| Three months ended September 30, | ||||||||||||||||
| 2024 | 2023 | Variance | % Variance | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development - related party | $ | 4,000,000 | $ | 1,861,756 | $ | 2,138,244 | 115 | % | ||||||||
| General and administrative | 616,091 | 2,459 | 613,632 | 24955 | % | |||||||||||
| Total operating expenses | 4,616,091 | 1,864,215 | 2,751,876 | 148 | % | |||||||||||
| Loss from operations | (4,616,091) | (1,864,215) | (2,751,876) | 148 | % | |||||||||||
| Other expense: | ||||||||||||||||
| Loss on change in fair value of SAFE liability | (924,479) | - | (924,479) | 100 | % | |||||||||||
| Interest expense - related party | - | (51,760) | 51,760 | -100 | % | |||||||||||
| Net loss | $ | (5,540,570) | $ | (1,915,975) | $ | (3,264,595) | 189 | % | ||||||||
| Purchaser (1) | Number of Shares of Common Stock Issued Upon the Conversion of the August SAFEs | Total Purchase Price | ||||||
| Entities affiliated with OrbiMed(2) | 694,444 | $ | 2,500,000.00 | |||||
| TPAV, LLC(3) | 694,444 | $ | 2,500,000.00 | |||||
| American Financial Group(4) | 472,222 | $ | 1,700,000.00 | |||||
| Total | 1,861,110 | $ | 6,700,000.00 | |||||
| August 27, 2024 (issuance date) | September 30, 2024 | |||
| Fair value of underlying equity | $1.30 - $3.35 | $1.37 - $3.45 | ||
| Volatility | 103.0% - 124.5% | 96.0% - 119.0% | ||
| Discount rate | 9.4% | 8.0% | ||
| Expected term (in years) | 0.50 - 2.97 | 0.50 - 2.87 | ||
| Probability of equity financing | 20.0% | 10.0% | ||
| Probability of Alternative Public Offering transaction | 30.0% | 66.7% | ||
| Probability of liquidity event | 49.0% | 22.3% | ||
| Probability of dissolution | 1.0% | 1.0% |
| Total | ||||||||||||||||
| Common Stock | Accumulated | Stockholders’ | ||||||||||||||
| Shares | Amount | Deficit | Deficit | |||||||||||||
| Balances – December 31, 2022 | 5,000,000 | $ | 500 | $ | (54,780) | $ | (54,280) | |||||||||
| Net loss | - | - | (13,126) | (13,126) | ||||||||||||
| Balances – March 31, 2023 | 5,000,000 | 500 | (67,906) | (67,406) | ||||||||||||
| Net loss | - | - | (12,829) | (12,829) | ||||||||||||
| Balances – June 30, 2023 | 5,000,000 | 500 | (80,735) | (80,235) | ||||||||||||
| Net loss | - | - | (10,870) | (10,870) | ||||||||||||
| Balances – September 30, 2023 | 5,000,000 | $ | 500 | $ | (91,605) | $ | (91,105) | |||||||||
| Nine Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (33,715) | $ | (36,825) | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Accounts payable and accrued expenses | - | 1,333 | ||||||
| Net cash used in operating activities | (33,715) | (35,492) | ||||||
| Cash flows from financing activities: | ||||||||
| Repayments of stockholder advances | - | (120) | ||||||
| Proceeds from note payable - stockholder | 35,000 | 37,500 | ||||||
| Net cash provided by financing activities | 35,000 | 37,380 | ||||||
| Net change in cash | 1,285 | 1,888 | ||||||
| Cash - beginning of period | 984 | 107 | ||||||
| Cash - end of period | $ | 2,269 | $ | 1,995 | ||||
