Anebulo Pharmaceuticals (ANEB) 10-Q 15 May 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Mar. 31, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
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	1017 Ranch Road 620 South
Entity Address, Address Line Two	Suite 107
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		25,933,217

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 5,147,139	$ 11,247,403
Prepaid expenses	223,676	422,748
Total current assets	5,370,815	11,670,151
Other assets:
Loan commitment fees	624,820
Total assets	5,995,635	11,670,151
Current liabilities:
Accounts payable	384,920	534,545
Accrued expenses	625,401	534,256
Total liabilities	1,010,321	1,068,801
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 2,000,000 shares authorized, no shares issued or outstanding at March 31, 2024 and June 30, 2023
Common stock, $0.001 par value; 50,000,000 and 40,000,000 shares authorized at March 31, 2024 and June 30, 2023, respectively; 25,933,217 and 25,633,217 shares issued and outstanding at March 31, 2024 and June 30, 2023, respectively	25,934	25,634
Additional paid-in capital	69,013,155	67,777,757
Accumulated deficit	(64,053,775)	(57,202,041)
Total stockholders’ equity	4,985,314	10,601,350
Total liabilities and stockholders’ equity	$ 5,995,635	$ 11,670,151

Condensed Balance Sheets (Una_2

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Jun. 30, 2023
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	50,000,000	40,000,000
Common stock, shares issued	25,933,217	25,633,217
Common stock, shares outstanding	25,933,217	25,633,217

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Research and development	$ 748,339	$ 1,089,342	$ 3,081,231	$ 4,183,038
General and administrative	915,912	1,774,699	3,887,157	5,106,172
Total operating expenses	1,664,251	2,864,041	6,968,388	9,289,210
Loss from operations	(1,664,251)	(2,864,041)	(6,968,388)	(9,289,210)
Other (income) expenses:
Interest expense	59,696		91,534
Interest income	(68,084)	(79,152)	(198,804)	(92,401)
Other	(2,321)	13,082	(9,384)	39,949
Other income, net	(10,709)	(66,070)	(116,654)	(52,452)
Net loss	$ (1,653,542)	$ (2,797,971)	$ (6,851,734)	$ (9,236,758)
Weighted average common shares outstanding, basic	25,933,217	25,633,217	25,784,853	24,888,916
Weighted average common shares outstanding, diluted	25,933,217	25,633,217	25,784,853	24,888,916
Net loss per share, basic	$ (0.06)	$ (0.11)	$ (0.27)	$ (0.37)
Net loss per share, diluted	$ (0.06)	$ (0.11)	$ (0.27)	$ (0.37)

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, 2022	$ 23,345	$ 60,513,258	$ (45,469,703)	$ 15,066,900
Balance, shares at Jun. 30, 2022	23,344,567
Issuance of common stock, net of offering costs	$ 2,265	6,395,556		6,397,821
Issuance of common stock, net of offering costs, shares	2,264,650
Common stock issued upon exercise of options	$ 24	52,376		52,400
Common stock issued upon exercise of options, shares	24,000
Stock-based compensation expense		211,900		211,900
Net loss			(2,611,835)	(2,611,835)
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)
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
Balance at Jun. 30, 2023	$ 25,634	67,777,757	(57,202,041)	10,601,350
Balance, shares at Jun. 30, 2023	25,633,217
Stock-based compensation expense		210,797		210,797
Net loss			(2,480,823)	(2,480,823)
Balance at Sep. 30, 2023	$ 25,634	67,988,554	(59,682,864)	8,331,324
Balance, shares at Sep. 30, 2023	25,633,217
Balance at Jun. 30, 2023	$ 25,634	67,777,757	(57,202,041)	$ 10,601,350
Balance, shares at Jun. 30, 2023	25,633,217
Common stock issued upon exercise of options, shares
Net loss				$ (6,851,734)
Balance at Mar. 31, 2024	$ 25,934	69,013,155	(64,053,775)	4,985,314
Balance, shares at Mar. 31, 2024	25,933,217
Balance at Sep. 30, 2023	$ 25,634	67,988,554	(59,682,864)	8,331,324
Balance, shares at Sep. 30, 2023	25,633,217
Issuance of common stock, net of offering costs	$ 300	653,700		654,000
Issuance of common stock, net of offering costs, shares	300,000
Stock-based compensation expense		219,262		219,262
Net loss			(2,717,369)	(2,717,369)
Balance at Dec. 31, 2023	$ 25,934	68,861,516	(62,400,233)	6,487,217
Balance, shares at Dec. 31, 2023	25,933,217
Stock-based compensation expense		151,639		151,639
Net loss			(1,653,542)	(1,653,542)
Balance at Mar. 31, 2024	$ 25,934	$ 69,013,155	$ (64,053,775)	$ 4,985,314
Balance, shares at Mar. 31, 2024	25,933,217

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (1,653,542)	$ (2,797,971)	$ (6,851,734)	$ (9,236,758)
Adjustments to reconcile net loss to net cash used in operating activities
Stock-based compensation	200,000	200,000	581,698	661,158
Amortization of loan commitment fee			91,534
Changes in operating assets and liabilities:
Prepaid expenses			199,072	763,159
Accounts payable			(149,625)	190,074
Accrued expenses			91,145	788,480
Net cash used in operating activities			(6,037,910)	(6,833,887)
Cash flows from financing activities:
Proceeds from issuance of common stock				6,646,748
Payment of financing/offering costs			(62,354)	(248,927)
Proceeds from issuance of common stock upon exercise of options				52,400
Net cash (used in) provided by financing activities			(62,354)	6,450,221
Net decrease in cash			(6,100,264)	(383,666)
Cash, beginning of period			11,247,403	14,548,471
Cash, end of the period	$ 5,147,139	$ 14,164,805	5,147,139	14,164,805
Noncash investing and financing activities:
Financing commitment fee funded through issuance of common stock			$ 654,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended						9 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (1,653,542)	$ (2,717,369)	$ (2,480,823)	$ (2,797,971)	$ (3,826,952)	$ (2,611,835)	$ (6,851,734)	$ (9,236,758)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arrangements [Line Items]
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

Nature of business and basis of

Nature of business and basis of presentation	9 Months Ended
	Mar. 31, 2024
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 Cannabinoid Intoxication (“ACI”) and unintentional cannabis poisoning. 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 $ 6.9 64.1 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, 2023 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. Reclassifications Certain reclassifications have been made to the fiscal year 2023 amounts to conform with the fiscal year 2024 financial statement presentation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2024
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, 2023, and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on September 22, 2023. 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, 2024
Prepaid Expenses
Prepaid Expenses	Note 3. Prepaid Expenses Prepaid expenses consisted of the following: Schedule of Prepaid Expenses March 31, 2024 June 30, 2023 Prepaid insurance $ 39,175 $ 391,750 Prepaid research and development 122,711 - Prepaid other 61,790 30,998 Total prepaid expenses $ 223,676 $ 422,748

Accrued Expenses

Accrued Expenses	9 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses	Note 4. Accrued Expenses Accrued expenses consisted of the following: Schedule of Accrued Expenses March 31, 2024 June 30, 2023 Accrued payroll related expenses $ 170,040 $ 190,121 Accrued research and development 441,748 344,135 Accrued professional fees 13,613 - Total accrued expenses $ 625,401 $ 534,256

Other Assets

Other Assets	9 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Note 5. Other Assets Other assets include loan commitment fees. Total loan commitment fees of approximately $ 0.7 0.6 zero 0.1

License Agreement

License Agreement	9 Months Ended
	Mar. 31, 2024
License Agreement
License Agreement	Note 6. 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 approximately $ 0.2 0.4 3.0 29.9 10.0 25.0 500.0 1 As part of the initial public offering (“IPO”) in May 2021, the Company issued 192,857 1.4

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders’ Equity	Note 7. 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. On November 20, 2023, the Company filed a certificate of amendment to the Restated Certificate with the Secretary of State of the State of Delaware to increase the authorized number of shares of its common stock from 40,000,000 50,000,000 50,000,000 0.001 2,000,000 0.001 On September 28, 2022, the Company completed a private placement financing of 2,264,650 6.6 2.935 6.3 0.3 4.215 On November 13, 2023, the Company issued 300,000

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 8. 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. 635,315 The Company grants non-qualified stock option awards under the 2020 Stock Incentive Plan to its Board of Directors, employees and consultants of the Company. These awards are subject to the satisfaction of certain performance targets and vesting requirements pursuant to the award. 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 our common stock the expected term of the stock options, the risk-free interest rate for a period that approximates the expected term, and our 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, 2024 and 2023. Schedule of Fair Value Assumptions of Stock Options Three Months Ended March 31, Nine Months Ended March 31, 2024 2023 2024 2023 Risk-free interest rate 4.27 % – % 4.27 4.77 % 2.87 4.32 % Expected term (in years) 6.25 – 6.25 4.5 6.25 Expected volatility 60 % – % 60 % 50.0 60.0 % Expected dividend yield – – – – The follo wing table summarizes stock option activity for the nin 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, 2023 2,049,313 $ 4.54 3.7 - Granted 848,710 $ 3.00 Exercised - $ - Forfeited/cancelled (889,838 ) $ 6.24 Outstanding at March 31, 2024 2,008,185 $ 3.13 5.6 $ 352,930 Options exercisable at March 31, 2024 705,694 $ 3.16 2.8 $ 274,934 The weighted-average grant date fair value of options awarded during the nine months ended March 31, 2024 was approximately $ 1.83 2.1 3.1 The Company recorded stock-based compensation expense of approximately $ 0.2 0.6 0.7

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	9 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	Note 9. Net Loss Per Share Attributable to Common Stockholders The following common stock equivalents were excluded from the calculation of net loss per share due to their anti-dilutive effect: Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share 2024 2023 March 31, 2024 2023 Stock options outstanding 2,008,185 2,049,313 Warrants outstanding 2,264,650 2,264,650 Total 4,272,835 4,313,963

Loan and Security Agreement

Loan and Security Agreement	9 Months Ended
	Mar. 31, 2024
Loan And Security Agreement
Loan and Security Agreement	Note 10. Loan and Security Agreement Loan and Security Agreement On November 13, 2023, the Company entered into a Loan and Security Agreement (“LSA”) with 22NW, LP (“22NW”) and JFL Capital Management LLC (“JFL” and collectively with 22NW, the “Lenders”) which will allow the Company to draw up to $ 10 0.25 3 The Company issued 300,000 0.03 300,000 50,000 Joseph F. Lawler, M.D., Ph.D., our founder and a member of our Board of Directors, is the founder and Managing Member of JFL. Aron R. English, the President and Portfolio Manager of 22NW, and Nat Calloway, the lead for 22NW, are each members of our Board of Directors.

Prepaid Expenses (Tables)

Prepaid Expenses (Tables)	9 Months Ended
	Mar. 31, 2024
Prepaid Expenses
Schedule of Prepaid Expenses	Prepaid expenses consisted of the following: Schedule of Prepaid Expenses March 31, 2024 June 30, 2023 Prepaid insurance $ 39,175 $ 391,750 Prepaid research and development 122,711 - Prepaid other 61,790 30,998 Total prepaid expenses $ 223,676 $ 422,748

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following: Schedule of Accrued Expenses March 31, 2024 June 30, 2023 Accrued payroll related expenses $ 170,040 $ 190,121 Accrued research and development 441,748 344,135 Accrued professional fees 13,613 - Total accrued expenses $ 625,401 $ 534,256

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Mar. 31, 2024
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, 2024 and 2023. Schedule of Fair Value Assumptions of Stock Options Three Months Ended March 31, Nine Months Ended March 31, 2024 2023 2024 2023 Risk-free interest rate 4.27 % – % 4.27 4.77 % 2.87 4.32 % Expected term (in years) 6.25 – 6.25 4.5 6.25 Expected volatility 60 % – % 60 % 50.0 60.0 % Expected dividend yield – – – –
Schedule of Stock Option Activity	The follo wing table summarizes stock option activity for the nin 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, 2023 2,049,313 $ 4.54 3.7 - Granted 848,710 $ 3.00 Exercised - $ - Forfeited/cancelled (889,838 ) $ 6.24 Outstanding at March 31, 2024 2,008,185 $ 3.13 5.6 $ 352,930 Options exercisable at March 31, 2024 705,694 $ 3.16 2.8 $ 274,934

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share	The following common stock equivalents were excluded from the calculation of net loss per share due to their anti-dilutive effect: Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share 2024 2023 March 31, 2024 2023 Stock options outstanding 2,008,185 2,049,313 Warrants outstanding 2,264,650 2,264,650 Total 4,272,835 4,313,963

Nature of business and basis _2

Nature of business and basis of presentation (Details Narrative) - USD ($)	3 Months Ended						9 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net income loss	$ 1,653,542	$ 2,717,369	$ 2,480,823	$ 2,797,971	$ 3,826,952	$ 2,611,835	$ 6,851,734	$ 9,236,758
Accumulated deficit	$ 64,053,775						$ 64,053,775		$ 57,202,041

Schedule of Prepaid Expenses (D

Schedule of Prepaid Expenses (Details) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Prepaid Expenses
Prepaid insurance	$ 39,175	$ 391,750
Prepaid research and development	122,711
Prepaid other	61,790	30,998
Total prepaid expenses	$ 223,676	$ 422,748

Schedule of Accrued Expenses (D

Schedule of Accrued Expenses (Details) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Payables and Accruals [Abstract]
Accrued payroll related expenses	$ 170,040	$ 190,121
Accrued research and development	441,748	344,135
Accrued professional fees	13,613
Total accrued expenses	$ 625,401	$ 534,256

Other Assets (Details Narrative

Other Assets (Details Narrative) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Total loan commitment fees		$ 700,000
Other assets balance	$ 624,820	624,820
Loan commitment fees	$ 100,000	$ 100,000

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, 2024	Dec. 31, 2023	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2024	Mar. 31, 2023
Research and development expense			$ 748,339		$ 1,089,342		$ 3,081,231	$ 4,183,038
Future milestone payments				$ 654,000		$ 6,397,821
Vernalis Development Limited [Member]
Research and development expense		$ 200,000
Development milestone payment		29,900,000
Vernalis Development Limited [Member] | IPO [Member]
Number of shares of common stock	192,857
Future milestone payments	$ 1,400,000
Vernalis Development Limited [Member] | Minimum [Member]
Marketing authorization amount		400,000
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 ($)			9 Months Ended
	Nov. 13, 2023	Sep. 28, 2022	Mar. 31, 2024	Mar. 31, 2023	Nov. 20, 2023	Nov. 19, 2023	Jun. 30, 2023
Subsidiary, Sale of Stock [Line Items]
Common stock, authorized			50,000,000		50,000,000	40,000,000	40,000,000
Common stock, par value			$ 0.001		$ 0.001		$ 0.001
preferred stock, authorized			2,000,000		2,000,000		2,000,000
Preferred stock, par value			$ 0.001		$ 0.001		$ 0.001
Financing fees			$ 62,354	$ 248,927
Loan And Security Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock	300,000
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock		2,264,650
Stock issued during period, value, new issues		$ 6,600,000
Stock issued value per unit		$ 2.935
Proceeds from issuance or sale of equity		$ 6,300,000
Financing fees		$ 300,000
Warrant exercise price per share		$ 4.215

Schedule of Fair Value Assumpti

Schedule of Fair Value Assumptions of Stock Options (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.27%
Expected term (in years)	6 years 3 months		6 years 3 months
Expected volatility	60%		60%
Expected dividend yield
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate			4.27%	2.87%
Expected term (in years)				4 years 6 months
Expected volatility				50%
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate			4.77%	4.32%
Expected term (in years)				6 years 3 months
Expected volatility				60%

Schedule of Stock Option Activi

Schedule of Stock Option Activity (Details) - USD ($)	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Number of shares, outstanding, beginning balance	2,049,313
Weighted average exercise price, outstanding, beginning balance	$ 4.54
Weighted average remaining contractual term (years), outstanding, ending balance	5 years 7 months 6 days	3 years 8 months 12 days
Aggregate intrinsic value, outstanding, beginning balance
Number of shares, granted	848,710
Weighted average exercise price, granted	$ 3
Number of shares, exercised
Weighted average exercise price, exercised
Number of shares, forfeited	(889,838)
Weighted average exercise price, forfeited	$ 6.24
Number of shares, outstanding, ending balance	2,008,185	2,049,313
Weighted average exercise price, outstanding, ending balance	$ 3.13	$ 4.54
Aggregate intrinsic value, outstanding, ending balance	$ 352,930
Number of shares, exercisable, ending balance	705,694
Weighted average exercise price, exercisable, ending balance	$ 3.16
Weighted average remaining contractual term (years), exercisable, ending balance	2 years 9 months 18 days
Aggregate intrinsic value, exercisable, ending balance	$ 274,934

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 22, 2021	Jun. 30, 2020	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value, per share					$ 1.83
Unrecognized stock-based compensation			$ 2,100,000		$ 2,100,000
weighted average period for recognition					3 years 1 month 6 days
Stock based compensation			$ 200,000	$ 200,000	$ 581,698	$ 661,158
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			635,315		635,315
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, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,272,835	4,313,963
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,008,185	2,049,313
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,264,650	2,264,650

Loan and Security Agreement (De

Loan and Security Agreement (Details Narrative) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Nov. 13, 2023	Dec. 31, 2023	Sep. 30, 2022
Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance of common stock, net of offering costs, shares		300,000	2,264,650
Loan And Sercurity Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Line of credit borrowings capacity, descripition	the Company entered into a Loan and Security Agreement (“LSA”) with 22NW, LP (“22NW”) and JFL Capital Management LLC (“JFL” and collectively with 22NW, the “Lenders”) which will allow the Company to draw up to $10 million (the “Facility Amount”) as needed to fund future operations until the third anniversary of the LSA (the “Maturity Date”). Pursuant to the LSA, if the Company elects to draw on the Facility Amount (an “Advance”), JFL has the right, but not the obligation to fund 50% of the Advance at the request of the Company. If JFL elects not to fund 50% of the Advance, then 22NW will fund 100% of the Advance. The outstanding balance will accrue interest at 0.25% per annum and no fee will be assessed on the unused balance. Upon the draw of at least $3 million in the aggregate, the LSA will be collateralized by substantially all of the Company’s assets.
Line of credit maximum borrowings capacity	$ 10
Line of credit interest rate	0.25%
Line of credit maximum borrowings capacity	$ 3
Share price	$ 0.03
Common stock shares advances	50,000
Loan And Sercurity Agreement [Member] | Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Issuance of common stock, net of offering costs, shares	300,000