Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 11, 2023 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-40899 | |
Entity Registrant Name | Bone Biologics Corporation | |
Entity Central Index Key | 0001419554 | |
Entity Tax Identification Number | 42-1743430 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 2 Burlington Woods Drive | |
Entity Address, Address Line Two | Ste 100 | |
Entity Address, City or Town | Burlington | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01803 | |
City Area Code | (781) | |
Local Phone Number | 552-4452 | |
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 | 3,134,391 | |
Common stock, $0.001 par value per share | ||
Title of 12(b) Security | Common stock, $0.001 par value per share | |
Trading Symbol | BBLG | |
Security Exchange Name | NASDAQ | |
Warrants to Purchase Common stock, $0.001 par value per share | ||
Title of 12(b) Security | Warrants to Purchase Common stock, $0.001 par value per share | |
Trading Symbol | BBLGW | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash | $ 7,007,809 | $ 7,538,312 |
Prepaid expenses | 615,238 | 956,925 |
Total assets | 7,623,047 | 8,495,237 |
Current Liabilities | ||
Accounts payable and accrued expenses | 1,689,095 | 888,461 |
Warrant liability | 241,160 | 1,659,468 |
Total current liabilities | 1,930,255 | 2,547,929 |
Total liabilities | 1,930,255 | 2,547,929 |
Commitments and Contingencies | ||
Stockholders’ Equity | ||
Preferred Stock, $0.001 par value per share; 20,000,000 shares authorized; none issued or outstanding at June 30, 2023 and December 31, 2022 | ||
Common stock, $0.001 par value per share; 100,000,000 shares authorized; 3,134,391 and 510,065 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 3,135 | 510 |
Additional paid-in capital | 83,129,021 | 77,907,025 |
Accumulated deficit | (77,439,364) | (71,960,227) |
Total stockholders’ equity | 5,692,792 | 5,947,308 |
Total liabilities and stockholders’ equity | $ 7,623,047 | $ 8,495,237 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 3,134,391 | 510,065 |
Common stock, shares outstanding | 3,134,391 | 510,065 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Cost of revenues | ||||
Gross profit | ||||
Operating expenses | ||||
Research and development | 2,295,251 | 17,600 | 4,885,896 | 54,000 |
General and administrative | 744,617 | 451,704 | 1,301,509 | 1,104,803 |
Total operating expenses | 3,039,868 | 469,304 | 6,187,405 | 1,158,803 |
Loss from operations | (3,039,868) | (469,304) | (6,187,405) | (1,158,803) |
Other expenses | ||||
Change in fair value of warrant liability | 1,270,202 | 707,284 | ||
Interest income | 428 | 984 | ||
Net Loss | $ (1,769,238) | $ (469,304) | $ (5,479,137) | $ (1,158,803) |
Weighted average shares outstanding – basic | 1,047,022 | 345,019 | 793,537 | 345,019 |
Weighted average shares outstanding diluted | 1,047,022 | 345,019 | 793,537 | 345,019 |
Loss per share – basic | $ (1.69) | $ (1.36) | $ (6.90) | $ (3.36) |
Loss per share - diluted | $ (1.69) | $ (1.36) | $ (6.90) | $ (3.36) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 345 | $ 77,050,718 | $ (70,475,607) | $ 6,575,456 |
Balance, shares at Dec. 31, 2021 | 345,019 | |||
Fair value of vested stock options issued to employees and directors | 152,844 | 152,844 | ||
Net Loss | (689,499) | (689,499) | ||
Balance at Mar. 31, 2022 | $ 345 | 77,203,562 | (71,165,106) | 6,038,801 |
Balance, shares at Mar. 31, 2022 | 345,019 | |||
Balance at Dec. 31, 2021 | $ 345 | 77,050,718 | (70,475,607) | 6,575,456 |
Balance, shares at Dec. 31, 2021 | 345,019 | |||
Net Loss | (1,158,803) | |||
Balance at Jun. 30, 2022 | $ 345 | 77,222,310 | (71,634,410) | 5,588,245 |
Balance, shares at Jun. 30, 2022 | 345,019 | |||
Balance at Mar. 31, 2022 | $ 345 | 77,203,562 | (71,165,106) | 6,038,801 |
Balance, shares at Mar. 31, 2022 | 345,019 | |||
Fair value of vested stock options issued to employees and directors | 18,748 | 18,748 | ||
Net Loss | (469,304) | (469,304) | ||
Balance at Jun. 30, 2022 | $ 345 | 77,222,310 | (71,634,410) | 5,588,245 |
Balance, shares at Jun. 30, 2022 | 345,019 | |||
Balance at Dec. 31, 2022 | $ 510 | 77,907,025 | (71,960,227) | 5,947,308 |
Balance, shares at Dec. 31, 2022 | 510,065 | |||
Fair value of vested stock options issued to employees and directors | 44,764 | 44,764 | ||
Exercise of warrants | $ 47 | (47) | ||
Exercise of warrants, shares | 46,698 | |||
Extinguishment of warrant liability upon exercise of warrants | 490,226 | 490,226 | ||
Net Loss | (3,709,899) | (3,709,899) | ||
Balance at Mar. 31, 2023 | $ 557 | 78,441,968 | (75,670,126) | 2,772,399 |
Balance, shares at Mar. 31, 2023 | 556,763 | |||
Balance at Dec. 31, 2022 | $ 510 | 77,907,025 | (71,960,227) | 5,947,308 |
Balance, shares at Dec. 31, 2022 | 510,065 | |||
Net Loss | (5,479,137) | |||
Balance at Jun. 30, 2023 | $ 3,135 | 83,129,021 | (77,439,364) | 5,692,792 |
Balance, shares at Jun. 30, 2023 | 3,134,391 | |||
Balance at Mar. 31, 2023 | $ 557 | 78,441,968 | (75,670,126) | 2,772,399 |
Balance, shares at Mar. 31, 2023 | 556,763 | |||
Fair value of vested stock options issued to employees and directors | 16,670 | 16,670 | ||
Exercise of warrants | $ 40 | (40) | ||
Exercise of warrants, shares | 39,506 | |||
Extinguishment of warrant liability upon exercise of warrants | 220,798 | 220,798 | ||
Net Loss | (1,769,238) | (1,769,238) | ||
Proceeds from sale of common stock in public offering, net of offering costs $547,837 | $ 2,538 | 4,449,625 | 4,452,163 | |
Proceeds from sale of common stock units in public offering, net of offering costs, shares | 2,538,071 | |||
Share adjustment for stock split rounding | ||||
Share adjustment for stock split rounding, shares | 51 | |||
Balance at Jun. 30, 2023 | $ 3,135 | $ 83,129,021 | $ (77,439,364) | $ 5,692,792 |
Balance, shares at Jun. 30, 2023 | 3,134,391 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Common Stock [Member] | |
Offering costs | $ 547,837 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||||
Net loss | $ (1,769,238) | $ (469,304) | $ (5,479,137) | $ (1,158,803) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Stock-based compensation | 61,434 | 171,592 | ||
Change in fair value of warrant liability | (1,270,202) | (707,284) | ||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other current assets | 341,687 | (204,359) | ||
Accounts payable and accrued expenses | 800,634 | (29,273) | ||
Net cash used in operating activities | (4,982,666) | (1,220,843) | ||
Cash flows from financing activities | ||||
Proceeds from sale of common stock in public offering, net of offering costs | 4,452,163 | |||
Net cash provided by financing activities | 4,452,163 | |||
Net decrease in cash | (530,503) | (1,220,843) | ||
Cash, beginning of period | 7,538,312 | 6,675,365 | ||
Cash, end of period | $ 7,007,809 | $ 5,454,522 | 7,007,809 | 5,454,522 |
Supplemental information | ||||
Income taxes paid | ||||
Non-cash financing activities | ||||
Issuance of shares upon cashless exercise of warrants |
The Company
The Company | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company | 1. The Company Bone Biologics Corporation (the “Company”) was incorporated under the laws of the State of Delaware on October 18, 2007 as AFH Acquisition X, Inc. Pursuant to a Merger Agreement, dated September 19, 2014, by and among the Company, its wholly-owned subsidiary, Bone Biologics Acquisition Corp., (“Merger Sub”), and Bone Biologics, Inc., Merger Sub merged with and into Bone Biologics Inc., with Bone Biologics Inc. remaining as the surviving corporation. On September 22, 2014, the Company changed its name to “Bone Biologics Corporation” and Bone Biologics, Inc. became a wholly owned subsidiary of the Company. Bone Biologics, Inc. was incorporated in California on September 9, 2004. The Company is a medical device company that is currently focused on bone regeneration in spinal fusion using the recombinant human protein known as NELL-1. NELL-1 in combination with DBM, demineralized bone matrix, is an osteopromotive recombinant protein that provides target specific control over bone regeneration. The NELL-1 technology platform has been licensed exclusively for worldwide applications to the Company through a technology transfer from the UCLA Technology Development Group on behalf of UC Regents (“UCLA TDG”). UCLA TDG and the Company received guidance from the Food and Drug Administration that NELL-1/DBM will be classified as a device/drug combination product with a pre-market approval filing (“PMA”). The production and marketing of the Company’s products and its ongoing research and development activities are subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any combination product developed by the Company must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory approval process implemented by the FDA under the Food, Drug and Cosmetic Act. There can be no assurance that the Company will not encounter problems in clinical trials that will cause the Company or the FDA to delay or suspend clinical trials. The Company’s success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and operate without infringing on the proprietary rights of others, both in the United States and other countries. There can be no assurance that patents issued to or licensed by the Company will not be challenged, invalidated, rendered unenforceable, or circumvented, or that the rights granted thereunder will provide proprietary protection or competitive advantages to the Company. On June 5, 2023, an amendment to the Company’s certificate of incorporation for a reverse split of the Company’s outstanding common stock at a ratio of 1-for-30 became effective. All share and per share amounts have been retro-actively restated as if the reverse split occurred at the beginning of the earliest period presented. Going Concern The Company has no significant operating history and since inception to June 30, 2023 has incurred accumulated losses of approximately $ 77.4 6.1 5.5 5.0 At June 30, 2023, we had cash of $ 7.0 We anticipate that we will require approximately $ 8.6 27 On June 16, 2023, the Company completed a public offering generating net proceeds to the Company of $ 4.5 The Company will continue to attempt to raise additional debt and/or equity financing to fund future operations and to provide additional working capital. However, there is no assurance that such financing will be consummated or obtained in sufficient amounts necessary to meet the Company’s needs. If cash resources are insufficient to satisfy the Company’s on-going cash requirements, the Company will be required to scale back or discontinue its product development programs, or obtain funds if available (although there can be no certainties) through strategic alliances that may require the Company to relinquish rights to its technology, substantially reduce or discontinue its operations entirely. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in the case of equity financing. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The interim condensed consolidated financial statements included herein reflect all material adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) which, in the opinion of management, are ordinary and necessary for a fair presentation of results for the interim periods. Certain information and footnote disclosures required under the accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated balance sheet information as of December 31, 2022 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2023 (the “2022 Annual Report”). These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2022 and notes thereto included in the 2022 Annual Report. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the entire fiscal year ended December 31, 2023 or for any other period. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant estimates include the assumptions used in the accrual for potential liabilities, the valuation of the warrant liability, the valuation of debt and equity instruments, the valuation of stock options and warrants issued for services, and deferred tax valuation allowances. Actual results could differ from those estimates. Novel Coronavirus (COVID-19) On May 11, 2023, the United States Department of Health and Human Services declared the end of the COVID-19 Pandemic nationwide health emergency. While the Company’s operations have not been materially disrupted to date from the pandemic, the coronavirus impact on economic conditions nationally continues to be uncertain and could affect the Company’s results of operations, financial condition and liquidity in the future. The coronavirus pandemic presents a challenge to medical facilities worldwide. As the Company’s clinical trials are conducted on an outpatient basis, there could be delays in and increased costs of such clinical trials as a result of the coronavirus pandemic. Inflation Macroeconomic factors such as inflation, rising interest rates, governmental responses there to and possible recession caused thereby also add significant uncertainty to our operations and possible effects to the amount and type of financing available to the Company in the future. Cash Cash primarily consists of bank demand deposits maintained by a major financial institution. The Company’s policy is to maintain its cash balances with financial institutions with high credit ratings and in accounts insured by the Federal Deposit Insurance Corporation (the “FDIC”) and/or by the Securities Investor Protection Corporation (the “SIPC”). The Company may periodically have cash balances in financial institutions in excess of the FDIC and SIPC insurance limits of $ 250,000 500,000 While the Company and its bank has not been directly affected by the recent failures of certain banks, the banking industry overall has experienced disruption and uncertainty, which could put additional pressures on the Company’s bank and other banks, and may negatively impact the availability and costs for various banking and investment offerings. The failure of a bank, or other adverse conditions in the financial or credit markets impacting financial institutions at which we maintain balances, could adversely impact our liquidity and financial performance. There can be no assurance that our deposits in excess of the FDIC or other comparable insurance limits will be backstopped by the U.S., or that any bank or financial institution with which we do business will be able to obtain needed liquidity from other banks, government institutions or by acquisition in the event of a failure or liquidity crisis. Fair Value of Financial Instruments Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provide a framework for establishing that fair value. The Company defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last is considered unobservable: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 assumptions: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities including liabilities resulting from embedded derivatives associated with certain warrants to purchase common stock. The fair value of financial instruments measured on a recurring basis was as follows as of June 30, 2023: Schedule of Fair Value Liabilities Measured on Recurring Basic As of June 30, 2023 Description Total Level 1 Level 2 Level 3 Liabilities: Warrant liability $ 241,160 — — $ 241,160 Total liabilities at fair value $ 241,160 — — $ 241,160 The following table provides a roll-forward of the warrant liability measured at fair value on a recurring basis using unobservable level 3 inputs for the six period ended June 30, 2023 as follows: Schedule of Warrant Liability Measured Fair Value on a Recurring Basic Using Unobservable June 30, 2023 Warrant liability Balance as of beginning of period – December 31, 2022 $ 1,659,468 Extinguishment of warrant liability upon exercise of warrants (711,024 ) Change in fair value (707,284 ) Balance as of June 30, 2023 $ 241,160 The Company believes the carrying amount of certain financial instruments, including cash and accounts payable approximate their values based on their short-term nature and are excluded from the fair value tables above. Prepaid Expenses At June 30, 2023, prepaid expenses consist of prepaid insurance and prepaid services. Prepaid expenses are amounts paid to secure the use of assets or the receipt of services at a future date or continuously over one or more future periods. When the prepaid expenses are eventually consumed, they are charged to expense. The Company had $ 615,238 956,925 Stock Based Compensation ASC 718, Compensation – Stock Compensation Loss per Common Share Basic loss per share is computed by dividing the loss available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Diluted loss per common share reflects the potential dilution that could occur if options and warrants were to be exercised or converted or otherwise resulted in the issuance of common stock that then shared in the earnings of the entity. Since the effects of outstanding options and warrants are anti-dilutive for the six months ended June 30, 2023 and 2022, shares of common stock underlying these instruments have been excluded from the computation of loss per common share. The following sets forth the number of shares of common stock underlying outstanding options and warrants as of June 30, 2023 and 2022: Schedule of Anti Dilutive Securities Excluded from Computation of Earnings Per Share June 30, 2023 2022 Warrants 375,296 60,922 Stock options 16,995 11,410 Anti dilutive securities 392,291 72,332 New Accounting Standards The Company’s management has evaluated all the recently issued, but not yet effective, accounting standards and guidance that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position and results of operations . |
Warrant Liability
Warrant Liability | 6 Months Ended |
Jun. 30, 2023 | |
Warrant Liability | |
Warrant Liability | 3. Warrant Liability In October 2022, the Company completed a public equity offering, which included the issuance of 433,382 The warrant liability was valued at the following dates using a Black-Scholes model with the following assumptions: Schedule of Warrant Liability Black-Scholes Model June 30, 2023 December 31, 2022 Warrant liability: Risk-free interest rate 4.31 % 4.26 % Expected volatility 142.57 % 112.58 % Expected life (in years) 4.29 4.78 Expected dividend yield - - Fair Value of warrant liability $ 241,160 $ 1,659,468 The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. We determine expected volatility based upon the historical volatility of our common stock since listing on The Nasdaq Capital Market. We do not believe that the future volatility of our common stock over an option’s expected term is likely to differ significantly from the past. The expected term of the warrants granted are determined based on the duration of time the warrants are expected to be outstanding. The dividend yield on the Company’s warrants is assumed to be zero as the Company has not historically paid dividends. |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | 4. Stockholders’ Equity Preferred Stock The Company’s amended and restated certificate of incorporation authorizes the Company to issue a total of 20,000,000 No Common Stock The Company’s amended and restated certificate of incorporation authorizes the Company to issue a total of 100,000,000 3,134,391 510,065 In February 2023, 46,698 46,698 In May 2023, 39,506 39,506 On June 14, 2023, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”) acting as representatives of the several underwriters in connection with a public offering (the “Offering”) of an aggregate of 2,538,071 1.97 2,538,071 7 380,710 5 4,452,163 |
Common Stock Warrants
Common Stock Warrants | 6 Months Ended |
Jun. 30, 2023 | |
Common Stock Warrants | |
Common Stock Warrants | 5. Common Stock Warrants A summary of warrant activity for the six months ended June 30, 2023 is presented below: Schedule of Warrant Activity Subject to Exercise Number of Weighted Weighted Outstanding as of December 31, 2022 461,500 $ 53.40 4.65 Granted – 2023 - - - Forfeited/Expired – 2023 - - - Exercised – 2023 (86,204 ) - 4.29 Outstanding as of June 30, 2023 375,296 $ 65.66 4.13 As of June 30, 2023, the Company had outstanding vested and unexercised Common Stock Warrants as follows: Schedule of Outstanding Vested and Unexercised Common Stock Warrants Date Issued Exercise Price Number of Expiration date October 2021 $ 189.00 60,934 October 13, 2026 October 2022 $ 48,60 144,464 October 12, 2027 October 2022 $ 40.50 150,761 October 12, 2027 October 2022 $ 0.00 19,137 October 12, 2027 Total outstanding warrants at June 30, 2023 375,296 Based on a fair market value of $ 1.43 19,137 27,366 |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | 6. Stock-based Compensation 2015 Equity Incentive Plan The Company has 35,918 5 5,000,000 Awards may be granted under our 2015 Equity Incentive Plan to our employees, including officers, director or consultants, and our present or future affiliated entities. While we may grant incentive stock options only to employees, we may grant non-statutory stock options, stock appreciation rights, restricted stock purchase rights or bonuses, restricted stock units, performance shares, performance units and cash-based awards or other stock based awards to any eligible participant. The 2015 Equity Incentive Plan is administered by our compensation committee. Subject to the provisions of our 2015 Equity Incentive Plan, the compensation committee determines, in its discretion, the persons to whom, and the times at which, awards are granted, as well as the size, terms and conditions of each award. All awards are evidenced by a written agreement between us and the holder of the award. The compensation committee has the authority to construe and interpret the terms of our 2015 Equity Incentive Plan and awards granted under our 2015 Equity Incentive Plan. A summary of stock option activity for the six months ended June 30, 2023 is presented below: Schedule of Stock Option Activity Subject to Exercise Number of Weighted Average Weighted Aggregate Outstanding as of December 31, 2022 15,106 $ 505.20 5.60 $ - Granted – 2023 1,889 7.20 2.00 - Forfeited/Expired – 2023 - - - - Exercised – 2023 - - - - Outstanding as of June 30, 2023 16,995 $ 459.70 4.57 $ - Options vested and exercisable at June 30, 2023 16,074 $ 483.26 4.31 $ - As of June 30, 2023, the Company had outstanding stock options as follows: Schedule of Outstanding Stock Options Date Issued Exercise Price Number of Expiration date August 2015 $ 1,192.50 1,387 December 27, 2025 September 2015 $ 1,192.50 268 December 27, 2025 November 2015 $ 1,192.50 1,634 December 27, 2025 December 2015 $ 1,192.50 75 December 27, 2025 January 2016 $ 1,192.50 1,701 January 9, 2026 May 2016 $ 1,537.50 359 May 26, 2026 September 2016 $ 1,537.50 135 May 31, 2026 January 2017 $ 1,537.50 72 January 1, 2027 January 2018 $ 1,477.50 53 January 1, 2028 January 2019 $ 70.50 732 January 1, 2029 October 2021 $ 157.50 1,630 October 26, 2031 January 2022 $ 105.60 873 January 1, 2032 January 2022 $ 111.60 1,667 January 1, 2024 January 2022 $ 111.60 833 January 3, 2024 August 2022 $ 48.30 3,687 August 23, 2032 January 2023 $ 7.20 1,889 January 25, 2025 Total outstanding options at June 30, 2023 16,995 Based on a fair value of $ 1.43 There were 1,889 11,948 61,434 171,592 The Company utilized the Black-Scholes option-pricing model. The assumptions used for the six months ended June 30, 2023 are as follows: Schedule of Assumptions Using Black-Scholes Option Pricing Mode June 30, 2023 Risk free interest rate 4.67 % Expected Volatility 136.03 % Expected life (in years) 1 Expected dividend yield 0 % The expected volatility is a measure of the amount by which our stock price is expected to fluctuate during the expected term of options granted. We determine the expected volatility based upon the historical volatility of our common stock since listing on The Nasdaq Capital Market. We do not believe that the future volatility of our common stock over an option’s expected term is likely to differ significantly from the past. The risk-free interest rate used in the calculations is based on the implied yield available on U.S. Treasury issues with an equivalent term approximating the expected life of the options as calculated using the simplified method. The expected life of the options used was based on the contractual life of the option granted. Stock-based compensation is a non-cash expense because we settle these obligations by issuing shares of our common stock from our authorized shares instead of settling such obligations with cash payments. As of June 30, 2023, total unrecognized compensation cost related to unvested stock options was $ 5,471 0.15 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies UCLA TDG Exclusive License Agreement Effective April 9, 2019, we entered into an Amended and Restated Exclusive License Agreement dated as of March 21, 2019, which was subsequently amended through three sets of amendments (as so amended the “Amended License Agreement”) with the UCLA TDG. The Amended License Agreement amends and restates the Amended and Restated Exclusive License Agreement, dated as of June 19, 2017 (the “2017 Agreement”). The 2017 Agreement amended and restated the Exclusive License Agreement, effective March 15, 2006, between the Company and UCLA TDG, as amended by ten amendments. Under the terms of the Amended License Agreement, the Regents have continued to grant us exclusive rights to develop and commercialize NELL-1 (the “Licensed Product”) for spinal fusion by local administration, osteoporosis and trauma applications. The Licensed Product is a recombinant human protein growth factor that is essential for normal bone development. We have agreed to pay an annual maintenance fee to UCLA TDG of $ 10,000 50,000 250,000 0.333 10 20 We are obligated to make the following milestone payments to UCLA TDG for each Licensed Product or Licensed Method: ● $ 100,000 ● $ 250,000 ● $ 500,000 ● $ 1,000,000 We are also obligated pay to UCLA TDG a fee (the “Diligence Fee”) of $ 8,000,000 ● Due upon cumulative Net Sales equaling $50,000,000 following the Triggering Sale Date - $2,000,000; ● Due upon cumulative Net Sales equaling $100,000,000 following the Triggering Sale Date - $2,000,000; and ● Due upon cumulative Net Sales equaling $200,000,000 following the Triggering Sale Date - $4,000,000 Our obligation to pay the Diligence Fee will survive termination or expiration of the Amended License Agreement and we are prohibited from assigning, selling, or otherwise transferring any of its assets related to any Licensed Product unless our Diligence Fee obligation is assigned, sold, or transferred along with such assets, or unless we pay UCLA TDG the Diligence Fee within ten (10) days of such assignment, sale or other transfer of such rights to any Licensed Product. We are also obligated to pay UCLA TDG a cash milestone payment within thirty (30) days of a Liquidity Event (including a Change of Control Transaction and a payment election by UCLA TDG exercisable after December 22, 2016) such payment to equal the greater of: ● $ 500,000 ● 2 As of June 30, 2023, none of the above milestones have been met. We are obligated to diligently proceed with developing and commercializing licensed products under UCLA TDG patents set forth in the Amended License Agreement. We are required to meet certain diligence milestone deadlines pursuant to the Amended License Agreement. Applicable for the current year, we are required to spend at least $ 1,000,000 We must reimburse or pre-pay UCLA TDG for patent prosecution and maintenance costs incurred during the term of the Amended License Agreement. We have the right to bring infringement actions against third party infringers of the Amended License Agreement, UCLA TDG may join voluntarily, at its own expense, or, at our expense, be joined involuntarily to the action. We are required to indemnify UCLA TDG against any third party claims arising out of our exercise of the rights under the Amended License Agreement or any sublicense. Payments to UCLA TDG under the Amended License Agreement for the six months ended June 30, 2023 and 2022 were $ 20,112 29,059 Development Contracts The Company has two contracts with one vendor for development activities of NELL-1. As of June 30, 2023, there were no 877,428 1,738,539 At June 30, 2023 there exists a concentration of payables to two vendors of approximately 87 Contingencies The Company is subject to claims and assessments from time to time in the ordinary course of business. The Company’s management does not believe that any such matters, individually or in the aggregate, will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. In July 2019, Dr. Bessie (Chia) Soo and Dr. Kang (Eric) Ting (“Plaintiffs”) filed a complaint (the “Complaint”) in federal court in Massachusetts against the Company, Bruce Stroever (“Stroever”), John Booth (“Booth”), Stephen LaNeve (“LaNeve”, and together with Stroever and Booth, the “Individual Defendants”), and MTF Biologics (f/k/a The Musculoskeletal Transplant Foundation, Inc.) (“MTF”). The Complaint alleges claims for breach of contract against the Company and tortious interference with contract against the Individual Defendants and MTF arising from the termination of the Professional Service Agreements, dated as of January 8, 2016, between the Company and each of the Plaintiffs. The Individual Defendants have been sued for actions taken by them in connection with their service to the Company as directors and/or officers of the Company. As such, the Company has certain indemnification obligations to the Individual Defendants. The Company and the Individual Defendants intend to vigorously defend against the allegations in the Complaint. Although the Complaint was filed several years ago, due to the Covid-19 Pandemic and long delays in the court ruling on various motions to dismiss, in terms of case progression the case is still in its early stages with the claims in the case not being set until April 2022 and preliminary discovery starting since then. Based on the early stage of the litigation, it is not possible to estimate the amount or range of any possible loss arising from the expenditure of defense fees, a judgment or settlement of the matter. NASDAQ Notice On June 28, 2023, Bone Biologics Corporation (the “Company”) received a letter (the “Letter”) from the Hearings Advisor in the Nasdaq Office of General Counsel confirming the decision of The Nasdaq Stock Market LLC’s (“Nasdaq”) Hearings Panel (the “Panel”), that the Company currently demonstrates compliance with the requirements for continued listing on The Nasdaq Capital Market for the minimum bid price, as outlined in Listing Rule 5550(a)(2). Pursuant to the Letter, the Company will be subject to a “Panel Monitor,” as defined by Nasdaq Listing Rule 5815(d)(4)(A), through June 27, 2024. In the event the Company fails to satisfy a continued listing requirement during the one year monitoring period, the Company will not be provided with the opportunity to present a compliance plan to Nasdaq’s Listing Qualifications Department (the “Department”) and the Department will not be permitted to grant additional time for the Company to regain compliance with respect to that deficiency, nor will the Company be afforded an applicable cure or compliance period pursuant to Rule 5810(c)(3), which process might otherwise be available under the Nasdaq Listing Rules but would instead have an opportunity to request an appeal of the determination pursuant to Listing Rule 5815(d)(4)(C). The Company’s securities may at that time be delisted from Nasdaq. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 8. Subsequent Events The Company has evaluated subsequent events through August 11, 2023, the date which the consolidated financial statements were available to be issued. There were no additional subsequent events noted that would require adjustment to or disclosure in these consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The interim condensed consolidated financial statements included herein reflect all material adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) which, in the opinion of management, are ordinary and necessary for a fair presentation of results for the interim periods. Certain information and footnote disclosures required under the accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated balance sheet information as of December 31, 2022 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2023 (the “2022 Annual Report”). These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2022 and notes thereto included in the 2022 Annual Report. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the entire fiscal year ended December 31, 2023 or for any other period. |
Use of Estimates | Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant estimates include the assumptions used in the accrual for potential liabilities, the valuation of the warrant liability, the valuation of debt and equity instruments, the valuation of stock options and warrants issued for services, and deferred tax valuation allowances. Actual results could differ from those estimates. |
Novel Coronavirus (COVID-19) | Novel Coronavirus (COVID-19) On May 11, 2023, the United States Department of Health and Human Services declared the end of the COVID-19 Pandemic nationwide health emergency. While the Company’s operations have not been materially disrupted to date from the pandemic, the coronavirus impact on economic conditions nationally continues to be uncertain and could affect the Company’s results of operations, financial condition and liquidity in the future. The coronavirus pandemic presents a challenge to medical facilities worldwide. As the Company’s clinical trials are conducted on an outpatient basis, there could be delays in and increased costs of such clinical trials as a result of the coronavirus pandemic. |
Inflation | Inflation Macroeconomic factors such as inflation, rising interest rates, governmental responses there to and possible recession caused thereby also add significant uncertainty to our operations and possible effects to the amount and type of financing available to the Company in the future. |
Cash | Cash Cash primarily consists of bank demand deposits maintained by a major financial institution. The Company’s policy is to maintain its cash balances with financial institutions with high credit ratings and in accounts insured by the Federal Deposit Insurance Corporation (the “FDIC”) and/or by the Securities Investor Protection Corporation (the “SIPC”). The Company may periodically have cash balances in financial institutions in excess of the FDIC and SIPC insurance limits of $ 250,000 500,000 While the Company and its bank has not been directly affected by the recent failures of certain banks, the banking industry overall has experienced disruption and uncertainty, which could put additional pressures on the Company’s bank and other banks, and may negatively impact the availability and costs for various banking and investment offerings. The failure of a bank, or other adverse conditions in the financial or credit markets impacting financial institutions at which we maintain balances, could adversely impact our liquidity and financial performance. There can be no assurance that our deposits in excess of the FDIC or other comparable insurance limits will be backstopped by the U.S., or that any bank or financial institution with which we do business will be able to obtain needed liquidity from other banks, government institutions or by acquisition in the event of a failure or liquidity crisis. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provide a framework for establishing that fair value. The Company defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last is considered unobservable: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 assumptions: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities including liabilities resulting from embedded derivatives associated with certain warrants to purchase common stock. The fair value of financial instruments measured on a recurring basis was as follows as of June 30, 2023: Schedule of Fair Value Liabilities Measured on Recurring Basic As of June 30, 2023 Description Total Level 1 Level 2 Level 3 Liabilities: Warrant liability $ 241,160 — — $ 241,160 Total liabilities at fair value $ 241,160 — — $ 241,160 The following table provides a roll-forward of the warrant liability measured at fair value on a recurring basis using unobservable level 3 inputs for the six period ended June 30, 2023 as follows: Schedule of Warrant Liability Measured Fair Value on a Recurring Basic Using Unobservable June 30, 2023 Warrant liability Balance as of beginning of period – December 31, 2022 $ 1,659,468 Extinguishment of warrant liability upon exercise of warrants (711,024 ) Change in fair value (707,284 ) Balance as of June 30, 2023 $ 241,160 The Company believes the carrying amount of certain financial instruments, including cash and accounts payable approximate their values based on their short-term nature and are excluded from the fair value tables above. |
Prepaid Expenses | Prepaid Expenses At June 30, 2023, prepaid expenses consist of prepaid insurance and prepaid services. Prepaid expenses are amounts paid to secure the use of assets or the receipt of services at a future date or continuously over one or more future periods. When the prepaid expenses are eventually consumed, they are charged to expense. The Company had $ 615,238 956,925 |
Stock Based Compensation | Stock Based Compensation ASC 718, Compensation – Stock Compensation |
Loss per Common Share | Loss per Common Share Basic loss per share is computed by dividing the loss available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Diluted loss per common share reflects the potential dilution that could occur if options and warrants were to be exercised or converted or otherwise resulted in the issuance of common stock that then shared in the earnings of the entity. Since the effects of outstanding options and warrants are anti-dilutive for the six months ended June 30, 2023 and 2022, shares of common stock underlying these instruments have been excluded from the computation of loss per common share. The following sets forth the number of shares of common stock underlying outstanding options and warrants as of June 30, 2023 and 2022: Schedule of Anti Dilutive Securities Excluded from Computation of Earnings Per Share June 30, 2023 2022 Warrants 375,296 60,922 Stock options 16,995 11,410 Anti dilutive securities 392,291 72,332 |
New Accounting Standards | New Accounting Standards The Company’s management has evaluated all the recently issued, but not yet effective, accounting standards and guidance that have been issued or proposed by the FASB or other standards-setting bodies through the filing date of these financial statements and does not believe the future adoption of any such pronouncements will have a material effect on the Company’s financial position and results of operations . |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Fair Value Liabilities Measured on Recurring Basic | The fair value of financial instruments measured on a recurring basis was as follows as of June 30, 2023: Schedule of Fair Value Liabilities Measured on Recurring Basic As of June 30, 2023 Description Total Level 1 Level 2 Level 3 Liabilities: Warrant liability $ 241,160 — — $ 241,160 Total liabilities at fair value $ 241,160 — — $ 241,160 |
Schedule of Warrant Liability Measured Fair Value on a Recurring Basic Using Unobservable | The following table provides a roll-forward of the warrant liability measured at fair value on a recurring basis using unobservable level 3 inputs for the six period ended June 30, 2023 as follows: Schedule of Warrant Liability Measured Fair Value on a Recurring Basic Using Unobservable June 30, 2023 Warrant liability Balance as of beginning of period – December 31, 2022 $ 1,659,468 Extinguishment of warrant liability upon exercise of warrants (711,024 ) Change in fair value (707,284 ) Balance as of June 30, 2023 $ 241,160 |
Schedule of Anti Dilutive Securities Excluded from Computation of Earnings Per Share | The following sets forth the number of shares of common stock underlying outstanding options and warrants as of June 30, 2023 and 2022: Schedule of Anti Dilutive Securities Excluded from Computation of Earnings Per Share June 30, 2023 2022 Warrants 375,296 60,922 Stock options 16,995 11,410 Anti dilutive securities 392,291 72,332 |
Warrant Liability (Tables)
Warrant Liability (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Warrant Liability | |
Schedule of Warrant Liability Black-Scholes Model | The warrant liability was valued at the following dates using a Black-Scholes model with the following assumptions: Schedule of Warrant Liability Black-Scholes Model June 30, 2023 December 31, 2022 Warrant liability: Risk-free interest rate 4.31 % 4.26 % Expected volatility 142.57 % 112.58 % Expected life (in years) 4.29 4.78 Expected dividend yield - - Fair Value of warrant liability $ 241,160 $ 1,659,468 |
Common Stock Warrants (Tables)
Common Stock Warrants (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Common Stock Warrants | |
Schedule of Warrant Activity | A summary of warrant activity for the six months ended June 30, 2023 is presented below: Schedule of Warrant Activity Subject to Exercise Number of Weighted Weighted Outstanding as of December 31, 2022 461,500 $ 53.40 4.65 Granted – 2023 - - - Forfeited/Expired – 2023 - - - Exercised – 2023 (86,204 ) - 4.29 Outstanding as of June 30, 2023 375,296 $ 65.66 4.13 |
Schedule of Outstanding Vested and Unexercised Common Stock Warrants | As of June 30, 2023, the Company had outstanding vested and unexercised Common Stock Warrants as follows: Schedule of Outstanding Vested and Unexercised Common Stock Warrants Date Issued Exercise Price Number of Expiration date October 2021 $ 189.00 60,934 October 13, 2026 October 2022 $ 48,60 144,464 October 12, 2027 October 2022 $ 40.50 150,761 October 12, 2027 October 2022 $ 0.00 19,137 October 12, 2027 Total outstanding warrants at June 30, 2023 375,296 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | A summary of stock option activity for the six months ended June 30, 2023 is presented below: Schedule of Stock Option Activity Subject to Exercise Number of Weighted Average Weighted Aggregate Outstanding as of December 31, 2022 15,106 $ 505.20 5.60 $ - Granted – 2023 1,889 7.20 2.00 - Forfeited/Expired – 2023 - - - - Exercised – 2023 - - - - Outstanding as of June 30, 2023 16,995 $ 459.70 4.57 $ - Options vested and exercisable at June 30, 2023 16,074 $ 483.26 4.31 $ - |
Schedule of Outstanding Stock Options | As of June 30, 2023, the Company had outstanding stock options as follows: Schedule of Outstanding Stock Options Date Issued Exercise Price Number of Expiration date August 2015 $ 1,192.50 1,387 December 27, 2025 September 2015 $ 1,192.50 268 December 27, 2025 November 2015 $ 1,192.50 1,634 December 27, 2025 December 2015 $ 1,192.50 75 December 27, 2025 January 2016 $ 1,192.50 1,701 January 9, 2026 May 2016 $ 1,537.50 359 May 26, 2026 September 2016 $ 1,537.50 135 May 31, 2026 January 2017 $ 1,537.50 72 January 1, 2027 January 2018 $ 1,477.50 53 January 1, 2028 January 2019 $ 70.50 732 January 1, 2029 October 2021 $ 157.50 1,630 October 26, 2031 January 2022 $ 105.60 873 January 1, 2032 January 2022 $ 111.60 1,667 January 1, 2024 January 2022 $ 111.60 833 January 3, 2024 August 2022 $ 48.30 3,687 August 23, 2032 January 2023 $ 7.20 1,889 January 25, 2025 Total outstanding options at June 30, 2023 16,995 |
Schedule of Assumptions Using Black-Scholes Option Pricing Mode | The Company utilized the Black-Scholes option-pricing model. The assumptions used for the six months ended June 30, 2023 are as follows: Schedule of Assumptions Using Black-Scholes Option Pricing Mode June 30, 2023 Risk free interest rate 4.67 % Expected Volatility 136.03 % Expected life (in years) 1 Expected dividend yield 0 % |
The Company (Details Narrative)
The Company (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 16, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Accumulated deficit | $ 77,439,364 | $ 77,439,364 | $ 71,960,227 | |||||
Operating expenses | 6,100,000 | |||||||
Net loss | 1,769,238 | $ 3,709,899 | $ 469,304 | $ 689,499 | 5,479,137 | $ 1,158,803 | ||
Net cash used in operating activities | 4,982,666 | 1,220,843 | ||||||
Cash | $ 7,007,809 | 7,007,809 | $ 7,538,312 | |||||
Clinical study expense | 8,600,000 | |||||||
Proceeds from sale of common stock in public offering, net of offering costs | $ 4,500,000 | 4,452,163 | ||||||
FDA Spine Interbody Fusion [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Additional clinical study expense | $ 27,000,000 |
Schedule of Fair Value Liabilit
Schedule of Fair Value Liabilities Measured on Recurring Basic (Details) - Fair Value, Recurring [Member] | Jun. 30, 2023 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liability | $ 241,160 |
Total liabilities at fair value | 241,160 |
Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liability | |
Total liabilities at fair value | |
Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liability | |
Total liabilities at fair value | |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Warrant liability | 241,160 |
Total liabilities at fair value | $ 241,160 |
Schedule of Warrant Liability M
Schedule of Warrant Liability Measured Fair Value on a Recurring Basic Using Unobservable (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Accounting Policies [Abstract] | |
Balance as of beginning of period – December 31, 2022 | $ 1,659,468 |
Extinguishment of warrant liability upon exercise of warrants | (711,024) |
Change in fair value including accrued interest | (707,284) |
Balance as of June 30, 2023 | $ 241,160 |
Schedule of Anti Dilutive Secur
Schedule of Anti Dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 392,291 | 72,332 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 375,296 | 60,922 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti dilutive securities | 16,995 | 11,410 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Cash FDIC insured amount | $ 250,000 | |
Cash SIPC insured amount | 500,000 | |
Prepaid expenses | $ 615,238 | $ 956,925 |
Schedule of Warrant Liability B
Schedule of Warrant Liability Black-Scholes Model (Details) - Warrant [Member] | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value of warrant liability | $ 241,160 | $ 1,659,468 |
Measurement Input, Risk Free Interest Rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and rights outstanding, measurement input | 4.31 | 4.26 |
Measurement Input Expected Volatility [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and rights outstanding, measurement input | 142.57 | 112.58 |
Measurement Input, Expected Term [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and rights outstanding, measurement input | 4.29 | 4.78 |
Measurement Input Expected Dividend Yield [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants and rights outstanding, measurement input |
Warrant Liability (Details Narr
Warrant Liability (Details Narrative) | 1 Months Ended |
Oct. 31, 2022 shares | |
Warrant Liability | |
Issuance of warrant shares | 433,382 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Jun. 16, 2023 | Jun. 14, 2023 | May 31, 2023 | Feb. 28, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | ||||
Preferred stock, shares issued | 0 | 0 | ||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||||
Common stock, shares outstanding | 3,134,391 | 510,065 | ||||
Underwriting Agreement [Member] | ||||||
Class of Stock [Line Items] | ||||||
Gross proceeds from underwriting discount | $ 5,000,000 | |||||
Net proceeds from offering | $ 4,452,163 | |||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Public offering | 2,538,071 | |||||
Common Stock [Member] | Underwriting Agreement [Member] | ||||||
Class of Stock [Line Items] | ||||||
Public offering | 2,538,071 | |||||
Public offering price | $ 1.97 | |||||
Public offering discount price | 7% | |||||
Option to purchase additional shares | 380,710 | |||||
Series C Warrant [Member] | ||||||
Class of Stock [Line Items] | ||||||
Warrant exchange for common stock | 39,506 | 46,698 | ||||
Series C Warrant [Member] | Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Warrant exchange for common stock | 39,506 | 46,698 |
Schedule of Warrant Activity (D
Schedule of Warrant Activity (Details) | 6 Months Ended |
Jun. 30, 2023 shares | |
Common Stock Warrants | |
Number of Warrants, Outstanding | 461,500 |
Weighted Average Exercise Price, Outstanding | 53.40 |
Weighted Average Life (Years), Outstanding | 4 years 7 months 24 days |
Number of Warrants,Granted | |
Weighted Average Exercise Price, Granted | |
Number of Warrants, Forfeited/Expired | |
Weighted Average Exercise Price ,Forfeited/Expired | |
Number of Warrants, Exercised | (86,204) |
Weighted Average Exercise Price, Exercised | |
Weighted Average Life (Years), Exercised | 4 years 3 months 14 days |
Number of Warrants, Outstanding | 375,296 |
Weighted Average Exercise Price, Outstanding | 65.66 |
Weighted Average Life (Years), Outstanding | 4 years 1 month 17 days |
Schedule of Outstanding Vested
Schedule of Outstanding Vested and Unexercised Common Stock Warrants (Details) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total outstanding warrants | 375,296 | 461,500 |
October 2021 [Member] | Vested and Unexercised Common Stock Warrants [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Exercise Price | $ 189 | |
Total outstanding warrants | 60,934 | |
ExpirationDate | Oct. 13, 2026 | |
October 2022 [Member] | Vested and Unexercised Common Stock Warrants [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Exercise Price | $ 48.60 | |
Total outstanding warrants | 144,464 | |
ExpirationDate | Oct. 12, 2027 | |
October 2022-1 [Member] | Vested and Unexercised Common Stock Warrants [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Exercise Price | $ 40.50 | |
Total outstanding warrants | 150,761 | |
ExpirationDate | Oct. 12, 2027 | |
October 2022-2 [Member] | Vested and Unexercised Common Stock Warrants [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Exercise Price | $ 0 | |
Total outstanding warrants | 19,137 | |
ExpirationDate | Oct. 12, 2027 |
Common Stock Warrants (Details
Common Stock Warrants (Details Narrative) | Jun. 30, 2023 USD ($) $ / shares shares |
Common Stock Warrants | |
Fair market value | $ / shares | $ 1.43 |
Exercisable unexercised, shares | shares | 19,137 |
Exercisable unexercised, intrinsic value | $ | $ 27,366 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of Options Outstanding, Beginning balance | 15,106 | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 505.20 | |
Weighted Average Life (Years), Outstanding | 4 years 6 months 25 days | 5 years 7 months 6 days |
Aggregate Intrinsic Value, Outstanding, Beginning balance | ||
Number of Options, Granted | 1,889 | |
Weighted Average Exercise Price, Granted | $ 7.20 | |
Weighted Average Life (Years), Granted | 2 years | |
Number of Options, Forfeited/Expired | ||
Weighted Average Exercise Price, Forfeited/Expired | ||
Number of Options, Exercised | ||
Weighted Average Exercise Price, Exercised | ||
Number of Options Outstanding, Ending balance | 16,995 | 15,106 |
Weighted Average Exercise Price, Outstanding, Ending balance | $ 459.70 | $ 505.20 |
Aggregate Intrinsic Value, Outstanding, Ending balance | ||
Number of Options Exercisable, Ending balance | 16,074 | |
Weighted Average Exercise Price, Exercisable, Ending balance | $ 483.26 | |
Weighted Average Exercise Price, Exercisable, Year | 4 years 3 months 21 days | |
Aggregate Intrinsic Value, Outstanding, Options vested and exercisable, Ending balance |
Schedule of Outstanding Stock O
Schedule of Outstanding Stock Options (Details) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, outstanding | 16,995 |
August 2015 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 1,192.50 |
Number of Options, outstanding | 1,387 |
Expiration date | Dec. 27, 2025 |
September 2015 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 1,192.50 |
Number of Options, outstanding | 268 |
Expiration date | Dec. 27, 2025 |
November 2015 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 1,192.50 |
Number of Options, outstanding | 1,634 |
Expiration date | Dec. 27, 2025 |
December 2015 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 1,192.50 |
Number of Options, outstanding | 75 |
Expiration date | Dec. 27, 2025 |
January 2016 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 1,192.50 |
Number of Options, outstanding | 1,701 |
Expiration date | Jan. 09, 2026 |
May 2016 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 1,537.50 |
Number of Options, outstanding | 359 |
Expiration date | May 26, 2026 |
September 2016 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 1,537.50 |
Number of Options, outstanding | 135 |
Expiration date | May 31, 2026 |
January 2017 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 1,537.50 |
Number of Options, outstanding | 72 |
Expiration date | Jan. 01, 2027 |
January 2018 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 1,477.50 |
Number of Options, outstanding | 53 |
Expiration date | Jan. 01, 2028 |
January 2019 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 70.50 |
Number of Options, outstanding | 732 |
Expiration date | Jan. 01, 2029 |
October 2021 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 157.50 |
Number of Options, outstanding | 1,630 |
Expiration date | Oct. 26, 2031 |
January 2022 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 105.60 |
Number of Options, outstanding | 873 |
Expiration date | Jan. 01, 2032 |
January 2022-1 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 111.60 |
Number of Options, outstanding | 1,667 |
Expiration date | Jan. 01, 2024 |
January 2022-2 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 111.60 |
Number of Options, outstanding | 833 |
Expiration date | Jan. 03, 2024 |
August 2022 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 48.30 |
Number of Options, outstanding | 3,687 |
Expiration date | Aug. 23, 2032 |
January 2023 [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 7.20 |
Number of Options, outstanding | 1,889 |
Expiration date | Jan. 25, 2025 |
Schedule of Assumptions Using B
Schedule of Assumptions Using Black-Scholes Option Pricing Mode (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Risk free interest rate | 4.67% |
Expected Volatility | 136.03% |
Expected life (in years) | 1 year |
Expected dividend yield | 0% |
Stock-based Compensation (Detai
Stock-based Compensation (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jul. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Fair value, per share | $ 1.43 | ||
Options granted | 1,889 | ||
Fair value of stock option | $ 11,948 | ||
Share based compensation expense | $ 61,434 | $ 171,592 | |
2015 Equity Incentive Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Common stock, capital shares reserved for future issuance | 35,918 | ||
Percentage of stock issued and outstanding | 5% | ||
2015 Equity Incentive Plan [Member] | Subsequent Event [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of shares | 5,000,000 | ||
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 5,471 | ||
Weighted average period (in years) | 1 month 24 days |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Product Liability Contingency [Line Items] | ||||
Development costs | $ 2,295,251 | $ 17,600 | $ 4,885,896 | $ 54,000 |
Amounts remaining for services value | 1,738,539 | $ 1,738,539 | ||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor One [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Concentration risk, percentage | 87% | |||
Accounts Payable [Member] | Supplier Concentration Risk [Member] | Vendor Two [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Concentration risk, percentage | 87% | |||
UCLA TDG [Member] | ||||
Product Liability Contingency [Line Items] | ||||
License commitment fee | $ 500,000 | |||
Proceeds from private placement percentage | 2% | |||
One Vendor [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Prepaid expenses | 0 | $ 0 | ||
Accounts payable | $ 877,428 | 877,428 | ||
License Agreement [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Maintenance fees | 10,000 | |||
License Agreement [Member] | UCLA TDG [Member] | ||||
Product Liability Contingency [Line Items] | ||||
License commitment fee | 20,112 | $ 29,059 | ||
Diligence fee | 8,000,000 | |||
License Agreement [Member] | UCLA TDG [Member] | First Subject in Feasibility Study [Member] | ||||
Product Liability Contingency [Line Items] | ||||
License commitment fee | 100,000 | |||
License Agreement [Member] | UCLA TDG [Member] | First Subject in Pivotal Study [Member] | ||||
Product Liability Contingency [Line Items] | ||||
License commitment fee | 250,000 | |||
License Agreement [Member] | UCLA TDG [Member] | Pre Market Approval of Licensed Product Or Licensed Method [Member] | ||||
Product Liability Contingency [Line Items] | ||||
License commitment fee | 500,000 | |||
License Agreement [Member] | UCLA TDG [Member] | First Commercial Sale of Licensed Product or Licensed Method [Member] | ||||
Product Liability Contingency [Line Items] | ||||
License commitment fee | $ 1,000,000 | |||
License Agreement [Member] | UCLA TDG [Member] | Minimum [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Percentage of commercial sale of product | 10% | |||
License Agreement [Member] | UCLA TDG [Member] | Maximum [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Percentage of commercial sale of product | 20% | |||
License Agreement [Member] | Third Party [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Percentage of commercial sale of product | 0.333% | |||
License Agreement [Member] | First Commercial Sale [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Royalty expenses | $ 50,000 | |||
License Agreement [Member] | After First Commercial Sale [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Royalty expenses | $ 250,000 | |||
License Agreement [Member] | Scenario 1 [Member] | UCLA TDG [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Cumulative net sales description | Due upon cumulative Net Sales equaling $50,000,000 following the Triggering Sale Date - $2,000,000; | |||
License Agreement [Member] | Scenario 2 [Member] | UCLA TDG [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Cumulative net sales description | Due upon cumulative Net Sales equaling $100,000,000 following the Triggering Sale Date - $2,000,000; and | |||
License Agreement [Member] | Scenario 3 [Member] | UCLA TDG [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Cumulative net sales description | Due upon cumulative Net Sales equaling $200,000,000 following the Triggering Sale Date - $4,000,000 | |||
Amended License Agreement [Member] | ||||
Product Liability Contingency [Line Items] | ||||
Development costs | $ 1,000,000 |