0001410578-24-000413 | 10-K | XBRL Viewer | Transcode Therapeutics INC

Employee Stock Purchase Plan	12 Months Ended
Dec. 31, 2023
Employee Stock Purchase Plan
Employee Stock Purchase Plan	(12) Employee Stock Purchase Plan In 2021, the Company adopted an Employee Stock Purchase Plan (the “ESPP”) to provide eligible employees of the Company with opportunities to purchase shares of the Company’s common stock. The ESPP initially provided for the purchase of an aggregate of up to approximately 188 shares of common stock. The number of shares of common stock available through the ESPP increased by approximately 113 shares in each of January 2022, January 2023, and January 2024 and may be increased each subsequent year by up to approximately 113 shares.

Employee Stock Purchase Plan

12 Months Ended

Dec. 31, 2023

(12) Employee Stock Purchase Plan

In 2021, the Company adopted an Employee Stock Purchase Plan (the “ESPP”) to provide eligible employees of the Company with opportunities to purchase shares of the Company’s common stock. The ESPP initially provided for the purchase of an aggregate of up to approximately 188 shares of common stock. The number of shares of common stock available through the ESPP increased by approximately 113 shares in each of January 2022, January 2023, and January 2024 and may be increased each subsequent year by up to approximately 113 shares.

Nature of Business and Liquidity - IPO (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 13, 2021	Dec. 31, 2023	Feb. 28, 2023
Nature of Business and Liquidity
Number of shares of common stock called by warrants		391	249
Exercise price		$ 4,000.00
IPO
Nature of Business and Liquidity
Gross proceeds	$ 28,800
Shares issued (in shares)	8,984
Price per share (in dollars per share)	$ 3,200.00
Net proceeds	$ 25,400
Number of shares of common stock called by warrants	391
Exercise price	$ 4,000.00
Redemption premium (as a percent)	125.00%
Shares converted (in shares)	1,335

BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash	$ 2,767,598	$ 4,968,418
Grant receivable		360,229
Prepaid expenses and other current assets	1,687,846	2,050,758
Total current assets	4,455,444	7,379,405
Property and equipment, net of depreciation	120,707	208,581
Right-of-use asset, net of amortization	481,694
Security deposit	111,856
Total assets	5,169,701	7,587,986
Current liabilities:
Accounts payable and accrued expenses	3,051,259	4,347,290
Deferred grant income	27,057	0
Short-term lease liability	412,280
Total current liabilities	3,490,596	4,347,290
Long-term lease liability	38,291
Total liabilities	3,528,887	4,347,290
Stockholders' equity:
Preferred stock - $0.0001 par value; 10,000,000 authorized at December 31, 2023 and 2022; - 0 - shares issued and outstanding at December 31, 2023 and 2022
Common stock - $0.0001 par value, 290,000,000 shares authorized at December 31, 2023 and 2022; 627,448 and 16,222 shares issued and outstanding at December 31, 2023 and 2022, respectively	63	2
Additional paid-in capital	48,057,095	31,110,943
Accumulated deficit	(46,416,344)	(27,870,249)
Total stockholders' equity	1,640,814	3,240,696
Total liabilities and stockholders' equity	$ 5,169,701	$ 7,587,986

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (18,546,095)	$ (17,564,968)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	123,483	98,606
Amortization of right-of-use asset	393,263
Share-based compensation expense	1,036,889	395,329
Changes in assets and liabilities:
Prepaid expenses and other current assets	362,912	(144,444)
Accounts payable and accrued expenses	(1,296,032)	1,843,722
Deferred grant income	27,057	(30,528)
Grants receivable	360,229	(360,229)
Security deposit	(111,856)
Operating lease liability	(424,385)
Net cash used in operating activities	(18,074,535)	(15,762,512)
Cash flows from investing activities:
Purchase of equipment	(35,609)	(100,919)
Net cash used in investing activities	(35,609)	(100,919)
Cash flows from financing activities:
Net proceeds from sales of common stock	15,909,324
Proceeds from exercise of stock options		5,989
Net cash provided by financing activities	15,909,324	5,989
Net change in cash	(2,200,820)	(15,857,442)
Cash, beginning of period	4,968,418	20,825,860
Cash, end of period	2,767,598	4,968,418
Supplemental disclosure of cash flow
Interest related to insurance premium payment plan	32,861	$ 37,115
Supplemental disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$ 874,957

Share-Based Compensation - Grant-date Fair Value of Options Granted (Details) - Employee Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Expected term (in years)	6 years
Expected volatility		93.20%
Weighted average grant date fair value of the options granted	$ 226.87	$ 974.22
Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate	4.01%	1.38%
Expected term (in years)		3 years 6 months
Expected volatility	100.60%
Fair value per share of underlying stock	$ 226.80	$ 408.00
Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate	4.72%	4.12%
Expected term (in years)		10 years
Expected volatility	100.80%
Fair value per share of underlying stock	$ 238.80	$ 1,960.00

Net Loss per Share

12 Months Ended

Dec. 31, 2023

Net Loss per Share

Net Loss per Share

(13) Net Loss per Share

The Company reported net losses for the years ended December 31, 2023 and 2022. Reported basic and diluted net loss per share attributable to common stockholders are the same for each period because shares issuable in connection with Contingent Securities have been excluded from the computation of diluted weighted-average shares outstanding. The effect of their inclusion would have been antidilutive.

The following table sets forth the computation of basic and diluted loss per share:


	Years ended December 31,
	2023		2022
Basic and diluted loss per share
Net loss	$	(18,546,095)	$	(17,564,968)
Weighted-average common shares outstanding		179,006		16,222
Net loss per share	$	(103.61)	$	(1,082.79)

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Measurements

Fair Value Measurements

(3) Fair Value Measurements

ASC 820, “Fair Value Measurements”, provides guidance on the development and disclosure of fair value measurements. The Company follows this guidance for fair value measurements, which defines fair value, establishes a framework for measuring fair value under U.S. GAAP, and expands disclosures about fair value measurements. The guidance requires fair value measurements be classified and disclosed in one of the following three categories:

Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities.

Level 2: Observable prices that are based on inputs not quoted on active markets but corroborated by market data.

Level 3: Unobservable inputs which are supported by little or no market activity with values determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation.

Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of the dates of the Company’s balance sheets herein. The carrying amount of cash, grant receivable, prepaid expenses and other current assets, right-of-use asset, accounts payable and accrued expenses, deferred grant income, and current and long-term portion of lease liability approximated their fair value due to their short-term or fixed arrangements nature.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Employee Stock Purchase Plan (Details) - shares	12 Months Ended
Employee Stock Purchase Plan (Details) - shares	Dec. 31, 2021	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022
Employee Stock Purchase Plan
Shares issued on ESPP	188
Shares available in ESPP			113	113
Subsequent Events
Employee Stock Purchase Plan
Shares available in ESPP		113

Income Taxes - Unrecognized tax assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Balance	$ 0	$ 0
Increase for tax positions of prior years	228	0
Increase based on tax positions related to current year	125	0
Balance	$ 353	$ 0

Property and Equipment (Details) - USD ($)	12 Months Ended
Property and Equipment (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment
Laboratory and computer equipment	$ 384,050	$ 348,441
Less accumulated depreciation	(263,343)	(139,860)
Total property and equipment, net	120,707	208,581
Depreciation expense	$ 123,483	$ 98,606

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Schedule of lease cost


	Year Ended
Operating Leases	December 31, 2023
Weighted average remaining lease term (years)	1.08
Weighted average discount rate	3.6	%


Year ending December 31,
2024	$	422,464
2025		38,291
Total undiscounted lease payments		460,755
Imputed interest		(10,184)
Lease liability	$	450,571

Schedule of milestone payments the company shall pay to licensor


Milestone Event	Amount
Enrollment of first patient in a phase II clinical trial of a therapeutic product or process	$	100,000
Enrollment of first patient in a phase III clinical trial of a therapeutic product or process	$	200,000
First commercial sale of a therapeutic product or process	$	1,000,000
Filing of an application for regulatory approval of a clinical diagnostic product or process	$	100,000
First regulatory approval of a clinical diagnostic product or process	$	150,000

Stockholders' Equity (Details)				1 Months Ended				12 Months Ended
Stockholders' Equity (Details)	Sep. 26, 2023 $ / shares shares	Jun. 06, 2023 USD ($) $ / shares shares	Feb. 16, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 $ / shares shares	May 31, 2023 USD ($) shares	Apr. 30, 2023 USD ($) shares	Dec. 31, 2023 USD ($) Vote $ / shares shares	Oct. 04, 2023 shares	Jun. 09, 2023 $ / shares	Jun. 08, 2023 $ / shares shares	Feb. 28, 2023 shares	Dec. 31, 2022 $ / shares shares	Apr. 27, 2021 $ / shares shares
Stockholders' Equity
Maximum number of shares which the Company is authorized to issue														300,000,000
Preferred stock, par value (in dollars per share) \| $ / shares								$ 0.0001					$ 0.0001	$ 0.0001
Accumulated restricted common stock outstanding								627,448					16,222
Accumulated restricted common stock issued								627,440					16,222
Preferred stock, shares issued								0					0
Net proceeds from sales of common stock \| $								$ 15,909,324
Number of warrants purchased								391				249
Term of warrants								5 years				5 years
Exercise price \| $ / shares								$ 4,000.00
Common Stock - Dividends and Voting
Cash dividends were declared or paid \| $								$ 0
Common stock voting rights per share \| Vote								1
Pre-funded warrants
Stockholders' Equity
Issuances of common stock, net (in shares)					50,000
Number of warrants sold				21,496
Price per share (in dollars per share) \| $ / shares		$ 139.60
Series A warrants
Stockholders' Equity
Term of warrants		3 years								3 years
Exercise price \| $ / shares		$ 130.00								$ 130.00
Series A-1 Warrants
Stockholders' Equity
Number of warrants purchased					50,000			50,000
Exercise price \| $ / shares								$ 130.00
Series A-2 Warrants
Stockholders' Equity
Number of warrants purchased								50,000
Exercise price \| $ / shares								$ 130.00
June Placement Agent Warrants
Stockholders' Equity
Number of warrants purchased								3,500			3,500
Term of warrants										3 years
Exercise price \| $ / shares								$ 175.20			$ 175.20
February Placement Agent Warrants
Stockholders' Equity
Number of warrants purchased								249
Exercise price \| $ / shares			$ 527.00					$ 527.20
December Placement Agent Warrants
Stockholders' Equity
Number of warrants purchased								7,500
Exercise price \| $ / shares								$ 12.10
Underwriter Warrants
Stockholders' Equity
Exercise price \| $ / shares	$ 25.50
Underwriter Warrants \| Maximum
Stockholders' Equity
Commencement period for exercise of warrants, following the date of issuance				180 days
Term of warrants				5 years
RDO PFW
Stockholders' Equity
Price per share (in dollars per share) \| $ / shares		$ 0.01
White Lion Purchase Agreement
Stockholders' Equity
Net proceeds from sales of common stock \| $						$ 518,844	$ 518,844
Issuances of common stock, net (in shares)						2,750	2,750
Aggregate legal and printing expenses \| $						$ 75,418	$ 75,418
Securities Purchase Agreement
Stockholders' Equity
Commencement period for exercise of warrants, following the date of issuance			6 months
Issuances of common stock, net (in shares)		2,475
Net proceeds \| $		$ 6,100,000
Price per share (in dollars per share) \| $ / shares		$ 140.00
Securities Purchase Agreement \| Pre-funded warrants
Stockholders' Equity
Number of warrants sold		47,525
Securities Purchase Agreement \| Series A-1 Warrants
Stockholders' Equity
Number of warrants sold		50,000
Securities Purchase Agreement \| Series A-2 Warrants
Stockholders' Equity
Number of warrants sold		50,000
Securities Purchase Agreement \| June Placement Agent Warrants
Stockholders' Equity
Number of warrants purchased					3,500
Term of warrants					3 years
Exercise price \| $ / shares					$ 175.00
Securities Purchase Agreement \| December Placement Agent Warrants
Stockholders' Equity
Number of warrants purchased				7,500
Term of warrants				5 years
Exercise price \| $ / shares				$ 12.10
Securities Purchase Agreement
Stockholders' Equity
Aggregate of direct offering			3,558	125,000
Sale of stock exercise price \| $ / shares			$ 421.60
Net proceeds from sales of common stock \| $			$ 1,200,000	$ 900,000
Price per share (in dollars per share) \| $ / shares				$ 9.68
Underwriting Agreement
Stockholders' Equity
Issuances of common stock, net (in shares)	17,500
Net proceeds \| $				$ 7,000,000.0
Price per share (in dollars per share) \| $ / shares	$ 20.40
Underwriting Agreement \| Maximum
Stockholders' Equity
Number of warrants purchased									8,348
Underwriting Agreement \| Pre-funded warrants
Stockholders' Equity
Number of warrants sold	404,075
Price per share (in dollars per share) \| $ / shares	$ 20.00
Number of warrants exercised				177,176
Underwriting Agreement \| Pre-funded warrants \| Maximum
Stockholders' Equity
Number of warrants purchased	58,480
Underwriting Agreement \| Underwriter Warrants
Stockholders' Equity
Commencement period for exercise of warrants, following the date of issuance				180 days
Term of warrants				5 years
Exercise price \| $ / shares				$ 25.50
Underwriting Agreement \| Underwriter Warrants \| Maximum
Stockholders' Equity
Number of warrants purchased				21,496
Common Stock
Stockholders' Equity
Maximum number of shares which the Company is authorized to issue														290,000,000
Issuances of common stock, net (in shares)								611,226
Preferred Stock
Stockholders' Equity
Maximum number of shares which the Company is authorized to issue														10,000,000

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Prepaid Expenses and Other Current Assets

Schedule of prepaid expenses and other current assets


	December 31,		December 31,
	2023		2022
Prepaid operating expenses	$	116,607	$	122,428
Contract manufacturers and research organizations		717,686		241,111
Insurance premiums		431,061		1,255,317
Prepaid FICA		422,492		422,492
Deposits		—		9,410
	$	1,687,846	$	2,050,758

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2023

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

(4) Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	December 31,		December 31,
	2023		2022
Prepaid operating expenses	$	116,607	$	122,428
Contract manufacturers and research organizations		717,686		241,111
Insurance premiums		431,061		1,255,317
Prepaid FICA		422,492		422,492
Deposits		—		9,410
	$	1,687,846	$	2,050,758

Commitments and Contingencies - Schedule of operating lease (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies
Weighted average remaining lease term (years)	1 year 29 days
Weighted average discount rate	3.60%
2024	$ 422,464
2025	38,291
Total undiscounted lease payments	460,755
Imputed interest	(10,184)
Lease liability	450,571
Rent expense	$ 575,192	$ 329,684

Income Taxes - Deferred tax assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating loss carryforwards	$ 5,880,202	$ 3,434,543
Capitalized research and development	5,499,242	3,166,280
Capitalized patent and other costs	3,071	5,219
Stock-based compensation	118,733	69,592
Accrued expenses	14,125	24,521
Fixed assets	11,027	1,889
Research and development tax credit carryforwards	1,136,299	454,616
Subtotal deferred tax assets before valuation allowance	12,662,699	7,156,660
Less valuation allowance	$ (12,662,699)	$ (7,156,660)

Share-Based Compensation - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2022	Dec. 31, 2021	Apr. 30, 2020
Share-Based Compensation
Significant shareholder threshold used for determining exercise price	10.00%
Exercise price as a percentage of fair value	100.00%
Exercise price as a percentage of fair value for shareholders owning specified minimum amount	110.00%
Option terms for shareholders owning specified minimum amount	5 years
Exercise of stock options (in shares)		91
Number of shares terminated	393
Number of stock options outstanding	6,289	3,771				2,142
Stock Option and Incentive Plan 2020
Share-Based Compensation
Shares approved for issuance of options							2,242
Terms of award	10
Stock Option and Incentive Plan 2020 \| Minimum
Share-Based Compensation
Vesting period	2 years
Stock Option and Incentive Plan 2020 \| Maximum
Share-Based Compensation
Vesting period	4 years
Stock Option and Incentive Plan 2021
Share-Based Compensation
Shares approved for issuance of options	6,250
Options available for future grants			1,569	811	807
Number of stock options outstanding	4,243
Employee Stock Option \| Stock Option and Incentive Plan 2020
Share-Based Compensation
Number of stock options outstanding	2,050
Employee Stock Option \| Stock Option and Incentive Plan 2021
Share-Based Compensation
Options available for future grants	3,469

Income Taxes - Effective income tax rate reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Federal income tax benefit at statutory rate	21.00%	21.00%
State and local tax, net of federal benefit	6.00%	6.30%
Permanent differences	1.50%	(0.10%)
Research and development credit	2.20%	2.40%
Share-based compensation	(1.00%)	(0.40%)
Change in valuation allowance	(29.70%)	(29.20%)
Effective income tax rate	0.00%	0.00%

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Summary of estimated useful life of property and equipment


		Estimated useful life
Laboratory equipment		3 years
Furniture and fixtures		5 years
Computer and office equipment		3 years
Leasehold improvements		Shorter of the useful life or remaining lease term

Nature of Business and Liquidity

12 Months Ended

Dec. 31, 2023

Nature of Business and Liquidity

Nature of Business and Liquidity

(1) Nature of Business and Liquidity

TransCode Therapeutics, Inc. (the “Company” or “TransCode”) was incorporated on January 11, 2016, under the laws of the State of Delaware. TransCode is a biopharmaceutical company focused primarily on developing and commercializing innovative drugs and diagnostics for treating and identifying cancer. TransCode recently commenced its first clinical trial. The Company’s lead therapeutic candidate, TTX-MC138, comprises an oligonucleotide conjugated to an iron oxide nanoparticle designed to be administered by infusion to inhibit the ability of metastatic tumor cells to survive. The goal of the therapy, if approved, is to achieve durable disease regression and long-term patient survival.

From its founding until mid-2021, the Company was engaged in organizational activities, including raising capital, and limited research and development (“R&D”) activities. On July 13, 2021, the Company completed the initial public offering (“IPO”) of its common stock, raising approximately $28.8 million in gross proceeds. Since the IPO, the Company has increased its R&D activities, hired additional employees, and begun more traditional operations.

Following the IPO, the Company’s common stock commenced trading on the Nasdaq Capital Market under the ticker symbol “RNAZ.” The Company issued approximately 8,984 shares of common stock in connection with the IPO, including exercise of the underwriter’s over-allotment option, at an initial offering price of $3,200.00 per share. The net proceeds from the IPO were approximately $25.4 million after deducting underwriting discounts, commissions and estimated offering expenses payable by the Company, including offering costs paid in 2020. In connection with the IPO, the Company also granted the underwriter warrants to purchase up to approximately 391 shares of Company common stock at an exercise price of $4,000.00 per share (125% of the initial public offering price). Upon the closing of the IPO, outstanding convertible promissory notes converted into approximately 1,335 shares of Company common stock.

The Company has not generated revenues and has not yet achieved profitable operations, nor has it ever generated positive cash flows from operations. There is no assurance that profitable operations, if achieved, could be sustained on a continuing basis. The Company is subject to those risks associated with any early-stage biopharmaceutical company that requires substantial expenditures for research and development. There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approvals, or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants. Further, the Company’s future operations are dependent on the success of the Company’s efforts to raise additional capital.

Going Concern

These financial statements have been prepared under the assumption that the Company will continue as a going concern which contemplates the continuation of operations, realization of assets and liquidation of liabilities in the ordinary course of business. Due to the Company’s recurring and expected continuing losses from operations, the Company has concluded there is substantial doubt concerning its ability to continue as a going concern within one year of the issuance of these financial statements without additional capital becoming available. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

To date, the Company has incurred substantial losses and negative cash flows from operations. It expects to continue to incur operating losses for the foreseeable future as it pursues development of its lead therapeutic candidate and other programs. Operating losses are expected to continue until such time, if ever, that the Company can generate significant revenue from product candidates currently in development. The Company is unable to predict the extent of any future losses or when the Company will become profitable, if ever.

For the year ended December 31, 2023, net cash used in operating activities was approximately $18.0 million and the Company’s net loss was approximately $18.5 million. As of December 31, 2023, the Company had an accumulated deficit of approximately $46.4 million and approximately $2.8 million in cash.

(1) Nature of Business and Liquidity (continued)

The Company plans to expand development of its lead therapeutic candidate and other candidates, and to explore strategic partnerships. Management believes that current cash and the net proceeds of a January 2024 equity offering are sufficient to fund operations and capital requirements into the late third or early fourth quarter of 2024, but does not believe that existing cash will be sufficient to fund requirements for a full 12 months from the date of issuance of these financial statements.

To support its planned operations, the Company will require additional capital; however, the Company cannot be certain that additional funding will be available on acceptable terms, or at all. Through December 31, 2023, the Company’s primary source of capital was from the sale of equity securities in the IPO and subsequent financings, previous sales of convertible promissory notes and funds received under an SBIR Award beginning in April 2021. For the foreseeable future, the Company plans to fund its operations by continuing to raise additional capital, primarily through sales of equity or debt, and from funds that may be awarded under government and other grants.

To the extent the Company raises additional funds by issuing equity securities, its stockholders may experience significant dilution. Any debt financing, if available, may include potentially dilutive features and include restrictive covenants that impact the Company’s ability to conduct business. If the Company is unable to raise additional capital when required or on acceptable terms, the Company may have to (i) significantly scale back its planned operations or (ii) relinquish or otherwise dispose of rights to technologies on unfavorable terms.

Warrants - Summary of Company's Outstanding or Issuable Warrants (Details) - $ / shares	Dec. 31, 2023	Jun. 30, 2023	Jun. 08, 2023	Feb. 28, 2023	Feb. 16, 2023
Warrants
Number of warrants purchased	391			249
Exercise price (in dollars per share)	$ 4,000.00
IPO Underwriter Warrants
Warrants
Number of warrants purchased	391
Exercise price (in dollars per share)	$ 4,000.00
February Placement Agent Warrants
Warrants
Number of warrants purchased	249
Exercise price (in dollars per share)	$ 527.20				$ 527.00
Consultant warrants
Warrants
Number of warrants purchased	156
Exercise price (in dollars per share)	$ 400.00
Series A-1 Warrants
Warrants
Number of warrants purchased	50,000	50,000
Exercise price (in dollars per share)	$ 130.00
Series A-2 Warrants
Warrants
Number of warrants purchased	50,000
Exercise price (in dollars per share)	$ 130.00
June Placement Agent Warrants
Warrants
Number of warrants purchased	3,500		3,500
Exercise price (in dollars per share)	$ 175.20		$ 175.20
September Underwriter Warrants
Warrants
Number of warrants purchased	21,496
Exercise price (in dollars per share)	$ 25.50
December Placement Agent Warrants
Warrants
Number of warrants purchased	7,500
Exercise price (in dollars per share)	$ 12.10

Pay vs Performance Disclosure - USD ($)	12 Months Ended
Pay vs Performance Disclosure - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (18,546,095)	$ (17,564,968)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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+ Details

Income Taxes - Additional information (Details)		12 Months Ended
Income Taxes - Additional information (Details)	Nov. 07, 2023 item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)		$ 0	$ 0
Accrued interest or penalties related to uncertain tax positions		0	0
Interest or penalties related to uncertain tax positions recognized in the Company's statements of operations		0	0
change in valuation allowance		5,506,039	5,136,825
Unrecognized tax benefits		$ 353,000	0	$ 0
Tax credit carryforward expiration term		3 years
Payroll tax prepayments recorded under act		$ 250,000	250,000
Maximum [Member]
Operating Loss Carryforwards [Line Items]
Number of days minimum Bid Price \| item	20
Minimum
Operating Loss Carryforwards [Line Items]
Number of days minimum Bid Price \| item	10
Internal revenue
Operating Loss Carryforwards [Line Items]
Ownership interest		50.00%
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		$ 21,556,006	12,277,816
Percentage of limitation of usage of operating losses		80.00%
Federal \| Federal research and development
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		$ 864,408	549,780
Federal \| 2017 and Prior Years
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		38,297
State and Local
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		21,415,201	12,137,011
State and Local \| Federal research and development
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		758,417	$ 495,079
State and Local \| Tax Year 2036 \| Federal research and development
Operating Loss Carryforwards [Line Items]
Tax credit carryforward		$ 7,013

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property and Equipment

Property and Equipment

(5) Property and Equipment

Property and equipment, net consisted of the following:


	December 31,		December 31,
	2023		2022
Laboratory and computer equipment	$	384,050	$	348,441
Less accumulated depreciation		(263,343)		(139,860)
Total property and equipment, net	$	120,707	$	208,581

Depreciation expense for the years ended December 31, 2023 and 2022, was $123,483 and $98,606, respectively.

Summary of Significant Accounting Policies - Estimated useful life of property and equipment (Details)		12 Months Ended
	Jan. 16, 2024	Dec. 31, 2023	Dec. 31, 2022 shares
Summary of Significant Accounting Policies
Reverse stock split ratio		0.05
Warrant issued			0
Subsequent Events
Summary of Significant Accounting Policies
Reverse stock split ratio	0.025
Laboratory equipment
Summary of Significant Accounting Policies
Estimated useful life		3 years
Furniture and fixtures
Summary of Significant Accounting Policies
Estimated useful life		5 years
Computer and office equipment
Summary of Significant Accounting Policies
Estimated useful life		3 years

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of statutory federal income tax rate to income taxes


	Years Ended
	December 31,
	2023		2022
Federal income tax benefit at statutory rate	21.0	%	21.0	%
State and local tax, net of federal benefit	6.0	%	6.3	%
Permanent differences	1.5	%	(0.1)	%
Research and development credit	2.2	%	2.4	%
Share-based compensation	(1.0)	%	(0.4)	%
Change in valuation allowance	(29.7)	%	(29.2)	%
Effective income tax rate	0.0	%	0.0	%

Schedule of company's deferred tax assets


	December 31,
	2023		2022
Net operating loss carryforwards	$	5,880,202	$	3,434,543
Capitalized research and development		5,499,242		3,166,280
Capitalized patent and other costs		3,071		5,219
Stock-based compensation		118,733		69,592
Accrued expenses		14,125		24,521
Fixed assets		11,027		1,889
Research and development tax credit carryforwards		1,136,299		454,616
Subtotal deferred tax assets before valuation allowance		12,662,699		7,156,660
Less valuation allowance		(12,662,699)		(7,156,660)
Deferred tax assets		—		—

Deferred tax liability
Fixed assets		—		—
Net deferred taxes	$	—	$	—

Schedule of company's unrecognized tax benefit

A reconciliation of the Company’s unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
		2023		2022
Balance at beginning of year	$	—	$	—
Increase for tax positions of prior years		228		—
Increase based on tax positions related to current year		125		—
Balance at end of year	$	353	$	—

Share-Based Compensation - Information About Options to Purchase Common Stock (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of shares
Outstanding, beginning balance	3,771	2,142
Granted	2,911	1,720
Exercised		(91)
Forfeited	(393)
Outstanding, ending balance	6,289	3,771	2,142
Weighted average exercise price per share
Outstanding, beginning balance	$ 592.00	$ 264.00
Granted	226.88	976.00
Exercised		64.00
Forfeited	459.02
Outstanding, ending balance	$ 419.58	$ 592.00	$ 264.00
Weighted average contractual term (years)
Weighted average contractual term (years)	3 years 8 months 12 days	5 years 3 months 18 days	5 years 2 months 12 days
Granted	10 months 24 days	6 years 4 months 24 days
Intrinsic value of the outstanding options	$ 0

Nature of Business and Liquidity - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Nature of Business and Liquidity
Net cash used in operating activities	$ 18,074,535	$ 15,762,512
Net loss	(18,546,095)	(17,564,968)
Accumulated deficit	(46,416,344)	(27,870,249)
Cash	$ 2,767,598	$ 4,968,418

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Compensation

Share-Based Compensation

(11) Share-Based Compensation

In April 2020, the Board approved the TransCode Therapeutics, Inc. 2020 Stock Option and Incentive Plan (the “2020 Plan”) providing for the issuance of options or other awards to purchase up to approximately 2,242 shares of the Company’s common stock. The Board determined not to make any further awards under the 2020 Plan following the closing of the IPO. In March 2021, the Company’s 2021 Stock Option and Incentive Plan (the “2021 Plan”) was approved by the Company’s Board and stockholders and became effective upon the effectiveness of the IPO. The 2021 Plan initially provided for the issuance of options or other awards to purchase up to 6,250 shares of the Company’s common stock. The number of options or other awards available under the 2021 Plan increased 807 shares in January 2022, 811 in January 2023, and 1,569 in January 2024.

Both Plans provide for grants of equity in the form of stock awards, stock options and other instruments to employees, members of the Board, officers and consultants of and advisors to the Company. The Plans are administered by the Board or, at the discretion of the Board, by a committee of the Board. The amount and terms of grants are determined by the Board. The terms of options granted under the Plans generally are for ten (10) years after date of grant and are exercisable in cash or as otherwise determined by the Board. The vesting period for equity-based awards is determined at the discretion of the Board and is generally two to four years. If stock options granted under the 2021 Plan terminate, expire, or are surrendered or cancelled, the shares subject to such grants will again be available under the 2021 Plan.

The exercise price for incentive stock options is determined at the discretion of the Board but for grants to any person possessing less than 10% of the total combined voting power of all classes of stock may not have an exercise price less than 100% of the fair market value of the Common Stock on the grant date (110% for grants to any person possessing more than 10% of the total combined voting power of all classes of stock). The option term for incentive stock option awards may not be greater than ten years from the date of the grant (five years for grants to any person possessing more than 10% of the total combined voting power of all classes of stock).

(11) Share-Based Compensation (continued)

Of options awarded under the 2021 Plan, approximately 4,243 were outstanding at December 31, 2023.

At December 31, 2023, there were 2,050 options outstanding under the 2020 Plan that were vested and exercisable and 3,469 options outstanding under the 2021 Plan that were vested and exercisable. Information about options to purchase common stock of the Company under both Plans is as follows:


		Weighted
		average		Weighted
		exercise		average
	Number of	price		contractual
	shares	per share		term (years)
Outstanding at December 31, 2021	2,142	$	264.00	5.2
Granted	1,720		976.00	6.4
Exercised	(91)		64.00	—
Forfeited	—		—	—
Outstanding at December 31, 2022	3,771		592.00	5.3
Granted	2,911		226.88	0.9
Exercised	—		—	—
Forfeited	(393)		459.02	—
Outstanding at December 31, 2023	6,289	$	419.58	3.7

The intrinsic value of the outstanding options as of December 31, 2023, was $0.

Option Valuation

The assumptions that the Company used to determine the grant-date fair value of options granted in the years ended December 31, 2023 and 2022, were as follows:


	Years Ended December 31,
	2023			2022
Risk-free interest rate		4.01% - 4.72	%		1.38% - 4.12	%
Expected term (in years)		6.0			3.5 - 10.0
Expected volatility		100.6% - 100.8	%		93.2	%
Expected dividend yield		—			—
Fair value per share of underlying stock	$	226.80 - $238.80		$	408.00 - $1,960.00

(11) Share-Based Compensation (continued)

The weighted average grant date fair value per share of the options granted in the years ended December 31, 2023 and 2022, was $226.87 and $974.22, respectively.

The Company recorded share-based compensation expense of $1,013,527 and $395,329 during the years ended December 31, 2023 and 2022, respectively, all of which related to stock options. The remaining share-based compensation expense to be recognized in the future is $183,765 over approximately 2.3 years.

STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance, beginning of period at Dec. 31, 2021	$ 2	$ 30,709,625	$ (10,305,281)	$ 20,404,346
Balance, beginning of period (in shares) at Dec. 31, 2021	16,131
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss			(17,564,968)	(17,564,968)
Exercise of stock options		5,989		$ 5,989
Exercise of stock options (in shares)	91			91
Share based compensation		395,329		$ 395,329
Balance, end of period at Dec. 31, 2022	$ 2	31,110,943	(27,870,249)	3,240,696
Balance, end of period (in shares) at Dec. 31, 2022	16,222
Increase (Decrease) in Stockholders' Equity (Deficit)
Net loss			(18,546,095)	(18,546,095)
Issuances of common stock, net	$ 61	15,909,263		15,909,324
Issuances of common stock, net (in shares)	611,226
Share based compensation		1,036,889		1,036,889
Balance, end of period at Dec. 31, 2023	$ 63	$ 48,057,095	$ (46,416,344)	$ 1,640,814
Balance, end of period (in shares) at Dec. 31, 2023	627,448

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 28
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

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-Section S99
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-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
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

Commitments and Contingencies - Collaboration Agreement and Litigation (Details)		12 Months Ended
	Jul. 29, 2022 USD ($)	Dec. 31, 2023 USD ($) employee	Dec. 31, 2022 USD ($) employee
Commitments and Contingencies
Aggregate amount of severance		$ 424,576
Number of Positions Eliminated \| employee		4
Number of Employees \| employee		11	19
Employee Severance \| Maximum
Commitments and Contingencies
Aggregate amount of severance		$ 2,483,700
Collaboration Agreement
Commitments and Contingencies
Amount paid to company as prepaid expenses		250,000
Collaboration Agreement \| The University of Texas M. D. Anderson Cancer Center ("MD Anderson")
Commitments and Contingencies
Collaboration agreement term	5 years
Amount the company has committed to pay	$ 10,000,000
Amount the company has committed to pay in year one	500,000
Subsequent payments made in first anniversary	2,000,000
Subsequent payments made in second anniversary	2,500,000
Subsequent payments made in third anniversary	2,500,000
Subsequent payments made in fourth anniversary	$ 2,500,000
Total expenses incurred under the arrangement		$ 0	$ 0

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Net Loss per Share

Schedule of computation of basic and diluted loss per share


	Years ended December 31,
	2023		2022
Basic and diluted loss per share
Net loss	$	(18,546,095)	$	(17,564,968)
Weighted-average common shares outstanding		179,006		16,222
Net loss per share	$	(103.61)	$	(1,082.79)

Warrants (Tables)

12 Months Ended

Dec. 31, 2023

Warrants

Summary of company's outstanding or issuable warrant


	Number	Exercise Price
Description	of Shares	Per Share
IPO Underwriter Warrants	391	$	4,000.00
February Placement Agent Warrants	249		527.20
Consultant Warrants	156		400.00
Series A-1 warrants	50,000		130.00
Series A-2 warrants	50,000		130.00
June Placement Agent Warrants	3,500		175.20
September Underwriter Warrants	21,496		25.50
December Placement Agent Warrants	7,500		12.10

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

(a) Basis of Presentation

These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

(b) Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including 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. Significant items subject to such estimates and assumptions include but are not limited to the valuation of share-based compensation, income from grants, and accrued research and development costs. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. Accounting estimates used in the preparation of these financial statements change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the financial statements, actual results may materially vary from these estimates.

Basic net loss per share is determined by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share includes the effect, if any, from the potential conversion, vesting or exercise of securities (“Contingent Securities”) such as convertible promissory notes, stock options and warrants which would result in the issuance of additional shares of common stock. The computation of diluted net loss per shares does not include the conversion or exercise of Contingent Securities when the effect of doing so would be antidilutive.

(2) Summary of Significant Accounting Policies (continued)

(d) Cash

The Company classifies deposits in banks, money market funds and cash invested temporarily in various instruments with original maturities of three months or less as cash. To date, the Company has not held any funds in money market funds or instruments with original maturities of three months or less. The Company holds significant cash balances in U.S. banks which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or lack of access to such funds could have a material adverse effect on the Company’s financial condition, results of operations, and cash flows.

(e) Fair Value of Financial Instruments

The Company’s financial instruments at December 31, 2023 and 2022, included cash, grant receivable, prepaid expenses and other current assets, right-of-use asset, accounts payable and accrued expenses, deferred grant income, and current and long-term portion of lease liability. Cash is reported at fair value. The recorded carrying amounts of grant receivable, prepaid expenses and other current assets, accounts payable and accrued expenses, deferred grant income, and current and long-term portion of lease liability approximate their fair value due to their short-term or fixed arrangements nature.

(f) Research and Development

Research and development (“R&D”) costs generally are expensed as incurred and primarily comprise expenses to discover, research and develop therapeutic candidates. These expenses may include personnel costs, share- based compensation expense, materials and supplies, allocated facility-related and depreciation expenses, third-party license fees, and costs under arrangements with third-party vendors, such as contract research organizations (“CROs”), contract manufacturing organizations (“CMOs”), and consultants. Non- refundable prepayments for goods or services that will be used or rendered for future research and development activities are recorded as prepaid expenses. Such amounts are recognized as expenses as the goods are delivered or the related services are performed, or until it is no longer expected that the goods will be delivered or the services rendered.

The Company has entered into various research and development-related contracts with companies both inside and outside the United States. The related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates.

Patent Costs

All legal fees and expenses and costs related to patent-related filings with governmental authorities incurred in connection with filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses. Other patent costs are classified as R&D expenses.

(g) Grant Income

Funds from grants are recognized as grant income in the statements of operations as and when earned for the specific research and development projects for which the grants are designated. In April 2021, the Company received an award (the “Award”) from the National Cancer Institute in support of the Company’s lead therapeutic candidate. Since there is no transfer of ownership of the work performed under the Award, and the Company does not lose control over the work performed under the Award, the Company deems the Award funds as a contribution. Grant payments received in excess of grant income earned are recorded as deferred grant income on the Company’s balance sheets until the related income has been earned. Grant income earned in excess of grant payments received is recorded as grant receivable on the Company’s balance sheets.

(2) Summary of Significant Accounting Policies (continued)

(h) Share-Based Compensation

Share-based compensation, if any, for employees and non-employees is measured at the grant date based on the fair value of the award. The Company recognizes compensation expense, if any, for awards to employees and directors over the requisite service period, which is generally the vesting period of the respective award, and for awards to non-employees over the period during which services are rendered by such non-employees until completed. Under applicable accounting standards, the fair value of each option is estimated on the date of grant using the Black-Scholes option pricing model. Generally, the Company issues awards with only service-based vesting conditions and records the expense for these awards using the straight-line method. The Company classifies share-based compensation expense in its statements of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. Forfeitures are accounted for as they occur.

The estimated fair value of the common stock used by the Company to determine the expense of option awards is the closing Nasdaq price of the Company’s common shares on the date of each award. Other factors used in calculating the fair value of share-based awards represented management’s best estimates, some of which involve inherent uncertainties and the application of management’s judgment. As a result, if factors were to change and management were to use different assumptions, share-based compensation expense could be materially different.

Certain stock appraisal methodologies utilize, among other variables, the volatility of the stock price. When private, the Company lacked Company-specific historical and implied volatility information for its stock. Therefore, it estimated its expected stock price volatility based on the historical volatility of publicly-traded peer companies and expects to continue to do so until such time, if ever, as it has adequate historical data regarding the volatility of its own publicly-traded stock price. The expected life of options awarded was estimated using the simplified method because the Company has limited historical information on which to base reasonable expectations about future exercise patterns and post-vesting employment. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends on its common stock and does not expect to pay cash dividends in the foreseeable future.

(i) Property and Equipment

Property and equipment are recorded at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows:


		Estimated useful life
Laboratory equipment		3 years
Furniture and fixtures		5 years
Computer and office equipment		3 years
Leasehold improvements		Shorter of the useful life or remaining lease term

When assets are retired or otherwise disposed of, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the statements of operations in the period of disposal. Expenditures for repairs and maintenance are charged to expense as incurred.

(j) Income Taxes

The Company provides for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of the dates of the Company’s balance sheets herein, the Company had a full valuation allowance against deferred tax assets.

(2) Summary of Significant Accounting Policies (continued)

The Company is subject to the provisions of ASC 740-10-25, “Income Taxes” (“ASC 740”). ASC 740 prescribes a more likely-than-not threshold for the financial statement recognition of uncertain tax positions. ASC 740 clarifies the accounting for income taxes by prescribing a minimum recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.

There are currently no open federal or state tax audits. The Company has not recorded any liability for uncertain tax positions at the dates of the Company’s balance sheets herein.

(k) Emerging Growth Company Status

The Company is an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act (“JOBS Act”) and may take advantage of certain exemptions from various reporting requirements that are applicable to public companies that are not EGCs. The Company may take advantage of these exemptions until it is no longer an EGC under Section 107 of the JOBS Act and has elected to use the extended transition period for complying with new or revised accounting standards. As a result of this election, the Company’s financial statements may not be comparable to companies that comply with public company FASB standards’ effective dates. The Company may take advantage of these exemptions up until the last day of the fiscal year following the fifth anniversary of a public offering or such earlier time that it is no longer an EGC.

(l) Recent Accounting Pronouncement

In August 2020, the FASB issued ASU 2020-06, “Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40)” (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU is part of the FASB’s simplification initiative, which aims to reduce unnecessary complexity in U.S. GAAP. The ASU’s amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The Company’s adoption of ASU 2020-06 on January 1, 2023, did not have a material impact on the Company’s financial statements.

(m) Reverse Stock Splits

On May 23, 2023, the Company effected a reverse split of the Company’s common stock, either issued and outstanding or held by the Company as treasury stock, (the “2023 Reverse Split”) previously approved by the Company’s Board of Directors (“Board”) and stockholders of the Company. The 2023 Reverse Split was at a ratio of one share for every 20 shares previously held with no change in the par value per share. The 2023 Reverse Split did not change the number of authorized shares of common stock.

All common stock share and per share data, and exercise price data for applicable common stock equivalents, included in these financial statements have been retroactively adjusted to reflect the two reverse stock splits.

(n) Collaboration Agreements

When the Company enters into a collaboration agreement, it evaluates the arrangement against the requirements of ASC 808, “Collaborative Arrangements,” as well as ASU 2018-18 which clarifies the interaction between Topic 808 and Topic 606. ASU 2018-18 indicates that collaborative arrangements could be partially in the scope of other guidance, including ASC 606.

(2) Summary of Significant Accounting Policies (continued)

(o) Leases

The Company leases certain office and laboratory space. At inception, the Company determines if a contract or arrangement contains a lease. Leases are evaluated and classified as either operating or finance leases. A lease is classified as a finance lease if any of the following criteria are met: (i) ownership of the underlying asset transfers to the Company by the end of the lease term; (ii) the lease contains an option to purchase the underlying asset that the Company is reasonably expected to exercise; (iii) the lease term is for a major part of the remaining economic life of the underlying asset; (iv) the present value of the sum of lease payments and any residual value guaranteed by the Company equals or exceeds substantially all of the fair value of the underlying asset; or (v) the underlying asset is of a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. A lease that does not meet any of the criteria to be classified as a finance lease is classified as an operating lease. Operating leases are included on the balance sheets as right-of-use (“ROU”) assets, net; current portion of operating lease liabilities; and operating lease liabilities. ROU assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at the commencement date. Where leases do not provide an implicit rate for use in determining the present value of future payments, the Company uses an incremental borrowing rate that represents the cost of borrowing on a collateralized basis for a period equal to the expected lease term. ROU assets also include any lease payments made and exclude any lease incentives and initial direct costs incurred. Lease terms may include periods under options to extend the lease or terminate the lease prior to expiration when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term, including rent abatement periods and rent holidays. While lease liabilities are not remeasured as a result of changes to these costs, changes are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. Finance leases are included on the balance sheets as property and equipment, net; current maturities of long-term debt; and long-term debt. Finance lease costs are split between depreciation expense related to the asset and interest expense on the lease liability, using the effective rate charged by the lessor. The Company has elected to account for lease and non-lease components separately. Additionally, the Company has elected not to record short-term leases, those with expected terms of twelve months or less, on the balance sheets. Certain lease agreements include fixed escalations, while others include rental payments adjusted periodically for inflation.

(p) Warrant Accounting

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, “Distinguishing Liabilities from Equity” (“ASC 480”),
and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end-date while the warrants are outstanding.

For issued or modified warrants that meet all the criteria for equity classification, the warrants are required to be recorded as a component of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of warrants classified as liabilities are recognized as a non-cash gain or loss on the statements of operations.

As the warrants issued upon Company financings in 2023 meet the criteria for equity classification under ASC 815, those warrants were classified as equity as of December 31, 2023. No warrants were issued in 2022.

Share-Based Compensation (Table)

12 Months Ended

Dec. 31, 2023

Share-Based Compensation

Schedule of options to purchase common stock


		Weighted
		average		Weighted
		exercise		average
	Number of	price		contractual
	shares	per share		term (years)
Outstanding at December 31, 2021	2,142	$	264.00	5.2
Granted	1,720		976.00	6.4
Exercised	(91)		64.00	—
Forfeited	—		—	—
Outstanding at December 31, 2022	3,771		592.00	5.3
Granted	2,911		226.88	0.9
Exercised	—		—	—
Forfeited	(393)		459.02	—
Outstanding at December 31, 2023	6,289	$	419.58	3.7

Schedule of assumptions to determine the grant-date fair value of options granted


	Years Ended December 31,
	2023			2022
Risk-free interest rate		4.01% - 4.72	%		1.38% - 4.12	%
Expected term (in years)		6.0			3.5 - 10.0
Expected volatility		100.6% - 100.8	%		93.2	%
Expected dividend yield		—			—
Fair value per share of underlying stock	$	226.80 - $238.80		$	408.00 - $1,960.00

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events

Subsequent Events

(15) Subsequent Events

For its financial statements as of December 31, 2023, the Company evaluated subsequent events through April 1, 2024, the date on which those financial statements were issued.

Restructuring

As part of the Restructuring, Michael Dudley, the Company’s then President, Chief Executive Officer and Director, resigned his positions with the Company effective January 13, 2024.

Reverse Stock Splits

On January 16, 2024, the Company effected a reverse split of the Company’s common stock, either issued and outstanding or held by the Company as treasury stock, (the “2024 Reverse Split”) previously approved by the Board and stockholders of the Company. The 2024 Reverse Split was at a ratio of one share for every 40 shares previously held with no change in the par value per share. The 2024 Reverse Split did not change the number of authorized shares of common stock. All common stock share and per share data, and exercise price data for applicable common stock equivalents, included in these financial statements have been retroactively adjusted to reflect the 2023 Reverse Split and the 2024 Reverse Split (see Note 2).

January Offering

On January 18, 2024, the Company entered into Securities Purchase Agreements with investors named therein pursuant to which the Company issued and sold 428,924 shares of common stock, 5,513,699 PFWs, together with accompanying warrants to purchase 11,885,246 shares of common stock in a registered direct offering at a purchase price of $1.22 per share (or $1.21 per PFW) (the “January Offering”). Each share of common stock, or each PFW in lieu thereof, sold in the January Offering was sold together with two common stock purchase warrants (the “January Warrants”). Each January Warrant entitles the holder to purchase one share of Company common stock per warrant at an exercise price of $1.22 per share. The shares of common stock and January Warrants were immediately separable and were issued separately in the offering. The January Warrants became exercisable on issuance and are exercisable for three and one-half years from the date of issuance. Net proceeds from the January Offering, after deducting underwriting discounts, commissions and fees paid to the underwriter and other offering expenses, were approximately $6.2 million.

In connection with the January Offering, the Company also issued warrants to the placement agent to purchase up to 356,557 shares of Company common stock (the “January Placement Agent Warrants”). The January Placement Agent Warrants became exercisable on issuance, expire three and one-half years following the date of sale and have an exercise price of $1.525 per share.

Nasdaq Listing

On January 31, 2024, the Company received notice from Nasdaq that it had determined that the Company had regained compliance with the minimum stockholders’ equity requirement under Nasdaq Listing Rule 5550(b)(1) (the Equity Rule) for continued listing on the Nasdaq Capital Market. Pursuant to Nasdaq Listing Rule 5815(d)(4)(B), the Company is subject to a mandatory panel monitor through January 26, 2025. The Nasdaq notice also stated that if, within the one-year monitoring period, the Staff finds the Company again out of compliance with the Equity Rule that was the subject of the exception, notwithstanding Rule 5810(c)(2), the Company will not be permitted to provide the Staff with a plan of compliance with respect to that deficiency and the Staff will not be permitted to grant additional time for the Company to regain compliance with respect to that deficiency, nor will the Company be afforded an applicable cure or compliance period pursuant to Rule 5810(c)(3). Instead, the Staff will issue a Delist Determination Letter and the Company will have an opportunity to request a new hearing with the initial Hearing Panel or a newly convened Hearing Panel if the initial Panel is unavailable. The Company will have the opportunity to respond/present to the Hearing Panel as provided by Listing Rule 5815(d)(4)(C). The Company’s securities may at that time be delisted from Nasdaq.

(15) Subsequent Events (continued)

Additionally, on November 7, 2023, the Company received a letter from the Staff notifying the Company that for the 30 consecutive business day period between September 26, 2023, through November 6, 2023, the Company’s common stock had not maintained a minimum closing bid price of $1.00 per share, or the Minimum Bid Price Requirement, required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). Nasdaq provided the Company an initial period of 180 calendar days, or until May 6, 2024, or the Compliance Date, to regain compliance with the Minimum Bid Price Requirement. If, at any time during this 180-day period, the closing bid price for the Company’s common stock is $1.00 per share or more for a minimum of 10 consecutive business days, or such longer period up to 20 consecutive business days as may be determined by the Staff in its discretion, the Staff will provide the Company written notification that it has complied with the Minimum Bid Price Requirement. On January 16, 2024, the Company effected a 1-for-40 reverse stock split. However, the closing bid price of the Company’s common stock has not been above $1.00 for a minimum of 10 consecutive business days since then.

If the Company does not regain compliance with the Minimum Bid Price Requirement by the Compliance Date, it may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would be required to meet the continued listing requirement for the market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the Minimum Bid Price Requirement, and would need to provide written notice to Nasdaq of its intention to cure the deficiency during the additional compliance period. If it appears to the Staff that the Company will not be able to cure the Minimum Bid Price deficiency, the Staff will provide written notice to the Company that its common stock will be subject to delisting. At that time, the Company may appeal the Staff’s delisting determination to the Panel. There can be no assurance that if the Company does appeal any Staff delisting determination to the Panel, such appeal would be successful.

In the event of a delisting from the Nasdaq Capital Market, the Company may seek to have its stock traded in the over-the-counter inter-dealer quotation system, more commonly known as the OTC. OTC transactions involve risks in addition to those associated with transactions in securities traded on the securities exchanges, such as the Nasdaq Capital Market, or, together, Exchange-listed stocks. Many OTC stocks trade less frequently and in smaller volumes than Exchange-listed stocks. Accordingly, the Company’s stock would be less liquid than it would be otherwise. Also, the prices of OTC stocks are often more volatile than Exchange-listed stocks. Additionally, institutional investors are usually prohibited from investing in OTC stocks, and it might be more challenging to raise capital.

In light of the Company’s financial position and need to raise additional capital, a delisting from the Nasdaq Capital Market would materially limit the Company’s ability to obtain additional equity capital. The Company may need to seek an in-court or out-of-court restructuring of its liabilities. In the event of such restructuring activities, holders of the Company’s common stock and other securities will likely suffer a total loss of their investment.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

(14) Income Taxes

The Company’s federal and state provision (benefit) for income taxes was $0 and $0 for the years ended December 31, 2023 and 2022, respectively.

A reconciliation of income tax provision (benefit) computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows:


	Years Ended
	December 31,
	2023		2022
Federal income tax benefit at statutory rate	21.0	%	21.0	%
State and local tax, net of federal benefit	6.0	%	6.3	%
Permanent differences	1.5	%	(0.1)	%
Research and development credit	2.2	%	2.4	%
Share-based compensation	(1.0)	%	(0.4)	%
Change in valuation allowance	(29.7)	%	(29.2)	%
Effective income tax rate	0.0	%	0.0	%

(14) Income Taxes (continued)

Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets consist of the following:


	December 31,
	2023		2022
Net operating loss carryforwards	$	5,880,202	$	3,434,543
Capitalized research and development		5,499,242		3,166,280
Capitalized patent and other costs		3,071		5,219
Stock-based compensation		118,733		69,592
Accrued expenses		14,125		24,521
Fixed assets		11,027		1,889
Research and development tax credit carryforwards		1,136,299		454,616
Subtotal deferred tax assets before valuation allowance		12,662,699		7,156,660
Less valuation allowance		(12,662,699)		(7,156,660)
Deferred tax assets		—		—

Deferred tax liability
Fixed assets		—		—
Net deferred taxes	$	—	$	—

The Company had U.S. federal net operating loss (“NOL”) carryforwards of $21,556,006 and $12,277,816 for the years ended December 31, 2023 and 2022, respectively, which may be available to offset future taxable income. Federal NOL carryforwards generated in 2017 and prior of $38,297 will expire beginning in 2036. The remaining federal NOL carryforwards generated in 2018 and later do not expire. However, they are subject to the 80% limitation when utilized. The Company also had U.S. state NOL carryforwards of $21,415,201 and $12,137,011 for the years ended December 31, 2023 and 2022, respectively, which may be available to offset future taxable income and will expire beginning in 2036.

The Company had U.S. federal research and development tax credit carryforwards of $864,408 and $549,780 for the years ended December 31, 2023 and 2022, respectively, available to reduce future income tax liabilities. These will expire beginning in 2042. The Company also had U.S. state research and development tax credit carryforwards of $758,417 and $495,079 for the years ended December 31, 2023 and 2022, respectively, available to reduce future income tax liabilities. Of the U.S. state research and development tax credit carryforwards, $7,013 have an indefinite carryforward and the remainder expire beginning in 2036.

The Company has recorded a full valuation allowance against its net deferred tax assets as of December 31, 2023 and 2022, because the Company has determined that is it more likely than not that these assets will not be fully realized due to the significant uncertainty about the realization of the deferred tax asset until the Company can operate profitably. The Company experienced a net change in valuation allowance of $5,506,039 and $5,136,825 in the years ended December 31, 2023 and 2022, respectively.

(14) Income Taxes (continued)

Under the provisions of the Internal Revenue Code, the NOL and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. NOL and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant stockholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has completed financings since its inception which may have resulted in a change in control as defined by Sections 382 and 383 of the Internal Revenue Code, or could result in a change in control in the future. The Company has not analyzed the historical or potential impact of its financings on beneficial ownership, and therefore, no determination has been made whether the net operating loss carryforward is subject to any Internal Revenue Code Section 382 limitation. To the extent there is a limitation, there could be a reduction in the deferred tax asset with an offsetting reduction in the valuation allowance.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. The Company’s tax years from 2019 to the present remain open for review. All open years may be examined to the extent that tax credits or NOL carryforwards are used in future periods. The Company will recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2023 and 2022, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s statements of operations.

A reconciliation of the Company’s unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
		2023		2022
Balance at beginning of year	$	—	$	—
Increase for tax positions of prior years		228		—
Increase based on tax positions related to current year		125		—
Balance at end of year	$	353	$	—

Due to the Company’s valuation allowance, the $0.4 million of unrecognized tax benefits would not affect the effective tax rate, if recognized. It is the Company’s practice to recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2023, the Company had no accrued interest and penalties related to uncertain tax positions. The Company does not expect any material changes to the estimated amount of liability associated with the Company’s uncertain tax positions within the next 12 months.

The Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”) made permanent the federal credit for increasing research activities (“R&D credit”). The PATH Act also included a provision that allowed a qualified small business to utilize a portion of its annual R&D credit as a payroll tax offset of up to $250,000 of the FICA payroll tax. The Company qualifies for this provision and has recorded payroll tax prepayments of $250,000 and $250,000 for 2023 and 2022, respectively. These benefits are able to be used beginning in the first quarter of 2023 and do not expire. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was signed into law in 2020 and contained several new or changed income tax provisions. The Company has evaluated the tax provisions of the CARES Act and determined the impact to be either immaterial or not applicable. The Inflation Reduction Act of 2022 modified the PATH Act by adding an additional payroll tax offset of up to $250,000 against the Medicare payroll tax beginning in 2023. The Company expects to be able to recognize the benefits available under this provision.

Due to The Tax Cuts and Jobs Act of 2017 (TCJA), there was a change in the deductibility of research and experimental expenditures that took effect for taxable periods beginning after December 31, 2021. Prior to January 1, 2022, the Company expensed research and experimental expenditures under Section 174(a) in the year that it recognized the expense for financial reporting. The Company has adopted Section 174(b) for taxable years 2022 and beyond. Domestic and foreign research and experimental expenditures will be capitalized and amortized over periods no less than 60 months and 180 months, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Mar. 20, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-40363
Entity Registrant Name	TRANSCODE THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1065054
Entity Address, Address Line One	6 Liberty Square, #2382
Entity Address, City or Town	Boston
Entity Address State Or Province	MA
Entity Address, Postal Zip Code	02109
City Area Code	857
Local Phone Number	837-3099
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	RNAZ
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
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4.4
Entity Common Stock, Shares Outstanding		5,808,053
Entity Central Index Key	0001829635
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	WithumSmith+Brown, PC
Auditor Firm ID	100
Auditor Location	East Brunswick, New Jersey

Commitments and Contingencies (Details)		1 Months Ended	12 Months Ended
Commitments and Contingencies (Details)	Feb. 01, 2023 USD ($)	Mar. 31, 2021 USD ($) ft²	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2023 $ / ft²
Leases
Rent payments (per month)		$ 6,521
Rental expenses year one \| $ / ft²				37,285
Rental expenses year two \| $ / ft²				38,403
Rental expenses year three \| $ / ft²				39,559
Massachusetts Biomedical Initiatives, Inc. ("MBI")
Leases
Real estate (in sq ft) \| ft²		2,484	4,837
Rent payments (per month)		$ 6,521
Additional sublease payment per month			$ 650
Total additional sublease payment per month			10,276
Operating lease liability	$ 874,957
Total sublease commitment	$ 874,957
Massachusetts Biomedical Initiatives, Inc. ("MBI") \| Operating Expense
Leases
Rent payments (per month)			$ 3,105

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	290,000,000	290,000,000
Common stock, shares issued	627,448	16,222
Common stock, share outstanding	627,448	16,222

Warrants (Details) - $ / shares	1 Months Ended		12 Months Ended
Warrants (Details) - $ / shares	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2023	Sep. 26, 2023	Jun. 09, 2023	Jun. 08, 2023	Jun. 06, 2023	Feb. 28, 2023	Feb. 16, 2023
Warrants
Number of warrants purchased			391					249
Exercise price (in dollars per share)			$ 4,000.00
Underwriter Initial public offering price (in percentage)			125.00%
Term of warrants			5 years					5 years
June Placement Agent Warrants
Warrants
Number of warrants purchased			3,500			3,500
Exercise price (in dollars per share)			$ 175.20			$ 175.20
Term of warrants					3 years
February Placement Agent Warrants
Warrants
Number of warrants purchased			249
Exercise price (in dollars per share)			$ 527.20						$ 527.00
Registered Direct Offering
Warrants
Number of warrants sold			7,500
private Placement Agent
Warrants
Exercise price (in dollars per share)			$ 12.10
Pre-funded warrants
Warrants
Shares issued (in shares)		50,000
Price per share (in dollars per share)							$ 139.60
Number of warrants sold	21,496
IPO Underwriter Warrants
Warrants
Number of warrants purchased			391
Exercise price (in dollars per share)			$ 4,000.00
Term of warrants			5 years
Underwriter Warrants
Warrants
Exercise price (in dollars per share)				$ 25.50
Underwriter Warrants \| Maximum
Warrants
Term of warrants	5 years
Commencement period for exercise of warrants, following the date of issuance	180 days
Series A warrants
Warrants
Exercise price (in dollars per share)					$ 130.00		$ 130.00
Term of warrants					3 years		3 years
Series A-1 Warrants
Warrants
Number of warrants purchased		50,000	50,000
Exercise price (in dollars per share)			$ 130.00
Consulting Agreement
Warrants
Number of warrants purchased								156
Sale of stock exercise price								$ 400.00

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Operating expenses
Research and development	$ 12,263,530	$ 10,232,366
General and administrative	7,154,986	8,401,462
Total operating expenses	19,418,516	18,633,828
Operating loss	(19,418,516)	(18,633,828)
Other income
Grant income	923,035	1,080,436
Interest expense	(55,899)	(31,986)
Interest income	5,285	20,410
Total other income	872,421	1,068,860
Net loss	$ (18,546,095)	$ (17,564,968)
Weighted-average common shares outstanding, Basic	179,006	16,222
Weighted-average common shares outstanding, Diluted	179,006	16,222
Net loss per share, Basic	$ (103.61)	$ (1,082.79)
Net loss per share, Diluted	$ (103.61)	$ (1,082.79)

Share-Based Compensation (Details) - Stock Option and Incentive Plan 2020	12 Months Ended
	Dec. 31, 2023
Minimum
Share-Based Compensation
Vesting period	2 years
Maximum [Member]
Share-Based Compensation
Vesting period	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 35
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accounts Payable and Accrued Expenses

12 Months Ended

Dec. 31, 2023

Accounts Payable and Accrued Expenses

Accounts Payable and Accrued Expenses

(6) Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	December 31,		December 31,
	2023		2022
Professional and general consulting fees	$	375,550	$	758,816
R&D-related – CMOs, CROs, supplies, equipment and consulting		1,260,578		2,397,038
General expenses		295,508		124,676
Insurance premiums		400,236		844,283
Payroll and benefits		589,404		164,657
Accrued license payments		129,983		57,820
	$	3,051,259	$	4,347,290

At December 31, 2023 and 2022, the Company’s outstanding payables to CROs or CMOs included above were $1,020,875 and $2,030,347, respectively.

See Note 8 for further information regarding the accrued license payments.

Net Loss per Share - Computation of basic and diluted loss per share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net loss	$ (18,546,095)	$ (17,564,968)
Denominator
Weighted-average common shares outstanding, Basic	179,006	16,222
Weighted-average common shares outstanding, Diluted	179,006	16,222
Net loss per share, Basic	$ (103.61)	$ (1,082.79)
Net loss per share, Diluted	$ (103.61)	$ (1,082.79)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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+ Details

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Warrants

12 Months Ended

Dec. 31, 2023

Warrants

Warrants

(10) Warrants

All of the warrants described below were outstanding as of December 31, 2023, and are accounted for as a component of stockholders’ equity. All prefunded warrants issued in 2023 have been exercised.

In connection with the IPO, the Company granted the underwriter warrants (the “IPO Underwriter Warrants”) to purchase up to approximately 391 shares of Company common stock at an exercise price of $4,000.00 per share, which amount is 125% of the initial public offering price. The IPO Underwriter Warrants have a five-year term and were not exercisable prior to January 9, 2022.

In connection with the February RDO, the Company issued the February Placement Agent Warrants to purchase up to approximately 249 shares of common stock. The February Placement Agent Warrants became exercisable commencing August 17, 2023, expire February 16, 2028, and have an exercise price per share of $527.20 per share.

In connection with an agreement the Company entered into with a consultant in February 2023, the Company agreed to issue warrants (the “Consultant Warrants”) to purchase up to 156 shares of common stock at $400.00 per share. The Consultant Warrants became exercisable any time after August 23, 2023, until February 23, 2028. In connection with the June RDO, the Company issued 50,000 Series A-1 Warrants and 50,000 Series A-2 Warrants, which became exercisable commencing June 9, 2023. The Series A-1 and Series A-2 Warrants expire three years following the date of sale and have an exercise price of $130.00 per share. The Company also issued warrants to the June RDO placement agent to purchase up to 3,500 shares of common stock. The June RDO Placement Agent Warrants became exercisable commencing June 9, 2023, expire three years after issuance, and have an exercise price per share of $175.20 per share.

In connection with the September Offering, the Company issued warrants to the underwriter to purchase up to approximately 21,496 shares of common stock. The September Offering Underwriter Warrants become exercisable commencing 180 days after issuance, expire five years following the date of sale and have an exercise price per share of $25.50.

In connection with the December RDO, the Company issued the December Placement Agent Warrants to purchase up to 7,500 shares of common stock. The December Placement Agent Warrants became exercisable on issuance, expire five years following the date of issuance, and have an exercise price per share of $12.10.

(10) Warrants (continued)

The following table summarizes the Company’s outstanding warrants at December 31, 2023:


	Number	Exercise Price
Description	of Shares	Per Share
IPO Underwriter Warrants	391	$	4,000.00
February Placement Agent Warrants	249		527.20
Consultant Warrants	156		400.00
Series A-1 warrants	50,000		130.00
Series A-2 warrants	50,000		130.00
June Placement Agent Warrants	3,500		175.20
September Underwriter Warrants	21,496		25.50
December Placement Agent Warrants	7,500		12.10

Subsequent Events (Details)					1 Months Ended	12 Months Ended
Subsequent Events (Details)	Jan. 18, 2024 USD ($) $ / shares shares	Jan. 16, 2024 item $ / shares	Nov. 07, 2023 item $ / shares	Jun. 06, 2023 $ / shares shares	Sep. 30, 2023 shares	Dec. 31, 2023 USD ($) $ / shares shares	Feb. 28, 2023 shares
Subsequent Events
Reverse stock split ratio						0.05
Exercise price						$ 4,000.00
Term of warrants						5 years	5 years
Number of warrants purchased \| shares						391	249
Closing bid price			$ 1.00
Initial Period \| item			180
Net proceeds from sales of common stock \| $						$ 15,909,324
Maximum
Subsequent Events
Number of days minimum Bid Price \| item			20
Pre-funded warrants
Subsequent Events
Number of warrants sold \| shares					21,496
Price per share (in dollars per share)				$ 139.60
Securities Purchase Agreement
Subsequent Events
Price per share (in dollars per share)				$ 140.00
Securities Purchase Agreement \| Pre-funded warrants
Subsequent Events
Number of warrants sold \| shares				47,525
Subsequent Events
Subsequent Events
Reverse stock split ratio		0.025
Number of days minimum bid price not maintained \| item		10
Minimum bid price		$ 1.00
Subsequent Events \| Securities Purchase Agreement
Subsequent Events
Number of warrants sold \| shares	11,885,246
Price per share (in dollars per share)	$ 1.22
Subsequent Events \| Registered Direct Offering
Subsequent Events
Aggregate of direct offering \| shares	428,924
Net proceeds from sales of common stock \| $	$ 6,200,000
Subsequent Events \| Registered Direct Offering \| Pre-funded warrants
Subsequent Events
Number of warrants sold \| shares	5,513,699
Price per share (in dollars per share)	$ 1.21
Subsequent Events \| Registered Direct Offering \| January Warrants
Subsequent Events
Purchase of common stock \| shares	1
Exercise price	$ 1.22
Term of warrants	3 years 6 months
Subsequent Events \| Placement Agent \| Registered Direct Offering \| January Placement Agent Warrants
Subsequent Events
Exercise price	$ 1.525
Term of warrants	3 years 6 months
Subsequent Events \| Placement Agent \| Registered Direct Offering \| January Placement Agent Warrants \| Maximum
Subsequent Events
Number of warrants purchased \| shares	356,557

Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Accounts Payable and Accrued Expenses

Schedule of accounts payable and accrued expenses


	December 31,		December 31,
	2023		2022
Professional and general consulting fees	$	375,550	$	758,816
R&D-related – CMOs, CROs, supplies, equipment and consulting		1,260,578		2,397,038
General expenses		295,508		124,676
Insurance premiums		400,236		844,283
Payroll and benefits		589,404		164,657
Accrued license payments		129,983		57,820
	$	3,051,259	$	4,347,290

Accounts Payable and Accrued Expenses (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Expenses
Professional and general consulting fees	$ 375,550	$ 758,816
R&D-related - CMOs, CROs, supplies, equipment and consulting	1,260,578	2,397,038
General expenses	295,508	124,676
Insurance premiums	400,236	844,283
Payroll and benefits	589,404	164,657
Accrued license payments	129,983	57,820
Total accounts payable and accrued expenses	3,051,259	4,347,290
Outstanding payables to CROs or CMOs	$ 1,020,875	$ 2,030,347

Grant Income

12 Months Ended

Dec. 31, 2023

Grant Income

Grant Income

(7) Grant Income

In April 2021, the Company received a Fast-Track Small Business Innovation Research, or SBIR, Award from the National Cancer Institute of the National Institutes of Health (the “NIH”). The Award was for up to $2,392,845 over three years to fund a two-phased research partnership between the Company and Massachusetts General Hospital. In May 2021, the Company received first-year funding of $308,861. In May 2022, second-year funding of $1,129,316 was made available to the Company. In April 2023, the Company received funding of $870,684 for the third year of the SBIR Award. Income under the grant is recognized as work under the grant is completed. The Company recognized grant income of $923,035 and $1,080,436 for the years ended December 31, 2023 and 2022, respectively. The Company recorded grant income receivable of $0 at December 31, 2023, and $360,229 at December 31, 2022. The Company had deferred grant income of $27,057 and $0 at December 31, 2023 and 2022, respectively.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Commitments and Contingencies

(8) Commitments and Contingencies

(a) Leases

In March 2021, the Company entered into an agreement with Massachusetts Biomedical Initiatives, Inc. (“MBI”) whereby the Company has subleased approximately 2,484 square feet of laboratory space with room for minor administrative functions. The Company was also permitted to use shared laboratory equipment at the facility. The monthly rental was $6,521, and the Company paid an additional amount for its allocated share of operating expenses, which in 2022 was $3,105 per month. In 2022, the Company added the right to use cubicle space outside its laboratory area to its sublease for an additional $650 per month, resulting in total monthly rental of $10,276. The sublease terminated as of February 2023.

Operating Lease

In December 2022, the Company signed an agreement to sublease 4,837 square feet of laboratory and office space in Newton, Massachusetts, from another biopharmaceutical company. The Company considers this sublease an operating lease with estimated right-of-use assets and lease liabilities of $874,957 recorded upon lease commencement on February 1, 2023. The sublease had an initial term of 24 months, and the Company has the option to extend the sublease for an additional 12 months. The Company does not believe that the exercise of this option is probable so has not included it in determination of the lease amounts. The base monthly rent is $37,285 during the first 12 months of the lease, $38,403 in the second 12 months, and, if the Company exercises the option to extend the lease, $39,559 in the third 12-month period. In addition, the Company is responsible for its share of operating expenses, real estate taxes, and utilities based on the actual costs of these items.

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating lease for the year ended December 31, 2023. Prior to February 1, 2023, the Company had no operating leases with maturities greater than one year. The Company does not recognize any variable lease costs or short-term lease costs in connection with the operating lease.


	Year Ended
Operating Leases	December 31, 2023
Weighted average remaining lease term (years)	1.08
Weighted average discount rate	3.6	%


Year ending December 31,
2024	$	422,464
2025		38,291
Total undiscounted lease payments		460,755
Imputed interest		(10,184)
Lease liability	$	450,571

Rent expense for the years ended December 31, 2023 and 2022, was $575,192 and $329,684, respectively.

(8) Commitments and Contingencies (continued)

(b) License Agreements

In November 2018, the Company licensed the exclusive rights to certain intellectual property to support development of its therapeutic candidates (“License”). The intellectual property licensed by the Company is owned by The General Hospital Corporation, d/b/a Massachusetts General Hospital, (“Licensor”). Payments by the Company under the license agreement included a one-time non-refundable fee of $50,000 paid after execution of the License; reimbursement of Licensor’s patent costs which, at execution of the License, were approximately $145,000; a minimum annual license fee of $25,000 payable within 60 days of each anniversary of the effective date of the License prior to the first commercial sale of a product or process covered by the License; milestone payments upon attainment of certain milestone events; royalties based on net sales of products covered by the patent-related rights; and a portion of any sublicense income received by the Company. The Company is responsible for the development and commercialization of the licensed assets and for meeting certain milestones set forth in the License.

The milestone payments the Company shall pay to Licensor shall not exceed $1,550,000 based upon and subject to the attainment of each milestone event indicated below. These payments are generally due within 60 days of achievement of the milestone.


Milestone Event	Amount
Enrollment of first patient in a phase II clinical trial of a therapeutic product or process	$	100,000
Enrollment of first patient in a phase III clinical trial of a therapeutic product or process	$	200,000
First commercial sale of a therapeutic product or process	$	1,000,000
Filing of an application for regulatory approval of a clinical diagnostic product or process	$	100,000
First regulatory approval of a clinical diagnostic product or process	$	150,000

As of December 31, 2023 and 2022, no milestone events had been achieved.

The royalties to be paid to Licensor shall be assessed on net sales of licensed products on a country-by-country basis in an amount equal to 3.0% for therapeutic products or processes, and 6.0% for clinical diagnostic products and processes. The Company shall pay Licensor 30% of any and all sublicense income.

The Company has the right to terminate the License at any time by giving 90 days’ advance notice subject to the payment of any amounts due under the License at that time. The License may also be terminated for cause by either party upon the breach of the material obligations of the other party or the bankruptcy or liquidation of the other party. If the Company does not terminate the License, the term of the License shall continue until the latest of (i) the date on which all issued patents and filed patent applications subject to the License have expired or been abandoned; (ii) expiration of the last to expire regulatory exclusivity covering a covered product or process; or (iii) 10 years after the first commercial sale. The License requires the Company to make royalty payments beyond the term of the License at 1.5%.

In November 2020, the Company and Licensor amended the November 2018 license. Under the amendment, the intellectual property licensed in 2018 was categorized as “Patent Family 1” and a provisional patent filing related to the Company’s nanoparticle technology was added to Patent Family 1. A second patent family (“Patent Family 2”) was created which includes Licensor intellectual property targeting PD-L1.

The minimum annual license fee prior to the first commercial sale of a product or process covered by the License was increased from $25,000 per year to $30,000 per year for Patent Family 1 and a minimum annual license fee of $10,000 per year was added related to Patent Family 2. All other terms of the License including milestone payments, royalties and payment terms related to sublicense income received by the Company remain the same as in the original License.

(8) Commitments and Contingencies (continued)

Accrued License Obligations

At December 31, 2023 and 2022, the Company had accrued $129,983 and $57,820, respectively, in license payments under the foregoing arrangements included in accounts payable and accrued expenses.

On July 29, 2022, the Company signed a five-year strategic collaboration agreement with The University of Texas M. D. Anderson Cancer Center (“MD Anderson”). Under the collaboration, the Company anticipates making certain expenditures with respect to Phase I and Phase II clinical trials which it expects will be conducted in part through MD Anderson as a primary investigator site. MD Anderson will also provide preclinical work under the collaboration. The details of clinical and preclinical work are to be mutually agreed by the parties prior to commencing work. The Company has committed to fund up to $10 million over the term of the collaboration. Of this amount, the initial payment schedule called for $500,000 to be paid within the first year. Subsequent payments were scheduled to be $2 million on the first anniversary of the effective date of the agreement and $2.5 million on each of the second, third and fourth anniversaries thereof. Payments to MD Anderson are initially recorded as Prepaid Expenses. As work under the collaboration is performed by MD Anderson, the Company will record research and development costs in its statements of operations. The $250,000 first payment made by the Company to MD Anderson was recorded as a Prepaid Expense pending such time as payments under the collaboration become due. The Company is currently in negotiations with MD Anderson regarding committed upcoming payments as a result of changes in personnel at MD Anderson and in planned work. MD Anderson has indicated to the Company that the Company has no payment obligation to MD Anderson as of December 31, 2023. There is no assurance regarding the outcome of discussions with MD Anderson. Total expenses incurred under the arrangement for the years ended December 31, 2023 and 2022, were $0 in both periods. The collaboration agreement expires on the later of July 29, 2027, or when the last active study is completed.

(d) Employment Agreements and Severance

Prior to the IPO, the Company entered into employment agreements with its executive officers which became effective on completion of the IPO. The employment agreements provide the employee with, among other things, severance payments upon termination of the agreement by the Company for any reason other than for cause, death or disability or by the employee for good reason. The maximum aggregate severance payments under the agreements, which arise in the event of termination involving a Change of Control (as defined in the agreements), are approximately $2,483,700.

In December 2023, the Board approved various actions designed to streamline the Company’s operations and reduce expenses (the “Restructuring”). These included delaying or eliminating certain development activities and reducing headcount by laying off four employees. This lowered the Company’s headcount to 11 employees at December 31, 2023, compared to 19 at December 31, 2022. Severance in aggregate of $424,576 was provided to the affected employees and charged to expense.

(e) Litigation

The Company may from time to time be subject to claims by others under various legal disputes. The defense of such claims, or any adverse outcome relating to any such claims, could have a material adverse effect on the Company’s liquidity, financial condition, and cash flows. At December 31, 2023 and 2022, the Company did not know of any claims or actions pending against it or threatened, the ultimate disposition of which could have a material adverse effect on its results of operations or financial condition except a claim by an investment bank that it is entitled to fees, a claim which the Company rigorously disputes.

(8) Commitments and Contingencies (continued)

(f) Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board and executive officers that require the Company, among other things, to indemnify the parties against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any costs as a result of payments required by such indemnifications. The Company is not aware of any indemnification arrangements that could have a material adverse effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its financial statements, as of December 31, 2023 and 2022.

(g) Risks and Uncertainties

As SARS-CoV-2, or the coronavirus, continues to evolve, the extent to which it affects the Company’s operations directly or through parties on whom the Company depends is highly uncertain and cannot be predicted with confidence. The outcomes resulting from these events could delay the Company’s plans, increase its operating expenses and have a material adverse effect on its financial condition or results of operations.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Basis of Presentation

(a) Basis of Presentation

Use of Estimates

(b) Use of Estimates

Basic and Diluted Loss per Share

Cash

(d) Cash

Fair Value of Financial Instruments

(e) Fair Value of Financial Instruments

Research and Development

(f) Research and Development

Patent Costs

Grant Income

(g) Grant Income

Share-Based Compensation

(h) Share-Based Compensation

Property and Equipment

(i) Property and Equipment

Property and equipment are recorded at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful life of each asset as follows:


		Estimated useful life
Laboratory equipment		3 years
Furniture and fixtures		5 years
Computer and office equipment		3 years
Leasehold improvements		Shorter of the useful life or remaining lease term

Income Taxes

(j) Income Taxes

There are currently no open federal or state tax audits. The Company has not recorded any liability for uncertain tax positions at the dates of the Company’s balance sheets herein.

Emerging Growth Company Status

(k) Emerging Growth Company Status

Recent Accounting Pronouncement

(l) Recent Accounting Pronouncement

Reverse Stock Split

(m) Reverse Stock Splits

Collaboration Agreements

(n) Collaboration Agreements

Leases

(o) Leases

Warrant Accounting

(p) Warrant Accounting

Share-Based Compensation - Stock-based Compensation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Option
Share-Based Compensation
Share-based compensation expense	$ 1,013,527	$ 395,329
Period for recognition of stock-based compensation expense	2 years 3 months 18 days
Restricted Stock
Share-Based Compensation
Share-based compensation expense	$ 183,765

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property and Equipment

Schedule of property and equipment


	December 31,		December 31,
	2023		2022
Laboratory and computer equipment	$	384,050	$	348,441
Less accumulated depreciation		(263,343)		(139,860)
Total property and equipment, net	$	120,707	$	208,581

Commitments and Contingencies - License Agreement (Details) - USD ($)	1 Months Ended			12 Months Ended
	Nov. 30, 2020	Oct. 31, 2020	Nov. 30, 2018	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies
One-time non-refundable fee of license agreement			$ 50,000
Reimbursement of licensor's patent costs at execution of the license			145,000
Minimum annual license fee			$ 25,000
Period within each anniversary of the effective date of the license that minimum annual license fee must be paid			60 days
Maximum total milestone payments				$ 1,550,000
Period within which the milestone payments should be paid upon achievement of the milestone				60 days
Enrollment of first patient in a phase II clinical trial of a therapeutic product or process				$ 100,000
Enrollment of first patient in a phase III clinical trial of a therapeutic product or process				200,000
First commercial sale of a therapeutic product or process				1,000,000
Filing of an application for regulatory approval of a clinical diagnostic product or process				100,000
First regulatory approval of a clinical diagnostic product or process				$ 150,000
Royalties calculated as a percentage to on net sales of licensed products for therapeutic products or processes				3.00%
Royalties calculated as a percentage to on net sales of licensed products for clinical diagnostic products and processes				6.00%
Royalties calculated as a percentage of any and all sublicense income				30.00%
Notice period for terminating License				90 days
Period after the first commercial sale that the License shall continue if not terminated by the company				10 years
Royalty percentage beyond the term of the License				1.50%
Minimum annual license fee for Patent Family 1	$ 30,000	$ 25,000
Minimum annual license fee related to Patent Family 2				$ 10,000
Accrued license obligations				$ 129,983	$ 57,820

Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expenses and Other Current Assets
Prepaid operating expenses	$ 116,607	$ 122,428
Contract manufacturers and research organizations	717,686	241,111
Insurance premiums	431,061	1,255,317
Prepaid FICA	422,492	422,492
Deposits		9,410
Prepaid expenses and other current assets	$ 1,687,846	$ 2,050,758

Grant Income (Details) - USD ($)	1 Months Ended	12 Months Ended
Grant Income (Details) - USD ($)	Apr. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Apr. 30, 2023	May 31, 2022	May 31, 2021
Grant Income
Expected award amount	$ 2,392,845
Grant term (in years)	3 years
Deferred grant income				$ 870,684	$ 1,129,316	$ 308,861
Grant income recognized		$ 923,035	$ 1,080,436
Grant income receivable		0	360,229
Deferred grant income		$ 27,057	$ 0

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity

Stockholders' Equity

(9) Stockholders’ Equity

(a) Overview

The Company’s Certificate of Incorporation, originally filed on January 11, 2016, was amended on April 15, 2020, to increase the number of shares of common stock authorized and to authorize the issuance of preferred stock. The Company’s Certificate of Incorporation was further amended and restated on April 27, 2021, and on May 22, 2023, to effect the 2023 Reverse Split. The total number of shares which the Company is authorized to issue is 300,000,000, each with a par value of $0.0001 per share. Of these shares, 290,000,000 shall be common stock and 10,000,000 shall be preferred stock. At December 31, 2023 and 2022, the Company had 627,448 and 16,222 shares of common stock issued and outstanding, respectively. The preferred stock is undesignated; no shares of preferred stock have been issued.

On February 16, 2023, the Company entered into a Securities Purchase Agreement with certain purchasers named therein pursuant to which the Company sold approximately 3,558 shares of common stock in a registered direct offering at a purchase price of $421.60 per share (the “February RDO”). Net proceeds from the February RDO, after deducting fees payable to the placement agent and other offering expenses, were approximately $1.2 million. In connection with the February RDO, the Company also issued the placement agent warrants to purchase up to approximately 249 shares of common stock (the “February Placement Agent Warrants”). The February Placement Agent Warrants became exercisable commencing six months following the date of issuance, expire five years following the date of sale and have an exercise price per share of $527.00 (see Note 10).

In April and May 2023, the Company sold an aggregate of approximately 2,750 shares to White Lion Capital LLC (“White Lion”) under a Common Stock Purchase Agreement dated April 14, 2023, (the “White Lion Purchase Agreement”) between the Company and White Lion. Net proceeds to the Company were $518,844 after reimbursement of White Lion expenses but before legal and printing expenses the Company incurred of $75,418. The commitment period under the White Lion Purchase Agreement ended May 31, 2023.

(9) Stockholders’ Equity (continued)

On June 6, 2023, the Company entered into a Securities Purchase Agreement with a purchaser named therein pursuant to which the Company sold approximately 2,475 shares of common stock, approximately 47,525 pre-funded warrants (“PFWs”), together with accompanying 50,000 Series A-1 Warrants to purchase common stock (the “Series A-1 Warrants”), and 50,000 Series A-2 Warrants to purchase common stock (the “Series A-2 Warrants”) in a registered direct offering at a purchase price of $140.00 per share (or $139.60 per PFW) (the “June RDO”). The Series A-1 Warrants and the Series A-2 Warrants are identical in all material respects. The Series A-1 Warrants and Series A-2 Warrants became exercisable commencing June 9, 2023, and are exercisable for three years at an exercise price of $130.00 per share. Net proceeds from the June RDO, after deducting fees payable to the placement agent and other offering expenses, were approximately $6.1 million. The PFWs sold in the June RDO were exercisable at an exercise price of $0.01 per share. All the PFWs sold in the June RDO were exercised prior to September 30, 2023.

In connection with the June RDO, the Company also issued the placement agent warrants to purchase up to approximately 3,500 shares of common stock (the “June Placement Agent Warrants”). The June Placement Agent Warrants became exercisable commencing June 9, 2023, expire three years following the date of sale and have an exercise price per share of $175.00 (see Note 10).

On September 26, 2023, the Company entered into an underwriting agreement pursuant to which it issued and sold approximately 17,500 shares of common stock and approximately 404,075 PFWs, including the partial exercise of the underwriter’s overallotment option, in a public offering at a purchase price of $20.40 per share (or $20.00 per PFW) (the “September Offering”). The overallotment option provided the underwriter the right to purchase up to approximately 58,480 shares or PFWs during the 45 days following the September Offering. The terms of the sale of shares or PFWs in the September Offering also applied to purchases made by the underwriter through exercises of the overallotment option. At September 30, 2023, approximately 177,176 September Offering PFWs had been exercised. On October 4, 2023, the underwriter exercised the overallotment option to purchase approximately 8,348 shares of common stock. Net proceeds from the September Offering, after deducting underwriting discounts, commissions and fees paid to the underwriter and other offering expenses, were approximately $7.0 million.

In connection with the September Offering, the Company also issued warrants to the underwriter to purchase up to approximately 21,496 shares of common stock (the “September Underwriter Warrants”). The September Underwriter Warrants become exercisable commencing 180 days after issuance, expire five years following the date of sale and have an exercise price of $25.50 per share (see Note 10).

On December 4, 2023, the Company entered into a Securities Purchase Agreement with two purchasers named therein pursuant to which the Company sold 125,000 shares of common stock in a registered direct offering at a purchase price of $9.68 per share (the “December RDO”). Net proceeds from the December RDO, after deducting fees payable to the placement agent and other offering expenses, were approximately $0.9 million.

In connection with the December RDO, the Company also issued warrants to the placement agent to purchase up to 7,500 shares of common stock (the “December Placement Agent Warrants”). The December Placement Agent Warrants became exercisable on issuance, expire five years following the date of sale and have an exercise price per share of $12.10 (see Note 10).

(b) Common Stock

i.Dividends

Subject to the rights of holders of any preferred stock, holders of common stock are entitled to receive dividends as may be declared from time to time by the Board. No cash dividends were declared or paid during the year ended December 31, 2023, nor at any other time through the date of these financial statements.

(9) Stockholders’ Equity (continued)

ii.Liquidation

Subject to the rights of holders of any preferred stock as to liquidation, upon the liquidation, dissolution or winding up of the Company, the remaining assets of the Company will be distributed to holders of common stock.

iii.Voting

Holders of common stock are entitled to one vote for each share of common stock held but shall not be entitled to vote on any amendment to the Certificate of Incorporation that relates solely to the terms of any series of preferred stock. There is no cumulative voting.

- Definition

The entire disclosure for equity.

+ References

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+ Details