Balance Sheet Information (Tables)
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9 Months Ended |
Sep. 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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September 30, 2024 |
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December 31, 2023 |
| Cash and Cash Equivalents |
$ |
5,637,019 |
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$ |
2,454,684 |
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| Restricted Cash, Non-current |
4,520 |
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|
4,267 |
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| Total Cash, Cash Equivalents and Restricted Cash |
$ |
5,641,539 |
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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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September 30, 2024 |
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December 31, 2023 |
| Cash and Cash Equivalents |
$ |
5,637,019 |
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$ |
2,454,684 |
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| Restricted Cash, Non-current |
4,520 |
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4,267 |
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| Total Cash, Cash Equivalents and Restricted Cash |
$ |
5,641,539 |
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$ |
2,458,951 |
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| Schedule of Short term Investments |
The following table summarizes short-term investments as of September 30, 2024. There were no short-term investments as of December 31, 2023:
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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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$ |
143,661 |
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$ |
154 |
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$ |
— |
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$ |
143,815 |
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| Government Agency Securities |
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18,436,082 |
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54,100 |
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(1,563) |
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18,488,619 |
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| Corporate Debt Securities |
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4,444,433 |
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18,816 |
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(357) |
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4,462,892 |
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| Asset Backed Securities |
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300,235 |
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2,455 |
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— |
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302,690 |
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| Total Short-term Investments |
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$ |
23,324,411 |
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$ |
75,525 |
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$ |
(1,920) |
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$ |
23,398,016 |
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| Debt Securities, Available-for-Sale |
The following table summarizes the maturities of the Company's short-term investments at September 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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$ |
20,490,004 |
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$ |
20,545,614 |
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| Due in one to five years |
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2,834,407 |
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2,852,402 |
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| Total Short-term Investments |
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$ |
23,324,411 |
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$ |
23,398,016 |
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| Schedule of Available-for-Sale Investments 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 September 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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| Government Agency Securities |
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3 |
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1,690,344 |
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(1,563) |
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| Corporate Debt Securities |
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4 |
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322,517 |
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(357) |
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| Total |
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7 |
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$ |
2,012,861 |
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$ |
(1,920) |
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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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September 30, 2024 |
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December 31, 2023 |
| Prepaid Research and Development |
$ |
294,642 |
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$ |
23,066 |
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| Prepaid General and Administrative |
88,393 |
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73,109 |
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| Prepaid Insurance |
87,389 |
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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 |
$ |
470,424 |
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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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September 30, 2024 |
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December 31, 2023 |
| Research Tax Credits |
$ |
223,063 |
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$ |
1,899,880 |
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| Other Tax Receivables |
140,643 |
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150,085 |
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| Total Tax and Other Receivables |
$ |
363,706 |
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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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September 30, 2024 |
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December 31, 2023 |
| Payroll and Benefits |
$ |
1,030,630 |
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$ |
875,254 |
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| Professional Fees |
123,318 |
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43,387 |
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| Clinical Trials |
403,204 |
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397,465 |
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| Taxes |
150,003 |
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— |
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| Other |
7,056 |
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64,560 |
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| Total Accrued Expenses |
$ |
1,714,211 |
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$ |
1,380,666 |
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