Cover
Cover - shares | 6 Months Ended | |
Dec. 31, 2023 | Feb. 06, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 001-40388 | |
Entity Registrant Name | ANEBULO PHARMACEUTICALS, INC. | |
Entity Central Index Key | 0001815974 | |
Entity Tax Identification Number | 85-1170950 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1017 Ranch Road 620 South | |
Entity Address, Address Line Two | Suite 107 | |
Entity Address, City or Town | Lakeway | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78734 | |
City Area Code | (512) | |
Local Phone Number | 598-0931 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | ANEB | |
Security Exchange Name | NASDAQ | |
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 | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,933,217 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 6,644,517 | $ 11,247,403 |
Prepaid expenses | 171,740 | 422,748 |
Total current assets | 6,816,257 | 11,670,151 |
Other assets: | ||
Loan commitment fees | 684,516 | |
Total assets | 7,500,773 | 11,670,151 |
Current liabilities: | ||
Accounts payable | 318,679 | 534,545 |
Accrued expenses | 694,877 | 534,256 |
Total liabilities | 1,013,556 | 1,068,801 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 2,000,000 shares authorized, no shares issued or outstanding at December 31, 2023 and June 30, 2023 | ||
Common stock, $0.001 par value; 50,000,000 and 40,000,000 shares authorized at December 31, 2023 and June 30, 2023, respectively; 25,933,217 and 25,633,217 shares issued and outstanding at December 31, 2023 and June 30, 2023, respectively | 25,934 | 25,634 |
Additional paid-in capital | 68,861,516 | 67,777,757 |
Accumulated deficit | (62,400,233) | (57,202,041) |
Total stockholders’ equity | 6,487,217 | 10,601,350 |
Total liabilities and stockholders’ equity | $ 7,500,773 | $ 11,670,151 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Jun. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 40,000,000 |
Common stock, shares issued | 25,933,217 | 25,633,217 |
Common stock, shares outstanding | 25,933,217 | 25,633,217 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||||
Research and development | $ 1,062,672 | $ 1,869,920 | $ 2,332,892 | $ 3,093,696 |
General and administrative | 1,697,787 | 1,943,202 | 2,971,245 | 3,331,473 |
Total operating expenses | 2,760,459 | 3,813,122 | 5,304,137 | 6,425,169 |
Loss from operations | (2,760,459) | (3,813,122) | (5,304,137) | (6,425,169) |
Other (income) expenses: | ||||
Interest expense | 31,838 | 31,838 | ||
Interest income | (75,522) | (8,816) | (130,720) | (13,249) |
Other | 594 | 22,646 | (7,063) | 26,867 |
Other (income) expenses, net | (43,090) | 13,830 | (105,945) | 13,618 |
Net loss | $ (2,717,369) | $ (3,826,952) | $ (5,198,192) | $ (6,438,787) |
Weighted average common shares outstanding, basic | 25,789,739 | 25,633,217 | 25,711,478 | 24,524,856 |
Weighted average common shares outstanding, diluted | 25,789,739 | 25,633,217 | 25,711,478 | 24,524,856 |
Net loss per share, basic | $ (0.11) | $ (0.15) | $ (0.20) | $ (0.26) |
Net loss per share, diluted | $ (0.11) | $ (0.15) | $ (0.20) | $ (0.26) |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Jun. 30, 2022 | $ 23,345 | $ 60,513,258 | $ (45,469,703) | $ 15,066,900 |
Balance, shares at Jun. 30, 2022 | 23,344,567 | |||
Issuance of common stock | $ 2,265 | 6,395,556 | 6,397,821 | |
Issuance of common stock, net of offering costs, shares | 2,264,650 | |||
Common stock issued upon exercise of options | $ 24 | 52,376 | 52,400 | |
Common stock issued upon exercise of options, shares | 24,000 | |||
Stock-based compensation expense | 211,900 | 211,900 | ||
Net loss | (2,611,835) | (2,611,835) | ||
Balance at Sep. 30, 2022 | $ 25,634 | 67,173,090 | (48,081,538) | 19,117,186 |
Balance, shares at Sep. 30, 2022 | 25,633,217 | |||
Balance at Jun. 30, 2022 | $ 23,345 | 60,513,258 | (45,469,703) | 15,066,900 |
Balance, shares at Jun. 30, 2022 | 23,344,567 | |||
Net loss | (6,438,787) | |||
Balance at Dec. 31, 2022 | $ 25,634 | 67,398,711 | (51,908,490) | 15,515,855 |
Balance, shares at Dec. 31, 2022 | 25,633,217 | |||
Balance at Sep. 30, 2022 | $ 25,634 | 67,173,090 | (48,081,538) | 19,117,186 |
Balance, shares at Sep. 30, 2022 | 25,633,217 | |||
Stock-based compensation expense | 225,621 | 225,621 | ||
Net loss | (3,826,952) | (3,826,952) | ||
Balance at Dec. 31, 2022 | $ 25,634 | 67,398,711 | (51,908,490) | 15,515,855 |
Balance, shares at Dec. 31, 2022 | 25,633,217 | |||
Balance at Jun. 30, 2023 | $ 25,634 | 67,777,757 | (57,202,041) | 10,601,350 |
Balance, shares at Jun. 30, 2023 | 25,633,217 | |||
Stock-based compensation expense | 210,797 | 210,797 | ||
Net loss | (2,480,823) | (2,480,823) | ||
Balance at Sep. 30, 2023 | $ 25,634 | 67,988,554 | (59,682,864) | 8,331,324 |
Balance, shares at Sep. 30, 2023 | 25,633,217 | |||
Balance at Jun. 30, 2023 | $ 25,634 | 67,777,757 | (57,202,041) | $ 10,601,350 |
Balance, shares at Jun. 30, 2023 | 25,633,217 | |||
Common stock issued upon exercise of options, shares | ||||
Net loss | $ (5,198,192) | |||
Balance at Dec. 31, 2023 | $ 25,934 | 68,861,516 | (62,400,233) | 6,487,217 |
Balance, shares at Dec. 31, 2023 | 25,933,217 | |||
Balance at Sep. 30, 2023 | $ 25,634 | 67,988,554 | (59,682,864) | 8,331,324 |
Balance, shares at Sep. 30, 2023 | 25,633,217 | |||
Issuance of common stock | $ 300 | 653,700 | 654,000 | |
Issuance of common stock, net of offering costs, shares | 300,000 | |||
Stock-based compensation expense | 219,262 | 219,262 | ||
Net loss | (2,717,369) | (2,717,369) | ||
Balance at Dec. 31, 2023 | $ 25,934 | $ 68,861,516 | $ (62,400,233) | $ 6,487,217 |
Balance, shares at Dec. 31, 2023 | 25,933,217 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||||
Net loss | $ (2,717,369) | $ (3,826,952) | $ (5,198,192) | $ (6,438,787) |
Adjustments to reconcile net loss to net cash used in operating activities | ||||
Stock-based compensation | 200,000 | 200,000 | 430,059 | 437,521 |
Amortization of loan commitment fee | 31,838 | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses | 251,008 | 498,054 | ||
Accounts payable | (215,866) | (34,274) | ||
Accrued expenses | 160,621 | 894,144 | ||
Net cash used in operating activities | (4,540,532) | (4,643,342) | ||
Cash flows from financing activities: | ||||
Proceeds from issuance of common stock | 6,646,748 | |||
Payment of financing/offering costs | (62,354) | (248,927) | ||
Proceeds from issuance of common stock upon exercise of options | 52,400 | |||
Net cash (used in) provided by financing activities | (62,354) | 6,450,221 | ||
Net (decrease) increase in cash | (4,602,886) | 1,806,879 | ||
Cash, beginning of period | 11,247,403 | 14,548,471 | ||
Cash, end of the period | $ 6,644,517 | $ 16,355,350 | 6,644,517 | 16,355,350 |
Noncash investing and financing activities: | ||||
Financing commitment fee funded through issuance of common stock | $ 654,000 |
Nature of business and basis of
Nature of business and basis of presentation | 6 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of business and basis of presentation | Note 1. Nature of business and basis of presentation Organization Anebulo Pharmaceuticals, Inc. (the “Company”) was founded on April 23, 2020, as a Delaware corporation. The Company is a clinical stage biotechnology company focused on developing and commercializing new treatments for patients suffering from Acute Cannabis Intoxication (“ACI”) and addiction. The Company’s principal operations are located in Lakeway, Texas. Liquidity and capital resources Since inception, the Company’s activities have consisted primarily of performing research and development to advance its product candidates. The Company is still in the development phase and has not been marketing any developed products to date. Since inception, the Company has incurred losses, including a net loss of approximately $ 5.2 62.4 Risks and uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include uncertainty regarding results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current or future product candidates, uncertainty of market acceptance of the Company’s product candidates, if approved, competition from substitute products and larger companies, securing and protecting proprietary technology, ability to establish strategic relationships and dependence on key individuals and sole source suppliers. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities and may not ultimately lead to a marketing approval and commercialization of a product. The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The Company will need to generate significant revenue to achieve profitability, and it may never do so. Basis of presentation The accompanying condensed financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The unaudited interim condensed financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the financial statements as of and for the year ended June 30, 2023 and the notes thereto, which are included in the Company’s Annual Report on Form 10-K (File No. 001-40388). In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the condensed financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. Reclassifications Certain reclassifications have been made to the fiscal year 2023 amounts to conform with the fiscal year 2024 financial statement presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited financial statements as of and for the year ended June 30, 2023, and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on September 22, 2023. Since the date of those financial statements, there have been no material changes to significant accounting policies. |
Prepaid Expenses
Prepaid Expenses | 6 Months Ended |
Dec. 31, 2023 | |
Prepaid Expenses | |
Prepaid Expenses | Note 3. Prepaid Expenses Prepaid expenses consisted of the following : Schedule of Prepaid Expenses December 31, 2023 June 30, 2023 Prepaid insurance $ 156,700 $ 391,750 Prepaid other 15,040 30,998 Total prepaid expenses $ 171,740 $ 422,748 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 4. Accrued Expenses Accrued expenses consisted of the following: Schedule of Accrued Expenses December 31, 2023 June 30, 2023 Accrued payroll related expenses $ 436,651 $ 190,121 Accrued research and development 258,226 344,135 Total accrued expenses $ 694,877 $ 534,256 |
Other Assets
Other Assets | 6 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Note 5. Other Assets Other assets include loan commitment fees. Total loan commitment fees of approximately $ 0.7 0.7 zero |
License Agreement
License Agreement | 6 Months Ended |
Dec. 31, 2023 | |
License Agreement | |
License Agreement | Note 6. License Agreement In May 2020, the Company licensed certain intellectual property, know-how and clinical trial data from Vernalis Development Limited (“Vernalis”). The initial consideration in exchange for the license was approximately $ 0.2 0.4 3.0 29.9 10.0 25.0 500.0 1 As part of the initial public offering (“IPO”) in May 2021, the Company issued 192,857 1.4 |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 7. Stockholders’ Equity On May 4, 2021, the Company filed an amended and restated certificate of incorporation (the “Restated Certificate”) with the Secretary of State of the State of Delaware in connection with the closing of its IPO. On November 20, 2023, the Company filed a certificate of amendment to the Restated Certificate with the Secretary of State of the State of Delaware to increase the authorized number of shares of its common stock from 40,000,000 50,000,000 50,000,000 0.001 2,000,000 0.001 On September 28, 2022, the Company completed a private placement financing of 2,264,650 6.6 2.935 6.3 0.3 4.215 September 28, 2027 On November 13, 2023, the Company issued 300,000 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 8. Stock-Based Compensation In June 2020, the Board of Directors adopted the 2020 Stock Incentive Plan, which provided for the grant of qualified incentive stock options and nonqualified stock options or other awards to the Company’s employees, officers, directors, advisors, and outside consultants for the purchase of up to 1,650,000 3,650,000 Other stock-based awards are awards valued in whole or in part by reference to, or are otherwise based on, shares of common stock. Stock options generally vest over a four-year period, at achievement of a performance requirement, or upon change of control (as defined in the applicable plan). The awards expire in five years from the date of grant. 270,327 The Company grants non-qualified stock option awards under the 2020 Stock Incentive Plan to its Board of Directors, employees and consultants of the Company. These awards are subject to the satisfaction of certain performance targets and vesting requirements pursuant to the award. The Company estimates the fair value of stock-based compensation utilizing the Black-Scholes option pricing model, which is dependent upon several variables, such as assumptions the Company makes for the volatility of our common stock the expected term of the stock options, the risk-free interest rate for a period that approximates the expected term, and our expected dividend yield. Each of these inputs is subjective and generally requires significant judgement to determine. Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the respective award. The following table summarizes the range of key assumptions used to determine the fair value of stock options granted during the three and six months ended December 31, 2023 and 2022. Schedule of Fair Value Assumptions of Stock Options Three Months Ended December 31, Six Months Ended December 31, 2023 2022 2023 2022 Risk-free interest rate 4.77 % 3.7 4.3 % 4.6 4.8 % 2.9 4.3 % Expected term (in years) 6.25 4.5 6.25 6.25 4.5 6.25 Expected volatility 60 % 60.0 % 60 % 50.0 60.0 % Expected dividend yield – – – – The following table summarizes stock option activity for the six months ended December 31, 2023: Schedule of Stock Option Activity Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at June 30, 2023 2,049,313 $ 4.54 3.7 - Granted 776,097 $ 3.03 Exercised - $ - Forfeited/cancelled (452,237 ) $ 6.58 Outstanding at December 31, 2023 2,373,173 $ 3.66 5.3 $ 137,362 Options exercisable at December 31, 2023 1,008,057 $ 4.33 2.9 $ 102,468 The weighted-average grant date fair value of options awarded during the six months ended December 31, 2023 was approximately $ 1.85 3.4 2.0 The Company recorded stock-based compensation expense of approximately $ 0.2 0.4 |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 6 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Note 9. Net Loss Per Share Attributable to Common Stockholders The following common stock equivalents were excluded from the calculation of net loss per share due to their anti-dilutive effect: Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share 2023 2022 December 31, 2023 2022 Stock options outstanding 2,373,173 2,060,113 Warrants outstanding 2,264,650 2,264,650 Total 4,637,823 4,324,763 |
Loan and Security Agreement
Loan and Security Agreement | 6 Months Ended |
Dec. 31, 2023 | |
Loan And Security Agreement | |
Loan and Security Agreement | Note 10. Loan and Security Agreement Loan and Security Agreement On November 13, 2023, the Company entered into a Loan and Security Agreement (“LSA”) with 22NW, LP (“22NW”) and JFL Capital Management LLC (“JFL” and collectively with 22NW, the “Lenders”) which will allow the Company to draw up to $ 10 0.25 3 The Company issued 300,000 0.03 300,000 50,000 Joseph F. Lawler, M.D., Ph.D., our founder and a member of our Board of Directors, is the founder and Managing Member of JFL. Aron R. English, the President and Portfolio Manager of 22NW, and Nat Calloway, the lead for 22NW, are each members of our Board of Directors. |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Prepaid Expenses | |
Schedule of Prepaid Expenses | Prepaid expenses consisted of the following : Schedule of Prepaid Expenses December 31, 2023 June 30, 2023 Prepaid insurance $ 156,700 $ 391,750 Prepaid other 15,040 30,998 Total prepaid expenses $ 171,740 $ 422,748 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following: Schedule of Accrued Expenses December 31, 2023 June 30, 2023 Accrued payroll related expenses $ 436,651 $ 190,121 Accrued research and development 258,226 344,135 Total accrued expenses $ 694,877 $ 534,256 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Fair Value Assumptions of Stock Options | The following table summarizes the range of key assumptions used to determine the fair value of stock options granted during the three and six months ended December 31, 2023 and 2022. Schedule of Fair Value Assumptions of Stock Options Three Months Ended December 31, Six Months Ended December 31, 2023 2022 2023 2022 Risk-free interest rate 4.77 % 3.7 4.3 % 4.6 4.8 % 2.9 4.3 % Expected term (in years) 6.25 4.5 6.25 6.25 4.5 6.25 Expected volatility 60 % 60.0 % 60 % 50.0 60.0 % Expected dividend yield – – – – |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the six months ended December 31, 2023: Schedule of Stock Option Activity Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at June 30, 2023 2,049,313 $ 4.54 3.7 - Granted 776,097 $ 3.03 Exercised - $ - Forfeited/cancelled (452,237 ) $ 6.58 Outstanding at December 31, 2023 2,373,173 $ 3.66 5.3 $ 137,362 Options exercisable at December 31, 2023 1,008,057 $ 4.33 2.9 $ 102,468 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share | The following common stock equivalents were excluded from the calculation of net loss per share due to their anti-dilutive effect: Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share 2023 2022 December 31, 2023 2022 Stock options outstanding 2,373,173 2,060,113 Warrants outstanding 2,264,650 2,264,650 Total 4,637,823 4,324,763 |
Nature of business and basis _2
Nature of business and basis of presentation (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Net income loss | $ 2,717,369 | $ 2,480,823 | $ 3,826,952 | $ 2,611,835 | $ 5,198,192 | $ 6,438,787 | |
Accumulated deficit | $ 62,400,233 | $ 62,400,233 | $ 57,202,041 |
Schedule of Prepaid Expenses (D
Schedule of Prepaid Expenses (Details) - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Prepaid Expenses | ||
Prepaid insurance | $ 156,700 | $ 391,750 |
Prepaid other | 15,040 | 30,998 |
Total prepaid expenses | $ 171,740 | $ 422,748 |
Schedule of Accrued Expenses (D
Schedule of Accrued Expenses (Details) - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Payables and Accruals [Abstract] | ||
Accrued payroll related expenses | $ 436,651 | $ 190,121 |
Accrued research and development | 258,226 | 344,135 |
Total accrued expenses | $ 694,877 | $ 534,256 |
Other Assets (Details Narrative
Other Assets (Details Narrative) - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Other assets balance | $ 684,516 |
License Agreement (Details Narr
License Agreement (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
May 31, 2021 | May 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Research and development expense | $ 1,062,672 | $ 1,869,920 | $ 2,332,892 | $ 3,093,696 | ||
Vernalis Development Limited [Member] | ||||||
Research and development expense | $ 200,000 | |||||
Development milestone payment | 29,900,000 | |||||
Vernalis Development Limited [Member] | IPO [Member] | ||||||
Number of shares of common stock | 192,857 | |||||
Future milestone payments | $ 1,400,000 | |||||
Vernalis Development Limited [Member] | Minimum [Member] | ||||||
Marketing authorization amount | 400,000 | |||||
Sales milestone payments | 10,000,000 | |||||
Cumulative annual net sales amount | 500,000,000 | |||||
Vernalis Development Limited [Member] | Maximum [Member] | ||||||
Marketing authorization amount | 3,000,000 | |||||
Sales milestone payments | 25,000,000 | |||||
Cumulative annual net sales amount | $ 1,000,000,000 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Millions | Nov. 13, 2023 | Sep. 28, 2022 | Dec. 31, 2023 | Jun. 30, 2023 | May 04, 2021 |
Subsidiary, Sale of Stock [Line Items] | |||||
Common stock, authorized | 50,000,000 | 40,000,000 | 50,000,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||
preferred stock, authorized | 2,000,000 | 2,000,000 | 2,000,000 | ||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||
Loan And Security Agreement [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Issuance of common stock | 300,000 | ||||
Private Placement [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Issuance of common stock | 2,264,650 | ||||
Stock issued during period, value, new issues | $ 6.6 | ||||
Stock issued value per unit | $ 2.935 | ||||
Proceeds from issuance or sale of equity | $ 6.3 | ||||
Net proceeds after deducting financing fees | $ 0.3 | ||||
Warrant exercise price per share | $ 4.215 | ||||
Warrant expiration date | Sep. 28, 2027 | ||||
Minimum [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Common stock, authorized | 40,000,000 | ||||
Maximum [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Common stock, authorized | 50,000,000 |
Schedule of Fair Value Assumpti
Schedule of Fair Value Assumptions of Stock Options (Details) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Risk-free interest rate | 4.77% | |||
Expected term (in years) | 6 years 3 months | 6 years 3 months | ||
Expected volatility | 60% | 60% | 60% | |
Expected dividend yield | ||||
Minimum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Risk-free interest rate | 3.70% | 4.60% | 2.90% | |
Expected term (in years) | 4 years 6 months | 4 years 6 months | ||
Expected volatility | 50% | |||
Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Risk-free interest rate | 4.30% | 4.80% | 4.30% | |
Expected term (in years) | 6 years 3 months | 6 years 3 months | ||
Expected volatility | 60% |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of shares, outstanding, beginning balance | 2,049,313 | |
Weighted average exercise price, outstanding, beginning balance | $ 4.54 | |
Weighted average remaining contractual term (years), outstanding, ending balance | 5 years 3 months 18 days | 3 years 8 months 12 days |
Aggregate intrinsic value, outstanding, beginning balance | ||
Number of shares, granted | 776,097 | |
Weighted average exercise price, granted | $ 3.03 | |
Number of shares, exercised | ||
Weighted average exercise price, exercised | ||
Number of shares, forfeited | (452,237) | |
Weighted average exercise price, forfeited | $ 6.58 | |
Number of shares, outstanding, ending balance | 2,373,173 | 2,049,313 |
Weighted average exercise price, outstanding, ending balance | $ 3.66 | $ 4.54 |
Aggregate intrinsic value, outstanding, ending balance | $ 137,362 | |
Number of shares, exercisable, ending balance | 1,008,057 | |
Weighted average exercise price, exercisable, ending balance | $ 4.33 | |
Weighted average remaining contractual term (years), exercisable, ending balance | 2 years 10 months 24 days | |
Aggregate intrinsic value, exercisable, ending balance | $ 102,468 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Oct. 22, 2021 | Jun. 30, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Weighted average grant date fair value, per share | $ 1.85 | |||||
Unrecognized stock-based compensation | $ 3,400,000 | $ 3,400,000 | ||||
weighted average period for recognition | 2 years | |||||
Stock based compensation | $ 200,000 | $ 200,000 | $ 430,059 | $ 437,521 | ||
2020 Stock Incentive Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Number of shares available for grant | 3,650,000 | |||||
Share-based compensation, terms of award | Other stock-based awards are awards valued in whole or in part by reference to, or are otherwise based on, shares of common stock. Stock options generally vest over a four-year period, at achievement of a performance requirement, or upon change of control (as defined in the applicable plan). The awards expire in five years from the date of grant. | |||||
Common stock, capital shares reserved for future issuance | 270,327 | 270,327 | ||||
2020 Stock Incentive Plan [Member] | Maximum [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Number of stock option granted | 1,650,000 |
Schedule of Anti-dilutive Secur
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 4,637,823 | 4,324,763 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 2,373,173 | 2,060,113 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 2,264,650 | 2,264,650 |
Loan and Security Agreement (De
Loan and Security Agreement (Details Narrative) - USD ($) | 3 Months Ended | ||
Nov. 13, 2023 | Dec. 31, 2023 | Sep. 30, 2022 | |
Common Stock [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Issuance of common stock, net of offering costs, shares | 300,000 | 2,264,650 | |
Loan And Sercurity Agreement [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Line of credit borrowings capacity, descripition | the Company entered into a Loan and Security Agreement (“LSA”) with 22NW, LP (“22NW”) and JFL Capital Management LLC (“JFL” and collectively with 22NW, the “Lenders”) which will allow the Company to draw up to $10 million (the “Facility Amount”) as needed to fund future operations until the third anniversary of the LSA (the “Maturity Date”). Pursuant to the LSA, if the Company elects to draw on the Facility Amount (an “Advance”), JFL has the right, but not the obligation to fund 50% of the Advance at the request of the Company. If JFL elects not to fund 50% of the Advance, then 22NW will fund 100% of the Advance. The outstanding balance will accrue interest at 0.25% per annum and no fee will be assessed on the unused balance. Upon the draw of at least $3 million in the aggregate, the LSA will be collateralized by substantially all of the Company’s assets. | ||
Line of credit maximum borrowings capacity | $ 10 | ||
Line of credit interest rate | 0.25% | ||
Line of credit maximum borrowings capacity | $ 3 | ||
Share price | $ 0.03 | ||
Common stock shares advances | 50,000 | ||
Loan And Sercurity Agreement [Member] | Common Stock [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Issuance of common stock, net of offering costs, shares | 300,000 |