Telomir Pharmaceuticals, Inc. Common Stock (TELO) 10-Q 13 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 13, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-41765
Entity Registrant Name	Telomir Pharmaceuticals, Inc.
Entity Central Index Key	0001971532
Entity Tax Identification Number	87-2606031
Entity Incorporation, State or Country Code	FL
Entity Address, Address Line One	855 N Wolfe Street
Entity Address, Address Line Two	Suite 601
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21205
City Area Code	(813)
Local Phone Number	864-2558
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	TELO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,609,814

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash	$ 3,274,314	$ 1,231
Deferred offering costs		303,281
Prepaid expenses	98,808	713
Due from related parties	130,000	130,000
Total current assets	3,503,122	435,225
Deferred Financing Costs		4,338,543
Total assets	3,503,122	4,773,768
Current liabilities:
Trade accounts payable and accrued liabilities	478,650	707,187
Due to related parties	7,902	527,377
Related party line of credit		101,000
Total current liabilities	486,552	1,335,564
Total liabilities	486,552	1,335,564
Stockholders’ Equity (Deficit)
Preferred Stock, no par value, 100,000,000 shares authorized and none issued or outstanding.
Common Stock, no par value; 300,000,000 shares authorized, 29,609,814 and 28,609,814 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively.
Additional paid-in capital	23,335,319	17,502,346
Accumulated deficit	(20,318,749)	(14,064,142)
Total stockholders’ equity	3,016,570	3,438,204
Total liabilities and stockholders’ equity	$ 3,503,122	$ 4,773,768

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	29,609,814	28,609,814
Common stock, shares outstanding	29,609,814	28,609,814

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues
Operating costs:
General and administrative expenses	741,541	42,603
Related party travel costs	370,500
Research and development expenses	804,023	440,335
Total operating costs	1,916,064	482,938
Interest expense	(4,338,543)
Net loss	$ (6,254,607)	$ (482,938)
Basic loss per share	$ (0.23)	$ (0.02)
Diluted loss per share	$ (0.23)	$ (0.02)
Weighted average common stock shares outstanding - basic	27,768,156	26,893,014
Weighted average common stock shares outstanding - diluted	27,768,156	26,893,014

Condensed Statements of Stockho

Condensed Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Stock Subscription Receivable [Member]	Retained Earnings [Member]	Total
Balances at Dec. 31, 2022		$ 55,000		$ (992,278)	$ (937,278)
Balance, shares at Dec. 31, 2022	26,829,269
Issuance of common stock, net		910,000			910,000
Issuance of common stock, net, shares	268,025
Net loss				(482,938)	(482,938)
Balances at Mar. 31, 2023		965,000		(1,475,216)	(510,216)
Balance, shares at Mar. 31, 2023	27,097,294
Net loss				(1,550,385)	(1,550,385)
Issuance of Warrants		5,950,000			5,950,000
Balances at Jun. 30, 2023		6,915,000		(3,025,601)	3,889,399
Balance, shares at Jun. 30, 2023	27,097,294
Net loss				(1,711,326)	(1,711,326)
Balances at Sep. 30, 2023		6,915,000		(4,736,927)	2,178,073
Balance, shares at Sep. 30, 2023	27,097,294
Net loss				(9,327,215)	(9,327,215)
Debt conversion to common stock		10,587,346			10,587,346
Debt conversion to common stock, shares	1,512,478
Shares added for fractional shares pursuant to reverse stock split
Shares added for fractional shares pursuant to reverse stock split, shares	42
Balances at Dec. 31, 2023		17,502,346		(14,064,142)	$ 3,438,204
Balance, shares at Dec. 31, 2023	28,609,814
Issuance of common stock, net, shares					400,000,000
Net loss				(6,254,607)	$ (6,254,607)
Issuance of common stock at IPO, net		5,832,973			5,832,973
Issuance of common stock at IPO net, shares	1,000,000
Balances at Mar. 31, 2024		$ 23,335,319		$ (20,318,749)	$ 3,016,570
Balance, shares at Mar. 31, 2024	29,609,814

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023
Cash flows from Operating activities
Net loss	$ (6,254,607)	$ (9,327,215)	$ (1,550,385)	$ (482,938)
Adjustments to reconcile net loss to net cash from operations
Amortization of debt issuance costs	4,338,543
Change in operating assets and liabilities:
Trade accounts payable and accrued expenses	74,744			(252,801)
Prepaid expenses	(98,095)
Net cash flows from operating activities	(1,939,415)			(735,739)
Financing activities:
Payments under related party line of credit	(101,000)
Payments to related party	(519,475)			(263,873)
Proceeds from sale of common stock	5,832,973			1,000,000
Net cash flows from financing activities	5,212,498			736,127
Net change in cash	3,273,083			388
Cash, beginning of period	1,231		$ 1,807	1,419
Cash, end of period	3,274,314	$ 1,231		1,807
Cash paid for interest
Supplemental schedule of non-cash financing activities:
Accrued offering expense				$ 118,944

Condensed Statements of Cash _2

Condensed Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Accrued fee		$ 0.1
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Accrued fee	$ 1
Purchase of common stock		268,025

Description of business and sum

Description of business and summary of significant accounting policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Description of business and summary of significant accounting policies	Note 1. Description of business and summary of significant accounting policies Overview Telomir Pharmaceuticals, Inc. (“Telomir” or the “Company”) was formed in August 2021 and is a Florida-based early pre-clinical stage biopharmaceutical company that is developing its product candidate, TELOMIR-1, a novel small molecule being developed to function as an oral in situ As such, TELOMIR-1 is under investigation to potentially provide a therapeutic intervention against age-related inflammatory conditions such osteoarthritis and hemochromatosis, as well as for post-chemotherapy recovery, by interrupting and preventing the IL-17 induced inflammatory pathways that create the systemic imbalance of cellular metals. Substantive operations began in late 2022 and the Company’s Investigative New Drug application is anticipated to be filed with the U.S. Food and Drug Administration (“FDA”) in first quarter 2025 for osteoarthritis. An international patent application for TELOMIR-1 was filed August 29, 2023 and is pending. National phase filings are expected to be made during the first quarter 2025. See Note 4 regarding this patent. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, all adjustments considered necessary for the fair presentation of the financial statements for the periods presented have been included. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for future periods. As used herein, the Company’s Common Stock, no par value per share, is referred to as the “Common Stock” and the Company’s preferred stock, no par value per share, is referred to as the “Preferred Stock”. Initial Public Offering On February 13, 2024, the Company closed its initial public offering consisting of 1,000,000 7.00 7.0 1.2 5.8 The shares were offered and sold pursuant to the Company’s Registration Statement on Form S-1, as amended (File No. 333-275534), originally filed with the Securities and Exchange Commission (the “SEC”) on November 14, 2023 (the “Registration Statement”) and the final quarterly report filed with the Commission pursuant to Rule 424(b)(4) of the Securities Act of 1933, as amended. The Registration Statement was declared effective by the Commission on February 8, 2024. The common stock began trading on The Nasdaq Capital Market on February 9, 2024 under the symbol “TELO”. The closing of the IPO occurred on February 13, 2024. Income taxes The Company is a C corporation. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years and for loss carryovers. A valuation allowance is recognized regarding deferred tax assets, if any, if it is more likely than not that some portion of the deferred tax asset will not be realized. Research and development expenses Research and development costs are expensed in the period in which they are incurred and include the expenses paid to third parties, such as contract research organizations and consultants, who conduct research and development activities on behalf of the Company. TELOMIR PHARMACEUTICALS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (Unaudited) Leases The Company has elected not to disclose a right of use asset and liability as provided for in ASC 842, Leases, given the related lease has less than 12 months Use of estimates The preparation of financial statements in accordance with generally accepted accounting principles in the United States of America requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results may differ from such estimates and such differences could be material. Cash The Company maintains cash balances with financial institutions that management believes are of high credit quality. The Company’s cash account at times may exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk from its cash account. Fair Value of Financial Instruments The Company measures the fair value of financial instruments in accordance with GAAP which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company considers the carrying amount of deferred offering costs to approximate fair value due to short-term nature of this instrument. GAAP describes three levels of inputs that may be used to measure fair value: Level 1 – quoted prices in active markets for identical assets or liabilities. Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable. Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions).

Liquidity and capital resources

Liquidity and capital resources	3 Months Ended
	Mar. 31, 2024
Liquidity And Capital Resources
Liquidity and capital resources	Note 2. Liquidity and capital resources As of March 31, 2024, the Company had cash of approximately $ 3.3 1.9 3.0 3.4 TELOMIR PHARMACEUTICALS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (Unaudited) Historically, the Company has been primarily engaged in developing TELOMIR-1. During these activities, the Company sustained substantial losses. The Company’s ability to fund ongoing operations and future clinical trials required for FDA approval is dependent on the Company’s ability to obtain significant additional external funding in the near term. Since inception, the Company has financed its operations through related party financings-see Note 5 and an initial public offering – see Note 7. Additional sources of financing may be sought by the Company. However, there can be no assurance that any fundraising will be achieved on commercially reasonable terms, if at all. As of the date of filing, the Company will continue to generate losses and have insufficient cash and cash equivalents on hand to support its operations for at least the 12 months following the date the financial statements are issued. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through 12 months after the date the financial statements are issued.

Accounts payable and accrued li

Accounts payable and accrued liabilities	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accounts payable and accrued liabilities	Note 3 Accounts payable and accrued liabilities : Schedule of Accounts Payable and Accrued Liabilities March 31, 2024 December 31, 2023 Trade accounts payable $ 221,559 $ 474,585 Pre-clinical research and development 249,733 202,998 Accrued other 7,358 29,604 Total $ 478,650 $ 707,187

License agreement, related part

License agreement, related party	3 Months Ended
	Mar. 31, 2024
License Agreement Related Party
License agreement, related party	Note 4. License agreement, related party The Company licenses the U.S. patent rights for the use of TELOMIR-1 in human applications from MIRALOGX, LLC (“MIRALOGX”), an intellectual property development and holding company established by Jonnie R. Williams, Sr., the founder of the Company and the sole inventor of TELOMIR-1. On August 11, 2023, (the “Effective Date”), the Company and MIRALOGX entered into an Amended and Restated Exclusive License Agreement, under which the Company has the exclusive perpetual right and license under the above-described patent rights to make, have made, use, and sell “Licensed Products” in the U.S. for human uses and preclinical studies and activities of any kind conducted in furtherance of obtaining regulatory approval or commercialization for human uses (the “MIRALOGX License Agreement”). On November 10, 2023, we and MIRALOGX entered into the Amendment No. 1 to the Amended and Restated License Agreement, pursuant to which the field of use relating to the license was amended to include therapeutic treatments and other medical or health uses in animals, in addition to humans, and related preclinical studies and activities conducted in furtherance of obtaining regulatory approval for and commercialization of veterinary, in addition to human, therapeutic treatments and uses (together with the “Initial MIRALOGX License Agreement, the “MIRALOGX License Agreement”). “Licensed Product” is defined in the agreement as a drug product containing as an active agent 2,4,6-tris(3,4-dihydro-2H-pyrrol-2-yl) pyridine or a pharmaceutically acceptable salt, ester, or solvate thereof. We also have the right to grant corresponding sublicenses under the licensed patent rights. The MIRALOGX License Agreement provides for the payment to MIRALOGX of an 8 The term of the license from MIRALOGX will continue through the date of the expiration of the last-to-expire licensed patent or, if later, the date of the expiration of the last strategic partnership/sublicensing agreement covering the licensed products. The patent rights are expected to extend through 2043, and additional patent terms may be awarded, including additional patent terms based on the time taken for regulatory review of drug products. The agreement also provides that Telomir may bring suit in its own name to enforce patent rights. MIRALOGX will control the prosecution of the patent applications for TELOMIR-1. Telomir is required to be kept informed by MIRALOGX of patent prosecution activities and may select identified countries for patent protection. Telomir is to reimburse MIRALOGX for patent prosecution and maintenance costs.

Related party transactions

Related party transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related party transactions	Note 5. Related party transactions Due from related parties- 0.13 Due to related parties- 1.7 837,841 1-for-2.05 reverse stock split 2.05 4.1 0.008 0.5 Bay Shore Trust Line of Credit On June 15, 2023, the Company entered into a Promissory Note and Loan Agreement with the Bay Shore Trust, a trust established by the Company’s founder, Jonnie R. Williams, Sr., and under which various of his family members are beneficiaries. Under this Promissory Note and Loan Agreement (the “Bay Shore Note”), the Company has the right to borrow up to an aggregate of $ 5 7 10 In consideration of the loan facility provided by the Bay Shore Trust, the Company issued to the Bay Shore Trust a common stock purchase warrant on June 15, 2023 giving the Bay Shore Trust the right to purchase up to 2,439,025 1-for-2.05 3.73 5.95 TELOMIR PHARMACEUTICALS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (Unaudited) During the three months ended March 31, 2024, the Company did not receive any advances from the line of credit from Bay Shore Trust. As of March 31, 2024, the line of credit from Bay Shore Trust has been paid in full, has fully amortized the relating financing costs and future advances are no longer available due to the terms of the agreement, specifically the closing of the Company’s IPO, which was made effective on February 13, 2024. License agreement - See Note 4. Related Party Travel Costs- 0.4 0 Related Party Rental Agreement-

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases
Leases	Note 6. Leases The Company’s corporate headquarters is in Baltimore, Maryland, which includes a lease for office space. This lease began in November 2022 and was amended in April 2023. This space is approximately 550 0.001 TELOMIR PHARMACEUTICALS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (Unaudited) The Company has elected not to disclose a right of use asset and liability as provided for in ASC 842, Leases, given the lease has less than 12 months Variable lease costs Variable lease costs primarily include utilities, property taxes, and other operating costs that are passed on from the lessor. Variable lease costs related to the aircraft include usage expenses, which includes pilot expenses, jet fuel and general flight expenses. Beginning August 1, 2023, the Company’s accounting and administrative staff began sharing office space with a related party in Tampa, Florida. As of March 31, 2024, there is no formal agreement, pending a revised lease agreement from the landlord. As such, the Company has agreed to split the cost of the Tampa lease pending an executed lease. During the quarter ended March 31, 2024, this variable lease cost related to the Tampa, Florida space totaled $ 0.006 million. Schedule of Components of Lease Expense 2024 2023 Three Months ended March 31, 2024 2023 Lease Costs Operating lease $ 53,819 $ 3,708 Variable lease costs 326,501 - Total lease cost $ 380,320 $ 3,708 TELOMIR PHARMACEUTICALS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (Unaudited)

Stockholders_ equity

Stockholders’ equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders’ equity	Note 7. Stockholders’ equity Capital stock The Company has the authority to issue 400,000,000 300,000,000 100,000,000 Reverse Stock Split Effective December 11, 2023, the Company completed a reverse stock split of its outstanding common stock upon the filing of the Company’s Second Amended and Restated Articles of Incorporation with the Florida Secretary of State. No fractional shares were or will be issued in connection with the reverse stock split, and all such fractional shares resulting from the reverse stock split were and will be rounded up to the nearest whole number. The shares issuable upon the exercise of our outstanding warrants, and the exercise price of such warrants, have been adjusted to reflect the reverse stock split. Unless otherwise noted, the share and per share information in this filing reflects the reverse stock split. IPO stock issuances At IPO, the Company issued 1,000,000 7.00 7.0 1.2 5.8 Warrants Private placement Warrants During the year ended December 31, 2023, the Company issued to the 2023 Private Placement investors a common stock warrant the right to purchase up to 268,025 1-for-2.05 15.42 67,007 1-for-2.05 3.73 TELOMIR PHARMACEUTICALS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (Unaudited) Bay Shore Trust warrants In consideration of the line of credit provided by the Bay Shore Trust, the Company issued to the Bay Shore Trust a common stock purchase warrant on June 15, 2023 giving the Bay Shore Trust the right to purchase up to 2,439,025 1-for-2.05 3.73 The fair value of the warrants were estimated on the grant date using the Black-Scholes valuation model and level 3 inputs based on assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate, which resulted in $ 5.95 million of deferred financing costs. This cost was recorded as deferred financing costs and additional paid in capital on the accompanying condensed balance sheet and is amortized straight-line over the term of the line of credit (which is 24 months). Associated amortization of deferred finance costs is recorded to interest expense on the condensed statement of operations. Underwriter warrants In connection with the IPO, the Company issued 50,000 7.00 Earnings Per Share During the three months ended March 31, 2024 and March 31, 2023, outstanding stock warrants of 2,168,086 and 39,088 , respectively, were not included in the computation of diluted earnings per share, because to do so would have had an antidilutive effect.

Description of business and s_2

Description of business and summary of significant accounting policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Initial Public Offering	Initial Public Offering On February 13, 2024, the Company closed its initial public offering consisting of 1,000,000 7.00 7.0 1.2 5.8 The shares were offered and sold pursuant to the Company’s Registration Statement on Form S-1, as amended (File No. 333-275534), originally filed with the Securities and Exchange Commission (the “SEC”) on November 14, 2023 (the “Registration Statement”) and the final quarterly report filed with the Commission pursuant to Rule 424(b)(4) of the Securities Act of 1933, as amended. The Registration Statement was declared effective by the Commission on February 8, 2024. The common stock began trading on The Nasdaq Capital Market on February 9, 2024 under the symbol “TELO”. The closing of the IPO occurred on February 13, 2024.
Income taxes	Income taxes The Company is a C corporation. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. Deferred tax assets are recognized for temporary differences that will result in deductible amounts in future years and for loss carryovers. A valuation allowance is recognized regarding deferred tax assets, if any, if it is more likely than not that some portion of the deferred tax asset will not be realized.
Research and development expenses	Research and development expenses Research and development costs are expensed in the period in which they are incurred and include the expenses paid to third parties, such as contract research organizations and consultants, who conduct research and development activities on behalf of the Company. TELOMIR PHARMACEUTICALS, INC. NOTES TO CONDENSED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023 (Unaudited)
Leases	Leases The Company has elected not to disclose a right of use asset and liability as provided for in ASC 842, Leases, given the related lease has less than 12 months
Use of estimates	Use of estimates The preparation of financial statements in accordance with generally accepted accounting principles in the United States of America requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results may differ from such estimates and such differences could be material.
Cash	Cash The Company maintains cash balances with financial institutions that management believes are of high credit quality. The Company’s cash account at times may exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk from its cash account.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company measures the fair value of financial instruments in accordance with GAAP which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. GAAP also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company considers the carrying amount of deferred offering costs to approximate fair value due to short-term nature of this instrument. GAAP describes three levels of inputs that may be used to measure fair value: Level 1 – quoted prices in active markets for identical assets or liabilities. Level 2 – quoted prices for similar assets and liabilities in active markets or inputs that are observable. Level 3 – inputs that are unobservable (for example cash flow modeling inputs based on assumptions).

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Schedule of Accounts Payable and Accrued Liabilities March 31, 2024 December 31, 2023 Trade accounts payable $ 221,559 $ 474,585 Pre-clinical research and development 249,733 202,998 Accrued other 7,358 29,604 Total $ 478,650 $ 707,187

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases
Schedule of Components of Lease Expense	Schedule of Components of Lease Expense 2024 2023 Three Months ended March 31, 2024 2023 Lease Costs Operating lease $ 53,819 $ 3,708 Variable lease costs 326,501 - Total lease cost $ 380,320 $ 3,708

Description of business and s_3

Description of business and summary of significant accounting policies (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	Feb. 13, 2024	Mar. 31, 2024
Subsidiary, Sale of Stock [Line Items]
Lease remaining maturity		12 months
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
IPO units, shares	1,000,000
Initial public offering shares	$ 7
Gross proceeds	$ 7
Underwriting commission and other offering expenses	1.2
Initial public offering net proceeds	$ 5.8

Liquidity and capital resourc_2

Liquidity and capital resources (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Liquidity And Capital Resources
Cash	$ 3,274,314		$ 1,231
Cash in operations	1,939,415	$ 735,739
Stockholders equity	$ 3,016,570	$ (510,216)	$ 3,438,204	$ 2,178,073	$ 3,889,399	$ (937,278)

Schedule of Accounts Payable an

Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Trade accounts payable	$ 221,559	$ 474,585
Pre-clinical research and development	249,733	202,998
Accrued other	7,358	29,604
Total	$ 478,650	$ 707,187

License agreement, related pa_2

License agreement, related party (Details Narrative)	Aug. 11, 2023
Related Party [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of royalty payable	8%

Related party transactions (Det

Related party transactions (Details Narrative) - USD ($)			3 Months Ended		12 Months Ended
	Dec. 11, 2023	Jun. 15, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Amounts due from related parties			$ 130,000		$ 130,000
Reverse stock split	1-for-2.05
Remained outstanding			$ 8,000		500,000
Exercise price			$ 7
Travel-related expenses			$ 370,500
Miralogx LLC [Member]
Related Party Transaction [Line Items]
Advances in the amount					$ 1,700,000
Converted of shares					837,841
Reverse stock split	1-for-2.05 reverse stock split
Miralogx LLC [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Converted of shares					$ 2.05
Conversion of debt					$ 4,100,000
Bay Shore Trust [Member]
Related Party Transaction [Line Items]
Maximum borrowing amount		$ 5,000,000
Accrue interest at a rate		7%
Outstanding simple interest		10%
Shares of common stock		2,439,025
Exercise price		$ 3.73			$ 15.42
Fair value		$ 5,950,000
Related Party [Member]
Related Party Transaction [Line Items]
Amounts due from related parties			$ 130,000		$ 130,000

Schedule of Components of Lease

Schedule of Components of Lease Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases
Operating lease	$ 53,819	$ 3,708
Variable lease costs	326,501
Total lease cost	$ 380,320	$ 3,708

Leases (Details Narrative)

Leases (Details Narrative)	1 Months Ended	3 Months Ended
	Apr. 30, 2024 USD ($) ft²	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Subsequent Event [Line Items]
Lease term		12 months
Variable Lease, Cost		$ 326,501
Lease Agreements [Member]
Subsequent Event [Line Items]
Variable Lease, Cost		$ 6,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Area of land | ft²	550
Subsequent Event [Member] | Lease Agreements [Member]
Subsequent Event [Line Items]
Rent payable	$ 1,000

Stockholders_ equity (Details N

Stockholders’ equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		12 Months Ended
	Feb. 13, 2024	Dec. 11, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jun. 15, 2023
Subsidiary, Sale of Stock [Line Items]
Issue of shares of capital stock			400,000,000
Common stock, shares authorized			300,000,000		300,000,000
Preferred stock, shares authorized			100,000,000		100,000,000
Reverse stock split		1-for-2.05
Exercise price			$ 7
Deferred finance costs					$ 5,950
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			2,168,086	39,088
Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Issue of shares of capital stock				268,025
IPO units, shares			1,000,000
Bay Shore Trust [Member]
Subsidiary, Sale of Stock [Line Items]
Exercise price					$ 15.42	$ 3.73
Exercise price					$ 3.73
Shares of common stock						2,439,025
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
IPO units, shares	1,000,000
Initial public offering shares	$ 7
Gross proceeds	$ 7,000
Underwriting commission and other offering expenses	1,200
Initial public offering net proceeds	$ 5,800
IPO [Member] | Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
IPO units, shares	50,000
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Purchase of common stock				268,025	268,025
Private Placement [Member] | Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Purchase of common stock					67,007