Balance Sheet Information (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Balance Sheet Related Disclosures [Abstract] |
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| Schedule of of Cash and Cash Equivalents and Restricted Cash |
A summary of cash and cash equivalents and restricted cash is as follows:
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June 30, 2024 |
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December 31, 2023 |
| Cash and Cash Equivalents |
$ |
6,575,394 |
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$ |
2,454,684 |
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| Restricted Cash, Non-current |
4,179 |
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|
4,267 |
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| Total Cash, Cash Equivalents and Restricted Cash |
$ |
6,579,573 |
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$ |
2,458,951 |
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| Schedule of Restricted Cash |
A summary of cash and cash equivalents and restricted cash is as follows:
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June 30, 2024 |
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December 31, 2023 |
| Cash and Cash Equivalents |
$ |
6,575,394 |
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$ |
2,454,684 |
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| Restricted Cash, Non-current |
4,179 |
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|
4,267 |
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| Total Cash, Cash Equivalents and Restricted Cash |
$ |
6,579,573 |
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$ |
2,458,951 |
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| Schedule of Short term Investments |
The following table summarizes short-term investments:
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As of June 30, 2024 |
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Unrealized |
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Amortized Cost |
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Gains |
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Losses |
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Estimated Fair Value |
| US Treasuries |
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$ |
3,272,169 |
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$ |
— |
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$ |
(320) |
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$ |
3,271,849 |
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| Government Agency Securities |
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13,359,394 |
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|
805 |
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(3,391) |
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13,356,808 |
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| Corporate Debt Securities |
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4,181,391 |
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740 |
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(1,980) |
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4,180,151 |
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| Asset Backed Securities |
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432,590 |
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|
1,288 |
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(15) |
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433,863 |
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| Total Short-term Investments |
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$ |
21,245,544 |
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$ |
2,833 |
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$ |
(5,706) |
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$ |
21,242,671 |
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| Debt Securities, Available-for-Sale |
The following table summarizes the maturities of the Company's short-term investments at June 30, 2024:
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Amortized Cost |
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Estimated Fair Value |
| Due in one year or less |
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$ |
20,812,954 |
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$ |
20,808,808 |
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| Due in one to five years |
|
432,590 |
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|
433,863 |
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| Total Short-term Investments |
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$ |
21,245,544 |
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$ |
21,242,671 |
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| Schedule of Available-for-Sale Investements Gross Unrealized Losses and Fair Value |
The following table shows the Company's available-for-sale investments' gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, at June 30, 2024:
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As of June 30, 2024 |
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Less than 12 months |
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Count |
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Fair Value |
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Unrealized Losses |
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| US Treasuries |
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2 |
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$ |
3,271,849 |
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$ |
(320) |
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| Government Agency Securities |
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12 |
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10,091,878 |
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(3,391) |
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| Corporate Debt Securities |
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27 |
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3,148,969 |
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(1,980) |
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| Asset Backed Securities |
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1 |
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98,384 |
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(15) |
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| Total |
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42 |
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$ |
16,611,080 |
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$ |
(5,706) |
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| Schedule of Prepaid Expenses and Other Current Assets |
Prepaid expenses and other current assets consist of the following:
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June 30, 2024 |
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December 31, 2023 |
| Prepaid Research and Development |
$ |
143,824 |
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$ |
23,066 |
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| Prepaid General and Administrative |
115,566 |
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73,109 |
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| Prepaid Insurance |
80,256 |
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123,807 |
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| Other |
— |
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|
13,400 |
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| Total Prepaid Expenses and Other Current Assets |
$ |
339,646 |
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$ |
233,382 |
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| Schedule of Tax and Other Receivables |
Tax and other receivables consist of the following:
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June 30, 2024 |
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December 31, 2023 |
| Research Tax Credits |
$ |
1,610,570 |
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$ |
1,899,880 |
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| Other Tax Receivables |
136,593 |
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|
150,085 |
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| Vendor Credits |
336,114 |
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— |
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| Accrued Collaboration Credit |
248,520 |
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$ |
— |
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| Total Tax and Other Receivables |
$ |
2,331,797 |
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$ |
2,049,965 |
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| Schedule of Accrued Expenses |
Accrued expenses consist of the following:
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June 30, 2024 |
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December 31, 2023 |
| Payroll and Benefits |
$ |
677,598 |
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$ |
875,254 |
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| Professional Fees |
93,679 |
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43,387 |
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| Clinical Trials |
412,153 |
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397,465 |
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| Taxes |
100,000 |
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— |
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| Other |
61,762 |
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64,560 |
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| Total Accrued Expenses |
$ |
1,345,192 |
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$ |
1,380,666 |
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