Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 05, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-39318 | ||
Entity Registrant Name | Lantern Pharma Inc. | ||
Entity Central Index Key | 0001763950 | ||
Entity Tax Identification Number | 46-3973463 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 1920 McKinney Avenue | ||
Entity Address, Address Line Two | 7th Floor | ||
Entity Address, City or Town | Dallas | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75201 | ||
City Area Code | (972) | ||
Local Phone Number | 277-1136 | ||
Title of 12(b) Security | Common Stock, $0.0001 par value | ||
Trading Symbol | LTRN | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Elected Not To Use the Extended Transition Period | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 52,565,860 | ||
Entity Common Stock, Shares Outstanding | 10,741,324 | ||
Documents Incorporated by Reference [Text Block] | Portions of the registrant’s definitive proxy statement for the registrant’s 2024 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A within 120 days of the registrant’s year ended December 31, 2023 are incorporated herein by reference into Part III of this Annual Report on Form 10-K | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | EisnerAmper LLP | ||
Auditor Location | Iselin, New Jersey | ||
Auditor Firm ID | 274 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 21,937,749 | $ 37,201,786 |
Restricted cash | 541,180 | |
Marketable securities | 19,364,923 | 17,994,299 |
Prepaid expenses & other current assets | 2,038,653 | 2,985,472 |
Total current assets | 43,341,325 | 58,722,737 |
Property and equipment, net | 52,127 | 48,008 |
Operating lease right-of-use assets | 228,295 | 47,687 |
Other assets | 25,869 | 17,889 |
TOTAL ASSETS | 43,647,616 | 58,836,321 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 2,505,211 | 2,745,407 |
Operating lease liabilities, current | 172,975 | 52,890 |
Total current liabilities | 2,678,186 | 2,798,297 |
Operating lease liabilities, net of current portion | 61,496 | |
TOTAL LIABILITIES | 2,739,682 | 2,798,297 |
COMMITMENTS AND CONTINGENCIES (NOTE 4) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock (1,000,000 authorized at December 31, 2023 and December 31, 2022; $.0001 par value) (Zero shares issued and outstanding at December 31, 2023 and December 31, 2022) | ||
Common Stock (25,000,000 authorized at December 31, 2023 and December 31, 2022; $.0001 par value) (10,721,192 shares issued and outstanding at December 31, 2023; 10,857,040 shares issued and outstanding at December 31, 2022) | 1,072 | 1,086 |
Additional paid-in capital | 96,258,726 | 95,691,194 |
Accumulated other comprehensive loss | (107,460) | (371,386) |
Accumulated deficit | (55,244,404) | (39,282,870) |
Total stockholders’ equity | 40,907,934 | 56,038,024 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 43,647,616 | $ 58,836,321 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 10,721,192 | 10,857,040 |
Common stock, shares outstanding | 10,721,192 | 10,857,040 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating expenses: | ||
General and administrative | $ 5,983,255 | $ 5,829,799 |
Research and development | 11,894,315 | 8,602,954 |
Total operating expenses | 17,877,570 | 14,432,753 |
Loss from operations | (17,877,570) | (14,432,753) |
Interest income | 765,388 | 204,355 |
Other income (expense), net | 1,150,648 | (31,548) |
NET LOSS | $ (15,961,534) | $ (14,259,946) |
Net loss per share of common shares, basic | $ (1.47) | $ (1.31) |
Net loss per share of common shares, diluted | $ (1.47) | $ (1.31) |
Weighted-average number of common shares outstanding, basic | 10,842,365 | 10,850,579 |
Weighted-average number of common shares outstanding, diluted | 10,842,365 | 10,850,579 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
NET LOSS | $ (15,961,534) | $ (14,259,946) |
Other comprehensive gain (loss) | ||
Unrealized gain (loss) on available-for-sale securities | 282,252 | (296,448) |
Unrealized gain (loss) on foreign currency translation | (18,326) | 17,751 |
Other comprehensive gain (loss) | 263,926 | (278,697) |
Comprehensive loss | $ (15,697,608) | $ (14,538,643) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 1,109 | $ 96,685,924 | $ (92,689) | $ (25,022,924) | $ 71,571,420 | |
Balance, shares at Dec. 31, 2021 | 11,088,835 | |||||
Common stock issued from warrant exercise | $ 10 | 299,778 | 299,788 | |||
Common stock issued from warrant exercise, shares | 95,779 | |||||
Common stock issued from option exercise | $ 3 | (3) | ||||
Common stock issued from option exercises, shares | 26,093 | 32,538 | ||||
Share repurchase | $ (36) | (2,482,250) | $ (2,482,286) | |||
Share repurchases, shares | (353,667) | |||||
Stock-based compensation | 1,187,745 | 1,187,745 | ||||
Net loss | (14,259,946) | (14,259,946) | ||||
Other comprehensive gain (loss) | (278,697) | (278,697) | ||||
Balance at Dec. 31, 2022 | $ 1,086 | 95,691,194 | (371,386) | (39,282,870) | 56,038,024 | |
Balance, shares at Dec. 31, 2022 | 10,857,040 | |||||
Share repurchase | $ (15) | (499,982) | (499,997) | |||
Share repurchases, shares | (145,348) | |||||
Stock-based compensation | 1,017,450 | 1,017,450 | ||||
Net loss | (15,961,534) | (15,961,534) | ||||
Other comprehensive gain (loss) | 263,926 | 263,926 | ||||
Issuance of restricted common stock awards | $ 1 | 50,064 | $ 50,065 | |||
Issuance of restricted common stock awards, shares | 12,000 | 12,000 | ||||
Cancellation of restricted common stock awards | ||||||
Cancellation of restricted common stock awards, shares | (2,500) | 2,500 | ||||
Balance at Dec. 31, 2023 | $ 1,072 | $ 96,258,726 | $ (107,460) | $ (55,244,404) | $ 40,907,934 | |
Balance, shares at Dec. 31, 2023 | 10,721,192 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (15,961,534) | $ (14,259,946) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation and amortization | 14,615 | 10,081 |
Amortization (accretion) of investment premiums (discounts) | (173,086) | 81,870 |
Non-cash lease adjustments | 160,228 | 144,600 |
Stock based compensation | 1,067,515 | 1,187,745 |
Foreign currency remeasurement loss | 11,500 | 58,598 |
Realized loss on sale of marketable securities | 115,840 | 128,922 |
Unrealized (gain) loss on marketable securities | (119,650) | 492,501 |
Changes in assets and liabilities: | ||
Operating lease liabilities | (159,255) | (158,402) |
Prepaid expenses & other current assets | 941,440 | (1,033,820) |
Accounts payable and accrued expenses | (236,181) | 580,359 |
Other assets | (7,980) | |
Net cash flows used in operating activities | (14,346,548) | (12,767,492) |
INVESTING ACTIVITIES | ||
Purchase of property and equipment | (18,734) | (27,844) |
Purchase of marketable securities | (8,196,143) | (3,912,570) |
Redemptions of marketable securities | 7,284,667 | 4,119,682 |
Net cash flows (used in) provided by investing activities | (930,210) | 179,268 |
FINANCING ACTIVITIES | ||
Proceeds from warrant and stock option exercise | 299,788 | |
Repurchases of shares including commissions | (499,997) | (2,482,286) |
Net cash flows used in financing activities | (499,997) | (2,182,498) |
Effect of foreign exchange rates on cash | (28,462) | (10,607) |
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FOR THE YEAR | (15,805,217) | (14,781,329) |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR | 37,742,966 | 52,524,295 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 21,937,749 | 37,742,966 |
RECONCILIATION OF CASH, CASH EQUIVALENTS, AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS | ||
Cash and cash equivalents | 21,937,749 | 37,201,786 |
Restricted cash | 541,180 | |
Non-cash investing and financing activities: | ||
Operating lease right-of-use asset acquired through operating lease liability | 141,989 | |
Remeasurement of operating lease right-of-use asset and operating lease liability | 198,847 | |
Unrealized losses on debt securities | $ (282,252) | $ (296,448) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure [Table] | ||
Net Income (Loss) Attributable to Parent | $ (15,961,534) | $ (14,259,946) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual [Table] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization, Principal Activit
Organization, Principal Activities, and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Principal Activities, and Basis of Presentation | Note 1. Organization, Principal Activities, and Basis of Presentation Lantern Pharma Inc., and Subsidiaries (the “Company”) is a clinical stage biopharmaceutical company, focused on leveraging artificial intelligence (“A.I.”), machine learning and biomarker data to streamline the drug development process and to identify the patients that will benefit from its targeted oncology therapies. The Company’s portfolio of therapies consists of small molecule drug candidates that others have tried, but failed, to develop into an approved commercialized drug, as well as new compounds that it is developing with the assistance of its A.I. platform and its biomarker driven approach. The Company’s A.I. platform, known as RADR ® Lantern Pharma Inc. was incorporated under the laws of the state of Texas on November 7, 2013, and thereafter reincorporated in the state of Delaware on January 15, 2020. The Company’s principal operations are located in Texas. The Company formed a wholly owned subsidiary, Lantern Pharma Limited, in the United Kingdom in July 2017 and a wholly owned subsidiary, Lantern Pharma Australia Pty Ltd, in Australia in September 2021. In January 2023, the Company formed a wholly owned subsidiary, Starlight Therapeutics Inc. (“Starlight”), to continue with advancing the development of drug candidate LP-184’s central nervous system (CNS) and brain cancer indications. Since inception, the Company has devoted substantially all its activity to advancing research and development, including efforts in connection with preclinical studies, clinical trials and development of its RADR ® ● LP-300 (Tavocept), which we are currently advancing in a Phase 2 clinical trial, the Harmonic ™ ● LP-184, which we are advancing in a Phase 1 clinical trial, and has potential for treatment of solid tumors including pancreatic, breast, bladder, and lung cancers, and glioblastoma and other CNS cancers. Following the formation of Starlight, the Company now refers to the molecule LP-184, as it is developed in CNS indications, as “STAR-001”; ● LP-284, the stereoisomer (enantiomer) of LP-184, is advancing in a recently launched Phase 1 clinical trial, and has shown promising in-vitro in vivo ● Our ADC program is focused on developing highly specific ADCs with highly potent drug-payloads. The Company’s fiscal year ends on December 31 of each calendar year. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows for each period presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Actual results could differ from these estimates. Any reference in these notes to applicable guidance refers to Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). To date, the Company has operated its business as one segment. The Company’s consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Lantern Pharma Limited, Starlight Therapeutics Inc. and Lantern Pharma Australia Pty Ltd. All intercompany balances and transactions have been eliminated in consolidation. |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Note 2. Liquidity The Company incurred a net loss of approximately $ 15,962,000 14,260,000 40,663,000 The Company plans to continue to explore periodic capital raises and also plans to apply for grant funding in the future to assist in supporting its capital needs. We may also explore the possibility of entering into commercial credit facilities as an additional source of liquidity. We believe that our existing cash and cash equivalents as of December 31, 2023, and our anticipated expenditures and capital commitments, will enable us to fund our operating expenses and capital expenditure requirements for at least 12 months from the date of filing this Form 10-K for the year ended December 31, 2023. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3. Summary of Significant Accounting Policies Use of Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The significant areas of estimation include determining research and development accruals, the inputs in determining the fair value of equity-based awards and warrants issued, the inputs in determining present value of lease payments, and fair value of marketable securities. Actual results could differ from those estimates. Risks and Uncertainties The Company operates in an industry that is subject to intense competition, government regulation and rapid technological change. Operations are subject to significant risk and uncertainties including financial, operational, technological, regulatory, and other risks, including the potential risk of business failure. Our marketable securities have had and may in the future have their market value fluctuate due to rises or falls in interest rates. While we believe our cash, cash equivalents and marketable securities do not contain excessive risk, we cannot provide absolute assurance that in the future our investments will not be subject to adverse changes in market value. In addition, we maintain significant amounts of cash and cash equivalents at one or more financial institutions that are federally insured. Interest bearing and non-interest bearing accounts we hold at these banking institutions are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 Research and Development Research and development costs are expensed as incurred. These expenses primarily consist of payroll, contractor expenses, research study expenses, costs for manufacturing and supplies, clinical site costs and other costs for the conduct of clinical trials, and technical infrastructure on the cloud for the purposes of developing the Company’s RADR platform and identifying, developing, and testing drug candidates. Development costs incurred by third parties are expensed as the work is performed. Costs to acquire technologies, including licenses, that are utilized in research and development and that have no alternative future use are expensed when incurred. Cash and Cash Equivalents The Company considers money market funds and other highly liquid instruments with a short-term maturity of 3 months or less to be cash equivalents. Cash equivalents at December 31, 2023 and 2022 were approximately $ 20,881,000 1,271,000 Restricted Cash The Company considers cash held in escrow for the purposes of contractual contingencies to be restricted cash. Restricted cash at December 31, 2022 was approximately $ 541,000 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets as of December 31, 2023 totaled approximately $ 2,039,000 746,000 125,000 308,000 860,000 Prepaid expenses and other current assets as of December 31, 2022 totaled approximately $ 2,985,000 1,633,000 256,000 504,000 592,000 Leases The Company determines whether an arrangement contains a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and net of current portion of operating lease liabilities on our consolidated balance sheets. Lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at the commencement date in determining the present value of lease payments. The Company does not include options to extend or terminate the lease term unless it is reasonably certain that the Company will exercise any such options. Rent expense is recognized under the operating leases on a straight-line basis. The Company does not recognize right-of-use assets or lease liabilities for short-term leases, which have a lease term of twelve months or less, and instead will recognize lease payments as expense on a straight-line basis over the lease term. Marketable Securities The Company’s marketable securities consist of government and agency securities, corporate bonds, and mutual funds. We classify our marketable securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond twelve months, as current assets in the accompanying consolidated balance sheets. Available-for-sale debt securities are recorded at fair value each reporting period. Unrealized gains and losses are excluded from earnings and recorded as a separate component within “Accumulated other comprehensive income” or “Accumulated other comprehensive loss” on the consolidated balance sheets until realized. Interest is reported within “Interest income” and dividend income is reported within “Other (expense) income, net” on the consolidated statements of operations. We evaluate our investments to assess whether the amortized cost basis is in excess of estimated fair value and determine what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses are recognized as a charge in “Other income, net” on the consolidated statements of operations, and any remaining unrealized losses are included in “Accumulated other comprehensive loss” on the consolidated balance sheets. There were no credit losses recorded for the years ended December 31, 2023 and 2022. There was no impairment charge for any unrealized losses for the years ended December 31, 2023 and 2022. We determine realized gains and losses on the sale of marketable securities based on the specific identification method and record such gains and losses in “Other (expense) income, net” on the consolidated statements of operations. Income Taxes Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities using enacted tax rates which will be in effect when the differences reverse. The Company provides a full valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax asset will be realized. Stock-based Compensation Stock-based awards have been accounted for as required by ASC 718 Compensation - Stock Compensation Recently Adopted Accounting Standards Current Expected Credit Loss In June 2016 the FASB issued ASU 2016-13 , Measurement of Credit Losses on Financial Instruments |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 4: Commitments and Contingencies General. The Company has entered into, and expects to enter into from time to time in the future, license agreements, strategic alliance agreements, assignment agreements, research service agreements, and similar agreements related to the advancement of its product candidates and research and development efforts. Significant agreements are described in detail below (collectively, the “License, Strategic Alliance, and Research Agreements”). Set forth below are the approximate amounts expensed for License, Strategic Alliance, and Research Agreements during the years ended December 31, 2023 and 2022, respectively. These expensed amounts are included under research and development expenses in the accompanying consolidated statements of operations. Schedule of Research and Development 2023 2022 Year Ended December 31, 2023 2022 Amount Expensed for License, Strategic Alliance, and Research Agreements $ 5,993,000 $ 5,222,000 * * Amounts expensed for License, Strategic Alliance, and Research Agreements during the year ended December 31, 2022 were reduced by $ 935,000 Set forth below at December 31, 2023 and 2022, respectively, are (1) the approximate amounts accrued and payable under the License, Strategic Alliance, and Research Agreements, and (2) the approximate amount of prepaid expenses and other current assets under the License, Strategic Alliance, and Research Agreements. These amounts are included in the accompanying consolidated balance sheets at December 31, 2023 and 2022. Schedule of Accounts Payable and Accrued Liabilities 2023 2022 Amount accrued and payable under License, Strategic Alliance, and Research Agreements $ 1,563,000 $ 1,813,000 Prepaid expenses and other current assets under License, Strategic Alliance, and Research Agreements $ 511,000 $ 1,595,000 BioNumerik Pharmaceuticals In January 2018, the Company entered into an Assignment Agreement (the “Assignment Agreement”) with BioNumerik Pharmaceuticals, Inc. (“BioNumerik”), pursuant to which the Company acquired rights to domestic and international patents, trademarks and related technology and data relating to LP-300 (Tavocept) for human therapeutic treatment indications. The Assignment Agreement replaced a License Agreement that was entered into between the Company and BioNumerik in May 2016. The Company made upfront payments totaling $ 25,000 In the event the Company develops and commercializes LP-300 internally, the Company is required to pay to the BioNumerik-related payment recipients designated in the Assignment Agreement a percentage royalty in the low double digits on cumulative net revenue up to $100 million, with incremental increases in the percentage royalty for net cumulative revenue between $100 million and $250 million, $250 million and $500 million, and $500 million and $1 billion, with a percentage royalty payment that could exceed $200 million for net cumulative revenue in excess of $1 billion If the Company enters into a third-party transaction for LP-300, the Company is required to pay the BioNumerik-related payment recipients a specified percentage of any upfront, milestone, and royalty amounts received by the Company from the transaction, after first recovering specified direct costs incurred by the Company for the development of LP-300 that are not otherwise reimbursed from such third-party transaction. In addition, the Assignment Agreement provides that the Company will use commercially diligent efforts to develop LP-300 and make specified regulatory filings and pay specified development and regulatory costs related to LP-300. The Assignment Agreement also provides that the Company will provide TriviumVet DAC (“TriviumVet”) with (i) specified data and information generated by the Company with respect to LP-300, and (ii) an exclusive license to use specified LP-300-related patent rights, trademark rights and related intellectual property to support LP-300 development in non-human (animal) treatment indications. The Company is also required to pay all patent costs on covered patents related to LP-300. These patent costs are included in general and administrative expenses in the accompanying consolidated statements of operations. These patent costs are fully recoverable at the time of any net revenue from LP-300, with up to 50% of net revenue amounts to be applied towards repayment of patent costs until such costs are fully recovered. In addition to the recovery of patent costs, the Company has the right to recover the $ 25,000 AF Chemicals In January 2015, the Company entered into a Technology License Agreement to exclusively license domestic and international patent rights from AF Chemicals, LLC (“AF Chemicals”) for the treatment of cancer in humans for the compounds LP-100 (Irofulven) and LP-184. In February 2016, the Company and AF Chemicals entered into an Addendum (the “Addendum”) providing for additions and amendments to the Technology License Agreement. In December 2020, the Company and AF Chemicals entered into a Second Addendum (the “Second Addendum”) providing for further additions and amendments to the Technology License Agreement. The Technology License Agreement, Addendum and Second Addendum are collectively referred to as the “AFC License Agreement”. Pursuant to the Second Addendum, the Company made specified payments to AF Chemicals during the twelve months ended December 31, 2021. The Second Addendum also provides that, from December 30, 2020 until January 15, 2025, the Company will have no obligation to pay annual licensing fees, development diligence extension payments, or patent maintenance fee payments to AFC under the AFC License Agreement. As part of the Second Addendum, the Company has agreed to apply for specified orphan drug designations for LP-184 in the US and EU. The Second Addendum also amends and clarifies other provisions of the Technology License Agreement, and provides the Company with the ability to recover a portion of initial payments made under the Second Addendum from sublicense fees or royalty payments that may be made to AFC by the Company or third parties prior to January 15, 2025. Pursuant to the AFC License Agreement the Company made annual licensing fee payments to AF Chemicals relating to LP-184 for periods prior to signing the Second Addendum. In addition, the Company is obligated to make milestone payments to AF Chemicals at the time of an Investigational New Drug Application (“IND”) filing relating to LP-184 or LP-284 and also upon reaching additional specified milestones in connection with the development and potential marketing approval of LP-184 or LP-284 in the United States, specified countries in Europe, and other countries. The AFC License Agreement also provides that the Company will pay AF Chemicals a royalty of at least a very small single digit percentage of specified net sales of LP-184, LP-284 and other analogs. In addition, the AFC License Agreement contains specified time requirements for the Company to file an IND, enroll patients in clinical trials, and file a potential NDA with respect to LP-184, with the ability for the Company to pay AF Chemicals additional amounts ranging up to an amount in the low hundreds of thousands of dollars for each one, two, three and four year extension to such development time requirements, with additional extensions beyond four years to be negotiated by the Company and AF Chemicals Pursuant to the Second Addendum, no additional payments of annual licensing fees or development diligence extension payments related to LP-184 or LP-284 are required to be made by the Company until January 15, 2025, at which time these obligations will resume. The Company will also be obligated to make payments to AF Chemicals relating to LP-100 beginning January 15, 2025, as described below. In the event of a sublicense of the LP-184 or LP-284 rights, the Company is obligated to pay AF Chemicals (a) a low double-digit percentage of the gross income and fees received by the Company with respect to the United States in connection with such sublicense, and (b) a lower double digit percentage of the gross income and fees received by the Company with respect to Europe and Japan in connection with such sublicense. The amounts to be paid to AF Chemicals with respect to LP-100 under the AFC License Agreement are in many ways similar to the amounts to be paid with respect to LP-184 as described above. In addition, the AFC License Agreement contains specified time requirements for the Company to enroll patients in clinical trials and file a potential NDA with respect to LP-100. Extension fees may be paid by the Company to AF Chemicals from time to time related to these requirements. Pursuant to the Second Addendum with AF Chemicals, no additional payments of annual licensing fees or development diligence extension payments are required to be made by the Company with respect to LP-100 until January 15, 2025, at which time these obligations will resume. Approximately $ 175,000 125,000 Allarity Therapeutics (formerly known as Oncology Venture) In May 2015, the Company licensed various rights to LP-100 to Oncology Venture (now known as Allarity Therapeutics) pursuant to a Drug License and Development Agreement. In February 2016, the Company and Allarity Therapeutics entered into an addendum and an amendment providing for additions and amendments to the Drug License and Development Agreement. In connection with the Drug License and Development Agreement, as amended (collectively, the “Allarity License and Development Agreement”), Allarity Therapeutics agreed to directly pay to AF Chemicals on behalf of the Company certain amounts to satisfy the Company’s milestone obligations to AF Chemicals with respect to LP-100 under the AFC License Agreement. Amounts paid by Allarity Therapeutics to AF Chemicals on behalf of the Company would then be deducted from amounts owed by Allarity Therapeutics to the Company. On July 23, 2021, the Company entered into an Asset Purchase Agreement to reacquire global development and commercialization rights for Irofulven (LP-100) from Allarity. The transaction includes global rights to LP-100, as well as the developed clinical protocol for an intended study in bladder and prostate cancer patients who have a mutation in the ERCC2/3 genes. As a result of this transaction, the Company has full authority to manage and guide future clinical development and commercialization of LP-100. Under the terms of the Asset Purchase Agreement, the Company paid an initial upfront payment of $ 1,000,000 1,000,000 459,000 541,000 459,000 No amounts were expensed with respect to Allarity during the year ended December 31, 2023. Fortrea Inc. In May 2023, the Company entered into initial agreements with Fortrea Inc. (“Fortrea”) to begin serving as the lead contract research organization (CRO) for the Company’s Phase 2 clinical trial for LP-300 and the Company’s Phase 1 clinical trial for LP-184. In July 2023, the Company entered into a clinical master services agreement and work orders with Fortrea regarding additional CRO services to be provided by Fortrea relating to the LP-300 Phase 2 trial and the LP-184 Phase 1 trial. In October 2023, the Company entered into a start-up work order with Fortrea regarding start-up assistance services to be provided by Fortrea relating to the LP-284 Phase 1 trial. Approximately 2,096,000 was expensed with respect to the Fortrea agreements during the year ended December 31, 2023, which amount is included in research and development expenses in the accompanying consolidated statements of operations. No amounts were expensed with respect to the Fortrea agreements during the year ended December 31, 2022. Patheon API Services The Company has entered into agreements with Patheon API Services, Inc. (“Patheon”) for the manufacture and supply of cGMP material to support the Company’s Phase 2 clinical trial for its product candidate LP-300. In addition to producing LP-300 API (active pharmaceutical ingredient) under cGMP (current Good Manufacturing Practices) conditions, Patheon transferred previously validated manufacturing processes and analytical methods for LP-300 and produced non-GMP material for use in support of non-clinical studies for LP-300. The agreements provided for payments in stages as specified process and manufacturing milestones are achieved. Approximately $ 218,000 was expensed with respect to the Patheon agreements during the year ended December 31, 2022. Expenses with respect to the Patheon agreements were reduced by approximately $ 35,000 during the year ended December 31, 2023 due to a reduction in accrual estimates. These amounts for the years ended December 31, 2022 and 2023 are included in research and development expenses in the accompanying consolidated statements of operations. The Company expects to expense additional amounts in future periods in accordance with the progress of work completed under the Patheon agreements. Southwest Research Institute As part of the Company’s research and development activities, the Company has engaged Southwest Research Institute (“SwRI”) from time to time to assist with compound synthesis and manufacturing related activities for the Company’s product candidates. The Company has entered into agreements with SwRI for the non-GMP and cGMP synthesis of LP-184 material and related analytical development. Approximately $ 10,000 494,000 The Research Institute of Fox Chase Cancer Center In September 2020, the Company entered into a research agreement with the Research Institute of Fox Chase Cancer Center (“FCCC”), which was amended in January 2022, as part of the Company’s research and development activities, with a focus on advancing the targeted use of LP-184 in molecularly-defined sub-types of pancreatic cancer. Approximately $ 148,000 No Piramal Pharma Solutions In January 2021, the Company entered into an agreement with Piramal Pharma Solutions (“Piramal”) for the fill and finish manufacture of LP-300 drug product at Piramal’s Lexington, Kentucky site in support of future Phase 2 clinical testing. The agreement, as amended, and additional agreements entered into with Piramal have provided for Piramal to conduct activities in support of the cGMP manufacturing of LP-300, including analytical and process transfer activities, manufacture of cGMP clinical batches, and performance of stability studies on cGMP batches of LP-300 drug product. Approximately $ 49,000 and $ 196,000 was expensed with respect to Piramal agreements during the years ended December 31, 2023 and 2022, respectively, which amounts are included in research and development expenses in the accompanying consolidated statements of operations. The Company expects to expense additional amounts in future periods with respect to Piramal relating to vivoPharm In September 2021, the Company’s Australian subsidiary entered into an agreement with RDDT, a vivoPharm Company Pty Ltd (“vivoPharm”), for multiple preclinical studies, including animal studies, as part of an IND-enabling program for LP-184. The Company’s Australian subsidiary entered into an additional agreement with vivoPharm in 2022 as part of an IND-enabling program for LP-284. Amendments to the vivoPharm agreements were made in 2022 and 2023, and additional agreements were entered into with vivoPharm in 2023 relating to preclinical studies and related data analysis and support work. Approximately $ 1,012,000 1,030,000 TD2 In October 2021, the Company entered into a Statement of Work, as amended in March 2022, with Translational Drug Development, LLC (“TD2”) providing for TD2 to serve as the lead contract research organization (CRO) for the Company’s Phase 2 clinical trial for its product candidate LP-300. Approximately $ 420,000 789,000 Company’s engagement of Fortrea to provide contract research organization services to the Company. Berkshire Sterile Manufacturing During the years ended December 31, 2022 and 2023, the Company entered into agreements with Berkshire Sterile Manufacturing (“Berkshire”) to support technical transfer and GMP drug product manufacturing of LP-300. Approximately $ 334,000 689,000 Shilpa In March 2022, the Company entered into an agreement with Shilpa Medicare Limited (“Shilpa”) for fit-to-purpose process development and synthesis of a key starting material relating to the synthesis of LP-184 under cGMP. In July 2022, the Company entered into agreements with Shilpa Pharma Lifesciences for the cGMP synthesis of LP-184 API material as well as for drug product development and cGMP drug product manufacturing of LP-184. In August 2022, the Company entered into agreements with Shilpa for the cGMP synthesis of LP-284 API material as well as for drug product development and cGMP drug product manufacturing of LP-284. The Company entered into additional agreements with Shilpa and its subsidiaries and affiliates in 2023 to support cGMP drug substance and drug product manufacturing and stability studies for LP-184 and LP-284. Approximately $ 1,313,000 707,000 Curia During the years ended December 31, 2022 and 2023, the Company entered into agreements with Curia Global, Inc. (“Curia”) relating to the cGMP manufacture of LP-300 API. Approximately $ 414,000 285,000 LumaBridge (formerly known as Cancer Insight) In May 2022, the Company entered into an agreement with Cancer Insight, LLC, now known as LumaBridge, LLC (“LumaBridge”) for IND filing, regulatory support, Phase 1 pre-trial startup activities, and strategic program consulting relating to LP-184. Approximately $ 200,000 82,000 Other Research and Service Provider Agreements In addition to the agreements described above, the Company has entered into other research and service provider agreements for the advancement of its product candidates and research and development efforts. The Company expects to expense additional amounts in future periods in connection with existing and future research and service provider agreements. EU Grant In September 2018, Lantern Pharma Limited, a wholly owned subsidiary of Lantern Pharma Inc., was awarded a grant by the UK government in the form of state aid under the Commission Regulations (EU) No. 651/2014 of 17 June 2014 (the “General Block Exemption”), Article 25 Aid for research and development projects, state aid notification no. SA.40154. The grant was awarded to conduct research and development activities for the prostate cancer biomarker analysis of the LP-184 drug candidate. Following the Company’s research and development activities in Northern Ireland, the grant will reimburse the Company 50 24,215 No Actuate Therapeutics In May 2021, the Company entered into a Collaboration Agreement with Actuate Therapeutics, Inc. (“Actuate”), a clinical stage private biopharmaceutical company focused on the development of compounds for use in the treatment of cancer, and inflammatory diseases leading to fibrosis. Pursuant to the agreement, the Company and Actuate are collaborating on utilization of the Company’s RADR ® 25,000 The restricted shares of Actuate stock had a nominal value when acquired and, therefore, were recorded at a cost of $ 0 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | Note 5. Leases The following provides balance sheet information related to leases as of December 31, 2023 and 2022: Schedule of Balance Sheet Information Related to Leases 2023 2022 Assets Operating lease, right-of-use asset, net $ 228,295 $ 47,687 Liabilities Current portion of operating lease liabilities $ 172,975 $ 52,890 Operating lease liabilities, net of current portion 61,496 - Total operating lease liabilities $ 234,471 $ 52,890 At December 31, 2023, the future estimated minimum lease payments under non-cancelable operating leases are as follows: Schedule of Future Estimated Minimum Lease Payments Under Non-cancelable Operating Leases 2024 $ 184,532 2025 62,448 Total minimum lease payments 246,980 Less amount representing interest 12,509 Present value of future minimum lease payments 234,471 Less current portion of operating lease liabilities 172,975 Operating lease liabilities, net of current portion $ 61,496 In April 2021, the Company entered into two operating leases for office space that commenced in May 2021. The lease terms were set to expire in April 2023, subject to automatic renewal on a month-to-month basis unless the Company provided three-months written notice to the landlord prior to initial expiration. In January 2023, the Company renewed one of the operating leases for an additional two years and notified the landlord of its intent not to renew the other lease. In January 2023, the Company also entered into two new leases that commenced in March 2023 and May 2023, respectively, and continue through April 2025. The new leases also renew automatically on a month-to-month basis unless the Company provides three-months written notice to the landlord prior to initial expiration. The exercise of lease renewal options was at the Company’s sole discretion and is assessed as to whether to include any renewals in the lease term at inception. The following table provides a reconciliation for the Company’s right of use assets and lease liabilities: Schedule of Reconciliation of Right-of-Use Assets and lease Liabilities Right-of-Use Asset Operating Lease Liability Balance at January 1, 2022 $ 185,943 $ 204,948 Amortizations (138,256 ) (152,058 ) Balance at December 31, 2022 47,687 52,890 Remeasurement of operating lease right-of-use assets and operating lease liability 198,847 198,847 Operating right-of-use asset acquired through operating lease liability 141,989 141,989 Amortizations (160,228 ) (159,255 ) Balance at December 31, 2023 $ 228,295 $ 234,471 Other supplemental information related to operating leases is as follows: Schedule of Other Supplemental Information Related to Operating Leases 2023 2022 As of December 31, 2023 2022 Weighted average remaining term of operating leases (in years) 1.33 0.33 Weighted average discount rate of operating leases 7.36 % 4.65 % The Company also leased office space in Dallas, Texas under month-to-month lease arrangements during the years ended December 31, 2023 and 2022. In April 2023, the Company entered into a two-year lease for material storage and handling. The lease is cancellable with 45-days’ written notice. Under these short-term leases, the Company elected the short-term lease measurement and recognition exemption under ASC 842 and recorded rent expense as incurred. The components of lease expense were approximately as follows for the years ended December 31, 2023 and 2022: Schedule of Lease Expense 2023 2022 Operating lease cost $ 178,000 $ 144,000 Short-term lease cost 14,000 - Lease expense $ 192,000 $ 144,000 During the years ended December 31, 2023 and 2022, cash used in operating activities associated with these leases was approximately $ 177,000 158,000 |
Shareholders_ Equity
Shareholders’ Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Shareholders’ Equity | Note 6. Shareholders’ Equity Preferred Stock Upon the Company’s IPO, all shares of the Company’s Series A preferred stock were converted into 2,438,851 1,000,000 zero Common Stock In November 2021, the Company’s Board of Directors authorized a share repurchase program to acquire up to $ 7,000,000 353,667 2,482,000 During the year ended December 31, 2022, the Company issued 26,093 32,538 During the year ended December 31, 2022, the Company issued 95,779 300,000 3.13 During the year ended December 31, 2023, the Company repurchased 145,348 500,000 The Company also issued 12,000 63,000 9,500 2,500 50,000 9,500 As of December 31, 2023 and December 31, 2022, the Company had 25,000,000 10,721,192 10,857,040 Warrants The Company had warrants to purchase 177,998 9.27 March 7, 2024 June 10, 2025 Options On August 29, 2018, the Board of Directors of the Company adopted the Lantern Pharma Inc. 2018 Equity Incentive Plan, which was subsequently amended on December 17, 2018, February 26, 2020, October 20, 2022 and June 16, 2023. The Lantern Pharma Inc. 2018 Equity Incentive Plan, as amended and restated, is referred to herein as the “Plan”. The Company has reserved 1,739,680 10 473,191 1,017,000 1,188,000 871,000 1.26 6.4 5.78 A summary of stock option activity under the Plan during the years ended December 31, 2023 and 2022 is presented below: Schedule of Stock Option Activity Options Outstanding Options Exercisable Number of Shares Weighted-Average Exercise Price Number of Options Weighted-Average Exercise Price Outstanding December 31, 2021 890,826 $ 6.54 687,438 $ 4.77 Granted 196,200 5.73 Exercised (32,538 ) 1.03 Cancelled or expired (16,897 ) 13.19 - - Outstanding December 31, 2022 1,037,591 6.46 755,073 5.87 Granted 126,000 4.43 Cancelled or expired (72,395 ) 8.20 Outstanding December 31, 2023 1,091,196 $ 6.11 880,241 $ 6.25 For the years ended December 31, 2023 and 2022, the fair value of each option granted was estimated using the Black-Scholes option-pricing model, using the following weighted average assumptions: Schedule of Weighted Average Assumptions 2023 2022 Term (in years) 5.73 5.93 Risk Free Rate 4.01 % 3.04 % Volatility 86.91 % 125.35 % Dividend Yield 0.00 % 0.00 % Grant Date Fair Value $ 3.25 $ 4.90 The fair value of options is recognized as an expense over the vesting period and forfeitures are accounted for as they occur. The total intrinsic value of options outstanding at December 31, 2023 was approximately $ 1,552,000 1,526,000 2,422,000 2,361,000 136,000 Expected Term - The Company used a weighted average of time to vesting and maturity date. Expected Volatility- Due to the Company’s limited operating history and a lack of company-specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded commensurate with expected term as of grant date. The historical volatility data was computed using the daily closing prices for the selected comparable companies’ shares. Risk-Free Interest Rate- The Company used the U.S. treasury bill rate commensurate with the expected term as of grant date. Expected Dividend- As the Company has not issued any dividends and does not expect to issue dividends over the life of the options, the Company has estimated the dividend yield to be zero. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Marketable Securities | Note 7. Marketable Securities At December 31, 2023, marketable securities consisted of the following: Schedule of Marketable of Securities Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Government & Agency Securities $ 5,576,819 $ 3,969 $ (66,680 ) $ 5,514,108 Corporate Bonds 8,322,723 514 (44,872 ) 8,278,365 Marketable Securities - Debt $ 13,899,542 $ 4,483 $ (111,552 ) $ 13,792,473 Mutual Funds – Fixed Income $ 4,002,704 $ - $ (269,104 ) $ 3,733,600 Mutual Funds – Alternative Investments 2,023,154 - (184,304 ) 1,838,850 Marketable Securities – Mutual Funds $ 6,025,858 $ - $ (453,408 ) $ 5,572,450 $ 19,925,400 $ 4,483 $ (564,960 ) $ 19,364,923 At December 31, 2022, marketable securities consisted of the following: Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Government & Agency Securities $ 5,408,681 $ 3,512 $ (184,863 ) $ 5,227,330 Corporate Bonds 7,522,138 2,565 (210,534 ) 7,314,169 Marketable Securities - Debt $ 12,930,819 $ 6,077 $ (395,397 ) $ 12,541,499 Mutual Funds – Fixed Income $ 4,002,704 $ - $ (343,904 ) $ 3,658,800 Mutual Funds – Alternative Investments 2,023,154 - (229,154 ) 1,794,000 Marketable Securities – Mutual Funds $ 6,025,858 $ - $ (573,058 ) $ 5,452,800 $ 18,956,677 $ 6,077 $ (968,455 ) $ 17,994,299 The contractual maturities of the investments classified as Government & Agency Securities and Corporate Bonds are as follows: Schedule of Contractual Maturities Investments of Marketable Securities As of December 31, 2023 Due within one year $ 12,486,366 Due in one to two years 1,306,107 Total $ 13,792,473 The following table presents gross unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of December 31, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: Schedule of Gross Unrealized Losses and Fair Values for Marketable Securities Fair Value Unrealized Loss Fair Value Unrealized Loss As of December 31, 2023 Less than 12 months More than 12 months Fair Value Unrealized Loss Fair Value Unrealized Loss Government & Agency Securities $ 83,021 $ (290 ) $ 3,718,012 $ (66,390 ) Corporate Bonds 4,221,801 (7,845 ) 3,761,146 (37,027 ) Mutual Funds – Fixed Income - - 3,733,600 (269,104 ) Mutual Funds – Alternative Investments - - 1,838,850 (184,304 ) $ 4,304,822 $ (8,135 ) $ 13,051,608 $ (556,825 ) We do not believe the unrealized losses represent credit losses based on our evaluation of available evidence as of December 31, 2023, which includes an assessment of whether it is more likely than not we will be required to sell the investment before recovery of the investment’s amortized cost basis. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8. Fair Value Measurements We determine the fair values of our financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 - Inputs are unobservable inputs based on our assumptions. Financial Assets When available, our marketable securities are valued using quoted prices for identical instruments in active markets. If we are unable to value our marketable securities using quoted prices for identical instruments in active markets, we value our investments using broker reports that utilize quoted market prices for comparable instruments. As of December 31, 2023 and 2022 our available-for-sale debt securities were valued through use of quoted prices for comparable instruments in active markets and are classified as Level 2, and our mutual funds – alternative investments were valued using NAV, net asset value per share, under the practical expedient methodology. Based on our valuation of our marketable securities, we concluded that they are classified in either Level 2 or NAV, and we have no financial assets measured using Level 1 or 3 inputs. The following table presents information about our assets that are measured at fair value on a recurring basis using the above input categories. Schedule of Assets are Measured at Fair Value on Recurring Basis Description Total Level 1 Level 2 Level 3 NAV * Fair Value Measurements as of December 31, 2023 Description Total Level 1 Level 2 Level 3 NAV* Government & Agency Securities $ 5,514,108 $ - $ 5,514,108 $ - $ - Corporate Bonds 8,278,365 - 8,278,365 - - Money Markets 10,252,566 10,252,566 - - - Mutual Funds – Fixed Income 3,733,600 - 3,733,600 - - Mutual Funds – Alternative Investments 1,838,850 - - - 1,838,850 Fair value recurring basis $ 29,617,489 $ 10,252,566 $ 17,526,073 $ - $ 1,838,850 Description Total Level 1 Level 2 Level 3 NAV * Fair Value Measurements as of December 31, 2022 Description Total Level 1 Level 2 Level 3 NAV* Government & Agency Securities $ 5,227,330 $ - $ 5,227,330 $ - $ - Corporate Bonds 7,314,169 - 7,314,169 - - Mutual Funds – Fixed Income 3,658,800 - 3,658,800 - - Mutual Funds – Alternative Investments 1,794,000 - - - 1,794,000 Fair value recurring basis $ 17,994,299 $ - $ 16,200,299 $ - $ 1,794,000 * Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology. |
Loss Per Share of Common Shares
Loss Per Share of Common Shares | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Loss Per Share of Common Shares | Note 9. Loss Per Share of Common Shares Basic loss per share is derived by dividing net loss applicable to common stockholders by the weighted average number of shares of common stock outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as warrants and stock options, which would result in the issuance of incremental shares of common stock unless such effect is anti-dilutive. In calculating the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remained the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation. Potentially dilutive securities outstanding that have been excluded from diluted loss per share due to being anti-dilutive include the following: Schedule of Anti-dilutive Securities Outstanding Diluted Loss Per Share 2023 2022 For the year ended December 31, 2023 2022 Warrants 177,998 177,998 Stock options 1,091,196 1,037,591 Anti-dilutive securities 1,269,194 1,215,589 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 10. Income Taxes Our effective tax rate differs from the statutory federal tax rate as presented in the following table: Schedule of Effective Income Tax Rate 2023 2022 U.S. federal statutory tax rate 21 % 21 % Permanent differences - % 3 % Valuation allowance (21 )% (24 )% Total: - % - % As of December 31, 2023 and 2022, the Company was domiciled in Texas, and due to the losses generated and no revenues, it incurred no current federal or state tax. The tax effect of the temporary differences that give rise to the significant portions of the deferred tax assets and liabilities is presented below. Schedule of Deferred Tax Assets and Liabilities 2023 2022 December 31, 2023 2022 Deferred tax assets Research and development credits $ 1,436,914 $ 862,366 Stock-based compensation 538,771 441,939 Net operating loss carryforwards 7,383,777 6,474,825 Unrealized losses on securities 22,624 62,640 Research and development amortization 3,164,305 1,343,382 Deferred tax asset 12,546,391 9,185,152 Less: valuation allowance (12,542,542 ) (9,181,492 ) Net deferred tax asset 3,849 3,660 Deferred tax liabilities Fixed assets (3,849 ) (3,660 ) Net deferred tax assets $ - $ - Due to a history of losses the Company has generated since inception, the Company believes it is more-likely-than-not that all of the deferred tax assets will not be realized as of December 31, 2023 and 2022. Therefore, the Company has recorded a full valuation allowance on its deferred tax assets. At December 31, 2023 and 2022, the Company has net operating loss (“NOL”) carryforwards for federal income tax purposes of approximately $ 34,500,000 29,100,000 The NOL carryforwards generated prior to 2018 of approximately $3,100,000 could expire over time beginning in 2035, if not used. The NOL carryforwards generated from January 1, 2018 through December 31, 2023 of approximately $31,400,000 do not expire and are carried forward indefinitely 925,000 274,000 1,433,000 Entities are also required to evaluate, measure, recognize and disclose any uncertain income tax provisions taken on their income tax returns. The Company has analyzed its tax positions and has concluded that as of December 31, 2023, there were no uncertain positions. In addition, interest and penalties, if any, as they relate to income taxes assessed, are included in the income tax provision, for which there were none. The Company’s U.S. federal operating losses have occurred since its inception and as such, tax years subject to potential tax examination could apply from that date because the utilization of net operating losses from prior years opens the relevant year to audit by the IRS and/or state taxing authorities. The statute of limitations expires three years after the utilization of historical losses. The Tax Cuts and Jobs Act of 2017 (TCJA) has modified the IRC 174 expenses related to research and development for the tax years beginning after December 31, 2021. Under the TCJA, the Company must now capitalize the expenditures related to research and development activities and amortize over five years for U.S. activities and 15 years for non-U.S. activities using a mid-year convention. Therefore, the capitalization of research and development costs in accordance with IRC 174 resulted in a gross deferred tax asset of $ 3,164,305 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The significant areas of estimation include determining research and development accruals, the inputs in determining the fair value of equity-based awards and warrants issued, the inputs in determining present value of lease payments, and fair value of marketable securities. Actual results could differ from those estimates. |
Risks and Uncertainties | Risks and Uncertainties The Company operates in an industry that is subject to intense competition, government regulation and rapid technological change. Operations are subject to significant risk and uncertainties including financial, operational, technological, regulatory, and other risks, including the potential risk of business failure. Our marketable securities have had and may in the future have their market value fluctuate due to rises or falls in interest rates. While we believe our cash, cash equivalents and marketable securities do not contain excessive risk, we cannot provide absolute assurance that in the future our investments will not be subject to adverse changes in market value. In addition, we maintain significant amounts of cash and cash equivalents at one or more financial institutions that are federally insured. Interest bearing and non-interest bearing accounts we hold at these banking institutions are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 |
Research and Development | Research and Development Research and development costs are expensed as incurred. These expenses primarily consist of payroll, contractor expenses, research study expenses, costs for manufacturing and supplies, clinical site costs and other costs for the conduct of clinical trials, and technical infrastructure on the cloud for the purposes of developing the Company’s RADR platform and identifying, developing, and testing drug candidates. Development costs incurred by third parties are expensed as the work is performed. Costs to acquire technologies, including licenses, that are utilized in research and development and that have no alternative future use are expensed when incurred. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers money market funds and other highly liquid instruments with a short-term maturity of 3 months or less to be cash equivalents. Cash equivalents at December 31, 2023 and 2022 were approximately $ 20,881,000 1,271,000 |
Restricted Cash | Restricted Cash The Company considers cash held in escrow for the purposes of contractual contingencies to be restricted cash. Restricted cash at December 31, 2022 was approximately $ 541,000 |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets as of December 31, 2023 totaled approximately $ 2,039,000 746,000 125,000 308,000 860,000 Prepaid expenses and other current assets as of December 31, 2022 totaled approximately $ 2,985,000 1,633,000 256,000 504,000 592,000 |
Leases | Leases The Company determines whether an arrangement contains a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, current portion of operating lease liabilities, and net of current portion of operating lease liabilities on our consolidated balance sheets. Lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Lease ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. As the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at the commencement date in determining the present value of lease payments. The Company does not include options to extend or terminate the lease term unless it is reasonably certain that the Company will exercise any such options. Rent expense is recognized under the operating leases on a straight-line basis. The Company does not recognize right-of-use assets or lease liabilities for short-term leases, which have a lease term of twelve months or less, and instead will recognize lease payments as expense on a straight-line basis over the lease term. |
Marketable Securities | Marketable Securities The Company’s marketable securities consist of government and agency securities, corporate bonds, and mutual funds. We classify our marketable securities as available-for-sale at the time of purchase and reevaluate such classification as of each balance sheet date. We may sell these securities at any time for use in current operations even if they have not yet reached maturity. As a result, we classify our investments, including securities with maturities beyond twelve months, as current assets in the accompanying consolidated balance sheets. Available-for-sale debt securities are recorded at fair value each reporting period. Unrealized gains and losses are excluded from earnings and recorded as a separate component within “Accumulated other comprehensive income” or “Accumulated other comprehensive loss” on the consolidated balance sheets until realized. Interest is reported within “Interest income” and dividend income is reported within “Other (expense) income, net” on the consolidated statements of operations. We evaluate our investments to assess whether the amortized cost basis is in excess of estimated fair value and determine what amount of that difference, if any, is caused by expected credit losses. Allowance for credit losses are recognized as a charge in “Other income, net” on the consolidated statements of operations, and any remaining unrealized losses are included in “Accumulated other comprehensive loss” on the consolidated balance sheets. There were no credit losses recorded for the years ended December 31, 2023 and 2022. There was no impairment charge for any unrealized losses for the years ended December 31, 2023 and 2022. We determine realized gains and losses on the sale of marketable securities based on the specific identification method and record such gains and losses in “Other (expense) income, net” on the consolidated statements of operations. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities using enacted tax rates which will be in effect when the differences reverse. The Company provides a full valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax asset will be realized. |
Stock-based Compensation | Stock-based Compensation Stock-based awards have been accounted for as required by ASC 718 Compensation - Stock Compensation |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards Current Expected Credit Loss In June 2016 the FASB issued ASU 2016-13 , Measurement of Credit Losses on Financial Instruments |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Research and Development | Schedule of Research and Development 2023 2022 Year Ended December 31, 2023 2022 Amount Expensed for License, Strategic Alliance, and Research Agreements $ 5,993,000 $ 5,222,000 * |
Schedule of Accounts Payable and Accrued Liabilities | Schedule of Accounts Payable and Accrued Liabilities 2023 2022 Amount accrued and payable under License, Strategic Alliance, and Research Agreements $ 1,563,000 $ 1,813,000 Prepaid expenses and other current assets under License, Strategic Alliance, and Research Agreements $ 511,000 $ 1,595,000 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Schedule of Balance Sheet Information Related to Leases | The following provides balance sheet information related to leases as of December 31, 2023 and 2022: Schedule of Balance Sheet Information Related to Leases 2023 2022 Assets Operating lease, right-of-use asset, net $ 228,295 $ 47,687 Liabilities Current portion of operating lease liabilities $ 172,975 $ 52,890 Operating lease liabilities, net of current portion 61,496 - Total operating lease liabilities $ 234,471 $ 52,890 |
Schedule of Future Estimated Minimum Lease Payments Under Non-cancelable Operating Leases | At December 31, 2023, the future estimated minimum lease payments under non-cancelable operating leases are as follows: Schedule of Future Estimated Minimum Lease Payments Under Non-cancelable Operating Leases 2024 $ 184,532 2025 62,448 Total minimum lease payments 246,980 Less amount representing interest 12,509 Present value of future minimum lease payments 234,471 Less current portion of operating lease liabilities 172,975 Operating lease liabilities, net of current portion $ 61,496 |
Schedule of Reconciliation of Right-of-Use Assets and lease Liabilities | The following table provides a reconciliation for the Company’s right of use assets and lease liabilities: Schedule of Reconciliation of Right-of-Use Assets and lease Liabilities Right-of-Use Asset Operating Lease Liability Balance at January 1, 2022 $ 185,943 $ 204,948 Amortizations (138,256 ) (152,058 ) Balance at December 31, 2022 47,687 52,890 Remeasurement of operating lease right-of-use assets and operating lease liability 198,847 198,847 Operating right-of-use asset acquired through operating lease liability 141,989 141,989 Amortizations (160,228 ) (159,255 ) Balance at December 31, 2023 $ 228,295 $ 234,471 |
Schedule of Other Supplemental Information Related to Operating Leases | Other supplemental information related to operating leases is as follows: Schedule of Other Supplemental Information Related to Operating Leases 2023 2022 As of December 31, 2023 2022 Weighted average remaining term of operating leases (in years) 1.33 0.33 Weighted average discount rate of operating leases 7.36 % 4.65 % |
Schedule of Lease Expense | The components of lease expense were approximately as follows for the years ended December 31, 2023 and 2022: Schedule of Lease Expense 2023 2022 Operating lease cost $ 178,000 $ 144,000 Short-term lease cost 14,000 - Lease expense $ 192,000 $ 144,000 |
Shareholders_ Equity (Tables)
Shareholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Stock Option Activity | A summary of stock option activity under the Plan during the years ended December 31, 2023 and 2022 is presented below: Schedule of Stock Option Activity Options Outstanding Options Exercisable Number of Shares Weighted-Average Exercise Price Number of Options Weighted-Average Exercise Price Outstanding December 31, 2021 890,826 $ 6.54 687,438 $ 4.77 Granted 196,200 5.73 Exercised (32,538 ) 1.03 Cancelled or expired (16,897 ) 13.19 - - Outstanding December 31, 2022 1,037,591 6.46 755,073 5.87 Granted 126,000 4.43 Cancelled or expired (72,395 ) 8.20 Outstanding December 31, 2023 1,091,196 $ 6.11 880,241 $ 6.25 |
Schedule of Weighted Average Assumptions | For the years ended December 31, 2023 and 2022, the fair value of each option granted was estimated using the Black-Scholes option-pricing model, using the following weighted average assumptions: Schedule of Weighted Average Assumptions 2023 2022 Term (in years) 5.73 5.93 Risk Free Rate 4.01 % 3.04 % Volatility 86.91 % 125.35 % Dividend Yield 0.00 % 0.00 % Grant Date Fair Value $ 3.25 $ 4.90 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Marketable of Securities | At December 31, 2023, marketable securities consisted of the following: Schedule of Marketable of Securities Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Government & Agency Securities $ 5,576,819 $ 3,969 $ (66,680 ) $ 5,514,108 Corporate Bonds 8,322,723 514 (44,872 ) 8,278,365 Marketable Securities - Debt $ 13,899,542 $ 4,483 $ (111,552 ) $ 13,792,473 Mutual Funds – Fixed Income $ 4,002,704 $ - $ (269,104 ) $ 3,733,600 Mutual Funds – Alternative Investments 2,023,154 - (184,304 ) 1,838,850 Marketable Securities – Mutual Funds $ 6,025,858 $ - $ (453,408 ) $ 5,572,450 $ 19,925,400 $ 4,483 $ (564,960 ) $ 19,364,923 At December 31, 2022, marketable securities consisted of the following: Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value Government & Agency Securities $ 5,408,681 $ 3,512 $ (184,863 ) $ 5,227,330 Corporate Bonds 7,522,138 2,565 (210,534 ) 7,314,169 Marketable Securities - Debt $ 12,930,819 $ 6,077 $ (395,397 ) $ 12,541,499 Mutual Funds – Fixed Income $ 4,002,704 $ - $ (343,904 ) $ 3,658,800 Mutual Funds – Alternative Investments 2,023,154 - (229,154 ) 1,794,000 Marketable Securities – Mutual Funds $ 6,025,858 $ - $ (573,058 ) $ 5,452,800 $ 18,956,677 $ 6,077 $ (968,455 ) $ 17,994,299 |
Schedule of Contractual Maturities Investments of Marketable Securities | The contractual maturities of the investments classified as Government & Agency Securities and Corporate Bonds are as follows: Schedule of Contractual Maturities Investments of Marketable Securities As of December 31, 2023 Due within one year $ 12,486,366 Due in one to two years 1,306,107 Total $ 13,792,473 |
Schedule of Gross Unrealized Losses and Fair Values for Marketable Securities | The following table presents gross unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of December 31, 2023, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: Schedule of Gross Unrealized Losses and Fair Values for Marketable Securities Fair Value Unrealized Loss Fair Value Unrealized Loss As of December 31, 2023 Less than 12 months More than 12 months Fair Value Unrealized Loss Fair Value Unrealized Loss Government & Agency Securities $ 83,021 $ (290 ) $ 3,718,012 $ (66,390 ) Corporate Bonds 4,221,801 (7,845 ) 3,761,146 (37,027 ) Mutual Funds – Fixed Income - - 3,733,600 (269,104 ) Mutual Funds – Alternative Investments - - 1,838,850 (184,304 ) $ 4,304,822 $ (8,135 ) $ 13,051,608 $ (556,825 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets are Measured at Fair Value on Recurring Basis | Schedule of Assets are Measured at Fair Value on Recurring Basis Description Total Level 1 Level 2 Level 3 NAV * Fair Value Measurements as of December 31, 2023 Description Total Level 1 Level 2 Level 3 NAV* Government & Agency Securities $ 5,514,108 $ - $ 5,514,108 $ - $ - Corporate Bonds 8,278,365 - 8,278,365 - - Money Markets 10,252,566 10,252,566 - - - Mutual Funds – Fixed Income 3,733,600 - 3,733,600 - - Mutual Funds – Alternative Investments 1,838,850 - - - 1,838,850 Fair value recurring basis $ 29,617,489 $ 10,252,566 $ 17,526,073 $ - $ 1,838,850 Description Total Level 1 Level 2 Level 3 NAV * Fair Value Measurements as of December 31, 2022 Description Total Level 1 Level 2 Level 3 NAV* Government & Agency Securities $ 5,227,330 $ - $ 5,227,330 $ - $ - Corporate Bonds 7,314,169 - 7,314,169 - - Mutual Funds – Fixed Income 3,658,800 - 3,658,800 - - Mutual Funds – Alternative Investments 1,794,000 - - - 1,794,000 Fair value recurring basis $ 17,994,299 $ - $ 16,200,299 $ - $ 1,794,000 * Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology. |
Loss Per Share of Common Shar_2
Loss Per Share of Common Shares (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Anti-dilutive Securities Outstanding Diluted Loss Per Share | Schedule of Anti-dilutive Securities Outstanding Diluted Loss Per Share 2023 2022 For the year ended December 31, 2023 2022 Warrants 177,998 177,998 Stock options 1,091,196 1,037,591 Anti-dilutive securities 1,269,194 1,215,589 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate | Our effective tax rate differs from the statutory federal tax rate as presented in the following table: Schedule of Effective Income Tax Rate 2023 2022 U.S. federal statutory tax rate 21 % 21 % Permanent differences - % 3 % Valuation allowance (21 )% (24 )% Total: - % - % |
Schedule of Deferred Tax Assets and Liabilities | The tax effect of the temporary differences that give rise to the significant portions of the deferred tax assets and liabilities is presented below. Schedule of Deferred Tax Assets and Liabilities 2023 2022 December 31, 2023 2022 Deferred tax assets Research and development credits $ 1,436,914 $ 862,366 Stock-based compensation 538,771 441,939 Net operating loss carryforwards 7,383,777 6,474,825 Unrealized losses on securities 22,624 62,640 Research and development amortization 3,164,305 1,343,382 Deferred tax asset 12,546,391 9,185,152 Less: valuation allowance (12,542,542 ) (9,181,492 ) Net deferred tax asset 3,849 3,660 Deferred tax liabilities Fixed assets (3,849 ) (3,660 ) Net deferred tax assets $ - $ - |
Liquidity (Details Narrative)
Liquidity (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net loss | $ 15,961,534 | $ 14,259,946 |
Working capital | $ 40,663,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Cash and cash equivalents | $ 20,881,000 | $ 1,271,000 |
Restricted cash | 541,180 | |
Prepaid expense and other current assets | 2,038,653 | 2,985,472 |
Upfront payments for contractor fees, academic research studies and services, and subscriptions | 746,000 | 1,633,000 |
Intellectual property related licensing and other fees | 125,000 | 256,000 |
Prepaid annual insurance fees | 308,000 | 504,000 |
Interest receivable | 860,000 | $ 592,000 |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cash FDIC insured amount | $ 250,000 |
Schedule of Research and Develo
Schedule of Research and Development (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Amount Expensed for License, Strategic Alliance, and Research Agreements | $ 11,894,315 | $ 8,602,954 | |
License Strategic Alliance and Research Agreements [Member] | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Amount Expensed for License, Strategic Alliance, and Research Agreements | $ 5,993,000 | $ 5,222,000 | [1] |
[1]Amounts expensed for License, Strategic Alliance, and Research Agreements during the year ended December 31, 2022 were reduced by $ 935,000 |
Schedule of Research and Deve_2
Schedule of Research and Development (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
License Strategic Alliance and Research Agreements [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Research and development expense | $ 935,000 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Prepaid expenses and other current assets under License, Strategic Alliance, and Research Agreements | $ 2,038,653 | $ 2,985,472 |
License Strategic Alliance and Research Agreements [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Amount accrued and payable under License, Strategic Alliance, and Research Agreements | 1,563,000 | 1,813,000 |
Prepaid expenses and other current assets under License, Strategic Alliance, and Research Agreements | $ 511,000 | $ 1,595,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) | 1 Months Ended | 12 Months Ended | |||||
Jul. 23, 2021 USD ($) | Jul. 31, 2023 USD ($) | May 31, 2021 USD ($) shares | Jan. 31, 2018 USD ($) | Dec. 31, 2023 USD ($) shares | Dec. 31, 2023 GBP (£) shares | Dec. 31, 2022 USD ($) | |
Research and development expense | $ 11,894,315 | $ 8,602,954 | |||||
Actuate stock of restricted shares | shares | 2,500 | 2,500 | |||||
Assignment Agreement [Member] | |||||||
Upfront payments | $ 25,000 | ||||||
BioNumerik Pharmaceuticals [Member] | Assignment Agreement [Member] | |||||||
Upfront payments | $ 25,000 | ||||||
Commitments description | In the event the Company develops and commercializes LP-300 internally, the Company is required to pay to the BioNumerik-related payment recipients designated in the Assignment Agreement a percentage royalty in the low double digits on cumulative net revenue up to $100 million, with incremental increases in the percentage royalty for net cumulative revenue between $100 million and $250 million, $250 million and $500 million, and $500 million and $1 billion, with a percentage royalty payment that could exceed $200 million for net cumulative revenue in excess of $1 billion | ||||||
AF Chemicals [Member] | AFC License Agreement [Member] | |||||||
License agreement, description | In addition, the AFC License Agreement contains specified time requirements for the Company to file an IND, enroll patients in clinical trials, and file a potential NDA with respect to LP-184, with the ability for the Company to pay AF Chemicals additional amounts ranging up to an amount in the low hundreds of thousands of dollars for each one, two, three and four year extension to such development time requirements, with additional extensions beyond four years to be negotiated by the Company and AF Chemicals | In addition, the AFC License Agreement contains specified time requirements for the Company to file an IND, enroll patients in clinical trials, and file a potential NDA with respect to LP-184, with the ability for the Company to pay AF Chemicals additional amounts ranging up to an amount in the low hundreds of thousands of dollars for each one, two, three and four year extension to such development time requirements, with additional extensions beyond four years to be negotiated by the Company and AF Chemicals | |||||
Research and development expense | $ 175,000 | 125,000 | |||||
Allarity Therapeuties [Member] | Asset Purchase Agreement [Member] | |||||||
Upfront payments | $ 1,000,000 | ||||||
Research and development expense | 459,000 | ||||||
Future payments | 1,000,000 | ||||||
Escrow related expenses | $ 459,000 | $ 541,000 | |||||
Fortrea Inc [Member] | Fortrea Agreement [Member] | |||||||
Research and development expense | 2,096,000 | 2,096,000 | |||||
Patheon API Services [Member] | Patheon Agreement [Member] | |||||||
Research and development expense | 35,000 | 218,000 | |||||
Southwest Research Institute [Member] | Southwest Research Institute Agreement [Member] | |||||||
Research and development expense | 10,000 | 494,000 | |||||
Fox Chase Cancer Center [Member] | Fox Chase Cancer Center Agreement [Member] | |||||||
Research and development expense | 0 | 148,000 | |||||
Piramal Pharma Solution [Member] | Piramal Pharma Agreement [Member] | |||||||
Research and development expense | 49,000 | 196,000 | |||||
Vivo Pharm [Member] | Vivo Pharm Agreement [Member] | |||||||
Research and development expense | 1,012,000 | 1,030,000 | |||||
Translationa lDrug [Member] | |||||||
Research and development expense | 420,000 | 789,000 | |||||
Berkshire Sterule Manufacturing [Member] | Berkshire Sterule Manufacturing Agreement [Member] | |||||||
Research and development expense | 334,000 | 689,000 | |||||
Shilpa [Member] | Shilpa Agreement [Member] | |||||||
Research and development expense | 1,313,000 | 707,000 | |||||
Curia [Member] | |||||||
Research and development expense | 414,000 | 285,000 | |||||
Luma Bridge LLC [Member] | Luma Bridge Agreement [Member] | |||||||
Research and development expense | $ 200,000 | $ 82,000 | |||||
Lantern Pharma Limited [Member] | |||||||
Research and development expense | £ | £ 24,215 | ||||||
Research and development expenses percentage | 50% | 50% | |||||
Revenues | $ 0 | ||||||
Actuate Therapeutics [Member] | Collaboration Agreement [Member] | |||||||
Actuate stock of restricted shares | shares | 25,000 | ||||||
Nominal value acquired cost | $ 0 |
Schedule of Balance Sheet Infor
Schedule of Balance Sheet Information Related to Leases (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Leases | |||
Operating lease, right-of-use asset, net | $ 228,295 | $ 47,687 | $ 185,943 |
Current portion of operating lease liabilities | 172,975 | 52,890 | |
Operating lease liabilities, net of current portion | 61,496 | ||
Total operating lease liabilities | $ 234,471 | $ 52,890 | $ 204,948 |
Schedule of Future Estimated Mi
Schedule of Future Estimated Minimum Lease Payments Under Non-cancelable Operating Leases (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Leases | |||
2024 | $ 184,532 | ||
2025 | 62,448 | ||
Total minimum lease payments | 246,980 | ||
Less amount representing interest | 12,509 | ||
Present value of future minimum lease payments | 234,471 | $ 52,890 | $ 204,948 |
Less current portion of operating lease liabilities | 172,975 | 52,890 | |
Operating lease liabilities, net of current portion | $ 61,496 |
Schedule of Reconciliation of R
Schedule of Reconciliation of Right-of-Use Assets and lease Liabilities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases | ||
Operating Right-of-Use Assets, Beginning Balance | $ 47,687 | $ 185,943 |
Operating Lease Liabilities, Beginning Balance | 52,890 | 204,948 |
Operating Right-of-Use Assets, Amortizations and reductions | (160,228) | (138,256) |
Operating Lease Liabilities, Amortizations and reductions | (159,255) | (152,058) |
Operating Right-of-Use Assets, Remeasurement of operating lease right-of-use assets and operating lease liability | 198,847 | |
Operating Lease Liabilities, Remeasurement of operating lease right-of-use assets and operating lease liability | 198,847 | |
Operating Right-of-Use Assets, Operating right-of-use asset acquired through operating lease liability | 141,989 | |
Operating Lease Liabilities, Operating right-of-use asset acquired through operating lease liability | 141,989 | |
Operating Right-of-Use Assets, Ending Balance | 228,295 | 47,687 |
Operating Lease Liabilities, Ending Balance | $ 234,471 | $ 52,890 |
Schedule of Other Supplemental
Schedule of Other Supplemental Information Related to Operating Leases (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases | ||
Weighted average remaining term of operating leases (in years) | 1 year 3 months 29 days | 3 months 29 days |
Weighted average discount rate of operating leases | 7.36% | 4.65% |
Schedule of Lease Expense (Deta
Schedule of Lease Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases | ||
Operating lease cost | $ 178,000 | $ 144,000 |
Short-term lease cost | 14,000 | |
Lease expense | $ 192,000 | $ 144,000 |
Leases (Details Narrative)
Leases (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases | ||
Cash used in operating activities associated with leases | $ 177,000 | $ 158,000 |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||
Number of options outstanding, beginning balance | 1,037,591 | 890,826 |
Weighted average exercise price per share, outstanding beginning | $ 6.46 | $ 6.54 |
Number of options exercisable, beginning valance | 755,073 | 687,438 |
Number of options exercisable, weighted-average exercise price, beginning balance | $ 5.87 | $ 4.77 |
Number of shares, granted | 126,000 | 196,200 |
Weighted average exercise price per share, granted | $ 4.43 | $ 5.73 |
Number of shares, exercised | (32,538) | |
Weighted average exercise price per share, exercised | $ 1.03 | |
Number of shares, cancelled or expired | (72,395) | (16,897) |
Weighted average exercise price per share, cancelled or expired | $ 8.20 | $ 13.19 |
Number of shares, outstanding beinning | 1,091,196 | 1,037,591 |
Weighted average exercise price per share, outstanding ending | $ 6.11 | $ 6.46 |
Number of options exercisable, ending balance | 880,241 | 755,073 |
Number of options exercisable, weighted-average exercise price, ending balance | $ 6.25 | $ 5.87 |
Schedule of Weighted Average As
Schedule of Weighted Average Assumptions (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity [Abstract] | ||
Term (in years) | 5 years 8 months 23 days | 5 years 11 months 4 days |
Risk Free Rate | 4.01% | 3.04% |
Volatility | 86.91% | 125.35% |
Dividend Yield | 0% | 0% |
Grant Date Fair Value | $ 3.25 | $ 4.90 |
Shareholders_ Equity (Details N
Shareholders’ Equity (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2021 | Jun. 15, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||||
Preferred stock shares authorized | 1,000,000 | 1,000,000 | |||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Repurchase of shares, value | $ 499,997 | $ 2,482,286 | |||
Common stock issued from option exercises, shares | 32,538 | ||||
Restricted stock vested, shares | 12,000 | ||||
Fair value of restricted shares | $ 63,000 | ||||
Restricted stock forfeited | 2,500 | ||||
Common stock, shares authorized | 25,000,000 | 25,000,000 | |||
Common stock, shares issued | 10,721,192 | 10,857,040 | |||
Common stock, shares outstanding | 10,721,192 | 10,857,040 | |||
Weighted average exercise price | $ 6.11 | $ 6.46 | $ 6.54 | ||
Weighted average remaining contractual term | 5 years 9 months 10 days | ||||
Share based compensation | $ 1,067,515 | $ 1,187,745 | |||
Total intrinsic value of options outstanding | 1,552,000 | 2,422,000 | |||
Options execisable | $ 1,526,000 | 2,361,000 | |||
Options exercised | 136,000 | ||||
2018 Equity Incentive Plan [Member] | |||||
Class of Stock [Line Items] | |||||
Number of reserved shares | 1,739,680 | ||||
Weighted average remaining contractual term | 10 years | ||||
Number of remain available shares | 473,191 | ||||
Share based compensation | $ 1,017,000 | $ 1,188,000 | |||
Unrecognized compensation expense | $ 871,000 | ||||
Weighted average period | 1 year 3 months 3 days | ||||
Weighted average remaining contractual term | 6 years 4 months 24 days | ||||
General and Administrative Expense [Member] | |||||
Class of Stock [Line Items] | |||||
Restricted stock expense | $ 50,000 | ||||
Equity Option [Member] | |||||
Class of Stock [Line Items] | |||||
Issuance of stock | 26,093 | ||||
Common stock issued from option exercises, shares | 32,538 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Repurchase of shares | 145,348 | 353,667 | |||
Repurchase of shares, value | $ 15 | $ 36 | |||
Issuance of stock | 95,779 | ||||
Common stock issued from option exercises, shares | 26,093 | ||||
Proceeds from warrants exercise | $ 300,000 | ||||
Exercise price | $ 3.13 | ||||
Repurchase of shares | 145,348 | ||||
Repurchase of shares value | $ 500,000 | ||||
Restricted stock vested, shares | 12,000 | ||||
Restricted stock forfeited | (2,500) | ||||
Common Stock [Member] | Restricted Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Restricted stock vested, shares | 9,500 | ||||
Common Stock [Member] | Director [Member] | |||||
Class of Stock [Line Items] | |||||
Repurchase of shares | 7,000,000 | 353,667 | |||
Repurchase of shares, value | $ 2,482,000 | ||||
Warrant [Member] | |||||
Class of Stock [Line Items] | |||||
Warrants to purchase shares of common stock | 177,998 | ||||
Weighted average exercise price | $ 9.27 | $ 9.27 | |||
Warrant [Member] | Minimum [Member] | |||||
Class of Stock [Line Items] | |||||
Expiration date of warrants | Mar. 07, 2024 | ||||
Warrant [Member] | Maximum [Member] | |||||
Class of Stock [Line Items] | |||||
Expiration date of warrants | Jun. 10, 2025 | ||||
Series A Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock shares authorized | 1,000,000 | 1,000,000 | |||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Series A Preferred Stock [Member] | IPO [Member] | |||||
Class of Stock [Line Items] | |||||
Conversion of Stock, Shares Converted | 2,438,851 |
Schedule of Marketable of Secur
Schedule of Marketable of Securities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Marketable securities, amortized cost | $ 19,925,400 | $ 18,956,677 |
Marketable securities, unrealized gains | 4,483 | 6,077 |
Marketable securities, unrealized losses | (564,960) | (968,455) |
Marketable securities, aggregate fair value | 19,364,923 | 17,994,299 |
Government & Agency Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Marketable securities, amortized cost | 5,576,819 | 5,408,681 |
Marketable securities, unrealized gains | 3,969 | 3,512 |
Marketable securities, unrealized losses | (66,680) | (184,863) |
Marketable securities, aggregate fair value | 5,514,108 | 5,227,330 |
Corporate Bonds [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Marketable securities, amortized cost | 8,322,723 | 7,522,138 |
Marketable securities, unrealized gains | 514 | 2,565 |
Marketable securities, unrealized losses | (44,872) | (210,534) |
Marketable securities, aggregate fair value | 8,278,365 | 7,314,169 |
Marketable Securities - Debt [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Marketable securities, amortized cost | 13,899,542 | 12,930,819 |
Marketable securities, unrealized gains | 4,483 | 6,077 |
Marketable securities, unrealized losses | (111,552) | (395,397) |
Marketable securities, aggregate fair value | 13,792,473 | 12,541,499 |
Mutual Funds - Fixed Income [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Marketable securities, amortized cost | 4,002,704 | 4,002,704 |
Marketable securities, unrealized gains | ||
Marketable securities, unrealized losses | (269,104) | (343,904) |
Marketable securities, aggregate fair value | 3,733,600 | 3,658,800 |
Mutual Funds - Alternative Investments [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Marketable securities, amortized cost | 2,023,154 | 2,023,154 |
Marketable securities, unrealized gains | ||
Marketable securities, unrealized losses | (184,304) | (229,154) |
Marketable securities, aggregate fair value | 1,838,850 | 1,794,000 |
Marketable Securities - Mutual Funds [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Marketable securities, amortized cost | 6,025,858 | 6,025,858 |
Marketable securities, unrealized gains | ||
Marketable securities, unrealized losses | (453,408) | (573,058) |
Marketable securities, aggregate fair value | $ 5,572,450 | $ 5,452,800 |
Schedule of Contractual Maturit
Schedule of Contractual Maturities Investments of Marketable Securities (Details) | Dec. 31, 2023 USD ($) |
Cash and Cash Equivalents [Abstract] | |
Due within one year | $ 12,486,366 |
Due in one to two years | 1,306,107 |
Total | $ 13,792,473 |
Schedule of Gross Unrealized Lo
Schedule of Gross Unrealized Losses and Fair Values for Marketable Securities (Details) | Dec. 31, 2023 USD ($) |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Fair Value Less than 12 months | $ 4,304,822 |
Unrealized Loss Less than 12 months | (8,135) |
Fair Value More than 12 months | 13,051,608 |
Unrealized Loss More than 12 months | (556,825) |
Government & Agency Securities [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Fair Value Less than 12 months | 83,021 |
Unrealized Loss Less than 12 months | (290) |
Fair Value More than 12 months | 3,718,012 |
Unrealized Loss More than 12 months | (66,390) |
Corporate Bonds [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Fair Value Less than 12 months | 4,221,801 |
Unrealized Loss Less than 12 months | (7,845) |
Fair Value More than 12 months | 3,761,146 |
Unrealized Loss More than 12 months | (37,027) |
Mutual Funds - Fixed Income [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Fair Value Less than 12 months | |
Unrealized Loss Less than 12 months | |
Fair Value More than 12 months | 3,733,600 |
Unrealized Loss More than 12 months | (269,104) |
Mutual Funds - Alternative Investments [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Fair Value Less than 12 months | |
Unrealized Loss Less than 12 months | |
Fair Value More than 12 months | 1,838,850 |
Unrealized Loss More than 12 months | $ (184,304) |
Schedule of Assets are Measured
Schedule of Assets are Measured at Fair Value on Recurring Basis (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | $ 29,617,489 | $ 17,994,299 | |
NAV [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | [1] | 1,838,850 | 1,794,000 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | 10,252,566 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | 17,526,073 | 16,200,299 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | |||
Government & Agency Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | 5,514,108 | 5,227,330 | |
Government & Agency Securities [Member] | NAV [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | [1] | ||
Government & Agency Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | |||
Government & Agency Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | 5,514,108 | 5,227,330 | |
Government & Agency Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | |||
Corporate Bond Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | 8,278,365 | 7,314,169 | |
Corporate Bond Securities [Member] | NAV [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | [1] | ||
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | |||
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | 8,278,365 | 7,314,169 | |
Corporate Bond Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | |||
Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | 10,252,566 | ||
Money Market Funds [Member] | NAV [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | [1] | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | 10,252,566 | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | |||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | |||
Mutual Funds - Fixed Income [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | 3,733,600 | 3,658,800 | |
Mutual Funds - Fixed Income [Member] | NAV [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | [1] | ||
Mutual Funds - Fixed Income [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | |||
Mutual Funds - Fixed Income [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | 3,733,600 | 3,658,800 | |
Mutual Funds - Fixed Income [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | |||
Mutual Funds - Alternative Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | 1,838,850 | 1,794,000 | |
Mutual Funds - Alternative Investments [Member] | NAV [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | [1] | 1,838,850 | 1,794,000 |
Mutual Funds - Alternative Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | |||
Mutual Funds - Alternative Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | |||
Mutual Funds - Alternative Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value recurring basis | |||
[1]Certain marketable securities investments are measured at fair value using net asset value per share under the practical expedient methodology. |
Schedule of Anti-dilutive Secur
Schedule of Anti-dilutive Securities Outstanding Diluted Loss Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 1,269,194 | 1,215,589 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 177,998 | 177,998 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 1,091,196 | 1,037,591 |
Schedule of Effective Income Ta
Schedule of Effective Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
U.S. federal statutory tax rate | 21% | 21% |
Permanent differences | 3% | |
Valuation allowance | (21.00%) | (24.00%) |
Total: |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Research and development credits | $ 1,436,914 | $ 862,366 |
Stock-based compensation | 538,771 | 441,939 |
Net operating loss carryforwards | 7,383,777 | 6,474,825 |
Unrealized losses on securities | 22,624 | 62,640 |
Research and development amortization | 3,164,305 | 1,343,382 |
Deferred tax asset | 12,546,391 | 9,185,152 |
Less: valuation allowance | (12,542,542) | (9,181,492) |
Net deferred tax asset | 3,849 | 3,660 |
Deferred tax liabilities | ||
Fixed assets | (3,849) | (3,660) |
Net deferred tax assets |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net operating loss carryforwards for federal income tax | $ 34,500,000 | $ 29,100,000 |
Net operating loss carryforwards, description | The NOL carryforwards generated prior to 2018 of approximately $3,100,000 could expire over time beginning in 2035, if not used. The NOL carryforwards generated from January 1, 2018 through December 31, 2023 of approximately $31,400,000 do not expire and are carried forward indefinitely | |
Net operating loss carryforwards | $ 925,000 | |
Net operating loss carryforwards | 274,000 | |
Research and development tax credit carryforwards | 1,433,000 | |
Gross deferred tax asset | 12,546,391 | $ 9,185,152 |
Research and Development Expense [Member] | ||
Gross deferred tax asset | $ 3,164,305 |