TransCode Therapeutics (RNAZ) 10-Q 14 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40363
Entity Registrant Name	TRANSCODE THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1065054
Entity Address, Address Line One	6 Liberty Square, #2382
Entity Address, City or Town	Boston
Entity Address State Or Province	MA
Entity Address, Postal Zip Code	02109
City Area Code	857
Local Phone Number	837-3099
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	RNAZ
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,025,674
Entity Central Index Key	0001829635
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash	$ 3,572,475	$ 4,968,418
Grant receivable		360,229
Prepaid expenses and other current assets	1,320,462	2,050,758
Total current assets	4,892,937	7,379,405
Property and equipment, net of depreciation	178,975	208,581
Right-of-use asset	697,777
Security deposit	111,856
Total assets	5,881,545	7,587,986
Current liabilities:
Accounts payable and accrued expenses	3,044,042	4,347,290
Deferred grant income	81,747
Current portion of lease liability	397,641
Total current liabilities	3,523,430	4,347,290
Long-term portion of lease liability	265,652
Total liabilities	3,789,082	4,347,290
Stockholders' equity (deficit):
Preferred stock - $0.0001 par value; 10,000,000 shares authorized at June 30, 2023, and December 31, 2022; - 0- shares issued and outstanding at June 30, 2023, and December 31, 2022
Common stock - $0.0001 par value, 290,000,000 shares authorized at June 30, 2023, and December 31, 2022; 1,950,674 and 648,862 shares issued and outstanding at June 30, 2023, and December 31, 2022, respectively	195	65
Additional paid-in capital	39,121,104	31,110,880
Accumulated deficit	(37,028,836)	(27,870,249)
Total stockholders' equity	2,092,463	3,240,696
Total liabilities and stockholders' equity (deficit)	$ 5,881,545	$ 7,587,986

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	290,000,000	290,000,000
Common stock, shares issued (in shares)	1,950,674	648,862
Common stock, share outstanding (in shares)	1,950,674	648,862

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses
Research and development	$ 2,965,910	$ 2,620,028	$ 5,557,260	$ 4,501,604
General and administrative	2,164,926	2,087,265	4,474,688	3,683,191
Total operating expenses	5,130,836	4,707,293	10,031,948	8,184,795
Operating loss	(5,130,836)	(4,707,293)	(10,031,948)	(8,184,795)
Other income
Grant income	788,937	34,730	868,345	41,720
Interest income	246	1,331	5,017	1,773
Total other income	789,183	36,061	873,362	43,493
Net loss	$ (4,341,653)	$ (4,671,232)	$ (9,158,586)	$ (8,141,302)
Weighted-average common shares outstanding, Basic	1,319,529	648,862	1,020,644	648,862
Weighted-average common shares outstanding, Diluted	1,319,529	648,862	1,020,644	648,862
Net loss per share, Basic	$ (3.29)	$ (7.20)	$ (8.97)	$ (12.55)
Net loss per share, Diluted	$ (3.29)	$ (7.20)	$ (8.97)	$ (12.55)

STATEMENTS OF STOCKHOLDERS' EQU

STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance, beginning of period at Dec. 31, 2021	$ 65	$ 30,709,562	$ (10,305,281)	$ 20,404,346
Balance, beginning of period (in shares) at Dec. 31, 2021	645,229
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss			(3,470,070)	(3,470,070)
Exercise of stock options		5,989		5,989
Exercise of stock options (in shares)	3,633
Share based compensation		60,573		60,573
Balance, end of period at Mar. 31, 2022	$ 65	30,776,124	(13,775,351)	17,000,838
Balance, end of period (in shares) at Mar. 31, 2022	648,862
Balance, beginning of period at Dec. 31, 2021	$ 65	30,709,562	(10,305,281)	20,404,346
Balance, beginning of period (in shares) at Dec. 31, 2021	645,229
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss				(8,141,302)
Balance, end of period at Jun. 30, 2022	$ 65	30,874,723	(18,446,583)	12,428,205
Balance, end of period (in shares) at Jun. 30, 2022	648,862
Balance, beginning of period at Dec. 31, 2021	$ 65	30,709,562	(10,305,281)	$ 20,404,346
Balance, beginning of period (in shares) at Dec. 31, 2021	645,229
Increase (Decrease) in Stockholders' Equity (Deficit)
Exercise of stock options (in shares)				3,633
Balance, end of period at Dec. 31, 2022	$ 65	31,110,880	(27,870,249)	$ 3,240,696
Balance, end of period (in shares) at Dec. 31, 2022	648,862
Balance, beginning of period at Mar. 31, 2022	$ 65	30,776,124	(13,775,351)	17,000,838
Balance, beginning of period (in shares) at Mar. 31, 2022	648,862
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss			(4,671,232)	(4,671,232)
Share based compensation		98,599		98,599
Balance, end of period at Jun. 30, 2022	$ 65	30,874,723	(18,446,583)	12,428,205
Balance, end of period (in shares) at Jun. 30, 2022	648,862
Balance, beginning of period at Dec. 31, 2022	$ 65	31,110,880	(27,870,249)	3,240,696
Balance, beginning of period (in shares) at Dec. 31, 2022	648,862
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss			(4,816,934)	(4,816,934)
Issuances of common stock, net	$ 14	1,180,672		1,180,686
Issuances of common stock, net (in shares)	142,315
Share based compensation		158,760		158,760
Balance, end of period at Mar. 31, 2023	$ 79	32,450,312	(32,687,183)	(236,792)
Balance, end of period (in shares) at Mar. 31, 2023	791,177
Balance, beginning of period at Dec. 31, 2022	$ 65	31,110,880	(27,870,249)	3,240,696
Balance, beginning of period (in shares) at Dec. 31, 2022	648,862
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss				(9,158,586)
Balance, end of period at Jun. 30, 2023	$ 195	39,121,104	(37,028,836)	2,092,463
Balance, end of period (in shares) at Jun. 30, 2023	1,950,674
Balance, beginning of period at Mar. 31, 2023	$ 79	32,450,312	(32,687,183)	(236,792)
Balance, beginning of period (in shares) at Mar. 31, 2023	791,177
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss			(4,341,653)	(4,341,653)
Issuances of common stock, net	$ 116	6,495,308		6,495,424
Issuances of common stock, net (in shares)	1,159,497
Share based compensation		175,484		175,484
Balance, end of period at Jun. 30, 2023	$ 195	$ 39,121,104	$ (37,028,836)	$ 2,092,463
Balance, end of period (in shares) at Jun. 30, 2023	1,950,674

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (9,158,586)	$ (8,141,302)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	60,610	44,299
Amortization of right-of-use asset	177,180
Share-based compensation expense	334,244	159,172
Changes in assets and liabilities:
Prepaid expenses and other current assets	730,296	1,458,646
Accounts payable and accrued expenses	(1,167,452)	(799,855)
Deferred grant income	81,747	(6,990)
Grants receivable	360,229	(34,730)
Security deposit	(111,856)
Operating lease liability	(211,664)
Net cash used in operating activities	(8,905,252)	(7,320,760)
Cash flows from investing activities:
Purchase of equipment	(31,003)	(72,704)
Net cash used in investing activities	(31,003)	(72,704)
Cash flows from financing activities:
Net proceeds from sales of common stock	7,676,109
Payments of deferred offering costs	(135,797)
Proceeds from exercise of stock options		5,989
Net cash provided by financing activities	7,540,312	5,989
Net change in cash	(1,395,943)	(7,387,475)
Cash, beginning of period	4,968,418	20,825,860
Cash, end of period	3,572,475	13,438,385
Supplemental disclosure of cash flow
Interest related to insurance premium payment plan	9,224	$ 5,129
Right-of-use assets obtained in exchange for operating lease liabilities	$ 874,957

Nature of Business and Liquidit

Nature of Business and Liquidity	6 Months Ended
	Jun. 30, 2023
Nature of Business and Liquidity
Nature of Business and Liquidity	(1) Nature of Business and Liquidity TransCode Therapeutics, Inc. (the “Company” or “TransCode”) was incorporated on January 11, 2016, under the laws of the State of Delaware. TransCode is a biopharmaceutical company focused primarily on developing and commercializing innovative drugs and diagnostics for treating and identifying metastatic disease. TransCode is preparing for its first clinical trial. The Company’s lead therapeutic candidate, TTX-MC138, is an oligonucleotide conjugated to an iron oxide nanoparticle designed to be administered by infusion to inhibit the ability of metastatic tumor cells to survive. The goal of the therapy, if approved, is to achieve lifelong regression and long-term patient survival. From its founding until mid-2021, the Company was engaged in organizational activities, including raising capital, and limited research and development (“R&D”) activities. On July 13, 2021, the Company completed the initial public offering (“IPO”) of its common stock raising $28.75 million in gross proceeds. Since the IPO, the Company has increased its R&D activities, hired additional employees, and begun more traditional operations. The Company has not generated revenues and has not yet achieved profitable operations, nor has it ever generated positive cash flows from operations. There is no assurance that profitable operations, if achieved, could be sustained on a continuing basis. The Company is subject to those risks associated with any early-stage biopharmaceutical company that requires substantial expenditures for research and development. There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approvals, or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants. Further, the Company’s future operations are dependent on the success of the Company’s efforts to raise additional capital. Following the IPO, the Company’s common stock commenced trading on the Nasdaq Capital Market under the ticker symbol “RNAZ”. The Company issued 359,375 shares of common stock in connection with the IPO, including exercise of the underwriter’s over-allotment option, at an initial offering price of $80.00 per share. The net proceeds from the IPO were approximately $25.4 million after deducting underwriting discounts, commissions and estimated offering expenses payable by the Company, including offering costs paid in 2020. In connection with the IPO, the Company also granted the underwriters warrants to purchase up to 15,625 shares of Company common stock at an exercise price of $100.00 per share (125% of the initial public offering price). Upon the closing of the IPO, outstanding convertible promissory notes converted into 53,406 shares of Company common stock. Going Concern These financial statements have been prepared under the assumption that the Company will continue as a going concern which contemplates the continuation of operations, realization of assets and liquidation of liabilities in the ordinary course of business. Due to the Company’s recurring and expected continuing losses from operations, the Company has concluded there is substantial doubt concerning its ability to continue as a going concern within one year of the issuance of these financial statements without additional capital becoming available. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. To date, the Company has incurred substantial losses and negative cash flows from operations. It expects to continue to incur operating losses for the foreseeable future as it pursues development of its lead therapeutic candidate and other programs. Operating losses are expected to continue until such time, if ever, that the Company can generate significant revenue from product candidates currently in development. The Company is unable to predict the extent of any future losses or when the Company will become profitable, if ever. For the six months ended June 30, 2023, net cash used in operating activities was $8.9 million and the Company’s net loss was $9.2 million. As of June 30, 2023, the Company had an accumulated deficit of $37.0 million and $3.6 million in cash. The Company plans to expand development of its lead therapeutic candidate and other candidates, and explore strategic partnerships. Management believes that current cash is sufficient to fund operations and capital requirements into September 2023, but will not be sufficient to fund requirements for a full 12 months from the date of these financial statements. To support its planned expanded operations, the Company will require additional capital; however, the Company cannot be certain that additional funding will be available on acceptable terms, or at all. Through June 30, 2023, the Company’s primary source of capital was from the sale of equity securities, funds received under the SBIR Award (see Note 7), and previous sales of convertible promissory notes. For the foreseeable future, the Company plans to fund its operations by continuing to raise additional capital, primarily through sales of equity or debt and pursuit of additional grants. To the extent the Company raises additional funds by issuing equity securities, its stockholders may experience significant dilution. Any debt financing, if available, may include potentially dilutive features and include restrictive covenants that impact the Company’s ability to conduct business. If the Company is unable to raise additional capital when required or on acceptable terms, the Company may have to (i) significantly scale back its planned operations or (ii) relinquish or otherwise dispose of rights to technologies on unfavorable terms.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies (a) Basis of Presentation These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, these financial statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair presentation of the financial position of TransCode Therapeutics, Inc. at June 30, 2023, and its results of operations for the three and six months ended June 30, 2023 and 2022, and its cash flows for the six months ended June 30, 2023 and 2022. The interim results of operations are not necessarily indicative of the results to be expected for a full year. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2022, and notes thereto contained in the Company’s Annual Report on Form 10-K, filed with the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations relating to interim financial statements. (b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include but are not limited to the valuation of share-based compensation, income from grants, and accrued research and development costs. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. Accounting estimates used in the preparation of these financial statements change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the financial statements, actual results may materially vary from these estimates. (c) Basic and Diluted Earnings (Loss) per Share Basic net loss per share is determined by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share includes the effect, if any, from the potential conversion, vesting or exercise of securities (Contingent Securities) such as convertible promissory notes, stock options and warrants, which would result in the issuance of additional shares of common stock. The computation of diluted net loss per shares does not include the conversion or exercise of Contingent Securities when the effect of doing so would be antidilutive. (d) Cash The Company classifies deposits in banks, money market funds and cash invested temporarily in various instruments with original maturities of three months or less as cash and cash equivalents. To date, the Company has not held any funds in money market funds or instruments with original maturities of three months or less. The Company holds significant cash balances in U.S. banks which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or lack of access to such funds could have a material adverse effect on the Company’s financial condition, results of operations, and cash flows. (e) Fair Value of Financial Instruments The Company’s financial instruments at June 30, 2023, and December 31, 2022, included cash, grant receivable, prepaid expenses and other current assets, right-of-use asset, accounts payable and accrued expenses, deferred grant income, and current and long-term portion of lease liability. Cash is reported at fair value. The recorded carrying amount of grant receivable, prepaid expenses and other current assets, accounts payable and accrued expenses, deferred grant income, and current and long-term portion of lease liability approximate their fair value due to their short-term or fixed arrangements nature. (f) Research and Development Research and development costs are expensed as incurred and primarily comprise expenses to discover, research and develop therapeutic candidates. These expenses may include personnel costs, stock-based compensation expense, materials and supplies, allocated facility-related and depreciation expenses, third-party license fees, and costs under arrangements with third party vendors, such as contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and consultants. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are recorded as prepaid expenses. Such amounts are recognized as expenses as the goods are delivered or the related services are performed, or until it is no longer expected that the goods will be delivered or the services rendered. The Company has entered into various research and development-related contracts with companies both inside and outside the United States. The related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates. Patent Costs All legal fees and expenses and costs related to patent-related filings with governmental authorities incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. Other patent costs are classified as R&D expenses. (g) Grant Income Funds from grants are recognized as grant income in the statements of operations as and when earned for the specific research and development projects for which the grants are designated. In April 2021, the Company received an award (the “Award”) from the National Cancer Institute in support of the Company’s lead therapeutic candidate. Since there is no transfer of ownership of the work performed under the Award, and the Company does not lose control over the work performed under the Award, the Company deems the Award funds as a contribution. Grant payments received in excess of grant income earned are recorded as deferred grant income on the Company’s balance sheet until the related income has been earned. Grant income earned in excess of grant payments received is recorded as grant receivable on the Company’s balance sheet. (h) Share-Based Compensation Share-based compensation, if any, for employees and non-employees is measured at the grant date based on the fair value of the award. The Company recognizes compensation expense, if any, for awards to employees and directors over the requisite service period, which is generally the vesting period of the respective award, and for awards to non-employees over the period during which services are rendered by such non-employees until completed. Generally, the Company issues awards with only service-based vesting conditions and records the expense for these awards using the straight-line method. The Company classifies share-based compensation expense in its statements of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. Forfeitures are accounted for as they occur. Because prior to the IPO, there was no public market for the Company’s common stock, the estimated fair value of the common stock was determined by the Company’s board of directors (the “Board”) as of the date of each award, with input from management, considering, when available, third-party valuations of the Company’s common stock as well as the Board’s assessment of additional objective and subjective factors that it believed were relevant and which may have changed between the date of the then most recent third-party valuation, if any, and the date of the grant. The assumptions used in calculating the fair value of share-based awards represented management’s best estimates and involved inherent uncertainties and the application of management’s judgment. As a result, if factors were to change and management were to use different assumptions, share-based compensation expense could be materially different. The fair value of awards made subsequent to the IPO are determined using the closing price of the Company’s common stock on the date of grant. Certain stock appraisal methodologies utilize, among other variables, the volatility of the stock price. When private, the Company lacked Company-specific historical and implied volatility information for its stock. Therefore, it estimated its expected stock price volatility based on the historical volatility of publicly-traded peer companies and expects to continue to do so until such time, if ever, as it has adequate historical data regarding the volatility of its own publicly-traded stock price. The expected life of options awarded was estimated using the simplified method because the Company has limited historical information on which to base reasonable expectations about future exercise patterns and post-vesting employment. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends on its common stock and does not expect to pay cash dividends in the foreseeable future. (i) Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows: ​ ​ ​ ​ ​ Estimated useful life Laboratory equipment 3 years Furniture and fixtures 5 years Computer and office equipment 3 years Leasehold improvements Shorter of the useful life or remaining lease term ​ When assets are retired or otherwise disposed of, the cost of assets disposed of and the related accumulated depreciation is removed from the accounts and any resulting gain or loss is included in the statements of operations in the period of disposal. Expenditures for repairs and maintenance are charged to expense as incurred. (j) Income Taxes The Company provides for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of the dates of the Company’s balance sheets herein, the Company had a full valuation allowance against deferred tax assets. The Company is subject to the provisions of ASC 740-10-25, “Income Taxes” (ASC 740). ASC 740 prescribes a more likely-than-not threshold for the financial statement recognition of uncertain tax positions. ASC 740 clarifies the accounting for income taxes by prescribing a minimum recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. There are currently no open federal or state tax audits. The Company has not recorded any liability for uncertain tax positions at the dates of the Company’s balance sheets herein. (k) Emerging Growth Company Status The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act (“JOBS Act”) and may take advantage of certain exemptions from various reporting requirements that are applicable to public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting standards. As a result of this election, the Company’s financial statements may not be comparable to companies that comply with public company FASB standards’ effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of a public offering or such earlier time that it is no longer an EGC. (l) Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40) (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. The ASU’s amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The Company's adoption of ASU 2020-06 on January 1, 2023, did not have a material impact on the Company's financial statements. (m) Reverse Stock Split ​ On May 23, 2023, the Company effected a reverse split of the Company’s common stock, either issued and outstanding or held by the Company as treasury stock, (the “2023 Reverse Split”) previously approved by the Board and shareholders of the Company. The 2023 Reverse Split was at a ratio of one (n) Collaboration Agreements When the Company enters into a collaboration agreement, it evaluates the arrangement against the requirements of Accounting Standards Codification (ASC) 808 Collaborative Arrangements (“ASC 808”) as well as Accounting Standards Update 2018-18 which clarifies the interaction between Topic 808 and Topic 606 (ASU 2018-18). ASU 2018-18 indicates that collaborative arrangements could be partially in the scope of other guidance, including ASC 606. (o) Leases The Company leases certain office and laboratory space. At inception, the Company determines if a contract or arrangement contains a lease. Leases are evaluated and classified as either operating or finance leases. A lease is classified as a finance lease if any of the following criteria are met: (i) ownership of the underlying asset transfers to the Company by the end of the lease term; (ii) the lease contains an option to purchase the underlying asset that the Company is reasonably expected to exercise; (iii) the lease term is for a major part of the remaining economic life of the underlying asset; (iv) the present value of the sum of lease payments and any residual value guaranteed by the Company equals or exceeds substantially all of the fair value of the underlying asset; or (v) the underlying asset is of a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease that does not meet any of the criteria to be classified as a finance lease is classified as an operating lease. Operating leases are included on the balance sheets as Right-of-Use (ROU) assets, net; Current portion of operating lease liabilities; and Operating lease liabilities. ROU assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. Where leases do not provide an implicit rate for use in determining the present value of future payments, the Company uses an incremental borrowing rate that represents the cost of borrowing on a collateralized basis for a period equal to the expected lease term. ROU assets also include any lease payments made and exclude any lease incentives and initial direct costs incurred. Lease terms may include periods under options to extend the lease or terminate the lease prior to expiration when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term, including rent abatement periods and rent holidays. While lease liabilities are not remeasured as a result of changes to these costs, changes are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. Finance leases are included on the balance sheets as Property and Equipment, net; Current maturities of long-term debt; and Long-term debt. Finance lease costs are split between depreciation expense related to the asset and interest expense on the lease liability, using the effective rate charged by the lessor. The Company has elected to account for lease and non-lease components separately. Additionally, the Company has elected not to record short-term leases, those with expected terms of twelve months or less, on the balance sheets. Certain lease agreements include fixed escalations, while others include rental payments adjusted periodically for inflation.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Measurements
Fair Value Measurements	(3) ASC 820, “Fair Value Measurements”, provides guidance on the development and disclosure of fair value measurements. The Company follows this guidance for fair value measurements, which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. The guidance requires fair value measurements be classified and disclosed in one of the following three categories: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2: Observable prices that are based on inputs not quoted on active markets but corroborated by market data. Level 3: Unobservable inputs which are supported by little or no market activity with values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of the dates of the Company’s balance sheets herein. The carrying amount of cash, grant receivable, prepaid expenses and other current assets, right-of-use asset, accounts payable and accrued expenses, deferred grant income, and current and long-term portion of lease liability approximate their fair value due to their short-term or fixed arrangements nature.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2023
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	(4) Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2023 2022 Prepaid operating expenses ​ $ 138,415 ​ $ 122,428 Contract manufacturers and research organizations ​ 722,347 ​ 241,111 Insurance premiums ​ 37,208 ​ 1,255,317 Prepaid FICA ​ ​ 422,492 ​ ​ 422,492 Deposits ​ — ​ 9,410 ​ ​ $ 1,320,462 ​ $ 2,050,758 ​

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2023
Property and Equipment
Property and Equipment	(5) Property and Equipment Property and equipment, net consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 ​ 2022 Laboratory and computer equipment ​ $ 379,444 ​ $ 348,441 Less accumulated depreciation ​ (200,469) ​ (139,860) Total property and equipment, net ​ $ 178,975 ​ $ 208,581 ​ Depreciation expense for the three months ended June 30, 2023 and 2022, was $30,970 and $22,698, respectively, and $60,610 and $44,299, respectively, for the six months ended June 30, 2023 and 2022.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	6 Months Ended
	Jun. 30, 2023
Accounts Payable and Accrued Expenses
Accounts Payable and Accrued Expenses	(6) Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 ​ 2022 Professional and general consulting fees ​ $ 317,089 ​ $ 758,816 R&D expenses – CMOs, CROs, supplies, equipment and consulting ​ 1,904,658 ​ 2,397,038 General expenses ​ 464,808 ​ 124,676 Insurance premiums ​ 3,217 ​ 844,283 Payroll and benefits ​ ​ 312,242 ​ ​ 164,657 Accrued license payments ​ ​ 42,028 ​ ​ 57,820 ​ ​ $ 3,044,042 ​ $ 4,347,290 ​ At June 30, 2023, and December 31, 2022, the Company’s outstanding payables to CROs or CMOs included above were $1,524,945 and $2,030,347, respectively. See Note 8 for further information regarding the accrued license payments.

Grant Income

Grant Income	6 Months Ended
	Jun. 30, 2023
Grant Income
Grant Income	(7) In April 2021, the Company received a Fast-Track Small Business Innovation Research Award (the “SBIR Award”) from the National Cancer Institute of the National Institutes of Health (the “NIH”). The Award was for up to $2,392,845 over three years to fund a two-phased research partnership between the Company and Massachusetts General Hospital. In May 2021, the Company received the first year funding of $308,861. In May 2022, second-year funding of $1,129,316 was made available to the Company. In April 2023, the Company received funding of $870,684 for the third year of the SBIR Award. Income under the grant is recognized as work under the grant is completed. The Company recognized grant income of $788,937 and $868,345, respectively, for the three and six months ended June 30, 2023, and $34,730 and $41,720, respectively, for the three and six months ended June 30, 2022. The Company had deferred grant income of $81,747 and $0 at June 30, 2023, and December 31, 2022, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies
Commitments and Contingencies	(8) Commitments and Contingencies (a) Leases In March 2021, the Company entered into an agreement with Massachusetts Biomedical Initiatives, Inc. (“MBI”) whereby the Company subleased approximately 2,484 square feet of laboratory space with room for minor administrative functions. The Company was also permitted to use shared laboratory equipment at the facility. The monthly rental was $6,521 and the Company paid an additional amount for its allocated share of operating expenses, which in 2022 was $3,105 per month. In 2022, the Company added the right to use cubicle space outside its laboratory area to its sublease for an additional $650 per month, resulting in total monthly rental of $10,276. The sublease terminated as of February 2023. Operating Lease In December 2022, the Company signed an agreement to sublease 4,837 square feet of laboratory and office space in Newton, Massachusetts, from another biopharmaceutical company. The Company considers this sublease an operating lease with estimated right-of-use (ROU) assets and lease liabilities The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating lease for the six months ended June 30, 2023. Prior to February 1, 2023, the Company had no operating leases with maturities greater than one year. The Company does not recognize any variable lease costs or short-term lease costs in connection with the operating lease. ​ ​ ​ ​ ​ ​ Six Months ​ ​ Ended Operating Leases ​ June 30, 2023 Weighted average remaining lease term (years) 1.58 ​ Weighted average discount rate 3.6 % ​ ​ ​ ​ ​ Year ending December 31, ​ ​ 2023 ​ $ 186,426 2024 ​ ​ 459,749 2025 ​ ​ 38,291 Total undiscounted lease payments ​ ​ 684,466 Imputed interest ​ ​ (21,173) Lease liability ​ $ 663,293 ​ Rent expense for the three months ended June 30, 2023 and 2022, was $188,906 and $103,161, respectively, and $337,881 and $143,590, respectively, for the six months ended June 30, 2023 and 2022. (b) License Agreements In November 2018, the Company licensed the exclusive rights to certain intellectual property to support development of its therapeutic candidates (“License”). The intellectual property licensed by the Company is owned by The General Hospital Corporation, d/b/a Massachusetts General Hospital, (“Licensor”). Payments by the Company under the license agreement included a one-time non-refundable fee of $50,000 paid after execution of the License; reimbursement of Licensor’s patent costs which, at execution of the License, were approximately $145,000; a minimum annual license fee of $25,000 payable within 60 days of each anniversary of the effective date of the License prior to the first commercial sale of a product or process covered by the License; milestone payments upon attainment of certain milestone events; royalties based on net sales of products covered by the patent-related rights; and a portion of any sublicense income received by the Company. The Company is responsible for the development and commercialization of the licensed assets and for meeting certain milestones set forth in the License. The milestone payments the Company shall pay to Licensor shall not exceed $1,550,000 based upon and subject to the attainment of each milestone event indicated below. These payments are generally due within 60 days of achievement of the milestone. ​ ​ ​ ​ ​ Milestone Event Amount Enrollment of first patient in a phase II clinical trial of a therapeutic product or process ​ $ 100,000 Enrollment of first patient in a phase III clinical trial of a therapeutic product or process ​ $ 200,000 First commercial sale of a therapeutic product or process ​ $ 1,000,000 Filing of an application for regulatory approval of a clinical diagnostic product or process ​ $ 100,000 First regulatory approval of a clinical diagnostic product or process ​ $ 150,000 ​ As of June 30, 2023, and December 31, 2022, no milestone events had been achieved. The royalties to be paid to Licensor shall be assessed on net sales of licensed products on a country-by-country basis in an amount equal to 3.0% for therapeutic products or processes, and 6.0% for clinical diagnostic products and processes. The Company shall pay Licensor 30% of any and all sublicense income. The Company has the right to terminate the License at any time by giving 90 days advance notice subject to the payment of any amounts due under the License at that time. The License may also be terminated for cause by either party upon the breach of the material obligations of the other party or the bankruptcy or liquidation of the other party. If the Company does not terminate the License, the term of the License shall continue until the latest of (i) the date on which all issued patents and filed patent applications subject to the License have expired or been abandoned; (ii) expiration of the last to expire regulatory exclusivity covering a covered product or process; or (iii) 10 years after the first commercial sale. The License requires the Company to make royalty payments beyond the term of the License at 1.5%. In November 2020, the Company and Licensor amended the November 2018 license. Under the amendment, the intellectual property licensed in 2018 was categorized as “Patent Family 1” and a provisional patent filing related to the Company’s nanoparticle technology was added to Patent Family 1. A second patent family (“Patent Family 2”) was created which includes Licensor intellectual property targeting PD-L1. The minimum annual license fee prior to the first commercial sale of a product or process covered by the License was increased from $25,000 per year to $30,000 per year for Patent Family 1 and a minimum annual license fee of $10,000 per year was added related to Patent Family 2. All other terms of the License including milestone payments, royalties and payment terms related to sublicense income received by the Company remain the same as in the original License. Option Agreement – Radiolabeled Nanoparticles The Company signed an Exclusive Option Agreement (the “Radiolabeled Option”) with the Licensor effective April 15, 2022. Under the Radiolabeled Option, the Company has the exclusive right to negotiate a license of technology patented by the Licensor pertaining to Therapeutic, Radiolabeled Nanoparticles and Methods of Use Thereof, described and claimed in Patent Application PCT/US2021/057912. The Radiolabeled Option provides for a one-year term at a cost of $7,500 with a right to extend, upon the mutual agreement of the parties, for an additional six months for an additional payment of $5,000 . The Company is also responsible for patent costs related to the subject technology incurred by Licensor during the Radiolabeled Option period. Patent costs incurred by the Licensor prior to the effective date will not be reimbursed. Accrued License Obligations At June 30, 2023, and December 31, 2022, the Company had accrued $42,028 and $57,820, respectively, in license payments under the foregoing arrangements included in accounts payable and accrued expenses. (c) Collaboration Agreement On July 29, 2022, the Company signed a five-year strategic collaboration agreement with The University of Texas M. D. Anderson Cancer Center (“MD Anderson”). Under the collaboration, the Company anticipates making certain expenditures with respect to Phase I and Phase II clinical trials in part through MD Anderson as a primary investigator site. MD Anderson will also provide preclinical work under the collaboration. The details of clinical and preclinical work are to be mutually agreed by the parties prior to commencing work. The Company has committed to fund up to third fourth (d) Employment Agreements Prior to the IPO, the Company entered into employment agreements with its executive officers which became effective on completion of the IPO. The employment agreements provide the employee with, among other things, severance payments upon termination of the agreement by the Company for any reason other than for cause, death or disability or by the employee for good reason. The maximum aggregate severance payments under the agreements, which arise in the event of termination involving a Change of Control (as defined in the agreements), are approximately $2,483,700. (e) Litigation The Company may from time to time be subject to claims by others under various legal disputes. The defense of such claims, or any adverse outcome relating to any such claims, could have a material adverse effect on the Company’s liquidity, financial condition, and cash flows. At June 30, 2023, and December 31, 2022, the Company did not know of any claims or actions pending against us or threatened, the ultimate disposition of which could have a material adverse effect on our results of operations or financial condition. (f) Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and executive officers that require the Company, among other things, to indemnify the parties against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any costs as a result of payments required by such indemnifications. The Company is not aware of any indemnification arrangements that could have a material adverse effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its financial statements, as of June 30, 2023, and December 31, 2022. (g) Risks and Uncertainties As SARS-CoV-2, or the coronavirus, continues to evolve, the extent to which it affects the Company’s operations directly or through parties on whom the Company depends is highly uncertain and cannot be predicted with confidence. The outcomes resulting from these events could delay the Company’s plans, increase its operating expenses and have a material adverse effect on its financial condition or results of operations.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity
Stockholders' Equity	(9) Stockholders’ Equity (a) Overview The Company’s Certificate of Incorporation, originally filed on January 11, 2016, was amended on April 15, 2020, to increase the number of shares of common stock authorized and to authorize the issuance of preferred stock. The Company’s Certificate of Incorporation was further amended and restated on April 27, 2021, and on May 22, 2023, to effect the 2023 Reverse Split. The total number of shares which the Company is authorized to issue is 300,000,000, each with a par value of $0.0001 per share. Of these shares, 290,000,000 shall be common stock and 10,000,000 shall be preferred stock. At June 30, 2023, and December 31, 2022, the Company had 1,950,674 and 648,862 shares of common stock issued outstanding On February 16, 2023, the Company entered into a Securities Purchase Agreement with certain purchasers named therein pursuant to which the Company sold 142,315 shares of common stock in a registered direct offering at a purchase price of $10.54 per share (the “February RDO”). Net proceeds from the February RDO, after deducting fees payable to the placement agent and other offering expenses, were approximately $1.2 million. In connection with the February RDO, the Company also issued the placement agent warrants to purchase up to 9,962 shares of common stock (the “Placement Agent Warrants”). The Placement Agent Warrants will be exercisable commencing six months following the date of issuance, expire five years following the date of sale and have an exercise price per share of $13.175. See Note 10. ​ In April and May 2023, the Company sold an aggregate of 110,000 shares to White Lion Capital LLC (“White Lion”) under a Common Stock Purchase Agreement dated April 14, 2023, (the “White Lion Purchase Agreement”) between the Company and White Lion. Net proceeds to the Company were $518,844 after White Lion expenses but before aggregate legal and printing expenses the Company incurred of $75,418. The commitment period ended May 31, 2023. ​ On June 6, 2023, the Company entered into a Securities Purchase Agreement with a purchaser named therein pursuant to which the Company sold 99,000 shares of common stock, 1,901,000 pre-funded warrants (“PFWs”), together with accompanying 2,000,000 Series A-1 Warrants to purchase common stock (the “Series A-1 Warrants”), and 2,000,000 Series A-2 Warrants to purchase common stock (the “Series A-2 Warrants”) in a registered direct offering at a purchase price of $3.50 per share or PFW (the “June RDO”). The Series A-1 Warrants and the Series A-2 Warrants are identical in all material respects. The Series A -1 Warrants and Series A-2 Warrants became exercisable commencing June 9, 2023, and are exercisable for three ​ In connection with the June RDO, the Company also issued the placement agent warrants to purchase up to 140,000 shares of common stock (the “June Placement Agent Warrants”). The June Placement Agent Warrants became exercisable commencing June 9, 2023, expire three ​ (b) i. Dividends Subject to the rights of holders of any preferred stock, holders of common stock are entitled to receive dividends as may be declared from time to time by the Board. No cash dividends were declared or paid during the three and six months ended June 30, 2023, nor at any other time through the date of these financial statements. ii. Liquidation Subject to the rights of holders of any preferred stock as to liquidation, upon the liquidation, dissolution or winding up of the Company, the remaining assets of the Company will be distributed to holders of common stock. iii. Voting Holders of common stock are entitled to one vote for each share of common stock held but shall not be entitled to vote on any amendment to the Certificate of Incorporation that relates solely to the terms of any series of preferred stock. There is no cumulative voting.

Warrants

Warrants	6 Months Ended
	Jun. 30, 2023
Warrants
Warrants	(10) Warrants In connection with the IPO, the Company granted the underwriters warrants to purchase up to 15,625 shares of Company common stock at an exercise price of $100.00 per share, which amount is 125% of the initial public offering price. The warrants have a five-year term and were not exercisable prior to January 9, 2022. All of the warrants were outstanding at June 30, 2023. The Company accounts for the warrants as a component of stockholders’ equity. In connection with the February RDO, the Company issued the placement agent warrants to purchase up to 9,962 shares of common stock. The Placement Agent Warrants become exercisable commencing August 17, 2023, expire February 16, 2028, and have an exercise price per share of $13.175 per share. In connection with an agreement the Company entered into with a consultant in February 2023, the Company agreed to issue warrants to purchase up to 12,500 shares of common stock at $10.00 per share. These warrants were to be exercisable any time after August 23, 2023, until February 23, 2028, subject to the Company’s right in its sole discretion exercisable not later than August 22, 2023, to reduce the number of warrants to 6,250. The Company exercised this right in May 2023. ​ In connection with the June RDO, the Company issued 1,901,000 PFWs, together with accompanying 2,000,000 Series A-1 Warrants and 2,000,000 Series A-2 Warrants, at a purchase price of $3.49 per PFW. Each PFW is exercisable at $0.01 per share. The PFWs do not terminate or expire. The Series A-1 Warrants and Series A-2 Warrants became exercisable commencing June 9, 2023, expire three years following the date of sale and have an exercise price of $3.25 per share. The Company also issued the placement agent warrants to purchase up to 140,000 shares of common stock. The June Placement Agent Warrants became exercisable commencing June 9, 2023, expire three ​ The following table summarizes the Company’s outstanding or issuable warrants at June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ Number Exercise Price Description ​ of Shares ​ Per Share Placement agent warrants from IPO 15,625 ​ $ 100.00 Placement agent warrants from February RDO 9,962 ​ 13.18 Consultant warrants 6,250 ​ 10.00 Series A-1 warrants 2,000,000 ​ 3.25 Series A-2 warrants 2,000,000 ​ 3.25 Placement agent warrants from June RDO 140,000 ​ 4.38 Pre-funded warrants from June RDO 950,000 ​ 0.01 ​

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Compensation
Share-Based Compensation	(11) Share-Based Compensation In April 2020, the Board approved the TransCode Therapeutics, Inc. 2020 Stock Option and Incentive Plan (the “2020 Plan”) providing for the issuance of options or other awards to purchase up to 151,639 shares of the Company’s common stock. The Board determined not to make any further awards under the 2020 Plan following the closing of the IPO. In March 2021, the Company’s 2021 Stock Option and Incentive Plan (the “2021 Plan”) was approved by the Company’s Board and stockholders and became effective upon the effectiveness of the IPO. The 2021 Plan initially provided for the issuance of options or other awards to purchase up to 125,000 shares of the Company’s common stock. The number of options or other awards available under the 2021 Plan increased 32,261 shares in January 2022 and 32,443 in January 2023. Both Plans provide for grants of equity in the form of stock awards, stock options and other instruments to employees, members of the Board, officers and consultants of and advisors to the Company. The Plans are administered by the Board or, at the discretion of the Board, by a committee of the Board. The amount and terms of grants are determined by the Board. The terms of options granted under the Plans generally are for ten (10) years after date of grant and are exercisable in cash or as otherwise determined by the Board. The vesting period for equity-based awards is determined at the discretion of the Board and is generally two The exercise price for incentive stock options is determined at the discretion of the Board but for grants to any person possessing less than 10% of the total combined voting power of all classes of stock may not have an exercise price less than 100% of the fair market value of the Common Stock on the grant date (110% for grants to any person possessing more than 10% of the total combined voting power of all classes of stock). The option term for incentive stock option awards may not be greater than ten years from the date of the grant (five years for grants to any person possessing more than 10% of the total combined voting power of all classes of stock). In 2020, the Board awarded options to purchase 87,813 shares of common stock under the 2020 Plan. In 2021, the Board awarded options to purchase 1,819 shares of common stock under the 2020 Plan. Of the options issued under the 2020 Plan, options for 3,948 shares terminated in December 2021 and options for 3,633 shares were exercised in January 2022. In 2022 and 2023, the Board awarded options to purchase common stock under the 2021 Plan as follows: ​ ​ ​ ​ ​ ​ ​ ​ Number of Exercise Price Date ​ Options ​ Per Share February 2022 12,950 ​ $ 49.00 March 2022 9,700 ​ $ 42.40 June 2022 1,425 ​ $ 24.80 October 2022 12,125 ​ $ 21.40 December 2022 32,600 ​ $ 10.20 May 10, 2023 1,425 ​ $ 5.97 May 19, 2023 115,000 ​ $ 5.67 ​ Of options awarded under the 2021 Plan, 185,225 were outstanding at June 30, 2023. ​ At June 30, 2023, there were 76,378 options outstanding under the 2020 Plan that were vested and exercisable and 8,820 options outstanding under the 2021 Plan that were vested and exercisable. Information about options to purchase common stock of the Company under both Plans is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ average ​ Weighted ​ ​ ​ ​ exercise ​ average ​ ​ Number of ​ price ​ contractual ​ ​ shares ​ per share ​ term (years) Outstanding at December 31, 2021 85,685 $ 6.60 5.2 Granted 68,800 ​ ​ 24.40 6.4 Exercised (3,633) ​ ​ 1.60 — Forfeited — ​ ​ — — Outstanding at December 31, 2022 150,852 ​ ​ 14.80 5.3 Granted 116,425 ​ ​ 5.67 0.9 Exercised — ​ ​ — — Forfeited — ​ — — Outstanding at June 30, 2023 267,277 ​ $ 10.84 4.9 ​ The intrinsic value of the outstanding options as of June 30, 2023, was $0. Option valuation The assumptions that the Company used to determine the grant-date fair value of options granted in the six months ended June 30, 2023 and 2022, were as follows: ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ 2023 2022 Risk-free interest rate 4.01% - 4.72% ​ 1.38% - 2.79% Expected term (in years) 6.0 ​ 3.5 - 6.0 Expected volatility 100.6% - 100.8% ​ 93.2% Expected dividend yield — ​ — Fair value per share of underlying stock ​ $5.67 - $5.97 ​ $24.80 - $49.00 ​ The weighted average grant date fair value per share of the options granted in the six months ended June 30, 2023 and 2022, was $4.59 and $34.00, respectively. The Company recorded share-based compensation expense of $175,484 and $334,244 during the three and six months ended June 30, 2023, respectively, and $98,599 and $159,172 during the three and six months ended June 30, 2022, respectively, all of which related to stock options. The remaining share-based compensation expense to be recognized in the future is approximately $1,449,755 over approximately 2.2 years.

Employee Stock Purchase Plan

Employee Stock Purchase Plan	6 Months Ended
	Jun. 30, 2023
Employee Stock Purchase Plan
Employee Stock Purchase Plan	(12) Employee Stock Purchase Plan In 2021, the Company adopted an Employee Stock Purchase Plan (the “ESPP”) to provide eligible employees of the Company with opportunities to purchase shares of the Company’s common stock. The ESPP initially provided for the purchase of an aggregate of up to 7,500 shares of common stock. The number of shares of common stock available through the ESPP increased by 4,500 shares in January 2022 and January 2023, and may be increased each subsequent year by up to 4,500 shares.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2023
Net Loss Per Share
Net Loss Per Share	(13) Net Loss Per Share The Company reported net losses for the three and six months ended June 30, 2023 and 2022. Reported basic and diluted net loss per share attributable to common stockholders are the same for all periods because shares issuable in connection with Contingent Securities have been excluded from the computation of diluted weighted-average shares outstanding. As indicated in the table below, the effect of their inclusion would have been antidilutive. In accordance with ASC 260-10-45-13, a penny warrant is an instrument that requires the holder to pay little or no consideration to receive the shares upon exercise of the warrant. Since the shares underlying the PFWs are issuable for little or no consideration, the Company considered them outstanding in the context of basic earnings per share. The following table sets forth the computation of basic and diluted loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Six months ended ​ ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 Basic and diluted loss per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (4,341,653) ​ $ (4,671,232) ​ $ (9,158,586) ​ $ (8,141,302) Weighted-average common shares outstanding ​ 1,319,529 ​ 648,862 ​ 1,020,644 ​ 648,862 Net loss per share ​ $ (3.29) ​ $ (7.20) ​ $ (8.97) ​ $ (12.55) ​ ​ ​ Shares issuable upon the exercise of stock options shown in the computation of diluted loss per weighted-average share outstanding are assumed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Shares issuable on exercise of vested options ​ 92,015 ​ 41,248 ​ 92,015 ​ 41,248 ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Taxes
Income Taxes	(14) Income Taxes The Company’s income tax benefit (expense) was $0 for the three and six months ended June 30, 2023 and 2022. The Company has recorded a full valuation allowance against its net deferred tax assets as of June 30, 2023, and December 31, 2022, because the Company has determined that is it more likely than not that these assets will not be fully realized due to historic net operating losses incurred. Accordingly, the benefit of the net operating loss that would have been recognized in the three and six months ended June 30, 2023 and 2022, was fully offset by changes in the valuation allowance. As of June 30, 2023, and December 31, 2022, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s statements of operations.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events
Subsequent Events	(15) Subsequent Events For its financial statements as of June 30, 2023, the Company evaluated subsequent events through August 14, 2023, the date on which those financial statements were issued and determined that there were none for which disclosure is warranted.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies
Basis of Presentation	(a) Basis of Presentation These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, these financial statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair presentation of the financial position of TransCode Therapeutics, Inc. at June 30, 2023, and its results of operations for the three and six months ended June 30, 2023 and 2022, and its cash flows for the six months ended June 30, 2023 and 2022. The interim results of operations are not necessarily indicative of the results to be expected for a full year. These interim financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2022, and notes thereto contained in the Company’s Annual Report on Form 10-K, filed with the SEC. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations relating to interim financial statements.
Use of Estimates	(b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include but are not limited to the valuation of share-based compensation, income from grants, and accrued research and development costs. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. Accounting estimates used in the preparation of these financial statements change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the financial statements, actual results may materially vary from these estimates.
Basic and Diluted Net Loss per Share	(c) Basic and Diluted Earnings (Loss) per Share Basic net loss per share is determined by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share includes the effect, if any, from the potential conversion, vesting or exercise of securities (Contingent Securities) such as convertible promissory notes, stock options and warrants, which would result in the issuance of additional shares of common stock. The computation of diluted net loss per shares does not include the conversion or exercise of Contingent Securities when the effect of doing so would be antidilutive.
Cash	(d) Cash The Company classifies deposits in banks, money market funds and cash invested temporarily in various instruments with original maturities of three months or less as cash and cash equivalents. To date, the Company has not held any funds in money market funds or instruments with original maturities of three months or less. The Company holds significant cash balances in U.S. banks which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or lack of access to such funds could have a material adverse effect on the Company’s financial condition, results of operations, and cash flows.
Fair Value of Financial Instruments	(e) Fair Value of Financial Instruments The Company’s financial instruments at June 30, 2023, and December 31, 2022, included cash, grant receivable, prepaid expenses and other current assets, right-of-use asset, accounts payable and accrued expenses, deferred grant income, and current and long-term portion of lease liability. Cash is reported at fair value. The recorded carrying amount of grant receivable, prepaid expenses and other current assets, accounts payable and accrued expenses, deferred grant income, and current and long-term portion of lease liability approximate their fair value due to their short-term or fixed arrangements nature.
Research and Development	(f) Research and Development Research and development costs are expensed as incurred and primarily comprise expenses to discover, research and develop therapeutic candidates. These expenses may include personnel costs, stock-based compensation expense, materials and supplies, allocated facility-related and depreciation expenses, third-party license fees, and costs under arrangements with third party vendors, such as contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and consultants. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are recorded as prepaid expenses. Such amounts are recognized as expenses as the goods are delivered or the related services are performed, or until it is no longer expected that the goods will be delivered or the services rendered. The Company has entered into various research and development-related contracts with companies both inside and outside the United States. The related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates. Patent Costs All legal fees and expenses and costs related to patent-related filings with governmental authorities incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. Other patent costs are classified as R&D expenses.
Grant Income	(g) Grant Income Funds from grants are recognized as grant income in the statements of operations as and when earned for the specific research and development projects for which the grants are designated. In April 2021, the Company received an award (the “Award”) from the National Cancer Institute in support of the Company’s lead therapeutic candidate. Since there is no transfer of ownership of the work performed under the Award, and the Company does not lose control over the work performed under the Award, the Company deems the Award funds as a contribution. Grant payments received in excess of grant income earned are recorded as deferred grant income on the Company’s balance sheet until the related income has been earned. Grant income earned in excess of grant payments received is recorded as grant receivable on the Company’s balance sheet.
Share-Based Compensation	(h) Share-Based Compensation Share-based compensation, if any, for employees and non-employees is measured at the grant date based on the fair value of the award. The Company recognizes compensation expense, if any, for awards to employees and directors over the requisite service period, which is generally the vesting period of the respective award, and for awards to non-employees over the period during which services are rendered by such non-employees until completed. Generally, the Company issues awards with only service-based vesting conditions and records the expense for these awards using the straight-line method. The Company classifies share-based compensation expense in its statements of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. Forfeitures are accounted for as they occur. Because prior to the IPO, there was no public market for the Company’s common stock, the estimated fair value of the common stock was determined by the Company’s board of directors (the “Board”) as of the date of each award, with input from management, considering, when available, third-party valuations of the Company’s common stock as well as the Board’s assessment of additional objective and subjective factors that it believed were relevant and which may have changed between the date of the then most recent third-party valuation, if any, and the date of the grant. The assumptions used in calculating the fair value of share-based awards represented management’s best estimates and involved inherent uncertainties and the application of management’s judgment. As a result, if factors were to change and management were to use different assumptions, share-based compensation expense could be materially different. The fair value of awards made subsequent to the IPO are determined using the closing price of the Company’s common stock on the date of grant. Certain stock appraisal methodologies utilize, among other variables, the volatility of the stock price. When private, the Company lacked Company-specific historical and implied volatility information for its stock. Therefore, it estimated its expected stock price volatility based on the historical volatility of publicly-traded peer companies and expects to continue to do so until such time, if ever, as it has adequate historical data regarding the volatility of its own publicly-traded stock price. The expected life of options awarded was estimated using the simplified method because the Company has limited historical information on which to base reasonable expectations about future exercise patterns and post-vesting employment. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends on its common stock and does not expect to pay cash dividends in the foreseeable future.
Property and Equipment	(i) Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows: ​ ​ ​ ​ ​ Estimated useful life Laboratory equipment 3 years Furniture and fixtures 5 years Computer and office equipment 3 years Leasehold improvements Shorter of the useful life or remaining lease term ​ When assets are retired or otherwise disposed of, the cost of assets disposed of and the related accumulated depreciation is removed from the accounts and any resulting gain or loss is included in the statements of operations in the period of disposal. Expenditures for repairs and maintenance are charged to expense as incurred.
Income Taxes	(j) Income Taxes The Company provides for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of the dates of the Company’s balance sheets herein, the Company had a full valuation allowance against deferred tax assets. The Company is subject to the provisions of ASC 740-10-25, “Income Taxes” (ASC 740). ASC 740 prescribes a more likely-than-not threshold for the financial statement recognition of uncertain tax positions. ASC 740 clarifies the accounting for income taxes by prescribing a minimum recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. There are currently no open federal or state tax audits. The Company has not recorded any liability for uncertain tax positions at the dates of the Company’s balance sheets herein.
Emerging Growth Company Status	(k) Emerging Growth Company Status The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act (“JOBS Act”) and may take advantage of certain exemptions from various reporting requirements that are applicable to public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting standards. As a result of this election, the Company’s financial statements may not be comparable to companies that comply with public company FASB standards’ effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of a public offering or such earlier time that it is no longer an EGC.
Recent Accounting Pronouncements	(l) Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40) (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. The ASU’s amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The Company's adoption of ASU 2020-06 on January 1, 2023, did not have a material impact on the Company's financial statements.
Reverse Stock Split	(m) Reverse Stock Split ​ On May 23, 2023, the Company effected a reverse split of the Company’s common stock, either issued and outstanding or held by the Company as treasury stock, (the “2023 Reverse Split”) previously approved by the Board and shareholders of the Company. The 2023 Reverse Split was at a ratio of one
Collaboration Agreements	(n) Collaboration Agreements When the Company enters into a collaboration agreement, it evaluates the arrangement against the requirements of Accounting Standards Codification (ASC) 808 Collaborative Arrangements (“ASC 808”) as well as Accounting Standards Update 2018-18 which clarifies the interaction between Topic 808 and Topic 606 (ASU 2018-18). ASU 2018-18 indicates that collaborative arrangements could be partially in the scope of other guidance, including ASC 606.
Leases	(o) Leases The Company leases certain office and laboratory space. At inception, the Company determines if a contract or arrangement contains a lease. Leases are evaluated and classified as either operating or finance leases. A lease is classified as a finance lease if any of the following criteria are met: (i) ownership of the underlying asset transfers to the Company by the end of the lease term; (ii) the lease contains an option to purchase the underlying asset that the Company is reasonably expected to exercise; (iii) the lease term is for a major part of the remaining economic life of the underlying asset; (iv) the present value of the sum of lease payments and any residual value guaranteed by the Company equals or exceeds substantially all of the fair value of the underlying asset; or (v) the underlying asset is of a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease that does not meet any of the criteria to be classified as a finance lease is classified as an operating lease. Operating leases are included on the balance sheets as Right-of-Use (ROU) assets, net; Current portion of operating lease liabilities; and Operating lease liabilities. ROU assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. Where leases do not provide an implicit rate for use in determining the present value of future payments, the Company uses an incremental borrowing rate that represents the cost of borrowing on a collateralized basis for a period equal to the expected lease term. ROU assets also include any lease payments made and exclude any lease incentives and initial direct costs incurred. Lease terms may include periods under options to extend the lease or terminate the lease prior to expiration when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term, including rent abatement periods and rent holidays. While lease liabilities are not remeasured as a result of changes to these costs, changes are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. Finance leases are included on the balance sheets as Property and Equipment, net; Current maturities of long-term debt; and Long-term debt. Finance lease costs are split between depreciation expense related to the asset and interest expense on the lease liability, using the effective rate charged by the lessor. The Company has elected to account for lease and non-lease components separately. Additionally, the Company has elected not to record short-term leases, those with expected terms of twelve months or less, on the balance sheets. Certain lease agreements include fixed escalations, while others include rental payments adjusted periodically for inflation.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies
Summary of estimated useful life of property and equipment	​ ​ ​ ​ ​ Estimated useful life Laboratory equipment 3 years Furniture and fixtures 5 years Computer and office equipment 3 years Leasehold improvements Shorter of the useful life or remaining lease term

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Prepaid Expenses and Other Current Assets
Schedule of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2023 2022 Prepaid operating expenses ​ $ 138,415 ​ $ 122,428 Contract manufacturers and research organizations ​ 722,347 ​ 241,111 Insurance premiums ​ 37,208 ​ 1,255,317 Prepaid FICA ​ ​ 422,492 ​ ​ 422,492 Deposits ​ — ​ 9,410 ​ ​ $ 1,320,462 ​ $ 2,050,758

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property and Equipment
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 ​ 2022 Laboratory and computer equipment ​ $ 379,444 ​ $ 348,441 Less accumulated depreciation ​ (200,469) ​ (139,860) Total property and equipment, net ​ $ 178,975 ​ $ 208,581

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Accounts Payable and Accrued Expenses
Schedule of accounts payable and accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2023 ​ 2022 Professional and general consulting fees ​ $ 317,089 ​ $ 758,816 R&D expenses – CMOs, CROs, supplies, equipment and consulting ​ 1,904,658 ​ 2,397,038 General expenses ​ 464,808 ​ 124,676 Insurance premiums ​ 3,217 ​ 844,283 Payroll and benefits ​ ​ 312,242 ​ ​ 164,657 Accrued license payments ​ ​ 42,028 ​ ​ 57,820 ​ ​ $ 3,044,042 ​ $ 4,347,290

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies
Schedule of lease cost	​ ​ ​ ​ ​ ​ Six Months ​ ​ Ended Operating Leases ​ June 30, 2023 Weighted average remaining lease term (years) 1.58 ​ Weighted average discount rate 3.6 % ​ ​ ​ ​ ​ Year ending December 31, ​ ​ 2023 ​ $ 186,426 2024 ​ ​ 459,749 2025 ​ ​ 38,291 Total undiscounted lease payments ​ ​ 684,466 Imputed interest ​ ​ (21,173) Lease liability ​ $ 663,293 ​
Schedule of milestone payments the Company shall pay to Licensor	​ ​ ​ ​ ​ Milestone Event Amount Enrollment of first patient in a phase II clinical trial of a therapeutic product or process ​ $ 100,000 Enrollment of first patient in a phase III clinical trial of a therapeutic product or process ​ $ 200,000 First commercial sale of a therapeutic product or process ​ $ 1,000,000 Filing of an application for regulatory approval of a clinical diagnostic product or process ​ $ 100,000 First regulatory approval of a clinical diagnostic product or process ​ $ 150,000

Warrants (Tables)

Warrants (Tables)	6 Months Ended
	Jun. 30, 2023
Warrants
Summary of company's outstanding or issuable warrant	The following table summarizes the Company’s outstanding or issuable warrants at June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ Number Exercise Price Description ​ of Shares ​ Per Share Placement agent warrants from IPO 15,625 ​ $ 100.00 Placement agent warrants from February RDO 9,962 ​ 13.18 Consultant warrants 6,250 ​ 10.00 Series A-1 warrants 2,000,000 ​ 3.25 Series A-2 warrants 2,000,000 ​ 3.25 Placement agent warrants from June RDO 140,000 ​ 4.38 Pre-funded warrants from June RDO 950,000 ​ 0.01

Share-Based Compensation (Table

Share-Based Compensation (Table)	6 Months Ended
	Jun. 30, 2023
Share-Based Compensation
Summary of options to purchase common stock	​ ​ ​ ​ ​ ​ ​ ​ Number of Exercise Price Date ​ Options ​ Per Share February 2022 12,950 ​ $ 49.00 March 2022 9,700 ​ $ 42.40 June 2022 1,425 ​ $ 24.80 October 2022 12,125 ​ $ 21.40 December 2022 32,600 ​ $ 10.20 May 10, 2023 1,425 ​ $ 5.97 May 19, 2023 115,000 ​ $ 5.67 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ average ​ Weighted ​ ​ ​ ​ exercise ​ average ​ ​ Number of ​ price ​ contractual ​ ​ shares ​ per share ​ term (years) Outstanding at December 31, 2021 85,685 $ 6.60 5.2 Granted 68,800 ​ ​ 24.40 6.4 Exercised (3,633) ​ ​ 1.60 — Forfeited — ​ ​ — — Outstanding at December 31, 2022 150,852 ​ ​ 14.80 5.3 Granted 116,425 ​ ​ 5.67 0.9 Exercised — ​ ​ — — Forfeited — ​ — — Outstanding at June 30, 2023 267,277 ​ $ 10.84 4.9
Summary of assumptions to determine the grant-date fair value of options granted	​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ 2023 2022 Risk-free interest rate 4.01% - 4.72% ​ 1.38% - 2.79% Expected term (in years) 6.0 ​ 3.5 - 6.0 Expected volatility 100.6% - 100.8% ​ 93.2% Expected dividend yield — ​ — Fair value per share of underlying stock ​ $5.67 - $5.97 ​ $24.80 - $49.00

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Net Loss Per Share
Schedule of computation of basic and diluted loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Six months ended ​ ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 Basic and diluted loss per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (4,341,653) ​ $ (4,671,232) ​ $ (9,158,586) ​ $ (8,141,302) Weighted-average common shares outstanding ​ 1,319,529 ​ 648,862 ​ 1,020,644 ​ 648,862 Net loss per share ​ $ (3.29) ​ $ (7.20) ​ $ (8.97) ​ $ (12.55) ​ ​ ​
Schedule of computation of diluted loss per weighted-average share outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Shares issuable on exercise of vested options ​ 92,015 ​ 41,248 ​ 92,015 ​ 41,248

Nature of Business and Liquid_2

Nature of Business and Liquidity - IPO (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 13, 2021	Jun. 30, 2023	Feb. 28, 2023
Nature of Business and Liquidity
Number of shares of common stock called by warrants		15,625	9,962
Exercise price		$ 100
IPO
Nature of Business and Liquidity
Gross proceeds	$ 28,750
Shares issued (in shares)	359,375
Price per share (in dollars per share)	$ 80
Net proceeds	$ 25,400
Number of shares of common stock called by warrants	15,625
Exercise price	$ 100
Redemption premium (as a percent)	125%
Shares converted (in shares)	53,406

Nature of Business and Liquid_3

Nature of Business and Liquidity - Additional Information (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Nature of Business and Liquidity
Net cash used in operating activities					$ 8,905,252	$ 7,320,760
Net loss	$ (4,341,653)	$ (4,816,934)	$ (4,671,232)	$ (3,470,070)	(9,158,586)	$ (8,141,302)
Accumulated deficit	(37,028,836)				(37,028,836)		$ (27,870,249)
Cash	$ 3,572,475				$ 3,572,475		$ 4,968,418

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Estimated useful life of property and equipment (Details)	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies
Reverse stock split ratio	0.05
Laboratory equipment
Summary of Significant Accounting Policies
Estimated useful life	3 years
Furniture and fixtures
Summary of Significant Accounting Policies
Estimated useful life	5 years
Computer and office equipment
Summary of Significant Accounting Policies
Estimated useful life	3 years

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expenses and Other Current Assets
Prepaid operating expenses	$ 138,415	$ 122,428
Contract manufacturers and research organizations	722,347	241,111
Insurance premiums	37,208	1,255,317
Prepaid FICA	422,492	422,492
Deposits		9,410
Prepaid expenses and other current assets	$ 1,320,462	$ 2,050,758

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property and Equipment
Laboratory and computer equipment	$ 379,444		$ 379,444		$ 348,441
Less accumulated depreciation	(200,469)		(200,469)		(139,860)
Total property and equipment, net	178,975		178,975		$ 208,581
Depreciation expense	$ 30,970	$ 22,698	$ 60,610	$ 44,299

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Accounts Payable and Accrued Expenses
Professional and general consulting fees	$ 317,089	$ 758,816
R&D expenses - CMOs, CROs, supplies, equipment and consulting	1,904,658	2,397,038
General expenses	464,808	124,676
Insurance premiums	3,217	844,283
Payroll and benefits	312,242	164,657
Accrued license payments	42,028	57,820
Total accounts payable and accrued expenses	3,044,042	4,347,290
Outstanding payables to CROs or CMOs	$ 1,524,945	$ 2,030,347

Deferred Grant Income (Details)

Deferred Grant Income (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Apr. 30, 2023	May 31, 2022	May 31, 2021
Grant Income
Expected award amount	$ 2,392,845
Grant term (in years)	3 years
Grant income recognized		$ 788,937	$ 34,730	$ 868,345	$ 41,720
Deferred grant income							$ 870,684	$ 1,129,316	$ 308,861
Grant income receivable				$ 81,747		$ 0

Commitments and Contingencies_2

Commitments and Contingencies (Details)		1 Months Ended	6 Months Ended
	Feb. 01, 2023 USD ($)	Mar. 31, 2021 USD ($) ft²	Jun. 30, 2023 USD ($) $ / ft²	Dec. 31, 2022 USD ($) ft²
Leases
Rental expenses year one | $ / ft²			37,285
Rental expenses year two | $ / ft²			38,403
Rental expenses year three | $ / ft²			39,559
Lease commitment			$ 684,466
Massachusetts Biomedical Initiatives, Inc. ("MBI")
Leases
Real estate (in sq ft) | ft²		2,484		4,837
Rent payments (per month)		$ 6,521
Additional sublease payment per month			650
Total additional sublease payment per month			$ 10,276
Total sublease commitment				$ 900,000
Operating lease liability	$ 900,000
Massachusetts Biomedical Initiatives, Inc. ("MBI") | Operating Expense
Leases
Rent payments (per month)		$ 3,105

Commitments and Contingencies -

Commitments and Contingencies - Schedule of operating lease (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies
Weighted average remaining lease term (years)	1 year 6 months 29 days		1 year 6 months 29 days
Weighted average discount rate	3.60%		3.60%
2023	$ 186,426		$ 186,426
2024	459,749		459,749
2025	38,291		38,291
Total undiscounted lease payments	684,466		684,466
Imputed interest	(21,173)		(21,173)
Lease liability	663,293		663,293
Rent expense	$ 188,906	$ 103,161	$ 337,881	$ 143,590

Commitments and Contingencies_3

Commitments and Contingencies - License Agreement (Details) - USD ($)		1 Months Ended			6 Months Ended
	Apr. 15, 2022	Nov. 30, 2020	Oct. 31, 2020	Nov. 30, 2018	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies
One-time non-refundable fee of license agreement				$ 50,000
Reimbursement of Licensor's patent costs at execution of the License				145,000
Minimum annual license fee				$ 25,000
Period within each anniversary of the effective date of the License that minimum annual license fee must be paid				60 days
Maximum total milestone payments					$ 1,550,000
Period within which the milestone payments should be paid upon achievement of the milestone					60 days
Enrollment of first patient in a phase II clinical trial of a therapeutic product or process					$ 100,000
Enrollment of first patient in a phase III clinical trial of a therapeutic product or process					200,000
First commercial sale of a therapeutic product or process					1,000,000
Filing of an application for regulatory approval of a clinical diagnostic product or process					100,000
First regulatory approval of a clinical diagnostic product or process					$ 150,000
Royalties calculated as a percentage to on net sales of licensed products for therapeutic products or processes					3%
Royalties calculated as a percentage to on net sales of licensed products for clinical diagnostic products and processes					6%
Royalties calculated as a percentage of any and all sublicense income					30%
Notice period for terminating License					90 days
Period after the first commercial sale that the License shall continue if not terminated by the company					10 years
Royalty percentage beyond the term of the License					1.50%
Minimum annual license fee for Patent Family 1		$ 30,000	$ 25,000
Minimum annual license fee related to Patent Family 2					$ 10,000
Cost of option agreement	$ 7,500
Terms of extended option agreement with Licensor	6 months
Cost of extended option agreement	$ 5,000
Accrued license obligations					$ 42,028	$ 57,820

Commitments and Contingencies_4

Commitments and Contingencies - Collaboration Agreement and Litigation (Details) - USD ($)		6 Months Ended	15 Months Ended
	Jul. 29, 2022	Jun. 30, 2023	Jun. 30, 2023
Employee Severance | Maximum
Commitments and Contingencies
Aggregate amount of severance		$ 2,483,700
Collaboration Agreement | The University of Texas M. D. Anderson Cancer Center ("MD Anderson")
Commitments and Contingencies
Collaboration agreement term	5 years
Amount the company has committed to pay	$ 10,000,000
Amount the company has committed to pay in year one	500,000
Subsequent payments made in first anniversary	2,000,000
Subsequent payments made in second anniversary	2,500,000
Subsequent payments made in third anniversary	2,500,000
Subsequent payments made in fourth anniversary	$ 2,500,000
Total expenses incurred under the arrangement			$ 0

Stockholders' Equity (Details)

Stockholders' Equity (Details)				1 Months Ended			3 Months Ended		6 Months Ended
	Jun. 09, 2023 USD ($) $ / shares	Jun. 06, 2023 $ / shares shares	Feb. 16, 2023 USD ($) $ / shares shares	Jun. 30, 2023 Vote $ / shares shares	May 31, 2023 USD ($) shares	Apr. 30, 2023 USD ($) shares	Jun. 30, 2023 USD ($) Vote $ / shares shares	Mar. 31, 2023 shares	Jun. 30, 2023 USD ($) Vote $ / shares shares	Jun. 08, 2023 $ / shares shares	Feb. 28, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Apr. 27, 2021 $ / shares shares
Stockholders' Equity
Maximum number of shares which the Company is authorized to issue													300,000,000
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.0001			$ 0.0001		$ 0.0001			$ 0.0001	$ 0.0001
Common stock, par value (in dollars per share) | $ / shares				$ 0.0001			$ 0.0001		$ 0.0001			$ 0.0001
Accumulated restricted common stock issued				648,862			648,862		648,862			648,862
Accumulated restricted common stock outstanding				1,950,674			1,950,674		1,950,674			1,950,674
Preferred stock, shares issued (in shares)				0			0		0			0
Net proceeds from sales of common stock | $									$ 7,676,109
Number of warrants purchased				15,625			15,625		15,625		9,962
Term of warrants				5 years			5 years		5 years		5 years
Sale of stock exercise price | $ / shares											$ 13.175
Exercise price | $ / shares				$ 100			$ 100		$ 100
Common Stock - Dividends and Voting
Cash dividends were declared or paid | $							$ 0		$ 0
Common stock voting rights per share | Vote				1			1		1
Pre-funded warrants
Stockholders' Equity
Price per share (in dollars per share) | $ / shares				$ 3.49			$ 3.49		$ 3.49
Number of warrants purchased				950,000			950,000		950,000
Issuances of common stock, net (in shares)				1,901,000
Exercise price | $ / shares				$ 0.01			$ 0.01		$ 0.01
Series A warrants
Stockholders' Equity
Term of warrants	3 years
Exercise price | $ / shares	$ 3.25
Series A-1 Warrants
Stockholders' Equity
Number of warrants purchased				2,000,000			2,000,000		2,000,000
Exercise price | $ / shares				$ 3.25			$ 3.25		$ 3.25
Series A-2 Warrants
Stockholders' Equity
Number of warrants purchased				2,000,000			2,000,000		2,000,000
Exercise price | $ / shares				$ 3.25			$ 3.25		$ 3.25
June Placement Agent Warrants
Stockholders' Equity
Number of warrants purchased										140,000
Term of warrants	3 years
Exercise price | $ / shares										$ 4.375
White Lion Purchase Agreement
Stockholders' Equity
Net proceeds from sales of common stock | $					$ 518,844	$ 518,844
Issuances of common stock, net (in shares)					110,000	110,000
Aggregate legal and printing expenses | $					$ 75,418	$ 75,418
Securities Purchase Agreement
Stockholders' Equity
Price per share (in dollars per share) | $ / shares		$ 3.50
Issuances of common stock, net (in shares)		99,000
Net proceeds from the June RDO | $	$ 6,100,000
Commencement period for exercise of warrants, following the date of issuance			6 months
Securities Purchase Agreement | Pre-funded warrants
Stockholders' Equity
Number of warrants sold		1,901,000
Securities Purchase Agreement | Series A-1 Warrants
Stockholders' Equity
Number of warrants sold		2,000,000
Securities Purchase Agreement | Series A-2 Warrants
Stockholders' Equity
Number of warrants sold		2,000,000
Securities Purchase Agreement | June Placement Agent Warrants
Stockholders' Equity
Number of warrants purchased				140,000			140,000		140,000
Term of warrants	3 years
Exercise price | $ / shares	$ 4.375
Securities Purchase Agreement
Stockholders' Equity
Aggregate of direct offering			142,315
Price per share (in dollars per share) | $ / shares			$ 10.54
Net proceeds from sales of common stock | $			$ 1,200,000
Common Stock
Stockholders' Equity
Maximum number of shares which the Company is authorized to issue													290,000,000
Issuances of common stock, net (in shares)							1,159,497	142,315
Preferred Stock
Stockholders' Equity
Maximum number of shares which the Company is authorized to issue													10,000,000

Warrants (Details)

Warrants (Details) - $ / shares	1 Months Ended
	Jun. 30, 2023	Aug. 22, 2023	Jun. 09, 2023	Jun. 08, 2023	Feb. 28, 2023
Warrants
Number of warrants purchased	15,625				9,962
Exercise price	$ 100
Underwriter Initial public offering price (in percentage)	125%
Underwriter warrants term	5 years				5 years
Sale of stock exercise price					$ 13.175
June Placement Agent Warrants
Warrants
Number of warrants purchased				140,000
Exercise price				$ 4.375
Underwriter warrants term			3 years
Pre-funded warrants
Warrants
Number of warrants purchased	950,000
Exercise price	$ 0.01
Shares issued (in shares)	1,901,000
Price per share (in dollars per share)	$ 3.49
Series A warrants
Warrants
Exercise price			$ 3.25
Underwriter warrants term			3 years
Series A-1 Warrants
Warrants
Number of warrants purchased	2,000,000
Exercise price	$ 3.25
Series A-2 Warrants
Warrants
Number of warrants purchased	2,000,000
Exercise price	$ 3.25
Consulting Agreement
Warrants
Number of warrants purchased					12,500
Sale of stock exercise price					$ 10
Reduce number of warrants		6,250

Warrants - Summary of Company's

Warrants - Summary of Company's Outstanding or Issuable Warrants (Details) - $ / shares	Jun. 30, 2023	Feb. 28, 2023
Class of Warrant or Right [Line Items]
Number of warrants purchased	15,625	9,962
Exercise price (in dollars per share)	$ 100
Placement agent warrants from IPO
Class of Warrant or Right [Line Items]
Number of warrants purchased	15,625
Exercise price (in dollars per share)	$ 100
Placement agent warrants from February RDO
Class of Warrant or Right [Line Items]
Number of warrants purchased	9,962
Exercise price (in dollars per share)	$ 13.18
Consultant warrants
Class of Warrant or Right [Line Items]
Number of warrants purchased	6,250
Exercise price (in dollars per share)	$ 10
Series A-1 Warrants
Class of Warrant or Right [Line Items]
Number of warrants purchased	2,000,000
Exercise price (in dollars per share)	$ 3.25
Series A-2 Warrants
Class of Warrant or Right [Line Items]
Number of warrants purchased	2,000,000
Exercise price (in dollars per share)	$ 3.25
Placement agent warrants from June RDO
Class of Warrant or Right [Line Items]
Number of warrants purchased	140,000
Exercise price (in dollars per share)	$ 4.38
Pre-funded warrants
Class of Warrant or Right [Line Items]
Number of warrants purchased	950,000
Exercise price (in dollars per share)	$ 0.01

Share-Based Compensation (Detai

Share-Based Compensation (Details) - Stock Option and Incentive Plan 2020	6 Months Ended
	Jun. 30, 2023
Minimum
Share-Based Compensation
Vesting period	2 years
Maximum
Share-Based Compensation
Vesting period	4 years

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - shares

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

May 19, 2023

May 10, 2023

Dec. 31, 2022

Oct. 31, 2022

Jun. 30, 2022

Mar. 31, 2022

Feb. 28, 2022

Jan. 31, 2022

Dec. 31, 2021

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Jan. 31, 2023

Dec. 31, 2020

Apr. 30, 2020

Share-Based Compensation

Exercise of stock options (in shares)

3,948

3,633

Options awarded during period

116,425

68,800

Significant shareholder threshold used for determining exercise price

10%

Exercise price as a percentage of fair value

100%

Exercise price as a percentage of fair value for shareholders owning specified minimum amount

110%

Option terms for shareholders owning specified minimum amount

5 years

Options vested

92,015

41,248

92,015

41,248

Number of stock options outstanding

150,852

85,685

267,277

267,277

150,852

Stock Option and Incentive Plan 2020

Share-Based Compensation

Shares approved for issuance of options

151,639

Terms of award

10

Stock Option and Incentive Plan 2020 | Minimum

Share-Based Compensation

Vesting period

2 years

Stock Option and Incentive Plan 2020 | Maximum

Share-Based Compensation

Vesting period

4 years

Stock Option and Incentive Plan 2021

Share-Based Compensation

Shares approved for issuance of options

125,000

125,000

Options awarded during period

115,000

1,425

32,600

12,125

1,425

9,700

12,950

Options available for future grants

32,261

32,443

Number of stock options outstanding

185,225

185,225

Options | Stock Option and Incentive Plan 2020

Share-Based Compensation

Shares approved for issuance of options

87,813

Number of stock options outstanding

76,378

76,378

Options | Stock Option and Incentive Plan 2021

Share-Based Compensation

Shares approved for issuance of options

1,819

Number of shares terminated

3,633

Options available for future grants

8,820

8,820

Share-Based Compensation - Info

Share-Based Compensation - Information About Options to Purchase Common Stock Under The 2021 Plan (Details) - $ / shares			1 Months Ended					6 Months Ended	12 Months Ended
	May 19, 2023	May 10, 2023	Dec. 31, 2022	Oct. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Feb. 28, 2022	Jun. 30, 2023	Dec. 31, 2022
Share-Based Compensation
Options awarded during period								116,425	68,800
Stock Option and Incentive Plan 2021
Share-Based Compensation
Options awarded during period	115,000	1,425	32,600	12,125	1,425	9,700	12,950
Exercise Price Per Share	$ 5.67	$ 5.97	$ 10.20	$ 21.40	$ 24.80	$ 42.40	$ 49

Share-Based Compensation - In_2

Share-Based Compensation - Information About Options to Purchase Common Stock (Details) - USD ($)	1 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of shares
Outstanding, beginning balance		150,852	85,685
Granted		116,425	68,800
Exercised	(3,948)		(3,633)
Outstanding, ending balance	85,685	267,277	150,852	85,685
Weighted average exercise price per share
Outstanding, beginning balance		$ 14.80	$ 6.60
Granted		5.67	24.40
Exercised			1.60
Outstanding, ending balance	$ 6.60	$ 10.84	$ 14.80	$ 6.60
Weighted average contractual term (years)
Weighted average contractual term (years)		4 years 10 months 24 days	5 years 3 months 18 days	5 years 2 months 12 days
Granted		10 months 24 days	6 years 4 months 24 days
Intrinsic value of the outstanding options		$ 0

Share-Based Compensation - Gran

Share-Based Compensation - Grant-date Fair Value of Options Granted (Details) - Options - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term (in years)	6 years
Expected volatility		93.20%
Weighted average grant date fair value of the options granted	$ 4.59	$ 34
Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate	0.0401%	1.38%
Expected term (in years)		3 years 6 months
Expected volatility	1.006%
Fair value per share of underlying stock	$ 5.67	$ 24.80
Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate	0.0472%	2.79%
Expected term (in years)		6 years
Expected volatility	1.008%
Fair value per share of underlying stock	$ 5.97	$ 49

Share-Based Compensation - Stoc

Share-Based Compensation - Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation
Period for recognition of stock-based compensation expense			2 years 2 months 12 days
Options
Share-Based Compensation
Share-based compensation expense	$ 175,484	$ 98,599	$ 334,244	$ 159,172
Restricted Stock
Share-Based Compensation
Share-based compensation expense				$ 1,449,755

Employee Stock Purchase Plan (D

Employee Stock Purchase Plan (Details) - shares	12 Months Ended
	Dec. 31, 2021	Jan. 31, 2023
Employee Stock Purchase Plan
Shares Issued on ESPP	7,500
Shares available in ESPP	4,500	4,500

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of basic and diluted loss per share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator
Net loss	$ (4,341,653)	$ (4,816,934)	$ (4,671,232)	$ (3,470,070)	$ (9,158,586)	$ (8,141,302)
Denominator
Weighted-average common shares outstanding, Basic	1,319,529		648,862		1,020,644	648,862
Weighted-average common shares outstanding, diluted	1,319,529		648,862		1,020,644	648,862
Net loss per share, Basic	$ (3.29)		$ (7.20)		$ (8.97)	$ (12.55)
Net loss per share, diluted	$ (3.29)		$ (7.20)		$ (8.97)	$ (12.55)

Net Loss Per Share - Computat_2

Net Loss Per Share - Computation of diluted loss per weighted-average share outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Loss Per Share
Shares issuable on exercise of vested options	92,015	41,248	92,015	41,248

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Taxes
Income tax benefit (expense)	$ 0	$ 0	$ 0	$ 0
Accrued interest or penalties related to uncertain tax positions	$ 0		0		$ 0
Interest or penalties related to uncertain tax positions recognized in the Company's statements of operations			$ 0		$ 0

Subsequent Events (Details)

Subsequent Events (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Subsequent Events
Net proceeds from sales of common stock	$ 7,676,109
Reverse stock split ratio	0.05