Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2022 | Feb. 14, 2023 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2022 | |
Entity File Number | 001-36081 | |
Entity Registrant Name | NANOVIRICIDES, INC. | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 76-0674577 | |
Entity Address, Address Line One | 1 Controls Drive | |
Entity Address, City or Town | Shelton | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06484 | |
City Area Code | 203 | |
Local Phone Number | 937-6137 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,635,000 | |
Entity Central Index Key | 0001379006 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Trading Symbol | NNVC | |
Document Transition Report | false | |
Document Quarterly Report | true |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 11,448,346 | $ 14,066,359 |
Prepaid expenses | 104,545 | 350,021 |
Total current assets | 11,552,891 | 14,416,380 |
Property and Equipment, Net | 8,417,849 | 8,694,194 |
Trademark and patents, net | 337,713 | 341,848 |
OTHER ASSETS | ||
Service agreements | 26,510 | 38,925 |
Security deposits | 3,515 | |
Other assets | 26,510 | 42,440 |
Total assets | 20,334,963 | 23,494,862 |
CURRENT LIABILITIES: | ||
Accounts payable | 39,291 | 57,960 |
Accounts payable - related party | 373,424 | 214,397 |
Loan payable | 0 | 94,788 |
Accrued expenses | 51,877 | 45,692 |
Total current liabilities | 464,592 | 412,837 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.001 par value; 150,000,000 shares authorized, 11,634,576 and 11,592,173 shares issued and outstanding, at December 31, 2022 and June 30, 2022, respectively | 11,634 | 11,592 |
Additional paid-in capital | 145,666,194 | 145,562,124 |
Accumulated deficit | (125,807,952) | (122,492,176) |
Total stockholders' equity | 19,870,371 | 23,082,025 |
Total liabilities and stockholders' equity | 20,334,963 | 23,494,862 |
Series A convertible preferred stock | ||
STOCKHOLDERS' EQUITY: | ||
Series A convertible preferred stock, $0.001 par value, 10,000,000 shares designated, 495,560 and 484,582 shares issued and outstanding, at December 31, 2022 and June 30, 2022, respectively | $ 495 | $ 485 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Jun. 30, 2022 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 11,634,576 | 11,592,173 |
Common stock, shares, outstanding | 11,634,576 | 11,592,173 |
Series A convertible preferred stock | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 495,560 | 484,582 |
Preferred stock, shares outstanding | 495,560 | 484,582 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING EXPENSES | ||||
Research and development | $ 1,170,710 | $ 1,261,308 | $ 2,283,369 | $ 3,358,228 |
General and administrative | 663,284 | 659,268 | 1,172,985 | 1,174,713 |
Total operating expenses | 1,833,994 | 1,920,576 | 3,456,354 | 4,532,941 |
LOSS FROM OPERATIONS | (1,833,994) | (1,920,576) | (3,456,354) | (4,532,941) |
OTHER INCOME (EXPENSE) | ||||
Interest income | 88,954 | 2,073 | 141,516 | 3,127 |
Interest expense | (94) | (2,631) | (938) | (4,388) |
Other (expense) income, net | 88,860 | (558) | 140,578 | (1,261) |
LOSS BEFORE INCOME TAX PROVISION | (1,745,134) | (1,921,134) | (3,315,776) | (4,534,202) |
NET LOSS | $ (1,745,134) | $ (1,921,134) | $ (3,315,776) | $ (4,534,202) |
Net loss/Weighted average common shares | ||||
Net loss per common share- basic | $ (0.15) | $ (0.17) | $ (0.29) | $ (0.39) |
Net loss per common share- diluted | $ (0.15) | $ (0.17) | $ (0.29) | $ (0.39) |
Weighted average common shares - basic | 11,610,303 | 11,525,304 | 11,601,335 | 11,520,291 |
Weighted average common shares - diluted | 11,610,303 | 11,525,304 | 11,601,335 | 11,520,291 |
Condensed Statement of Changes
Condensed Statement of Changes in Stockholders' Equity - USD ($) | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Jun. 30, 2021 | $ 372 | $ 11,515 | $ 144,284,593 | $ (114,385,313) | $ 29,911,167 |
Balance (in shares) at Jun. 30, 2021 | 371,490 | 11,515,170 | |||
Series A preferred stock issued for employee stock compensation | $ 10 | 32,880 | 32,890 | ||
Series A preferred stock issued for employee stock compensation (in shares) | 10,591 | ||||
Series A preferred stock issued for license agreement | $ 100 | 934,988 | 935,088 | ||
Series A Preferred stock issued for license agreement (in shares) | 100,000 | ||||
Common stock issued for consulting and legal services rendered | $ 6 | 26,994 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 6,509 | ||||
Warrants issued to Scientific Advisory Board | 1,352 | 1,352 | |||
Common stock issued for Directors fees | $ 4 | 14,996 | 15,000 | ||
Common stock issued for Directors fees (in shares) | 3,524 | ||||
Net loss | (2,613,068) | (2,613,068) | |||
Balance at Sep. 30, 2021 | $ 482 | $ 11,525 | 145,295,803 | (116,998,381) | 28,309,429 |
Balance (in shares) at Sep. 30, 2021 | 482,081 | 11,525,203 | |||
Balance at Jun. 30, 2021 | $ 372 | $ 11,515 | 144,284,593 | (114,385,313) | 29,911,167 |
Balance (in shares) at Jun. 30, 2021 | 371,490 | 11,515,170 | |||
Net loss | (4,534,202) | ||||
Balance at Dec. 31, 2021 | $ 482 | $ 11,534 | 145,372,805 | (118,919,515) | 26,465,306 |
Balance (in shares) at Dec. 31, 2021 | 482,468 | 11,534,484 | |||
Balance at Sep. 30, 2021 | $ 482 | $ 11,525 | 145,295,803 | (116,998,381) | 28,309,429 |
Balance (in shares) at Sep. 30, 2021 | 482,081 | 11,525,203 | |||
Series A preferred stock issued for employee stock compensation | 33,367 | 33,367 | |||
Series A preferred stock issued for employee stock compensation (in shares) | 387 | ||||
Common stock issued for consulting and legal services rendered | $ 6 | 26,994 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 5,993 | ||||
Warrants issued to Scientific Advisory Board | 1,644 | 1,644 | |||
Common stock issued for Directors fees | $ 3 | 14,997 | 15,000 | ||
Common stock issued for Directors fees (in shares) | 3,288 | ||||
Net loss | (1,921,134) | (1,921,134) | |||
Balance at Dec. 31, 2021 | $ 482 | $ 11,534 | 145,372,805 | (118,919,515) | 26,465,306 |
Balance (in shares) at Dec. 31, 2021 | 482,468 | 11,534,484 | |||
Balance at Jun. 30, 2022 | $ 485 | $ 11,592 | 145,562,124 | (122,492,176) | 23,082,025 |
Balance (in shares) at Jun. 30, 2022 | 484,582 | 11,592,173 | |||
Series A preferred stock issued for employee stock compensation | $ 10 | $ 0 | 13,854 | 0 | 13,864 |
Series A preferred stock issued for employee stock compensation (in shares) | 10,591 | 0 | |||
Common stock issued for consulting and legal services rendered | $ 13 | 26,987 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 12,710 | ||||
Warrants issued to Scientific Advisory Board | 480 | 480 | |||
Common stock issued for Directors fees | $ 5 | 11,245 | 11,250 | ||
Common stock issued for Directors fees (in shares) | 5,154 | ||||
Net loss | (1,570,642) | (1,570,642) | |||
Balance at Sep. 30, 2022 | $ 495 | $ 11,610 | 145,614,690 | (124,062,818) | 21,563,977 |
Balance (in shares) at Sep. 30, 2022 | 495,173 | 11,610,037 | |||
Balance at Jun. 30, 2022 | $ 485 | $ 11,592 | 145,562,124 | (122,492,176) | 23,082,025 |
Balance (in shares) at Jun. 30, 2022 | 484,582 | 11,592,173 | |||
Net loss | (3,315,776) | ||||
Balance at Dec. 31, 2022 | $ 495 | $ 11,634 | 145,666,194 | (125,807,952) | 19,870,371 |
Balance (in shares) at Dec. 31, 2022 | 495,560 | 11,634,576 | |||
Balance at Sep. 30, 2022 | $ 495 | $ 11,610 | 145,614,690 | (124,062,818) | 21,563,977 |
Balance (in shares) at Sep. 30, 2022 | 495,173 | 11,610,037 | |||
Series A preferred stock issued for employee stock compensation | 13,055 | 13,055 | |||
Series A preferred stock issued for employee stock compensation (in shares) | 387 | ||||
Common stock issued for consulting and legal services rendered | $ 17 | 26,983 | 27,000 | ||
Common stock issued for consulting and legal services rendered (in shares) | 17,366 | ||||
Warrants issued to Scientific Advisory Board | 223 | 223 | |||
Common stock issued for Directors fees | $ 7 | 11,243 | 11,250 | ||
Common stock issued for Directors fees (in shares) | 7,173 | ||||
Net loss | (1,745,134) | (1,745,134) | |||
Balance at Dec. 31, 2022 | $ 495 | $ 11,634 | $ 145,666,194 | $ (125,807,952) | $ 19,870,371 |
Balance (in shares) at Dec. 31, 2022 | 495,560 | 11,634,576 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (3,315,776) | $ (4,534,202) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Preferred shares issued as compensation | 26,919 | 66,257 |
Preferred shares issued pursuant to license agreement | 0 | 935,088 |
Common shares issued as compensation and for services | 76,500 | 84,000 |
Warrants granted to Scientific Advisory Board | 703 | 2,996 |
Depreciation | 366,190 | 349,675 |
Amortization | 4,135 | 4,135 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 245,476 | 165,198 |
Other assets | 15,930 | 0 |
Accounts payable | (18,669) | (46,836) |
Accounts payable - related party | 159,027 | 135,409 |
Accrued expenses | 6,185 | (128) |
NET CASH USED IN OPERATING ACTIVITIES | (2,433,380) | (2,838,408) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (89,845) | (209,663) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Deferred financing costs | 0 | (37,408) |
Payment of loan payable | (94,788) | (95,306) |
NET CASH (USED IN) FINANCING ACTIVITIES | (94,788) | (132,714) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (2,618,013) | (3,180,785) |
Cash and cash equivalents at beginning of period | 14,066,359 | 20,516,677 |
Cash and cash equivalents at end of period | 11,448,346 | 17,335,892 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
Interest paid | $ 938 | $ 943 |
Organization and Nature of Busi
Organization and Nature of Business | 6 Months Ended |
Dec. 31, 2022 | |
Organization and Nature of Business | |
Organization and Nature of Business | Note 1 – Organization and Nature of Business NanoViricides, Inc. (the “Company”) is a nano-biopharmaceutical research and development company specializing in the discovery, development, and commercialization of drugs to combat viral infections using its unique and novel nanomedicines technology. NanoViricides possesses its own state of the art facility that supports research and development and drug discovery, drug candidate optimization, cGMP-compliant drug substance manufacturing, cGMP-compliant manufacturing and packaging of drug products for human clinical trials, and early commercialization. The Company has several drugs in various stages of development. The Company has a lead clinical candidate NV-CoV-2 for the treatment of SARS-CoV-2 infection (COVID-19) that has shown effectiveness and safety in pre-clinical studies. NV-CoV-2 mechanism of action is orthogonal and complementary to that of the existing therapeutics, enabling combination therapy with the existing drugs in the market. The Company has also initiated additional drug programs for the treatment of Monkeypox (MPOX) virus infection and for the treatment of Enterovirus D68 (EV-D68) pediatric infection, that leverage the development of the clinical stage NV-387 active pharmaceutical ingredient contained in the drug product NV-CoV-2. The Company has also previously developed a clinical drug candidate, NV-HHV-1 formulated as skin cream, for the treatment of Shingles. The Company plans on taking NV-HHV-1 into human clinical trials, and further develop the HerpeCide™ program after clinical trials of NV-CoV-2. In the HerpeCide program alone, the Company has drug candidates against at least five indications at different stages of development. The Company’s drug candidates against HSV-1 “cold sores” and HSV-2 “genital herpes” are in advanced pre-clinical studies and are expected to follow the shingles drug candidate into human clinical trials. In addition, the Company has drugs in development against all influenzas in our FluCide™ program, as well as drug candidates against HIV/AIDS, Dengue, Ebola/Marburg, and other viruses. The Company’s drugs are based on several patents, patent applications, provisional patent applications, and other proprietary intellectual property held by TheraCour Pharma, Inc. (“TheraCour”), to which the Company has broad, exclusive licenses. The licenses are to entire fields and not to specific compounds. In all, the Company has exclusive, worldwide licenses for the treatment of the following human viral diseases: Human Immunodeficiency Virus (HIV/AIDS), Hepatitis B Virus (HBV), Hepatitis C Virus (HCV), Herpes Simplex Virus (HSV-1 and HSV-2), Influenza and Asian Bird Flu Virus, Dengue viruses, Ebola/Marburg viruses, Japanese Encephalitis virus, viruses causing viral Conjunctivitis (a disease of the eye) and Ocular Herpes (restated), VZV infections, and SARS-CoV-2 infections. In all cases, the discovery of ligands and polymer materials as well as formulations, the chemistry and chemical characterization, as well as process development and related work will be performed by TheraCour, a related party substantially owned by Dr. Anil Diwan, under the same compensation terms as prior agreements between the parties, with no duplication of costs allowed. Upon commercialization, NanoViricides will pay 15% of net sales to TheraCour. Milestone payments were made or are specified in certain of the license agreements, details of which have been disclosed at the time the agreements were entered into. The Company’s business plan is based on developing the drug candidates into regulatory approvals, and partnering and sub-licensing for commercialization of the drugs whenever possible. |
Liquidity
Liquidity | 6 Months Ended |
Dec. 31, 2022 | |
Liquidity | |
Liquidity | Note 2 - Liquidity The Company’s condensed financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets and liquidation of liabilities in the normal course of business. As reflected in the condensed financial statements, the Company has an accumulated deficit at December 31, 2022 of approximately $126 million and a net loss of approximately $3.3 million and net cash used in operating activities of approximately $2.4 million for the six months then ended. In addition, the Company has not generated any revenues and no revenues are anticipated in the foreseeable future. Since May 2005, the Company has been engaged exclusively in research and development activities focused on developing targeted antiviral drugs. The Company has not yet commenced any product commercialization. Such losses are expected to continue for the foreseeable future and until such time, if ever, as the Company is able to attain sales levels sufficient to support its operations. There can be no assurance that the Company will achieve or maintain profitability in the future. As of December 31, 2022, the Company had available cash and cash equivalents of approximately $11.4 million. Since the onset of the COVID-19 pandemic, the Company has focused its efforts primarily on a single lead program to minimize cost outlays, namely, taking the COVID-19 drug candidate against SARS-CoV-2 into human clinical trials. The prior lead program for a shingles drug will follow the COVID-19 drug program. On July 31, 2020, the Company entered into an At The Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. and Kingswood Capital Markets, a division of Benchmark Investments, Inc. (each a “Sales Agent” and collectively, the “Sales Agents”), pursuant to which the Company may offer and sell, from time to time, through or to the Sales Agents, shares of common stock (the “Placement Shares”), having an aggregate offering price of up to $50 million (the “ATM Offering”). Subject to the Company meeting certain requirements and market conditions, the Company could offer additional shares for sale under the ATM Sales Agreement. Sales of any placement shares will be made only upon instructions by the Company to the Sales Agents, and the Company cannot provide any assurances that it will issue any shares pursuant to the Sales Agreement. Actual sales will depend on a variety of factors to be determined by the Company from time to time, including (among others) market conditions, the trading price of the Company’s common stock, capital needs and determinations by the Company of the appropriate sources of funding for the Company. The Company is not obligated to make any sales of common stock under the Sales Agreement and the Company cannot provide any assurances that it will issue any shares pursuant to the Sales Agreement. To date the Company has sold 814,242 shares for approximately $6.4 million under the ATM Sales Agreement none of which were sold during the six months ended December 31, 2022. Subject to the Company meeting certain requirements and market conditions, the Company could offer additional shares for sale under the ATM Sales Agreement. The Company believes that it has several important milestones, including Phase 1 clinical trials for the Company’s broad-spectrum, pan-coronavirus drug NV-CoV-2, that should occur in the ensuing year. Management believes that as it achieves these milestones, the Company’s ability to raise additional funds in the public markets would be enhanced. Management believes that the Company’s existing resources will be sufficient to fund the Company’s planned operations and expenditures for at least 12 months from the date of the filing of this Form 10-Q. However, the Company cannot provide assurance that its plans will not change or that changed circumstances will not result in the depletion of its capital resources more rapidly than it currently anticipates. The Company will need to raise additional capital to fund its long-term operations and research and development plans including human clinical trials for its various drug candidates until it generates revenue which reaches a level sufficient to provide self-sustaining cash flows. The accompanying condensed financial statements do not include any adjustments that may result from the outcome of such unidentified uncertainties. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 3 - Summary of Significant Accounting Policies Basis of Presentation – Interim Financial Information The accompanying unaudited interim condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission for Interim Reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete condensed financial statements. The unaudited interim condensed financial statements furnished reflect all adjustments (consisting of normal recurring accruals) that are, in the opinion of management, considered necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. The accompanying condensed financial statements and the information included under the heading “Management’s Discussion and Analysis or Plan of Operation” should be read in conjunction with the Company’s audited financial statements and related notes included in the Company’s Form 10-K for the fiscal year ended June 30, 2022 filed with the SEC on October 13, 2022. The June 30, 2022 year-end balance sheet data in the accompanying interim condensed financial statements was derived from the audited financial statements. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022 filed on October 13, 2022. Net Loss per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through stock options, warrants and convertible preferred stock. The following table shows the number of potentially outstanding dilutive common shares excluded from the diluted net loss per common share calculation, as they were anti-dilutive: Potentially Outstanding Dilutive Common Shares For the For the For the For the Three Months Three Months Six Months Six Months Ended Ended Ended Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Warrants 8,820 9,146 8,576 9,146 The Company has 495,560 shares of Series A preferred stock outstanding as of December 31, 2022. Only in the event of a “change of control” of the Company is each Series A preferred share is convertible to 3.5 shares of its new common stock. A “change of control” is defined as an event in which the Company’s shareholders become 60% or less owners of a new entity as a result of a change of ownership, merger or acquisition of the Company or the Company’s intellectual property. In the absence of a change of control event, the Series A preferred stock is not convertible into common stock, and does not carry any dividend rights or any other financial effects. At December 31, 2022, the number of potentially dilutive shares of the Company’s common stock into which these Series A preferred shares can be converted into is 1,734,460, and is not included in diluted earnings per share since the shares are contingently convertible only upon a change of control. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions | |
Related Party Transactions | Note 4 - Related Party Transactions Related Parties Related parties with whom the Company had transactions are: Related Parties Relationship Dr. Anil R. Diwan Chairman, President, CEO, significant stockholder and Director TheraCour Pharma, Inc. (“TheraCour”) An entity owned and controlled by Dr. Anil R. Diwan For the three months ended For the six months ended December 31, December 31, December 31, December 31, 2022 2021 2022 2021 Property and Equipment During the reporting period, TheraCour acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company $ 3,493 $ 61,563 $ 29,369 $ 80,717 As of December 31, June 30, 2022 2022 Account Payable – Related Party Pursuant to an Exclusive License Agreement with TheraCour, the Company was granted exclusive licenses for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. On November 1, 2019, the Company entered into the VZV Licensing Agreement with TheraCour. In consideration for obtaining these exclusive licenses, the Company agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of certain direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) the Company will pay $2,000 or actual costs each month, whichever is higher for other general and administrative expenses incurred by TheraCour on the Company’s behalf, (3) to make royalty payments of 15% (calculated as a percentage of net sales of the licensed drugs) to TheraCour and; (4) to pay an advance payment equal to twice the amount of the previous months invoice to be applied as a prepayment towards expenses. Accounts payable due TheraCour at December 31, 2022 and June 30, 2022 were $838,424 and $679,397, respectively, which were each offset by a two month advance of $465,000. $ 373,424 $ 214,397 For the three months ended For the six months ended December 31, December 31, December 31, December 31, 2022 2021 2022 2021 Research and Development Costs Related Party Development fees and other costs charged by to TheraCour pursuant to the license agreements between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at December 31, 2022 and June 30, 2022 $ 633,247 $ 616,871 $ 1,245,958 $ 1,166,904 License Milestone Fee – Related Party On September 9, 2021, the Company entered into a COVID-19 License Agreement to use, promote, offer for sale, import, export, sell and distribute drugs that treat COVID-19 infections, using TheraCour’s proprietary as well as patented technology and intellectual property. Pursuant to such license agreement, the Board of Directors authorized the issuance of 100,000 fully vested shares of the Company’s Series A preferred stock as a license milestone payment and recorded an expense to Research and Development of $935,088 upon execution of the agreement during the six months ended December 31, 2021. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Dec. 31, 2022 | |
Property and Equipment | |
Property and Equipment | Note 5 - Property and Equipment Property and equipment, stated at cost, less accumulated depreciation consisted of the following: December 31, June 30, 2022 2022 GMP Facility $ 8,168,045 $ 8,149,416 Land 260,000 260,000 Office Equipment 57,781 57,781 Furniture and Fixtures 5,607 5,607 Lab Equipment 6,256,426 6,185,210 Total Property and Equipment 14,747,859 14,658,014 Less Accumulated Depreciation (6,330,010) (5,963,820) Property and Equipment, Net $ 8,417,849 $ 8,694,194 Depreciation expense for the three months ended December 31, 2022 and 2021 was $184,855 and $175,318, respectively, and for the six months ended December 31, 2022 and 2021 was $366,190 and $349,675, respectively. |
Trademark and Patents
Trademark and Patents | 6 Months Ended |
Dec. 31, 2022 | |
Trademark and Patents | |
Trademark and Patents | Note 6 - Trademark and Patents Trademark and patents, stated at cost, less accumulated amortization consisted of the following: December 31, June 30, 2022 2022 Trademarks and Patents $ 458,954 $ 458,954 Less Accumulated Amortization (121,241) (117,106) Trademarks and Patents, Net $ 337,713 $ 341,848 Amortization expense amounted to $2,067 and $2,067 for the three months ended December 31, 2022 and 2021, respectively, and for the six months ended December 31, 2022 and 2021 were $4,135 and $4,135, respectively. |
Loan Payable
Loan Payable | 6 Months Ended |
Dec. 31, 2022 | |
Loan Payable | |
Loan Payable | Note 7 – Loan Payable The Company financed its Directors and Officers liability insurance policies through BankDirect for the periods January 1, 2022 to December 31, 2022 and January 1, 2021 to December 31, 2021. The original loan balances as of January 1, 2022 and January 1, 2021 were $234,198 and $235,476 , respectively, payable at the rate of $23,932 and $24,062 monthly including interest at an annual rate of 4.74% and 4.74% , respectively, through October of each year. At December 31, 2022 and June 30, 2022, the loan balance was $0 and $94,788 , respectively. For the three and six months ended December 31, 2022, the Company incurred interest expense of $94 and $938 , respectively. For the three and six months ended December 31, 2021, the Company incurred interest expense of $95 and $943 , respectively. |
Equity Transactions
Equity Transactions | 6 Months Ended |
Dec. 31, 2022 | |
Equity Transactions | |
Equity Transactions | Note 8 - Equity Transactions On September 14, 2022 the Company’s Board of Directors approved the employment extension of Dr. Anil Diwan, President and Chairman of the Board. On October 6, 2022, the Company and Dr. Anil Diwan executed an extension of his employment agreement for a period of one year from July 1, 2022 through June 30, 2023 under the same general terms and conditions. The Company granted Dr. Anil Diwan an award of 10,204 shares of the Company’s Series A preferred stock. The shares shall be vested in quarterly installments of 2,551 shares on September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023 and are subject to forfeiture. The Company recognized non-cash compensation expense related to the issuance of the Series A preferred stock of $10,930 and $21,860 for the three and six months ended December 31, 2022, respectively. The balance of $21,861 will be recognized as the remaining 5,102 shares vest and service is rendered for the six months ended June 30, 2023. For the three and six months ended December 31, 2022, the Company’s Board of Directors authorized the issuance of 387 and 774, respectively of fully vested shares of its Series A preferred stock for employee compensation. The Company recorded expense of $2,125 and $5,059, respectively for the three and six months ended December 31, 2022 related to these issuances. There is currently no market for the shares of Series A preferred stock and they can only be converted into shares of common stock upon a change of control of the Company as more fully described in the Certificate of Designation. The Company, therefore, estimated the fair value of the Series A preferred stock granted to various employees and others on the date of grant. The conversion of the shares is triggered by a change of control. The fair value of the Series A Convertible preferred stock at each issuance was estimated based upon the price of the Company’s common stock after an application for a reasonable discount for lack of marketability. The Scientific Advisory Board was granted in August 2022 fully vested warrants to purchase 286 shares of common stock with an exercise price of $3.40 per share expiring in August 2026 and in November 2022 fully vested warrants to purchase 286 shares of common stock with an exercise price of $2.09 per share expiring in November 2026. The fair value of the warrants was $223 for the three months ended December 31, 2022 and $703 for the six months ended December 31, 2022 and was recorded as consulting expense. The Company estimated the fair value of the warrants granted to the Scientific Advisory Board on the date of grant using the Black-Scholes Option-Pricing Model Expected life (year) 4 Expected volatility 60.09-85.12 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 3.025-4.027 % For the three and six months ended December 31, 2022, the Company’s Board of Directors authorized the issuance of 17,366 and 30,076, respectively, fully vested shares of its common stock with a restrictive legend for consulting services. The Company recorded expense of $27,000 and $54,000, respectively, for the three and six months ended December 31, 2022, which is reflective of the fair value of the common stock on the dates of issuance. For the three and six months ended December 31, 2022, the Company’s Board of Directors authorized the issuance of 7,173 and 12,327, fully vested shares of its common stock with a restrictive legend for director services, respectively. The Company recorded an expense of $11,250 and $22,500 for the three and six months ended December 31, 2022, which is reflective of the fair value of the common stock on the dates of issuance. |
Common Stock Warrants
Common Stock Warrants | 6 Months Ended |
Dec. 31, 2022 | |
Common Stock Warrants | |
Common Stock Warrants | Note 9 - Common Stock Warrants Weighted Average Weighted Exercise Average Price Remaining Aggregate Number of per share Contractual Term Intrinsic Value Common Stock Warrants Shares ($) (years) ($) Outstanding and exercisable at June 30, 2022 9,146 $ 6.06 2.00 $ 238 Granted 572 2.75 3.75 — Expired (1,142) 8.22 — — Outstanding and exercisable at December 31, 2022 8,576 $ 5.56 1.88 $ — Of the outstanding warrants at December 31, 2022 1,142 expire in fiscal year ending June 30, 2023, 2,287 expire in fiscal year ending June 30, 2024, 2,287 warrants expire in the fiscal year ending June 30, 2025, 2,288 warrants expire in the fiscal year ending June 30, 2026, and 572 warrants expire in the fiscal year ending June 30, 2027. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 10 - Commitments and Contingencies Legal Proceedings From time to time, we are subject to various legal proceedings arising in the ordinary course of business, including proceedings for which we have insurance coverage. There are no pending legal proceedings against the Company to the best of the Company’s knowledge as of the date hereof and to the Company’s knowledge no action, suit or proceeding has been threatened against the Company that we believe will have a material adverse effect to our business, financial position, results of operations, or liquidity. Employment Agreements On September 14, 2022 the Company’s Board of Directors approved the extension of Dr. Diwan’s employment agreement, and on October 6, 2022, the Company and Dr. Diwan executed an extension of his employment agreement for a period of one year from July 1, 2022 through June 30, 2023 under the same general terms and conditions. The Company granted Dr. Anil Diwan an award of 10,204 shares of the Company’s Series A preferred stock. The shares will be deemed partially vested in quarterly installments following the grant date and fully vested on June 30, 2023. License Agreements The Company is dependent upon its license agreements with TheraCour (See Notes 1 and 4). If the Company lost the right to utilize any of the proprietary information that is the subject of the TheraCour license agreement on which it depends, the Company will incur substantial delays and costs in development of its drug candidates. On November 1, 2019, the Company entered into a VZV License Agreement with TheraCour for an exclusive license for the Company to use, promote, offer for sale, import, export, sell and distribute products for the treatment of VZV derived indications. Process development and related work will be performed by TheraCour under the same compensation terms as prior agreements between the parties, with no duplication of costs allowed. On September 9, 2021, the Company entered into a COVID-19 License Agreement to use, promote, offer for sale, import, export, sell and distribute drugs that treat COVID-19 infections, using TheraCour’s proprietary as well as patented technology and intellectual property. The discovery of ligands and polymer materials as well as formulations, the chemistry and chemical characterization, as well as process development and related work will be performed by TheraCour under the same compensation terms as prior agreements between the parties, with no duplication of costs allowed. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies | |
Basis of Presentation - Interim Financial Information | Basis of Presentation – Interim Financial Information The accompanying unaudited interim condensed financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission for Interim Reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete condensed financial statements. The unaudited interim condensed financial statements furnished reflect all adjustments (consisting of normal recurring accruals) that are, in the opinion of management, considered necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. The accompanying condensed financial statements and the information included under the heading “Management’s Discussion and Analysis or Plan of Operation” should be read in conjunction with the Company’s audited financial statements and related notes included in the Company’s Form 10-K for the fiscal year ended June 30, 2022 filed with the SEC on October 13, 2022. The June 30, 2022 year-end balance sheet data in the accompanying interim condensed financial statements was derived from the audited financial statements. For a summary of significant accounting policies, see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2022 filed on October 13, 2022. |
Net Loss per Common Share | Net Loss per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through stock options, warrants and convertible preferred stock. The following table shows the number of potentially outstanding dilutive common shares excluded from the diluted net loss per common share calculation, as they were anti-dilutive: Potentially Outstanding Dilutive Common Shares For the For the For the For the Three Months Three Months Six Months Six Months Ended Ended Ended Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Warrants 8,820 9,146 8,576 9,146 The Company has 495,560 shares of Series A preferred stock outstanding as of December 31, 2022. Only in the event of a “change of control” of the Company is each Series A preferred share is convertible to 3.5 shares of its new common stock. A “change of control” is defined as an event in which the Company’s shareholders become 60% or less owners of a new entity as a result of a change of ownership, merger or acquisition of the Company or the Company’s intellectual property. In the absence of a change of control event, the Series A preferred stock is not convertible into common stock, and does not carry any dividend rights or any other financial effects. At December 31, 2022, the number of potentially dilutive shares of the Company’s common stock into which these Series A preferred shares can be converted into is 1,734,460, and is not included in diluted earnings per share since the shares are contingently convertible only upon a change of control. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Summary of Significant Accounting Policies | |
Schedule of potentially outstanding dilutive common shares excluded from the diluted net loss per common share calculation | Potentially Outstanding Dilutive Common Shares For the For the For the For the Three Months Three Months Six Months Six Months Ended Ended Ended Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Warrants 8,820 9,146 8,576 9,146 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions | |
Summary of related party | Related Parties Relationship Dr. Anil R. Diwan Chairman, President, CEO, significant stockholder and Director TheraCour Pharma, Inc. (“TheraCour”) An entity owned and controlled by Dr. Anil R. Diwan For the three months ended For the six months ended December 31, December 31, December 31, December 31, 2022 2021 2022 2021 Property and Equipment During the reporting period, TheraCour acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company $ 3,493 $ 61,563 $ 29,369 $ 80,717 As of December 31, June 30, 2022 2022 Account Payable – Related Party Pursuant to an Exclusive License Agreement with TheraCour, the Company was granted exclusive licenses for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. On November 1, 2019, the Company entered into the VZV Licensing Agreement with TheraCour. In consideration for obtaining these exclusive licenses, the Company agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of certain direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) the Company will pay $2,000 or actual costs each month, whichever is higher for other general and administrative expenses incurred by TheraCour on the Company’s behalf, (3) to make royalty payments of 15% (calculated as a percentage of net sales of the licensed drugs) to TheraCour and; (4) to pay an advance payment equal to twice the amount of the previous months invoice to be applied as a prepayment towards expenses. Accounts payable due TheraCour at December 31, 2022 and June 30, 2022 were $838,424 and $679,397, respectively, which were each offset by a two month advance of $465,000. $ 373,424 $ 214,397 For the three months ended For the six months ended December 31, December 31, December 31, December 31, 2022 2021 2022 2021 Research and Development Costs Related Party Development fees and other costs charged by to TheraCour pursuant to the license agreements between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at December 31, 2022 and June 30, 2022 $ 633,247 $ 616,871 $ 1,245,958 $ 1,166,904 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Property and Equipment | |
Schedule of property and equipment | December 31, June 30, 2022 2022 GMP Facility $ 8,168,045 $ 8,149,416 Land 260,000 260,000 Office Equipment 57,781 57,781 Furniture and Fixtures 5,607 5,607 Lab Equipment 6,256,426 6,185,210 Total Property and Equipment 14,747,859 14,658,014 Less Accumulated Depreciation (6,330,010) (5,963,820) Property and Equipment, Net $ 8,417,849 $ 8,694,194 |
Trademark and Patents (Tables)
Trademark and Patents (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Trademark and Patents | |
Schedule of trademark and patents, stated at cost, less accumulated amortization | December 31, June 30, 2022 2022 Trademarks and Patents $ 458,954 $ 458,954 Less Accumulated Amortization (121,241) (117,106) Trademarks and Patents, Net $ 337,713 $ 341,848 |
Equity Transactions (Tables)
Equity Transactions (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Equity Transactions | |
Schedule of estimation of estimated the fair value of the warrants granted | Expected life (year) 4 Expected volatility 60.09-85.12 % Expected annual rate of quarterly dividends 0.00 % Risk-free rate(s) 3.025-4.027 % |
Common Stock Warrants (Tables)
Common Stock Warrants (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Common Stock Warrants | |
Schedule of common stock warrants activity | Weighted Average Weighted Exercise Average Price Remaining Aggregate Number of per share Contractual Term Intrinsic Value Common Stock Warrants Shares ($) (years) ($) Outstanding and exercisable at June 30, 2022 9,146 $ 6.06 2.00 $ 238 Granted 572 2.75 3.75 — Expired (1,142) 8.22 — — Outstanding and exercisable at December 31, 2022 8,576 $ 5.56 1.88 $ — |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) | 6 Months Ended |
Dec. 31, 2022 | |
TheraCour Pharma Inc | |
Organization and Nature of Business | |
Percentage of net sales allocated for royalty payments | 15% |
Liquidity (Details)
Liquidity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jul. 31, 2020 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Liquidity | ||||||||
Accumulated deficit | $ (125,807,952) | $ (125,807,952) | $ (122,492,176) | |||||
Net loss | (1,745,134) | $ (1,570,642) | $ (1,921,134) | $ (2,613,068) | (3,315,776) | $ (4,534,202) | ||
Net cash used in operating activities | (2,433,380) | $ (2,838,408) | ||||||
Revenue from contract with customer | 0 | |||||||
Cash and cash equivalents | $ 11,448,346 | $ 11,448,346 | $ 14,066,359 | |||||
ATM Offering | ||||||||
Liquidity | ||||||||
Issuance of shares | 814,242 | |||||||
Net proceeds from stock issued | $ 6,400,000 | |||||||
ATM Offering | Sales Agreement | ||||||||
Liquidity | ||||||||
Net proceeds from the offering | $ 50,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Warrants and Options (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Warrants | ||||
Summary of Significant Accounting Policies | ||||
Potentially outstanding dilutive common shares | 8,820 | 9,146 | 8,576 | 9,146 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) | Dec. 31, 2022 shares | Jun. 30, 2022 shares |
Series A Convertible Preferred Stock | ||
Summary of Significant Accounting Policies | ||
Preferred stock, shares outstanding | 495,560 | 484,582 |
Series A Preferred stock | ||
Summary of Significant Accounting Policies | ||
Preferred stock, shares outstanding | 495,560 | |
Reverse stock split | 3.5 | |
Percentage of change of control | 60 | |
Number of potentially dilutive common shares | 1,734,460 |
Related Party Transactions - Su
Related Party Transactions - Summary of related parties (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Related Party Transaction | |||||
Research and Development Costs Related Party | $ 1,170,710 | $ 1,261,308 | $ 2,283,369 | $ 3,358,228 | |
TheraCour Pharma Inc | |||||
Related Party Transaction | |||||
Property and Equipment | 3,493 | 61,563 | 29,369 | 80,717 | |
Account Payable - Related Party | 373,424 | 373,424 | $ 214,397 | ||
Research and Development Costs Related Party | $ 633,247 | $ 616,871 | $ 1,245,958 | $ 1,166,904 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
TheraCour Pharma Inc | |||
Related Party Transaction | |||
Percentage of direct costs | 30% | ||
Other general and administrative expense | $ 2,000 | ||
Percentage of net sales allocated for royalty payments | 15% | ||
Accounts payable | $ 838,424 | $ 679,397 | |
Accounts payable offset by advance | 465,000 | 465,000 | |
Accrued royalties | $ 0 | $ 0 | |
Series A Preferred stock | COVID 19 License Agreement | Board of Directors Chairman | |||
Related Party Transaction | |||
License milestone payments | $ 935,088 | ||
Series A Preferred stock | COVID 19 License Agreement | Board of Directors Chairman | TheraCour Pharma Inc | |||
Related Party Transaction | |||
Number of shares authorized | 100,000 |
Property and Equipment - Schedu
Property and Equipment - Schedule of property and equipment (Details) - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
Property and Equipment | ||
GMP Facility | $ 8,168,045 | $ 8,149,416 |
Land | 260,000 | 260,000 |
Office Equipment | 57,781 | 57,781 |
Furniture and Fixtures | 5,607 | 5,607 |
Lab Equipment | 6,256,426 | 6,185,210 |
Total Property and Equipment | 14,747,859 | 14,658,014 |
Less Accumulated Depreciation | (6,330,010) | (5,963,820) |
Property and equipment, net | $ 8,417,849 | $ 8,694,194 |
Property and Equipment - Additi
Property and Equipment - Additional information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property and Equipment | ||||
Depreciation expense | $ 184,855 | $ 175,318 | $ 366,190 | $ 349,675 |
Trademark and Patents - Schedul
Trademark and Patents - Schedule of trademark and patents, stated at cost, less accumulated amortization (Details) - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
Trademark and Patents | ||
Trademarks and Patents | $ 458,954 | $ 458,954 |
Less Accumulated Amortization | (121,241) | (117,106) |
Trademarks and Patents, Net | $ 337,713 | $ 341,848 |
Trademark and Patents (Details)
Trademark and Patents (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Trademark and patents | ||||
Trademarks and Patents | ||||
Amortization expense | $ 2,067 | $ 2,067 | $ 4,135 | $ 4,135 |
Loan Payable (Details)
Loan Payable (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jan. 01, 2022 | Jan. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Loan Payable | |||||||
Loan balance | $ 234,198 | $ 235,476 | |||||
Amount of loan repayment per month | $ 23,932 | $ 24,062 | |||||
Interest rate | 4.74% | 4.74% | |||||
Loan payable | $ 0 | $ 0 | $ 94,788 | ||||
Interest expense | $ 94 | $ 95 | $ 938 | $ 943 |
Equity Transactions - Additiona
Equity Transactions - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Oct. 06, 2022 | Sep. 30, 2022 | Nov. 30, 2022 | Aug. 31, 2022 | Dec. 31, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Equity Transactions | |||||||
Employment agreement extension term (in years) | 1 year | ||||||
Warrants | |||||||
Equity Transactions | |||||||
Number of fully vested warrants granted to purchase shares of common stock | 286 | 286 | |||||
Exercise price (in dollars per share) | $ 2.09 | $ 3.40 | |||||
Consulting expense | $ 223 | $ 703 | |||||
Director | |||||||
Equity Transactions | |||||||
Shares granted | 7,173 | 12,327 | |||||
Stock-based compensation expense | $ 11,250 | $ 22,500 | |||||
President | |||||||
Equity Transactions | |||||||
Number of shares in a quarterly installment to be vested | 2,551 | ||||||
Consulting services | |||||||
Equity Transactions | |||||||
Shares granted | 17,366 | 30,076 | |||||
Stock-based compensation expense | $ 27,000 | $ 54,000 | |||||
Subsequent event | |||||||
Equity Transactions | |||||||
Non-cash compensation expense, balance amount to be recognized | $ 21,861 | ||||||
Number of remaining shares to be vested | 5,102 | ||||||
Series A Preferred Stock | President | |||||||
Equity Transactions | |||||||
Shares granted | 10,204 | ||||||
Non-cash compensation expense | $ 10,930 | $ 21,860 | |||||
Series A Preferred Stock | Employee compensation | |||||||
Equity Transactions | |||||||
Shares granted | 387 | 774 | |||||
Stock issuance expense | $ 2,125 | $ 5,059 |
Equity Transactions - Warrants
Equity Transactions - Warrants - Fair Value Assumptions (Details) | Dec. 31, 2022 |
Scientific Advisory Board Common Stock Warrants | |
Equity Transactions | |
Warrants and Rights Outstanding, Valuation Technique | us-gaap:ValuationTechniqueOptionPricingModelMember |
Equity Transactions - Estimated
Equity Transactions - Estimated Fair Value of Warrants (Details) - Scientific Advisory Board | 6 Months Ended |
Dec. 31, 2022 | |
Equity Transactions | |
Expected life (year) | 4 years |
Expected volatility, minimum | 60.09% |
Expected volatility, maximum | 85.12% |
Expected annual rate of quarterly dividends | 0% |
Risk-free rate(s), minimum | 3.025% |
Risk-free rate(s), maximum | 4.027% |
Common Stock Warrants- Common S
Common Stock Warrants- Common Stock Warrants (Details) - Common Stock Warrants - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Jun. 30, 2022 | |
Common Stock Warrants | ||
Number of Shares, Outstanding and exercisable (in shares) | 9,146 | |
Number of Shares, Granted (in shares) | 572 | |
Number of Shares, Expired (in shares) | (1,142) | |
Number of Shares, Outstanding and exercisable (in shares) | 8,576 | 9,146 |
Weighted Average Exercise Price per share, Outstanding and exercisable (dollars per share) | $ 6.06 | |
Weighted Average Exercise Price per share, Granted (dollars per share) | 2.75 | |
Weighted Average Exercise Price per share, Expired (dollars per share) | 8.22 | |
Weighted Average Exercise Price per share, Outstanding and exercisable (dollars per share) | $ 5.56 | $ 6.06 |
Weighted Average Remaining Contractual Term (years), Granted | 3 years 9 months | |
Weighted Average Remaining Contractual Term (years), Outstanding and exercisable | 1 year 10 months 17 days | 2 years |
Aggregate Intrinsic Value, Outstanding and exercisable (in dollars) | $ 0 | $ 238 |
Aggregate Intrinsic Value, Granted (in dollars) | 0 | |
Aggregate Intrinsic Value, Expired (in dollars) | $ 0 |
Common Stock Warrants - Additio
Common Stock Warrants - Additional Information (Details) | 6 Months Ended |
Dec. 31, 2022 shares | |
June 30, 2023 | |
Common Stock Warrants | |
Warrants exercisable | 1,142 |
June 30 2024 | |
Common Stock Warrants | |
Warrants exercisable | 2,287 |
June 30, 2025 | |
Common Stock Warrants | |
Warrants exercisable | 2,287 |
June 30, 2026 | |
Common Stock Warrants | |
Warrants exercisable | 2,288 |
June 30, 2027 | |
Common Stock Warrants | |
Warrants exercisable | 572 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - shares | 6 Months Ended | |
Oct. 06, 2022 | Dec. 31, 2022 | |
Commitments and Contingencies | ||
Employment agreement extension term (in years) | 1 year | |
President | Series A Preferred stock | ||
Commitments and Contingencies | ||
Shares granted | 10,204 |