PaxMedica, Inc. Common Stock (PXMD) 10-Q 15 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 15, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		2,292,715
Entity Central Index Key	0001811623
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash	$ 1,152,961	$ 1,901,887
Accounts receivable	500,000
Prepaid and other current assets	1,580,616	302,431
Total current assets	3,233,577	2,204,318
Total assets	3,233,577	2,204,318
Current liabilities
Accrued expenses	44,232	1,019,071
Note payable - fair value, current portion	1,581,268	173,543
Shares settled liability		160,949
Total current liabilities	3,270,496	2,095,518
Deferred revenue	500,000
Total liabilities	3,770,496	2,095,518
Commitments and contingencies (Note 9)
Stockholders' Equity (Deficit)
Common stock, par value $0.0001; 200,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 1,073,815 and 707,976 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	107	71
Additional paid-in capital	45,572,237	33,848,740
Accumulated deficit	(46,109,268)	(33,740,016)
Total stockholders' equity (deficit)	(536,919)	108,800
Total liabilities, and stockholders' equity (deficit)	3,233,577	2,204,318
Series X Preferred Stock
Stockholders' Equity (Deficit)
Preferred stock, par value $0.0001, 10,000,000 shares authorized: Series X preferred shares, 500,000 shares authorized as of September 30, 2023 and December 31, 2022; 45,568 shares issued and outstanding at September 30, 2023 and December 31, 2022	5	5
Excludes related party
Current liabilities
Accounts payable	1,644,996	721,955
Related party
Current liabilities
Accounts payable	$ 0	$ 20,000

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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	200,000,000
Common stock, shares issued (in shares)	1,073,815	707,976
Common stock, shares outstanding (in shares)	1,073,815	707,976
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating expenses
General and administrative	$ 2,425,849	$ 2,367,711	$ 9,008,943	$ 4,077,491
Research and development	1,938,672	327,268	2,750,192	1,549,397
Total operating expenses	4,364,521	2,694,979	11,759,135	5,626,888
Loss from operations	(4,364,521)	(2,694,979)	(11,759,135)	(5,626,888)
Other income (expense):
Interest expense	(1,309)	(1,309)	(9,165)	(1,309)
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	(357,407)	(3,940)	(394,257)	(3,940)
Change in fair value of notes	(325,981)	(151,195)	(114,704)	(255,145)
Change in fair value of SAFE		(2,827,737)		163,025
Change in fair value warrant liability		(357,411)		1,873,192
Other expense			(91,991)
Total other expense	(684,697)	(8,768,634)	(610,117)	(3,954,231)
Net loss	$ (5,049,218)	$ (11,463,613)	$ (12,369,252)	$ (9,581,119)
Basic weighted average number of shares outstanding	971,738	539,864	859,439	451,560
Diluted weighted average number of shares outstanding	971,738	539,864	859,439	451,560
Basic net loss per share	$ (5.20)	$ (21.23)	$ (14.39)	$ (21.22)
Diluted net loss per share	$ (5.20)	$ (21.23)	$ (14.39)	$ (21.22)

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		$ 41	$ 8,829,075	$ (18,938,249)	$ (10,108,863)
Beginning balance (in shares) at Dec. 31, 2021	2,696,439		406,676
Increase (Decrease) in Stockholders' Equity (Deficit)
Issuance of Series X preferred stock		$ 1		299,999		300,000
Issuance of Series X preferred stock		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			$ 9	6,023,004		6,023,013
Issuance of common stock and warrants (in shares)			90,909
Issuance of common stock in connection with convertible notes			$ 1	1,159,499		1,159,500
Issuance of common stock in connection with convertible notes (in shares)			14,006
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 Series Seed preferred stock to common stock	$ (270)		$ 9	261
Conversion of Series Seed preferred stock to common stock (in shares)	(2,696,439)		91,614
Conversion of Series X preferred stock to common stock		$ (6)	$ 7	(1)
Conversion of Series X preferred stock to common stock (in shares)		(61,689)	69,117
Warrants exchanged for shares of common stock and Series X preferred stock			$ 2	2,009,205		2,009,207
Warrants exchanged for shares of common stock and Series X preferred stock (in shares)		1,250	20,588
Reclassification of warrants to equity				912,580		912,580
Stock-based compensation				1,377,165		1,377,165
Net Income (Loss)					(9,581,119)	(9,581,119)
Ending balance at Sep. 30, 2022	$ 0	$ 15	$ 69	30,907,586	(28,519,368)	2,388,302
Ending balance (in shares) at Sep. 30, 2022	0	45,316	692,910
Beginning balance at Dec. 31, 2021	$ 270		$ 41	8,829,075	(18,938,249)	(10,108,863)
Beginning balance (in shares) at Dec. 31, 2021	2,696,439		406,676
Ending balance at Dec. 31, 2022		$ 5	$ 71	33,848,740	(33,740,016)	108,800
Ending balance (in shares) at Dec. 31, 2022		45,567	707,976
Beginning balance at Jun. 30, 2022	$ 270	$ 0	$ 41	9,159,087	(17,055,755)	(7,896,357)
Beginning balance (in shares) at Jun. 30, 2022	2,696,439	0	406,676
Increase (Decrease) in Stockholders' Equity (Deficit)
Issuance of Series X preferred stock		$ 1		299,999		300,000
Issuance of Series X preferred stock		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			$ 9	6,023,004		6,023,013
Issuance of common stock and warrants (in shares)			90,909
Issuance of common stock in connection with convertible notes			$ 1	1,159,499		1,159,500
Issuance of common stock in connection with convertible notes (in shares)			14,006
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 Series Seed preferred stock to common stock	$ (270)		$ 9	261
Conversion of Series Seed preferred stock to common stock (in shares)	(2,696,439)		91,614
Conversion of Series X preferred stock to common stock		$ (6)	$ 7	(1)
Conversion of Series X preferred stock to common stock (in shares)		(61,689)	69,117
Warrants exchanged for shares of common stock and Series X preferred stock			$ 2	2,009,205		2,009,207
Warrants exchanged for shares of common stock and Series X preferred stock (in shares)		1,250	20,588
Reclassification of warrants to equity				912,580		912,580
Stock-based compensation				1,047,153		1,047,153
Net Income (Loss)					(11,463,613)	(11,463,613)
Ending balance at Sep. 30, 2022	$ 0	$ 15	$ 69	30,907,586	(28,519,368)	2,388,302
Ending balance (in shares) at Sep. 30, 2022	0	45,316	692,910
Beginning balance at Dec. 31, 2022		$ 5	$ 71	33,848,740	(33,740,016)	108,800
Beginning balance (in shares) at Dec. 31, 2022		45,567	707,976
Increase (Decrease) in Stockholders' Equity (Deficit)
Reclassification of shares settled liability to equity				160,949		160,949
Reclassification of shares settled liability to equity (in shares)			1,824
Issuance of common stock warrants in connection with notes payable, net of fees				1,155,642		1,155,642
Issuance of common stock in connection with convertible notes			$ 10	445,157		445,167
Issuance of common stock in connection with convertible notes (in shares)			96,122
Issuance of common stock in connection with equity purchase agreement			$ 21	5,565,895		5,565,916
Issuance of common stock in connection with equity purchase agreement (in shares)			209,118
Delivery of common stock underlying restricted stock units, net of tax withholding			$ 1	(104,320)		(104,319)
Delivery of common stock underlying restricted stock units, net of tax withholding (in shares)			16,272
Stock-based compensation			$ 4	4,500,174		4,500,178
Stock-based compensation (in shares)			42,503
Net Income (Loss)					(12,369,252)	(12,369,252)
Ending balance at Sep. 30, 2023		$ 5	$ 107	45,572,237	(46,109,268)	(536,919)
Ending balance (in shares) at Sep. 30, 2023		45,567	1,073,815
Beginning balance at Jun. 30, 2023		$ 5	$ 90	43,325,314	(41,060,050)	2,265,359
Beginning balance (in shares) at Jun. 30, 2023		45,567	904,087
Increase (Decrease) in Stockholders' Equity (Deficit)
Issuance of common stock in connection with convertible notes			$ 10	445,157		445,167
Issuance of common stock in connection with convertible notes (in shares)			96,122
Issuance of common stock in connection with equity purchase agreement			$ 6	795,295		795,301
Issuance of common stock in connection with equity purchase agreement (in shares)			57,353
Delivery of common stock underlying restricted stock units, net of tax withholding			$ 1	(58,435)		(58,434)
Delivery of common stock underlying restricted stock units, net of tax withholding (in shares)			16,253
Stock-based compensation				1,064,906		1,064,906
Net Income (Loss)					(5,049,218)	(5,049,218)
Ending balance at Sep. 30, 2023		$ 5	$ 107	$ 45,572,237	$ (46,109,268)	$ (536,919)
Ending balance (in shares) at Sep. 30, 2023		45,567	1,073,815

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net loss		$ (12,369,252)	$ (9,581,119)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		4,500,178	1,377,165
Change in fair value of notes	$ 151,195	114,704	255,145
Change in fair value of SAFE	2,827,737		(163,025)
Loss on conversion of SAFE	5,338,808		5,338,808
Loss on extinguishment of debt	3,940	394,257	3,940
Loss on issuance of debt	88,234		391,246
Change in fair value warrant liability	357,411		(1,873,192)
Other expense		91,991
Changes in assets and liabilities:
Prepaid and other current assets		(1,278,185)	(211,660)
Accounts receivable		(500,000)
Accounts payable		1,289,488	(65,578)
Accounts payable - related party		(20,000)	131,250
Deferred revenue		500,000
Accrued expenses		(874,411)	1,392,845
Net cash used in operating activities		(8,151,230)	(3,004,175)
Cash flows from financing activities
Proceeds from issuance of convertible promissory notes and warrants		3,200,000	1,240,970
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		5,565,916
Proceeds from issuance of common stock and warrants			6,582,450
Proceeds from issuance of Series X preferred stock			300,000
Payment of costs in connection with equity purchase agreement		(195,997)
Repayment of convertible promissory notes		(559,600)
Settlement of shares withheld for payment of employee taxes		(104,319)
Net cash provided by financing activities		7,402,304	8,123,420
Net increase (decrease) in cash		(748,926)	5,119,245
Cash, beginning of period		1,901,887	444,087
Cash, end of period	$ 5,563,332	1,152,961	5,563,332
Non-cash financing activities:
Serues X preferred stock issued in connection with conversion of notes payable			296,819
Common stock issued in connection with conversion of notes payable		445,167	1,159,500
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
Reclassification of shares settled liability		160,949
Unpaid deferred offering costs and financing fees		$ 20,393	$ 559,437

Organization and description of

Organization and description of business operations	9 Months Ended
	Sep. 30, 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 90,909 shares of its common stock to the underwriters, at a purchase price per share of $82.11 (the offering price to the public of $89.25 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 13,637 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 warrants to purchase 6,364 shares of the Company’s common stock with an exercise price of $111.56 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 $46.1 million at September 30, 2023, a net loss of approximately $12.4 million, and approximately $8.2 million of net cash used in operating activities for the nine months ended September 30, 2023. Equity Purchase Agreement with Lincoln Park Capital During the nine months ended September 30, 2023, in connection with its equity purchase agreement with Lincoln Park Capital Fund, LLC (LPC), the Company received net proceeds of approximately $5.4 million from the issuance of 0.2 million shares of the Company’s common stock (See Note 8). 2023 Note During the nine months ended September 30, 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 47,059 shares of the Company’s common stock (See Note 6). ​ Vox Nova Exclusive Pharmacy Distribution Agreement ​ On June 30, 2023, the Company entered into an exclusive specialty benefit manager agreement with Vox Nova, LLC (“Vox Nova”) pursuant to which Vox Nova will act as the exclusive United States distributor for the Company’s lead pipeline asset, PAX-101 intravenous suramin. Vox Nova will provide certain distribution management, pharmacy benefit management, sales and supply monitoring services to the Company with respect to PAX-101, in the event PAX-101 receives FDA approval. The distribution agreement also provides for an exclusivity fee payable to the Company of up to $2.0 million, payable in installments based on various time and regulatory approval parameters. Vox Nova will pay $0.5 million of the exclusivity fee upfront in connection with the signing of the distribution agreement when the distribution right was transferred to Vox Nova. The remaining $1.5 million is due in four equal installments over a one-year period after PAX-101 is approved by the FDA and made available for distribution. The Company recognized the $0.5 million upfront fee in deferred revenue in June 30, 2023. ​ ​ Reverse Stock Split ​ On October 30, 2023, we filed a Certificate of Amendment to our Certificate of Incorporation (the “Reverse Split Amendment”) with the Secretary of State of the State of Delaware to effect a 1-for-17 The Reverse Split Amendment provides that, at the Reverse Split Effective Time, every 17 No fractional shares were issued as a result of the Reverse Stock Split. Stockholders of record who would otherwise have been entitled to receive a fractional share received a number of shares rounded up to the next whole share in lieu thereof. The Reverse Stock Split affected all stockholders proportionately and did not affect any stockholder’s percentage ownership of our common stock (other than the nominal effect of the treatment of fractional shares). Our common stock began trading on The Nasdaq Capital Market on a split-adjusted basis when the market opened on October 31, 2023. ​ All share and per share information referenced throughout this Form 10-Q has been retroactively adjusted to reflect the Reverse Stock Split . ​ 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 convertible 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.

Basis of Presentation, Summary

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 (the “2022 Annual Report”). ​ 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. Concentrations of 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, 2023 and December 31, 2022, the Company had no cash equivalents or short-term investments. Financial instruments that potentially subject the Company to the concentration of credit risk consist primarily of cash. The Company maintains its cash at 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. ​ Accounts Receivable and Allowances for Doubtful Accounts ​ The Company records a provision for doubtful accounts, when appropriate, based on historical experience and a detailed assessment of the collectability of its accounts receivable. In estimating the allowance for doubtful accounts, the Company considers, among other factors, the aging of the accounts receivable, its historical write-offs, the credit worthiness of each customer, and economic conditions that could affect the collectability of the balances in the future. Account balances are charged off against the allowance when the Company believes that it is probable that the receivable will not be recovered. Actual write-offs may be in excess of the Company’s estimated allowance. The Company has not incurred any bad debt expense to date and no allowance for doubtful accounts has been recorded during the periods presented. ​ 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, 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 Note In accordance with Accounting Standards Codification 825, Financial Instruments Revenue Recognition ​ The Company follows the provisions of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. The guidance provides a five-step model to determine how revenue is recognized. In determining the appropriate amount of revenue to be recognized, the Company performs the following steps: (i) identification of the contracts with a customer; (ii) determination of the performance obligations in the contract; (iii) measurement of the transaction price, including potential constraints on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated stand-alone selling prices; and (v) recognition of revenue when (or as) the Company satisfies a performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. Significant management judgment is required to determine the level of effort required under an arrangement and the period over which the Company expects to complete its performance obligations under the arrangement. If the Company cannot reasonably estimate when its performance obligations are either completed or become inconsequential, then revenue recognition is deferred until the Company can reasonably make such estimates. Revenue is then recognized over the remaining estimated period of performance or contract-term using the cumulative catch-up method. The Company allocates the total transaction price to each performance obligation based on the relative standalone selling prices of the promised goods or service underlying each performance obligation. ​ 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. ​ Accrued Outsourcing Costs ​ Substantial portions of the Company’s preclinical studies and clinical trials are performed by third-party laboratories, medical centers, contract research organizations and other vendors (collectively “CROs”). These CROs generally bill monthly or quarterly for services performed, or bill based upon milestone achievement. For preclinical studies, the Company accrues expenses based upon estimated percentage of work completed and the contract milestones remaining. Clinical trial costs are a significant component of research and development expenses and include costs associated with third-party contractors. The Company outsources a substantial portion of its clinical trial activities, utilizing external entities such as CROs, independent clinical investigators, and other third-party service providers to assist the Company with the execution of its clinical studies. For each clinical trial that the Company conducts, certain clinical trial costs are expensed immediately, while others are expensed over time based on the number of patients in the trial, the attrition rate at which patients leave the trial, and/or the period over which clinical investigators or CROs are expected to provide services. The Company’s estimates depend on the timeliness and accuracy of the data provided by the CROs regarding the status of each program and total program spending. The Company periodically evaluates the estimates to determine if adjustments are necessary or appropriate based on information it receives. Stock-Based Compensation ​ The Company expenses stock-based compensation to employees, non-employees and board members over the requisite service period based on the estimated grant-date fair value of the awards and actual forfeitures. The Company accounts for forfeitures as they occur. Stock-based awards with graded vesting schedules are recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model, and the assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. All stock-based compensation costs are recorded in general and administrative costs in the statements of operations. Income (Loss) Per Share Basic net income (loss) per share (“EPS”) of common stock is computed by dividing net income (loss) allocated to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Preferred Stock, unvested restricted stock units and the SAFE investment are participating securities as they participate in undistributed earnings on an as-if converted basis. The Company computes income (loss) per share of common stock using the two-class method required for participating securities. ​ Basic income per share includes an allocation of undistributed income to the Company’s participating securities. Diluted income (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 income allocated to participating securities in arriving at basic income per share, assuming that all other dilutive potential common shares have been exercised and then next reallocating the undistributed income. 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 and nine months ended September 30, 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 loss per share is the same for the three and nine months ended September 30, 2023. The following is a reconciliation of the numerator and denominator of the diluted net income (loss) per share computations for the three and nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2023 2022 ​ 2023 2022 Numerator: ​ ​ ​ ​ Net loss ​ $ (5,049,218) ​ $ (11,463,613) ​ $ (12,369,252) ​ $ (9,581,119) Amount allocated to participating common shareholders ​ — ​ — ​ — ​ — Net loss allocated to common shareholders- Basic ​ $ (5,049,218) ​ $ (11,463,613) ​ $ (12,369,252) ​ $ (9,581,119) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ ​ (5,049,218) ​ ​ (11,463,613) ​ ​ (12,369,252) ​ ​ (9,581,119) Less: Change in fair value of warrant liabilities ​ ​ — ​ ​ — ​ ​ — ​ ​ — Net loss allocated to common shareholders- Diluted ​ $ (5,049,218) ​ $ (11,463,613) ​ $ (12,369,252) ​ $ (9,581,119) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average number of shares outstanding ​ ​ 971,738 ​ ​ 539,864 ​ ​ 859,439 ​ ​ 451,560 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted weighted average number of shares outstanding ​ ​ 971,738 ​ ​ 539,864 ​ ​ 859,439 ​ ​ 451,560 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net loss per share ​ $ (5.20) ​ $ (21.23) ​ $ (14.39) ​ $ (21.22) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net loss per share ​ $ (5.20) ​ $ (21.23) ​ $ (14.39) ​ $ (21.22) ​ 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, 2023 and 2022, because including them would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2023 2022 Preferred stock — — Series X preferred stock ​ 51,056 50,775 Unvested restricted stock units 95,504 93,072 Common stock warrants 81,623 34,559 Convertible notes 669,173 2,192 Total 897,356 180,598 ​ 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, the FASB issued ASU No. 2016 13, 326 2016 13. 2016 13 In November 2018 , No. 2018 19, 326, No. 2019 11, 326, 2016 13. No. 2019 10, 326 815 842 2016 13 2016 13 ,

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Measurements
Fair Value Measurements	Note 3. Fair Value Measurements Convertible Notes During the nine months ended September 30, 2023, the Company issued the 2023 Note. The fair value of the 2023 Note on the issuance date and as of September 30, 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 nine months ended September 30, 2023, the Company paid off 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 payoff date of February 6, 2023, and the 2023 Note upon the issuance date, and as of September 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 6, 2023 September 30, 2023 Dividend yield — % — % Expected price volatility 30.0 - 53.7 % 30 % Risk free interest rate 4.65 - 4.89 % 5.35 % Expected term (in years) 0.5 - 1.4 ​ 0.1 - 1.0 ​ ​ 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, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured at September 30, 2023 ​ ​ ​ ​ Quoted prices in active ​ Significant other ​ Significant ​ ​ Total carrying value at ​ markets ​ observable inputs ​ unobservable inputs ​ September 30, 2023 (Level 1) (Level 2) (Level 3) Liabilities: ​ ​ ​ ​ Convertible notes ​ $ 1,581,268 ​ $ — ​ $ — ​ $ 1,581,268 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 and nine months ended September 30, 2023, there was a change of approximately $0.1 million and $(0.2) million in Level 3 liabilities measured at fair value, respectively. 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, 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 Issuance of common stock in connection with conversion of notes payable ​ ​ (445,167) Repayment of convertible notes ​ ​ (559,600) Loss on extinguishment of debt ​ ​ 394,257 Change in fair value ​ 114,704 Balance at September 30, 2023 ​ $ 1,581,268 ​

Prepaid and other current asset

Prepaid and other current assets	9 Months Ended
	Sep. 30, 2023
Prepaid and other current assets
Prepaid and other current assets	Note 4. Prepaid and other current assets As of September 30, 2023, the Company recorded prepaid expenses and other current assets of approximately $1.6 million, primarily consisting of services to be performed for research and development activities. As of December 31, 2022, prepaid and other current assets totaled approximately $0.3 million, primarily consisting of directors and officers insurance. As of September 30, 2023 the Company has paid approximately $0.5 million for inventory in transit and paid approximately $0.7 million in research and development activities.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2023
Accrued Expenses
Accrued Expenses	Note 5. Accrued Expenses The Company’s accrued expenses as of September 30, 2023 and December 31, 2022 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Employee and related expenses ​ $ 37,482 ​ $ 510,297 Directors and officers insurance ​ ​ — ​ ​ 269,753 Professional fees ​ ​ 6,750 ​ ​ 162,021 Research and development ​ ​ — ​ ​ 77,000 Total accrued expenses ​ $ 44,232 ​ $ 1,019,071 ​

Convertible promissory notes

Convertible promissory notes	9 Months Ended
	Sep. 30, 2023
Convertible promissory notes
Convertible promissory notes	Note 6. Convertible promissory notes During the nine months ended September 30, 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 47,059 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 $59.50, 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 is an 18 month note and 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. On September 5, 2023, the Company and the holder of the 2023 Note (the “Investor”) entered into a letter agreement (the “Letter Agreement”) pursuant to which the Investor agreed to waive any default, any Event of Default, and any Mandatory Default Amount (each as defined in the 2023 Note) associated with the Company’s market capitalization being below $10 million for 10 consecutive days through December 31, 2023. Notwithstanding the waiver, the Investor retains its right to exercise conversion rights under 2.2(c)(2)(x) of the 2023 Note, which could result in a substantial amount of common stock issued at a significant discount to the trading price of the Company’s common stock. In addition, if the Company is unable to increase its market capitalization and is unable to obtain a further waiver or amendment to the 2023 Note, then the Company could experience an event of default under the 2023 Note, which could have a material adverse effect on the Company’s liquidity, financial condition, and results of operations. The Company cannot make any assurances regarding the likelihood, certainty, or exact timing of the Company’s ability to increase its market capitalization, as such metric is not within the immediate control of the Company and depends on a variety of factors outside the Company’s control. ​ As of September 30, 2023, the outstanding principal balance of the 2023 Notes was approximately $2.9 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 of the 2022 Notes. For the nine months ended September 30, 2023, the Company recorded a $0.1 million change in fair value of its notes, and a loss on extinguishment of debt of approximately $0.4 million, and repaid approximately $0.8 million of the notes of which approximately $0.3 million in cash and stock issuances of approximately $.45 million, which are included in the accompanying condensed statements of operations. For the nine months ended September 30, 2022, the Company recorded a loss on issuance of debt of $0.4 million, and a change of fair value of $0.25 million that is included in the change in fair value of notes, in the accompanying condensed statements of operations

Stock-based compensation

Stock-based compensation	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ ​ 2023 2022 ​ 2023 2022 ​ Canceled stock options ​ $ 30,242 ​ $ 119,829 ​ $ 140,913 ​ $ 449,840 ​ Restricted stock units ​ 1,034,664 ​ 927,324 ​ 4,359,265 ​ 927,325 ​ Total ​ $ 1,064,906 ​ $ 1,047,153 ​ $ 4,500,178 ​ $ 1,377,165 ​ ​ Restricted Stock Units The following is a summary of the restricted stock units during the nine months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ Number of Shares Fair Value Unvested as of December 31, 2022 108,982 ​ $ 81.51 Granted ​ 47,771 ​ ​ 30.47 Vested (62,720) ​ ​ 84.75 Unvested as of September 30, 2023 94,033 ​ $ 53.85 ​ During the nine months ended September 30, 2023, the Company granted 47,771 time-based RSUs with a fair value of approximately $1.5 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 anniversary of the grant date, with the remaining units vesting on each three-month anniversary thereafter. During the nine months ended September 30, 2022, 17,148 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. During the three and nine months ended September 30, 2023, the Company recorded stock-based compensation expense related to the RSUs of approximately $1.0 million and $4.4 million, respectively. During the three-month period ended September 30, 2022, the company recorded approximately $0.9 million in stock compensation expense related to the RSUs. The unamortized stock-based compensation expense related to RSUs as of September 30, 2023 is approximately $2.2 million, which is expected to be recognized over a remaining weighted average vesting period of 1.0 years. ​ Performance-based Restricted Stock Units As of September 30, 2023, there were 1,471 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. No performance-based RSUs were issued during the nine months ended September 30, 2023. 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 September 30, 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 September 30, 2023 and 2022, the Company recorded stock-based compensation expense related to the canceled stock options of approximately $0.03 million and $0.1 million, respectively. During the nine months ended September 30, 2023 and 2022, the Company recorded stock-based compensation expense related to the canceled stock options of approximately $0.1 million and $0.45 million, respectively. The unamortized stock-based compensation expense related to canceled stock options as of September 30, 2023 is approximately $0.02 million. Warrants The following is a summary of the Company’s warrant activity during the nine months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted Average ​ ​ Shares ​ Average ​ Aggregate ​ Remaining ​ ​ Underlying ​ Exercise ​ Intrinsic ​ Contractual ​ Warrants ​ Price ​ Value ​ Term (Years) Outstanding as of December 31, 2022 26,204 ​ $ 75.94 ​ $ — ​ 3.9 Issued 55,419 ​ ​ 55.62 ​ ​ ​ ​ ​ Outstanding as of September 30, 2023 81,623 ​ $ 62.14 ​ $ — ​ 4.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable as of September 30, 2023 ​ 81,623 ​ $ 62.14 ​ $ — ​ 4.4 ​ On January 19, 2023, the Company issued warrants to purchase 1,768 shares of the Company’s common stock with an exercise price of $51.00 per share as consideration to waive 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 warrants to purchase 47,059 shares of the Company’s common stock with an exercise price of $55.25 per share in connection with the issuance of its 2023 Note (See Note 6). On March 7, 2023, the Company issued warrants to purchase 6,592 shares of the Company’s common stock with an exercise price of $59.50 per share as consideration to waive 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023. As of September 30, 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 nine months ended September 30, 2023, the Company issued 58,744 shares of its common stock in connection with the vesting of RSUs issued to members of the Company’s board of directors and employees. The Company withheld 3,650 of these shares at a fair value of approximately $0.1 million, to cover the withholding taxes related to the settlement of these vested restricted stock units. ​ During the nine months ended September 30, 2023, the Company issued 1,824 shares of its common stock in settlement of a shares settled liability at December 31, 2022 of approximately $161,000.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and contingencies
Commitments and contingencies	Note 9. Commitments and contingencies Litigation As of September 30, 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	9 Months Ended
	Sep. 30, 2023
Related party transactions
Related party transactions	Note 10. Related party transactions Expenses Accounts payable – Prepaids –

Subsequent events

Subsequent events	9 Months Ended
	Sep. 30, 2023
Subsequent events
Subsequent events	Note 11. Subsequent events The Company has evaluated all subsequent events through the date of filing, November 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 September 30, 2023, and events which occurred after September 30, 2023, but which were not recognized in the condensed financial statements. ​ 2023 Note ​ Subsequent to September 30, 2023, in connection with the 2023 Note with the Lind Capital Partners, the Company issued approximately 1.2 million shares of Common Stock with an approximate value of $2.7 million instead of making the monthly payment in cash (see Note 6). ​ Reverse Stock Split ​ On October 30, 2023, we filed a Certificate of Amendment to our Certificate of Incorporation (the “Reverse Split Amendment”) with the Secretary of State of the State of Delaware to effect a 1-for-17 The Reverse Split Amendment provides that, at the Reverse Split Effective Time, every 17 upon the exercise or vesting of all stock options and warrants issued us and outstanding immediately prior to the Reverse Split Effective Time, which resulted in a proportionate decrease in the number of shares of our common stock reserved for issuance upon exercise or vesting of such stock options and warrants, and, in the case of stock options and warrants, a proportionate increase in the exercise price of all such stock options and warrants. In addition, the number of shares reserved for issuance under our 2020 Plan (as defined below) immediately prior to the Reverse Split Effective Time has been reduced proportionately. No fractional shares were issued as a result of the Reverse Stock Split. Stockholders of record who would otherwise have been entitled to receive a fractional share received a number of shares rounded up to the next whole share in lieu thereof. The Reverse Stock Split affected all stockholders proportionately and did not affect any stockholder’s percentage ownership of our common stock (other than the nominal effect of the treatment of fractional shares). Our common stock began trading on The Nasdaq Capital Market on a split-adjusted basis when the market opened on October 31, 2023. ​ All share and per share information referenced throughout this Form 10-Q has been retroactively adjusted to reflect the Reverse Stock Split . ​ Rediscovery Life Sciences, LLC ​ On October 24, 2023, we acquired certain suramin research assets from Rediscovery Life Sciences (“RLS”) for the purchase price of $100,000. These assets were previously dedicated to the study of suramin's potential efficacy in treating acute kidney injury resulting from chronic kidney disease. ​ The newly acquired data from RLS is expected to bolster our ongoing efforts to support the submission for the approval of PAX-101, specifically for the treatment of African Sleeping Sickness caused by the Trypanosoma brucei rhodesiense parasite. The integration of the data from RLS will serve as a complementary component in the planned submission for the NDA.

Basis of Presentation, Summar_2

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 (the “2022 Annual Report”). ​
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.
Concentrations of cash, cash equivalents and short-term investments	Concentrations of 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, 2023 and December 31, 2022, the Company had no cash equivalents or short-term investments. Financial instruments that potentially subject the Company to the concentration of credit risk consist primarily of cash. The Company maintains its cash at 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.
Accounts Receivable and Allowances for Doubtful Accounts	​ Accounts Receivable and Allowances for Doubtful Accounts ​ The Company records a provision for doubtful accounts, when appropriate, based on historical experience and a detailed assessment of the collectability of its accounts receivable. In estimating the allowance for doubtful accounts, the Company considers, among other factors, the aging of the accounts receivable, its historical write-offs, the credit worthiness of each customer, and economic conditions that could affect the collectability of the balances in the future. Account balances are charged off against the allowance when the Company believes that it is probable that the receivable will not be recovered. Actual write-offs may be in excess of the Company’s estimated allowance. The Company has not incurred any bad debt expense to date and no allowance for doubtful accounts has been recorded during the periods presented. ​
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, 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 Note	Convertible Note In accordance with Accounting Standards Codification 825, Financial Instruments
Revenue Recognition	Revenue Recognition ​ The Company follows the provisions of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. The guidance provides a five-step model to determine how revenue is recognized. In determining the appropriate amount of revenue to be recognized, the Company performs the following steps: (i) identification of the contracts with a customer; (ii) determination of the performance obligations in the contract; (iii) measurement of the transaction price, including potential constraints on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated stand-alone selling prices; and (v) recognition of revenue when (or as) the Company satisfies a performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. Significant management judgment is required to determine the level of effort required under an arrangement and the period over which the Company expects to complete its performance obligations under the arrangement. If the Company cannot reasonably estimate when its performance obligations are either completed or become inconsequential, then revenue recognition is deferred until the Company can reasonably make such estimates. Revenue is then recognized over the remaining estimated period of performance or contract-term using the cumulative catch-up method. The Company allocates the total transaction price to each performance obligation based on the relative standalone selling prices of the promised goods or service underlying each performance obligation. ​
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.
Accrued Outsourcing Costs	Accrued Outsourcing Costs ​ Substantial portions of the Company’s preclinical studies and clinical trials are performed by third-party laboratories, medical centers, contract research organizations and other vendors (collectively “CROs”). These CROs generally bill monthly or quarterly for services performed, or bill based upon milestone achievement. For preclinical studies, the Company accrues expenses based upon estimated percentage of work completed and the contract milestones remaining. Clinical trial costs are a significant component of research and development expenses and include costs associated with third-party contractors. The Company outsources a substantial portion of its clinical trial activities, utilizing external entities such as CROs, independent clinical investigators, and other third-party service providers to assist the Company with the execution of its clinical studies. For each clinical trial that the Company conducts, certain clinical trial costs are expensed immediately, while others are expensed over time based on the number of patients in the trial, the attrition rate at which patients leave the trial, and/or the period over which clinical investigators or CROs are expected to provide services. The Company’s estimates depend on the timeliness and accuracy of the data provided by the CROs regarding the status of each program and total program spending. The Company periodically evaluates the estimates to determine if adjustments are necessary or appropriate based on information it receives.
Stock-Based Compensation	Stock-Based Compensation ​ The Company expenses stock-based compensation to employees, non-employees and board members over the requisite service period based on the estimated grant-date fair value of the awards and actual forfeitures. The Company accounts for forfeitures as they occur. Stock-based awards with graded vesting schedules are recognized on a straight-line basis over the requisite service period for each separately vesting portion of the award. The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model, and the assumptions used in calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the application of management’s judgment. All stock-based compensation costs are recorded in general and administrative costs in the statements of operations.
Income (Loss) Per Share	Income (Loss) Per Share Basic net income (loss) per share (“EPS”) of common stock is computed by dividing net income (loss) allocated to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. Preferred Stock, unvested restricted stock units and the SAFE investment are participating securities as they participate in undistributed earnings on an as-if converted basis. The Company computes income (loss) per share of common stock using the two-class method required for participating securities. ​ Basic income per share includes an allocation of undistributed income to the Company’s participating securities. Diluted income (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 income allocated to participating securities in arriving at basic income per share, assuming that all other dilutive potential common shares have been exercised and then next reallocating the undistributed income. 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 and nine months ended September 30, 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 loss per share is the same for the three and nine months ended September 30, 2023. The following is a reconciliation of the numerator and denominator of the diluted net income (loss) per share computations for the three and nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2023 2022 ​ 2023 2022 Numerator: ​ ​ ​ ​ Net loss ​ $ (5,049,218) ​ $ (11,463,613) ​ $ (12,369,252) ​ $ (9,581,119) Amount allocated to participating common shareholders ​ — ​ — ​ — ​ — Net loss allocated to common shareholders- Basic ​ $ (5,049,218) ​ $ (11,463,613) ​ $ (12,369,252) ​ $ (9,581,119) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ ​ (5,049,218) ​ ​ (11,463,613) ​ ​ (12,369,252) ​ ​ (9,581,119) Less: Change in fair value of warrant liabilities ​ ​ — ​ ​ — ​ ​ — ​ ​ — Net loss allocated to common shareholders- Diluted ​ $ (5,049,218) ​ $ (11,463,613) ​ $ (12,369,252) ​ $ (9,581,119) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average number of shares outstanding ​ ​ 971,738 ​ ​ 539,864 ​ ​ 859,439 ​ ​ 451,560 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted weighted average number of shares outstanding ​ ​ 971,738 ​ ​ 539,864 ​ ​ 859,439 ​ ​ 451,560 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net loss per share ​ $ (5.20) ​ $ (21.23) ​ $ (14.39) ​ $ (21.22) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net loss per share ​ $ (5.20) ​ $ (21.23) ​ $ (14.39) ​ $ (21.22) ​ 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, 2023 and 2022, because including them would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2023 2022 Preferred stock — — Series X preferred stock ​ 51,056 50,775 Unvested restricted stock units 95,504 93,072 Common stock warrants 81,623 34,559 Convertible notes 669,173 2,192 Total 897,356 180,598 ​
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, the FASB issued ASU No. 2016 13, 326 2016 13. 2016 13 In November 2018 , No. 2018 19, 326, No. 2019 11, 326, 2016 13. No. 2019 10, 326 815 842 2016 13 2016 13 ,

Basis of Presentation, Summar_3

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ 2023 2022 ​ 2023 2022 Numerator: ​ ​ ​ ​ Net loss ​ $ (5,049,218) ​ $ (11,463,613) ​ $ (12,369,252) ​ $ (9,581,119) Amount allocated to participating common shareholders ​ — ​ — ​ — ​ — Net loss allocated to common shareholders- Basic ​ $ (5,049,218) ​ $ (11,463,613) ​ $ (12,369,252) ​ $ (9,581,119) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ ​ (5,049,218) ​ ​ (11,463,613) ​ ​ (12,369,252) ​ ​ (9,581,119) Less: Change in fair value of warrant liabilities ​ ​ — ​ ​ — ​ ​ — ​ ​ — Net loss allocated to common shareholders- Diluted ​ $ (5,049,218) ​ $ (11,463,613) ​ $ (12,369,252) ​ $ (9,581,119) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average number of shares outstanding ​ ​ 971,738 ​ ​ 539,864 ​ ​ 859,439 ​ ​ 451,560 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted weighted average number of shares outstanding ​ ​ 971,738 ​ ​ 539,864 ​ ​ 859,439 ​ ​ 451,560 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net loss per share ​ $ (5.20) ​ $ (21.23) ​ $ (14.39) ​ $ (21.22) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net loss per share ​ $ (5.20) ​ $ (21.23) ​ $ (14.39) ​ $ (21.22)
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, 2023 and 2022, because including them would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2023 2022 Preferred stock — — Series X preferred stock ​ 51,056 50,775 Unvested restricted stock units 95,504 93,072 Common stock warrants 81,623 34,559 Convertible notes 669,173 2,192 Total 897,356 180,598

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 payoff date of February 6, 2023, and the 2023 Note upon the issuance date, and as of September 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ February 6, 2023 September 30, 2023 Dividend yield — % — % Expected price volatility 30.0 - 53.7 % 30 % Risk free interest rate 4.65 - 4.89 % 5.35 % Expected term (in years) 0.5 - 1.4 ​ 0.1 - 1.0 ​
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 September 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured at September 30, 2023 ​ ​ ​ ​ Quoted prices in active ​ Significant other ​ Significant ​ ​ Total carrying value at ​ markets ​ observable inputs ​ unobservable inputs ​ September 30, 2023 (Level 1) (Level 2) (Level 3) Liabilities: ​ ​ ​ ​ Convertible notes ​ $ 1,581,268 ​ $ — ​ $ — ​ $ 1,581,268 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 nine months ended September 30, 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 Issuance of common stock in connection with conversion of notes payable ​ ​ (445,167) Repayment of convertible notes ​ ​ (559,600) Loss on extinguishment of debt ​ ​ 394,257 Change in fair value ​ 114,704 Balance at September 30, 2023 ​ $ 1,581,268 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2023
Accrued Expenses
Schedule of Company's accrued expenses	The Company’s accrued expenses as of September 30, 2023 and December 31, 2022 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2023 ​ 2022 Employee and related expenses ​ $ 37,482 ​ $ 510,297 Directors and officers insurance ​ ​ — ​ ​ 269,753 Professional fees ​ ​ 6,750 ​ ​ 162,021 Research and development ​ ​ — ​ ​ 77,000 Total accrued expenses ​ $ 44,232 ​ $ 1,019,071 ​

Stock-based compensation (Table

Stock-based compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Stock-based compensation
Schedule of share-based compensation	The following is a summary of stock-based compensation during the three and nine months ended September 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, Nine Months Ended September 30, ​ ​ ​ 2023 2022 ​ 2023 2022 ​ Canceled stock options ​ $ 30,242 ​ $ 119,829 ​ $ 140,913 ​ $ 449,840 ​ Restricted stock units ​ 1,034,664 ​ 927,324 ​ 4,359,265 ​ 927,325 ​ Total ​ $ 1,064,906 ​ $ 1,047,153 ​ $ 4,500,178 ​ $ 1,377,165 ​ ​
Summary of changes in restricted stock units	The following is a summary of the restricted stock units during the nine months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ Number of Shares Fair Value Unvested as of December 31, 2022 108,982 ​ $ 81.51 Granted ​ 47,771 ​ ​ 30.47 Vested (62,720) ​ ​ 84.75 Unvested as of September 30, 2023 94,033 ​ $ 53.85
Summary of warrant activity	The following is a summary of the Company’s warrant activity during the nine months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted Average ​ ​ Shares ​ Average ​ Aggregate ​ Remaining ​ ​ Underlying ​ Exercise ​ Intrinsic ​ Contractual ​ Warrants ​ Price ​ Value ​ Term (Years) Outstanding as of December 31, 2022 26,204 ​ $ 75.94 ​ $ — ​ 3.9 Issued 55,419 ​ ​ 55.62 ​ ​ ​ ​ ​ Outstanding as of September 30, 2023 81,623 ​ $ 62.14 ​ $ — ​ 4.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable as of September 30, 2023 ​ 81,623 ​ $ 62.14 ​ $ — ​ 4.4 ​

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	Sep. 30, 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		90,909
Price per share		$ 89.25
Net proceeds from issuance of shares	$ 6
Underwriter fees and commissions	0.8
Offering costs	$ 1.4
Number of warrants issued	6,364
Exercise price of warrants	$ 111.56
Overallotment option
Organization and description of business operations
Price per share		$ 82.11
Underwriters' option term		45 days
Additional shares which may be purchased during the option period		13,637

Organization and description _3

Organization and description of business operations - Going concern, liquidity and capital resources (Details)			3 Months Ended		9 Months Ended
	Oct. 30, 2023	Jun. 30, 2023 USD ($) installment	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Organization and description of business operations
Accumulated deficit			$ (46,109,268)		$ (46,109,268)		$ (33,740,016)
Net Income (Loss)			(5,049,218)	$ (11,463,613)	(12,369,252)	$ (9,581,119)
Net cash used in operating activities					(8,151,230)	$ (3,004,175)
Subsequent event
Organization and description of business operations
Reverse stock split ratio	0.0588
Vox Nova Exclusive Pharmacy Distribution Agreement
Organization and description of business operations
Exclusivity fee payable to the Company		$ 2,000,000
Exclusivity fee due up front in connection with signing		500,000
Portion of exclusivity fees to be paid in installments		$ 1,500,000
Number of installments | installment		4
Term of agreement		1 year
Deferred revenue		$ 500,000
Product revenue
Organization and description of business operations
Revenue					0
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					$ 5,400,000
Number of common stock shares issued in connection with an equity purchase agreement | shares					200,000
Convertible Promissory Note ("2023 Note")
Organization and description of business operations
Face amount of debt			$ 3,700,000		$ 3,700,000
Proceeds from issuance of convertible notes, net of expenses and other costs					$ 2,500,000
Interest rate			0%		0%
Maturity period					18 months
Number of shares which may be purchased from issued warrants | shares			47,059		47,059

Basis of Presentation, Summar_4

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements - Cash, cash equivalents and short-term investments (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Cash equivalents	$ 0	$ 0
Short-term investments	$ 0	$ 0

Basis of Presentation, Summar_5

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements - Earnings (Loss) Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator, Basic:
Net Income (Loss)	$ (5,049,218)	$ (11,463,613)	$ (12,369,252)	$ (9,581,119)
Net loss allocated to common shareholders - Basic	(5,049,218)	(11,463,613)	(12,369,252)	(9,581,119)
Numerator, Diluted:
Net Income (Loss)	(5,049,218)	(11,463,613)	(12,369,252)	(9,581,119)
Net loss allocated to common shareholders - Diluted	$ (5,049,218)	$ (11,463,613)	$ (12,369,252)	$ (9,581,119)
Denominator:
Basic weighted average number of shares outstanding	971,738	539,864	859,439	451,560
Diluted weighted average number of shares outstanding	971,738	539,864	859,439	451,560
Basic net loss per share	$ (5.20)	$ (21.23)	$ (14.39)	$ (21.22)
Diluted net loss per share	$ (5.20)	$ (21.23)	$ (14.39)	$ (21.22)

Basis of Presentation, Summar_6

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements - Anti-dilutive securities (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 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	897,356	180,598
Common stock, shares outstanding	1,073,815		707,976
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	51,056	50,775
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	95,504	93,072
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	81,623	34,559
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	669,173	2,192

Fair Value Measurements - Conve

Fair Value Measurements - Convertible Notes (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)	Feb. 06, 2023
Fair Value Measurements
Paydown of convertible promissory notes	$ 559,600
Convertible Notes
Fair Value Measurements
Paydown of convertible promissory notes	$ 200,000
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	0.30
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	0.0535
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	0.1	0.5
Convertible Notes | Expected term (in years) | Maximum
Fair Value Measurements
Debt instrument, measurement input	1	1.4

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Liabilities
Change in fair value of Level 3 liabilities	$ 100,000	$ 3,300,000	$ (200,000)	$ 1,800,000
Recurring | Carrying Value
Liabilities
Convertible notes	1,581,268		1,581,268		$ 173,543
Recurring | Fair Value | Significant unobservable inputs (Level 3)
Liabilities
Convertible notes	$ 1,581,268		$ 1,581,268		$ 173,543

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Level 3 Liabilities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value Measurements
Beginning Balance			$ 173,543
Issuance of convertible notes			1,903,531
Issuance of common stock in connection with conversion of notes payable			(445,167)
Repayment of convertible notes			(559,600)
Loss on extinguishment of debt			394,257
Change in fair value	$ 325,981	$ 151,195	114,704	$ 255,145
Ending Balance	$ 1,581,268		$ 1,581,268

Prepaid and other current ass_2

Prepaid and other current assets (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Prepaid and other current assets
Prepaid and other current assets	$ 1,580,616	$ 302,431
Inventory in transit	500,000
Prepaid research and development activities	$ 700,000

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Accrued Expenses
Employee and related expenses	$ 37,482	$ 510,297
Directors and officers insurance		269,753
Professional fees	6,750	162,021
Research and development		77,000
Total accrued expenses	$ 44,232	$ 1,019,071

Convertible promissory notes (D

Convertible promissory notes (Details)			3 Months Ended		9 Months Ended
	Sep. 05, 2023 USD ($) D	Aug. 06, 2023 USD ($) item	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Convertible promissory notes
Change in fair value of notes			$ (325,981)	$ (151,195)	$ (114,704)	$ (255,145)
Loss on extinguishment of debt			357,407	3,940	394,257	3,940
Loss on issuance of debt				$ 88,234		$ 391,246
Change in fair value of notes					250,000
Letter Agreement
Convertible promissory notes
Threshold amount of market capitalization used to determine default of convertible notes payable	$ 10,000,000
Threshold days of market capitalization used to determine default of convertible notes payable | D	10
2023 Note
Convertible promissory notes
Face amount of debt			$ 3,700,000		3,700,000
Net proceeds from issuance of convertible promissory notes					3,200,000
Fees incurred					$ 500,000
Annual interest rate			0%		0%
Maturity period					18 months
Number of shares which may be purchased from issued warrants | shares			47,059		47,059
Percent of beneficial ownership limitation					4.99%
Conversion price (per share) | $ / shares			$ 59.50		$ 59.50
Convertible notes outstanding			$ 2,900,000		$ 2,900,000
Change in fair value of notes					100,000
Loss on extinguishment of debt					400,000
Repayment of debt					800,000
Repayment of debt in cash					300,000
Stock issued for repayment of debt					$ 450,000
2023 Note | Terms of 2023 Note
Convertible promissory notes
Number of periodic payments | item		12
Frequency of periodic payment		monthly
Amount of periodic payment		$ 306,666.66
Percentage of share price used to calculate shares issued as payment of debt					90%
Monthly payment cash premium percentage			5%		5%
2022 Notes
Convertible promissory notes
Convertible notes outstanding							$ 200,000

Stock-based compensation - Comp

Stock-based compensation - Compensation expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share based compensation
Stock-based compensation	$ 1,064,906	$ 1,047,153	$ 4,500,178	$ 1,377,165
Canceled stock options
Share based compensation
Stock-based compensation	30,242	119,829	140,913	449,840
Restricted stock units
Share based compensation
Stock-based compensation	$ 1,034,664	$ 927,324	$ 4,359,265	$ 927,325

Stock-based compensation - Rest

Stock-based compensation - Restricted Stock Units (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) employee director shares
Additional disclosures
Number of employees terminated | employee				2
Number of board members terminated | director				2
Stock-based compensation | $	$ 1,064,906	$ 1,047,153	$ 4,500,178	$ 1,377,165
Restricted stock units
Number of Shares
Beginning balance			108,982
Granted			47,771
Vested			(62,720)
Ending balance	94,033		94,033
Weighted Average Grant-Date Fair Value
Beginning balance (in dollars per share) | $ / shares			$ 81.51
Granted (in dollars per share) | $ / shares			30.47
Vested (in dollars per share) | $ / shares			84.75
Ending balance (in dollars per share) | $ / shares	$ 53.85		$ 53.85
Additional disclosures
Number of units granted			47,771
Stock-based compensation | $	$ 1,034,664	$ 927,324	$ 4,359,265	$ 927,325
Unamortized stock-based compensation expense, RSUs | $	$ 2,200,000		$ 2,200,000
Recognition period for remaining unamortized stock-based compensation expense			1 year
Restricted stock units | Directors and employees
Additional disclosures
Number of shares forfeited				17,148
Time-based Restricted Stock Units | Directors and employees
Number of Shares
Granted			47,771
Additional disclosures
Number of units granted			47,771
Aggregate fair value of awards granted | $			$ 1,500,000
Description of vesting terms			The RSUs are subject to service conditions and vest 33.34% on the one year anniversary of the grant date, with the remaining units vesting on each three-month anniversary thereafter.
Vesting percentage			33.34%

Stock-based compensation - Perf

Stock-based compensation - Performance-based Restricted Stock Units (Details) - Performance-based Restricted Stock Units	9 Months Ended
	Sep. 30, 2023 USD ($) shares
Stock-based compensation
Restricted stock units outstanding	1,471
Fair value of restricted stock units outstanding | $	$ 60,000
Number of units granted	0

Stock-based compensation - Canc

Stock-based compensation - Canceled Stock Options (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock-based compensation
Stock-based compensation	$ 1,064,906	$ 1,047,153	$ 4,500,178	$ 1,377,165
Employee Stock Option
Stock-based compensation
Stock options outstanding	0	0	0	0
Canceled stock options
Stock-based compensation
Compensation costs to be recognized over the original vesting criteria			$ 4,300,000
Stock-based compensation	$ 30,242	$ 119,829	140,913	$ 449,840
Unamortized stock-based compensation expense	$ 20,000		$ 20,000

Stock-based compensation - Warr

Stock-based compensation - Warrants (Details) - $ / shares				9 Months Ended	12 Months Ended
	Mar. 07, 2023	Feb. 06, 2023	Jan. 19, 2023	Sep. 30, 2023	Dec. 31, 2022
Shares Underlying Warrants
Outstanding, beginning of period				26,204
Issued				55,419
Outstanding, end of period				81,623	26,204
Exercisable, end of period				81,623
Weighted Average Exercise Price
Outstanding, beginning of period				$ 75.94
Issued				55.62
Outstanding, end of period				62.14	$ 75.94
Exercisable, end of period				$ 62.14
Weighted Average Remaining Contractual Term (Years)
Outstanding, Weighted Average Remaining Contractual Term				4 years 4 months 24 days	3 years 10 months 24 days
Exercisable, Weighted Average Remaining Contractual Term				4 years 4 months 24 days
Warrants issued in January 2023 related to the IPO
Shares Underlying Warrants
Issued			1,768
Weighted Average Exercise Price
Issued			$ 51
Weighted Average Remaining Contractual Term (Years)
Term of warrants			5 years
Warrants related to the 2023 Note
Shares Underlying Warrants
Issued		47,059
Weighted Average Exercise Price
Issued		$ 55.25
Warrants issued in March 2023 related to IPO
Shares Underlying Warrants
Issued	6,592
Weighted Average Exercise Price
Issued	$ 59.50
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	9 Months Ended	12 Months Ended
	Nov. 17, 2022	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Preferred and common stock
Restricted stock, shares withheld for tax withholdings			3,650
Restricted stock, value of shares withheld for tax withholdings			$ 100,000
Value of shares issued in settlement of shares settled liability			$ 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			200,000
Net proceeds from the issuance of common stock in connection with an equity purchase agreement			$ 5,400,000
Shares settled liability
Preferred and common stock
Shares issued in settlement of shares settled liability			1,824
Value of shares issued in settlement of shares settled liability				$ 161,000
Series X Preferred Stock
Preferred and common stock
Number of shares issued		0	0
Preferred stock outstanding		45,567	45,567	45,567
Common Stock
Preferred and common stock
Number of common stock shares issued in connection with an equity purchase agreement		57,353	209,118
Shares issued in connection with vesting of RSUs			58,744
Shares issued in settlement of shares settled liability			1,824

Commitments and contingencies (

Commitments and contingencies (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Commitments and contingencies
Litigation reserve	$ 0	$ 0

Related party transactions (Det

Related party transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related party transactions
Allocated expenses	$ 2,425,849	$ 2,367,711	$ 9,008,943	$ 4,077,491
Related party
Related party transactions
Accounts payable	0	132,000	0	132,000	$ 20,000
Related party | Polo Mar
Related party transactions
Prepaid expense	100,000		100,000
Directors
Related party transactions
Accounts payable		27,000		27,000
Chief Financial Officer
Related party transactions
Accounts payable	25,000		25,000
Management fees | Affiliated Entity | Tardimed
Related party transactions
Allocated expenses	60,000	60,000	$ 180,000	180,000
Accounts payable		$ 80,000		$ 80,000
Consulting services | Affiliated Entity | Tardimed
Related party transactions
Allocated expenses	$ 27,500

Subsequent events (Details)

Subsequent events (Details)			1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 30, 2023 shares	Oct. 24, 2023 USD ($)	Nov. 13, 2023 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Subsequent events
Value of shares issued for conversion of notes payable				$ 445,167	$ 1,159,500	$ 445,167	$ 1,159,500
Subsequent event
Subsequent events
Reverse stock split ratio	0.0588
Number of fractional shares issued | shares	0
Subsequent event | Rediscovery Life Sciences
Subsequent events
Asset Acquisition, Consideration Transferred		$ 100,000
Subsequent event | 2023 Note
Subsequent events
Issuance of common stock in connection with convertible notes (in shares) | shares			1,200,000
Value of shares issued for conversion of notes payable			$ 2,700,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (5,049,218)	$ (11,463,613)	$ (12,369,252)	$ (9,581,119)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false