SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following: 

	December 31,
	2022		2021
Accrued compensation and benefits	$	427,196	$	1,633,295
Accrued clinical expenses	3,833,282		4,228,048
Other accrued expenses	119,295		106,479
Total	$	4,379,773	$	5,967,822

Fair Value Measurement Inputs and Valuation Techniques

The table below summarizes the valuation inputs into the MCS model for the derivative liabilities associated with the 2022 Convertible Note on the date of issuance July 15, 2022 and period end as of December 31, 2022.

	Derivative Liability
	2022 Convertible Note
	July 15,			December 31,
	2022			2022
Discount rate	24		%	20.1		%
Expected stock price volatility	102.5		%	100		%
Risk-free interest rate	3.1		%	4.2		%
Expected term	3.0 years			2.5 years
Price of the underlying common stock	$	4.87		$	1.26

Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The following table summarize the fair value hierarchy of financial liabilities measured at fair value as of December 31, 2022.

	December 31, 2022
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Derivative liability	$	—	$	—	$	(1,585,000)	$	(1,585,000)
Commercial paper	—		6,965,646		—		6,965,646
Total liabilities at fair value	$	—	$	6,965,646	$	(1,585,000)	$	5,380,646

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in fair value of the derivative liability classified in Level 3. Gains and losses reported in this table include changes in fair value that are attributable to unobservable inputs.

	Year Ended
	December 31,
	2022
Beginning balance	$	—
Issuance of derivative liability (the 2022 Convertible Note)	2,022,000
Change in fair value of derivative liabilities	(437,000)
Ending balance	$	1,585,000
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to the fair value liabilities still held at the end of the period	$	437,000

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The potentially dilutive securities consisted of the following:

	Year Ended December 31,
	2022	2021
Options outstanding under the 2015 Stock Incentive Plan	179,630	265,067
Options outstanding under the 2012 Omnibus Incentive Plan, as amended	1,192,233	730,377
Options outstanding under the 2022 Stock Incentive Plan	36,880	—
Options outstanding under the Option Grant Agreements granted to RDD Employees	49,295	49,295
Warrants outstanding at an exercise price of $50.80	112	112
Warrants outstanding at an exercise price of $63.60	5,702	5,702
Warrants outstanding at an exercise price of $11.7880	1,146,397	1,146,397
Shares issuable upon conversion of convertible debt (Note 6)	10,972,500	—
Total	13,582,749	2,196,950