CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
| Operating expenses | ||||
| Research and development | $ 1,254,653 | $ 1,781,724 | $ 4,227,967 | $ 4,474,531 |
| Cost to acquire IPR&D asset | 21,215,214 | 0 | 21,215,214 | 0 |
| General and administrative | 2,235,899 | 1,140,558 | 5,357,577 | 4,554,131 |
| Estimated legal contingency | 0 | 0 | 151,842 | 0 |
| Total operating expenses | 24,705,766 | 2,922,282 | 30,648,916 | 9,028,662 |
| Operating loss | (24,705,766) | (2,922,282) | (30,648,916) | (9,028,662) |
| Other expense | ||||
| Change in fair value of derivative liability | 0 | (6,228) | (3) | (59,406) |
| Interest expense | 271,307 | 211,229 | 476,135 | 615,563 |
| Interest income | (16,562) | 0 | (49,669) | 0 |
| Loss from divestiture of asset | 0 | 0 | 307,086 | 0 |
| Debt conversion inducement expense | 0 | 0 | 1,383,285 | 0 |
| Wind-down costs | (14,677) | 0 | 455,504 | 0 |
| Total other expense, net | 240,068 | 205,001 | 2,572,338 | 556,157 |
| Loss before income taxes | (24,945,834) | (3,127,283) | (33,221,254) | (9,584,819) |
| Provision for income taxes | 0 | 0 | 3,600 | 5,141 |
| Net loss | $ (24,945,834) | $ (3,127,283) | $ (33,224,854) | $ (9,589,960) |
| Loss per common share: | ||||
| Basic (in dollars per share) | $ (3.17) | $ (1.58) | $ (6.38) | $ (4.83) |
| Diluted (in dollars per share) | $ (3.17) | $ (1.58) | $ (6.38) | $ (4.83) |
| Weighted average shares of common stock outstanding used to compute earnings per share: | ||||
| Basic (in shares) | 7,880,546 | 1,983,700 | 5,207,411 | 1,983,566 |
| Diluted (in shares) | 7,880,546 | 1,983,700 | 5,207,411 | 1,983,566 |
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- Definition Amount of expense (income) related to adjustment to fair value of derivative liabilities. No definition available.
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- Definition Wind-Down Costs No definition available.
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of gain (loss) on sale or disposal of assets, including but not limited to property plant and equipment, intangible assets and equity in securities of subsidiaries or equity method investee. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of gain (loss) recognized in settlement of litigation and insurance claims. Excludes claims within an insurance entity's normal claims settlement process. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Consideration given by issuer of convertible debt to provide an incentive for debt holders to convert the debt to equity securities. The expense is equal to the fair value of all securities and other consideration transferred in the transaction in excess of the fair value of securities issuable pursuant to the original conversion terms. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The costs incurred in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, excluding in-process research and development acquired in a business combination consummated during the period. Excludes software research and development, which has a separate concept. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of purchased research and development assets that are acquired in a business combination have no alternative future use and are therefore written off in the period of acquisition. No definition available.
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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