Balance Sheet Details

9 Months Ended

12 Months Ended

Sep. 30, 2022

Dec. 31, 2021

Balance Sheet Details [Abstract]

Balance Sheet Details

4. Balance Sheet Details

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:

	September 30, 2022		December 31, 2021
Prepaid clinical costs	$	—	$	488,614
Prepaid insurance		206,270		—
Other prepaid expenses & current assets		103,358		148,728
Total prepaid expenses & current assets	$	309,628	$	637,342

Property and Equipment, Net

Property and equipment, net consisted of the following:

	September 30, 2022			December 31, 2021
Lab equipment	$	131,962		$	131,963
Total property and equipment, gross		131,962			131,963
Accumulated depreciation		(35,567	)		(16,782	)
Total property and equipment, net	$	96,395		$	115,181

Depreciation expense was $6,262 and $18,786 for the three and nine months ended September 30, 2022, respectively, and $6,071 and $10,520 for the three and nine months ended September 30, 2021, respectively.

Accrued Expenses

Accrued expenses consisted of the following:

	September 30, 2022		December 31, 2021
Accrued payroll and related expenses	$	678,452	$	756,729
Accrued clinical study expenses		109,483		327,244
Accrued professional fees		40,614		294,130
Accrued clinical development costs		90,000		145,566
Accrued other expenses		4,565		5,000
Premium Finance Agreement - D&O Insurance		73,333		—
Total accrued expenses	$	996,447	$	1,528,669

On July 31, 2022, the Company released 9 employees. As a result, during the three and nine months ended September 30, 2022, $0.4 million of accrued annual corporate bonus expense included in accrual payroll and related expenses as of December 31, 2021 and June 30, 2022 was reversed.

In connection with the Business Combination the Company entered into a payment deferral of legal fees with Loeb & Loeb, LLP, which, deferred the legal fees for six months from the Closing Date of the Business Combination, or July 9, 2022. The agreement stated, if the fees were not paid by July 9, 2022, 300,000 shares of common stock that were issued in January 2022 as collateral to Loeb & Loeb, LLP would be retained in lieu of cash payment, as full payment for the legal fees. As a result, during the three and nine months ended September 30, 2022, $0.7 million of accrued professional fees recorded as of June 30, 2022 were converted to equity.

3. Balance Sheet Details

Prepaid Expenses

Prepaid expenses consisted of the following:

	December 31, 2021		December 31, 2020
Prepaid clinical costs	$	488,614	$	—
Other prepaid expenses		148,728		128,000
Total prepaid expenses	$	637,342	$	128,000

Property and Equipment, Net

Property and equipment, net consisted of the following:

	December 31, 2021
Lab Equipment	$	131,963
Total property and equipment, gross		131,963
Accumulated depreciation		(16,782	)
Total property and equipment, net	$	115,181

Depreciation expense was $16,782 for the year ended December 31, 2021.

Current Liabilities

Current liabilities consisted of the following:

	December 31, 2021		December 31, 2020
Accounts payable	$	596,261	$	865,901
Accrued payroll and related expenses		756,729		266,852
Accrued clinical study expenses		327,244		40,329
Accrued professional fees		294,130		23,216
Accrued clinical development costs		145,566		—
Accrued other expenses		5,000		12,478
Lease liability		16,752		—
Total current liabilities	$	2,141,682	$	1,208,776

Accrued payroll and related expenses consisted of accrued annual corporate bonus expense as of December 31, 2021. There was no accrued deferred compensation recorded as of December 31, 2021.

Accrued payroll and related expenses consisted of deferred compensation as of December 31, 2020. During the fiscal year 2020 the Company entered into deferred compensation arrangements with five employees to defer a certain portion of their base salary until such time the Company completed an initial public offering. In connection with the Series A Preferred financing these agreements were amended to make the deferred compensation payable upon the closing of the Series A Preferred financing which occurred on December 30, 2020. The accrued compensation of $266,852 as of December 31, 2020 was paid on January 6, 2021.