Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~April 30, 2021,~~November 1, 2023, the registrant had ~~10,059,849~~6,174,280 shares of common stock, $0.001 par value per share, outstanding.

March 31,
2021

December 31,
2020

(unaudited)

(Note 3)

Assets

Current assets:

Cash

$
9,609,631

$
13,953,513

Grants receivable

332,774

—

Prepaid research and development

712,674

774,356

Prepaid expenses and other current assets

1,216,173

54,837

Total

11,871,252

14,782,706

Deferred offering costs

2,783

—

Total assets

$
11,874,035

$
14,782,706

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$
715,016

$
1,720,680

Accrued expenses and other current liabilities

627,399

632,934

Deferred revenue

1,251,349

2,325,741

Notes payable

994,789

42,534

Total

3,588,553

4,721,889

Notes payable, net of current portion

248,911

276,461

Total liabilities

3,837,464

4,998,350

Commitments and contingencies (see Note 11)

Stockholders’ equity:

Preferred stock, $0.001 par value; 10,000,000 shares authorized at March 31,
   2021, and December 31, 2020; 0 shares issued and outstanding at March 31, 2021, and
   December 31, 2020

—

—

Common stock, $0.001 par value; 100,000,000 and 30,000,000 shares authorized;
   10,059,849 and 10,050,849 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively.

10,060

10,051

Additional paid-in capital

25,695,203

24,805,929

Accumulated deficit

(17,668,692
)

(15,031,624
)
Total

8,036,571

9,784,356

Total liabilities and stockholders’ equity

$
11,874,035

$
14,782,706

Three Months Ended March 31,

2021

2020

Revenue:

Grant revenue

$
1,407,165

$
270,787

Total revenue

1,407,165

270,787

Costs and expenses:

Research and development

2,431,860

283,114

Selling, general and administrative

1,600,576

527,688

Total costs and expenses

4,032,436

810,802

Loss from operations

(2,625,271
)

(540,015
)
Interest expense

(11,797
)

(7,425
)
Net loss

$
(2,637,068
)

$
(547,440
)
Net loss per share – basic and diluted

$
(0.26
)

$
(0.07
)
Weighted-average number of common shares – basic and diluted

10,053,949

8,181,734

Condensed Consolidated Statements of ~~Stockholders’~~Stockholders' Equity ~~(Deficit)~~

Common Stock

Shares

Amount

Additional
Paid-In
Capital

Accumulated
Deficit

Total
Stockholders’
Equity

Balance at December 31, 2020

10,050,849

$
10,051

$
24,805,929

$
(15,031,624
)

$
9,784,356

Stock-based compensation expense

—

—

591,124

—

591,124

Warrant expense

—

—

237,768

—

237,768

Issuance of common stock

9,000

9

60,382

—

60,391

Net loss

—

—

—

(2,637,068
)

(2,637,068
)
Balance at March 31, 2021

10,059,849

$
10,060

$
25,695,203

$
(17,668,692
)

$
8,036,571

Common Stock

Shares

Amount

Additional
Paid-In
Capital

Accumulated
Deficit

Total
Stockholders’
Equity (Deficit)

Balance at December 31, 2019

8,180,937

$
8,181

$
7,685,533

$
(12,183,730
)

$
(4,490,016
)
Stock-based compensation expense

—

—

139,758

—

139,758

Issuance of warrants

—

—

190,993

—

190,993

Issuance of common stock

874

1

4,870

—

4,871

Net loss

—

—

—

(547,440
)

(547,440
)
Balance at March 31, 2020

8,181,811

$
8,182

$
8,021,154

$
(12,731,170
)

$
(4,701,834
)

Three Months Ended March 31,

2021

2020

Operating activities

Net loss

$
(2,637,068
)

$
(547,440
)
Adjustments to reconcile net loss to net cash used in operating activities:

Stock-based compensation expense

591,124

139,758

Non-cash consulting fees

60,391

37,500

Non-cash PPP loan forgiveness

(27,550
)

—

Warrant expense

237,768

190,993

Changes in operating assets and liabilities:

Grants receivable

(332,774
)

—

Prepaid expenses and other assets

200,581

3,043

Prepaid research and development

61,682

—

Accounts payable

(1,008,447
)

(255,922
)
Accrued expenses and other current liabilities

(5,535
)

133,684

Deferred revenue

(1,074,392
)

42,952

Net cash used in operating activities

(3,934,220
)

(255,432
)

Financing activities

Proceeds from notes payable

—

245,250

Proceeds from issuance of common stock

—

4,870

Repayments of note payable

(409,662
)

—

Net cash provided by (used in) financing activities

(409,662
)

250,120

Net decrease in cash

(4,343,882
)

(5,312
)
Cash at beginning of period

13,953,513

18,457

Cash at end of period

$
9,609,631

$
13,145

Supplemental disclosures of cash flow information

Cash paid for interest

$
11,797

$
1,772

Non-cash financing activities

Notes payable settled with new notes payable

$
—

$
98,419

Insurance premium financing

$
1,361,916

$
—

PPP loan forgiveness

$
27,550

$
—

Public offering costs

$
2,783

$
7,759

1.	~~Nature of Business~~

Nature of Business

~~We are~~Inhibikase Therapeutics, Inc. (the “Company,” “we” or “our”) is a ~~clinical stage~~clinical-stage pharmaceutical company developing protein kinase inhibitor therapeutics ~~for~~to modify the course of Parkinson’s ~~Disease, or PD,~~disease ("PD"), Parkinson’s-related disorders and ~~related disorders that arise~~other diseases of the Abelson Tyrosine Kinases. The Company’s multi-therapeutic pipeline has a primary focus on neurodegeneration and its lead program utilizing Risvodetinib (IkT-148009), a selective inhibitor of the non-receptor Abelson Tyrosine Kinases, targets the treatment of Parkinson’s disease inside and outside of the ~~brain.~~brain as well as other diseases that arise from Abelson Tyrosine Kinases. In 2021, we commenced clinical development of ~~IkT-148009, a small molecule Abelson Tyrosine Kinase inhibitor~~Risvodetinib (IkT-148009), which we believe can modify the course of Parkinson’s disease ~~and~~including its manifestation in the gastrointestinal tract, or GI. ~~Results to~~In January, 2023, the Company initiated its Phase 2 program for Risvodetinib (IkT-148009) as a treatment for Parkinson’s disease. As of the date of ~~our ongoing~~this Report, 28 sites are open and actively evaluating prospective trial participants and 20% of the trial has been enrolled.

In March 2023, the Company opened its IND for Risvodetinib (IkT-148009) as a treatment for the orphan disease Multiple System Atrophy or MSA. In October 2023, the Company received Orphan Drug Designation for Risvodetinib (IkT-148009) as a treatment for MSA.

The Company is also developing platform technologies for alternate ways to deliver protein kinase inhibitors in patients. Our first example of this technology is IkT-001Pro, a prodrug of the anticancer agent imatinib mesylate, to treat Stable Phase ~~1 Single and Multiple Ascending Dose escalation~~Chronic Myelogenous Leukemia (SP-CML). Pursuant to its IND, which was cleared by the FDA in August 2022, IkT-001Pro has completed a three-part dose finding/dose equivalence study ~~(SAD and MAD, respectively)~~ in ~~older and elderly~~up to 66 healthy volunteers ~~have revealed important insights into~~(the 501 trial). The study was designed to evaluate the ~~metabolism~~96-hour pharmacokinetics of ~~IkT-148009 in human subjects. IkT-148009 has a half-life~~imatinib delivered as IkT-001Pro and determine the dose of ~~greater than 24 hours, and just a 25~~IkT-001Pro that can deliver imatinib equivalent to either 400 mg ~~once daily oral dose in older and elderly healthy subjects in our Phase 1~~or 600 mg imatinib mesylate. With the completion of the 501 study, ~~reached exposures that are consistent with the exposure~~Inhibikase will submit briefing materials to the ~~drug that resulted in therapeutic efficacy in animal models of progressive PD. This has led to an acceleration of~~FDA and seek agreement on the clinical development program by more than 6 months. Subject to discussions with the FDA, we plan to initiate dosing in a Parkinson’s patient population as part of the Phase 1 MAD study. Clinical development of IkT-148009requirements for the ~~GI complications in PD patients will cross-reference~~New Drug Application (“NDA”) process following the ~~Phase 1 Study of IkT-148009~~proposed approval path for IkT-001Pro under the ~~treatment of PD.~~505(b)(2) statute.

Liquidity

~~Liquidity and Going Concern~~

The Company has recognized recurring losses. At ~~March 31, 2021,~~September 30, 2023, the Company had working capital of ~~$8,282,699, an~~$14,808,866 and accumulated deficit of ~~$17,668,692,~~$62,722,785, cash and cash equivalents of ~~$9,609,631,~~$14,861,309, marketable securities of $1,970,260 and accounts payable, ~~and~~ accrued expenses and other current liabilities of $1,342,415 and current notes payable of $994,789. The Company had active grants in the amount of $1,546,730, of which $772,420 remained available in accounts held by the U.S. Treasury as of April 30, 2021.$2,741,806.

The future success of the Company is dependent on its ability to successfully obtain additional working capital, obtain regulatory approval for and successfully launch and commercialize its product candidates and to ultimately attain profitable operations. Historically, the Company has funded its operations primarily through cash received in connection with revenue from its various grant programs. In addition, ~~during~~in December 2020, June 2021 and January 2023, the Company raised approximately ~~$14.6~~$14.6 million, $41.1 million and $8.6 million in net proceeds for working capital from its ~~IPO.~~initial public offering (“IPO”), June 2021 Offering and January 2023 Offering, respectively.

The Company is subject to a variety of risks similar to other early-stage life science companies including, but not limited to, the successful development, regulatory approval, and market acceptance of the Company’s product candidates, development by its competitors of new technological innovations, protection of proprietary technology, and raising additional working capital. The Company has incurred significant research and development expenses and general and administrative expenses related to its product candidate programs. The Company anticipates costs and expenses to increase in the future as the Company continues to develop its product candidates.

The Company may seek to fund its operations through additional public equity, private equity, or debt financings, or private foundations, Federal and industry stakeholder grants as well as other sources. However, the Company may be unable to raise additional working capital, or if it is able to raise additional capital, it may be unable to do so on commercially favorable terms. The Company’s failure to raise capital or enter into such other arrangements if and when needed would have a negative impact on the Company’s business, results of operations and financial condition and the Company’s ability to continue to develop its product candidates.

The Company estimates that its working capital at September 30, 2023 is sufficient to fund its normal operations into the fourth quarter of 2024.

On June 23, 2023, at the Company’s annual meeting of stockholders, the Company’s stockholders approved an amendment to the Company’s restated certificate of incorporation to grant discretionary authority to the board of directors to effect a reverse stock split of the Company’s ~~operating plan are outside of the Company’s control, including~~common stock. Following the receipt of ~~anticipated grants and funding from a future capital raise, they cannot be considered probable. If~~the stockholders’ approval, the Company’s board of directors approved the reverse stock split at the ratio of 1 post-split share for every 6 pre-split shares, which was effective as of June 30, 2023. On July 17, 2023, the Company ~~does not receive additional capital~~received a letter from ~~future anticipated grants and future anticipated capital raises, its business plan will be scaled down to preclinical activities and its Phase I PD trial in humans will be delayed.~~

These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year after the date the financial statements are issued. Management’s plan to alleviate the conditions that raise substantial doubt include additional equity raises, suspending or delaying certain research projects and capital expenditures and eliminating certain future operating expenses in order to fund operations at reduced levels forNasdaq informing the Company ~~to continue as a going concern.~~that it has regained compliance with the Minimum Bid Price Rule.

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The condensed consolidated 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 unaudited condensed consolidated financial statements were prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ~~(“SEC”~~(the “SEC”) for interim financial statements and, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the results of the interim periods shown. The December 31, ~~2020~~2022 balance sheet was derived from December 31, ~~2020~~2022 audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) have been condensed or omitted pursuant to such SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The results for the interim periods are not necessarily indicative of results to be expected for the fiscal year ending December 31, ~~2021.~~2023. The condensed unaudited consolidated financial statements contained herein should be read in conjunction with the Company’s annual audited financial statements and notes thereto for the year ended December 31, ~~2020~~2022 included in the Company’s Annual Report ~~filed~~ on ~~SEC~~ Form ~~10-K.~~

These condensed financial statements have been prepared on the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

~~On August 21, 2020, the Company~~10-K filed ~~a Certificate of Amendment of its Certificate of Incorporation~~ with the ~~Secretary of State of the State of Delaware that~~SEC, as amended.

On June 30, 2023, we effected a~~one-for-1.14396~~ ~~(1:1.14396)~~ reverse stock split at the ratio of ~~its~~1 post-split share for every 6 pre-split shares. All common stock, ~~par value $.001 per share, effective August 24, 2020. All~~options, warrant ~~option, share, and~~amounts, per share information ~~in the Company’s financial statements gives retroactive effect~~and references have been retroactively adjusted for all figures presented to ~~the~~ ~~one-for-1.14396~~ ~~reverse stock~~reflect this split ~~that was effected on August 24, 2020.~~unless specifically stated otherwise.

The unaudited condensed consolidated financial statements have been prepared in conformity with US ~~GAAP.~~GAAP, which prescribes elimination of all significant intercompany accounts and transactions in the accounts of the Company and its wholly-owned subsidiary, IKT Securities Corporation, Inc., which was incorporated in the Commonwealth of Massachusetts in December 2021. Any reference in these notes to applicable guidance is meant to refer to the authoritative ~~United States generally accepted accounting principles~~US GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards ~~Updates~~Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and are generally adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. The JOBS Act permits an emerging growth company such as the Company to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies until those standards would otherwise apply to private companies. The Company has elected not to “opt out” of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company will adopt the new or revised standard at the time private companies adopt the new or revised standard and will do so until such time that it either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company utilizes certain estimates in the determination of our liquidity and working capital adequacy, the fair value of its stock options and warrants, deferred tax valuation allowances and revenue recognition, to record expenses relating to research and development contracts and accrued expenses. The Company bases its estimates on historical experience and other

market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates.

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have or may have a material impact on its condensed consolidated financial statements and disclosures.

In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 will change how companies account for credit losses for most financial assets and certain other instruments. For trade receivables, loans and held-to-maturity debt securities, companies will be required to recognize an allowance for credit losses rather than reducing the carrying value of the asset. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates to amend the effective date of ASU 2016-13, for entities eligible to be “smaller reporting companies,” as defined by the SEC, to be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2016-13 as of January 1, 2023, on a prospective basis. The adoption did not have a material impact on the Company’s condensed consolidated financial statements.

In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for convertible debt instruments by reducing the number of accounting models and the number of embedded features that could be recognized separately from the host contract. Consequently, more convertible debt instruments will be accounted for as a single liability measured at its amortized cost, as long as no other features require bifurcation and recognition as derivatives. ASU 2020-06 also requires use of the if-converted method in the diluted earnings per share calculation for convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years for smaller reporting companies, with early adoption permitted. The Company adopted ASU 2020-06 as of January 1, 2023, on a prospective basis. The adoption did not have a material impact on the Company’s condensed consolidated financial statements.

Concentrations of Credit Risk

For the three and nine months ended ~~March 31, 2021~~September 30, 2023 and ~~2020,~~2022, the Company derived ~~more than 90%~~100% of its total revenue from a single source, the United States Government, in the form of federal research grants.

Revenue Recognition

The Company generates revenue from research and development grants under contracts with third parties that do not create customer-vendor relationships. The Company’s research and development grants are non-exchange transactions and are not within the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Contribution revenue earned from activities

performed pursuant to research and development grants is reported as grant revenue in the Company’s unaudited condensed consolidated statements of ~~operations. Revenues~~operations and comprehensive loss. Revenue from these grants is recognized as the Company incurs qualifying expenses as stipulated by the terms of the respective grant. Cash received from grants in advance of incurring qualifying expenses is recorded as deferred revenue. The Company records revenue and a corresponding receivable when qualifying costs are incurred before the grants are received.

Leases

The Company accounts for its leases under ASU 2021-09, ASU 2018-10, and ASC Topic 842, Leases (“ASC 842”). ASC 842 requires a lessee to record a right-of-use asset and a corresponding lease liability for most lease arrangements on the Company's balance sheet. Under the standard, disclosure of key information about leasing arrangements to assist users of the financial statements with assessing the amount, timing and uncertainty of cash flows arising from leases is required.

Leases are classified as either finance leases or operating leases. A lease is classified as a finance lease if any one of the following criteria are met: the lease transfers ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to be exercised, the lease term is for a major part of the remaining useful life of the asset or the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not meet any of these criteria.

For all leases at the lease commencement date, a right-of-use asset and a lease liability are recognized. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease.

The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred if any, less any lease incentives received. All right-of-use assets are reviewed for impairment. The lease liability is initially measured at the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the secured incremental borrowing rate for the same term as the underlying lease.

Lease payments included in the measurement of the lease liability comprise the following: the fixed noncancelable lease payments, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early.

Lease cost for operating leases consists of the lease payments plus any initial direct costs, primarily brokerage commissions, and is recognized on a straight-line basis over the lease term. Included in lease cost are any variable lease payments incurred in the period that are not included in the initial lease liability and lease payments incurred in the period for any leases with an initial term of 12 months or less. Lease cost for finance leases consists of the amortization of the right-of-use asset on a straight-line basis over the lease term and interest expense determined on an amortized cost basis. The lease payments are allocated between a reduction of the lease liability and interest expense.

The Company has made an accounting policy election to not recognize leases with an initial term of 12 months or less within our condensed consolidated balance sheets and to recognize those lease payments on a straight-line basis in our condensed consolidated statements of operations and comprehensive loss over the lease term.

Equipment and Improvements

Equipment and improvements are stated at cost, less accumulated depreciation. For financial reporting purposes, depreciation is recognized using the straight-line method, allocating the cost of the assets over their estimated usefulness from three to five years for network equipment, office equipment, and furniture classified as fixed assets.


4.		Estimated Useful Economic Life~~Supplemental Balance Sheet Information~~
Leasehold property improvements, right-of-use assets		Lesser of lease term or useful life
Furniture and office equipment		5 years
Lab equipment		3 Years
IT equipment		3 years

Fair Value Measurement

The Company has certain financial assets and liabilities recorded at fair value which have been classified as Level 1, 2 or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements.

·Level 1 — Fair values are determined utilizing quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access;

·Level 2 — Fair values are determined by utilizing quoted prices for identical or similar assets and liabilities in active markets or other market observable inputs such as interest rates, yield curves and foreign currency spot rates; and

·Level 3 — Inputs are unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The Company’s financial assets, which include cash equivalents and marketable securities, have been initially valued at the transaction price, and subsequently revalued at the end of each reporting period, utilizing third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market based approaches, to determine value and improvements are stated at cost, less accumulated depreciation.

Marketable Securities

The Company's marketable securities consist of U.S. Treasury securities with maturities of less than one year which are classified as available-for-sale and included in current assets on the condensed consolidated balance sheets. Available-for-sale debt securities are carried at fair value with unrealized gains and losses reported as a component of stockholders’ equity in accumulated other comprehensive income. Realized gains and losses, if any, are included in other income, net in the condensed consolidated statements of operations and comprehensive loss.

Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise that may indicate impairment. When the fair value of the securities declines below the amortized cost basis, impairment is indicated and it must be determined whether it is other than temporary. Impairment is considered to be other than temporary if the Company: (i) intends to sell the security, (ii) will more likely than not be forced to sell the security before recovering its cost, or (iii) does not expect to recover the security’s amortized cost basis. If the decline in fair value is considered other than temporary, the cost basis of the security is adjusted to its fair market value and the realized loss is reported.

Fair Value of Financial Instruments

The following table summarizes cash equivalents and marketable securities measured at their fair value on a recurring basis as of the following:


	Fair Value Measurements as of September 30, 2023 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	13,743,462	$	—	$	—	$	13,743,462
Total	$	13,743,462	$	—	$	—	$	13,743,462

Marketable securities, available-for-sale:
U.S. treasury obligations	$	1,970,260	$	—	$	—	$	1,970,260
Total	$	1,970,260	$	—	$	—	$	1,970,260


	Fair Value Measurements as of December 31, 2022 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	5,304,405	$	—	$	—	$	5,304,405
Total	$	5,304,405	$	—	$	—	$	5,304,405

Marketable securities, available-for-sale:
U.S. treasury obligations	$	15,861,620	$	—	$	—	$	15,861,620
Total	$	15,861,620	$	—	$	—	$	15,861,620

Marketable Securities

Marketable securities consisted of the following:


September 30, 2023	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
Marketable securities, available-for-sale:
U.S. Treasury obligations	$	1,970,403	$	—	$	(143	)	$	1,970,260
Total	$	1,970,403	$	—	$	(143	)	$	1,970,260


December 31, 2022	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Marketable securities, available-for-sale:
U.S. Treasury obligations	$	15,756,902	$	104,718	$	—	$	15,861,620
Total	$	15,756,902	$	104,718	$	—	$	15,861,620

As of September 30, 2023, the Company held one U.S. Treasury debt security that was in an unrealized loss position totaling $143. As of December 31, 2022, the Company held three U.S. Treasury debt securities that were in an unrealized gain position totaling $104,718.

The Company received proceeds of $34.4 million from maturities of marketable securities for the period ended September 30, 2023. The Company received proceeds of $4.96 million from maturities of marketable securities for the year ended December 31, 2022. The Company did not realize any gains or losses from maturities of marketable securities for the period ended September 30, 2023 or the year ended December 31, 2022.

Equipment and Improvements


Equipment and Improvements, net
	September 30,		December 31,
	2023		2022
Furniture and office equipment	$	86,930	$	72,692
Lab equipment		—		153,668
IT equipment		16,895		16,895
		103,825		243,255
Less: accumulated depreciation		23,885		6,723
Total	$	79,940	$	236,532

Depreciation expense for three and nine months ended September 30, 2023 was $6,568 and $170,830, respectively, and $1,681 for the three and nine months ended September 30, 2022.

Supplemental Balance Sheet Information

Accrued expenses and other current liabilities consist of the following:


	September 30, 2023		December 31, 2022
Accrued consulting	$	78,910	$	232,390
Accrued compensation		645,027		459,997
Accrued research and development		1,134,178		1,696,129
Accrued other		100		9,920
Total accrued expenses and other current liabilities	$	1,858,215	$	2,398,436

March 31,
2021

December 31,
2020

Accrued consulting

$
162,001

$
115,405

Accrued legal and professional fees

82,802

383,286

Accrued research and development

378,775

83,491

Accrued interest

499

1,673

Accrued other

3,322

49,079

Total accrued expenses and other current liabilities

$
627,399

$
632,934

Stockholders’ Equity

5.	~~Notes Payable~~

~~Note payable outstanding were $1,243,700 and $318,995 at March 31, 2021 and December 31, 2020, respectively.~~

March 31,
2021

December 31,
2020

AON

$
994,789

$
—

Fifth Restated Note

—

42,534

PPP Note

—

27,550

CEO Restated Note

248,911

248,911

Total notes payable

$
1,243,700

$
318,995

~~Future principal payments on the notes payable as of March 31, 2021, are as follows:~~

Year ended December 31,

2021

$
994,789

2022

248,911

2023

—

2024

—

2025

—

Total notes payable

$
1,243,700

~~Note Payable to AON~~

In January 2021, the Company entered into an insurance premium financing and security agreement with AON Premium Finance, LLC (“AON”). Under the agreement, the Company financed $1,361,916 million of certain premiums at a 3.49% annual interest rate. As of March 31, 2021, the outstanding principal of the loan was $994,789 and is included on the balance sheet in Notes payable. The final payment is due in November 2021.

~~Revolving Demand Promissory Note~~

~~During 2019 and 2020, the Company entered into a series of promissory notes that were renegotiated and partially settled over 2019 and 2020.~~

On January 1, 2020, the Company issued a note (the “2020 Note”) in the face amount of $103,586 bearing 5.25% APR simple interest as settlement in full on the 2019 Note principal of $98,419 plus accrued interest of $5,167 that matured on January 1, 2020. The 2020 Note was scheduled to mature on January 1, 2021. Upon occurrence of certain conditions including the sale of a division of the Company or upon the date on which the Company closes on certain financings, the due date for some or all of the unpaid principal and accrued and unpaid interest may be accelerated. The Company assessed the terms and features of the 2020 Note and determined that none of the terms and features represented embedded derivatives that require bifurcation.

On June 30, 2020, the holder of the 2020 Note and the Company entered into an agreement to settle the 2020 Note early. As full consideration and settlement of the 2020 Note’s June 30, 2020 principal balance plus accrued and unpaid interest in the amount of $106,334, the Company issued a new promissory note to the holder in the amount of $42,534 (the “Fifth Restated Note”) with substantially similar terms as the 2020 Note. In addition, the holder subscribed for the purchase of 11,594 unregistered shares of the Company’s common stock at a subscription price of $63,800, or $5.50 per share. The issuance of shares under the subscription agreement and the issuance of the Fifth Restated Note satisfied the payoff of the 2020 Note without premium or discount. The balance of the Fifth Restated Note was $42,534 on December 31, 2020 and is included in Notes payable.

The Fifth Restated Note was scheduled to mature on the earlier of a significant transaction, including an initial public offering, sale of substantially all assets or change of control, or January 1, 2021. The Company consummated its IPO on December 28, 2020 and the principal balance of the Fifth Restated Note plus accrued and unpaid interest was settled in full in cash on January 1, 2021.

~~Note Payable to CEO~~

On February 5, 2020 (the “Issue Date”), the Company issued a note payable to its CEO (the “CEO Note”) in the face amount of $245,250 bearing 1.59% APR simple interest in exchange for cash. The net proceeds of $245,250 were used as working capital by the Company. The note carried an original maturity of the earlier of the sixth month following the Issue Date or the date the Company has sufficient funds to repay the CEO Note. If an event of default occurs and is continuing, the Company agrees to issue a warrant to the holder with a strike price of $4.87 per share for a number of shares equal to 150% of the value of the loan. The Company assessed the terms and features of the CEO Note and determined that none of the terms and features represented embedded derivatives that require bifurcation.

On June 13, 2020, the holder of the CEO Note and the Company entered into a restated agreement (the “CEO Restated Note”). The CEO Restated Note in the amount of $248,911 extends the stated maturity date of the CEO Note from the earlier of the sixth month following the (original) Issue Date or the date the Company has sufficient funds to repay the note to the earlier of the 30th month following the (original) Issue Date or the date the Company has sufficient funds to repay the CEO Restated Note. The Issue Date, February 5, 2020, is unchanged. In addition, the interest rate was reduced, effective as of the Issue Date, from 1.59% APR to 0.25%. The CEO Restated Note also changed the exercise price of the warrant from $4.87 to $4.81 per share in the case of any default. The other provisions of the CEO Restated Note are the same, in all material respects, to the CEO Note. The Company and its CEO have agreed that the CEO Restated Note will not be repaid for a minimum of 12 months following the closing of its initial public offering. The principal balance of the CEO Note was $248,911 at March 31, 2021 and at December 31, 2020 and is included on the balance sheets in Notes payable, net of current portion.

~~The Payroll Protection Program Loan (the “PPP Loan”)~~

On May 4, 2020 the Company received $27,550 in loan proceeds as part of the Federal CARES Act Paycheck Protection Program (the “PPP Act” or “PPP”) with a 1% annual interest rate. Some or all of this loan qualified for forgiveness if the Company expended not less than 60% of the loan proceeds on qualified payroll costs. During the three months ended March 31, 2021, it was determined by the lender and by the Small Business Administration that the Company met the contractual conditions for forgiveness of the entire PPP Loan plus accrued interest and it was forgiven. The $27,550 principal balance of the PPP Loan at December 31, 2020 is included on the balance sheet in Notes payable, net of current portion.

6.	~~Stockholders’~~ ~~Deficit~~

Each share of common stock is entitled to 1one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of stock outstanding. AAs of September 30, 2023, a total of ~~4,386,985 and 4,318,357~~3,916,003 shares of common stock were reserved for issuance upon the exercise of outstanding stock options and warrants ~~as of March 31, 2021~~under the 2020 Equity Incentive Plan (the "2020 Plan") and ~~December 31, 2020, respectively.~~

~~Reverse Stock Split~~

~~On August 20, 2020,~~ the board of directors adopted resolutions proposing that each 1.14396 shares of the Company’s issued and outstanding common stock, par value $0.001 per share, be automatically converted into one fully paid and nonassessable share of common stock, par value $0.001 (the “Reverse Stock Split”) with cash in lieu of fractional shares. On August 21, 2020, shareholders representing a majority of the issued and outstanding common stock approved the Reverse Stock Split. On August 21, 2020, the Company filed with the Delaware Secretary of State its Certificate of Amendment to its Certificate of Incorporation, effective as of August 24, 2020.2011 Equity Incentive Plan.

Share Issuances

On January 25, 2023, the Company entered into a securities purchase agreement in connection with a registered direct offering and concurrent private placement with an institutional investor. The Company also entered into a securities purchase agreement and a registration rights agreement in connection with a concurrent private placement with the same institutional investor (collectively the "January 2023 Offering"). The January 2023 Offering consisted of (i) 466,799 shares of Common Stock sold at $5.16 per share, (ii) Common Warrants to purchase up to 1,937,985 shares of Common Stock with an exercise price of $5.16, and (iii) Pre-Funded Warrants to purchase up to 1,471,187 shares of Common Stock with an exercise price of $5.16, all issued to Armistice Capital Master Fund Ltd ("Armistice"). The warrants will expire on January 27, 2028. As part of the January 2023 Offering, the Company further issued warrants to H.C. Wainwright & Co., LLC (“Placement Agent Warrants”) to purchase up to 67,830 shares of Common Stock with an exercise price of $6.45 and an expiration date of January 25, 2028. Subsequent to September 30, 2023 the institutional investor has exercised their remaining 813,954 Pre-Funded Warrants.

The Company received net proceeds from the January 2023 Offering of approximately $8.6 million. Effective January 25, 2023, the Company terminated the Equity Distribution Agreement with Piper Sandler & Co. by providing a notice of termination in accordance with the terms of the Equity Distribution Agreement (see Note 10).

In ~~January 2020, an accredited investor subscribed for, and~~September 2023, the Company issued 874 shares of its stock in a private placement transaction at a per share price of $5.57. Net proceeds were approximately $4,870. Issuance costs were not material. NaN additional rights or options were granted to this accredited investor in connection with this issuance.

~~During the three months ended March 31, 2021, an accredited investor subscribed for, and the Company issued, 9,000~~12,000 shares of its stock in exchange for digital media consulting services. The fair value of the stock was ~~$60,391~~$17,280 based upon the closing price of the shares on the date of the transaction. Issuance costs were not material. ~~NaN~~No additional rights or options were granted to this accredited investor in connection with this issuance. ~~The $60,391 fair value~~This issuance is ~~a component~~exempt from registration pursuant to Section 4(a)(2) of ~~selling, general and administrative costs for~~ the ~~three months ended March 31, 2021.~~Securities Act as transactions by an issuer not involving any public offering.

Stock-Based Compensation

~~Stock-Based Compensation~~

The Company’s 2020 ~~Equity Incentive~~ Plan ~~(the “2020 Plan”)~~ was established for granting stock incentive awards to directors, officers, employees and consultants to the Company.

During the ~~three~~nine months ended ~~March 31, 2021~~September 30, 2023, the Company granted ~~68,628~~86,669 options ~~to its scientific advisory board members~~ with a weighted average strike price of ~~$6.82 per share,~~$4.28 to purchase common stock to certain employees and non-employee members of the Board of Directors. Employee options vest annually in 3 equal parts over 3 years, whilst Board of Directors' options vest over 1 year. The Company granted 25,000 performance-based options with a weighted average strike price of $4.44 to purchase common stock to certain employees. These options are subject to performance vesting ~~immediately, with an~~and will vest and become exercisable once the performance conditions have been met. There is no assurance that the performance conditions will be met and therefore some or all of these options may never vest or become exercisable. The total aggregate grant date fair value of ~~$259,674. NaN~~all options ~~were~~ granted ~~during~~was $338,741.

During the nine months ended September 30, 2022, the Company granted 76,651 options with a weighted average strike price of $5.80 to purchase common stock to certain employees and non-employee members of the Board of Directors. Employee options vest annually in 3 equal parts over 3 years, whilst Board of Directors' options vest over 1 year. The Company granted 62,500 performance-based options with a weighted average strike price of $6.42 to purchase common stock to certain employees. These options are subject to performance vesting and will vest and become exercisable once the performance conditions have been met. There is no assurance that the performance conditions will be met and therefore some or all of these options may never vest or become exercisable. The total aggregate grant date fair value of all options granted was $542,890.

During the three and nine months ended ~~March 31, 2020.~~September 30, 2023 and 2022, no defined performance conditions were probable of being met.

The following table summarizes the stock-based compensation expense for stock options granted to employees and non-employees:


	Three months ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Research and development	$	41,842	$	32,817	$	120,718	$	98,722
Selling, general and administrative		87,939		68,971		257,181		259,062
Total stock-based compensation expense	$	129,781	$	101,788	$	377,899	$	357,784

10.

ATM Program

Three Months Ended March 31,

2021

2020

Research and development

$
368,495

$
65,020

Selling, general and administrative

222,629

74,738

Total stock-based compensation expense

$
591,124

$
139,758

8.	~~Warrants~~

~~Warrants Issued~~

On ~~March 31, 2020,~~May 16, 2022, the Company ~~issued a warrant~~entered into an Equity Distribution Agreement (the “Agreement”) with Piper Sandler & Co. as sales agent (the “Agent”), pursuant to ~~purchase up~~which the Company may, from time to ~~26,225~~time, issue and sell shares of its ~~stock to one of its consultants in exchange for services. The warrant contains a strike~~Common Stock, at an aggregate offering price of ~~$5.67 per share and has a~~ up to $~~seven-year~~9.8 ~~contractual term. The warrant is classified within stockholders’ equity at its fair value and was treated as a standalone instrument. The fair value~~ million (the “Shares”) through the Agent. Under the terms of the ~~warrant was determined~~Agreement, the Agent may sell the Shares at market prices by any method that is deemed to be ~~$101,478 utilizing~~an “at the ~~Black-Scholes-Merton option-pricing model~~market offering” as defined in Rule 415 under the Securities Act, as amended.

Subject to the terms and conditions of the Agreement, the Agent will use its commercially reasonable efforts to sell the Shares from time to time, based upon the Company’s instructions. The Company has no obligation to sell any of the Shares, and may at any time suspend sales under the ~~time~~Agreement or terminate the Agreement in accordance with its terms. The Company has provided the Agent with customary indemnification rights, and the Agent will be entitled to a fixed commission of ~~issuance and is included in selling, general and administrative expenses for~~3.0% of the three months ended March 31, 2020. There were 0 warrants issued during the three months ended March 31, 2021. The company recognized $237,768 in warrant expense for the three months ended March 31, 2021 included in selling, general and administration expense.aggregate gross

911

~~Warrants Exercised~~proceeds from the Shares sold. The Agreement contains customary representations and warranties, and the Company is required to deliver customary closing documents and certificates in connection with sales of the Shares.

~~NaN warrants were exercised for~~Effective January 25, 2023, the ~~three months ended March 31, 2021 and 2020.~~Company terminated the Equity Distribution Agreement by providing a notice of termination to the Agent in accordance with the terms of the Equity Distribution Agreement. As of the date of termination, no Shares have been sold under the Agreement.

11.

Net Loss Per Share

~~Net Loss Per Share~~

The following table presents the calculation of basic and diluted net loss per share applicable to common stockholders:

Three Months Ended March 31,

2021

2020

Numerator:

Net loss

$
(2,637,068
)

$
(547,440
)
Denominator:

Weighted-average number of common shares
outstanding – basic and diluted

10,053,949

8,181,734

Net loss per share applicable to common
stockholders – basic and diluted

$
(0.26
)

$
(0.07
)

The following shares were excluded from the calculation of diluted net loss per share applicable to common stockholders, prior to the application of the treasury stock method, because their effect would have been anti-dilutive for the periods presented:

Three Months Ended March 31,

2021

2020

Options to purchase shares of stock

3,665,072

3,369,144

Warrants to purchase shares of stock

721,913

474,723

Total

4,386,985

3,843,867

12.

Income Taxes

~~10.~~

~~Income~~ ~~Taxes~~

During the three and nine months ended ~~March 31, 2021~~September 30, 2023 and ~~2020,~~2022, there was 0no provision for income taxes as the Company incurred losses during those periods. Deferred tax assets and liabilities reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company recorded a full valuation allowance against its deferred tax assets as the Company believes it is more likely than not the deferred tax assets will not be realized.

The novel coronavirus SARS-Cov2, or COVID-19, pandemic is causing significant, industry-wide delays in clinical trials. There are multiple causes of these delays, including reluctance of patients to enroll or continue in trials for fear of exposure to COVID-19, local and regional shelter-in-place orders and regulations that discourage, hamper, or prohibit patient visits, healthcare providers and health systems shifting away from clinical trials toward the acute care of COVID-19 patients and the FDA and other regulators making product candidates for the treatment of COVID-19 a priority over product candidates unrelated to the pandemic.

As a result of the COVID-19 pandemic, commencement of enrollment of our clinical trials may be delayed. In addition, after enrollment in these trials, if patients contract COVID-19 during participation in the Company’s trials or are subject to isolation or shelter-in-place restrictions, this may cause them to drop out of the Company’s trials, miss scheduled doses or follow-up visits or otherwise fail to follow trial protocols. If patients are unable to follow the trial protocols or if the Company’s trial results are otherwise affected by the consequences of the COVID-19 pandemic on patient participation or actions taken to mitigate COVID-19 spread, the integrity of data from the Company’s trials may be compromised or not accepted by the FDA or other regulatory authorities, which could impact or delay a clinical development program. The Company anticipates that the COVID-19 pandemic may also impact manufacturing and distribution of materials necessary for the conductance of its clinical trials.

Although the Company did not experience a material impact on its operations during the three months ended March 31, 2021 and 2020, the Company notes the high level of difficulty in determining the future potential adverse financial impact and other effects of COVID-19 on the Company and its programs, given the rapid and dramatic evolution in the course and impact of the pandemic and the societal and governmental response to it.

From time to time, the Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. When the Company is aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably estimated, the Company will record a liability for the loss. In addition to the estimated loss, the recorded liability would include probable and estimable legal costs associated with the claim or potential claim. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm the Company’s business. ~~There is no pending litigation involving~~

On April 18, 2022, the Company entered into an operating lease agreement for office space at ~~this time.~~its new location in Lexington, Massachusetts (the "Office Lease"). On August 8, 2022, the Company commenced occupancy of the leased space. The lease runs through September 30, 2025. We have an option to extend the lease term for an additional three (3) years thereafter.

The Company accounts for the Office Lease under the provisions of ASU 2021-09, ASU 2018-10, and ASC 842. We recorded a right-of-use asset and a corresponding operating lease liability on the Company's condensed consolidated balance sheets upon the accounting commencement date in August 2022. The lease liability was measured at the accounting commencement date utilizing a 12% discount rate. The right-of-use asset had a balance of $250,090 at September 30, 2023. The operating lease obligations totaled

$270,043 at September 30, 2023, of which $149,030 is included under current liabilities and $121,013 is included under non-current liabilities. The Company recorded lease expense of $35,296 and $105,887 for the three and nine months ended September 30, 2023, respectively included in selling, general and administrative expenses. The Company recorded lease expense relating to the Office Lease of $35,296 and $105,887 and other short-term payments of $5,788 and $17,364 for the three and nine months ended September 30, 2023, respectively. The Company recorded lease expense relating to the Office Lease of $20,818 and $20,818 and other short-term payments of $5,788 and $43,914 for the three and nine months ended September 30, 2022, respectively, in selling, general and administrative expenses.

11The Office Lease contains escalating payments during the lease period. Upon execution of the Office Lease, the Company prepaid one month of rent and a security deposit, one of which will be held in escrow and credited at the termination of the lease and the other of which will be applied to the first month’s rent.

As of September 30, 2023, a security deposit of approximately $25,000 was included in prepaid expenses and other current assets on the Company’s condensed consolidated balance sheet related to the Office Lease.

Future minimum lease payments under these leases at September 30, 2023, are presented by calendar year as follows:


Year
2023	$	37,258
2024		150,095
2025		114,965
Total lease payments		302,318
Less: imputed interest		(32,275	)
Present value of operating lease liabilities	$	270,043

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This Quarterly Report on Form 10-Q (“Report”) (including but not limited to this Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”) contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are intended to qualify for the “safe harbor” created by those sections. In addition, we may make forward-looking statements in other documents filed with or furnished to the SEC, and our management and other representatives may make forward-looking statements orally or in writing to analysts, investors, representatives of the media and others. You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited condensed consolidated financial statements and the related notes to those statements included elsewhere in this ~~Quarterly Report on From 10-Q (“Report”).~~Report. This discussion and analysis and other parts of this Report contain forward-looking statements based upon current beliefs, plans and expectations related to future events and our future financial performance that involve risks, uncertainties and assumptions, such as statements regarding our intentions, plans, objectives, expectations, forecasts and projections. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of several factors.

All statements included or incorporated by reference in this Report, other than statements or characterizations of historical fact, are forward-looking statements. ~~These~~Forward-looking statements can generally be identified by the fact that they do not relate strictly to historical or current facts and include, but are not limited to, statements using terminology such as “can”, “may”, “could”, “should”, “assume”, “forecasts”, “believe”, “designed to”, “will”, “expect”, “plan”, “anticipate”, “estimate”, “potential”, “position”, “predicts”, “strategy”, “guidance”, “intend”, “seek”, “budget”, “project” or “continue”, or the negative thereof or other comparable terminology regarding beliefs, plans, expectations or intentions regarding the future. You should read statements that contain these words carefully because they:

We believe it is important to communicate our expectations. However, forward-looking statements are based on our current expectations, assumptions, estimates, approximations and projections about our business and our industry and ~~business,~~ management’s beliefs, ~~and certain assumptions made by us,~~ all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” and similar expressions and variations or negatives of these words. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and ~~assumptions that are difficult to predict. Therefore,~~other factors. Accordingly, our actual results ~~could~~and the timing of certain events may differ materially and adversely from those expressed or implied in ~~any~~such forward-looking statements due to a variety of factors and risks, including, but not limited to, those set forth in this Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in our unaudited condensed consolidated financial statements and notes thereto included in this Report, those set forth from time to time in our other filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as amended, and the following factors and risks:

Any or all of ~~various factors. These~~our forward-looking statements ~~speak only~~may turn out to be wrong. They may be affected by inaccurate assumptions that we might make or by known or unknown risks and uncertainties. Actual outcomes and results may differ materially from what is expressed or implied in our forward-looking statements.

All forward-looking statements and risk factors included in this Report are made as of the date hereof, in each case based on information available to us as of ~~this report. We undertake~~the date hereof, and we assume no ~~obligation~~obligations to ~~revise or~~ update ~~publicly~~ any forward-looking statement ~~for any reason, except as otherwise~~or risk factor, unless we are required to do so by law. If we do update one or more forward-looking statements, no inference should be drawn that we will make updates with respect to other forward-looking statements or that we will make any further updates to those forward-looking statements at any future time.

Forward-looking statements may include our plans and objectives for future operations, including plans and objectives relating to our product candidates and our future economic performance, projections, business strategy and timing and likelihood of success. Assumptions relating to the forward-looking statements included in this Report involve judgments with respect to, among other things, future economic, competitive and market conditions, future business decisions, and the time and money required to successfully complete development and commercialization of our product candidates, all of which are difficult or impossible to predict accurately and many of which are beyond our control.

Any of the assumptions underlying the forward-looking statements contained in this Report could prove inaccurate and, therefore, we cannot assure you that any of the results or events contemplated in any of such forward-looking statements will be realized. Based on the significant uncertainties inherent in these forward-looking statements, the inclusion of any such statement should not be regarded as a representation or as a guarantee by us that our objectives or plans will be achieved, and we caution you against relying on any of the forward-looking statements contained herein.

We are a ~~clinical stage~~clinical-stage pharmaceutical company developing protein kinase inhibitor therapeutics ~~for~~to modify the course of Parkinson’s ~~Disease, or PD,~~disease (“PD”), Parkinson’s-related disorders and ~~related disorders that arise~~other diseases of the Abelson Tyrosine Kinases. The Company’s multi-therapeutic pipeline has a primary focus on neurodegeneration and its lead program utilizing Risvodetinib (also known as IkT-148009), a selective inhibitor of the non-receptor Abelson Tyrosine Kinases, targets the treatment of Parkinson’s disease inside and outside of the ~~brain.~~brain as well as other diseases that arise from Abelson Tyrosine Kinases. In 2021, we commenced clinical development of ~~IkT-148009, a small molecule Abelson Tyrosine Kinase inhibitor~~Risvodetinib (IkT-148009), which we believe can modify the course of Parkinson’s disease ~~and~~including its manifestation in the gastrointestinal tract, or GI. ~~Results to~~In January 2023, the Company initiated its Phase 2 program, termed ‘the 201 trial’ (www.the201trial.com), for Risvodetinib (IkT-148009) as a treatment for Parkinson’s disease and began the process of opening sites in the U.S. As of the date of ~~our ongoing Phase~~ this report, 28 sites are open and actively evaluating prospective trial participants. Twenty-four participants have been enrolled, 9 prospective participants are in screening and 16 potential participants are going through informed consents. Five participants have completed the 12 week dosing regimen. Through the pre-qualification questionnaire at ‘the201trial.com’, an additional 201 unique individuals have contacted open clinical sites, the first step in the evaluation process that could lead to enrollment. Monthly site enrollments have increased month-over-month since this patient outreach program was initiated. As such, we believe a more rapid path to enrollment is emerging through the public outreach/awareness campaign led by ‘the201trial.com’ website. The emerging path to complete enrollment has prompted us to take further advantage of this multi-dose study by planning to extend the 201 trial by an additional 12 months, subject to additional financing.

The twelve-week 201 trial is evaluating three doses in participants who have untreated Parkinson’s disease on a staggered schedule and is placebo controlled with 1:1:1:1 ~~Single~~randomization. The primary endpoints of this trial are safety and ~~Multiple Ascending Dose escalation study (SAD~~tolerability and ~~MAD, respectively) in older and elderly healthy volunteers have revealed important insights into the metabolism~~a hierarchy of IkT-148009 in human subjects. IkT-148009 has a half-life of greater than 24 hours, and just a 25 mg once daily oral dose in older and elderly healthy subjects in our Phase 1 study reached exposures that are consistent with the exposure to the drug that resulted in therapeutic efficacy in animal models of progressive Parkinson’s disease. This has led to an acceleration of the clinical development program by more than 6 months. Subject to discussions with the FDA, we plan to initiate dosing in a Parkinson’s patient population as part of the Phase 1 MAD study. Clinical development of IkT-148009 for the GI complications in PD patients15 secondary endpoints will ~~cross-reference the Phase 1 Study of IkT-148009 for the~~evaluate treatment ~~of PD.~~

~~Our portfolio is focused on developing protein kinase inhibitors to treat PD~~benefit in the brain and GI ~~tract~~tract. The recent analysis of 11 patients who participated in the 201 trial prior to the temporary clinical hold imposed by the FDA in 2022, which was lifted in January, 2023, suggested that ~~arise~~risvodetinib may be leading to a clinical benefit. These participants were withdrawn from ~~dysfunctional alpha-synuclein~~the trial following the FDA’s temporary clinical hold. As detailed at the Movement Disorder Society Congress held August, 2023, the primary functional assessment, a sum of Parts 2 and 3 of the Movement Disorder Society Universal Parkinson’s Disease Rating Scale (MDS-UPDRS Parts II+III) showed an average -8.7 point improvement in ~~PD patients. Using~~the three participants on the 200 mg dose relative to baseline, while 3 placebo participants increased by +1.7 points; this represents an average spread of -10.4 points. A lower (or negative) change relative to placebo of greater than +3 to +6 points might be a measure of improvement. Given the small sample size on this dose, we believe it

is premature to conclude a clinical benefit, but this observation reinforces our desire to extend the trial for an additional 12 months to potentially obtain a clearer picture of clinical benefit.

In March 2023, the Company opened its IND for IkT-148009 ~~we intend~~as a treatment for the orphan disease Multiple System Atrophy or MSA. Our evaluation of Risvodetinib (IkT-148009) in MSA was benefited by a grant received from the National Institute of Neurological Diseases and Stroke, an Institute of the National Institutes of Health, for $0.39 million to ~~clinically evaluate~~fund animal model studies of Risvodetinib (IkT-148009) as a therapy for MSA. Two animal studies are under way, with one model evaluating the ~~impact~~ability of ~~c-Abl inhibition on newly diagnosed PD patients, patients~~Risvodetinib (IkT-148009) to modify disease early in its progression, while the ~~course~~second model evaluating whether Risvodetinib (IkT-148009) can correct functional loss much later in the disease course. The early progression model study has been shown to preserve nearly normal functional activity following 20 weeks of ~~PD, and PD patients~~once daily dosing relative to untreated controls. Preservation of function in this model occurred with ~~GI complications.~~substantial reduction of the underlying alpha-synuclein protein pathology. In addition, Risvodetinib recently was granted Orphan Drug Designation by the FDA for the treatment of MSA. We are ~~pursuing clinical development using~~working to initiate a ~~sequential Phase 1/~~ Phase 2 ~~development approach, with~~study in MSA patients in the ~~details~~U.S. and EU, and we are discussing execution of the ~~Phase 2 studies subject~~trial with private foundation, Federal and industry stakeholders in an effort to ~~agreements with the FDA regarding~~initiate this trial design and the outcome of the Phase 1 clinical trial. The Phase 1/Phase 2 development program, subject to FDA approval, would be followed with one or more Phase 3 clinical trials that we believe could lead to completion of the clinical development program in 2023 or 2024. IkT-148009 is intended to treat PD in treatment-naïve and early-stage PD patients, along with GI complications such as difficulty in swallowing, or dysphagia, and for treatment of neurogenic constipation.

~~In addition to programs in PD, our platform drug discovery and delivery technologies have identified additional opportunities, including a potential treatment for bacterial or viral infections~~ in the ~~brain using a single agent at fixed dose, and an oncology opportunity~~future.

The Company is also developing platform technologies to improve delivery of protein kinase inhibitors in ~~stable-phase Chronic Myelogenous Leukemia, or CML. Our product for CML,~~patients. One example of our potential ability to improve drug delivery is IkT-001Pro, is a prodrug of the anticancer agent ~~Imatinib. A prodrug~~imatinib mesylate, which is intended to treat Stable Phase Chronic Myelogenous Leukemia (SP-CML). IkT-001Pro has completed a ~~compound~~three-part dose finding/dose equivalence study in 66 healthy volunteers (known as ‘the 501 trial’). The study was designed to evaluate the 96-hour pharmacokinetics of imatinib delivered as IkT-001Pro and determine the dose of IkT-001Pro that ~~after administration, is metabolized by~~can deliver the ~~body into a pharmacologically active drug. Imatinib is an FDA designated Orphan Drug and is~~equivalent of either 400 mg or 600 mg imatinib mesylate, the standard-of-care ~~treatment~~drug for ~~stable-phase CML. In~~SP-CML. As of the ~~United States, orphan drug designation entitles~~date of this report, bioequivalence to 400 mg imatinib mesylate and 600 mg imatinib mesylate has been established for a ~~party to incentives such as opportunities for grant funding towards clinical trial costs, tax advantages,~~600 mg dose and ~~user-fee waivers. We remain on track to submit an IND to initiate clinical development for~~a 900 mg dose of IkT-001Pro, respectively. Adverse events observed in the ~~third quarter~~dose escalation and dose equivalent phases have been mild and none of ~~2021. Subject to future FDA agreements related~~clinical significance. IkT-001Pro has high oral bioavailability and a pharmacokinetic profile of delivered imatinib that closely matches the exposure of imatinib delivered as imatinib mesylate. The Company is submitting briefing documents to the ~~clinical protocol design and execution of the clinical development program and additional funding, we believe that clinical development of IkT-001Pro could possibly be completed in 2022. We intend~~FDA to ~~submit a new drug application, or NDA, for IkT-001Pro pursuant to Section 505(b)(2) of the Federal Food, Drug and Cosmetic Act, which specifies~~reach agreement on the requirements for ~~approval.~~approval of IkT-001Pro under the 505(b)(2) statute.

A second example of our potential ability to improve drug delivery through formulation development is the tablet formulation of IkT-148009, which we measured to nearly double the concentration of IkT-148009 delivered relative to the same dose previously administered as a gelatin capsule. This ~~pathway would allow us~~provides the opportunity to ~~rely, in part, on data in~~lower the ~~public domain or the FDA’s prior conclusions regarding the~~oral dose which could lead to further safety and ~~effectiveness of an approved compound. Consistent with FDA guidance on~~tolerability improvements for IkT-148009. The Company plans to introduce the ~~505(b)(2) pathway, we will seek input from~~tablet formulation into the FDA as to what should be included in the application prior to submission of the 505(b)(2) application. Pursuit of this oncology opportunity will seek to validate the pharmacology advantage of our prodrug

technology in a well understood patient population with an approved drug substance. If we are able to validate IkT-001Pro in oncology, we will evaluate whether the pharmacology advantages we discover about IkT-001Pro could be applied to novel drug substances, such as IkT-148009.

~~Additional research programs will seek to develop medications for other alpha-synuclein-related diseases, specifically Dementia with Lewy Body, or DLB, and Multiple System Atrophy, or MSA,~~12-month extension study, once implemented, as well as in all future clinical trials.

In our ~~programs in anti-infectives that target host-factors to block viral or bacterial infections~~opinion, the multi-decade failures in the ~~brain with~~treatment of neurodegenerative diseases such as PD result from a ~~single agent at fixed dose. Our first application intends~~lack of understanding of the biochemistry of the disease processes involved. Neurodegeneration is marked by a progressive degeneration and loss of function of neurons which send and receive signals to ~~treat infectious disease by suppressing John Cunningham virus, or JCV, virus infection,~~and from the brain. Historically, the cause of ~~Progressive Multifocal Leukoencephalopathy,~~ a neurodegenerative disease was thought to be a “plaque” made up of a misfolded and/or ~~PML.~~aggregated protein(s). Therapeutic approaches, therefore, sought to remove “plaque” from the brain. A “plaque”-focused treatment strategy has failed to alter the course of Parkinson’s disease in two Phase 2 trials that reported results in 2020 and 2021. We believe we are different. We identified the proteins that become dysfunctional in a disease pathway and sought to understand how a dysfunctional protein causes disease and published those results in several high-profile peer reviewed publications. We believe our approach to PD and other neurological diseases has identified the underlying cause of disease and led to an understanding of how individual proteins are linked together to define the disease process. We believe our approach to neurodegenerative disease is validated by our 2022 and 2023 publications and oral presentations at the major academic and industry conferences in Parkinson’s and Alzheimer’s diseases.

Impact of the ongoing military conflict between Russia and Ukraine and the war between Israel and Hamas

In late February 2022, Russia invaded Ukraine, significantly amplifying already existing geopolitical tensions among Russia and other countries in the region and in the west, including the U.S. Russia’s invasion, the responses of countries and political bodies to Russia’s actions, the larger overarching tensions, and Ukraine’s military response and the potential for wider conflict have resulted in financial market volatility and capital markets disruption and inflation, potentially increasing in magnitude, and could have severe adverse effects on regional and global economic markets and international relations. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial.

Following Russia’s actions, various countries, including the U.S., Canada and the United Kingdom, as well as the European Union, issued broad-ranging economic sanctions against Russia. The current sanctions (and potential further sanctions in response to continued Russian military activity) and other actions may have adverse effects on regional and global economic markets and lead to instability and lack of liquidity in capital markets, potentially making it more difficult for us to obtain additional funds and increasing the volatility of our stock price. Any of the above mentioned factors could affect our business, prospects, financial condition, and operating results.

Further, on October 7, 2023, Hamas, a U.S. designated Foreign Terrorist Organization, launched terrorist attacks against Israel. Israel then declared war on Hamas and there is currently an armed conflict in Israel and the Gaza Strip. The extent and duration of the wars in Ukraine and Israel/Gaza and expanding geopolitical tensions and any resulting market disruptions could be significant and could potentially have a substantial impact on the global economy and our business for an unknown period of time. Any of the above-mentioned factors could materially adversely affect our business, financial condition, and results of operations.

We are also monitoring other macro-economic and geopolitical developments such as inflation and cybersecurity risks so that we can be prepared to react to new developments as they arise.

Research and development activities account for a significant portion of our operating expenses. ~~Research and development expenses accounted for 26% and 37% of our operating expenses for the years ended December 31, 2020 and 2019, respectively.~~ We record research and development expenses as incurred. Research and development expenses incurred by us for the discovery and development of our product candidates and prodrug technologies include:

A portion of our research and development expenses are direct external expenses, which we track on a program-specific basis from inception of the program.

Program expenses include expenses associated with our most advanced product candidates and the discovery and development of compounds that are potential future candidates. We also track external expenses associated with our third-party research and development efforts. All external costs are tracked by therapeutic indication. We do not track personnel or other operating expenses incurred for our research and development programs on a program-specific basis. These expenses primarily relate to salaries and benefits and stock-based compensation and office consumables.

At this time, we can only estimate the nature, timing and costs of the efforts that will be necessary to complete the development of, and obtain regulatory approval for, any of our product candidates. We are also unable to predict when, if ever, material net cash inflows will commence from sales or licensing of our product candidates. This is due to the numerous risks and uncertainties associated with drug development, including the uncertainty of:

A change in any of these variables with respect to the development of any of our product candidates would significantly change the costs, timing and viability associated with the development of that product candidate. We expect our research and development expenses to increase for the next several years as we continue to implement our business strategy, advance our current programs, expand our research and development efforts, seek regulatory approvals for any product candidates that successfully complete clinical trials, access and develop additional product candidates and incur expenses associated with hiring additional personnel to support our research and development efforts. In addition, product candidates in later stages of clinical development generally incur higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials.

Our direct research and development expenses consist principally of external costs, such as fees paid to investigators, consultants, central laboratories and CROs in connection with our clinical studies, and costs related to acquiring and manufacturing clinical study materials. We allocate salary and benefit costs directly related to specific programs. We do not allocate personnel-related discretionary bonus or stock-based compensation costs, laboratory and related expenses, depreciation or other indirect costs that are deployed across multiple projects under development and, as such, the costs are separately classified as other research and development expenses in the table below:

Selling, general and administrative expenses include personnel related expenses, such as salaries, benefits, travel and non-cash stock-based compensation expense, expenses for outside professional services and allocated expenses. Outside professional services consist of legal, accounting and audit services, investor relations services and other consulting fees. Allocated expenses consist of rent

expenses related to our offices in ~~Cambridge,~~Lexington, Massachusetts and Atlanta, Georgia not otherwise included in research and development expenses.

We ~~expect to incur~~are incurring additional expenses as compared to when we were a private company, including expenses related to compliance with the rules and regulations of the SEC and those of ~~any national securities exchange on which our securities are traded,~~Nasdaq, additional insurance expenses, investor relations activities and other administrative and professional services. We also ~~expect to increase~~are increasing our administrative headcount ~~when operating~~ as a public company and as we advance our product candidates through clinical development, which will also likely require us to increase our selling, general and administrative expenses.

Comparison of the Three Months Ended ~~March 31, 2021~~September 30, 2023 and ~~2020~~2022.

The following table sets forth the significant components of our results of operations:

Three Months Ended March 31,

Change

2021

2020

($)

(%)

Grant revenue

$
1,407,165

$
270,787

$
1,136,378

419.7

Research and development

(2,431,860
)

(283,114
)

(2,148,746
)

759.0

Selling, general and administrative

(1,600,576
)

(527,688
)

(1,072,888
)

203.3

Loss from operations

(2,625,271
)

(540,015
)

(2,085,256
)

(386.1
)
Interest expense, net

(11,797
)

(7,425
)

(4,372
)

58.9

Net loss

$
(2,637,068
)

$
(547,440
)

$
(2,089,628
)

(381.7
)

Grant revenue for the three months ended ~~March 31, 2021,~~ September 30, 2023, increased by ~~$1,136,378~~$72,278 or ~~420%~~991% to ~~$1,407,165~~$79,569 from ~~$270,787~~$7,291 in the prior year comparable period. During 2023, the Company continued to focus on advancing its Phase I and II PD clinical trials which were not submitted for grant revenue. Grant revenue for the period consisted of preclinical MSA research activities.

Research and development expenses increased by $243,898 or 8% to $3,225,551 from $2,981,653 in the prior year comparable period. The increase ~~was driven by increased grant~~in research activity during 2021 compared to 2020. During 2020, the Company’s focus was shifted toward advancing its Phase I clinical trials which did not result in grant revenue. The Company is utilizing its increased resources in 2021 to carry on its Phase I clinical trials in addition to its grant research activity.

~~Research~~ and development expenses for the third quarter 2023 was due to the Company's ongoing Phase 2a ‘201’ PD clinical trial costs.

Selling, general and administrative expenses increased by ~~$2,148,746~~$84,157 or ~~759%~~6% to ~~$2,431,860~~$1,622,894 from ~~$283,114~~$1,538,737 in the prior year comparable period. The increase was driven by a ~~$1.1 million~~net increase in grant related research expenditures and a $0.8 million increase in non-grant related research. The non-grant related research was expended primarily in connection with the Company’s Phase I PD clinical trials.

Interest income increased by $155,141 or 837% to $173,677 from $18,536 in the prior comparable period. The increase was driven by interest earned on U.S. Treasuries and money market instruments commencing in July 2022.

The following table sets forth the significant components of our results of operations:

Grant revenue for the nine months ended September 30, 2023, increased by $200,626 or 335% to $260,500 from $59,874 in the prior year comparable period. During 2023, the Company continued to focus on advancing its Phase I and II PD clinical trials which were not submitted for grant revenue. Grant revenue consisted of preclinical MSA research activities.

Research and development expenses increased by ~~$1,072,888~~$1,634,541 or ~~203%~~18% to ~~$1,600,576~~$10,615,368 from ~~$527,688~~$8,980,827 in the prior year comparable period. The increase in research and development expenses was ~~primarily the result of increased non-cash stock compensation expense of $0.5 million, increased director and officer’s liability insurance of $0.4 million related~~due to the ~~Company’s initial public offering in December 2020, increased legal fees, board fees, investor relation~~Company's ongoing Phase 2a ‘201’ PD clinical trial costs.

Selling, General and ~~consulting fees of $0.3 million relating to operating as a public company registrant since December 2020~~Administrative

Selling, general and ~~a net increase of $0.1 million for other normal operating expenses.~~

~~Interest expense~~administrative expenses increased by ~~$4,372~~$458,677 or ~~59%~~9% to ~~$11,797~~$5,331,358 from ~~$7,425~~$4,872,681 in the prior year comparable period. The increase was driven by ~~financing of insurance premiums during the three months ended March 31, 2021. The Company experienced~~a net increase in normal ~~but significant increases~~selling, general and administrative expenses.

Interest income increased by $816,752 or 4,408% to $835,283 from $18,531 in ~~insurance premiums during the first three months of 2021 after its December 31, 2020 initial public offering. In~~ the prior ~~year~~ comparable ~~period insurance premiums were not financed.~~ period. The increase was driven by interest earned on U.S. Treasuries and money market instruments commencing in July 2022.

From our inception ~~through March 31, 2021,~~up until our December 2020 IPO, we ~~have~~ funded our operations primarily through private, state and federal contracts and grants. From our inception through ~~March 31, 2021,~~September 30, 2023, we generated aggregate cash proceeds of approximately ~~$20.4~~$23.6 million from private, state and federal contracts and ~~grants, $1.4~~grants. In December 2020, June 2021, and January 2023, the Company raised approximately $14.6 million, ~~in equity sales of unregistered common stock~~$41.1 million, and ~~$14.6~~$8.6 million, respectively, in net proceeds from ~~our December~~its 2020 ~~initial public offering.~~ IPO, its June 2021 Offering, and its January 2023 Offering, respectively.

On May 16, 2022, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Piper Sandler & Co., as sales agent (the “Agent”), pursuant to which the Company may, from time to time, issue and sell shares of its Common Stock, in an aggregate offering price of up to $9,801,287 through the Agent. Under the terms of the Equity Distribution Agreement, the Agent may sell the shares of Common Stock at market prices by any method that is deemed to be an “at the market offering” as defined in Rule 415 under the Securities Act. No shares of Common Stock were sold pursuant to the Equity Distribution Agreement. Effective January 25, 2023, the Company terminated the Equity Distribution Agreement by providing a notice of termination to the Agent in accordance with the terms of the Equity Distribution Agreement.

At ~~March 31, 2021,~~September 30, 2023, the Company had working capital of ~~$8,282,699,~~$14,808,866, an accumulated deficit of ~~$17,668,692,~~$62,722,785, cash and cash equivalents of ~~$9,609,631,~~$14,861,309, marketable securities of $1,970,260 and accounts payable, ~~and~~ accrued expenses and other current liabilities of $1,342,415 and $994,789 of short-term notes payable. The Company had active grants in the amount of $1,546,730, of which $772,420 remained available in accounts held by the U.S. Treasury as of April 30, 2021.$2,741,806.

To date, we have not generated any revenue from the sale of commercial products. We do not expect to generate any significant revenue from product sales unless and until we obtain regulatory approval of and successfully commercialize any of our product candidates and we do not know when, or if, this will occur. We expect to continue to incur significant losses for the foreseeable future, and we expect the losses to increase as we continue the development of, and seek regulatory approvals for, our product candidates, and begin to commercialize any future approved products. We are subject to all of the risks typically related to the development of new product candidates, and we may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect our business. Moreover, following the completion of the December 2020 ~~initial public offering,~~IPO, we ~~are incurring~~incurred additional costs associated with operating as a public company. We anticipate that we will need substantial additional funding in connection with our continuing operations.

Until we can generate a sufficient amount of revenue from the commercialization of our product candidates, if ever, we expect to finance our incremental cash needs through a combination of equity offerings, debt financings, working capital lines of credit, grant funding and potential licenses and collaboration agreements. Additional working capital may not be available on commercially reasonable terms, if at all. If we are unable to raise additional capital in sufficient amounts or on terms acceptable to us, we may have to significantly delay, reduce or discontinue the development or commercialization of one or more of our product candidates. If we raise additional funds through the issuance of additional debt or equity securities, it could result in dilution to our existing stockholders, increased fixed payment obligations and the existence of securities with rights that may be senior to those of our common stock. If we incur indebtedness, we could become subject to covenants that would restrict our operations and potentially impair our competitiveness, such as limitations on our ability to incur additional debt, limitations on our ability to acquire, sell or license intellectual property rights and other operating restrictions that could adversely impact our ability to conduct our business. Additionally, any future collaborations we enter into with third parties may provide capital in the near term but limit our potential cash flow and revenue in the future. Any of the foregoing could have a material adverse effect on our business, financial condition and results of operations.

Since our inception, we have incurred significant losses and negative cash flows from operations. We have an accumulated deficit of ~~$17,668,692~~$62,722,785 at ~~March 31, 2021.~~September 30, 2023. We expect to incur substantial additional losses in the future as we conduct and expand our research and development activities.

We may seek to fund our operations through public equity or private equity or debt financings, as well as other sources. However, we may be unable to raise additional working capital, or if we are able to raise additional working capital we may be unable to do so on commercially favorable terms. Our failure to raise capital or enter into such other arrangements if and when needed would have a negative impact on our business, results of operations and financial condition and our ability to continue to develop our product candidates.

The Company had working capital of ~~$8,282,699~~$14,808,866 at ~~March 31, 2021 and active grants in the amount of $1,546,730, of which $772,420 remained available in accounts held by the U.S. Treasury as of April~~September 30, ~~2021.~~2023. The Company intends to raise additional working capital in order to carry on its operations and current clinical ~~trials through the date that is 12 months from the filing of this Report.~~trials. However, as certain elements of the Company’s operating plan are outside of the Company’s control, including the receipt of anticipated future grants and funding from a future capital raise, they cannot be considered probable. If the Company does not receive additional working capital from future anticipated grants and future anticipated capital raises, its operating plan will be limited in scope to operating at its pre-IPO levels which were limited to basic research and development but excluded current and planned future clinical trials.

~~These conditions raise substantial doubt regarding~~We believe that our ~~ability to continue~~existing cash resources as ~~a going concern for a period~~ of one year after the date the financial statements included in this Report are issued. Our management’s plans to alleviate the conditions that raise substantial doubt include suspending or delaying certain research projects and capital expenditures and eliminating certain future operating expenses in orderSeptember 30, 2023 will enable us to fund ~~operations at reduced levels for us to continue as a going concern for a period~~our operating requirements into the fourth quarter of ~~12 months from the date the financial statements are issued.~~

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary 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 expected use of the net proceeds from the December 2020 initial public offering represents our intentions based upon our current plans and business conditions.~~2024. However, we have based these estimates on assumptions that may prove to be wrong, and we could deplete our working capital sooner than planned.

A change in the outcome of any of these or other variables with respect to the development of any of our product candidates could significantly change the costs and timing associated with the development of that product candidate. Furthermore, our operating plans may change in the future, and we may need additional funds to meet operational needs and capital requirements associated with such operating plans.

The following table sets forth a summary of the primary sources and uses of cash for each of the periods presented below:

Net cash flows used in operating activities for the ~~three~~nine months ended ~~March 31, 2021,~~September 30, 2023, totaled ~~$3,934,220,~~$14,642,612, and consisted primarily of a net loss of ~~$2,637,068~~$14,850,943 adjusted for non-cash stock compensation of ~~$591,124, non-cash warrant~~$377,899, depreciation and lease expense of ~~$237,768,~~$168,139, increase in non cash consulting and marketing fees of $17,280, decrease in accounts receivable of $39,881, decrease in prepaid expenses and other assets of $208,086, increase in prepaid research and development of $770,051, decrease in accounts payable of $416,612, and a decrease in accrued expenses and other current liabilities of $540,221.

Net cash flows used in operating activities for the nine months ended September 30, 2022, totaled $13,794,729, and consisted primarily of a net loss of $13,775,103 adjusted for non-cash stock compensation of $357,784, non-cash consulting fees of ~~$60,391, non-cash PPP loan forgiveness of $27,550,~~$67,000, a decrease of ~~$61,682~~$825,419 in prepaid research and development, an increase in prepaid expenses and other assets of ~~$200,581,~~$996,801, a decrease in accrued expenses and other current liabilities of ~~$5,535,~~$449,718, a decrease in accounts payable of ~~$1,008,447 and a decrease in deferred revenue of $1,074,392~~$308,555, and an increase in grants receivable of ~~$332,774.~~$96,299.

Net cash flows provided by investing activities for the nine months ended September 30, 2023 totaled $13,772,261, of which $20,629,391 was used for the purchase of marketable securities investments and $34,415,890 million was provided by maturity of marketable securities.

Net cash flows used in ~~operating~~investing activities for the ~~three~~nine months ended ~~March 31, 2020,~~September 30, 2022, totaled ~~$255,432,~~$20,968,717, of which $243,255 was used for the purchase of equipment and ~~consisted primarily~~$20,725,462 was used for the purchase of a net loss of $547,440 adjusted for non-cash stock compensation of $139,758, non-cash warrant expense of $190,993, non-cash consulting fees of $37,500, a decrease in prepaid expenses of $3,043, a decrease in accounts payable of $255,922, an increase in accrued expenses of $133,684, and an increase in deferred revenue of $42,952. marketable securities investments.

Net cash flows provided by financing activities for the nine months ended September 30, 2023 totaled $8,543,107, which consisted of net proceeds from issuance of common stock and pre-funded warrants primarily in connection with our January 2023 Offering.

Net cash flows used in financing activities for the ~~three~~nine months ended ~~March 31, 2021,~~September 30, 2022, totaled ~~$409,662,~~$204,769, which ~~represented repayments of notes payable.~~

~~Net cash flows provided by financing activities for the three months ended March 31, 2020, totaled $250,120, which consisted of proceeds of $245,250~~primarily was from the ~~issuance~~full settlement of ~~note payable and $4,870~~the CEO Note on January 3, 2022 offset by proceeds from ~~the issuance of common stock.~~a stock option exercise.

~~In June 2018,~~On April 18, 2022, the Company entered into ~~a one-year, non-cancelable~~an operating lease agreement through September 30, 2025 for its office space in ~~Boston,~~Lexington, Massachusetts. The Lexington lease contains escalating payments during the lease period. Upon execution of this lease agreement, the Company prepaid one month of rent, applied to the first month's rent, and a security deposit, which will be held in escrow and credited at the termination of the lease. Our total lease obligation ~~was $54,000, payable in 12 equal monthly installments commencing August 1, 2018. Since the end~~is $270,043, consisting of ~~the one-year initial term on July 31, 2019, the lease continues on a month-to-month basis.~~minimum annual rental obligations of $37,258 for fiscal year 2023, $150,095 for fiscal year 2024 and $114,965 for fiscal year 2025.

This discussion and analysis of our financial condition and results of operations is based on our unaudited condensed consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States, or US GAAP. The preparation of these unaudited condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, as well as the reported expenses incurred during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. While our significant accounting policies are described in more detail in the notes to our unaudited condensed consolidated financial statements included elsewhere in this Report, we believe that the following accounting policies are critical to understanding our historical and future performance, as these policies relate to the more significant areas involving management’s judgments and estimates.

We record research and development expenses to operations as incurred. Research and development expenses represent costs incurred by us for the discovery and development of our product candidates and the development of our RAMP™ drug discovery

program and prodrug technologies and include: employee-related expenses, such as salaries, benefits, travel and non-cash stock-based compensation expense; external research and development expenses incurred under arrangements with third parties, such as CROs, preclinical testing organizations, clinical testing organizations, CMOs, academic and non-profit institutions and consultants; costs to acquire technologies to be used in research and development that have not reached technological feasibility and have no alternative future use; license fees; and other expenses, which include direct and allocated expenses for laboratory, facilities and other costs.

As part of the process of preparing financial statements, we are required to estimate and accrue expenses. A portion of our research and development expenses ~~are~~is comprised of external costs, which we track on a program-specific basis. We record the estimated expenses of research and development activities conducted by ~~third party~~third-party service providers as they are incurred and provided within research and development expense in the condensed consolidated statements of ~~operations.~~operations and comprehensive loss. These services include the conduct of clinical studies, preclinical studies and consulting services. These costs are a significant component of our research and development expenses.

Costs for research and development activities are recognized based on costs incurred. We make significant judgments and estimates in determining the accrued balance in each reporting period. As actual costs become known, we adjust our accrued estimates. Although we do not expect our estimates to be materially different from amounts actually incurred, our understanding of the status and timing of services performed may vary from our estimates and could result in us reporting amounts that are too high or too low in any particular period. Our accrued expenses are dependent, in part, upon the receipt of timely and accurate reporting from external clinical research organizations and other third-party service providers. Due to the nature of estimates, we cannot assure you that we will not make changes to our estimates in the future as we become aware of additional information about the status or conduct of our clinical trials and other research activities.

As a smaller reporting company, we are not required to provide disclosure regarding quantitative and qualitative market risk.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule ~~13a-15(e)~~13a-15(b) and ~~15d-15(e)~~15d-15(b) under the Exchange Act as of the end of the period covered by this ~~report.~~Report. Our disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including the Chief Executive Officer and the Chief Financial Officer, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objective and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of ~~March 31, 2021.~~September 30, 2023.

There was ~~not any~~no change in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) under the Exchange Act) during the three and nine months ended ~~March 31, 2021~~September 30, 2023, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

~~None.~~From time to time, we may become involved in litigation or other legal proceedings. We are not currently a party to any material litigation or legal proceedings. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors

During the three months ended ~~March 31, 2021, an accredited investor subscribed for, and~~September 30, 2023, the Company issued ~~9,000~~12,000 shares of its common stock in exchange for digital media consulting services. All such securities were issued without registration under the Securities Act of 1933, as amended, in reliance upon the exemption afforded by Section 4(a)(2) of that Act.

Exhibits 32.1 and 32.2 are being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section, nor shall such exhibits be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act or the Exchange Act, except as otherwise stated in any such filing.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Delaware	26-3407249
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
3350 Riverwood Parkway SE, Suite 1900 Atlanta, GA	30339
(Address of principal executive offices)	(Zip Code)


		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets as of ~~March 31, 2021 (unaudited)~~September 30, 2023 (Unaudited) and December 31, ~~2020~~2022	1
	Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Nine Months Ended ~~March 31, 2021~~September 30, 2023 and ~~2020 (unaudited)~~2022 (Unaudited)	2
	Condensed Consolidated Statements of Stockholders’ Equity ~~(Deficit) at March 31, 2021~~for the Three and ~~2020 (unaudited)~~Nine Months Ended September 30, 2023 and 2022 (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the ~~Three~~Nine Months Ended ~~March 31, 2021~~September 30, 2023 and ~~2020 (unaudited)~~2022 (Unaudited)	4
	Notes to Unaudited Condensed Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	1214
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	1925
Item 4.	Controls and Procedures	1925
PART II.	OTHER INFORMATION	20
Item 1.	Legal Proceedings	2026
Item 1A.	Risk Factors	2026
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	2026
Item 3.	Defaults Upon Senior Securities	2026
Item 4.	Mine Safety Disclosures	2026
Item 5.	Other Information	2026
Item 6.	Exhibits	2127
Signatures		2228


	September 30, 2023			December 31, 2022
	(unaudited)			(Note 3)
Assets
Current assets:
Cash and cash equivalents	$	14,861,309		$	7,188,553
Marketable securities		1,970,260			15,861,620
Accounts receivable		—			39,881
Prepaid research and development		347,565			1,117,616
Prepaid expenses and other current assets		371,538			163,452
Total current assets		17,550,672			24,371,122
Equipment and improvements, net		79,940			236,532
Right-of-use asset		250,090			328,643
Total assets	$	17,880,702		$	24,936,297
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	734,561		$	1,151,173
Lease obligation, current		149,030			145,836
Accrued expenses and other current liabilities		1,858,215			2,398,436
Total current liabilities		2,741,806			3,695,445
Lease obligation, net of current portion		121,013			205,451
Total liabilities		2,862,819			3,900,896
Commitments and contingencies (see Note 13)
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2023 and December 31, 2022		—			—
Common stock, $0.001 par value; 100,000,000 shares authorized; 5,360,326 and 4,224,294 shares issued and outstanding at September 30, 2023 and December 31, 2022		5,361			4,224
Additional paid-in capital		77,735,450			68,798,301
Accumulated other comprehensive income (loss)		(143	)		104,718
Accumulated deficit		(62,722,785	)		(47,871,842	)
Total stockholders' equity		15,017,883			21,035,401
Total liabilities and stockholders’ equity	$	17,880,702		$	24,936,297


	Nine Months Ended September 30,
	2023			2022
Cash flows from operating activities
Net loss	$	(14,850,943	)	$	(13,775,103	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		170,830			1,681
Stock-based compensation expense		377,899			357,784
Non-cash consulting and marketing fees		17,280			67,000
Non-cash lease expense		—			20,818
Changes in operating assets and liabilities:
Accounts receivable		39,881			96,299
Operating lease right‑of‑use assets		78,553			—
Prepaid expenses and other assets		(208,086	)		996,801
Prepaid research and development		770,051			(825,419	)
Accounts payable		(416,612	)		(308,555	)
Operating lease liabilities		(81,244	)		—
Accrued expenses and other current liabilities		(540,221	)		(449,718	)
Deferred revenue		—			23,683
Net cash used in operating activities		(14,642,612	)		(13,794,729	)

Cash flows from investing activities
Purchases of equipment and improvements		(14,238	)		(243,255	)
Purchases of investments - marketable securities		(20,629,391	)		(20,725,462	)
Maturities of investments - marketable securities		34,415,890			—
Net cash provided by / (used in) investing activities		13,772,261			(20,968,717	)

Cash flows from financing activities
Issuance of common stock from exercise of stock options		—			44,142
Proceeds from issuance of common stock, pre-funded warrants and warrants, net of issuance costs		8,543,107			—
Repayments of note payable		—			(248,911	)
Net cash provided by/(used in) financing activities		8,543,107			(204,769	)
Net increase / (decrease) in cash and cash equivalents		7,672,756			(34,968,215	)
Cash and cash equivalents at beginning of period		7,188,553			40,750,133
Cash and cash equivalents at end of period	$	14,861,309		$	5,781,918
Supplemental disclosures of cash flow information
Cash paid for interest	$	—		$	973
Issuance costs	$	1,456,479		$	—


	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Numerator:
Net loss	$	(4,595,199	)	$	(4,494,563	)	$	(14,850,943	)	$	(13,775,103	)
Denominator:
Weighted-average number of common shares outstanding – basic and diluted		5,342,337			4,224,294			5,060,447			4,223,099
Net loss per share applicable to common stockholders – basic and diluted	$	(0.86	)	$	(1.06	)	$	(2.93	)	$	(3.26	)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	March 31, 2021			December 31, 2020
	(unaudited)			(Note 3)
Assets
Current assets:
Cash	$	9,609,631		$	13,953,513
Grants receivable		332,774			—
Prepaid research and development		712,674			774,356
Prepaid expenses and other current assets		1,216,173			54,837
Total		11,871,252			14,782,706
Deferred offering costs		2,783			—
Total assets	$	11,874,035		$	14,782,706
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	715,016		$	1,720,680
Accrued expenses and other current liabilities		627,399			632,934
Deferred revenue		1,251,349			2,325,741
Notes payable		994,789			42,534
Total		3,588,553			4,721,889
Notes payable, net of current portion		248,911			276,461
Total liabilities		3,837,464			4,998,350
Commitments and contingencies (see Note 11)
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized at March 31, 2021, and December 31, 2020; 0 shares issued and outstanding at March 31, 2021, and December 31, 2020		—			—
Common stock, $0.001 par value; 100,000,000 and 30,000,000 shares authorized; 10,059,849 and 10,050,849 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively.		10,060			10,051
Additional paid-in capital		25,695,203			24,805,929
Accumulated deficit		(17,668,692	)		(15,031,624	)
Total		8,036,571			9,784,356
Total liabilities and stockholders’ equity	$	11,874,035		$	14,782,706

	Three Months Ended March 31,
	2021			2020
Revenue:
Grant revenue	$	1,407,165		$	270,787
Total revenue		1,407,165			270,787
Costs and expenses:
Research and development		2,431,860			283,114
Selling, general and administrative		1,600,576			527,688
Total costs and expenses		4,032,436			810,802
Loss from operations		(2,625,271	)		(540,015	)
Interest expense		(11,797	)		(7,425	)
Net loss	$	(2,637,068	)	$	(547,440	)
Net loss per share – basic and diluted	$	(0.26	)	$	(0.07	)
Weighted-average number of common shares – basic and diluted		10,053,949			8,181,734


	Common Stock
	Shares		Amount		Additional Paid-In Capital		Accumulated Other Comprehensive Income (loss)			Accumulated Deficit			Total Stockholders’ Equity
Balance at December 31, 2022		4,224,294	$	4,224	$	68,798,301	$	104,718		$	(47,871,842	)	$	21,035,401
Stock-based compensation expense		—		—		123,273		—			—			123,273
Issuance of common stock, pre-funded warrants and warrants, net of issuance costs		971,532		972		8,541,970		—			—			8,542,942
Other comprehensive income		—		—		—		61,104			—			61,104
Net loss		—		—		—		—			(4,477,778	)		(4,477,778	)
Balance at March 31, 2023		5,195,826	$	5,196	$	77,463,544	$	165,822		$	(52,349,620	)	$	25,284,942
Stock-based compensation expense		—		—		124,845		—			—			124,845
Issuance of common stock, pre-funded warrants and warrants, net of issuance costs		95,000		95		—		—			—			95
Other comprehensive loss		—		—		—		(167,536	)		—			(167,536	)
Net loss		—		—		—		—			(5,777,966	)		(5,777,966	)
Balance at June 30, 2023		5,290,826	$	5,291	$	77,588,389	$	(1,714	)	$	(58,127,586	)	$	19,464,380
Stock-based compensation expense		—		—		129,781					—			129,781
Issuance of common stock, pre-funded warrants and warrants, net of issuance costs		69,500		70		17,280		—			—			17,350
Other comprehensive loss		—		—		—		1,571			—			1,571
Net loss		—		—		—		—			(4,595,199	)		(4,595,199	)
Balance at September 30, 2023		5,360,326	$	5,361	$	77,735,450	$	(143	)	$	(62,722,785	)	$	15,017,883

Year ended December 31,
2021	$	994,789
2022		248,911
2023		—
2024		—
2025		—
Total notes payable	$	1,243,700


	•		contain projections of our clinical trials, future results of operations or of our financial condition; and


	•		We are a clinical-stage drug development company with limited resources, a limited operating history and have no products approved for commercial sale, which may make it difficult to evaluate our current business and predict our future success and viability;


	•		While the FDA has placed no restrictions on our current clinical programs with Risvodetinib (IkT-148009) and IkT-001Pro, we cannot guarantee that restrictions won’t arise in the future;


	•		If we are unable to successfully raise additional capital, our future clinical trials and product development could be limited and our long-term viability may be threatened;


	•		Drug development is a highly uncertain undertaking and involves a substantial degree of risk. We have never generated any revenue from product sales, we may never generate any revenue from product sales, and we may fail to generate further revenue from grants or contracts or to be profitable;


	•		The wars between Russia and Ukraine and Israel and Hamas could materially adversely affect our business, results of operations, and financial condition;


	•		Our results of operations have been adversely affected and, in the future, could be materially adversely impacted by the COVID-19 virus;


	•		Adverse developments affecting financial institutions, companies in the financial services industry or the financial services industry generally, including those we do business with, could adversely affect our operations and liquidity;


	•		We have incurred significant net losses since our inception and anticipate that we will continue to incur net losses for the foreseeable future;


	•		Due to the significant resources required for the development of our programs, and depending on our ability to access capital, we must prioritize development of certain product candidates;


	•		Our business is highly dependent on the success of our initial product candidates targeting neurodegenerative diseases;


	•		We currently contract with various research institutions to perform the research and development activities needed to develop our products, and if we ever choose to or need to find alternative research institutions, we may not be able to do so at all or, if we are able to do so, it may be costly and may cause significant delays in the development and commercialization of our products;


	•		Positive results from early preclinical or clinical studies of our product candidates are not necessarily predictive of the results of later preclinical studies and any current and future clinical trials of our product candidates;


	•		We have no history of completing clinical trials for novel drug substances or commercializing pharmaceutical products, which may make it difficult to evaluate the prospects for our future viability;


	•		Our clinical trials may reveal significant adverse events, toxicities or other side effects not seen in our preclinical and prior clinical studies and may result in a safety profile that could inhibit regulatory approval or market acceptance of any of our product candidates;


	•		We have concentrated much of our research and development efforts on the treatment of neurodegenerative diseases, a field that has seen limited success in drug development;


	•		We may encounter substantial delays in our current and planned clinical trials, or may not be able to conduct or complete our clinical trials on the timelines we expect, if at all;


	•		Our current and planned clinical trials may fail to demonstrate substantial evidence of the safety and efficacy of our product candidates, which would prevent, delay or limit the scope of regulatory approval and commercialization;


	•		Clinical development is a lengthy and expensive process with an uncertain outcome, and failure can occur at any stage of clinical development;


	•		The manufacture of our product candidates is complex and difficulties may be encountered in production;


	•		If, in the future, we are unable to establish sales and marketing capabilities or enter into agreements with third parties to sell and market any product candidates we may develop, we may not be successful in commercializing those product candidates if and when they are approved;


	•		Even if any product candidates we develop receive marketing approval, they may fail to achieve the degree of market acceptance by physicians, patients, healthcare payors, and others in the medical community necessary for commercial success;


	•		Even if we are able to commercialize any product candidates, such products may become subject to unfavorable pricing regulations, third-party reimbursement practices, or healthcare reform initiatives, which would harm our business;

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company