authorized for issuance under the terms of an equity purchase agreement	$ 20,000,000
Term of agreement	30 months
Number of common stock shares issued in connection with an equity purchase agreement		1,200,000
Net proceeds from the issuance of common stock in connection with an equity purchase agreement		$ 2,600,000
Shares settled liability
Preferred and common stock
Shares issued in settlement of shares settled liability		23,808
Value of shares issued in settlement of shares settled liability		$ 126,000
Shares settled liability		$ 34,500
Series X Preferred Stock
Preferred and common stock
Number of shares issued		0
Preferred stock outstanding		45,567	45,567
Common Stock
Preferred and common stock
Number of common stock shares issued in connection with an equity purchase agreement		1,200,000
Shares issued in connection with vesting of RSUs		660,834
Shares issued in settlement of shares settled liability		23,808
Value of shares issued in settlement of shares settled liability		$ 2

Commitments and contingencies (

Commitments and contingencies (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Commitments and contingencies
Litigation reserve	$ 0	$ 0

Related party transactions (Det

Related party transactions (Details) - USD ($)	3 Months Ended
Related party transactions (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Management fees \| Tardimed
Related party transactions
Allocated expenses	$ 60,000	$ 60,000

Subsequent events (Details)

Subsequent events (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Subsequent events (Details) - USD ($) $ in Millions	Apr. 30, 2023	Mar. 31, 2023
Equity Purchase Agreement with Lincoln Park Capital Fund, LLC
Subsequent events
Net proceeds from the issuance of common stock in connection with an equity purchase agreement		$ 2.6
Number of common stock shares issued in connection with an equity purchase agreement		1,200,000
Subsequent Event \| Equity Purchase Agreement with Lincoln Park Capital Fund, LLC
Subsequent events
Net proceeds from the issuance of common stock in connection with an equity purchase agreement	$ 1.1
Number of common stock shares issued in connection with an equity purchase agreement	600,000
Subsequent Event \| Time-based Restricted Stock Units
Subsequent events
Number of units granted	762,000
Aggregate fair value of awards granted	$ 1.4
Subsequent Event \| Time-based Restricted Stock Units \| Vesting period 1
Subsequent events
Vesting percentage	33.34%
Vesting period	1 year
Subsequent Event \| Time-based Restricted Stock Units \| Vesting period 2
Subsequent events
Vesting period	3 months