PaxMedica, Inc. Common Stock (PXMD) 10-Q 13 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 13, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		7,779,860
Entity Central Index Key	0001811623
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash	$ 1,626,892	$ 4,710,642
Prepaid and other current assets	1,266,211	969,763
Total current assets	2,893,103	5,680,405
Total assets	2,893,103	5,680,405
Current liabilities
Accrued expenses	65,128	177,118
Accrued expenses - compensation		787,981
Total current liabilities	1,203,095	1,795,332
Deferred revenue	500,000	500,000
Total liabilities	1,703,095	2,295,332
Commitments and contingencies (Note 8)
Stockholders' Equity (Deficit)
Common stock, par value $0.0001; 200,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 7,465,629 and 7,401,242 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	747	740
Additional paid-in capital	56,912,182	55,414,069
Accumulated deficit	(55,722,926)	(52,029,741)
Total stockholders' equity (deficit)	1,190,008	3,385,073
Total liabilities, and stockholders' equity (deficit)	2,893,103	5,680,405
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 March 31, 2024 and December 31, 2023; 45,567 shares issued and outstanding at March 31, 2024 and December 31, 2023	5	5
Excludes related party
Current liabilities
Accounts payable	$ 1,137,967	811,733
Related party
Current liabilities
Accounts payable		$ 18,500

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	7,465,629	7,401,242
Common stock, shares outstanding (in shares)	7,465,629	7,401,242
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
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses
General and administrative	$ 3,297,350	$ 3,814,184
Research and development	392,813	222,491
Total operating expenses	3,690,163	4,036,675
Loss from operations	(3,690,163)	(4,036,675)
Other income (expense)
Interest expense		(3,928)
Loss on extinguishment of debt		(36,850)
Change in fair value of notes		335,364
Other expense	(3,022)	(91,658)
Total other income (expense)	(3,022)	202,928
Net loss	$ (3,693,185)	$ (3,833,747)
Basic weighted average number of shares outstanding	7,418,281	743,373
Diluted weighted average number of shares outstanding	7,418,281	743,373
Basic net loss per share	$ (0.50)	$ (5.16)
Diluted net loss per share	$ (0.50)	$ (5.16)

CONDENSED STATEMENTS OF CHANGES

CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($)	Preferred Stock Series X Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
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			126,449		126,449
Reclassification of shares settled liability to equity (in shares)		1,402
Issuance of common stock in connection with equity purchase agreement		$ 7	2,804,993		2,805,000
Issuance of common stock in connection with equity purchase agreement (in shares)		70,592
Issuance of common stock warrants in connection with notes payable, net of fees			1,155,643		1,155,643
Stock-based compensation		$ 4	2,170,618		2,170,622
Stock-based compensation (in shares)		38,876
Net loss				(3,833,747)	(3,833,747)
Ending balance at Mar. 31, 2023	$ 5	$ 82	40,106,443	(37,573,763)	2,532,767
Ending balance (in shares) at Mar. 31, 2023	45,567	818,846
Beginning balance at Dec. 31, 2023	$ 5	$ 740	55,414,069	(52,029,741)	3,385,073
Beginning balance (in shares) at Dec. 31, 2023	45,567	7,401,242
Increase (Decrease) in Stockholders' Equity (Deficit)
Issuance of common stock underlying restricted stock units, net of tax withholding		$ 7	(15,286)		(15,279)
Issuance of common stock underlying restricted stock units, net of tax withholding (in shares)		64,387
Stock-based compensation			1,513,399		1,513,399
Net loss				(3,693,185)	(3,693,185)
Ending balance at Mar. 31, 2024	$ 5	$ 747	$ 56,912,182	$ (55,722,926)	$ 1,190,008
Ending balance (in shares) at Mar. 31, 2024	45,567	7,465,629

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net loss	$ (3,693,185)	$ (3,833,747)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,513,399	2,170,622
Change in fair value of notes		(335,364)
Loss on extinguishment of debt		36,850
Other Expense		91,658
Changes in assets and liabilities:
Prepaid and other current assets	(296,448)	(463,741)
Accounts payable	326,234	125,037
Accounts payable - related party	(18,500)	(20,000)
Accrued expenses	(899,971)	(754,660)
Net cash used in operating activities	(3,068,471)	(2,983,345)
Cash flows from financing activities
Proceeds from issuance of common stock and warrants, net of fees		3,200,000
Proceeds from issuance of convertible promissory notes and warrants		(503,696)
Proceeds from the issuance of common stock in connection with equity purchase agreement		2,805,000
Payment of costs in connection with equity purchase agreement		(195,997)
Repayment of convertible promissory notes		(237,600)
Settlement of shares withheld for payment of employee taxes	(15,279)
Net cash provided by financing activities	(15,279)	5,067,707
Net increase in cash	(3,083,750)	2,084,362
Cash, beginning of period	4,710,642	1,901,887
Cash, end of period	$ 1,626,892	3,986,249
Non-cash financing activities:
Reclassification of shares settled liability		126,449
Unpaid deferred offering costs and financing fees		$ 20,393

Organization and description of

Organization and description of business operations	3 Months Ended
	Mar. 31, 2024
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). 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 $55.7 million at March 31, 2024, a net loss of approximately $3.7 million, and approximately $3.1 million of net cash used in operating activities for the three months ended March 31, 2024. Equity Purchase Agreement with Lincoln Park Capital On November 17, 2022, the Company entered into an equity purchase agreement (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“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 (See Note 7). During the three months ended March 31, 2024 there were no shares of common stock issued in connection with the Purchase Agreement. During the three months ended March 31, 2023, the Company received approximately $2.6 million from the issuance of 70,592 shares of common stock, net of fees of $0.2 million. Convertible Promissory Note The Company issued the 2023 Note in February 2023 with a principal balance of $3.7 million. In connection with the issuance, the Company received proceeds of approximately $3.2 million, net of a $0.5 million discount, incurred fees of approximately $0.5 million and used $0.2 million of proceeds pay down the remaining balance of the Company’s 2022 Notes. In connection with the 2023 Note, the Company issued a common stock warrant to purchase 47,059 shares of the Company’s common stock. ​ On November 29, 2023, the Company satisfied in full the obligations under its outstanding secured convertible promissory note with Lind Global Fund II LP, through a final cash payment of $0.2 million. The satisfaction of the remaining open payment obligations under the Note terminates the Note in full and retires all of the Company's payment obligations thereunder. ​ 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. ​ 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. Any fractional shares resulting from the Reverse Stock Split have been rounded up to the nearest whole share. ​ Delisting ​ The Company’s common stock was suspended from trading on the Nasdaq Capital Market on May 2, 2024. Beginning May 2, 2024, the Company’s common stock had been trading over the counter on the OTC Markets’ Pink Sheets. ​ 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	3 Months Ended
	Mar. 31, 2024
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements	Note 2 Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements Basis of presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars and in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results that may be expected through December 31, 2024. The accompanying unaudited condensed financial statements should be read in conjunction with the financial statements for the year ended December 31, 2023 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 11, 2024 (the “2023 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, 2023 financial statements included in its 2023 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 March 31, 2024 and 2023, 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. 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 period ended March 31, 2023, the Company issued the 2023 Notes and warrants in connection with the 2023 Notes. The 2023 Notes were classified as liabilities and measured at fair value on the issuance date, with changes in fair value recognized as other expense on the statements of operations and disclosed in the condensed financial statements. The carrying amounts of the Company’s financial assets and liabilities, such as accounts payable, approximate fair value due to the short-term nature of these instruments. Convertible 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 loss per share (“EPS”) of common stock is computed by dividing net loss by the weighted average number of shares of common stock 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. Basic and diluted net loss per common share were the same since the inclusion of common shares issuable pursuant to the exercise of options and warrants in the calculation of diluted net loss per common shares would have been anti-dilutive The following securities were excluded from the computation of diluted net loss per share attributable to common shareholders for the three months ended March 31, 2024 and 2023, because including them would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2024 2023 Series X preferred stock ​ 51,055 51,055 Unvested restricted stock units 1,471 72,460 Pre-funded common stock warrants ​ 314,231 ​ — Common stock warrants 5,681,623 81,623 Convertible Notes ​ — 125,929 Shares Settled Liability ​ — 424 Total 6,048,380 331,491 ​ 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 The Company periodically reviews new accounting standards that are issued and has not identified any new standards that it believes merit further discussion or would have a significant impact on its financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Measurements
Fair Value Measurements	Note 3. Fair Value Measurements Convertible Notes During the three months ended March 31, 2023, the Company issued the 2023 Note. The fair value of the 2023 Note on March 31, 2023 was 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 5) and its convertible notes issued in 2022 (the “2022 Notes”). The notes were classified as liabilities and measured at fair value on the issuance date, with changes in fair value recognized as other income (expense) on the statements of operations and disclosed in the condensed financial statements. During the three months ended March 31, 2023, the Company paid down the remaining balance of its 2022 Notes (approximately $0.2 million) with a portion of the proceeds received from the 2023 Note. ​ As of March 31, 2024 and December 31, 2023, the Company did not have any outstanding liabilities measured at fair value on a recurring basis. ​ A summary of significant unobservable inputs (Level 3 inputs) used in measuring the 2022 Notes before repayment and the 2023 Note upon the issuance date is as follows: ​ ​ ​ ​ ​ ​ ​ ​ February 6, 2023 March 31, 2023 Dividend yield — % — % Expected price volatility 30.0 - 53.7 % 30.0 % Risk free interest rate 4.65 - 4.89 % 4.44 % Expected term (in years) 0.5 - 1.4 ​ 0.3 - 1.3 ​ ​ The following table presents changes in Level 3 liabilities measured at fair value for the three months ended March 31, 2023. Unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value that were attributable to unobservable (e.g., changes in unobservable long-dated volatilities) inputs. ​ There were no liabilities measured at fair value on a recurring basis into the fair value hierarchy as of March 31, 2024. ​ ​ ​ ​ ​ Convertible Notes Balance at December 31, 2022 ​ $ 173,543 Issuance of convertible notes ​ 1,903,531 Repayment of convertible notes ​ ​ (237,600) Loss on extinguishment of debt ​ ​ 36,850 Change in fair value ​ (335,364) Balance at March 31, 2023 ​ $ 1,540,960 ​

Prepaid and other current asset

Prepaid and other current assets	3 Months Ended
	Mar. 31, 2024
Prepaid and other current assets
Prepaid and other current assets	Note 4. Prepaid and other current assets As of March 31, 2024, the Company recorded prepaid expenses and other current assets of approximately $1.3 million, primarily consisting of services to be performed for research and development activities of approximately $0.9 million and legal and professional services of approximately $0.4 million. As of March 31, 2023, prepaid and other current assets totaled approximately $0.8 million, consisting of $0.6 million paid in connection with services to be performed for research and development activities, and $0.2 million of deferred insurance related to the Company’s directors and officers insurance.

Convertible promissory notes

Convertible promissory notes	3 Months Ended
	Mar. 31, 2024
Convertible promissory notes
Convertible promissory notes	Note 5. Convertible promissory notes The Company issued the 2023 Note in February 2023 with a principal balance of $3.7 million. In connection with the issuance, the Company received proceeds of approximately $3.2 million, net of a $0.5 million discount, incurred fees of approximately $0.5 million and used $0.2 million of proceeds pay down the remaining balance of the Company’s 2022 Notes. In connection with the 2023 Note, the Company issued a common stock warrant to purchase 47,059 shares of the Company’s common stock. For the three months ended March 31, 2023, the Company recorded a $0.3 million change in fair value of its notes, and a loss on extinguishment of debt of approximately $37,000, which are included in the accompanying condensed statements of operations. On November 29, 2023, the Company satisfied in full the obligations under its outstanding secured convertible promissory note with Lind Global Fund II LP, through a final cash payment of $0.2 million. The satisfaction of the remaining open payment obligations under the Note terminates the Note in full and retires all of the Company's payment obligations thereunder.

Stock-based compensation

Stock-based compensation	3 Months Ended
	Mar. 31, 2024
Stock-based compensation
Stock-based compensation	Note 6. Stock-based compensation Stock-based Compensation The following is a summary of stock-based compensation during the three months ended March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2024 2023 ​ Canceled stock options ​ $ 5,283 ​ $ 65,903 ​ Restricted stock units ​ 1,508,116 ​ 2,104,719 ​ Total ​ $ 1,513,399 ​ $ 2,170,622 ​ ​ Restricted Stock Units The following is a summary of the restricted stock units during the three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ Number of Shares Fair Value Unvested as of December 31, 2023 86,749 ​ $ 48.12 Granted ​ — ​ ​ - Vested (85,278) ​ ​ 48.26 Unvested as of March 31, 2024 1,471 ​ $ 40.46 ​ No restricted stock units (RSUs) were granted during the three months ended March 31, 2024 and 2023. On January 24, 2024, to reduce the administrative burden and expense associated with monthly vesting, the Company approved the acceleration of vesting of certain RSUs of the Company. The RSUs fully vested on the day following the filing with the U.S. Securities and Exchange Commission of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, in each case subject to the continued employment of the officer with the Company, through such date. During the three months ended March 31, 2024, the Company recorded stock-based compensation expense related to the RSUs of approximately $1.5 million. Due to the accelerated of vesting of the RSUs there is currently no unamortized stock based compensation remaining. ​ During the three month ended March 31, 2023, the Company recorded stock-based compensation expense related to the RSUs of approximately $2.1 million. ​ Performance-based Restricted Stock Units As of March 31, 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 three months ended March 31, 2024. As of March 31, 2024 and March 31, 2023, the Company determined that is was not probable that the performance awards would vest, and the Company has not recognized any stock-based compensation expense associated with these awards to date. Canceled Stock Options The Company previously granted options to purchase shares of the Company’s common stock and during the year ended December 31, 2020 these options were canceled in exchange for RSUs. No stock options were outstanding as of March 31, 2024 and 2023. During the three months ended March 31, 2024 and 2023, the Company recorded stock-based compensation expense related to the canceled stock options of less than $0.1 million and $0.1 million, respectively.

Preferred and common stock

Preferred and common stock	3 Months Ended
	Mar. 31, 2024
Preferred and common stock
Preferred and common stock	Note 7. Preferred and common stock Series X Preferred Stock There were no shares of Series X preferred stock issued during the three months ended March 31, 2024 and 2023. As of March 31, 2024, there were 45,567 shares of Series X preferred stock outstanding. Common Stock On November 17, 2022, the Company entered into an equity purchase agreement (the “Purchase Agreement”) with LPC which provided that, upon the terms and subject to the conditions and limitations set forth therein, the Company could sell to LPC, at its discretion, up to $20.0 million of shares of its common stock over the 30 -month term of the Purchase Agreement. ​ During the three months ended March 31, 2024, the Company issued 85,278 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 20,892 of these shares, to cover the withholding taxes related to the settlement of these vested restricted stock units. During the three months ended March 31, 2023, the Company issued 38,876 shares of its common stock in connection with the vesting of RSUs issued to members of the Company’s board of directors and employees. ​

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and contingencies
Commitments and contingencies	Note 8. Commitments and contingencies Litigation As of March 31, 2024 and 2023, there was no litigation against the Company. The Company may be involved in legal proceedings, claims and assessments arising from the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance.

Related party transactions

Related party transactions	3 Months Ended
	Mar. 31, 2024
Related party transactions
Related party transactions	Note 9. Related party transactions Expenses Prepaids –

Subsequent events

Subsequent events	3 Months Ended
	Mar. 31, 2024
Subsequent events
Subsequent events	Note 10. Subsequent events The Company evaluated all subsequent events and determined there are no material recognized or unrecognized subsequent events requiring disclosure. ​ The Company’s common stock was suspended from trading on the Nasdaq Capital Market on May 2, 2024. Beginning May 2, 2024, the Company’s common stock had been trading over the counter on the OTC Markets’ Pink Sheets. ​

Basis of Presentation, Summar_2

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2024
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Basis of presentation	Basis of presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars and in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results that may be expected through December 31, 2024. The accompanying unaudited condensed financial statements should be read in conjunction with the financial statements for the year ended December 31, 2023 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC on March 11, 2024 (the “2023 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 March 31, 2024 and 2023, 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.
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 period ended March 31, 2023, the Company issued the 2023 Notes and warrants in connection with the 2023 Notes. The 2023 Notes were classified as liabilities and measured at fair value on the issuance date, with changes in fair value recognized as other expense on the statements of operations and disclosed in the condensed financial statements. The carrying amounts of the Company’s financial assets and liabilities, such as accounts payable, approximate fair value due to the short-term nature of these instruments.
Convertible 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 loss per share (“EPS”) of common stock is computed by dividing net loss by the weighted average number of shares of common stock 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. Basic and diluted net loss per common share were the same since the inclusion of common shares issuable pursuant to the exercise of options and warrants in the calculation of diluted net loss per common shares would have been anti-dilutive The following securities were excluded from the computation of diluted net loss per share attributable to common shareholders for the three months ended March 31, 2024 and 2023, because including them would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2024 2023 Series X preferred stock ​ 51,055 51,055 Unvested restricted stock units 1,471 72,460 Pre-funded common stock warrants ​ 314,231 ​ — Common stock warrants 5,681,623 81,623 Convertible Notes ​ — 125,929 Shares Settled Liability ​ — 424 Total 6,048,380 331,491 ​
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 The Company periodically reviews new accounting standards that are issued and has not identified any new standards that it believes merit further discussion or would have a significant impact on its financial statements.

Basis of Presentation, Summar_3

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2024
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Schedule of securities excluded from the computation of diluted net loss per share attributable to common shareholders	The following securities were excluded from the computation of diluted net loss per share attributable to common shareholders for the three months ended March 31, 2024 and 2023, because including them would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ 2024 2023 Series X preferred stock ​ 51,055 51,055 Unvested restricted stock units 1,471 72,460 Pre-funded common stock warrants ​ 314,231 ​ — Common stock warrants 5,681,623 81,623 Convertible Notes ​ — 125,929 Shares Settled Liability ​ — 424 Total 6,048,380 331,491

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Convertible notes
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 before repayment and the 2023 Note upon the issuance date is as follows: ​ ​ ​ ​ ​ ​ ​ ​ February 6, 2023 March 31, 2023 Dividend yield — % — % Expected price volatility 30.0 - 53.7 % 30.0 % Risk free interest rate 4.65 - 4.89 % 4.44 % Expected term (in years) 0.5 - 1.4 ​ 0.3 - 1.3 ​ ​
Warrants
Fair Value Measurements
Summary of changes in Level 3 liabilities measured at fair value	There were no liabilities measured at fair value on a recurring basis into the fair value hierarchy as of March 31, 2024. ​ ​ ​ ​ ​ Convertible Notes Balance at December 31, 2022 ​ $ 173,543 Issuance of convertible notes ​ 1,903,531 Repayment of convertible notes ​ ​ (237,600) Loss on extinguishment of debt ​ ​ 36,850 Change in fair value ​ (335,364) Balance at March 31, 2023 ​ $ 1,540,960 ​

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Stock-based compensation
Schedule of share-based compensation	The following is a summary of stock-based compensation during the three months ended March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ 2024 2023 ​ Canceled stock options ​ $ 5,283 ​ $ 65,903 ​ Restricted stock units ​ 1,508,116 ​ 2,104,719 ​ Total ​ $ 1,513,399 ​ $ 2,170,622 ​ ​
Summary of changes in restricted stock units	The following is a summary of the restricted stock units during the three months ended March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ Number of Shares Fair Value Unvested as of December 31, 2023 86,749 ​ $ 48.12 Granted ​ — ​ ​ - Vested (85,278) ​ ​ 48.26 Unvested as of March 31, 2024 1,471 ​ $ 40.46 ​

Organization and description _2

Organization and description of business operations - Going concern, liquidity and capital resources (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Organization and description of business operations
Accumulated deficit	$ 55,722,926		$ 52,029,741
Net loss	3,693,185	$ 3,833,747
Net cash used in operating activities	3,068,471	$ 2,983,345
Product revenue
Organization and description of business operations
Revenue	$ 0

Organization and description _3

Organization and description of business operations - Equity Purchase Agreement with Lincoln Park Capital (Details) - USD ($)		3 Months Ended
	Nov. 17, 2022	Mar. 31, 2024	Mar. 31, 2023
Organization and description of business operations
Payment of costs in connection with equity purchase agreement			$ 195,997
Equity purchase agreement with Lincoln Park Capital Fund, LLC
Organization and description of business operations
Value of shares authorized for issuance	$ 20,000,000
Term of agreement	30 months
Proceeds from issuance of shares, net of fees			$ 2,600,000
Number of shares issued		0	70,592
Payment of costs in connection with equity purchase agreement			$ 200,000

Organization and description _4

Organization and description of business operations - Convertible Promissory Note (Details) - USD ($)		1 Months Ended	3 Months Ended
	Nov. 29, 2023	Feb. 28, 2023	Mar. 31, 2023
Organization and description of business operations
Paydown of convertible promissory notes			$ 237,600
Convertible Promissory Note ("2023 Note")
Organization and description of business operations
Face amount of debt		$ 3,700,000
Proceeds from issuance of notes, net of expenses and other costs		3,200,000
Original issue discount		500,000
Debt issuance fees		500,000
Paydown of convertible promissory notes	$ 200,000
Convertible Promissory Note ("2022 Note")
Organization and description of business operations
Paydown of convertible promissory notes		$ 200,000	$ 200,000
Warrants issued with 2023 Note
Organization and description of business operations
Number of warrants issued		47,059

Organization and description _5

Organization and description of business operations - Vox Nova Exclusive Pharmacy Distribution Agreement (Details) - Vox Nova Exclusive Pharmacy Distribution Agreement $ in Millions	Jun. 30, 2023 USD ($) installment
Organization and description of business operations
Maximum exclusivity fee payable to the Company	$ 2
Exclusivity fee due up front in connection with signing	0.5
Portion of exclusivity fees to be paid in installments	$ 1.5
Number of installments | installment	4
Term of agreement	1 year

Organization and description _6

Organization and description of business operations - Reverse Stock Split (Details)	Oct. 30, 2023
Common Stock
Organization and description of business operations
Reverse stock split ratio	0.0588

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 ($)	Mar. 31, 2024	Mar. 31, 2023
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 - Anti-dilutive securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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	6,048,380	331,491
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	51,055	51,055
Unvested restricted stock units
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders	1,471	72,460
Pre-funded 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	314,231
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	5,681,623	81,623
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		125,929
Shares Settled Liability
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements
Anti-dilutive securities excluded from the computation of diluted net loss per share attributable to common shareholders		424

Fair Value Measurements - Conve

Fair Value Measurements - Convertible Notes (Details)		1 Months Ended	3 Months Ended
	Nov. 29, 2023 USD ($)	Feb. 28, 2023 USD ($)	Mar. 31, 2023 USD ($)	Feb. 06, 2023
Fair Value Measurements
Paydown of convertible promissory notes			$ 237,600
Convertible Promissory Note ("2022 Note")
Fair Value Measurements
Paydown of convertible promissory notes		$ 200,000	$ 200,000
Convertible Promissory Note ("2022 Note") | Dividend yield
Fair Value Measurements
Debt instrument, measurement input				0
Convertible Promissory Note ("2022 Note") | Expected price volatility | Minimum
Fair Value Measurements
Debt instrument, measurement input				0.300
Convertible Promissory Note ("2022 Note") | Expected price volatility | Maximum
Fair Value Measurements
Debt instrument, measurement input				0.537
Convertible Promissory Note ("2022 Note") | Risk free interest rate | Minimum
Fair Value Measurements
Debt instrument, measurement input				0.0465
Convertible Promissory Note ("2022 Note") | Risk free interest rate | Maximum
Fair Value Measurements
Debt instrument, measurement input				0.0489
Convertible Promissory Note ("2022 Note") | Expected term (in years) | Minimum
Fair Value Measurements
Debt instrument, measurement input				0.5
Convertible Promissory Note ("2022 Note") | Expected term (in years) | Maximum
Fair Value Measurements
Debt instrument, measurement input				1.4
Convertible Promissory Note ("2023 Note")
Fair Value Measurements
Paydown of convertible promissory notes	$ 200,000
Convertible Promissory Note ("2023 Note") | Dividend yield
Fair Value Measurements
Debt instrument, measurement input			0
Convertible Promissory Note ("2023 Note") | Expected price volatility
Fair Value Measurements
Debt instrument, measurement input			0.300
Convertible Promissory Note ("2023 Note") | Risk free interest rate
Fair Value Measurements
Debt instrument, measurement input			0.0444
Convertible Promissory Note ("2023 Note") | Expected term (in years) | Minimum
Fair Value Measurements
Debt instrument, measurement input			0.3
Convertible Promissory Note ("2023 Note") | Expected term (in years) | Maximum
Fair Value Measurements
Debt instrument, measurement input			1.3

Fair Value Measurements - Chang

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

Prepaid and other current ass_2

Prepaid and other current assets (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Prepaid and other current assets
Prepaid and other current assets	$ 1,266,211	$ 969,763	$ 800,000
Prepaid research and development activities	900,000		600,000
Prepaid legal and professional services	$ 400,000
Deferred insurance expenses			$ 200,000

Convertible promissory notes (D

Convertible promissory notes (Details) - USD ($)		1 Months Ended	3 Months Ended
	Nov. 29, 2023	Feb. 28, 2023	Mar. 31, 2024	Mar. 31, 2023
Convertible promissory notes
Paydown of convertible promissory notes				$ 237,600
Change in fair value of notes				335,364
Loss on extinguishment of debt				36,850
Convertible Promissory Note ("2023 Note")
Convertible promissory notes
Face amount of debt		$ 3,700,000
Proceeds from issuance of notes, net of expenses and other costs		3,200,000
Original issue discount		500,000
Debt issuance fees		500,000
Paydown of convertible promissory notes	$ 200,000
Change in fair value of notes				300,000
Loss on extinguishment of debt				37,000
Convertible Promissory Note ("2022 Note")
Convertible promissory notes
Paydown of convertible promissory notes		$ 200,000		$ 200,000
Warrants issued with 2023 Note
Convertible promissory notes
Number of warrants issued		47,059

Stock-based compensation - Comp

Stock-based compensation - Compensation expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share based compensation
Stock-based compensation	$ 1,513,399	$ 2,170,622
Canceled stock options
Share based compensation
Stock-based compensation	5,283	65,903
Restricted stock units
Share based compensation
Stock-based compensation	$ 1,508,116	$ 2,104,719

Stock-based compensation - Rest

Stock-based compensation - Restricted Stock Units (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Additional disclosures
Stock-based compensation	$ 1,513,399	$ 2,170,622
Restricted stock units
Number of Shares
Beginning balance	86,749
Granted	0	0
Vested	(85,278)
Ending balance	1,471
Weighted Average Grant-Date Fair Value
Beginning balance (in dollars per share)	$ 48.12
Vested (in dollars per share)	48.26
Ending balance (in dollars per share)	$ 40.46
Additional disclosures
Stock-based compensation	$ 1,508,116	$ 2,104,719

Stock-based compensation - Perf

Stock-based compensation - Performance-based Restricted Stock Units (Details) - Performance-based Restricted Stock Units - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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
	Mar. 31, 2024	Mar. 31, 2023
Stock-based compensation
Stock-based compensation	$ 1,513,399	$ 2,170,622
Canceled stock options
Stock-based compensation
Stock options outstanding	0	0
Stock-based compensation	$ 5,283	$ 65,903
Unamortized stock-based compensation expense	$ 100,000	$ 100,000

Preferred and common stock (Det

Preferred and common stock (Details) - USD ($) $ in Millions		3 Months Ended
	Nov. 17, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Equity Purchase Agreement with Lincoln Park Capital Fund, LLC
Preferred and common stock
Number of shares issued		0	70,592
Term of agreement	30 months
Series X Preferred Stock
Preferred and common stock
Number of shares issued		0	0
Preferred stock outstanding		45,567		45,567
Common Stock
Preferred and common stock
Number of common stock shares issued in connection with an equity purchase agreement			70,592
Shares issued upon vesting of RSUs		85,278	38,876
Restricted shares withheld for tax obligation		20,892
Common Stock | 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
Term of agreement	30 months
Number of common stock shares issued in connection with an equity purchase agreement		0	70,592
Net proceeds from the issuance of common stock in connection with an equity purchase agreement			$ 2.6
Stock issuance costs			$ 0.2

Commitments and contingencies (

Commitments and contingencies (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Commitments and contingencies
Litigation reserve	$ 0	$ 0

Related party transactions (Det

Related party transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related party transactions
Allocated expenses	$ 3,297,350	$ 3,814,184
Affiliated Entity | Polo Mar
Related party transactions
Prepaid expense	100,000
Management fees | Affiliated Entity | Tardimed
Related party transactions
Allocated expenses	60,000	$ 60,000
Consulting services | Affiliated Entity | Tardimed
Related party transactions
Allocated expenses	$ 55,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,693,185)	$ (3,833,747)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Insider Trading Arrangements ​ No officers, as defined in Rule 16a-1(f), or directors adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408, during the fiscal quarter ended March 31, 2024.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false