Cadrenal Therapeutics, Inc. Common Stock (CVKD) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 07, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Information [Line Items]
Entity Registrant Name	CADRENAL THERAPEUTICS, INC.
Entity Central Index Key	0001937993
Entity File Number	001-41596
Entity Tax Identification Number	88-0860746
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	822 A1A North
Entity Address, Address Line Two	Suite 306
Entity Address, City or Town	Ponte Vedra
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32082
Entity Phone Fax Numbers [Line Items]
City Area Code	(904)
Local Phone Number	300-0701
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	CVKD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		1,658,771

Balance Sheets

Balance Sheets - USD ($)		Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 4,363,900	$ 8,402,500
Prepaid expenses		191,706	89,673
Deferred offering costs		116,884
Total current assets		4,672,490	8,492,173
Property, plant and equipment, net		814	2,287
Right of use assets		2,197	20,998
Other assets		3,792	3,792
Total assets		4,679,293	8,519,250
Current liabilities:
Accounts payable		496,823	167,319
Accrued liabilities		767,887	638,206
Operating lease liability		2,232	21,350
Total current liabilities		1,266,942	826,875
Total liabilities		1,266,942	826,875
Stockholders’ equity:
Preferred stock, $0.001 par value, 7,500,000 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023
Common stock, $0.001 par value; 75,000,000 shares authorized, 1,234,672 shares issued and outstanding as of September 30, 2024; 868,184 shares issued and outstanding as of December 31, 2023 (1)	[1]	1,234	868
Additional paid-in capital	[1]	24,946,631	22,762,922
Accumulated deficit		(21,535,514)	(15,071,415)
Total stockholders’ equity		3,412,351	7,692,375
Total liabilities and stockholders’ equity		$ 4,679,293	$ 8,519,250
[1]All share and per share information has been retroactively adjusted to reflect the 1-for-15 reverse stock split effected on August 20, 2024. See Note 6, Stockholders’ Equity for additional information.

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares		Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock par value (in Dollars per share)		$ 0.001	$ 0.001
Preferred stock, shares authorized		7,500,000	7,500,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value (in Dollars per share)	[1]	$ 0.001	$ 0.001
Common stock, shares authorized	[1]	75,000,000	75,000,000
Common stock, shares issued	[1]	1,234,672	868,184
Common stock, shares outstanding	[1]	1,234,672	868,184
[1]All share and per share information has been retroactively adjusted to reflect the 1-for-15 reverse stock split effected on August 20, 2024. See Note 6, Stockholders’ Equity for additional information.

Statements of Operations and Co

Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
General and administrative expenses		$ 1,674,905	$ 898,051	$ 4,013,336	$ 2,647,407
Research and development expenses		784,646	243,948	2,667,382	3,720,222
Depreciation expense		407	597	1,473	1,383
Total operating expenses		2,459,958	1,142,596	6,682,191	6,369,012
Loss from operations		(2,459,958)	(1,142,596)	(6,682,191)	(6,369,012)
Other (income) expense:
Interest and dividend income		(52,129)	(106,145)	(218,092)	(129,321)
Interest expense					3,534
Interest expense, amortization of debt discount					13,567
Change in fair value of derivative liabilities					216,095
Loss on extinguishment of debt					740,139
Total other (income) expense		(52,129)	(106,145)	(218,092)	844,014
Net loss and comprehensive loss		$ (2,407,829)	$ (1,036,451)	$ (6,464,099)	$ (7,213,026)
Net loss per common share, basic (in Dollars per share)	[1]	$ (2.18)	$ (1.01)	$ (5.99)	$ (8.56)
Net loss per common share, diluted (in Dollars per share)	[1]	$ (2.18)	$ (1.01)	$ (5.99)	$ (8.56)
Weighted average number of common shares used in computing net loss per common share, basic (in Shares)	[1]	1,104,005	1,026,415	1,079,489	842,721
Weighted average number of common shares used in computing net loss per common share, diluted (in Shares)	[1]	1,104,005	1,026,415	1,079,489	842,721
[1]All share and per share information has been retroactively adjusted to reflect the 1-for-15 reverse stock split effected on August 20, 2024. See Note 6, Stockholders’ Equity for additional information.

Statements of Changes in Stockh

Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($)		Common Stock		Additional Paid-In Capital		Accumulated Deficit	Total
Balance at Dec. 31, 2022		$ 546	[1]	$ 1,162,633	[1]	$ (6,714,329)	$ (5,551,150)
Balance (in Shares) at Dec. 31, 2022	[1]	546,258
Equity-based compensation - options, restricted stock and RSUs		$ 4	[1]	498,986	[1]		498,990
Equity-based compensation - options, restricted stock and RSUs (in Shares)	[1]	4,056
Issuance of common shares in initial public offering, net of offering costs		$ 93	[1]	5,408,482	[1]		5,408,575
Issuance of common shares in initial public offering, net of offering costs (in Shares)	[1]	93,333
Issuance of common shares to settle convertible debt		$ 76	[1]	1,140,624	[1]		1,140,700
Issuance of common shares to settle convertible debt (in Shares)	[1]	76,047
De-recognition of derivative liabilities				4,596,039	[1]		4,596,039
Issuance of common shares, pre-funded warrants and warrants in private placement, net of fees		$ 87	[1]	6,507,329	[1]		6,507,416
Issuance of common shares, pre-funded warrants and warrants in private placement, net of fees (in Shares)	[1]	86,667
Issuance of common shares from exercise of warrants		$ 17	[1]	249,983	[1]		250,000
Issuance of common shares from exercise of warrants (in Shares)	[1]	16,667
Issuance of common shares to settle asset purchase obligation		$ 40	[1]	2,999,960	[1]		3,000,000
Issuance of common shares to settle asset purchase obligation (in Shares)	[1]	40,000
Issuance of restricted common shares for prepaid consulting services		$ 5	[1]	108,271	[1]		108,276
Issuance of restricted common shares for prepaid consulting services (in Shares)	[1]	5,156
Net loss						(7,213,026)	(7,213,026)
Balance at Sep. 30, 2023		$ 868	[1]	22,672,307	[1]	(13,927,355)	8,745,820
Balance (in Shares) at Sep. 30, 2023	[1]	868,184
Balance at Jun. 30, 2023		$ 781	[1]	16,066,045	[1]	(12,890,904)	3,175,922
Balance (in Shares) at Jun. 30, 2023	[1]	781,517
Equity-based compensation - options, restricted stock and RSUs				98,933	[1]		98,933
Issuance of common shares, pre-funded warrants and warrants in private placement, net of fees		$ 87	[1]	6,507,329	[1]		6,507,416
Issuance of common shares, pre-funded warrants and warrants in private placement, net of fees (in Shares)	[1]	86,667
Net loss						(1,036,451)	(1,036,451)
Balance at Sep. 30, 2023		$ 868	[1]	22,672,307	[1]	(13,927,355)	8,745,820
Balance (in Shares) at Sep. 30, 2023	[1]	868,184
Balance at Dec. 31, 2023		$ 868	[1]	22,762,922	[1]	(15,071,415)	$ 7,692,375
Balance (in Shares) at Dec. 31, 2023		868,184	[1]				868,184	[2]
Issuance of common shares from exercise of pre-funded warrants		$ 199	[1]	99	[1]		$ 298
Issuance of common shares from exercise of pre-funded warrants (in Shares)	[1]	199,047
Rounding of fractional shares from reverse stock split
Rounding of fractional shares from reverse stock split (in Shares)	[1]	(36)
Equity-based compensation - options				551,434	[1]		551,434
Issuance of common stock for consulting services		$ 13	[1]	104,384	[1]		104,397
Issuance of common stock for consulting services (in Shares)	[1]	13,333
Proceeds from sale of common stock, net of fees		$ 154	[1]	1,527,792	[1]		$ 1,527,946
Proceeds from sale of common stock, net of fees (in Shares)	[1]	154,144
Issuance of common shares from exercise of warrants (in Shares)
Net loss						(6,464,099)	$ (6,464,099)
Balance at Sep. 30, 2024		$ 1,234	[1]	24,946,631	[1]	(21,535,514)	$ 3,412,351
Balance (in Shares) at Sep. 30, 2024		1,234,672	[1]				1,234,672	[2]
Balance at Jun. 30, 2024		$ 1,067	[1]	23,118,872	[1]	(19,127,685)	$ 3,992,254
Balance (in Shares) at Jun. 30, 2024	[1]	1,067,231
Rounding of fractional shares from reverse stock split
Rounding of fractional shares from reverse stock split (in Shares)	[1]	(36)
Equity-based compensation - options				195,583	[1]		195,583
Issuance of common stock for consulting services		$ 13	[1]	104,384	[1]		104,397
Issuance of common stock for consulting services (in Shares)	[1]	13,333
Proceeds from sale of common stock, net of fees		$ 154	[1]	1,527,792	[1]		1,527,946
Proceeds from sale of common stock, net of fees (in Shares)	[1]	154,144
Net loss						(2,407,829)	(2,407,829)
Balance at Sep. 30, 2024		$ 1,234	[1]	$ 24,946,631	[1]	$ (21,535,514)	$ 3,412,351
Balance (in Shares) at Sep. 30, 2024		1,234,672	[1]				1,234,672	[2]
[1]All share and per share information has been retroactively adjusted to reflect the 1-for-15 reverse stock split effected on August 20, 2024. See Note 6, Stockholders’ Equity for additional information.[2]All share and per share information has been retroactively adjusted to reflect the 1-for-15 reverse stock split effected on August 20, 2024. See Note 6, Stockholders’ Equity for additional information.

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (6,464,099)	$ (7,213,026)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	1,473	1,383
Equity-based compensation	655,831	607,266
Amortization of debt discount		13,567
Change in fair value of derivative liabilities		216,095
Loss on extinguishment of debt		740,139
Non-cash lease expense	(317)	268
Issuance of shares to settle asset purchase agreement		3,000,000
Changes in operating assets and liabilities:
Prepaid expenses	(102,033)	(145,887)
Deferred offering costs	(116,884)	672,295
Other assets		2,196
Accounts payable	329,504	(263,239)
Accrued liabilities	129,681	(466,935)
Net cash used in operating activities	(5,566,844)	(2,835,878)
Cash flows used in investing activities:
Investment in property and equipment		(3,254)
Net cash used in investing activities		(3,254)
Cash flows from financing activities:
Proceeds from sale of common stock, pre-funded warrants and warrants in private placement, net of fees		6,507,416
Proceeds from sale of common stock, net of fees	1,527,946
Proceeds from exercise of warrants	298	250,000
Repayment of promissory notes		(250,000)
Proceeds from sale of common stock in initial public offering, net of offering costs		5,408,575
Net cash provided by financing activities	1,528,244	11,915,991
Net change in cash	(4,038,600)	9,076,859
Cash and cash equivalents – beginning of the period	8,402,500	32,586
Cash and cash equivalents – end of the period	4,363,900	9,109,445
Supplemental disclosure of non-cash financing activity:
Issuance of common shares to settle convertible debt		1,140,700
De-recognition of derivative liabilities		4,596,039
Issuance of common shares for prepaid consulting services		$ 108,276

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Description of Business and Summary of Significant Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	Note 1. Description of Business and Summary of Significant Accounting Policies Cadrenal Therapeutics, Inc. (the “Company” or “Cadrenal”) was incorporated on January 25, 2022 in the State of Delaware and is headquartered in Ponte Vedra, Florida. Cadrenal Therapeutics is a late-stage biopharmaceutical company developing tecarfarin, a new vitamin K antagonist (VKA) designed to offer safer, superior chronic anticoagulation for patients with implanted cardiac devices or rare cardiovascular conditions. Tecarfarin is anticipated to result in fewer adverse events such as strokes, heart attacks, bleeds and deaths than warfarin, the most commonly used anticoagulant for these patients despite its prevalent side effects, drug-to-drug interactions and frequent dosing changes. Tecarfarin received an orphan drug designation from the U.S. Food and Drug Administration (the “FDA”) for the prevention of thrombosis and thromboembolism (blood clots) in patients with an implanted mechanical circulatory support device, which includes implanted left ventricular assist devices (LVADs), as well as both orphan drug and fast-track status for the prevention of systemic thromboembolism of cardiac origin in end-stage kidney disease (ESKD) patients with atrial fibrillation (AFib). Cadrenal is planning pivotal clinical trials and pursuing clinical and commercial partnerships to advance tecarfarin. The Company’s plans also include studying tecarfarin in patients with mechanical heart valves experiencing anticoagulation difficulties. Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for the fair presentation of the Company’s financial statements for the periods presented. The Company’s fiscal year-end is December 31. The accompanying financial statements of the Company are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2024, the results of its operations for the three and nine months ended September 30, 2024 and 2023, the statements of stockholders’ equity for the three and nine months ended September 30, 2024 and 2023, and its cash flows for the nine months ended September 30, 2024 and 2023. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2024 and 2023 are also unaudited. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. These interim financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2023, and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 11, 2024. Liquidity The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. Since inception, the Company has incurred operating losses, and negative cash flows from operations. For the nine months ended September 30, 2024, the Company had a net loss of $6,464,099, which included $656,987 of non-cash expenses. Cash used in operations for the nine months ended September 30, 2024 totaled $5,566,844. As of September 30, 2024, the Company had cash and cash equivalents of $4,363,900, net working capital of $3,405,548, and an accumulated deficit of $21,535,514. During October 2024, the Company sold 237,099 shares of its common stock through its at-the-market (ATM) facility with H.C. Wainwright & Co. These sales were made at a weighted average price of $14.79 per share, resulting in total gross proceeds of $3,507,817 and net proceeds of $3,390,933 On November 1, 2024, the Company entered into a warrant inducement letter agreement (the “Warrant Inducement Agreement”) with a holder (the “Holder”) of outstanding warrants to purchase up to 285,715 shares of common stock issued in a private placement offering on July 14, 2023 (the “Existing Warrants”) pursuant to which such holder exercised the Existing Warrants at a reduced exercise price of $16.50 generating approximately $4.7 million in gross proceeds. See Note 9-Subsequent Events for a more detailed discussion of the warrant inducement transaction. The Company’s cash and cash equivalents balance of approximately $11.3 million as of November 7, 2024 is expected to be sufficient to fund its operations for at least the next twelve months from the date of the filing of its Quarterly Report on Form 10-Q, however, the Company will require additional funding to complete its planned Phase 3 clinical trial and submit its New Drug Application. Emerging Growth Company Status As an “emerging growth company” (“EGC”) under the Jumpstart Our Business Startups Act (“JOBS Act”), the Company may elect to take advantage of certain forms of relief from various reporting requirements that are applicable to public companies. The relief afforded under the JOBS Act includes an extended transition period for the implementation of new or revised accounting standards. The Company has elected to take advantage of this extended transition period and, as a result, the Company’s financial statements may not be comparable to those of companies that implement accounting standards as of the effective dates for public companies. The Company may take advantage of the relief afforded under the JOBS Act up until the last day of the fiscal year following the fifth anniversary of its initial offering or such earlier time that it is no longer an EGC. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include but are not limited to the fair value of stock-based awards, deferred tax assets and valuation allowance, income tax uncertainties, and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances change. Actual results could differ from those estimates. Concentration of Credit and Other Risks and Uncertainties Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents. Cash is maintained at high credit quality financial institutions and, at times, balances may exceed federally insured limits. All interest-bearing and non-interest-bearing cash balances are insured up to $250,000 at each financial institution. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. The Company is subject to a number of risks common for early-stage biopharmaceutical companies including, but not limited to, dependency on the clinical and commercial success of its product candidate, ability to obtain regulatory approval of its product candidate, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and patients, significant competition and untested manufacturing capabilities. Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in a single operating segment and has one reportable segment. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash and cash equivalents include cash and money market funds. Derivative Financial Instruments The Company evaluates all of its agreements to determine if such instruments have derivatives or contain features that qualify as embedded derivatives. The Company accounted for certain redemption features that were associated with convertible notes as liabilities at fair value and adjusted the instruments to their fair value at the end of each reporting period. Derivative financial liabilities are initially recorded at fair value, with gains and losses arising from changes in the fair value recognized in other (income) expense in the accompanying statements of operations and comprehensive loss for each reporting period while such instruments are outstanding. The embedded derivative liabilities were valued using a probability-weighted expected return model. If the Company repays the noteholders or if, during the next round of financing, the noteholders convert the debt into equity, the derivative financial liabilities are de-recognized and reclassified to stockholders’ equity (deficit) on that date. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. Concurrent with the closing of the initial public offering in January 2023 (the “IPO”), the note holders converted the debt into common stock, accordingly, the derivative financial liabilities were de-recognized and reclassified to stockholders’ equity (deficit) on January 24, 2023. Stock-Based Compensation The Company measures its stock-based awards granted to employees, consultants, and directors based on the estimated fair values of the awards and recognizes the compensation over the requisite service period. The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards. Stock-based compensation is recognized using the straight-line method. As the stock compensation expense is based on awards ultimately expected to vest, it is reduced by forfeitures. The Company accounts for forfeitures as they occur. Deferred Offering Costs The Company capitalizes certain legal, professional, and other third-party costs that are directly associated with in-process equity financings until such financings are consummated, at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss. Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s historical operating performance and net losses, the net deferred tax assets have been fully offset by a valuation allowance. The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of the provision for income taxes. Net Loss Per Common Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of shares of common stock and pre-funded warrants outstanding for the period, without consideration for potential dilutive shares of common stock. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock and common stock equivalents of potentially dilutive securities outstanding for the period determined using the treasury stock or if-converted methods. Since the Company was in a loss position for all periods presented, basic net loss per common share is the same as diluted net loss per common share since the effects of potentially dilutive securities are anti-dilutive. Shares of common stock subject to repurchase are excluded from the weighted-average shares. Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events or circumstances from non-owner sources. Net loss and comprehensive loss were the same for the periods presented in the accompanying financial statements. Research and Development Expenses Research and development costs are expensed as incurred and consist of fees paid to other entities that conduct certain research and development activities on the Company’s behalf. Acquired intangible assets are expensed as research and development costs if, at the time of payment, the technology is under development; is not approved by the FDA or other regulatory agencies for marketing; has not reached technical feasibility; or otherwise has no foreseeable alternative future use. Non-refundable advance payments for goods or services to be received in the future for use in research and development activities are capitalized and then expensed as the related goods are delivered or the services are performed. On January 19, 2023, the Company issued 40,000 shares of common stock to HESP LLC, pursuant to the terms of an Amendment to the Asset Purchase Agreement, dated August 18, 2022, between the Company and HESP LLC. This payment was determined to be IPR&D with no alternative use. Accordingly, the Company recorded the common stock payment of $3.0 million as research and development expense on January 19, 2023. This payment settled all obligations under the Amendment to the Asset Purchase Agreement. Patents Patent costs are comprised primarily of external legal fees, filing fees incurred to file patent applications, and periodic renewal fees to keep the patent in force and are expensed as incurred as a component of general and administrative expenses.

Recent Accounting Guidance

Recent Accounting Guidance	9 Months Ended
	Sep. 30, 2024
Recent Accounting Guidance [Abstract]
Recent Accounting Guidance	Note 2. Recent Accounting Guidance Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker, or CODM, and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. The Company is currently evaluating the impact of this standard on its disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU requires greater disaggregation of information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The ASU applies to all entities subject to income taxes and is intended to help investors better understand an entity’s exposure to potential changes in jurisdictional tax legislation and assess income tax information that affects cash flow forecasts and capital allocation decisions. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The ASU should be applied on a prospective basis although retrospective application is permitted. The Company is currently evaluating the impact of this standard on its disclosures.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 3. Fair Value Measurements Assets and liabilities recorded at fair value on a recurring basis in the balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: ● Level 1 — Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. ● Level 2 — Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company classified its embedded derivative liability as a Level 3 financial instrument and measured and reported its embedded derivatives at fair value. Concurrent with the closing of the initial public offering in January 2023, the note holders converted the debt into common stock, accordingly, the derivative financial liabilities were de-recognized and reclassified to stockholders’ equity (deficit) on January 24, 2023. Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table: September 30, 2024 Level 1 Level 2 Level 3 Fair Value Financial Assets: Money market funds $ 3,380,029 $ - $ - $ 3,380,029 Total financial liabilities $ 3,380,029 $ - $ - $ 3,380,029 December 31, 2023 Level 1 Level 2 Level 3 Fair Value Financial Assets: Money market funds $ 8,287,843 $ - $ - $ 8,287,843 Total financial liabilities $ 8,287,843 $ - $ - $ 8,287,843 The following table summarizes the changes in the fair value of the derivative liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) Derivative Balance at December 31, 2022 $ 4,379,944 Change in fair value 216,095 De-recognition of derivative liabilities (4,596,039 ) Balance at December 31, 2023 $ - The carrying amounts of cash and cash equivalents, prepaid expenses, deferred offering costs, accounts payable, and accrued liabilities approximate their fair values due to their short-term nature. There were no transfers of liabilities among the fair value measurement categories during any of the periods presented.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2024
Accrued Liabilities [Abstract]
Accrued Liabilities	Note 4. Accrued Liabilities Accrued liabilities consist of the following: September 30, December 31, Accrued consulting fees $ 108,409 $ 4,000 Accrued compensation 613,238 596,131 Other 46,240 38,075 Total accrued liabilities $ 767,887 $ 638,206

Leases, Commitments, and Contin

Leases, Commitments, and Contingencies	9 Months Ended
	Sep. 30, 2024
Leases, Commitments, and Contingencies [Abstract]
Leases, Commitments, and Contingencies	Note 5. Leases, Commitments, and Contingencies Leases At lease inception, the Company determines if an arrangement is an operating or capital lease. For operating leases, the Company recognizes rent expense, inclusive of rent escalation, on a straight-line basis over the lease term. In accordance with ASC 842, Leases, the Company determines if an arrangement is or contains a lease at inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company classifies leases at the lease commencement date as operating or finance leases and records a right-of-use asset and a lease liability on the balance sheet for all leases with an initial lease term of greater than 12 months. Leases with an initial term of 12 months or less are not recorded in the balance sheet, but payments are recognized as expenses on a straight-line basis over the lease term. The Company has elected not to recognize leases with terms of 12 months or less. A lease qualifies as a finance lease if any of the following criteria are met at the inception of the lease: (i) there is a transfer of ownership of the leased asset to the Company by the end of the lease term, (ii) the Company holds an option to purchase the leased asset that it is reasonably certain to exercise, (iii) the lease term is for a major part of the remaining economic life of the leased asset, (iv) the present value of the sum of lease payments equals or exceeds substantially all of the fair value of the leased asset, or (v) the nature of the leased asset is specialized to the point that it is expected to provide the lessor no alternative use at the end of the lease term. All other leases are recorded as operating leases. The Company enters into contracts that contain both lease and non-lease components. Non-lease components may include maintenance, utilities, and other operating costs. The Company combines the lease and non-lease components of fixed costs in its lease arrangements as a single lease component. Variable costs, such as utilities or maintenance costs, are not included in the measurement of right-of-use (“ROU”) assets and lease liabilities but rather are expensed when the event determining the amount of variable consideration to be paid occurs. Finance and operating lease assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term using the discount rate implicit in the lease. If the rate implicit is not readily determinable, the Company utilizes an estimate of its incremental borrowing rate based upon the available information at the lease commencement date. Operating lease assets are further adjusted for prepaid or accrued lease payments. Operating lease payments are expensed using the straight-line method as an operating expense over the lease term. The Company’s operating lease ROU assets and liabilities as of September 30, 2024 and December 31, 2023 are as follows: September 30, December 31, Assets Right of use assets $ 2,197 $ 20,998 Liabilities Current Operating lease liabilities $ 2,232 $ 21,350 Total operating lease liabilities $ 2,232 $ 21,350 Operating lease expenses were $6,472 and $6,618 for the three months ended September 30, 2024 and 2023, respectively. Operating lease expenses were $19,866 and $19,892 for the nine months ended September 30, 2024 and 2023, respectively. Cash paid for amounts included in the measurement of operating lease liabilities included in operating cash flows was $20,087 and $19,502 for the nine months ended September 30, 2024 and 2023, respectively. The remaining operating lease term is one month, and the operating lease discount rate was 12% as of September 30, 2024. Future annual lease payments under non-cancellable operating leases as of September 30, 2024 were as follows: 2024 $ 2,232 Total lease payments 2,232 Less: Imputed interest - Total operating lease liabilities $ 2,232 Contingencies In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown, because it involves claims that may be made against the Company in the future, but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. Indemnification In accordance with the Company’s certificate of incorporation and bylaws, the Company indemnifies its officers and directors for certain events or occurrences, subject to certain limits, while they are serving in such capacity. In addition, the Company has entered into indemnification agreements with its officers and directors. There have been no claims to date, and the Company has a directors and officers liability insurance policy that may enable it to recover a portion of any amounts paid for future claims.

Stockholders' Equity and Warran

Stockholders' Equity and Warrants	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity and Warrants [Abstract]
Stockholders' Equity and Warrants	Note 6. Stockholders’ Equity and Warrants Reverse Stock Split On July 29, 2024, the Company’s stockholders approved amendments to its Amended and Restated Certificate of Incorporation to effect a reverse stock split of its shares of common stock, and its Board of Directors subsequently approved a final reverse stock split ratio of 1-for-15. The reverse stock split became effective on August 20, 2024. On the effective date, every 15 shares of issued and outstanding common stock were combined and converted into one issued and outstanding share of common stock. The number of authorized shares of common stock was not reduced and the par value per share of common stock remains unchanged. Fractional shares were canceled, and stockholders received cash in lieu thereof. A proportionate adjustment was also made to the maximum number of shares of common stock issuable under the Cadrenal Therapeutics, Inc. 2022 Successor Equity Incentive Plan. As a result, the number of common shares, stock options, warrants, net loss per share, and exercise prices disclosed throughout these notes to the unaudited financial statements, as well as the Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 to which these unaudited financial statements and notes thereto are attached, have been retrospectively adjusted to reflect the reverse stock split. Common Stock The Company is authorized to issue a total of 75,000,000 shares of common stock with a par value of $0.001 per share and 7,500,000 shares of preferred stock, par value $0.001 per share. Holders of common stock are entitled to one vote for each share of common stock held of record for the election of the Company’s directors and all other matters requiring stockholder action. Holders of common stock will be entitled to receive such dividends, if any, as may be declared from time to time by the Company’s Board in its discretion out of funds legally available therefor. On January 24, 2023, the Company consummated its IPO of 93,333 shares of its common stock at a public offering price of $75.00 per share, generating gross proceeds of $7,000,000 and net proceeds of $5,408,575. The Company’s shares of common stock commenced trading on the Nasdaq Capital Market on January 20, 2023, under the symbol “CVKD.” In connection with the IPO, on January 19, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Boustead Securities, LLC, as representative of the underwriters (the “Representative”). Pursuant to the Underwriting Agreement, the Company issued to the underwriters a five-year warrant (the “Representative’s Warrant”) to purchase an aggregate of 5,600 shares of the Company’s common stock, which was equal to six percent (6%) of the shares of common stock sold in the IPO. The Representative’s Warrant has an exercise price of $90.00, which was equal to 120% of the public offering price of the common stock in the IPO. On July 12, 2023, the Company entered into a securities purchase agreement with an institutional investor (the “Investor Selling Stockholder”) pursuant to which the Company sold to the Investor Selling Stockholder in a private placement (the “Private Placement”) (i) an aggregate of 86,667 shares of common stock (the “Shares”), (ii) in lieu of additional Shares, pre-funded warrants to purchase up to an aggregate of 199,047 shares of Common Stock (the “Pre-Funded Warrants”), and (iii) accompanying common warrants to purchase up to an aggregate of 285,715 shares of common stock (the “Common Warrants”). The combined purchase price of each Share and accompanying Common Warrants was $26.25. The combined purchase price of each Pre-Funded Warrant and accompanying Common Warrants was $26.25. The Private Placement closed on July 14, 2023. The Company received aggregate gross proceeds from the Private Placement of approximately $7.5 million before deducting the placement agent commissions and offering expenses payable by the Company. H.C. Wainwright & Co., LLC (“H.C.W.”) acted as the placement agent in the Private Placement, and as part of its compensation, the Company issued to designees of H.C.W. Placement Agent Warrants to purchase up to 18,571 shares of common stock at an exercise price of $32.81. Each Pre-Funded Warrant had an exercise price equal to $0.0015 per share. The Pre-Funded Warrants were exercisable at any time after their original issuance and would not expire until exercised in full. Each Common Warrant has an exercise price equal to $26.25 per share. The Common Warrants are exercisable at any time after their original issuance and will expire on January 16, 2029. The exercise price and number of shares of common stock issuable upon exercise of the Common Warrant and Pre-Funded Warrant are subject to appropriate adjustment in the event of stock dividends, stock splits, reorganizations or similar events. During the three months ended March 31, 2024, the Company received notice of the exercise of all of the 199,047 Pre-Funded Warrants. As a result of the respective Pre-Funded Warrant exercises, the Company issued 199,047 shares of common stock. As of September 30, 2024, there are no Pre-Funded Warrants outstanding. The Common Warrants issued in the Private Placement provide that the holder thereof has the right to participate in distributions or dividends paid on the Company’s shares of common stock on an as-converted basis. They also provide that a holder of Common Warrants, as applicable, will not have the right to exercise any portion of its Common Warrants if such holder, together with its affiliates, and any other party whose holdings would be aggregated with those of the holder for purposes of Section 13(d) or Section 16 of the Exchange Act would beneficially own in excess of 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise (the “Beneficial Ownership Limitation”); provided, however, that the holder may increase or decrease the Beneficial Ownership Limitation by giving notice to the Company, with any such increase not taking effect until the sixty-first day after such notice is delivered to the Company but not to any percentage in excess of 9.99%. The Common Warrants may be exercised on a cashless basis if a registration statement registering the shares of common stock underlying the Common Warrants is not effective at the time of exercise. ATM Facility During the quarter ended September 30, 2024, the Company sold 154,144 shares of its common stock through its at-the-market (ATM) facility with H.C. Wainwright & Co., generating gross proceeds of $1,635,777 and net proceeds of $1,527,946. Warrant Summary The following table summarizes the total warrants outstanding at September 30, 2024: Exercise Expiration Outstanding New Outstanding Issue Date Per Share Date 2023 Issuance Exercised 2024 Placement agent warrants July - Sept 2022 $ 45.00 July - Sept 2027 767 - - 767 Placement agent warrants Nov 2022 $ 15.00 Nov 2027 1,000 - - 1,000 Representative warrants Jan 2023 $ 90.00 Jan 2028 5,600 - - 5,600 Pre-funded investor warrants July 2023 $ 0.0015 Once exercised 199,047 - (199,047 ) - Common warrants July 2023 $ 26.25 Jan 2029 285,715 - - 285,715 Placement agent warrants July 2023 $ 32.81 Jan 2029 18,571 - - 18,571 510,700 - (199,047 ) 311,653

Equity-Based Compensation

Equity-Based Compensation	9 Months Ended
	Sep. 30, 2024
Equity-Based Compensation [Abstract]
Equity-Based Compensation	Note 7. Equity-Based Compensation The Company adopted the Cadrenal Therapeutics, Inc. 2022 Equity Incentive Plan (the “Initial Plan”), on July 11, 2022, which was later amended and restated on October 16, 2022, for purposes of clarifying the application of certain of the rules of the Initial Plan to awards approved before such amendment and restatement of the Initial Plan and to facilitate the transition to the Cadrenal Therapeutics, Inc. 2022 Successor Equity Incentive Plan (the “Successor Plan”) for the issuance and approval of awards after consummation of the IPO. On October 16, 2022, the Board adopted and the Company’s stockholders approved the Cadrenal Therapeutics, Inc. 2022 Successor Equity Incentive Plan (the “2022 Plan”), which is a successor to and continuation of the Initial Plan and became effective on January 19, 2023. Upon the effectiveness of the 2022 Plan, it replaced the Initial Plan, except with respect to awards outstanding under the Initial Plan, and no further awards will be available for grant under the Initial Plan. Subject to certain adjustments, the maximum number of shares of common stock that could have been issued under the Initial Plan and 2022 Plan was initially 133,333 shares. The maximum number of shares of common stock that may be issued under the 2022 Plan will automatically increase on January 1 of each calendar year for a period of ten years commencing on January 1, 2024 and ending on (and including) January 1, 2033, to a number of shares of common stock equal to 20% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year; provided, however that the board of directors, or the compensation committee, may act prior to January 1 of a given calendar year to provide that the increase for such year will be a lesser number of shares of common stock. On January 1, 2024, the maximum number of shares of common stock that may be issued under the 2022 Plan increased to 173,636. On July 29, 2024, the Company held its 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”). At the 2024 Annual Meeting, the Company’s stockholders approved an amendment to the 2022 Plan to increase the number of shares of the Company’s common stock that will be available for awards under the 2022 Plan by 133,333 shares to 306,969 shares and to amend the “evergreen provision” such that the number of reserved shares of Common Stock available for issuance each year will be 20% of: (i) the shares of Common Stock outstanding at December 31; plus (ii) the shares of Common Stock issuable upon exercise of warrants and pre-funded warrants outstanding at December 31. As of September 30, 2024, 141,303 remained available for future issuance. All available shares may be utilized toward the grant of any type of award under the 2022 Plan. The Company measures its stock-based awards granted to employees, consultants and directors based on the estimated fair values of the awards and recognizes the compensation over the requisite service period. The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards. Stock-based compensation is recognized using the straight-line method. As the stock compensation expense is based on awards ultimately expected to vest, it is reduced by forfeitures. The Company accounts for forfeitures as they occur. Weighted average assumptions used in the Black-Scholes model are set forth below: Three Months Nine Months September 30, September 30, Risk-free interest rate - 4.09% - 4.83 % Dividend yield - - Expected term (years) - 5.27 - 5.31 Volatility - 76.4% - 77.7 % Activity under the Plans for the period from December 31, 2023 to September 30, 2024 is set forth below: Number Weighted- Weighted- Aggregate Outstanding at December 31, 2023 78,333 $ 12.92 8.64 $ 105,000 Granted 78,001 13.48 9.32 43,500 Exercised - - - - Canceled/forfeited/expired - - - - Outstanding at September 30, 2024 156,334 $ 13.20 8.60 $ 327,000 Options vested and exercisable at September 30, 2024 70,036 $ 12.64 8.14 $ 24,681 Options vested and expected to vest as of September 30, 2024 156,334 $ 13.20 8.60 $ 327,000 The weighted average grant date fair value of options granted to date was $12.67. At September 30, 2024, the Company had $824,647 of unrecognized stock-based compensation expense related to stock options which will be recognized over the weighted average remaining requisite service period of 1.6 years. The Company settles employee stock option exercises with newly issued shares of common stock. Total stock-based compensation expense and the allocation of stock-based compensation for the periods presented below were as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 General and administrative $ 202,066 $ 60,763 $ 365,368 $ 329,420 Research and development 97,914 92,309 290,463 277,846 Total stock-based compensation $ 299,980 $ 153,072 $ 655,831 $ 607,266

Net Loss Per Common Share

Net Loss Per Common Share	9 Months Ended
	Sep. 30, 2024
Net Loss Per Common Share [Abstract]
Net Loss Per Common Share	Note 8. Net Loss Per Common Share The following table sets forth the computation of the basic and diluted net loss per common share: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Numerator: Net loss $ (2,407,829 ) $ (1,036,451 ) $ (6,464,099 ) $ (7,213,026 ) Denominator: Weighted average common shares outstanding 1,104,005 1,026,415 1,079,489 842,721 Net loss per common share, basic and diluted $ (2.18 ) $ (1.01 ) $ (5.99 ) $ (8.56 ) Since the Company was in a loss position for the periods presented, basic net loss per share is the same as diluted net loss per share as the inclusion of all potential dilutive securities would have been anti-dilutive. For the periods presented, there were no potential dilutive securities other than convertible notes, stock options, and warrants. The following common stock equivalents were excluded from the calculation of diluted net loss per share applicable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: As of September 30, 2024 2023 Anti-dilutive common stock equivalents: Stock options to purchase common stock 156,334 78,333 Warrants to purchase common stock 311,652 510,700 Total anti-dilutive common stock equivalents 467,986 589,033

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 9. Subsequent Events The Company has evaluated events that occurred through November 7, 2024, the date that the financial statements were issued, and determined that except than as set forth below, there have been no events that have occurred that would require adjustments to the Company’s disclosures in the financial statements. On October 10, 2024, the Company issued 25,000 shares of restricted common stock to a consultant as partial compensation for services. During October 2024, the Company sold 237,099 shares of its common stock through its at-the-market (ATM) facility with H.C. Wainwright & Co. These sales were made at a weighted average price of $14.79 per share, resulting in total gross proceeds of $3,507,817. On November 1, 2024, the Company entered into the Warrant Inducement Agreement with the Holder of the Existing Warrants pursuant to which the Holder and exercised the Existing Warrants, purchasing 285,715 shares of the Company’s common stock at a reduced exercise price of $16.50 per share, generating gross proceeds to the Company of approximately $4.7 million, before placement agent fees and other expenses. The proceeds are expected to support the Company’s pivotal Phase 3 trial and related partnering activities. In consideration for the Holder’s exercise of the Existing Warrants, the Company issued new unregistered Series A-1 and Series A-2 warrants (the “New Warrants”) to the Holder, to purchase up to an additional 285,715 shares of common stock each (for a total of 571,430 shares of common stock) at an exercise price of $16.50 per share. The New Warrants are exercisable immediately. The Series A-1 Warrants expire five years after issuance, while the Series A-2 Warrants expire 18 months from the date that the registration statement covering the shares of common stock issuable upon exercise of the Series A-2 Warrants becomes effective. H.C.W. acted as the exclusive placement agent for the warrant inducement transaction. As part of its compensation, the Company agreed to pay HCW a cash fee equal to 7% of the gross proceeds and to issue HCW warrants to purchase up to 18,571 shares of common stock at an exercise price of $20.625 per share, which represents 125% of the New Warrants’ exercise price.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,407,829)	$ (1,036,451)	$ (6,464,099)	$ (7,213,026)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2024
Description of Business and Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for the fair presentation of the Company’s financial statements for the periods presented. The Company’s fiscal year-end is December 31. The accompanying financial statements of the Company are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2024, the results of its operations for the three and nine months ended September 30, 2024 and 2023, the statements of stockholders’ equity for the three and nine months ended September 30, 2024 and 2023, and its cash flows for the nine months ended September 30, 2024 and 2023. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2024 and 2023 are also unaudited. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, any other interim periods, or any future year or period. These interim financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2023, and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 11, 2024.
Liquidity	Liquidity The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. Since inception, the Company has incurred operating losses, and negative cash flows from operations. For the nine months ended September 30, 2024, the Company had a net loss of $6,464,099, which included $656,987 of non-cash expenses. Cash used in operations for the nine months ended September 30, 2024 totaled $5,566,844. As of September 30, 2024, the Company had cash and cash equivalents of $4,363,900, net working capital of $3,405,548, and an accumulated deficit of $21,535,514. During October 2024, the Company sold 237,099 shares of its common stock through its at-the-market (ATM) facility with H.C. Wainwright & Co. These sales were made at a weighted average price of $14.79 per share, resulting in total gross proceeds of $3,507,817 and net proceeds of $3,390,933 On November 1, 2024, the Company entered into a warrant inducement letter agreement (the “Warrant Inducement Agreement”) with a holder (the “Holder”) of outstanding warrants to purchase up to 285,715 shares of common stock issued in a private placement offering on July 14, 2023 (the “Existing Warrants”) pursuant to which such holder exercised the Existing Warrants at a reduced exercise price of $16.50 generating approximately $4.7 million in gross proceeds. See Note 9-Subsequent Events for a more detailed discussion of the warrant inducement transaction. The Company’s cash and cash equivalents balance of approximately $11.3 million as of November 7, 2024 is expected to be sufficient to fund its operations for at least the next twelve months from the date of the filing of its Quarterly Report on Form 10-Q, however, the Company will require additional funding to complete its planned Phase 3 clinical trial and submit its New Drug Application.
Emerging Growth Company Status	Emerging Growth Company Status As an “emerging growth company” (“EGC”) under the Jumpstart Our Business Startups Act (“JOBS Act”), the Company may elect to take advantage of certain forms of relief from various reporting requirements that are applicable to public companies. The relief afforded under the JOBS Act includes an extended transition period for the implementation of new or revised accounting standards. The Company has elected to take advantage of this extended transition period and, as a result, the Company’s financial statements may not be comparable to those of companies that implement accounting standards as of the effective dates for public companies. The Company may take advantage of the relief afforded under the JOBS Act up until the last day of the fiscal year following the fifth anniversary of its initial offering or such earlier time that it is no longer an EGC.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include but are not limited to the fair value of stock-based awards, deferred tax assets and valuation allowance, income tax uncertainties, and certain accruals. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances change. Actual results could differ from those estimates.
Concentration of Credit and Other Risks and Uncertainties	Concentration of Credit and Other Risks and Uncertainties Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents. Cash is maintained at high credit quality financial institutions and, at times, balances may exceed federally insured limits. All interest-bearing and non-interest-bearing cash balances are insured up to $250,000 at each financial institution. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. The Company is subject to a number of risks common for early-stage biopharmaceutical companies including, but not limited to, dependency on the clinical and commercial success of its product candidate, ability to obtain regulatory approval of its product candidate, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and patients, significant competition and untested manufacturing capabilities.
Segments	Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined it operates in a single operating segment and has one reportable segment.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash and cash equivalents include cash and money market funds.
Derivative Financial Instruments	Derivative Financial Instruments The Company evaluates all of its agreements to determine if such instruments have derivatives or contain features that qualify as embedded derivatives. The Company accounted for certain redemption features that were associated with convertible notes as liabilities at fair value and adjusted the instruments to their fair value at the end of each reporting period. Derivative financial liabilities are initially recorded at fair value, with gains and losses arising from changes in the fair value recognized in other (income) expense in the accompanying statements of operations and comprehensive loss for each reporting period while such instruments are outstanding. The embedded derivative liabilities were valued using a probability-weighted expected return model. If the Company repays the noteholders or if, during the next round of financing, the noteholders convert the debt into equity, the derivative financial liabilities are de-recognized and reclassified to stockholders’ equity (deficit) on that date. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. Concurrent with the closing of the initial public offering in January 2023 (the “IPO”), the note holders converted the debt into common stock, accordingly, the derivative financial liabilities were de-recognized and reclassified to stockholders’ equity (deficit) on January 24, 2023.
Stock-Based Compensation	Stock-Based Compensation The Company measures its stock-based awards granted to employees, consultants, and directors based on the estimated fair values of the awards and recognizes the compensation over the requisite service period. The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards. Stock-based compensation is recognized using the straight-line method. As the stock compensation expense is based on awards ultimately expected to vest, it is reduced by forfeitures. The Company accounts for forfeitures as they occur.
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes certain legal, professional, and other third-party costs that are directly associated with in-process equity financings until such financings are consummated, at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. Due to the Company’s historical operating performance and net losses, the net deferred tax assets have been fully offset by a valuation allowance. The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of the provision for income taxes.
Net Loss Per Common Share	Net Loss Per Common Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of shares of common stock and pre-funded warrants outstanding for the period, without consideration for potential dilutive shares of common stock. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock and common stock equivalents of potentially dilutive securities outstanding for the period determined using the treasury stock or if-converted methods. Since the Company was in a loss position for all periods presented, basic net loss per common share is the same as diluted net loss per common share since the effects of potentially dilutive securities are anti-dilutive. Shares of common stock subject to repurchase are excluded from the weighted-average shares.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events or circumstances from non-owner sources. Net loss and comprehensive loss were the same for the periods presented in the accompanying financial statements.
Research and Development Expenses	Research and Development Expenses Research and development costs are expensed as incurred and consist of fees paid to other entities that conduct certain research and development activities on the Company’s behalf. Acquired intangible assets are expensed as research and development costs if, at the time of payment, the technology is under development; is not approved by the FDA or other regulatory agencies for marketing; has not reached technical feasibility; or otherwise has no foreseeable alternative future use. Non-refundable advance payments for goods or services to be received in the future for use in research and development activities are capitalized and then expensed as the related goods are delivered or the services are performed. On January 19, 2023, the Company issued 40,000 shares of common stock to HESP LLC, pursuant to the terms of an Amendment to the Asset Purchase Agreement, dated August 18, 2022, between the Company and HESP LLC. This payment was determined to be IPR&D with no alternative use. Accordingly, the Company recorded the common stock payment of $3.0 million as research and development expense on January 19, 2023. This payment settled all obligations under the Amendment to the Asset Purchase Agreement.
Patents	Patents Patent costs are comprised primarily of external legal fees, filing fees incurred to file patent applications, and periodic renewal fees to keep the patent in force and are expensed as incurred as a component of general and administrative expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Measurements [Abstract]
Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements	Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table: September 30, 2024 Level 1 Level 2 Level 3 Fair Value Financial Assets: Money market funds $ 3,380,029 $ - $ - $ 3,380,029 Total financial liabilities $ 3,380,029 $ - $ - $ 3,380,029 December 31, 2023 Level 1 Level 2 Level 3 Fair Value Financial Assets: Money market funds $ 8,287,843 $ - $ - $ 8,287,843 Total financial liabilities $ 8,287,843 $ - $ - $ 8,287,843
Schedule of Derivative Liabilities Measured at Fair Value	The following table summarizes the changes in the fair value of the derivative liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) Derivative Balance at December 31, 2022 $ 4,379,944 Change in fair value 216,095 De-recognition of derivative liabilities (4,596,039 ) Balance at December 31, 2023 $ -

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Accrued Liabilities [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: September 30, December 31, Accrued consulting fees $ 108,409 $ 4,000 Accrued compensation 613,238 596,131 Other 46,240 38,075 Total accrued liabilities $ 767,887 $ 638,206

Leases, Commitments, and Cont_2

Leases, Commitments, and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Leases, Commitments, and Contingencies [Abstract]
Schedule of Operating Lease ROU Assets and Liabilities	The Company’s operating lease ROU assets and liabilities as of September 30, 2024 and December 31, 2023 are as follows: September 30, December 31, Assets Right of use assets $ 2,197 $ 20,998 Liabilities Current Operating lease liabilities $ 2,232 $ 21,350 Total operating lease liabilities $ 2,232 $ 21,350
Schedule of Future Annual Lease Payments Under Non-Cancellable Operating Leases	Future annual lease payments under non-cancellable operating leases as of September 30, 2024 were as follows: 2024 $ 2,232 Total lease payments 2,232 Less: Imputed interest - Total operating lease liabilities $ 2,232

Stockholders' Equity and Warr_2

Stockholders' Equity and Warrants (Tables)	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity and Warrants [Abstract]
Schedule of Total Warrants Outstanding	The following table summarizes the total warrants outstanding at September 30, 2024: Exercise Expiration Outstanding New Outstanding Issue Date Per Share Date 2023 Issuance Exercised 2024 Placement agent warrants July - Sept 2022 $ 45.00 July - Sept 2027 767 - - 767 Placement agent warrants Nov 2022 $ 15.00 Nov 2027 1,000 - - 1,000 Representative warrants Jan 2023 $ 90.00 Jan 2028 5,600 - - 5,600 Pre-funded investor warrants July 2023 $ 0.0015 Once exercised 199,047 - (199,047 ) - Common warrants July 2023 $ 26.25 Jan 2029 285,715 - - 285,715 Placement agent warrants July 2023 $ 32.81 Jan 2029 18,571 - - 18,571 510,700 - (199,047 ) 311,653

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Equity-Based Compensation [Abstract]
Schedule of Weighted Average Assumptions Used in the Black-Scholes Model	Weighted average assumptions used in the Black-Scholes model are set forth below: Three Months Nine Months September 30, September 30, Risk-free interest rate - 4.09% - 4.83 % Dividend yield - - Expected term (years) - 5.27 - 5.31 Volatility - 76.4% - 77.7 %
Schedule of Activity Under the Plans	Activity under the Plans for the period from December 31, 2023 to September 30, 2024 is set forth below: Number Weighted- Weighted- Aggregate Outstanding at December 31, 2023 78,333 $ 12.92 8.64 $ 105,000 Granted 78,001 13.48 9.32 43,500 Exercised - - - - Canceled/forfeited/expired - - - - Outstanding at September 30, 2024 156,334 $ 13.20 8.60 $ 327,000 Options vested and exercisable at September 30, 2024 70,036 $ 12.64 8.14 $ 24,681 Options vested and expected to vest as of September 30, 2024 156,334 $ 13.20 8.60 $ 327,000
Schedule of Stock-Based Compensation Expense	Total stock-based compensation expense and the allocation of stock-based compensation for the periods presented below were as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 General and administrative $ 202,066 $ 60,763 $ 365,368 $ 329,420 Research and development 97,914 92,309 290,463 277,846 Total stock-based compensation $ 299,980 $ 153,072 $ 655,831 $ 607,266

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2024
Net Loss Per Common Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Common Share	The following table sets forth the computation of the basic and diluted net loss per common share: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Numerator: Net loss $ (2,407,829 ) $ (1,036,451 ) $ (6,464,099 ) $ (7,213,026 ) Denominator: Weighted average common shares outstanding 1,104,005 1,026,415 1,079,489 842,721 Net loss per common share, basic and diluted $ (2.18 ) $ (1.01 ) $ (5.99 ) $ (8.56 )
Schedule of Common Stock Equivalents	The following common stock equivalents were excluded from the calculation of diluted net loss per share applicable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: As of September 30, 2024 2023 Anti-dilutive common stock equivalents: Stock options to purchase common stock 156,334 78,333 Warrants to purchase common stock 311,652 510,700 Total anti-dilutive common stock equivalents 467,986 589,033

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Details)					3 Months Ended		9 Months Ended
	Nov. 01, 2024 USD ($) $ / shares shares	Oct. 31, 2024 USD ($) $ / shares shares	Jan. 19, 2023 $ / shares shares	Jan. 19, 2023 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Nov. 07, 2024 USD ($)	Dec. 31, 2023 USD ($)
Description of Business and Summary of Significant Accounting Policies [Line Items]
Net loss					$ (2,407,829)	$ (1,036,451)	$ (6,464,099)	$ (7,213,026)
Non-cash expenses							656,987
Cash used in operations							(5,566,844)	(2,835,878)
Cash and cash equivalents					4,363,900		4,363,900
Net working capital					3,405,548		3,405,548
Accumulated deficit					$ (21,535,514)		(21,535,514)			$ (15,071,415)
Gross proceeds							$ 1,527,946
warrants exercise price (in Dollars per share) | $ / shares					$ 20.625		$ 20.625
Cash balances insured amount					$ 250,000		$ 250,000
Operating segment							1
Uncertain income tax position rate							50%
Research and development expense				$ 3,000,000	$ 784,646	$ 243,948	$ 2,667,382	$ 3,720,222
HESP LLC [Member]
Description of Business and Summary of Significant Accounting Policies [Line Items]
Shares of common stock issued (in Shares) | shares			40,000
H.C. Wainwright & Co. [Member]
Description of Business and Summary of Significant Accounting Policies [Line Items]
Gross proceeds							1,635,777
Net proceeds							$ 1,527,946
Shares of common stock issued (in Shares) | shares							154,144
Warrant [Member]
Description of Business and Summary of Significant Accounting Policies [Line Items]
warrants exercise price (in Dollars per share) | $ / shares			$ 90	$ 90	$ 16.5		$ 16.5
Subsequent Event [Member]
Description of Business and Summary of Significant Accounting Policies [Line Items]
Cash and cash equivalents									$ 11,300,000
Net proceeds		$ 3,390,933
Subsequent Event [Member] | H.C. Wainwright & Co. [Member]
Description of Business and Summary of Significant Accounting Policies [Line Items]
Shares of common stock sold (in Shares) | shares		237,099
Weighted average price per share (in Dollars per share) | $ / shares		$ 14.79
Gross proceeds		$ 3,507,817
Subsequent Event [Member] | Warrant [Member]
Description of Business and Summary of Significant Accounting Policies [Line Items]
Warrants purchase shares of common stock (in Shares) | shares	285,715
warrants exercise price (in Dollars per share) | $ / shares	$ 16.5
Gross proceeds	$ 4,700,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Financial Assets:
Money market funds	$ 3,380,029	$ 8,287,843
Total financial liabilities	3,380,029	8,287,843
Level 1 [Member]
Financial Assets:
Money market funds	3,380,029	8,287,843
Total financial liabilities	3,380,029	8,287,843
Level 2 [Member]
Financial Assets:
Money market funds
Total financial liabilities
Level 3 [Member]
Financial Assets:
Money market funds
Total financial liabilities

Fair Value Measurements (Deta_2

Fair Value Measurements (Details) - Schedule of Derivative Liabilities Measured at Fair Value - Level 3 [Member]	12 Months Ended
	Dec. 31, 2023 USD ($)
Schedule of Derivative Liabilities Measured at Fair Value [Line Items]
Balance at beginning	$ 4,379,944
Change in fair value	216,095
De-recognition of derivative liabilities	(4,596,039)
Balance at ending

Accrued Liabilities (Details) -

Accrued Liabilities (Details) - Schedule of Accrued Liabilities - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Schedule of Accrued Liabilities [Abstract]
Accrued consulting fees	$ 108,409	$ 4,000
Accrued compensation	613,238	596,131
Other	46,240	38,075
Total accrued liabilities	$ 767,887	$ 638,206

Leases, Commitments, and Cont_3

Leases, Commitments, and Contingencies (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases, Commitments, and Contingencies [Abstract]
Operating lease expense	$ 6,472	$ 6,618	$ 19,866	$ 19,892
Operating lease liabilities			$ 20,087	$ 19,502
Remaining operating lease term	1 month		1 month
Operating lease discount rate	12%		12%

Leases, Commitments, and Cont_4

Leases, Commitments, and Contingencies (Details) - Schedule of Operating Lease ROU Assets and Liabilities - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Assets
Right of use assets	$ 2,197	$ 20,998
Liabilities
Operating lease liabilities	2,232	21,350
Total operating lease liabilities	$ 2,232	$ 21,350

Leases, Commitments, and Cont_5

Leases, Commitments, and Contingencies (Details) - Schedule of Future Annual Lease Payments Under Non-Cancellable Operating Leases - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Schedule of Future Annual Lease Payments Under Non-Cancellable Operating Leases [Abstract]
2024	$ 2,232
Total lease payments	2,232
Less: Imputed interest
Total operating lease liabilities	$ 2,232	$ 21,350

Stockholders' Equity and Warr_3

Stockholders' Equity and Warrants (Details) - USD ($)							9 Months Ended
		Mar. 31, 2024	Jul. 14, 2023	Jul. 12, 2023	Jan. 24, 2023	Jan. 19, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Stockholders’ Equity and Warrants [Line Items]
Common stock shares, authorized	[1]						75,000,000		75,000,000
Common stock par value (in Dollars per share)	[1]						$ 0.001		$ 0.001
Preferred stock, shares authorized							7,500,000		7,500,000
Preferred stock par value (in Dollars per share)							$ 0.001		$ 0.001
Common stock vote held							one
Gross proceeds (in Dollars)								$ 5,408,575
Purchase an aggregate							18,571
Common warrant price per share (in Dollars per share)							$ 20.625
Gross proceeds from private placement (in Dollars)			$ 7,500,000
Excess warrants own percentage							9.99%
Generating gross proceeds (in Dollars)							$ 1,527,946
H.C. Wainwright & Co. [Member]
Stockholders’ Equity and Warrants [Line Items]
Consummated common unit							154,144
Net proceeds (in Dollars)							$ 1,527,946
Generating gross proceeds (in Dollars)							$ 1,635,777
Warrants [Member]
Stockholders’ Equity and Warrants [Line Items]
Purchase an aggregate						5,600	285,715
Common warrant price per share (in Dollars per share)						$ 90	$ 16.5
Pre-Funded Warrant [Member]
Stockholders’ Equity and Warrants [Line Items]
Consummated common unit		199,047		199,047
Common warrant price per share (in Dollars per share)							0.0015
Exercise warrants		199,047
Common Warrants [Member]
Stockholders’ Equity and Warrants [Line Items]
Consummated common unit				285,715
Common warrant price per share (in Dollars per share)				$ 26.25			$ 26.25
Combined purchase price of warrants (in Dollars per share)				$ 26.25
Excess warrants own percentage							4.99%
Common Stock [Member]
Stockholders’ Equity and Warrants [Line Items]
Common stock shares, authorized							75,000,000
Common stock par value (in Dollars per share)							$ 0.001
Purchase an aggregate							571,430
Preferred Stock [Member]
Stockholders’ Equity and Warrants [Line Items]
Preferred stock, shares authorized							7,500,000
Preferred stock par value (in Dollars per share)							$ 0.001
IPO [Member]
Stockholders’ Equity and Warrants [Line Items]
Consummated common unit					93,333
Public offering price (in Dollars per share)					$ 75
Gross proceeds (in Dollars)					$ 7,000,000
Net proceeds (in Dollars)					$ 5,408,575
Sale of stock percentage						6%
Percentage of public offering price						120%
Private Placement [Member]
Stockholders’ Equity and Warrants [Line Items]
Consummated common unit				86,667
H.C.W. Placement Agent Warrant [Member]
Stockholders’ Equity and Warrants [Line Items]
Purchase an aggregate			18,571
Common warrant price per share (in Dollars per share)			$ 32.81
[1]All share and per share information has been retroactively adjusted to reflect the 1-for-15 reverse stock split effected on August 20, 2024. See Note 6, Stockholders’ Equity for additional information.

Stockholders' Equity and Warr_4

Stockholders' Equity and Warrants (Details) - Schedule of Total Warrants Outstanding	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Schedule of Total Warrants Outstanding [Line Items]
Exercise Price Per Share (in Dollars per share) | $ / shares	$ 20.625
Outstanding, Beginning	510,700
New Issuance
Exercised	(199,047)
Outstanding, Ending	311,653
Placement Agent Warrants [Member]
Schedule of Total Warrants Outstanding [Line Items]
Issue Date	July - Sept 2022
Exercise Price Per Share (in Dollars per share) | $ / shares	$ 45
Expiration Date	July - Sept 2027
Outstanding, Beginning	767
New Issuance
Exercised
Outstanding, Ending	767
Placement Agent Warrants One [Member]
Schedule of Total Warrants Outstanding [Line Items]
Issue Date	Nov 2022
Exercise Price Per Share (in Dollars per share) | $ / shares	$ 15
Expiration Date	Nov 2027
Outstanding, Beginning	1,000
New Issuance
Exercised
Outstanding, Ending	1,000
Representative Warrants [Member]
Schedule of Total Warrants Outstanding [Line Items]
Issue Date	Jan 2023
Exercise Price Per Share (in Dollars per share) | $ / shares	$ 90
Expiration Date	Jan 2028
Outstanding, Beginning	5,600
New Issuance
Exercised
Outstanding, Ending	5,600
Pre-funded Investor Warrants [Member]
Schedule of Total Warrants Outstanding [Line Items]
Issue Date	July 2023
Exercise Price Per Share (in Dollars per share) | $ / shares	$ 0.0015
Expiration Date	Once exercised
Outstanding, Beginning	199,047
New Issuance
Exercised	(199,047)
Outstanding, Ending
Common Warrants [Member]
Schedule of Total Warrants Outstanding [Line Items]
Issue Date	July 2023
Exercise Price Per Share (in Dollars per share) | $ / shares	$ 26.25
Expiration Date	Jan 2029
Outstanding, Beginning	285,715
New Issuance
Exercised
Outstanding, Ending	285,715
Placement Agent Warrants [Member]
Schedule of Total Warrants Outstanding [Line Items]
Issue Date	July 2023
Exercise Price Per Share (in Dollars per share) | $ / shares	$ 32.81
Expiration Date	Jan 2029
Outstanding, Beginning	18,571
New Issuance
Exercised
Outstanding, Ending	18,571

Equity-Based Compensation (Deta

Equity-Based Compensation (Details) - USD ($)		9 Months Ended
	Jul. 29, 2024	Sep. 30, 2024	Jan. 01, 2024
Equity-Based Compensation [Line Items]
Common stock outstanding percentage		20%
Remained available for future issuance		141,303
Increase the number of common stock award	306,969
Reserved shares of common stock available for issuance	20%
Options granted (in Dollars per share)		$ 12.67
Unrecognized stock-based compensation expense (in Dollars)		$ 824,647
Service period		1 year 7 months 6 days
2022 Plan [Member]
Equity-Based Compensation [Line Items]
Increase the number of common stock award	133,333
Common Stock [Member]
Equity-Based Compensation [Line Items]
Remained available for future issuance			173,636
2022 Plan [Member]
Equity-Based Compensation [Line Items]
Maximum number of shares of common stock		133,333

Equity-Based Compensation (De_2

Equity-Based Compensation (Details) - Schedule of Weighted Average Assumptions Used in the Black-Scholes Model	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Schedule of Weighted Average Assumptions Used in the Black-Scholes Model [Line Items]
Risk-free interest rate
Dividend yield
Expected term (years)
Volatility
Minimum [Member]
Schedule of Weighted Average Assumptions Used in the Black-Scholes Model [Line Items]
Risk-free interest rate		4.09%
Expected term (years)		5 years 3 months 7 days
Volatility		76.40%
Maximum [Member]
Schedule of Weighted Average Assumptions Used in the Black-Scholes Model [Line Items]
Risk-free interest rate		4.83%
Expected term (years)		5 years 3 months 21 days
Volatility		77.70%

Equity-Based Compensation (De_3

Equity-Based Compensation (Details) - Schedule of Activity Under the Plans - USD ($)		9 Months Ended
	Dec. 31, 2023	Sep. 30, 2024
Schedule of Activity Under the Plans [Abstract]
Number Outstanding, Ending Balance	78,333	156,334
Weighted- Average Exercise Price Per Share, Ending Balance	$ 12.92	$ 13.2
Weighted- Average Remaining Contractual Life (Years), Ending Balance	8 years 7 months 20 days	8 years 7 months 6 days
Aggregate Intrinsic Value, Ending Balance	$ 105,000	$ 327,000
Number Outstanding, Options vested and exercisable		70,036
Weighted- Average Exercise Price Per Share, Options vested and exercisable		$ 12.64
Weighted- Average Remaining Contractual Life (Years), Options vested and exercisable		8 years 1 month 20 days
Aggregate Intrinsic Value, Options vested and exercisable		$ 24,681
Number Outstanding Options vested and expected to vest		156,334
Weighted- Average Exercise Price Per Share Options vested and expected to vest		$ 13.2
Weighted- Average Remaining Contractual Life (Years) Options vested and expected to vest		8 years 7 months 6 days
Aggregate Intrinsic Value Options vested and expected to vest		$ 327,000
Number Outstanding, Granted		78,001
Weighted- Average Exercise Price Per Share, Granted		$ 13.48
Weighted- Average Remaining Contractual Life (Years), Granted		9 years 3 months 25 days
Aggregate Intrinsic Value, Granted		$ 43,500
Number Outstanding, Exercised
Weighted- Average Exercise Price Per Share, Exercised
Aggregate Intrinsic Value, Exercised
Number Outstanding, Canceled/forfeited/expired
Weighted- Average Exercise Price Per Share, Canceled/forfeited/expired
Aggregate Intrinsic Value, Canceled/forfeited/expired

Equity-Based Compensation (De_4

Equity-Based Compensation (Details) - Schedule of Stock-Based Compensation Expense - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Stock-Based Compensation Expense [Line Items]
Total stock-based compensation	$ 299,980	$ 153,072	$ 655,831	$ 607,266
General and administrative [Member]
Schedule of Stock-Based Compensation Expense [Line Items]
Total stock-based compensation	202,066	60,763	365,368	329,420
Research and development [Member]
Schedule of Stock-Based Compensation Expense [Line Items]
Total stock-based compensation	$ 97,914	$ 92,309	$ 290,463	$ 277,846

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details) - Schedule of Basic and Diluted Net Loss Per Common Share - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss		$ (2,407,829)	$ (1,036,451)	$ (6,464,099)	$ (7,213,026)
Denominator:
Weighted average common shares outstanding, basic	[1]	1,104,005	1,026,415	1,079,489	842,721
Weighted average common shares outstanding, diluted	[1]	1,104,005	1,026,415	1,079,489	842,721
Net loss per common share, basic	[1]	$ (2.18)	$ (1.01)	$ (5.99)	$ (8.56)
Net loss per common share, diluted	[1]	$ (2.18)	$ (1.01)	$ (5.99)	$ (8.56)
[1]All share and per share information has been retroactively adjusted to reflect the 1-for-15 reverse stock split effected on August 20, 2024. See Note 6, Stockholders’ Equity for additional information.

Net Loss Per Common Share (De_2

Net Loss Per Common Share (Details) - Schedule of Common Stock Equivalents - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Anti-dilutive common stock equivalents:
Total anti-dilutive common stock equivalents	467,986	589,033
Stock options to purchase common stock [Member]
Anti-dilutive common stock equivalents:
Total anti-dilutive common stock equivalents	156,334	78,333
Warrants to purchase common stock [Member]
Anti-dilutive common stock equivalents:
Total anti-dilutive common stock equivalents	311,652	510,700

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)				9 Months Ended
	Nov. 01, 2024	Oct. 31, 2024	Oct. 10, 2024	Sep. 30, 2024	Sep. 30, 2023	Jan. 19, 2023
Subsequent Events [Line Items]
Total gross proceeds (in Dollars)				$ 1,527,946
Warrants issued				18,571
Exercise price (in Dollars per share)				$ 20.625
Percentage of gross proceeds				7%
Percentage of warrants exercise price				125%
H.C. Wainwright & Co. [Member]
Subsequent Events [Line Items]
Total gross proceeds (in Dollars)				$ 1,635,777
Warrant [Member]
Subsequent Events [Line Items]
Warrants issued				285,715		5,600
Exercise price (in Dollars per share)				$ 16.5		$ 90
Warrants expire				5 years
Subsequent Event [Member]
Subsequent Events [Line Items]
Restricted common stock			25,000
Subsequent Event [Member] | H.C. Wainwright & Co. [Member]
Subsequent Events [Line Items]
Shares issued		237,099
Weighted average price per share (in Dollars per share)		$ 14.79
Total gross proceeds (in Dollars)		$ 3,507,817
Subsequent Event [Member] | Warrant [Member]
Subsequent Events [Line Items]
Warrants issued	285,715
Exercise price (in Dollars per share)	$ 16.5
Gross proceeds (in Dollars)	$ 4,700,000
Exercise price (in Dollars per share)	$ 16.5
Common Stock [Member]
Subsequent Events [Line Items]
Warrants issued				571,430
Warrants expire				18 months