General form of registration statement for all companies including face-amount certificate companies

RESTATEMENT OF PREVIOUSLY ISSUED QUARTERLY FINANCIAL STATEMENTS - RESTATED CONSOLIDATED STATEMENTS OF OPERATIONS (Details)

v3.24.4
RESTATEMENT OF PREVIOUSLY ISSUED QUARTERLY FINANCIAL STATEMENTS - RESTATED CONSOLIDATED STATEMENTS OF OPERATIONS (Details) - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
OPERATING EXPENSES:                                
Research and development       $ 7,034,656 $ 6,135,010 $ 6,359,256 $ 5,210,825 $ 4,144,918 $ 3,703,831 $ 12,494,266 $ 7,848,709   $ 19,528,898 $ 13,059,534    
General and administrative       2,378,804 2,158,992 2,346,045 2,604,661 3,290,606 2,436,396 4,505,037 5,727,042   6,883,866 8,331,703    
Total operating expenses $ 13,327,677     9,413,460 8,294,002 8,705,301 7,815,486 7,435,524 6,140,227 16,999,303 13,575,751 $ 39,032,872 26,412,764 21,391,237 $ 38,960,643 $ 28,813,773
LOSS FROM OPERATIONS (13,327,677)     (9,413,460) (8,294,002) (8,705,301) (7,815,486) (7,435,524) (6,140,227) (16,999,303) (13,575,751) (39,032,872) (26,412,764) (21,391,237) (38,960,643) (28,813,773)
OTHER INCOME (EXPENSE):                                
Warrant issuance expense (7,743,284)     (470,000)               (7,743,284) (470,000)   (470,000) (6,824,605)
(Loss) gain on valuation of warrants 6,088,355     (7,688,028) (1,957,418) 1,390,797 300,000 1,800,000 (100,000) (566,621) 1,700,000 3,583,440 (8,254,649) 2,000,000 (3,787,114) 3,633,241
Interest income 317,887     51,110 72,780 124,034 4,164 481 430 196,814 911 966,643 247,925 5,075 387,147 152,519
Total other expense (1,337,042)     (8,106,918) (1,884,638) 1,514,831 304,164 1,800,481 (99,570) (369,807) 1,700,911 (3,193,201) (8,476,724) 2,005,075 (3,869,967) (3,038,845)
NET LOSS $ (14,664,719) $ (919,371) $ (26,641,983) $ (17,520,378) $ (10,178,640) $ (7,190,470) $ (7,511,322) $ (5,635,043) $ (6,239,797) $ (17,369,110) $ (11,874,840) $ (42,226,073) $ (34,889,488) $ (19,386,162) $ (42,770,610) $ (31,792,618)
BASIC NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE $ (0.37)     $ (1.55) $ (0.9) $ (0.64) $ (1.23) $ (0.92) $ (1.02) $ (1.54) $ (1.94) $ (1.21) $ (3.09) $ (3.17) $ (3.5) $ (4.51)
NET LOSS PER SHARE - DILUTED $ (0.4)     $ (1.55) $ (0.9) $ (0.64) $ (1.23) $ (0.92) $ (1.02) $ (1.54) $ (1.94) $ (1.39) $ (3.09) $ (3.17) $ (3.5) $ (4.51)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - BASIC 39,335,924     11,308,738 11,261,217 11,261,217 6,110,119 6,110,124 6,110,126 11,261,217 6,110,125 34,850,441 11,277,231 6,110,123 12,221,571 7,055,665
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - DILUTED 39,794,220     11,308,738 11,261,217 11,261,217 6,110,119 6,110,124 6,110,126 11,261,217 6,110,125 35,545,500 11,277,231 6,110,123 12,221,571 7,055,665
As previously reported                                
OPERATING EXPENSES:                                
Research and development       $ 7,312,504 $ 6,308,430 $ 6,654,094 $ 5,380,190 $ 4,498,657 $ 3,887,039 $ 12,962,524 $ 8,385,656   $ 20,275,004 $ 13,765,846    
General and administrative       2,100,956 1,985,572 2,051,207 2,435,296 2,936,867 2,253,188 4,036,779 5,190,095   6,137,760 7,625,391    
Total operating expenses       9,413,460 8,294,002 8,705,301 7,815,486 7,435,524 6,140,227 16,999,303 13,575,751   26,412,764 21,391,237 $ 38,960,643 $ 28,813,773
LOSS FROM OPERATIONS       (9,413,460) (8,294,002) (8,705,301) (7,815,486) (7,435,524) (6,140,227) (16,999,303) (13,575,751)   (26,412,764) (21,391,237) (38,960,643) (28,813,773)
OTHER INCOME (EXPENSE):                                
Warrant issuance expense       (470,000)                 (470,000)   (470,000)  
(Loss) gain on valuation of warrants       (3,900,000)                 (3,900,000)   1,000,000  
Interest income       51,110 72,780 124,034 4,164 481 430 196,814 911   247,925 5,075 387,147 152,519
Total other expense       (4,318,890) 72,780 124,034 4,164 481 430 196,814 911   (4,122,075) 5,075 917,147 152,519
NET LOSS       $ (13,732,350) $ (8,221,222) $ (8,581,267) $ (7,811,322) $ (7,435,043) $ (6,139,797) $ (16,802,489) $ (13,574,840)   $ (30,534,839) $ (21,386,162) $ (37,983,496) $ (28,601,254)
BASIC NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE       $ (1.21) $ (0.73) $ (0.76) $ (1.28) $ (1.22) $ (1) $ (1.49) $ (2.22)   $ (2.71) $ (3.5) $ (3.11) $ (4.05)
NET LOSS PER SHARE - DILUTED       $ (1.21) $ (0.73) $ (0.76) $ (1.28) $ (1.22) $ (1) $ (1.49) $ (2.22)   $ (2.71) $ (3.5) $ (3.11) $ (4.05)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - BASIC       11,308,738 11,261,217 11,261,217 6,110,119 6,110,124 6,110,126 11,261,217 6,110,125   11,277,231 6,110,123 12,221,571 7,055,665
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - DILUTED       11,308,738 11,261,217 11,261,217 6,110,119 6,110,124 6,110,126 11,261,217 6,110,125   11,277,231 6,110,123 12,221,571 7,055,665
Restatement adjustments                                
OPERATING EXPENSES:                                
Research and development       $ (277,848) $ (173,420) $ (294,838) $ (169,365) $ (353,739) $ (183,208) $ (468,258) $ (536,947)   $ (746,106) $ (706,312)    
General and administrative       277,848 173,420 294,838 169,365 353,739 183,208 468,258 536,947   746,106 706,312    
OTHER INCOME (EXPENSE):                                
Warrant issuance expense                               $ (6,824,605)
(Loss) gain on valuation of warrants       (3,788,028) (1,957,418) 1,390,797 300,000 1,800,000 (100,000) (566,621) 1,700,000   (4,354,649) 2,000,000 $ (4,787,114) 3,633,241
Total other expense       (3,788,028) (1,957,418) 1,390,797 300,000 1,800,000 (100,000) (566,621) 1,700,000   (4,354,649) 2,000,000 (4,787,114) (3,191,364)
NET LOSS       $ (3,788,028) $ (1,957,418) $ 1,390,797 $ 300,000 $ 1,800,000 $ (100,000) $ (566,621) $ 1,700,000   $ (4,354,649) $ 2,000,000 $ (4,787,114) $ (3,191,364)
BASIC NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER COMMON SHARE       $ (0.33) $ (0.17) $ 0.12 $ 0.05 $ 0.29 $ (0.02) $ (0.05) $ 0.28   $ (0.39) $ 0.33 $ (0.39) $ (0.45)
NET LOSS PER SHARE - DILUTED       $ (0.33) $ (0.17) $ 0.12 $ 0.05 $ 0.29 $ (0.02) $ (0.05) $ 0.28   $ (0.39) $ 0.33 $ (0.39) $ (0.45)