Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2024 | |
Document Information [Line Items] | |
Document Type | S-1 |
Entity Registrant Name | GEOVAX LABS, INC. |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 87-0455038 |
Entity Address, Address Line One | 1900 Lake Park Drive, Suite 380 |
Entity Address, City or Town | Smyrna |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30080 |
City Area Code | 678 |
Local Phone Number | 384-7220 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000832489 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Assets [Abstract] | ||
Cash and cash equivalents | $ 1,561,712 | $ 6,452,589 |
Accounts receivable | 300,677 | 0 |
Prepaid expenses | 1,981,134 | 1,433,153 |
Total current assets | 3,843,523 | 7,885,742 |
Property and equipment, net | 170,537 | 209,689 |
Other assets | 81,010 | 1,187,788 |
Total assets | 4,095,070 | 9,283,219 |
Current liabilities: | ||
Accounts payable | 3,983,696 | 2,802,950 |
Notes payable and accrued interest – related parties | 142,292 | 0 |
Accrued expenses | 2,278,308 | 716,931 |
Total current liabilities | 6,404,296 | 3,519,881 |
Equity [Abstract] | ||
Issued and outstanding shares – 4,178,700 and 1,977,152 at June 30, 2024 and December 31, 2023, respectively | 4,179 | 1,977 |
Additional paid-in capital | 112,964,554 | 110,125,146 |
Accumulated deficit | (115,277,959) | (104,363,785) |
Total stockholders’ equity (deficit) | (2,309,226) | 5,763,338 |
Total liabilities and stockholders’ equity (deficit) | $ 4,095,070 | $ 9,283,219 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2024 | Jan. 16, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 | 600,000,000 | 600,000,000 |
Common Stock, Shares Authorized (in shares) | 150,000,000 | 150,000,000 | 600,000,000 | 600,000,000 |
Common Stock, Shares, Outstanding (in shares) | 4,178,700 | 1,977,152 | 1,755,664 | |
Common Stock, Shares, Issued (in shares) | 4,178,700 | 1,977,152 | 1,755,664 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue from government contract | $ 300,677 | $ 0 | $ 300,677 | $ 0 |
Operating expenses: | ||||
Research and development | 4,276,868 | 4,719,728 | 8,702,596 | 7,538,917 |
General and administrative | 1,086,030 | 1,459,093 | 2,543,383 | 2,910,518 |
Total operating expenses | 5,362,898 | 6,178,821 | 11,245,979 | 10,449,435 |
Loss from operations | (5,062,221) | (6,178,821) | (10,945,302) | (10,449,435) |
Other income (expense): | ||||
Interest income | 5,471 | 251,201 | 38,420 | 483,899 |
Interest expense | (7,292) | 0 | (7,292) | 0 |
Total other income (expense) | (1,821) | 251,201 | 31,128 | 483,899 |
Net loss | $ (5,064,042) | $ (5,927,620) | $ (10,914,174) | $ (9,965,536) |
Basic and diluted: | ||||
Net loss per common share (in dollars per share) | $ (1.99) | $ (3.79) | $ (4.68) | $ (5.66) |
Weighted average shares outstanding (in shares) | 2,539,878 | 1,562,910 | 2,334,464 | 1,759,427 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 425,436 | |||
Balance at Dec. 31, 2021 | $ 426 | $ 68,737,176 | $ (64,375,898) | $ 4,361,704 |
Issuance of common stock for services (in shares) | 9,567 | 9,567 | ||
Issuance of common stock for services | $ 10 | 132,740 | 0 | $ 132,750 |
Issuance of common stock upon warrant exercise (in shares) | 1,203,495 | |||
Issuance of common stock upon warrant exercise | $ 1,203 | 7,624,931 | 0 | 7,626,134 |
Stock option expense | 0 | 773,377 | 773,377 | |
Net loss | $ 0 | (14,021,125) | (14,021,125) | |
Sale of common stock and warrants for cash (in shares) | 117,166 | |||
Sale of common stock and warrants for cash | $ 117 | 27,727,077 | 0 | 27,727,194 |
Balance (in shares) at Dec. 31, 2022 | 1,755,664 | |||
Balance at Dec. 31, 2022 | $ 1,756 | 104,995,301 | (78,397,023) | 26,600,034 |
Issuance of common stock for services (in shares) | 7,246 | |||
Issuance of common stock for services | $ 7 | 74,993 | 0 | 75,000 |
Stock option expense | 0 | 228,039 | 0 | 228,039 |
Net loss | $ 0 | 0 | (4,037,916) | (4,037,916) |
Balance (in shares) at Mar. 31, 2023 | 1,762,910 | |||
Balance at Mar. 31, 2023 | $ 1,763 | 105,298,333 | (82,434,939) | 22,865,157 |
Balance (in shares) at Dec. 31, 2022 | 1,755,664 | |||
Balance at Dec. 31, 2022 | $ 1,756 | 104,995,301 | (78,397,023) | 26,600,034 |
Net loss | (9,965,536) | |||
Balance (in shares) at Jun. 30, 2023 | 1,762,910 | |||
Balance at Jun. 30, 2023 | $ 1,763 | 105,524,346 | (88,362,559) | 17,163,550 |
Balance (in shares) at Dec. 31, 2022 | 1,755,664 | |||
Balance at Dec. 31, 2022 | $ 1,756 | 104,995,301 | (78,397,023) | $ 26,600,034 |
Issuance of common stock for services (in shares) | 24,021 | 24,021 | ||
Issuance of common stock for services | $ 24 | 212,476 | 0 | $ 212,500 |
Issuance of common stock upon warrant exercise (in shares) | 197,467 | |||
Issuance of common stock upon warrant exercise | $ 197 | 4,062,245 | 4,062,442 | |
Stock option expense | 855,124 | 0 | 855,124 | |
Net loss | $ 0 | (25,966,762) | (25,966,762) | |
Balance (in shares) at Dec. 31, 2023 | 1,977,152 | |||
Balance at Dec. 31, 2023 | $ 1,977 | 110,125,146 | (104,363,785) | 5,763,338 |
Balance (in shares) at Mar. 31, 2023 | 1,762,910 | |||
Balance at Mar. 31, 2023 | $ 1,763 | 105,298,333 | (82,434,939) | 22,865,157 |
Stock option expense | 0 | 226,013 | 0 | 226,013 |
Net loss | $ 0 | 0 | (5,927,620) | (5,927,620) |
Balance (in shares) at Jun. 30, 2023 | 1,762,910 | |||
Balance at Jun. 30, 2023 | $ 1,763 | 105,524,346 | (88,362,559) | 17,163,550 |
Balance (in shares) at Dec. 31, 2023 | 1,977,152 | |||
Balance at Dec. 31, 2023 | $ 1,977 | 110,125,146 | (104,363,785) | 5,763,338 |
Issuance of common stock for services (in shares) | 6,703 | |||
Issuance of common stock for services | $ 7 | 37,493 | 0 | 37,500 |
Issuance of common stock upon warrant exercise (in shares) | 269,032 | |||
Issuance of common stock upon warrant exercise | $ 269 | (269) | 0 | 0 |
Fractional share roundup following reverse split (in shares) | 55,422 | |||
Fractional share roundup following reverse split | $ 55 | (55) | 0 | 0 |
Stock option expense | 0 | 103,569 | 0 | 103,569 |
Net loss | $ 0 | 0 | (5,850,132) | (5,850,132) |
Balance (in shares) at Mar. 31, 2024 | 2,308,309 | |||
Balance at Mar. 31, 2024 | $ 2,308 | 110,265,884 | (110,213,917) | 54,275 |
Balance (in shares) at Dec. 31, 2023 | 1,977,152 | |||
Balance at Dec. 31, 2023 | $ 1,977 | 110,125,146 | (104,363,785) | 5,763,338 |
Net loss | (10,914,174) | |||
Balance (in shares) at Jun. 30, 2024 | 4,178,700 | |||
Balance at Jun. 30, 2024 | $ 4,179 | 112,964,554 | (115,277,959) | (2,309,226) |
Balance (in shares) at Mar. 31, 2024 | 2,308,309 | |||
Balance at Mar. 31, 2024 | $ 2,308 | 110,265,884 | (110,213,917) | 54,275 |
Issuance of common stock upon warrant exercise (in shares) | 1,650,391 | |||
Issuance of common stock upon warrant exercise | $ 1,651 | 1,387,712 | 0 | 1,389,363 |
Stock option expense | 0 | 101,640 | 0 | 101,640 |
Net loss | $ 0 | 0 | (5,064,042) | (5,064,042) |
Sale of common stock and warrants for cash (in shares) | 220,000 | |||
Sale of common stock and warrants for cash | $ 220 | 1,209,318 | 0 | 1,209,538 |
Balance (in shares) at Jun. 30, 2024 | 4,178,700 | |||
Balance at Jun. 30, 2024 | $ 4,179 | $ 112,964,554 | $ (115,277,959) | $ (2,309,226) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (10,914,174) | $ (9,965,536) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 43,319 | 34,637 |
Stock-based compensation expense | 259,376 | 515,552 |
Changes in assets and liabilities: | ||
Accounts receivable | (300,677) | 0 |
Prepaid expenses and other current assets | 564,648 | 698,785 |
Other assets | (1,106,778) | (976,498) |
Accounts payable and accrued expenses | 2,745,248 | (662,382) |
Total adjustments | 3,289,396 | 165,520 |
Net cash used in operating activities | (7,624,778) | (9,800,016) |
Cash flows from investing activities: | ||
Purchase of equipment | 0 | (23,805) |
Net cash used in investing activities | 0 | (23,805) |
Cash flows from financing activities: | ||
Net proceeds from issuance of notes payable – related parties | 135,000 | 0 |
Net proceeds from sale of common stock and warrants | 1,209,538 | 0 |
Net proceeds from warrant exercise | 1,389,363 | 0 |
Net cash provided by financing activities | 2,733,901 | 0 |
Net decrease in cash and cash equivalents | (4,890,877) | (9,823,821) |
Cash and cash equivalents at beginning of period | 6,452,589 | 27,612,732 |
Cash and cash equivalents at end of period | $ 1,561,712 | $ 17,788,911 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Assets [Abstract] | |||||||
Cash and cash equivalents | $ 1,561,712 | $ 6,452,589 | $ 27,612,732 | ||||
Prepaid expenses | 1,981,134 | 1,433,153 | 1,325,998 | ||||
Total current assets | 3,843,523 | 7,885,742 | 28,938,730 | ||||
Property and equipment, net | 170,537 | 209,689 | 234,912 | ||||
Other assets | 81,010 | 1,187,788 | 2,174,286 | ||||
Total assets | 4,095,070 | 9,283,219 | 31,347,928 | ||||
Current liabilities: | |||||||
Accounts payable | 3,983,696 | 2,802,950 | 1,747,682 | ||||
Accrued expenses | 2,278,308 | 716,931 | 3,000,212 | ||||
Total current liabilities | 6,404,296 | 3,519,881 | 4,747,894 | ||||
Stockholders’ equity: | |||||||
Issued and outstanding shares – 4,178,700 and 1,977,152 at June 30, 2024 and December 31, 2023, respectively | 4,179 | 1,977 | 1,756 | ||||
Additional paid-in capital | 112,964,554 | 110,125,146 | 104,995,301 | ||||
Accumulated deficit | (115,277,959) | (104,363,785) | (78,397,023) | ||||
Total stockholders’ equity (deficit) | (2,309,226) | $ 54,275 | 5,763,338 | $ 17,163,550 | $ 22,865,157 | 26,600,034 | $ 4,361,704 |
Total liabilities and stockholders’ equity (deficit) | $ 4,095,070 | $ 9,283,219 | $ 31,347,928 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2024 | Jan. 16, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 | 600,000,000 | 600,000,000 |
Common Stock, Shares, Issued (in shares) | 4,178,700 | 1,977,152 | 1,755,664 | |
Common Stock, Shares, Outstanding (in shares) | 4,178,700 | 1,977,152 | 1,755,664 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from government contract | $ 300,677 | $ 0 | $ 300,677 | $ 0 | $ 0 | $ 81,526 | ||
Operating expenses: | ||||||||
Research and development | 4,276,868 | 4,719,728 | 8,702,596 | 7,538,917 | 20,720,766 | 9,123,479 | ||
General and administrative | 1,086,030 | 1,459,093 | 2,543,383 | 2,910,518 | 6,022,173 | 4,986,611 | ||
Total operating expenses | 5,362,898 | 6,178,821 | 11,245,979 | 10,449,435 | 26,742,939 | 14,110,090 | ||
Loss from operations | (5,062,221) | (6,178,821) | (10,945,302) | (10,449,435) | (26,742,939) | (14,028,564) | ||
Interest income | 5,471 | 251,201 | 38,420 | 483,899 | 776,177 | 7,439 | ||
Net loss | $ (5,064,042) | $ (5,850,132) | $ (5,927,620) | $ (4,037,916) | $ (10,914,174) | $ (9,965,536) | $ (25,966,762) | $ (14,021,125) |
Basic and diluted: | ||||||||
Net loss per common share (in dollars per share) | $ (1.99) | $ (3.79) | $ (4.68) | $ (5.66) | $ (14.29) | $ (12.39) | ||
Weighted average shares outstanding (in shares) | 2,539,878 | 1,562,910 | 2,334,464 | 1,759,427 | 1,817,282 | 1,131,546 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 425,436 | |||
Balance at Dec. 31, 2021 | $ 426 | $ 68,737,176 | $ (64,375,898) | $ 4,361,704 |
Sale of common stock and warrants for cash (in shares) | 117,166 | |||
Sale of common stock and warrants for cash | $ 117 | 27,727,077 | 0 | 27,727,194 |
Issuance of common stock upon warrant exercise (in shares) | 1,203,495 | |||
Issuance of common stock upon warrant exercise | $ 1,203 | 7,624,931 | 0 | $ 7,626,134 |
Issuance of common stock for services (in shares) | 9,567 | 9,567 | ||
Issuance of common stock for services | $ 10 | 132,740 | 0 | $ 132,750 |
Stock option expense | 0 | 773,377 | 773,377 | |
Net loss | $ 0 | (14,021,125) | (14,021,125) | |
Balance (in shares) at Dec. 31, 2022 | 1,755,664 | |||
Balance at Dec. 31, 2022 | $ 1,756 | 104,995,301 | (78,397,023) | 26,600,034 |
Issuance of common stock for services (in shares) | 7,246 | |||
Issuance of common stock for services | $ 7 | 74,993 | 0 | 75,000 |
Stock option expense | 0 | 228,039 | 0 | 228,039 |
Net loss | $ 0 | 0 | (4,037,916) | (4,037,916) |
Balance (in shares) at Mar. 31, 2023 | 1,762,910 | |||
Balance at Mar. 31, 2023 | $ 1,763 | 105,298,333 | (82,434,939) | 22,865,157 |
Balance (in shares) at Dec. 31, 2022 | 1,755,664 | |||
Balance at Dec. 31, 2022 | $ 1,756 | 104,995,301 | (78,397,023) | 26,600,034 |
Net loss | (9,965,536) | |||
Balance (in shares) at Jun. 30, 2023 | 1,762,910 | |||
Balance at Jun. 30, 2023 | $ 1,763 | 105,524,346 | (88,362,559) | 17,163,550 |
Balance (in shares) at Dec. 31, 2022 | 1,755,664 | |||
Balance at Dec. 31, 2022 | $ 1,756 | 104,995,301 | (78,397,023) | 26,600,034 |
Issuance of common stock upon warrant exercise (in shares) | 197,467 | |||
Issuance of common stock upon warrant exercise | $ 197 | 4,062,245 | $ 4,062,442 | |
Issuance of common stock for services (in shares) | 24,021 | 24,021 | ||
Issuance of common stock for services | $ 24 | 212,476 | 0 | $ 212,500 |
Stock option expense | 855,124 | 0 | 855,124 | |
Net loss | $ 0 | (25,966,762) | (25,966,762) | |
Balance (in shares) at Dec. 31, 2023 | 1,977,152 | |||
Balance at Dec. 31, 2023 | $ 1,977 | 110,125,146 | (104,363,785) | 5,763,338 |
Balance (in shares) at Mar. 31, 2023 | 1,762,910 | |||
Balance at Mar. 31, 2023 | $ 1,763 | 105,298,333 | (82,434,939) | 22,865,157 |
Stock option expense | 0 | 226,013 | 0 | 226,013 |
Net loss | $ 0 | 0 | (5,927,620) | (5,927,620) |
Balance (in shares) at Jun. 30, 2023 | 1,762,910 | |||
Balance at Jun. 30, 2023 | $ 1,763 | 105,524,346 | (88,362,559) | 17,163,550 |
Balance (in shares) at Dec. 31, 2023 | 1,977,152 | |||
Balance at Dec. 31, 2023 | $ 1,977 | 110,125,146 | (104,363,785) | 5,763,338 |
Issuance of common stock upon warrant exercise (in shares) | 269,032 | |||
Issuance of common stock upon warrant exercise | $ 269 | (269) | 0 | 0 |
Issuance of common stock for services (in shares) | 6,703 | |||
Issuance of common stock for services | $ 7 | 37,493 | 0 | 37,500 |
Stock option expense | 0 | 103,569 | 0 | 103,569 |
Net loss | $ 0 | 0 | (5,850,132) | (5,850,132) |
Balance (in shares) at Mar. 31, 2024 | 2,308,309 | |||
Balance at Mar. 31, 2024 | $ 2,308 | 110,265,884 | (110,213,917) | 54,275 |
Balance (in shares) at Dec. 31, 2023 | 1,977,152 | |||
Balance at Dec. 31, 2023 | $ 1,977 | 110,125,146 | (104,363,785) | 5,763,338 |
Net loss | (10,914,174) | |||
Balance (in shares) at Jun. 30, 2024 | 4,178,700 | |||
Balance at Jun. 30, 2024 | $ 4,179 | 112,964,554 | (115,277,959) | (2,309,226) |
Balance (in shares) at Mar. 31, 2024 | 2,308,309 | |||
Balance at Mar. 31, 2024 | $ 2,308 | 110,265,884 | (110,213,917) | 54,275 |
Sale of common stock and warrants for cash (in shares) | 220,000 | |||
Sale of common stock and warrants for cash | $ 220 | 1,209,318 | 0 | 1,209,538 |
Issuance of common stock upon warrant exercise (in shares) | 1,650,391 | |||
Issuance of common stock upon warrant exercise | $ 1,651 | 1,387,712 | 0 | 1,389,363 |
Stock option expense | 0 | 101,640 | 0 | 101,640 |
Net loss | $ 0 | 0 | (5,064,042) | (5,064,042) |
Balance (in shares) at Jun. 30, 2024 | 4,178,700 | |||
Balance at Jun. 30, 2024 | $ 4,179 | $ 112,964,554 | $ (115,277,959) | $ (2,309,226) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net loss | $ (25,966,762) | $ (14,021,125) |
Depreciation and amortization expense | 74,169 | 56,284 |
Stock-based compensation expense | 1,074,957 | 902,074 |
Grant funds receivables | 0 | 49,006 |
Prepaid expenses and other current assets | (114,488) | (1,165,705) |
Other assets | 986,498 | (2,163,276) |
Accounts payable, accrued expenses and other liabilities | (1,228,013) | (2,687,466) |
Total adjustments | 793,123 | (5,009,083) |
Net cash used in operating activities | (25,173,639) | (19,030,208) |
Purchase of equipment | (48,946) | (134,258) |
Net cash used in investing activities | (48,946) | (134,258) |
Net proceeds from sale of common stock and warrants | 0 | 27,727,194 |
Net proceeds from warrant exercise | 4,062,442 | 7,626,134 |
Net cash provided by financing activities | 4,062,442 | 35,353,328 |
Net decrease in cash and cash equivalents | (21,160,143) | 16,188,862 |
Cash and cash equivalents at beginning of period | 27,612,732 | 11,423,870 |
Cash and cash equivalents at end of period | $ 6,452,589 | $ 27,612,732 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Nature of Operations [Text Block] | 1. Nature of Business GeoVax Labs, Inc., headquartered in the Atlanta, Georgia metropolitan area, is a clinical-stage biotechnology company incorporated under the laws of the State of Delaware. GeoVax Labs, Inc. and its wholly owned subsidiary, GeoVax, Inc., a Georgia corporation, are collectively referred to herein as “GeoVax” or “the Company”. The Company is focused on developing human vaccines for many of the world’s most threatening infectious diseases and therapies for solid tumor cancers using novel proprietary platforms. GeoVax’s lead clinical program is GEO-CM04S1, a next-generation COVID-19 vaccine for which it was recently awarded a BARDA-funded contract to sponsor a 10,000-participant Phase 2b clinical trial to evaluate the efficacy of GEO-CM04S1 versus an approved COVID-19 vaccine. In addition, GEO-CM04S1 is currently in three Phase 2 clinical trials, being evaluated as (1) a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, (2) a booster vaccine in patients with chronic lymphocytic leukemia (CLL) and (3) a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. In addition, the lead oncological clinical program is Gedeptin®, a novel oncolytic solid tumor gene-directed therapy, which is currently in a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. Additional preclinical research and development programs include preventive vaccines against Mpox (formerly known as monkeypox), hemorrhagic fever viruses (Ebola Zaire, Ebola Sudan, and Marburg), and Zika virus, as well as immunotherapies for solid tumors. | 1. Nature of Business GeoVax Labs, Inc., headquartered in the Atlanta, Georgia metropolitan area, is a clinical-stage biotechnology company incorporated under the laws of the State of Delaware. GeoVax Labs, Inc. and its wholly owned subsidiary, GeoVax, Inc., a Georgia corporation, are collectively referred to herein as “GeoVax” or the “Company”. The Company is focused on developing immunotherapies and vaccines against cancers and infectious diseases using novel vector vaccine platforms. GeoVax’s product pipeline includes ongoing human clinical trials for a next-generation Covid-19 vaccine and a gene-directed therapy for advanced head and neck cancer. Additional preclinical research and development programs include preventive vaccines against Mpox (monkeypox), hemorrhagic fever viruses (Ebola Zaire, Ebola Sudan, Marburg, and Lassa Fever) Zika virus, and malaria, as well as immunotherapies for solid tumors. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies We disclosed in Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 those accounting policies that we consider significant in determining our results of operations and financial position. During the six months ended June 30, 2024, there have been no material changes to, or in the application of, the accounting policies previously identified and described in the Form 10-K. Basis of Presentation The accompanying financial statements include the accounts of GeoVax Labs, Inc. and GeoVax, Inc. All intercompany transactions have been eliminated in consolidation. The financial statements are unaudited, but include all adjustments, consisting of normal recurring entries, which we believe to be necessary for a fair presentation of interim periods presented. Interim results are not necessarily indicative of results for a full year. The financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. We expect our operating results to fluctuate for the foreseeable future; therefore, period-to-period comparisons should not be relied upon as predictive of the results in future periods. We are devoting substantially all of our present efforts to research and development of our vaccine and immunotherapy candidates and will require additional funding to continue our research and development activities. Our existing cash resources are insufficient to continue our planned operations beyond the third quarter of 2024 without additional funding, which we are actively pursuing. We plan to pursue additional cash resources through public or private equity or debt financings, government grants/contracts, arrangements with strategic partners, or from other sources. There can be no assurance that additional funding will be available on favorable terms or at all. These factors collectively raise substantial doubt about the Company’s ability to continue as a going concern. Management believes that we will be successful in securing the additional capital required to continue the Company’s planned operations, but that our plans do not fully alleviate the substantial doubt about the Company’s ability to operate as a going concern. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. The accompanying consolidated financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock split described in Note 6. Recent Accounting Pronouncements During the six months ended June 30, 2024, there have been no new accounting pronouncements or changes in accounting pronouncements which we expect to have a material impact on our financial statements. | 2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of GeoVax Labs, Inc. together with GeoVax, Inc. All intercompany transactions have been eliminated in consolidation. Basis of Presentation and Going Concern We believe that our existing cash resources will be sufficient to continue our planned operations into the second quarter of 2024. We are devoting substantially all of our present efforts to research and development of our vaccine and immunotherapy candidates and will require additional funding to continue these activities. We plan to pursue additional cash resources through public or private equity or debt financings, government grants/contracts, arrangements with strategic partners, or from other sources. There can be no assurance that additional funding will be available on favorable terms or at all. These factors collectively raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date these financial statements are issued. Management believes that we will be successful in securing the additional capital required to continue the Company’s planned operations, but that our plans do not fully alleviate the substantial doubt about the Company’s ability to operate as a going concern. The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the issue date of these financial statements. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. The accompanying consolidated financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock split described in Note 10. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Our cash and cash equivalents consist primarily of bank deposits and money market accounts. The recorded values approximate fair market values due to the short maturities. Fair Value of Financial Instruments and Concentration of Credit Risk Financial instruments that subject us to concentration of credit risk consist primarily of cash and cash equivalents, which are maintained by high credit quality financial institutions. The carrying values reported in the balance sheets for cash and cash equivalents approximate fair values. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to operations as incurred, while additions and improvements are capitalized. We calculate depreciation using the straight-line method over the estimated useful lives of the assets (generally 5 We recognize leases in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-02, Leases Impairment of Long-Lived Assets We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future net cash flows expected to be generated by such assets. If we consider such assets to be impaired, the impairment to be Accrued Expenses As part of the process of preparing our financial statements, we estimate expenses that we believe we have incurred, but have not yet been billed by our third-party vendors. This process involves identifying services and activities that have been performed by such vendors on our behalf and estimating the level to which they have been performed and the associated cost incurred for such service as of each balance sheet date. Net Loss Per Share Basic and diluted loss per common share are computed based on the weighted average number of common shares outstanding, including prefunded warrants outstanding as of December 31, 2023. The Company’s additional potentially dilutive securities, which include stock options and stock purchase warrants, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive. The securities that could potentially dilute basic earnings per share in the future and that have been excluded from the computation of diluted net loss per share totaled 1,731,391 and 1,029,529 shares at December 31, 2023 and 2022, respectively. Revenue Recognition We recognize revenue in accordance with FASB Accounting Standards Update 2014-09, Revenue from Contracts with Customers We have received payments from government entities under non-refundable grants in support of our vaccine development programs. We record revenue associated with these grants when the reimbursable costs are incurred and we have complied with all conditions necessary to receive the grant funds. From time to time, we may enter into collaborative research and development agreements for specific vaccine development approaches and/or disease indications whereby we receive third-party funding for preclinical research under certain of these arrangements. Each agreement is evaluated in accordance with the process defined by ASU 2014-09 and revenue is recognized accordingly. Research and Development Expense Research and development costs are charged to expense as incurred and consist of costs incurred in the discovery, development, testing and manufacturing of our product candidates. These expenses consist primarily of (i) salaries, benefits, and stock-based compensation for personnel, (ii) laboratory supplies and facility-related expenses to conduct development, (iii) fees paid to third-party service providers to perform, monitor and accumulate data related to our preclinical studies and clinical trials, (iv) costs related to sponsored research agreements, (v) costs to procure and manufacture materials used in clinical trials, and (vi) license fees and other expenses associated with technology license agreements. We accrue for estimated costs of research and development activities conducted by third-party service providers, which may include the conduct of preclinical studies and clinical trials, and contract manufacturing activities. When evaluating the adequacy of the accrued liabilities, we analyze progress of the studies or trials, including clinical trial participant enrollment, completion of events, invoices received and other events. Advance payments for research and development activities are deferred and included in prepaid expenses and other assets. The deferred amounts are expensed as the related goods are delivered or the services are performed. Patent Costs Our expenditures relating to obtaining and protecting patents are charged to expense when incurred and are included in general and administrative expense. Period-to-Period Comparisons Our operating results are expected to fluctuate for the foreseeable future. Therefore, period-to-period comparisons should not be relied upon as predictive of the results for future periods. Income Taxes We account for income taxes using the liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance unless, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will be realized. Stock-Based Compensation We account for stock-based transactions in which the Company receives services from employees, directors or others in exchange for equity instruments based on the fair value of the award at the grant date. Stock-based compensation cost for awards of common stock is estimated based on the price of the underlying common stock on the date of issuance. Stock-based compensation cost for stock options or warrants is estimated at the grant date based on each instrument’s fair value as calculated by the Black-Scholes option pricing model. We recognize stock-based compensation cost as expense ratably on a straight-line basis over the requisite service period for the award. See Note 6 for additional stock-based compensation information. Other Recent Accounting Pronouncements There have been no recent accounting pronouncements or changes in accounting pronouncements which we expect to have a material impact on our financial statements, nor do we believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on our financial statements. |
Note 3 - Balance Sheet Componen
Note 3 - Balance Sheet Components | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Supplemental Balance Sheet Disclosures [Text Block] | 3. Balance Sheet Components Prepaid Expenses June 30, 2024 December 31, 2023 Prepaid clinical trial costs (current portion) $ 1,921,190 $ 1,282,746 Prepaid insurance premiums 36,899 110,695 Prepaid rent 13,045 13,045 Other prepaid expenses 10,000 26,667 Total prepaid expenses $ 1,981,134 $ 1,433,153 Property and Equipment June 30, 2024 December 31, 2023 Equipment and furnishings $ 774,758 $ 774,758 Leasehold improvements 115,605 115,605 Total property and equipment 890,363 890,363 Accumulated depreciation and amortization (719,826 ) (680,674 ) Total property and equipment, net $ 170,537 $ 209,689 Other Assets June 30, 2024 December 31, 2023 Prepaid clinical trial costs (noncurrent portion) $ - $ 1,106,778 Prepaid technology license fees 70,000 70,000 Deposits 11,010 11,010 Total other assets $ 81,010 $ 1,187,788 Accrued Expenses June 30, 2024 December 31, 2023 Payroll-related liabilities $ 168,974 $ 114,337 Accrued clinical trial costs 351,460 490,635 Accrued contract manufacturing costs 1,687,874 - Other accrued expenses 70,000 111,959 Total accrued expenses $ 2,278,308 $ 716,931 | 3. Balance Sheet Components Prepaid Expenses 2023 2022 Prepaid clinical trial costs (current portion) $ 1,282,746 $ 1,171,077 Prepaid insurance premiums 110,695 107,876 Prepaid rent 13,045 13,045 Other prepaid expenses 26,667 34,000 Total prepaid expenses $ 1,433,153 $ 1,325,998 Property and Equipment 2023 2022 Equipment and furnishings $ 774,758 $ 725,812 Leasehold improvements 115,605 115,605 Total property and equipment 890,363 841,417 Accumulated depreciation and amortization (680,674 ) (606,505 ) Total property and equipment, net $ 209,689 $ 234,912 Depreciation expense was $74,169 and $56,284 during the years ended December 31, 2023 and 2022, respectively. Other Assets 2023 2022 Prepaid clinical trial costs (noncurrent portion) $ 1,106,778 $ 2,083,276 Prepaid technology license fees 70,000 80,000 Deposits 11,010 11,010 Total other assets $ 1,187,788 $ 2,174,286 Accrued Expenses 2023 2022 Accrued license fees $ - $ 2,000,000 Payroll-related liabilities 114,337 550,810 Other accrued expenses 602,594 449,402 Total accrued expenses $ 716,931 $ 3,000,212 |
Note 4 - Notes Payable - Relate
Note 4 - Notes Payable - Related Parties | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Notes Payable Related Parties On May 10, 2024, we issued 10% Original Issue Discount Promissory Notes (the “Notes”) with an aggregate principal amount of $150,000 to members of our Board of Directors and senior management, in exchange for gross cash proceeds to us of $135,000. The Notes are unsecured, bear interest at a rate of 15% per annum, and mature upon the earlier of (i) six months from the issue date or (ii) three days following the date the Company completes an offering of its common stock with gross proceeds of not less than $5 million. We recorded a total debt discount of $15,000 upon the issuance of the Notes. Interest expense associated with the Notes was $7,292 for the three-month period ended June 30, 2024, consisting of $4,167 of debt discount amortization and $3,125 of accrued interest payable. |
Note 5 -Commitments
Note 5 -Commitments | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Commitments Disclosure [Text Block] | 5. Commitments Operating Lease. License Agreements. Other Commitments | 4. Commitments Operating Lease. License Agreements. Other Commitments |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 6. Stockholders Equity Reverse Stock Split and Reduction of Authorized Shares of Common Stock At a special meeting of our stockholders held on January 16, 2024, our stockholders approved an amendment to our certificate of incorporation to (i) reduce our authorized shares of common stock from 600,000,000 to 150,000,000 and (ii) effect a one-for- fifteen May 2024 Offering On May 21, 2024, we closed a registered direct offering of 220,000 shares of common stock and pre-funded warrants to purchase an aggregate of 582,844 shares of common stock (the “May 2024 Pre-Funded Warrants”). In a concurrent private placement, we issued common warrants to the purchaser to purchase up to 1,605,688 shares of common stock at an exercise price of $1.68 per share (the “May 2024 Common Warrants”). Net proceeds after deducting placement agent commissions and other offering expenses were approximately $1.2 million. As noted under “ Warrant Exercises Warrant Exercises During the first quarter of 2024, we issued 269,032 shares of our common stock upon the exercise of prefunded warrants issued in December 2023 (the “December 2023 Pre-Funded Warrants”). During June 2024, we issued 238,000 and 582,844 shares of our common stock upon the exercise of the December 2023 Pre-Funded Warrants and the May 2024 Pre-Funded Warrants, respectively; and 2,549 shares of our common stock upon the cashless exercise of 4,000 warrants issued in June 2020. Also during June 2024, we issued 826,998 shares of our common stock upon the exercise of common warrants issued in December 2023, with net cash proceeds to us of approximately $1.4 million. Other Common Stock Transactions During January 2024, we issued 6,703 shares of our common stock pursuant to a professional relations and consulting agreement and we issued 55,422 shares of our common stock for the roundup of fractional shares associated with the reverse stock split. Stock Options We have stock-based incentive plans (the “Plans”) pursuant to which our Board of Directors may grant stock options and other stock-based awards to our employees, directors and consultants. During the six months ended June 30, 2024, 961 stock options were cancelled and there were no new grants of stock options or other transactions related to the Plans. As of June 30, 2024, there are 133,648 stock options outstanding, with a weighted-average exercise price of $28.39 per share and a weighted-average remaining contractual term of 7.7 years. Including the outstanding stock options, a total of 333,648 shares of our common stock are reserved for future issuance pursuant to the Plans. Stock Purchase Warrants The table below summarizes information concerning warrants outstanding as of June 30, 2024. Issue Date Number of Shares Exercise Price Expiration June 2020 4,000 $ 1.68 June 2025 September 2020 159,781 75.00 September 2025 February 2021 4,800 103.13 August 2024 September 2021 6,668 195.00 September 2026 December 2023 582,000 1.68 June 2029 May 2024 1,605,688 1.68 May 2029 Outstanding at June 30, 2024 2,362,937 |
Note 7 - Stock-Based Compensati
Note 7 - Stock-Based Compensation Expense | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Share-Based Payment Arrangement [Text Block] | 7. Stock-Based Compensation Expense Stock-based compensation expense related to stock options is recognized on a straight-line basis over the requisite service period for the award and is allocated to research and development expense or general and administrative expense based upon the classification of the individual to whom the award is granted. Stock-based compensation expense related to stock option grants was $101,640 and $205,209 during the three-month and six-month periods ended June 30, 2024, respectively, as compared to $226,013 and $454,052, respectively, during the same periods of 2023. As of June 30, 2024, there is $342,156 of unrecognized compensation expense that we expect to recognize over a weighted-average period of 1.1 years. We have also issued shares of our restricted common stock to consultants and recognize the related expense over the terms of the related agreements. During the three-month and six-month periods ended June 30, 2024 we recorded stock-based compensation expense of $-0- and $54,167, respectively, associated with common stock issued for consulting services, as compared to $43,500 and $61,500, respectively, for the same periods of 2023. | 6. Stock-Based Compensation Expense Stock-based compensation expense related to stock options is recognized on a straight-line basis over the requisite service period for the award and is allocated to research and development expense or general and administrative expense based upon the classification of the individual to whom the award is granted. We use the Black-Scholes model for determining the grant date fair value of our stock option grants. This model utilizes certain information, such as the interest rate on a risk-free security with a term generally equivalent to the expected life of the option being valued and requires certain other assumptions, such as the expected amount of time an option will be outstanding until it is exercised or expired, to calculate the fair value of stock options granted. We granted no stock options during 2023. The significant assumptions we used in our fair value calculations for stock options granted during 2022 were as follows: Weighted average risk-free interest rates 3.54 % Expected dividend yield 0.0 % Expected life of option (in years) 7.0 Expected volatility 160.0 % The weighted-average grant date fair values of stock options granted during 2023 and 2022 were $-0- and $10.98, respectively. As of December 31, 2023, there is $554,592 of unrecognized compensation expense that will be recognized over a weighted-average period of 1.5 years. We also have issued shares of restricted common stock to consultants and recognize the related expense over the terms of the related agreements. As of December 31, 2023, there is $16,667 recorded as a prepaid expense for these arrangements, which will be recognized as expense over the terms of the related agreements. The following table summarizes our total stock-based compensation expense for employees, directors and consultants for the years ended December 31, 2023 and 2022: 2023 2022 Stock options: Research and development $ 291,094 $ 225,031 General and administrative 564,030 548,346 Total stock option expense 855,124 773,377 Stock awards (consultants): General and administrative 219,833 128,697 Total stock-based compensation expense $ 1,074,957 $ 902,074 |
Note 8 - Revenue From Governmen
Note 8 - Revenue From Government Contract | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Government Grants and Contracts [Text Block] | 8. Revenue from Government Contract On June 12, 2024, GeoVax was awarded a contract (the “BARDA Contract”) through the Rapid Response Partnership Vehicle (RRPV) to advance the clinical development of GEO-CM04S1, the Company’s next-generation COVID-19 vaccine. The RRPV is a consortium funded by the Biomedical Advanced Research and Development Authority (BARDA), part of the Administration for Strategic Preparedness and Response (ASPR) in the U.S. Department of Health and Human Services (HHS). Under the BARDA Contract, GeoVax will sponsor a 10,000-participant, randomized, Phase 2b double-blinded study to assess the clinical efficacy, safety, and immunogenicity of GEO-CM04S1 compared with a U.S. Food and Drug Administration (FDA)-approved mRNA COVID-19 vaccine. The direct award to GeoVax of approximately $24.3 million, which may increase to as much as $45 million, will fund the manufacturing of clinical materials and support for the Phase 2b clinical trial, including regulatory activities. BARDA has made a separate award of approximately $343 million through its Clinical Studies Network to support execution of the study by Allucent, a global clinical research organization. GeoVax’s role in the project is being funded in whole or in part with federal funds from BARDA under Other Transaction 75A50123D00005. Allucent’s role in the project is being funded in whole or in part with federal funds from BARDA under contract 75A50120D00016/75A50123F33005. During the three-month and six-month periods ending June 30, 2024, GeoVax recognized revenue of $300,677 associated with the BARDA contract. We record revenue associated with this contract as the reimbursable costs are incurred. | 9. Grant Revenue During 2022 we received payments from government entities under our grants from the National Institute of Allergy and Infectious Diseases (NIAID) and from the U.S. Department of Defense in support of our vaccine research and development efforts. We record revenue associated with government grants as the reimbursable costs are incurred. Total revenues recorded for these grants during 2022 was $81,526. No grant payments were received in 2023. All funds available under these grants for our direct use have been utilized. |
Note 9 - Net Loss Per Share
Note 9 - Net Loss Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 9. Net Loss Per Share Basic and diluted loss per common share are computed based on the weighted average number of common shares outstanding. The Company’s potentially dilutive securities, which include stock options and stock purchase warrants, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive. The securities that could potentially dilute basic earnings per share in the future and that have been excluded from the computation of diluted net loss per share totaled 2,496,585 and 1,027,084 shares at June 30, 2024 and 2023, respectively. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Income Tax Disclosure [Text Block] | 10. Income Taxes No | 8. Income Taxes At December 31, 2023, we have a consolidated federal net operating loss (“NOL”) carryforward of approximately $98.2 million available to offset against future taxable income of which approximately $33.2 million expires in varying amounts in 2024 through 2037. Additionally, we have approximately $3.9 million in research and development (“R&D”) tax credits that expire in 2024 through 2043 unless utilized earlier. No income taxes have been paid to date. Section 382 of the Internal Revenue Code contains provisions that may limit our utilization of our NOL and R&D tax credit carryforwards in any given year as a result of significant changes in ownership interests that have occurred in past periods or may occur in future periods. Deferred income taxes reflect the net effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We have established a full valuation allowance equal to the amount of our net deferred tax assets due to uncertainties with respect to our ability to generate sufficient taxable income to realize these assets in the future. The table below presents significant components of our deferred tax assets and liabilities at December 31, 2023 and 2022. 2023 2022 Deferred tax assets: Net operating loss carryforward $ 25,527,210 $ 19,764,569 Research and development tax credit carryforward 3,870,460 2,202,603 Stock-based compensation expense 552,886 330,553 Accrued expenses 29,728 663,211 Total deferred tax assets 29,980,284 22,960,936 Deferred tax liabilities Depreciation 45,122 51,466 Net deferred tax assets 29,935,162 22,909,470 Valuation allowance (29,935,162 ) (22,909,470 ) Net deferred tax asset after reduction for valuation allowance $ -0- $ -0- A reconciliation of the U.S. federal income tax rate to the Company’s effective tax rate is as follows: 2023 2022 U.S. federal statutory rate applied to pretax loss 21.0 % 21.0 % State income tax (benefit) 3.9 3.9 Permanent differences (0.0 ) (0.0 ) NOL carryforward expiration (4.3 ) (15.6 ) R&D tax credits, net of expiration 6.4 4.6 Change in valuation allowance and other adjustments (27.0 ) (13.9 ) Effective tax rate 0.0 % 0.0 % |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Subsequent Events [Text Block] | 11. Subsequent Events July 2024 Offering. | 10. Subsequent Events Reverse Stock Split and Reduction of Authorized Shares of Common Stock At a special meeting of our stockholders held on January 16, 2024, our stockholders approved an amendment to our certificate of incorporation to (i) reduce our authorized shares of common stock from 600,000,000 to 150,000,000 and (ii) effect a one-for- fifteen Common Stock Transactions In January 2024, we issued 6,702 shares of our common stock pursuant to a consulting agreement. In February 2024, we issued 133,302 shares of our common stock pursuant to the exercise of prefunded warrants. |
Note 1 - Description of Busines
Note 1 - Description of Business and Recent Developments | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Nature of Operations [Text Block] | 1. Nature of Business GeoVax Labs, Inc., headquartered in the Atlanta, Georgia metropolitan area, is a clinical-stage biotechnology company incorporated under the laws of the State of Delaware. GeoVax Labs, Inc. and its wholly owned subsidiary, GeoVax, Inc., a Georgia corporation, are collectively referred to herein as “GeoVax” or “the Company”. The Company is focused on developing human vaccines for many of the world’s most threatening infectious diseases and therapies for solid tumor cancers using novel proprietary platforms. GeoVax’s lead clinical program is GEO-CM04S1, a next-generation COVID-19 vaccine for which it was recently awarded a BARDA-funded contract to sponsor a 10,000-participant Phase 2b clinical trial to evaluate the efficacy of GEO-CM04S1 versus an approved COVID-19 vaccine. In addition, GEO-CM04S1 is currently in three Phase 2 clinical trials, being evaluated as (1) a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, (2) a booster vaccine in patients with chronic lymphocytic leukemia (CLL) and (3) a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. In addition, the lead oncological clinical program is Gedeptin®, a novel oncolytic solid tumor gene-directed therapy, which is currently in a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. Additional preclinical research and development programs include preventive vaccines against Mpox (formerly known as monkeypox), hemorrhagic fever viruses (Ebola Zaire, Ebola Sudan, and Marburg), and Zika virus, as well as immunotherapies for solid tumors. | 1. Nature of Business GeoVax Labs, Inc., headquartered in the Atlanta, Georgia metropolitan area, is a clinical-stage biotechnology company incorporated under the laws of the State of Delaware. GeoVax Labs, Inc. and its wholly owned subsidiary, GeoVax, Inc., a Georgia corporation, are collectively referred to herein as “GeoVax” or the “Company”. The Company is focused on developing immunotherapies and vaccines against cancers and infectious diseases using novel vector vaccine platforms. GeoVax’s product pipeline includes ongoing human clinical trials for a next-generation Covid-19 vaccine and a gene-directed therapy for advanced head and neck cancer. Additional preclinical research and development programs include preventive vaccines against Mpox (monkeypox), hemorrhagic fever viruses (Ebola Zaire, Ebola Sudan, Marburg, and Lassa Fever) Zika virus, and malaria, as well as immunotherapies for solid tumors. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies We disclosed in Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 those accounting policies that we consider significant in determining our results of operations and financial position. During the six months ended June 30, 2024, there have been no material changes to, or in the application of, the accounting policies previously identified and described in the Form 10-K. Basis of Presentation The accompanying financial statements include the accounts of GeoVax Labs, Inc. and GeoVax, Inc. All intercompany transactions have been eliminated in consolidation. The financial statements are unaudited, but include all adjustments, consisting of normal recurring entries, which we believe to be necessary for a fair presentation of interim periods presented. Interim results are not necessarily indicative of results for a full year. The financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. We expect our operating results to fluctuate for the foreseeable future; therefore, period-to-period comparisons should not be relied upon as predictive of the results in future periods. We are devoting substantially all of our present efforts to research and development of our vaccine and immunotherapy candidates and will require additional funding to continue our research and development activities. Our existing cash resources are insufficient to continue our planned operations beyond the third quarter of 2024 without additional funding, which we are actively pursuing. We plan to pursue additional cash resources through public or private equity or debt financings, government grants/contracts, arrangements with strategic partners, or from other sources. There can be no assurance that additional funding will be available on favorable terms or at all. These factors collectively raise substantial doubt about the Company’s ability to continue as a going concern. Management believes that we will be successful in securing the additional capital required to continue the Company’s planned operations, but that our plans do not fully alleviate the substantial doubt about the Company’s ability to operate as a going concern. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. The accompanying consolidated financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock split described in Note 6. Recent Accounting Pronouncements During the six months ended June 30, 2024, there have been no new accounting pronouncements or changes in accounting pronouncements which we expect to have a material impact on our financial statements. | 2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of GeoVax Labs, Inc. together with GeoVax, Inc. All intercompany transactions have been eliminated in consolidation. Basis of Presentation and Going Concern We believe that our existing cash resources will be sufficient to continue our planned operations into the second quarter of 2024. We are devoting substantially all of our present efforts to research and development of our vaccine and immunotherapy candidates and will require additional funding to continue these activities. We plan to pursue additional cash resources through public or private equity or debt financings, government grants/contracts, arrangements with strategic partners, or from other sources. There can be no assurance that additional funding will be available on favorable terms or at all. These factors collectively raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date these financial statements are issued. Management believes that we will be successful in securing the additional capital required to continue the Company’s planned operations, but that our plans do not fully alleviate the substantial doubt about the Company’s ability to operate as a going concern. The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the issue date of these financial statements. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. The accompanying consolidated financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock split described in Note 10. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Our cash and cash equivalents consist primarily of bank deposits and money market accounts. The recorded values approximate fair market values due to the short maturities. Fair Value of Financial Instruments and Concentration of Credit Risk Financial instruments that subject us to concentration of credit risk consist primarily of cash and cash equivalents, which are maintained by high credit quality financial institutions. The carrying values reported in the balance sheets for cash and cash equivalents approximate fair values. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to operations as incurred, while additions and improvements are capitalized. We calculate depreciation using the straight-line method over the estimated useful lives of the assets (generally 5 We recognize leases in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-02, Leases Impairment of Long-Lived Assets We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future net cash flows expected to be generated by such assets. If we consider such assets to be impaired, the impairment to be Accrued Expenses As part of the process of preparing our financial statements, we estimate expenses that we believe we have incurred, but have not yet been billed by our third-party vendors. This process involves identifying services and activities that have been performed by such vendors on our behalf and estimating the level to which they have been performed and the associated cost incurred for such service as of each balance sheet date. Net Loss Per Share Basic and diluted loss per common share are computed based on the weighted average number of common shares outstanding, including prefunded warrants outstanding as of December 31, 2023. The Company’s additional potentially dilutive securities, which include stock options and stock purchase warrants, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive. The securities that could potentially dilute basic earnings per share in the future and that have been excluded from the computation of diluted net loss per share totaled 1,731,391 and 1,029,529 shares at December 31, 2023 and 2022, respectively. Revenue Recognition We recognize revenue in accordance with FASB Accounting Standards Update 2014-09, Revenue from Contracts with Customers We have received payments from government entities under non-refundable grants in support of our vaccine development programs. We record revenue associated with these grants when the reimbursable costs are incurred and we have complied with all conditions necessary to receive the grant funds. From time to time, we may enter into collaborative research and development agreements for specific vaccine development approaches and/or disease indications whereby we receive third-party funding for preclinical research under certain of these arrangements. Each agreement is evaluated in accordance with the process defined by ASU 2014-09 and revenue is recognized accordingly. Research and Development Expense Research and development costs are charged to expense as incurred and consist of costs incurred in the discovery, development, testing and manufacturing of our product candidates. These expenses consist primarily of (i) salaries, benefits, and stock-based compensation for personnel, (ii) laboratory supplies and facility-related expenses to conduct development, (iii) fees paid to third-party service providers to perform, monitor and accumulate data related to our preclinical studies and clinical trials, (iv) costs related to sponsored research agreements, (v) costs to procure and manufacture materials used in clinical trials, and (vi) license fees and other expenses associated with technology license agreements. We accrue for estimated costs of research and development activities conducted by third-party service providers, which may include the conduct of preclinical studies and clinical trials, and contract manufacturing activities. When evaluating the adequacy of the accrued liabilities, we analyze progress of the studies or trials, including clinical trial participant enrollment, completion of events, invoices received and other events. Advance payments for research and development activities are deferred and included in prepaid expenses and other assets. The deferred amounts are expensed as the related goods are delivered or the services are performed. Patent Costs Our expenditures relating to obtaining and protecting patents are charged to expense when incurred and are included in general and administrative expense. Period-to-Period Comparisons Our operating results are expected to fluctuate for the foreseeable future. Therefore, period-to-period comparisons should not be relied upon as predictive of the results for future periods. Income Taxes We account for income taxes using the liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance unless, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will be realized. Stock-Based Compensation We account for stock-based transactions in which the Company receives services from employees, directors or others in exchange for equity instruments based on the fair value of the award at the grant date. Stock-based compensation cost for awards of common stock is estimated based on the price of the underlying common stock on the date of issuance. Stock-based compensation cost for stock options or warrants is estimated at the grant date based on each instrument’s fair value as calculated by the Black-Scholes option pricing model. We recognize stock-based compensation cost as expense ratably on a straight-line basis over the requisite service period for the award. See Note 6 for additional stock-based compensation information. Other Recent Accounting Pronouncements There have been no recent accounting pronouncements or changes in accounting pronouncements which we expect to have a material impact on our financial statements, nor do we believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on our financial statements. |
Note 3 - Balance Sheet Compon_2
Note 3 - Balance Sheet Components (10-K) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Supplemental Balance Sheet Disclosures [Text Block] | 3. Balance Sheet Components Prepaid Expenses June 30, 2024 December 31, 2023 Prepaid clinical trial costs (current portion) $ 1,921,190 $ 1,282,746 Prepaid insurance premiums 36,899 110,695 Prepaid rent 13,045 13,045 Other prepaid expenses 10,000 26,667 Total prepaid expenses $ 1,981,134 $ 1,433,153 Property and Equipment June 30, 2024 December 31, 2023 Equipment and furnishings $ 774,758 $ 774,758 Leasehold improvements 115,605 115,605 Total property and equipment 890,363 890,363 Accumulated depreciation and amortization (719,826 ) (680,674 ) Total property and equipment, net $ 170,537 $ 209,689 Other Assets June 30, 2024 December 31, 2023 Prepaid clinical trial costs (noncurrent portion) $ - $ 1,106,778 Prepaid technology license fees 70,000 70,000 Deposits 11,010 11,010 Total other assets $ 81,010 $ 1,187,788 Accrued Expenses June 30, 2024 December 31, 2023 Payroll-related liabilities $ 168,974 $ 114,337 Accrued clinical trial costs 351,460 490,635 Accrued contract manufacturing costs 1,687,874 - Other accrued expenses 70,000 111,959 Total accrued expenses $ 2,278,308 $ 716,931 | 3. Balance Sheet Components Prepaid Expenses 2023 2022 Prepaid clinical trial costs (current portion) $ 1,282,746 $ 1,171,077 Prepaid insurance premiums 110,695 107,876 Prepaid rent 13,045 13,045 Other prepaid expenses 26,667 34,000 Total prepaid expenses $ 1,433,153 $ 1,325,998 Property and Equipment 2023 2022 Equipment and furnishings $ 774,758 $ 725,812 Leasehold improvements 115,605 115,605 Total property and equipment 890,363 841,417 Accumulated depreciation and amortization (680,674 ) (606,505 ) Total property and equipment, net $ 209,689 $ 234,912 Depreciation expense was $74,169 and $56,284 during the years ended December 31, 2023 and 2022, respectively. Other Assets 2023 2022 Prepaid clinical trial costs (noncurrent portion) $ 1,106,778 $ 2,083,276 Prepaid technology license fees 70,000 80,000 Deposits 11,010 11,010 Total other assets $ 1,187,788 $ 2,174,286 Accrued Expenses 2023 2022 Accrued license fees $ - $ 2,000,000 Payroll-related liabilities 114,337 550,810 Other accrued expenses 602,594 449,402 Total accrued expenses $ 716,931 $ 3,000,212 |
Note 4 - Commitments
Note 4 - Commitments | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Commitments Disclosure [Text Block] | 5. Commitments Operating Lease. License Agreements. Other Commitments | 4. Commitments Operating Lease. License Agreements. Other Commitments |
Note 5 - Stockholders' Equity
Note 5 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | 5. Stockholders Equity January 2022 Private Placement May 2022 Private Placement December 2023 Warrant Exercise Inducement Other Common Stock Transactions Common Stock Reserved for Future Issuance Shares Stock warrants outstanding 2,103,814 Stock options outstanding 134,609 Stock options authorized for future grants 200,000 Total 2,438,423 Stock Options We have two stock-based incentive plans (the “Stock Incentive Plans”) pursuant to which our Board of Directors may grant stock options or other stock awards to our employees, directors and consultants. A total of 334,609 shares of our common stock are currently reserved for issuance pursuant to the Stock Incentive Plans. The exercise price for any option granted may not be less than fair value (110% of fair value for ISO’s granted to certain employees). Options have a maximum ten A summary of the Company’s stock option activity during 2023 is presented below. Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (yrs) Aggregate Intrinsic Value Outstanding at December 31, 2022 137,276 $ 28.35 9.2 $ -0- Granted - - Exercised - - Forfeited or expired (2,667 ) 22.82 Outstanding at December 31, 2023 134,609 $ 28.41 8.2 $ - Exercisable at December 31, 2023 97,184 $ 32.35 7.9 $ - Stock Warrants The table below summarizes information concerning warrants outstanding as of December 31, 2023. Issue Date Number of Shares Exercise Price Expiration June 2020 8,000 $ 6.21 June 2025 September 2020 159,781 75.00 September 2025 September 2020 8,534 82.50 March 2024 February 2021 4,800 103.13 August 2024 September 2021 6,668 195.00 September 2026 December 2023 507,032 -0- - December 2023 1,408,998 6.21 June 2029 Outstanding at December 31, 2022 2,103,813 As a result of anti-dilution price adjustments related to our equity transactions in December 2023, the exercise price of the June 2020 Warrants was reduced from $24.75 to $6.21 during 2023. |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation Expense | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Share-Based Payment Arrangement [Text Block] | 7. Stock-Based Compensation Expense Stock-based compensation expense related to stock options is recognized on a straight-line basis over the requisite service period for the award and is allocated to research and development expense or general and administrative expense based upon the classification of the individual to whom the award is granted. Stock-based compensation expense related to stock option grants was $101,640 and $205,209 during the three-month and six-month periods ended June 30, 2024, respectively, as compared to $226,013 and $454,052, respectively, during the same periods of 2023. As of June 30, 2024, there is $342,156 of unrecognized compensation expense that we expect to recognize over a weighted-average period of 1.1 years. We have also issued shares of our restricted common stock to consultants and recognize the related expense over the terms of the related agreements. During the three-month and six-month periods ended June 30, 2024 we recorded stock-based compensation expense of $-0- and $54,167, respectively, associated with common stock issued for consulting services, as compared to $43,500 and $61,500, respectively, for the same periods of 2023. | 6. Stock-Based Compensation Expense Stock-based compensation expense related to stock options is recognized on a straight-line basis over the requisite service period for the award and is allocated to research and development expense or general and administrative expense based upon the classification of the individual to whom the award is granted. We use the Black-Scholes model for determining the grant date fair value of our stock option grants. This model utilizes certain information, such as the interest rate on a risk-free security with a term generally equivalent to the expected life of the option being valued and requires certain other assumptions, such as the expected amount of time an option will be outstanding until it is exercised or expired, to calculate the fair value of stock options granted. We granted no stock options during 2023. The significant assumptions we used in our fair value calculations for stock options granted during 2022 were as follows: Weighted average risk-free interest rates 3.54 % Expected dividend yield 0.0 % Expected life of option (in years) 7.0 Expected volatility 160.0 % The weighted-average grant date fair values of stock options granted during 2023 and 2022 were $-0- and $10.98, respectively. As of December 31, 2023, there is $554,592 of unrecognized compensation expense that will be recognized over a weighted-average period of 1.5 years. We also have issued shares of restricted common stock to consultants and recognize the related expense over the terms of the related agreements. As of December 31, 2023, there is $16,667 recorded as a prepaid expense for these arrangements, which will be recognized as expense over the terms of the related agreements. The following table summarizes our total stock-based compensation expense for employees, directors and consultants for the years ended December 31, 2023 and 2022: 2023 2022 Stock options: Research and development $ 291,094 $ 225,031 General and administrative 564,030 548,346 Total stock option expense 855,124 773,377 Stock awards (consultants): General and administrative 219,833 128,697 Total stock-based compensation expense $ 1,074,957 $ 902,074 |
Note 7 - Retirement Plan
Note 7 - Retirement Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 7. Retirement Plan We participate in a multi-employer defined contribution retirement plan (the “401k Plan”) administered by a third-party service provider, and the Company contributes to the 401k Plan on behalf of its employees based upon a matching formula. During the years ended December 31, 2023 and 2022 our contributions to the 401k Plan were $95,658 and $53,643, respectively. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Income Tax Disclosure [Text Block] | 10. Income Taxes No | 8. Income Taxes At December 31, 2023, we have a consolidated federal net operating loss (“NOL”) carryforward of approximately $98.2 million available to offset against future taxable income of which approximately $33.2 million expires in varying amounts in 2024 through 2037. Additionally, we have approximately $3.9 million in research and development (“R&D”) tax credits that expire in 2024 through 2043 unless utilized earlier. No income taxes have been paid to date. Section 382 of the Internal Revenue Code contains provisions that may limit our utilization of our NOL and R&D tax credit carryforwards in any given year as a result of significant changes in ownership interests that have occurred in past periods or may occur in future periods. Deferred income taxes reflect the net effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We have established a full valuation allowance equal to the amount of our net deferred tax assets due to uncertainties with respect to our ability to generate sufficient taxable income to realize these assets in the future. The table below presents significant components of our deferred tax assets and liabilities at December 31, 2023 and 2022. 2023 2022 Deferred tax assets: Net operating loss carryforward $ 25,527,210 $ 19,764,569 Research and development tax credit carryforward 3,870,460 2,202,603 Stock-based compensation expense 552,886 330,553 Accrued expenses 29,728 663,211 Total deferred tax assets 29,980,284 22,960,936 Deferred tax liabilities Depreciation 45,122 51,466 Net deferred tax assets 29,935,162 22,909,470 Valuation allowance (29,935,162 ) (22,909,470 ) Net deferred tax asset after reduction for valuation allowance $ -0- $ -0- A reconciliation of the U.S. federal income tax rate to the Company’s effective tax rate is as follows: 2023 2022 U.S. federal statutory rate applied to pretax loss 21.0 % 21.0 % State income tax (benefit) 3.9 3.9 Permanent differences (0.0 ) (0.0 ) NOL carryforward expiration (4.3 ) (15.6 ) R&D tax credits, net of expiration 6.4 4.6 Change in valuation allowance and other adjustments (27.0 ) (13.9 ) Effective tax rate 0.0 % 0.0 % |
Note 9 - Grant Revenue
Note 9 - Grant Revenue | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Government Grants and Contracts [Text Block] | 8. Revenue from Government Contract On June 12, 2024, GeoVax was awarded a contract (the “BARDA Contract”) through the Rapid Response Partnership Vehicle (RRPV) to advance the clinical development of GEO-CM04S1, the Company’s next-generation COVID-19 vaccine. The RRPV is a consortium funded by the Biomedical Advanced Research and Development Authority (BARDA), part of the Administration for Strategic Preparedness and Response (ASPR) in the U.S. Department of Health and Human Services (HHS). Under the BARDA Contract, GeoVax will sponsor a 10,000-participant, randomized, Phase 2b double-blinded study to assess the clinical efficacy, safety, and immunogenicity of GEO-CM04S1 compared with a U.S. Food and Drug Administration (FDA)-approved mRNA COVID-19 vaccine. The direct award to GeoVax of approximately $24.3 million, which may increase to as much as $45 million, will fund the manufacturing of clinical materials and support for the Phase 2b clinical trial, including regulatory activities. BARDA has made a separate award of approximately $343 million through its Clinical Studies Network to support execution of the study by Allucent, a global clinical research organization. GeoVax’s role in the project is being funded in whole or in part with federal funds from BARDA under Other Transaction 75A50123D00005. Allucent’s role in the project is being funded in whole or in part with federal funds from BARDA under contract 75A50120D00016/75A50123F33005. During the three-month and six-month periods ending June 30, 2024, GeoVax recognized revenue of $300,677 associated with the BARDA contract. We record revenue associated with this contract as the reimbursable costs are incurred. | 9. Grant Revenue During 2022 we received payments from government entities under our grants from the National Institute of Allergy and Infectious Diseases (NIAID) and from the U.S. Department of Defense in support of our vaccine research and development efforts. We record revenue associated with government grants as the reimbursable costs are incurred. Total revenues recorded for these grants during 2022 was $81,526. No grant payments were received in 2023. All funds available under these grants for our direct use have been utilized. |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Subsequent Events [Text Block] | 11. Subsequent Events July 2024 Offering. | 10. Subsequent Events Reverse Stock Split and Reduction of Authorized Shares of Common Stock At a special meeting of our stockholders held on January 16, 2024, our stockholders approved an amendment to our certificate of incorporation to (i) reduce our authorized shares of common stock from 600,000,000 to 150,000,000 and (ii) effect a one-for- fifteen Common Stock Transactions In January 2024, we issued 6,702 shares of our common stock pursuant to a consulting agreement. In February 2024, we issued 133,302 shares of our common stock pursuant to the exercise of prefunded warrants. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | GEOVAX LABS, INC. SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 31, 2023 and 2022 Additions (Reductions) Description Balance at Beginning Of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End Of Period Reserve Deducted in the Balance Sheet From the Asset to Which it Applies: Allowance for Deferred Tax Assets Year ended December 31, 2023 $ 22,909,470 $ 7,025,692 $ -0- $ -0- $ 29,935,162 Year ended December 31, 2022 $ 20,184,457 $ 2,725,013 $ -0- $ -0- $ 22,909,470 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Accounting Policies [Abstract] | ||
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying financial statements include the accounts of GeoVax Labs, Inc. and GeoVax, Inc. All intercompany transactions have been eliminated in consolidation. The financial statements are unaudited, but include all adjustments, consisting of normal recurring entries, which we believe to be necessary for a fair presentation of interim periods presented. Interim results are not necessarily indicative of results for a full year. The financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. We expect our operating results to fluctuate for the foreseeable future; therefore, period-to-period comparisons should not be relied upon as predictive of the results in future periods. We are devoting substantially all of our present efforts to research and development of our vaccine and immunotherapy candidates and will require additional funding to continue our research and development activities. Our existing cash resources are insufficient to continue our planned operations beyond the third quarter of 2024 without additional funding, which we are actively pursuing. We plan to pursue additional cash resources through public or private equity or debt financings, government grants/contracts, arrangements with strategic partners, or from other sources. There can be no assurance that additional funding will be available on favorable terms or at all. These factors collectively raise substantial doubt about the Company’s ability to continue as a going concern. Management believes that we will be successful in securing the additional capital required to continue the Company’s planned operations, but that our plans do not fully alleviate the substantial doubt about the Company’s ability to operate as a going concern. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. The accompanying consolidated financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock split described in Note 6. | Basis of Presentation and Going Concern We believe that our existing cash resources will be sufficient to continue our planned operations into the second quarter of 2024. We are devoting substantially all of our present efforts to research and development of our vaccine and immunotherapy candidates and will require additional funding to continue these activities. We plan to pursue additional cash resources through public or private equity or debt financings, government grants/contracts, arrangements with strategic partners, or from other sources. There can be no assurance that additional funding will be available on favorable terms or at all. These factors collectively raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date these financial statements are issued. Management believes that we will be successful in securing the additional capital required to continue the Company’s planned operations, but that our plans do not fully alleviate the substantial doubt about the Company’s ability to operate as a going concern. The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the issue date of these financial statements. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above. The accompanying consolidated financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock split described in Note 10. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements During the six months ended June 30, 2024, there have been no new accounting pronouncements or changes in accounting pronouncements which we expect to have a material impact on our financial statements. | Other Recent Accounting Pronouncements There have been no recent accounting pronouncements or changes in accounting pronouncements which we expect to have a material impact on our financial statements, nor do we believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on our financial statements. |
Consolidation, Policy [Policy Text Block] | The accompanying consolidated financial statements include the accounts of GeoVax Labs, Inc. together with GeoVax, Inc. All intercompany transactions have been eliminated in consolidation. | |
Use of Estimates, Policy [Policy Text Block] | The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Our cash and cash equivalents consist primarily of bank deposits and money market accounts. The recorded values approximate fair market values due to the short maturities. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments and Concentration of Credit Risk Financial instruments that subject us to concentration of credit risk consist primarily of cash and cash equivalents, which are maintained by high credit quality financial institutions. The carrying values reported in the balance sheets for cash and cash equivalents approximate fair values. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Expenditures for maintenance and repairs are charged to operations as incurred, while additions and improvements are capitalized. We calculate depreciation using the straight-line method over the estimated useful lives of the assets (generally 5 We recognize leases in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-02, Leases | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets We review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future net cash flows expected to be generated by such assets. If we consider such assets to be impaired, the impairment to be | |
Accrued Liabilities [Policy Text Block] | Accrued Expenses As part of the process of preparing our financial statements, we estimate expenses that we believe we have incurred, but have not yet been billed by our third-party vendors. This process involves identifying services and activities that have been performed by such vendors on our behalf and estimating the level to which they have been performed and the associated cost incurred for such service as of each balance sheet date. | |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Share Basic and diluted loss per common share are computed based on the weighted average number of common shares outstanding, including prefunded warrants outstanding as of December 31, 2023. The Company’s additional potentially dilutive securities, which include stock options and stock purchase warrants, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive. The securities that could potentially dilute basic earnings per share in the future and that have been excluded from the computation of diluted net loss per share totaled 1,731,391 and 1,029,529 shares at December 31, 2023 and 2022, respectively. | |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition We recognize revenue in accordance with FASB Accounting Standards Update 2014-09, Revenue from Contracts with Customers We have received payments from government entities under non-refundable grants in support of our vaccine development programs. We record revenue associated with these grants when the reimbursable costs are incurred and we have complied with all conditions necessary to receive the grant funds. From time to time, we may enter into collaborative research and development agreements for specific vaccine development approaches and/or disease indications whereby we receive third-party funding for preclinical research under certain of these arrangements. Each agreement is evaluated in accordance with the process defined by ASU 2014-09 and revenue is recognized accordingly. | |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expense Research and development costs are charged to expense as incurred and consist of costs incurred in the discovery, development, testing and manufacturing of our product candidates. These expenses consist primarily of (i) salaries, benefits, and stock-based compensation for personnel, (ii) laboratory supplies and facility-related expenses to conduct development, (iii) fees paid to third-party service providers to perform, monitor and accumulate data related to our preclinical studies and clinical trials, (iv) costs related to sponsored research agreements, (v) costs to procure and manufacture materials used in clinical trials, and (vi) license fees and other expenses associated with technology license agreements. We accrue for estimated costs of research and development activities conducted by third-party service providers, which may include the conduct of preclinical studies and clinical trials, and contract manufacturing activities. When evaluating the adequacy of the accrued liabilities, we analyze progress of the studies or trials, including clinical trial participant enrollment, completion of events, invoices received and other events. Advance payments for research and development activities are deferred and included in prepaid expenses and other assets. The deferred amounts are expensed as the related goods are delivered or the services are performed. | |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Patent Costs Our expenditures relating to obtaining and protecting patents are charged to expense when incurred and are included in general and administrative expense. | |
Reclassification, Comparability Adjustment [Policy Text Block] | Period-to-Period Comparisons Our operating results are expected to fluctuate for the foreseeable future. Therefore, period-to-period comparisons should not be relied upon as predictive of the results for future periods. | |
Income Tax, Policy [Policy Text Block] | Income Taxes We account for income taxes using the liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance unless, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will be realized. | |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation We account for stock-based transactions in which the Company receives services from employees, directors or others in exchange for equity instruments based on the fair value of the award at the grant date. Stock-based compensation cost for awards of common stock is estimated based on the price of the underlying common stock on the date of issuance. Stock-based compensation cost for stock options or warrants is estimated at the grant date based on each instrument’s fair value as calculated by the Black-Scholes option pricing model. We recognize stock-based compensation cost as expense ratably on a straight-line basis over the requisite service period for the award. See Note 6 for additional stock-based compensation information. |
Note 3 - Balance Sheet Compon_3
Note 3 - Balance Sheet Components (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | June 30, 2024 December 31, 2023 Prepaid clinical trial costs (current portion) $ 1,921,190 $ 1,282,746 Prepaid insurance premiums 36,899 110,695 Prepaid rent 13,045 13,045 Other prepaid expenses 10,000 26,667 Total prepaid expenses $ 1,981,134 $ 1,433,153 | 2023 2022 Prepaid clinical trial costs (current portion) $ 1,282,746 $ 1,171,077 Prepaid insurance premiums 110,695 107,876 Prepaid rent 13,045 13,045 Other prepaid expenses 26,667 34,000 Total prepaid expenses $ 1,433,153 $ 1,325,998 |
Property, Plant and Equipment [Table Text Block] | June 30, 2024 December 31, 2023 Equipment and furnishings $ 774,758 $ 774,758 Leasehold improvements 115,605 115,605 Total property and equipment 890,363 890,363 Accumulated depreciation and amortization (719,826 ) (680,674 ) Total property and equipment, net $ 170,537 $ 209,689 | 2023 2022 Equipment and furnishings $ 774,758 $ 725,812 Leasehold improvements 115,605 115,605 Total property and equipment 890,363 841,417 Accumulated depreciation and amortization (680,674 ) (606,505 ) Total property and equipment, net $ 209,689 $ 234,912 |
Schedule of Other Assets [Table Text Block] | June 30, 2024 December 31, 2023 Prepaid clinical trial costs (noncurrent portion) $ - $ 1,106,778 Prepaid technology license fees 70,000 70,000 Deposits 11,010 11,010 Total other assets $ 81,010 $ 1,187,788 | 2023 2022 Prepaid clinical trial costs (noncurrent portion) $ 1,106,778 $ 2,083,276 Prepaid technology license fees 70,000 80,000 Deposits 11,010 11,010 Total other assets $ 1,187,788 $ 2,174,286 |
Schedule of Accrued Liabilities [Table Text Block] | June 30, 2024 December 31, 2023 Payroll-related liabilities $ 168,974 $ 114,337 Accrued clinical trial costs 351,460 490,635 Accrued contract manufacturing costs 1,687,874 - Other accrued expenses 70,000 111,959 Total accrued expenses $ 2,278,308 $ 716,931 | 2023 2022 Accrued license fees $ - $ 2,000,000 Payroll-related liabilities 114,337 550,810 Other accrued expenses 602,594 449,402 Total accrued expenses $ 716,931 $ 3,000,212 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Issue Date Number of Shares Exercise Price Expiration June 2020 4,000 $ 1.68 June 2025 September 2020 159,781 75.00 September 2025 February 2021 4,800 103.13 August 2024 September 2021 6,668 195.00 September 2026 December 2023 582,000 1.68 June 2029 May 2024 1,605,688 1.68 May 2029 Outstanding at June 30, 2024 2,362,937 | Issue Date Number of Shares Exercise Price Expiration June 2020 8,000 $ 6.21 June 2025 September 2020 159,781 75.00 September 2025 September 2020 8,534 82.50 March 2024 February 2021 4,800 103.13 August 2024 September 2021 6,668 195.00 September 2026 December 2023 507,032 -0- - December 2023 1,408,998 6.21 June 2029 Outstanding at December 31, 2022 2,103,813 |
Note 3 - Balance Sheet Compon_4
Note 3 - Balance Sheet Components (10-K) (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | June 30, 2024 December 31, 2023 Prepaid clinical trial costs (current portion) $ 1,921,190 $ 1,282,746 Prepaid insurance premiums 36,899 110,695 Prepaid rent 13,045 13,045 Other prepaid expenses 10,000 26,667 Total prepaid expenses $ 1,981,134 $ 1,433,153 | 2023 2022 Prepaid clinical trial costs (current portion) $ 1,282,746 $ 1,171,077 Prepaid insurance premiums 110,695 107,876 Prepaid rent 13,045 13,045 Other prepaid expenses 26,667 34,000 Total prepaid expenses $ 1,433,153 $ 1,325,998 |
Property, Plant and Equipment [Table Text Block] | June 30, 2024 December 31, 2023 Equipment and furnishings $ 774,758 $ 774,758 Leasehold improvements 115,605 115,605 Total property and equipment 890,363 890,363 Accumulated depreciation and amortization (719,826 ) (680,674 ) Total property and equipment, net $ 170,537 $ 209,689 | 2023 2022 Equipment and furnishings $ 774,758 $ 725,812 Leasehold improvements 115,605 115,605 Total property and equipment 890,363 841,417 Accumulated depreciation and amortization (680,674 ) (606,505 ) Total property and equipment, net $ 209,689 $ 234,912 |
Schedule of Other Assets [Table Text Block] | June 30, 2024 December 31, 2023 Prepaid clinical trial costs (noncurrent portion) $ - $ 1,106,778 Prepaid technology license fees 70,000 70,000 Deposits 11,010 11,010 Total other assets $ 81,010 $ 1,187,788 | 2023 2022 Prepaid clinical trial costs (noncurrent portion) $ 1,106,778 $ 2,083,276 Prepaid technology license fees 70,000 80,000 Deposits 11,010 11,010 Total other assets $ 1,187,788 $ 2,174,286 |
Schedule of Accrued Liabilities [Table Text Block] | June 30, 2024 December 31, 2023 Payroll-related liabilities $ 168,974 $ 114,337 Accrued clinical trial costs 351,460 490,635 Accrued contract manufacturing costs 1,687,874 - Other accrued expenses 70,000 111,959 Total accrued expenses $ 2,278,308 $ 716,931 | 2023 2022 Accrued license fees $ - $ 2,000,000 Payroll-related liabilities 114,337 550,810 Other accrued expenses 602,594 449,402 Total accrued expenses $ 716,931 $ 3,000,212 |
Note 5 - Stockholders' Equity (
Note 5 - Stockholders' Equity (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Common Stock Reserved for Future Issuance [Table Text Block] | Shares Stock warrants outstanding 2,103,814 Stock options outstanding 134,609 Stock options authorized for future grants 200,000 Total 2,438,423 | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (yrs) Aggregate Intrinsic Value Outstanding at December 31, 2022 137,276 $ 28.35 9.2 $ -0- Granted - - Exercised - - Forfeited or expired (2,667 ) 22.82 Outstanding at December 31, 2023 134,609 $ 28.41 8.2 $ - Exercisable at December 31, 2023 97,184 $ 32.35 7.9 $ - | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Issue Date Number of Shares Exercise Price Expiration June 2020 4,000 $ 1.68 June 2025 September 2020 159,781 75.00 September 2025 February 2021 4,800 103.13 August 2024 September 2021 6,668 195.00 September 2026 December 2023 582,000 1.68 June 2029 May 2024 1,605,688 1.68 May 2029 Outstanding at June 30, 2024 2,362,937 | Issue Date Number of Shares Exercise Price Expiration June 2020 8,000 $ 6.21 June 2025 September 2020 159,781 75.00 September 2025 September 2020 8,534 82.50 March 2024 February 2021 4,800 103.13 August 2024 September 2021 6,668 195.00 September 2026 December 2023 507,032 -0- - December 2023 1,408,998 6.21 June 2029 Outstanding at December 31, 2022 2,103,813 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Weighted average risk-free interest rates 3.54 % Expected dividend yield 0.0 % Expected life of option (in years) 7.0 Expected volatility 160.0 % |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | 2023 2022 Stock options: Research and development $ 291,094 $ 225,031 General and administrative 564,030 548,346 Total stock option expense 855,124 773,377 Stock awards (consultants): General and administrative 219,833 128,697 Total stock-based compensation expense $ 1,074,957 $ 902,074 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2023 2022 Deferred tax assets: Net operating loss carryforward $ 25,527,210 $ 19,764,569 Research and development tax credit carryforward 3,870,460 2,202,603 Stock-based compensation expense 552,886 330,553 Accrued expenses 29,728 663,211 Total deferred tax assets 29,980,284 22,960,936 Deferred tax liabilities Depreciation 45,122 51,466 Net deferred tax assets 29,935,162 22,909,470 Valuation allowance (29,935,162 ) (22,909,470 ) Net deferred tax asset after reduction for valuation allowance $ -0- $ -0- |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 U.S. federal statutory rate applied to pretax loss 21.0 % 21.0 % State income tax (benefit) 3.9 3.9 Permanent differences (0.0 ) (0.0 ) NOL carryforward expiration (4.3 ) (15.6 ) R&D tax credits, net of expiration 6.4 4.6 Change in valuation allowance and other adjustments (27.0 ) (13.9 ) Effective tax rate 0.0 % 0.0 % |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Additions (Reductions) Description Balance at Beginning Of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End Of Period Reserve Deducted in the Balance Sheet From the Asset to Which it Applies: Allowance for Deferred Tax Assets Year ended December 31, 2023 $ 22,909,470 $ 7,025,692 $ -0- $ -0- $ 29,935,162 Year ended December 31, 2022 $ 20,184,457 $ 2,725,013 $ -0- $ -0- $ 22,909,470 |
Note 3 - Balance Sheet Compon_5
Note 3 - Balance Sheet Components - Prepaid Expenses (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid clinical trial costs (current portion) | $ 1,921,190 | $ 1,282,746 | $ 1,171,077 |
Prepaid insurance premiums | 36,899 | 110,695 | 107,876 |
Prepaid rent | 13,045 | 13,045 | 13,045 |
Other prepaid expenses | 10,000 | 26,667 | 34,000 |
Total prepaid expenses | $ 1,981,134 | $ 1,433,153 | $ 1,325,998 |
Note 3 - Balance Sheet Compon_6
Note 3 - Balance Sheet Components - Schedule of Property and Equipment (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Total property and equipment | $ 890,363 | $ 890,363 | $ 841,417 |
Accumulated depreciation and amortization | (719,826) | (680,674) | (606,505) |
Total property and equipment, net | 170,537 | 209,689 | 234,912 |
Equipment and Furnishings [Member] | |||
Total property and equipment | 774,758 | 774,758 | 725,812 |
Leasehold Improvements [Member] | |||
Total property and equipment | $ 115,605 | $ 115,605 | $ 115,605 |
Note 3 - Balance SHeet Compon_7
Note 3 - Balance SHeet Components - Schedule of Other Assets (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid clinical trial costs (noncurrent portion) | $ 0 | $ 1,106,778 | $ 2,083,276 |
Prepaid technology license fees | 70,000 | 70,000 | 80,000 |
Deposits | 11,010 | 11,010 | 11,010 |
Total other assets | $ 81,010 | $ 1,187,788 | $ 2,174,286 |
Note 3 - Balance Sheet Compon_8
Note 3 - Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Payroll-related liabilities | $ 168,974 | $ 114,337 | $ 550,810 |
Accrued clinical trial costs | 351,460 | 490,635 | |
Accrued contract manufacturing costs | 1,687,874 | 0 | |
Other Accrued Expenses | 70,000 | 111,959 | |
Total accrued expenses | $ 2,278,308 | $ 716,931 | $ 3,000,212 |
Note 4 - Notes Payable - Rela_2
Note 4 - Notes Payable - Related Parties (Details Textual) - The Notes [Member] - USD ($) | 3 Months Ended | |
May 10, 2024 | Jun. 30, 2024 | |
Debt Instrument, Original Issue Discount Rate | 10% | |
Debt Instrument, Face Amount | $ 150,000 | |
Proceeds from Issuance of Debt | $ 135,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 15% | |
Debt Instrument, Maturity Requirement, Minimum Gross Proceeds From Common Stock Issuance | $ 5,000,000 | |
Debt Instrument, Unamortized Discount | $ 15,000 | |
Interest Expense, Debt | $ 7,292 | |
Amortization of Debt Discount (Premium) | 4,167 | |
Interest Payable | $ 3,125 |
Note 5 -Commitments (Details Te
Note 5 -Commitments (Details Textual) - Office and Laboratory Lease Agreement [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 USD ($) ft² | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) ft² | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) | |
Area of Real Estate Property | ft² | 8,400 | 8,400 | 8,400 | |||
Operating Lease, Expense | $ 46,764 | $ 45,414 | $ 93,528 | $ 90,828 | $ 182,106 | $ 176,797 |
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | 93,528 | 93,528 | ||||
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 192,708 | $ 192,708 | $ 187,000 |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
May 21, 2024 USD ($) $ / shares shares | Jan. 16, 2024 shares | Jun. 30, 2024 USD ($) $ / shares shares | Jan. 31, 2024 shares | Mar. 31, 2024 shares | Jun. 30, 2024 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | |
Common Stock, Shares Authorized (in shares) | 150,000,000 | 150,000,000 | 150,000,000 | 600,000,000 | 600,000,000 | ||||
Proceeds from Warrant Exercises | $ | $ 1,389,363 | $ 0 | $ 4,062,442 | $ 7,626,134 | |||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 6,703 | 24,021 | 9,567 | ||||||
Stock Issued During Period, Shares, Reverse Stock Splits (in shares) | 55,422 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 134,609 | 137,276 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 28.41 | $ 28.35 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 8 years 2 months 12 days | 9 years 2 months 12 days | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,438,423 | ||||||||
Stock Incentive Plan 2020 [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period | 961 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number | 133,648 | 133,648 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 28.39 | $ 28.39 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 8 months 12 days | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 333,648 | 333,648 | 334,609 | ||||||
May 2024 Pre-funded Warrants [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 582,844 | ||||||||
Stock Issued During Period, Shares, Warrant Exercise (in shares) | 582,844 | ||||||||
May 2024 Common Warrants [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.68 | ||||||||
May 2024 Common Warrants [Member] | Maximum [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,605,688 | ||||||||
December 2023 Pre-funded Warrants [Member] | |||||||||
Stock Issued During Period, Shares, Warrant Exercise (in shares) | 238,000 | 269,032 | |||||||
Warrants Issued in June 2020 [Member] | |||||||||
Stock Issued During Period, Shares, Warrant Cashless Exercise (in shares) | 2,549 | ||||||||
Class of Warrant or Right, Warrants Exercised (in shares) | 4,000 | ||||||||
Warrants Issued in December 2023 [Member] | |||||||||
Stock Issued During Period, Shares, Warrant Exercise (in shares) | 826,998 | ||||||||
Proceeds from Warrant Exercises | $ | $ 1,400,000 | ||||||||
Registered Direct Offering [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 220,000 | ||||||||
May 2024 Offering [Member] | |||||||||
Proceeds from Issuance or Sale of Equity | $ | $ 1,200,000 | ||||||||
Reverse Stock Split [Member] | |||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 | 15 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Schedule of Stock Warrants (Details) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Number of Shares (in shares) | 2,362,937 | 2,103,813 |
Warrants Expiration 1[Member] | ||
Number of Shares (in shares) | 4,000 | |
Exercise Price (in dollars per share) | $ 1.68 | |
Warrants Expiration 2 [Member] | ||
Number of Shares (in shares) | 159,781 | |
Exercise Price (in dollars per share) | $ 75 | |
Warrants Expiration 3 [Member] | ||
Number of Shares (in shares) | 4,800 | |
Exercise Price (in dollars per share) | $ 103.13 | |
Warrants Expiration 4 [Member] | ||
Number of Shares (in shares) | 6,668 | |
Exercise Price (in dollars per share) | $ 195 | |
Warrants Expiration 5 [Member] | ||
Number of Shares (in shares) | 582,000 | |
Exercise Price (in dollars per share) | $ 1.68 | |
Warrant Expiration 6 [Member] | ||
Number of Shares (in shares) | 1,605,688 | |
Exercise Price (in dollars per share) | $ 1.68 |
Note 7 - Stock-Based Compensa_2
Note 7 - Stock-Based Compensation Expense (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Expense | $ 1,074,957 | $ 902,074 | ||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 342,156 | $ 342,156 | $ 554,592 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 1 month 6 days | 1 year 6 months | ||||
Expense Related To Consulting And Investment Banking Agreements [Member] | ||||||
Share-Based Payment Arrangement, Expense | 0 | $ 43,500 | $ 54,167 | $ 61,500 | ||
Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Payment Arrangement, Expense | $ 101,640 | $ 226,013 | $ 205,209 | $ 454,052 | $ 855,124 | $ 773,377 |
Note 8 - Revenue From Governm_2
Note 8 - Revenue From Government Contract (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 12, 2024 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 300,677 | $ 0 | $ 300,677 | $ 0 | $ 0 | $ 81,526 | |
BARDA [Member] | Allucent [Member] | |||||||
Government Assistance, Award Amount | $ 343,000,000 | ||||||
BARDA Contract [Member] | |||||||
Government Assistance, Award Amount | 24,300,000 | ||||||
BARDA Contract [Member] | Grant [Member] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 300,677 | $ 300,677 | |||||
BARDA Contract [Member] | Maximum [Member] | |||||||
Government Assistance, Award Amount | $ 45,000,000 |
Note 9 - Net Loss Per Share (De
Note 9 - Net Loss Per Share (Details Textual) - shares | 6 Months Ended | 12 Months Ended | 24 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,496,585 | 1,027,084 | 1,731,391 | 1,029,529 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Jul. 23, 2024 | Jul. 12, 2024 | May 21, 2024 |
Registered Direct Offering [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 220,000 | ||
Subsequent Event [Member] | July 2024 Pre-funded Warrants [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 626,368 | ||
Stock Issued During Period, Shares, Warrant Exercise (in shares) | 626,368 | ||
Subsequent Event [Member] | July 2024 Common Warrants [Member] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.86 | ||
Subsequent Event [Member] | July 2024 Common Warrants [Member] | Maximum [Member] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,170,000 | ||
Subsequent Event [Member] | Registered Direct Offering [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | 458,632 | ||
Subsequent Event [Member] | July 2024 Offering [Member] | |||
Proceeds from Issuance or Sale of Equity | $ 2.8 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - shares | 6 Months Ended | 12 Months Ended | 24 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,496,585 | 1,027,084 | 1,731,391 | 1,029,529 |
Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 5 years |
Note 3 - Balance Sheet Compon_9
Note 3 - Balance Sheet Components (10-K) (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation, Depletion and Amortization, Nonproduction | $ 74,169 | $ 56,284 |
Note 3 - Balance Sheet Compo_10
Note 3 - Balance Sheet Components - Prepaid Expenses (10-K) (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid clinical trial costs (current portion) | $ 1,921,190 | $ 1,282,746 | $ 1,171,077 |
Prepaid insurance premiums | 36,899 | 110,695 | 107,876 |
Prepaid rent | 13,045 | 13,045 | 13,045 |
Other prepaid expenses | 10,000 | 26,667 | 34,000 |
Total prepaid expenses | $ 1,981,134 | $ 1,433,153 | $ 1,325,998 |
Note 3 - Balance Sheet Compo_11
Note 3 - Balance Sheet Components - Schedule of Property and Equipment (10-K) (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Total property and equipment | $ 890,363 | $ 890,363 | $ 841,417 |
Accumulated depreciation and amortization | (719,826) | (680,674) | (606,505) |
Total property and equipment, net | 170,537 | 209,689 | 234,912 |
Equipment and Furnishings [Member] | |||
Total property and equipment | 774,758 | 774,758 | 725,812 |
Leasehold Improvements [Member] | |||
Total property and equipment | $ 115,605 | $ 115,605 | $ 115,605 |
Note 3 - Balance Sheet Compo_12
Note 3 - Balance Sheet Components - Schedule Of Other Assets (10-K) (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid clinical trial costs (noncurrent portion) | $ 0 | $ 1,106,778 | $ 2,083,276 |
Prepaid technology license fees | 70,000 | 70,000 | 80,000 |
Deposits | 11,010 | 11,010 | 11,010 |
Total other assets | $ 81,010 | $ 1,187,788 | $ 2,174,286 |
Note 3 - Balance Sheet Compo_13
Note 3 - Balance Sheet Components - Schedule of Accrued Expenses (10-K) (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued license fees (current portion) | $ 0 | $ 2,000,000 | |
Payroll-related liabilities | $ 168,974 | 114,337 | 550,810 |
Other accrued expenses | 602,594 | 449,402 | |
Total accrued expenses | $ 2,278,308 | $ 716,931 | $ 3,000,212 |
Note 4 - Commitments (Details T
Note 4 - Commitments (Details Textual) - Office and Laboratory Lease Agreement [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 USD ($) ft² | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) ft² | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) | |
Area of Real Estate Property | ft² | 8,400 | 8,400 | 8,400 | |||
Operating Lease, Expense | $ 46,764 | $ 45,414 | $ 93,528 | $ 90,828 | $ 182,106 | $ 176,797 |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 192,708 | $ 192,708 | 187,000 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Two | $ 193,000 |
Note 5 - Stockholders' Equity_2
Note 5 - Stockholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |||||||
Dec. 02, 2023 | May 27, 2022 | Jan. 19, 2022 | Jan. 31, 2024 | Aug. 31, 2022 | Jul. 31, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 29, 2020 | |
Proceeds from Warrant Exercises | $ 1,389,363 | $ 0 | $ 4,062,442 | $ 7,626,134 | ||||||||
Class of Warrant or Right, Outstanding | 2,362,937 | 2,103,813 | ||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 6,703 | 24,021 | 9,567 | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,438,423 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Purchase Price of Common Stock, Percent | 110% | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period | 10 years | |||||||||||
Stock Incentive Plan 2020 [Member] | ||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 333,648 | 334,609 | ||||||||||
Pre-Funded Warrants [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 738,080 | 157,333 | ||||||||||
Class of Warrant or Right, Exercised | 132,020 | 606,060 | ||||||||||
Common Warrant [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 204,499 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 48.9 | |||||||||||
Preferred Investment Options [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 808,081 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 24.75 | |||||||||||
Class of Warrant or Right, Exercised | 308,081 | |||||||||||
Proceeds from Warrant Exercises | $ 7,626,000 | |||||||||||
January 2022 and May 2022 Warrants [Member] | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 704,499 | 704,499 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6.21 | $ 6.21 | $ 6.21 | |||||||||
Class of Warrant or Right, Outstanding | 1,408,998 | 1,408,998 | 1,408,998 | |||||||||
Stock Issued During Period, Shares, Warrant Exercise (in shares) | 197,467 | |||||||||||
December 2023 Warrant [Member] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6.21 | $ 6.21 | $ 0 | |||||||||
Class of Warrant or Right, Outstanding | 507,032 | 507,032 | 507,032 | |||||||||
December 2023 Warrant Exercise Inducement [Member] | ||||||||||||
Proceeds from Warrant Exercises | $ 4,100,000 | |||||||||||
Unit Warrant [Member] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6.21 | $ 24.75 | ||||||||||
Private Placement [Member] | ||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 70,000 | 47,166 | ||||||||||
Proceeds from Issuance or Sale of Equity | $ 18,500,000 | $ 9,200,000 |
Note 5 - Stockholders' Equity -
Note 5 - Stockholders' Equity - Common Stock Reserved for Future Issuance (Details) | Dec. 31, 2023 shares |
Common stock reserved for future issuance (in shares) | 2,438,423 |
Share-Based Payment Arrangement, Option [Member] | |
Common stock reserved for future issuance (in shares) | 134,609 |
Stock options authorized for future grants (in shares) | 200,000 |
Warrants [Member] | |
Common stock reserved for future issuance (in shares) | 2,103,814 |
Note 5 - Stockholders' Equity-
Note 5 - Stockholders' Equity- Stock Option Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Outstanding, number of shares (in shares) | 137,276 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 28.35 | |
Outstanding, weighted average remaining contractual term (Year) | 8 years 2 months 12 days | 9 years 2 months 12 days |
Outstanding, aggregate intrinsic value | $ 0 | |
Granted, number of shares (in shares) | 0 | |
Granted, weighted average exercise price (in dollars per share) | $ 0 | |
Exercised, number of shares (in shares) | 0 | |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | |
Forfeited or expired, number of shares (in shares) | (2,667) | |
Forfeited or expired, weighted average exercise price (in dollars per share) | $ 22.82 | |
Outstanding, number of shares (in shares) | 134,609 | 137,276 |
Outstanding, weighted average exercise price (in dollars per share) | $ 28.41 | $ 28.35 |
Exercisable, number of shares (in shares) | 97,184 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 32.35 | |
Exercisable, weighted average remaining contractual term (Year) | 7 years 10 months 24 days | |
Exercisable, aggregate intrinsic value | $ 0 |
Note 5 - Stockholders' Equity_3
Note 5 - Stockholders' Equity - Schedule of Warrants (Details) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 02, 2023 |
Class of Warrant or Right, Outstanding | 2,362,937 | 2,103,813 | |
Warrants 2020 [Member] | |||
Class of Warrant or Right, Outstanding | 8,000 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6.21 | ||
Unit Warrants 2020 [Member] | |||
Class of Warrant or Right, Outstanding | 159,781 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 75 | ||
Representative Warrants 2020 [Member] | |||
Class of Warrant or Right, Outstanding | 8,534 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 82.5 | ||
Representative Warrants 2021 [Member] | |||
Class of Warrant or Right, Outstanding | 4,800 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 103.13 | ||
Warrants 2021 [Member] | |||
Class of Warrant or Right, Outstanding | 6,668 | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 195 | ||
December 2023 Warrant [Member] | |||
Class of Warrant or Right, Outstanding | 507,032 | 507,032 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 0 | $ 6.21 | |
January 2022 and May 2022 Warrants [Member] | |||
Class of Warrant or Right, Outstanding | 1,408,998 | 1,408,998 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6.21 | $ 6.21 |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation Expense (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | $ 10.98 | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 342,156 | $ 554,592 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 1 month 6 days | 1 year 6 months | |
Prepaid Expense, Value of Stock Issued for Services During Period | $ 16,667 |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation Expense (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Weighted average risk-free interest rates | 3.54% |
Expected dividend yield | 0% |
Expected life of option (in yrs) (Year) | 7 years |
Expected volatility | 160% |
Note 6 - Stock-Based Compensa_5
Note 6 - Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Total stock-based compensation expense | $ 1,074,957 | $ 902,074 | ||||
Share-Based Payment Arrangement, Option [Member] | ||||||
Total stock-based compensation expense | $ 101,640 | $ 226,013 | $ 205,209 | $ 454,052 | 855,124 | 773,377 |
Share-Based Payment Arrangement, Option [Member] | Research and Development Expense [Member] | ||||||
Total stock-based compensation expense | 291,094 | 225,031 | ||||
Share-Based Payment Arrangement, Option [Member] | General and Administrative Expense [Member] | ||||||
Total stock-based compensation expense | 564,030 | 548,346 | ||||
Restricted Stock [Member] | General and Administrative Expense [Member] | ||||||
Total stock-based compensation expense | $ 219,833 | $ 128,697 |
Note 7 - Retirement Plan (Detai
Note 7 - Retirement Plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 95,658 | $ 53,643 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Income Taxes Paid | $ 0 |
Research Tax Credit Carryforward [Member] | |
Tax Credit Carryforward, Amount | 3,900 |
Domestic Tax Jurisdiction [Member] | |
Operating Loss Carryforwards, Total | 98,200 |
Operating Loss Carryforwards, Subject to Expiration | $ 33,200 |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Net operating loss carryforward | $ 25,527,210 | $ 19,764,569 |
Research and development tax credit carryforward | 3,870,460 | 2,202,603 |
Stock-based compensation expense | 552,886 | 330,553 |
Accrued expenses | 29,728 | 663,211 |
Total deferred tax assets | 29,980,284 | 22,960,936 |
Depreciation | 45,122 | 51,466 |
Net deferred tax assets | 29,935,162 | 22,909,470 |
Valuation allowance | (29,935,162) | (22,909,470) |
Net deferred tax asset after reduction for valuation allowance | $ 0 | $ 0 |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Income Tax Benefit (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
U.S. federal statutory rate applied to pretax loss | 21% | 21% |
State income tax (benefit) | 3.90% | 3.90% |
Permanent differences | (0.00%) | (0.00%) |
NOL carryforward expiration | (4.30%) | (15.60%) |
R&D tax credits, net of expiration | 6.40% | 4.60% |
Change in valuation allowance and other adjustments | (27.00%) | (13.90%) |
Effective tax rate | 0% | 0% |
Note 9 - Grant Revenue (Details
Note 9 - Grant Revenue (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 300,677 | $ 0 | $ 300,677 | $ 0 | $ 0 | $ 81,526 |
NIH Grants [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 81,526 |
Note 10 - Subsequent Events (De
Note 10 - Subsequent Events (Details Textual) | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2024 shares | Jan. 16, 2024 shares | Feb. 29, 2024 shares | Jan. 31, 2024 shares | Dec. 31, 2023 shares | Jun. 30, 2024 shares | Dec. 31, 2022 shares | |
Common Stock, Shares Authorized (in shares) | 150,000,000 | 600,000,000 | 150,000,000 | 600,000,000 | |||
Stock Issued During Period, Shares, Reverse Stock Splits (in shares) | 55,422 | ||||||
Reverse Stock Split [Member] | |||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 15 | 15 | |||||
Subsequent Event [Member] | |||||||
Common Stock, Shares Authorized (in shares) | 150,000,000 | ||||||
Stock Issued During Period, Shares, Reverse Stock Splits (in shares) | 55,385 | ||||||
Subsequent Event [Member] | Pre-Funded Warrants [Member] | |||||||
Stock Issued During Period, Shares, Warrant Exercise (in shares) | 133,302 | ||||||
Subsequent Event [Member] | Consulting Agreement [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | 6,702 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance at Beginning Of Period | $ 22,909,470 | $ 20,184,457 |
Additions Charged to Costs and Expenses | 7,025,692 | 2,725,013 |
Additions Charged to Other Accounts | 0 | 0 |
Deductions | 0 | 0 |
Balance at End Of Period | $ 29,935,162 | $ 22,909,470 |