Cover
Cover - shares | 9 Months Ended | |
Mar. 31, 2023 | May 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 001-40388 | |
Entity Registrant Name | ANEBULO PHARMACEUTICALS, INC. | |
Entity Central Index Key | 0001815974 | |
Entity Tax Identification Number | 85-1170950 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1415 Ranch Road 620 South | |
Entity Address, Address Line Two | Suite 201 | |
Entity Address, City or Town | Lakeway | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78734 | |
City Area Code | (512) | |
Local Phone Number | 598-0931 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | ANEB | |
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 | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,633,217 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Current assets: | ||
Cash | $ 14,164,805 | $ 14,548,471 |
Prepaid expenses | 267,801 | 1,030,960 |
Total assets | 14,432,606 | 15,579,431 |
Current liabilities: | ||
Accounts payable | 570,902 | 380,828 |
Accrued expenses | 920,183 | 131,703 |
Total liabilities | 1,491,085 | 512,531 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 2,000,000 shares authorized, no shares issued or outstanding at March 31, 2023 and June 30, 2022 | ||
Common stock, $0.001 par value; 40,000,000 shares authorized; 25,633,217 and 23,344,567 shares issued and outstanding at March 31, 2023 and June 30, 2022, respectively | 25,634 | 23,345 |
Additional paid-in capital | 67,622,348 | 60,513,258 |
Accumulated deficit | (54,706,461) | (45,469,703) |
Total stockholders’ equity | 12,941,521 | 15,066,900 |
Total liabilities and stockholders’ equity | $ 14,432,606 | $ 15,579,431 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2023 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 25,633,217 | 23,344,567 |
Common stock, shares outstanding | 25,633,217 | 23,344,567 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||||
Research and development | $ 1,089,342 | $ 915,363 | $ 4,183,038 | $ 1,843,397 |
General and administrative | 1,774,699 | 964,281 | 5,106,172 | 2,662,293 |
Total operating expenses | 2,864,041 | 1,879,644 | 9,289,210 | 4,505,690 |
Loss from operations | (2,864,041) | (1,879,644) | (9,289,210) | (4,505,690) |
Other income, net | 66,070 | 3,153 | 52,452 | 2,813 |
Net loss | $ (2,797,971) | $ (1,876,491) | $ (9,236,758) | $ (4,502,877) |
Weighted average common shares outstanding, basic and diluted | 25,633,217 | 23,344,567 | 24,888,916 | 23,344,567 |
Net loss per share, basic and diluted | $ (0.11) | $ (0.08) | $ (0.37) | $ (0.19) |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Jun. 30, 2021 | $ 23,345 | $ 60,032,597 | $ (38,644,084) | $ 21,411,858 |
Balance, shares at Jun. 30, 2021 | 23,344,567 | |||
Stock-based compensation expense | 34,173 | 34,173 | ||
Net loss | (1,553,395) | (1,553,395) | ||
Balance at Sep. 30, 2021 | $ 23,345 | 60,066,770 | (40,197,479) | 19,892,636 |
Balance, shares at Sep. 30, 2021 | 23,344,567 | |||
Balance at Jun. 30, 2021 | $ 23,345 | 60,032,597 | (38,644,084) | 21,411,858 |
Balance, shares at Jun. 30, 2021 | 23,344,567 | |||
Net loss | (4,502,877) | |||
Balance at Mar. 31, 2022 | $ 23,345 | 60,286,306 | (43,146,961) | 17,162,690 |
Balance, shares at Mar. 31, 2022 | 23,344,567 | |||
Balance at Sep. 30, 2021 | $ 23,345 | 60,066,770 | (40,197,479) | 19,892,636 |
Balance, shares at Sep. 30, 2021 | 23,344,567 | |||
Stock-based compensation expense | 94,282 | 94,282 | ||
Net loss | (1,072,991) | (1,072,991) | ||
Balance at Dec. 31, 2021 | $ 23,345 | 60,161,052 | (41,270,470) | 18,913,927 |
Balance, shares at Dec. 31, 2021 | 23,344,567 | |||
Stock-based compensation expense | 125,254 | 125,254 | ||
Net loss | (1,876,491) | (1,876,491) | ||
Balance at Mar. 31, 2022 | $ 23,345 | 60,286,306 | (43,146,961) | 17,162,690 |
Balance, shares at Mar. 31, 2022 | 23,344,567 | |||
Balance at Jun. 30, 2022 | $ 23,345 | 60,513,258 | (45,469,703) | 15,066,900 |
Balance, shares at Jun. 30, 2022 | 23,344,567 | |||
Stock-based compensation expense | 211,900 | 211,900 | ||
Net loss | (2,611,835) | (2,611,835) | ||
Issuance of common stock, net of offering costs of $248,927 | $ 2,265 | 6,395,556 | 6,397,821 | |
Stock Issued During Period, Shares, New Issues | 2,264,650 | |||
Common stock issued upon exercise of options | $ 24 | 52,376 | 52,400 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 24,000 | |||
Balance at Sep. 30, 2022 | $ 25,634 | 67,173,090 | (48,081,538) | 19,117,186 |
Balance, shares at Sep. 30, 2022 | 25,633,217 | |||
Balance at Jun. 30, 2022 | $ 23,345 | 60,513,258 | (45,469,703) | 15,066,900 |
Balance, shares at Jun. 30, 2022 | 23,344,567 | |||
Net loss | $ (9,236,758) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 24,000 | |||
Balance at Mar. 31, 2023 | $ 25,634 | 67,622,348 | (54,706,461) | $ 12,941,521 |
Balance, shares at Mar. 31, 2023 | 25,633,217 | |||
Balance at Sep. 30, 2022 | $ 25,634 | 67,173,090 | (48,081,538) | 19,117,186 |
Balance, shares at Sep. 30, 2022 | 25,633,217 | |||
Stock-based compensation expense | 225,621 | 225,621 | ||
Net loss | (3,826,952) | (3,826,952) | ||
Balance at Dec. 31, 2022 | $ 25,634 | 67,398,711 | (51,908,490) | 15,515,855 |
Balance, shares at Dec. 31, 2022 | 25,633,217 | |||
Stock-based compensation expense | 223,637 | 223,637 | ||
Net loss | (2,797,971) | (2,797,971) | ||
Balance at Mar. 31, 2023 | $ 25,634 | $ 67,622,348 | $ (54,706,461) | $ 12,941,521 |
Balance, shares at Mar. 31, 2023 | 25,633,217 |
Condensed Statements of Stock_2
Condensed Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | |||
Net of offering costs | $ 248,927 | $ 248,927 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | |||||
Net loss | $ (2,797,971) | $ (2,611,835) | $ (1,876,491) | $ (9,236,758) | $ (4,502,877) |
Adjustments to reconcile net loss to net cash used in operating activities | |||||
Stock-based compensation | 223,637 | 125,254 | 661,158 | 253,709 | |
Changes in operating assets and liabilities: | |||||
Prepaid expenses | 763,159 | 967,106 | |||
Accounts payable | 190,074 | (26,771) | |||
Accrued expenses | 788,480 | (129,085) | |||
Net cash used in operating activities | (6,833,887) | (3,437,918) | |||
Cash flows from financing activities: | |||||
Proceeds from issuance of common stock | 6,646,748 | ||||
Payment of offering costs | (248,927) | (248,927) | |||
Proceeds from issuance of common stock upon exercise of options | 52,400 | ||||
Net cash provided by financing activities | 6,450,221 | ||||
Net decrease in cash | (383,666) | (3,437,918) | |||
Cash, beginning of period | $ 14,548,471 | 14,548,471 | 19,985,645 | ||
Cash, end of the period | $ 14,164,805 | $ 16,547,727 | $ 14,164,805 | $ 16,547,727 |
Nature of business and basis of
Nature of business and basis of presentation | 9 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of business and basis of presentation | Note 1. Nature of business and basis of presentation Organization Anebulo Pharmaceuticals, Inc. (the “Company”) was founded on April 23, 2020, as a Delaware corporation. The Company is a clinical stage biotechnology company focused on developing and commercializing new treatments for patients suffering from Acute Cannabis Intoxication (“ACI”) and addiction. The Company’s principal operations are located in Lakeway, Texas. Liquidity and capital resources Since inception, the Company’s activities have consisted primarily of performing research and development to advance its product candidates. The Company is still in the development phase and has not been marketing any developed products to date. Since inception, the Company has incurred losses, including a net loss of approximately $ 9.2 54.7 Risks and uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include uncertainty regarding results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current or future product candidates, uncertainty of market acceptance of the Company’s product candidates, if approved, competition from substitute products and larger companies, securing and protecting proprietary technology, ability to establish strategic relationships and dependence on key individuals and sole source suppliers. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities and may not ultimately lead to a marketing approval and commercialization of a product. The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The Company will need to generate significant revenue to achieve profitability, and it may never do so. Basis of presentation The accompanying condensed financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The unaudited interim condensed financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the financial statements as of and for the year ended June 30, 2022 and the notes thereto, which are included in the Company’s Annual Report on Form 10-K (File No. 001-40388). In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the condensed financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited financial statements as of and for the year ended June 30, 2022, and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on September 9, 2022. Since the date of those financial statements, there have been no material changes to significant accounting policies. |
Prepaid Expenses
Prepaid Expenses | 9 Months Ended |
Mar. 31, 2023 | |
Prepaid Expenses | |
Prepaid Expenses | Note 3. Prepaid Expenses Prepaid expenses consisted of the following: Schedule of Prepaid Expenses March 31, 2023 June 30, 2022 Prepaid insurance $ 78,332 $ 790,343 Prepaid research and development 142,970 210,865 Prepaid other 46,499 29,752 Total prepaid expenses $ 267,801 $ 1,030,960 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 4. Accrued Expenses Accrued expenses consisted of the following: Schedule of Accrued Expenses March 31, 2023 June 30, 2022 Accrued research and development $ 591,434 $ 105,980 Accrued payroll related expenses 297,999 25,723 Accrued audit expenses 30,750 - Total accrued expenses $ 920,183 $ 131,703 |
License Agreement
License Agreement | 9 Months Ended |
Mar. 31, 2023 | |
License Agreement | |
License Agreement | Note 5. License Agreement In May 2020, the Company licensed certain intellectual property, know-how and clinical trial data from Vernalis Development Limited (“Vernalis”). The initial consideration in exchange for the license was $ 150,000 350,000 3,000,000 29,900,000 10,000,000 25,000,000 500,000,000 1,000,000,000 As part of the initial public offering (“IPO”) in May 2021, the Company issued 192,857 1,350,000 1,350,000 |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 6. Stockholders’ Equity On May 4, 2021, the Company filed an amended and restated certificate of incorporation (the “Restated Certificate”) with the Secretary of State of the State of Delaware in connection with the closing of its IPO. As set forth in the Restated Certificate, the Company’s authorized capital stock consists of 40,000,000 0.001 2,000,000 0.001 On September 28, 2022, the Company completed a private placement financing of 2,264,650 6,647,000 2.935 6,398,000 249,000 4.215 September 28, 2027 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 7. Stock-Based Compensation In June 2020, the Board of Directors adopted the 2020 Stock Incentive Plan, which provided for the grant of qualified incentive stock options and nonqualified stock options or other awards to the Company’s employees, officers, directors, advisors, and outside consultants for the purchase of up to 1,650,000 3,650,000 Other stock-based awards are awards valued in whole or in part by reference to, or are otherwise based on, shares of common stock. Stock options generally vest over a four-year period, at achievement of a performance requirement, or upon change of control (as defined in the applicable plan). The awards expire in five to ten years from the date of grant 982,500 594,187 The Company estimates the fair value of stock-based compensation utilizing the Black-Scholes option pricing model, which is dependent upon several variables, such as assumptions the Company makes for the volatility of its common stock, the expected term of the stock options, the risk-free interest rate for a period that approximates the expected term, and expected dividend yield. Each of these inputs is subjective and generally requires significant judgement to determine. Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the respective award. The following table summarizes the range of key assumptions used to determine the fair value of stock options granted during the three and nine months ended March 31, 2023 and 2022. Schedule of Fair Value Assumptions of Stock Options Three Months Ended March 31, Nine Months Ended March 31, 2023 2022 2023 2022 Risk-free interest rate – % 1.29 2.14 % 2.87 4.32 % 0.79 2.14 % Expected term (in years) – 4.5 4.5 6.25 3.0 4.5 Expected volatility – % 50.0 % 50.0 60.0 % 50 % Expected dividend yield – – – – The following table summarizes stock option activity for the nine months ended March 31, 2023: Schedule of Stock Option Activity Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at June 30, 2022 1,911,459 $ 4.63 4.4 - Granted 172,654 $ 3.31 Exercised (24,000 ) $ 2.18 Forfeited (10,800 ) $ 6.00 Outstanding at March 31, 2023 2,049,313 $ 4.54 4.0 $ 415,956 Options exercisable at March 31, 2023 661,867 $ 4.33 3.4 250,815 The grant date fair value of options awarded during the nine months ended March 31, 2023 was approximately ($ 1.86 2.7 2.9 The Company recorded stock-based compensation expenses for the following periods: Schedule of Stock-Based compensation Expenses Three Months Ended Nine Months Ended March 31, March 31, 2023 2022 2023 2022 Research and development $ - $ 245 $ - $ 12,233 General and administrative 223,637 125,009 661,158 241,476 Total stock-based compensation expense $ 223,637 $ 125,254 $ 661,158 $ 253,709 |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 9 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Note 8. Net Loss Per Share Attributable to Common Stockholders Based on the amounts outstanding at March 31, 2023 and 2022, the Company excluded the following potential shares of common stock from the computation of diluted net loss per share attributable to common stockholders for the three and nine months ended March 31, 2023 and 2022, because including them would have had an anti-dilutive effect. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. Schedule of Anti-Dilutive Securities Excluded From Computation of Earnings Per Share March 31, 2023 2022 Stock options outstanding 2,049,313 1,483,833 Warrants outstanding 2,264,650 - Total 4,313,963 1,483,833 |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Prepaid Expenses | |
Schedule of Prepaid Expenses | Prepaid expenses consisted of the following: Schedule of Prepaid Expenses March 31, 2023 June 30, 2022 Prepaid insurance $ 78,332 $ 790,343 Prepaid research and development 142,970 210,865 Prepaid other 46,499 29,752 Total prepaid expenses $ 267,801 $ 1,030,960 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following: Schedule of Accrued Expenses March 31, 2023 June 30, 2022 Accrued research and development $ 591,434 $ 105,980 Accrued payroll related expenses 297,999 25,723 Accrued audit expenses 30,750 - Total accrued expenses $ 920,183 $ 131,703 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Fair Value Assumptions of Stock Options | The following table summarizes the range of key assumptions used to determine the fair value of stock options granted during the three and nine months ended March 31, 2023 and 2022. Schedule of Fair Value Assumptions of Stock Options Three Months Ended March 31, Nine Months Ended March 31, 2023 2022 2023 2022 Risk-free interest rate – % 1.29 2.14 % 2.87 4.32 % 0.79 2.14 % Expected term (in years) – 4.5 4.5 6.25 3.0 4.5 Expected volatility – % 50.0 % 50.0 60.0 % 50 % Expected dividend yield – – – – |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the nine months ended March 31, 2023: Schedule of Stock Option Activity Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at June 30, 2022 1,911,459 $ 4.63 4.4 - Granted 172,654 $ 3.31 Exercised (24,000 ) $ 2.18 Forfeited (10,800 ) $ 6.00 Outstanding at March 31, 2023 2,049,313 $ 4.54 4.0 $ 415,956 Options exercisable at March 31, 2023 661,867 $ 4.33 3.4 250,815 |
Schedule of Stock-Based compensation Expenses | The Company recorded stock-based compensation expenses for the following periods: Schedule of Stock-Based compensation Expenses Three Months Ended Nine Months Ended March 31, March 31, 2023 2022 2023 2022 Research and development $ - $ 245 $ - $ 12,233 General and administrative 223,637 125,009 661,158 241,476 Total stock-based compensation expense $ 223,637 $ 125,254 $ 661,158 $ 253,709 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Anti-Dilutive Securities Excluded From Computation of Earnings Per Share | Schedule of Anti-Dilutive Securities Excluded From Computation of Earnings Per Share March 31, 2023 2022 Stock options outstanding 2,049,313 1,483,833 Warrants outstanding 2,264,650 - Total 4,313,963 1,483,833 |
Nature of business and basis _2
Nature of business and basis of presentation (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Net income loss | $ 2,797,971 | $ 3,826,952 | $ 2,611,835 | $ 1,876,491 | $ 1,072,991 | $ 1,553,395 | $ 9,236,758 | $ 4,502,877 | |
Accumulated deficit | $ 54,706,461 | $ 54,706,461 | $ 45,469,703 |
Schedule of Prepaid Expenses (D
Schedule of Prepaid Expenses (Details) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Prepaid Expenses | ||
Prepaid insurance | $ 78,332 | $ 790,343 |
Prepaid research and development | 142,970 | 210,865 |
Prepaid other | 46,499 | 29,752 |
Total prepaid expenses | $ 267,801 | $ 1,030,960 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Payables and Accruals [Abstract] | ||
Accrued research and development | $ 591,434 | $ 105,980 |
Accrued payroll related expenses | 297,999 | 25,723 |
Accrued audit expenses | 30,750 | |
Total accrued expenses | $ 920,183 | $ 131,703 |
License Agreement (Details Narr
License Agreement (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
May 31, 2021 | May 31, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Research and development expense | $ 1,089,342 | $ 915,363 | $ 4,183,038 | $ 1,843,397 | ||
Vernalis Development Limited [Member] | ||||||
Research and development expense | $ 150,000 | |||||
Development milestone payment | 29,900,000 | |||||
Vernalis Development Limited [Member] | IPO [Member] | ||||||
Research and development expense | $ 1,350,000 | |||||
Number of shares of common stock | 192,857 | |||||
Future milestone payments | $ 1,350,000 | |||||
Vernalis Development Limited [Member] | Minimum [Member] | ||||||
Marketing authorization amount | 350,000 | |||||
Sales milestone payments | 10,000,000 | |||||
Cumulative annual net sales amount | 500,000,000 | |||||
Vernalis Development Limited [Member] | Maximum [Member] | ||||||
Marketing authorization amount | 3,000,000 | |||||
Sales milestone payments | 25,000,000 | |||||
Cumulative annual net sales amount | $ 1,000,000,000 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | Sep. 28, 2022 | Mar. 31, 2023 | Jun. 30, 2022 | May 04, 2021 |
Subsidiary, Sale of Stock [Line Items] | ||||
Common stock shares, authorized | 40,000,000 | 40,000,000 | 40,000,000 | |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |
Preferred stock shares, authorized | 2,000,000 | 2,000,000 | 2,000,000 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |
Private Placement [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock issued during period, shares, new issues | 2,264,650 | |||
Stock issued during period, value, new issues | $ 6,647,000 | |||
Stock issued value per unit | $ 2.935 | |||
Proceeds from issuance or sale of equity | $ 6,398,000 | |||
Net proceeds after deducting financing fees | $ 249,000 | |||
Warrant exercise price per share | $ 4.215 | |||
Warrant expire date | Sep. 28, 2027 |
Schedule of Fair Value Assumpti
Schedule of Fair Value Assumptions of Stock Options (Details) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Risk-free interest rate | ||||
Expected term (in years) | 4 years 6 months | |||
Expected volatility | 50% | 50% | ||
Expected dividend yield | ||||
Minimum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.29% | 2.87% | 0.79% | |
Expected term (in years) | 4 years 6 months | 3 years | ||
Expected volatility | 50% | |||
Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Risk-free interest rate | 2.14% | 4.32% | 2.14% | |
Expected term (in years) | 6 years 3 months | 4 years 6 months | ||
Expected volatility | 60% |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of shares, outstanding, beginning balance | 1,911,459 | |
Weighted average exercise price, outstanding, beginning balance | $ 4.63 | |
Weighted average remaining contractual term (years), outstanding, ending balance | 4 years | 4 years 4 months 24 days |
Aggregate intrinsic value, outstanding, beginning balance | ||
Number of shares, granted | 172,654 | |
Weighted average exercise price, granted | $ 3.31 | |
Number of shares, exercised | (24,000) | |
Weighted average exercise price, exercised | $ 2.18 | |
Number of shares, forfeited | (10,800) | |
Weighted average exercise price, forfeited | $ 6 | |
Number of shares, outstanding, ending balance | 2,049,313 | 1,911,459 |
Weighted average exercise price, outstanding, ending balance | $ 4.54 | $ 4.63 |
Aggregate intrinsic value, outstanding, ending balance | $ 415,956 | |
Number of shares, exercisable, ending balance | 661,867 | |
Weighted average exercise price, exercisable, ending balance | $ 4.33 | |
Weighted average remaining contractual term (years), exercisable, ending balance | 3 years 4 months 24 days | |
Aggregate intrinsic value, exercisable, ending balance | $ 250,815 |
Schedule of Stock-Based compens
Schedule of Stock-Based compensation Expenses (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 223,637 | $ 125,254 | $ 661,158 | $ 253,709 |
Research and Development Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 245 | 12,233 | ||
General and Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 223,637 | $ 125,009 | $ 661,158 | $ 241,476 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2023 | Oct. 22, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Weighted average grant date fair value, per share | $ 1.86 | |||
Unrecognized stock-based compensation | $ 2.7 | |||
Unrecognized stock-based compensation, term | 2 years 10 months 24 days | |||
Restricted Stock [Member] | Chief Executive Officer [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of shares of restricted common stock | 982,500 | |||
2020 Stock Incentive Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of shares available for grant | 3,650,000 | |||
Share-based compensation, terms of award | Other stock-based awards are awards valued in whole or in part by reference to, or are otherwise based on, shares of common stock. Stock options generally vest over a four-year period, at achievement of a performance requirement, or upon change of control (as defined in the applicable plan). The awards expire in five to ten years from the date of grant | |||
Common stock, capital shares reserved for future issuance | 594,187 | |||
2020 Stock Incentive Plan [Member] | Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of stock option granted | 1,650,000 |
Schedule of Anti-Dilutive Secur
Schedule of Anti-Dilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares | 9 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares | 4,313,963 | 1,483,833 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares | 2,049,313 | 1,483,833 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares | 2,264,650 |