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(1) Nature of the Business and Liquidity Organization Cingulate Inc. is a biopharmaceutical company focused on the development of products utilizing its drug delivery platform technology that enables the formulation and manufacture of once-daily tablets of multi-dose therapies, with an initial focus on the treatment of Attention Deficit/Hyperactivity Disorder (ADHD). The Company is developing two proprietary, first-line stimulant medications, CTx-1301 (dexmethylphenidate) and CTx-1302 (dextroamphetamine), for the treatment of ADHD intended for all patient segments: children, adolescents, and adults. CTx-1301 and CTx-1302 utilize a flexible core tableting technology with target product profile designed to deliver a rapid onset and last the entire active day with a controlled descent of plasma drug level and have favorable tolerability. The Company has initiated Phase 3 clinical trials for CTx-1301, with first patients in the adult dose-optimization study dosed in early 2023. In addition, the Company has a third product to treat anxiety, CTx-2103, in a formulation stage. On November 14, 2012, Cingulate Therapeutics LLC (CTx), a Delaware limited liability company, was formed. On May 10, 2021, Cingulate Inc. (Cingulate, or the Company), a Delaware corporation and wholly-owned subsidiary of CTx, was formed to serve as a holding company, in anticipation of the Company becoming publicly traded. Through a Reorganization Merger which occurred in the third quarter of 2021, Cingulate effectively acquired CTx and all outstanding units of CTx were converted into shares of Cingulate common stock. CTx remains the entity through which the Company conducts operations. CTx is the predecessor of Cingulate for financial reporting purposes. The consolidated financial statements and notes for the years ended December 31, 2022 and 2021 represent the full consolidation of Cingulate and its subsidiaries, including CTx and all references to the Company represent this full consolidation. Liquidity The Company has incurred losses and negative cash flows from operations since inception. As a pre-revenue entity, the Company is dependent on the ability to raise capital to support operations until such time as the product candidates under development are U.S Food and Drug Administration (FDA) approved, manufactured, commercially available to the marketplace and produce revenues. The IPO, which was completed in December 2021, provided the Company the ability to continue its research and development activities. In addition, the Company received proceeds of $5.0 million from a promissory note in August 2022 as further described in Note 7. However, the Company will need additional funding for operations and development. In January 2023, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC, as sales agent (“Wainwright”), pursuant to which the Company may offer and sell, from time to time through Wainwright, shares of its common stock for aggregate proceeds of up to $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20230101__20230131__dei--LegalEntityAxis__custom--WainwrightMember__srt--RangeAxis__srt--MaximumMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zuL2Gf0YL4Tf" title="Proceeds from issuance of common stock">2,650,000. Additionally, management is evaluating various strategies to obtain funding which may include additional offerings of common stock, issuance of debt, or other capital sources, including potential collaborations with other companies or other strategic transactions. Successful implementation of these plans involves both the Company’s efforts and factors that are outside its control, such as market factors and FDA approval of product candidates. The Company can give no assurance that its plans will be effectively implemented in such a way that they will sufficiently alleviate or mitigate the conditions and events noted above, which results in substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The consolidated financial statements do not reflect any adjustments that might result from the outcome of this uncertainty.

5000000.0

2650000

(2) Summary of Significant Accounting Policies (a) Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the accounts of Cingulate and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. (b) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during a reporting period. Actual results could differ from estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. (c) Concentration of Credit Risk The Company maintains cash equivalent deposits, which at various times throughout the fiscal year exceeded the amounts insured by the Federal Deposit Insurance Corporation limit of $250,000 (without regard to reconciling items). Management monitors the soundness of these financial institutions and does not believe the Company is subject to any material credit risk relative to the uninsured portion of the deposits. (d) Cash and Cash Equivalents Bank demand deposit accounts and short-term liquid investments with an initial maturity of three months or less are considered cash and cash equivalents. Cash and cash equivalents as of December 31, 2022 and 2021 consisted of bank deposits and short-term money market funds. Cash and cash equivalents are carried at cost which is indicative of fair value. (e) Miscellaneous Receivables Miscellaneous receivables consist of payroll tax credits generated from the Company’s 2021 and 2020 federal income tax returns, which have not yet been received, as well as employee retention tax credits for payroll costs incurred in those years. The Company analyzed IAS 20, Accounting for Government Grants and Disclosure of Government Assistance”, in accounting for these receivables. As of December 31, 2022 and 2021, the Company determined that there was no allowance necessary relating to these receivables. (f) Property and Equipment, net Property and equipment, net are stated at cost, less accumulated depreciation. Maintenance and repairs are charged to expense when incurred. Property and equipment are depreciated using the straight-line method over the estimated remaining useful lives or, for leasehold improvements or leased assets under a financing lease, the life of the lease if shorter. (g) Leases The Company is a lessee in two noncancellable operating leases, relating to office space at the Kansas City headquarters office and the New Jersey office and two finance leases, for certain furniture and equipment, one of which the lease term ended on December 31, 2021. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a ROU asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. For finance leases, the lease liability is initially measured in the same manner and date as for operating leases and is subsequently measured at amortized cost using the effective-interest method. The Company determines the discount rate it uses to discount the unpaid lease payments to present value, which requires management judgement. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. The implicit rate was stated in the agreement for one of the Company’s leases; however, for the others, the implicit rate was not determinable as the Company did not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company uses its incremental borrowing rate as the discount rate for these leases. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Because the Company has not been able to borrow on a collateralized basis, it has determined a synthetic credit rating based on factors that a credit rating agency would typically analyze when establishing an entity’s credit rating. Due to the fact that the Company is a pre-revenue entity, the Company determined that its incremental borrowing rate should be based on the composite CCC and lower bond spreads at the lease measurement dates plus a risk-free rate based on specific lease maturities. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of cumulative lease incentives received. Lease expense is recognized on a straight-line basis over the lease term which includes the accretion of the lease liability and amortization of the ROU asset. For finance leases, the ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownerships of the underlying asset to the Company or the Company is reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. Amortization of the ROU asset is recognized and presented separately from interest expense on the lease liability. ROU assets for operating and finance leases are evaluated for impairment losses. Under the long-lived assets impairment guidance in ASC Subtopic 360-10, Property and Equipment-Overall. The ROU asset is assessed for impairment with the asset group within which it resides. Operating lease ROU assets are presented as operating lease right-of-use assets on the consolidated balance sheet. The current and long-term portions of operating lease liabilities are presented separately on the consolidated balance sheet. Finance lease ROU assets are included in property, plant, and equipment. The current and long-term portions of finance lease liabilities are presented separately on the consolidated balance sheet. (h) Impairment of Long-lived Assets The Company assesses the carrying value of its long-lived assets, including property and equipment, as well as lease ROU assets, when events or circumstances indicate that the carrying value of such assets may not be recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by a comparison of the carrying amount of the assets to future undiscounted cash flows expected to be generated by the assets. If the sum of the expected future cash flows is less than the carrying amount, the Company would recognize an impairment loss. An impairment loss would be measured by comparing the amount by which the carrying value exceeds the fair value of the long-lived asset groups. No impairment was recognized during the years ended December 31, 2022 or 2021. (i) Research and Development Research and development costs are expensed as incurred and include all direct and indirect costs associated with the development of the Company’s product candidates. These expenses include payments to third parties for research, development and manufacturing services, personnel costs and depreciation on manufacturing equipment. At the end of the reporting period, the Company compares payments made to third party service providers to the estimated progress toward completion of the research or development objectives. Such estimates are subject to change as additional information becomes available. Depending on the timing of payments to service providers and the progress that the Company estimates has been made as a result of the service provided, the Company may record net prepaid or accrued expense relating to these costs. (j) Stock-Based Compensation The Company measures employee and director stock-based compensation expense for all stock-based awards based on their grant date fair value using the Black-Scholes option-pricing model. For stock-based awards with service conditions, stock-based compensation expense is recognized over the requisite service period using the straight-line method. Forfeitures are recognized as they occur. See additional information in Note 11. (k) Paycheck Protection Program On March 27, 2020, the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act includes a provision for a Paycheck Protection Program (“PPP”) administered by the U.S. Small Business Administration (“SBA”) and further amended by the Paycheck Protection Program Flexibility Act of 2020 (“PPP Flexibility Act”), which was enacted on June 5, 2020. In April 2020, the Company received a PPP Loan of $312,500. In February 2021, the Company received a second PPP loan of $236,457. In accordance with the requirements of the CARES Act, as amended by the PPP Flexibility Act, the PPP Loans may be fully forgiven if proceeds are used to pay eligible payroll costs, rent, mortgage interest and utilities. In July 2021, the Company was notified that the first PPP loan was forgiven by the SBA and in October 2021, the Company was notified that the second PPP loan was forgiven by the SBA. The Company analyzed IAS 20, Accounting for Government Grants and Disclosure of Government Assistance”, in accounting for these loans. (l) Segments Operating segments are components of a Company for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision-maker in deciding how to allocate resources and in assessing performance. The Company currently operates in one operating business segment-drug development. (m) Income Taxes Cingulate Inc. is taxed as a C corporation under the Internal Revenue Code. Cingulate Inc. records deferred income taxes to reflect the impact of temporary differences between the recorded amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and regulations. As of December 31, 2022, CTx is a wholly-owned disregarded entity of Cingulate Inc., and all of the activity for CTx, along with its wholly-owned subsidiary Cingulate Works Inc., is included in the calculation of the current and deferred tax assets and liabilities for Cingulate Inc. The Company determined that it was more likely than not that it would not realize its deferred tax assets, based on historical levels of income and future forecasts of taxable income, among other items, therefore a full valuation allowance is recorded. The Company has not identified any uncertain tax positions. There have been no interest or penalties recognized in the consolidated financial statements related to uncertain tax positions. In addition, no tax positions exist for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next 12 months. The Company files income tax returns in the federal and various state jurisdictions. These federal income taxes are immaterial. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2019. (n) Common Stock Purchase Warrants The Company issued warrants in connection with its IPO in December 2021. These equity instruments were valued at fair value when they were issued. See additional information in Note 12. (o) Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period, without consideration to potential dilutive securities. Diluted net loss per common share is computed by dividing the net loss by the sum of the weighted average number of common shares outstanding during the period plus the number of potential dilutive instruments outstanding during the period using the simplified method. Diluted net loss per share is the same as basic net loss per share since the effect of potentially dilutive securities is anti-dilutive.

(a) Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the accounts of Cingulate and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

(b) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during a reporting period. Actual results could differ from estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary.

(c) Concentration of Credit Risk The Company maintains cash equivalent deposits, which at various times throughout the fiscal year exceeded the amounts insured by the Federal Deposit Insurance Corporation limit of $250,000 (without regard to reconciling items). Management monitors the soundness of these financial institutions and does not believe the Company is subject to any material credit risk relative to the uninsured portion of the deposits.

250000

(d) Cash and Cash Equivalents Bank demand deposit accounts and short-term liquid investments with an initial maturity of three months or less are considered cash and cash equivalents. Cash and cash equivalents as of December 31, 2022 and 2021 consisted of bank deposits and short-term money market funds. Cash and cash equivalents are carried at cost which is indicative of fair value.

(e) Miscellaneous Receivables Miscellaneous receivables consist of payroll tax credits generated from the Company’s 2021 and 2020 federal income tax returns, which have not yet been received, as well as employee retention tax credits for payroll costs incurred in those years. The Company analyzed IAS 20, Accounting for Government Grants and Disclosure of Government Assistance”, in accounting for these receivables. As of December 31, 2022 and 2021, the Company determined that there was no allowance necessary relating to these receivables.

(f) Property and Equipment, net Property and equipment, net are stated at cost, less accumulated depreciation. Maintenance and repairs are charged to expense when incurred. Property and equipment are depreciated using the straight-line method over the estimated remaining useful lives or, for leasehold improvements or leased assets under a financing lease, the life of the lease if shorter.

(g) Leases The Company is a lessee in two noncancellable operating leases, relating to office space at the Kansas City headquarters office and the New Jersey office and two finance leases, for certain furniture and equipment, one of which the lease term ended on December 31, 2021. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a ROU asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. For finance leases, the lease liability is initially measured in the same manner and date as for operating leases and is subsequently measured at amortized cost using the effective-interest method. The Company determines the discount rate it uses to discount the unpaid lease payments to present value, which requires management judgement. ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. The implicit rate was stated in the agreement for one of the Company’s leases; however, for the others, the implicit rate was not determinable as the Company did not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company uses its incremental borrowing rate as the discount rate for these leases. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Because the Company has not been able to borrow on a collateralized basis, it has determined a synthetic credit rating based on factors that a credit rating agency would typically analyze when establishing an entity’s credit rating. Due to the fact that the Company is a pre-revenue entity, the Company determined that its incremental borrowing rate should be based on the composite CCC and lower bond spreads at the lease measurement dates plus a risk-free rate based on specific lease maturities. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of cumulative lease incentives received. Lease expense is recognized on a straight-line basis over the lease term which includes the accretion of the lease liability and amortization of the ROU asset. For finance leases, the ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownerships of the underlying asset to the Company or the Company is reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. Amortization of the ROU asset is recognized and presented separately from interest expense on the lease liability. ROU assets for operating and finance leases are evaluated for impairment losses. Under the long-lived assets impairment guidance in ASC Subtopic 360-10, Property and Equipment-Overall. The ROU asset is assessed for impairment with the asset group within which it resides. Operating lease ROU assets are presented as operating lease right-of-use assets on the consolidated balance sheet. The current and long-term portions of operating lease liabilities are presented separately on the consolidated balance sheet. Finance lease ROU assets are included in property, plant, and equipment. The current and long-term portions of finance lease liabilities are presented separately on the consolidated balance sheet.

(h) Impairment of Long-lived Assets The Company assesses the carrying value of its long-lived assets, including property and equipment, as well as lease ROU assets, when events or circumstances indicate that the carrying value of such assets may not be recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by a comparison of the carrying amount of the assets to future undiscounted cash flows expected to be generated by the assets. If the sum of the expected future cash flows is less than the carrying amount, the Company would recognize an impairment loss. An impairment loss would be measured by comparing the amount by which the carrying value exceeds the fair value of the long-lived asset groups. No impairment was recognized during the years ended December 31, 2022 or 2021.

(i) Research and Development Research and development costs are expensed as incurred and include all direct and indirect costs associated with the development of the Company’s product candidates. These expenses include payments to third parties for research, development and manufacturing services, personnel costs and depreciation on manufacturing equipment. At the end of the reporting period, the Company compares payments made to third party service providers to the estimated progress toward completion of the research or development objectives. Such estimates are subject to change as additional information becomes available. Depending on the timing of payments to service providers and the progress that the Company estimates has been made as a result of the service provided, the Company may record net prepaid or accrued expense relating to these costs.

(j) Stock-Based Compensation The Company measures employee and director stock-based compensation expense for all stock-based awards based on their grant date fair value using the Black-Scholes option-pricing model. For stock-based awards with service conditions, stock-based compensation expense is recognized over the requisite service period using the straight-line method. Forfeitures are recognized as they occur. See additional information in Note 11.

(k) Paycheck Protection Program On March 27, 2020, the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act includes a provision for a Paycheck Protection Program (“PPP”) administered by the U.S. Small Business Administration (“SBA”) and further amended by the Paycheck Protection Program Flexibility Act of 2020 (“PPP Flexibility Act”), which was enacted on June 5, 2020. In April 2020, the Company received a PPP Loan of $312,500. In February 2021, the Company received a second PPP loan of $236,457. In accordance with the requirements of the CARES Act, as amended by the PPP Flexibility Act, the PPP Loans may be fully forgiven if proceeds are used to pay eligible payroll costs, rent, mortgage interest and utilities. In July 2021, the Company was notified that the first PPP loan was forgiven by the SBA and in October 2021, the Company was notified that the second PPP loan was forgiven by the SBA. The Company analyzed IAS 20, Accounting for Government Grants and Disclosure of Government Assistance”, in accounting for these loans.

312500

236457

(l) Segments Operating segments are components of a Company for which separate financial information is available and is evaluated regularly by the Company’s chief operating decision-maker in deciding how to allocate resources and in assessing performance. The Company currently operates in one operating business segment-drug development.

(m) Income Taxes Cingulate Inc. is taxed as a C corporation under the Internal Revenue Code. Cingulate Inc. records deferred income taxes to reflect the impact of temporary differences between the recorded amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and regulations. As of December 31, 2022, CTx is a wholly-owned disregarded entity of Cingulate Inc., and all of the activity for CTx, along with its wholly-owned subsidiary Cingulate Works Inc., is included in the calculation of the current and deferred tax assets and liabilities for Cingulate Inc. The Company determined that it was more likely than not that it would not realize its deferred tax assets, based on historical levels of income and future forecasts of taxable income, among other items, therefore a full valuation allowance is recorded. The Company has not identified any uncertain tax positions. There have been no interest or penalties recognized in the consolidated financial statements related to uncertain tax positions. In addition, no tax positions exist for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next 12 months. The Company files income tax returns in the federal and various state jurisdictions. These federal income taxes are immaterial. The Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2019.

(n) Common Stock Purchase Warrants The Company issued warrants in connection with its IPO in December 2021. These equity instruments were valued at fair value when they were issued. See additional information in Note 12.

(o) Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period, without consideration to potential dilutive securities. Diluted net loss per common share is computed by dividing the net loss by the sum of the weighted average number of common shares outstanding during the period plus the number of potential dilutive instruments outstanding during the period using the simplified method. Diluted net loss per share is the same as basic net loss per share since the effect of potentially dilutive securities is anti-dilutive.

(3) Prepaid Expenses and Other Current Assets Prepaid Expenses Prepaid expenses and other current assets consisted of the following at December 31, 2022 and 2021: Schedule of Prepaid Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20221231_zNDLGeUnaZUe" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20211231_zlcPj4eYlIGd" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_400_ecustom--PrepaidResearchAndDevelopment_iI_maPECzgxQ_z2duFwuwI6M9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">1,377,391</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">643,917</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PrepaidInsurance_iI_maPECzgxQ_zggQgmo9FBz4" style="vertical-align: bottom; background-color: White"> <td>Insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">472,152</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">761,594</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--PrepaidActivePharmaceuticalIngredients_iI_maPECzgxQ_zrNCey7TGFCk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Active pharmaceutical ingredients</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">209,156</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">264,361</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredOfferingCosts_iI_maPECzgxQ_zQ1dgwhjd7W2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred capital raise costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,339</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--PrepaidProfessionalFees_iI_maPECzgxQ_zxpMVqZiVql8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">61,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--PrepaidDuesAndSubscriptions_iI_maPECzgxQ_zs6CHTRkA2Ne" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dues and subscriptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,684</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherPrepaidExpenseCurrent_iI_maPECzgxQ_zcuREgpdOm2a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,698</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">28,481</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PrepaidExpenseCurrent_iTI_mtPECzgxQ_zFrCRwFrW3w1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total prepaid expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,278,944</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,698,353</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Prepaid expenses and other current assets consisted of the following at December 31, 2022 and 2021: Schedule of Prepaid Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20221231_zNDLGeUnaZUe" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20211231_zlcPj4eYlIGd" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_400_ecustom--PrepaidResearchAndDevelopment_iI_maPECzgxQ_z2duFwuwI6M9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">1,377,391</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">643,917</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PrepaidInsurance_iI_maPECzgxQ_zggQgmo9FBz4" style="vertical-align: bottom; background-color: White"> <td>Insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">472,152</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">761,594</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_ecustom--PrepaidActivePharmaceuticalIngredients_iI_maPECzgxQ_zrNCey7TGFCk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Active pharmaceutical ingredients</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">209,156</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">264,361</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredOfferingCosts_iI_maPECzgxQ_zQ1dgwhjd7W2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred capital raise costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,339</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--PrepaidProfessionalFees_iI_maPECzgxQ_zxpMVqZiVql8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">61,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--PrepaidDuesAndSubscriptions_iI_maPECzgxQ_zs6CHTRkA2Ne" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dues and subscriptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,684</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherPrepaidExpenseCurrent_iI_maPECzgxQ_zcuREgpdOm2a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,698</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">28,481</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PrepaidExpenseCurrent_iTI_mtPECzgxQ_zFrCRwFrW3w1" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total prepaid expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,278,944</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,698,353</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1377391 643917

472152

761594

209156 264361

100339

61524 37684

20698

28481

2278944

1698353

(4) Property and Equipment Property and equipment, net consists of the following at December 31, 2022 and 2021: Schedule of Property and Equipment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_491_20221231_zbIkBiPsbOkk" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_496_20211231_zDyI1hFkxaJg" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Estimated</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Useful Life</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">(in years)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zXkDJBk9Z0U5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_zLQHJHSrYLad" title="Property and equipment, estimated useful life">2-<span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_z5BalYaDhCfg" title="Property and equipment, estimated useful life">7</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,565,997</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,509,126</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z1mtOk4PQDVb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Furniture and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zEMfjdf950g7" title="Property and equipment, estimated useful life">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">145,754</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">145,754</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_z4pioD0PDbA7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zunhgX1kOIjj" title="Property and equipment, estimated useful life">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,898</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z7425BdrByd4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z21mJBrDaF5g" title="Property and equipment, estimated useful life">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">471,505</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">471,505</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ConstructionInProgressEquipmentMember_zpJMBSPNQ7Yk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Construction-in-process- equipment</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,739,699</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,643,150</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzUsK_zcSK2zcZeNyi" style="vertical-align: bottom; background-color: White"> <td>Property and equipment, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,964,853</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,811,433</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzUsK_zKUHHhhHPcQe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,060,066</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,666,055</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzUsK_zBqV0od2BeRi" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,904,787</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,145,378</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Depreciation expense was $394,011 and $708,317 for the years ended December 31, 2022 and 2021, respectively

Property and equipment, net consists of the following at December 31, 2022 and 2021: Schedule of Property and Equipment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_491_20221231_zbIkBiPsbOkk" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_496_20211231_zDyI1hFkxaJg" style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Estimated</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="text-align: center; font-weight: bold">Useful Life</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">(in years)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zXkDJBk9Z0U5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right"><span id="xdx_90A_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_zLQHJHSrYLad" title="Property and equipment, estimated useful life">2-<span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_z5BalYaDhCfg" title="Property and equipment, estimated useful life">7</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,565,997</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,509,126</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z1mtOk4PQDVb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Furniture and fixtures</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zEMfjdf950g7" title="Property and equipment, estimated useful life">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">145,754</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">145,754</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_z4pioD0PDbA7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zunhgX1kOIjj" title="Property and equipment, estimated useful life">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,898</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z7425BdrByd4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_z21mJBrDaF5g" title="Property and equipment, estimated useful life">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">471,505</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">471,505</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ConstructionInProgressEquipmentMember_zpJMBSPNQ7Yk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Construction-in-process- equipment</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,739,699</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,643,150</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzUsK_zcSK2zcZeNyi" style="vertical-align: bottom; background-color: White"> <td>Property and equipment, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,964,853</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,811,433</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzUsK_zKUHHhhHPcQe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,060,066</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,666,055</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzUsK_zBqV0od2BeRi" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,904,787</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,145,378</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

P2Y

P7Y

2565997

2509126

P7Y

145754

P5Y

41898

P5Y

471505

1739699

1643150

4964853

4811433

2060066

1666055

2904787

3145378

394011

708317

(5) Accrued Expenses Accrued expenses consisted of the following at December 31, 2022 and 2021: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20221231_zCt9MY4z5rTe" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20211231_zpaHDVTXfM3" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--InterestPayableCurrent_iI_maALCzmIO_zJbo11p6XjPj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%">Interest</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">292,339</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AccruedProfessionalFeesCurrent_iI_maALCzmIO_zOrpJ9newIMb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">314,446</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,570</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--AccruedResearchAndDevelopmentCostsCurrent_iI_maALCzmIO_zGO8s42JPKra" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccruedUtilitiesCurrent_iI_maALCzmIO_zYHIqopt3Xrb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">CIP- Equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">279,730</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccruedBonusesCurrent_iI_maALCzmIO_zMGZ11r3vuYa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Employee bonuses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">175,625</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccruedEmployeeBenefitsCurrent_iI_maALCzmIO_zPRmiNvTGPvh" style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Active pharmaceutical ingredients</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALCzmIO_zf5bKvAobT7k" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">112,225</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCzmIO_zyCoU8yKpReh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total accrued expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">894,635</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">601,300</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Accrued expenses consisted of the following at December 31, 2022 and 2021: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49E_20221231_zCt9MY4z5rTe" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_495_20211231_zpaHDVTXfM3" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--InterestPayableCurrent_iI_maALCzmIO_zJbo11p6XjPj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%">Interest</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">292,339</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AccruedProfessionalFeesCurrent_iI_maALCzmIO_zOrpJ9newIMb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">314,446</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">71,570</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--AccruedResearchAndDevelopmentCostsCurrent_iI_maALCzmIO_zGO8s42JPKra" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">250,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AccruedUtilitiesCurrent_iI_maALCzmIO_zYHIqopt3Xrb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">CIP- Equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">279,730</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccruedBonusesCurrent_iI_maALCzmIO_zMGZ11r3vuYa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Employee bonuses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">175,625</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AccruedEmployeeBenefitsCurrent_iI_maALCzmIO_zPRmiNvTGPvh" style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Active pharmaceutical ingredients</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALCzmIO_zf5bKvAobT7k" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">112,225</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCzmIO_zyCoU8yKpReh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total accrued expenses</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">894,635</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">601,300</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

292339

314446

71570

250000

279730

175625

112225

894635

601300

(6) Contingencies The Company may, from time to time, be subject to legal proceedings and claims arising in the ordinary course of business and otherwise. A substantial legal liability against us could have an adverse effect on our business, financial condition and results of operations. The Company records legal costs associated with loss contingencies as incurred and establishes reserves when those matters present material loss contingencies that management determines to be both probable and reasonably estimable in accordance with ASC 450, “Contingencies.” If a range of loss is estimated, and some amount within that range appears to be a better estimate than any other amount within that range, then that amount is accrued. If no amount within the range can be identified as a better estimate than any other amount, we accrue the minimum amount in the range. These amounts are not reduced by amounts that may be recovered under insurance or claims against third parties, but undiscounted receivables from insurers or other third parties may be accrued separately if recovery is considered probable. Management’s judgment is required related to loss contingencies because the outcomes are difficult to predict, and the ultimate resolution may differ from our current analysis. The Company revises accruals in light of new information. While it is not possible to predict the outcome of loss contingencies with certainty, management is of the opinion that adequate provision for potential losses associated with any such matters has been made in the financial statements.

(7) Related Party Notes Payable Related Party Note Payable On August 10, 2022, the Company received $5,000,000 of debt financing from Werth Family Investment Associates LLC (WFIA). Peter Werth, manager of WFIA, is a member of the Company’s Board of Directors. This promissory note is unsecured with interest accruing at <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_uPure_c20220810__dei--LegalEntityAxis__custom--WerthFamilyInvestmentAssociatesLLCMember_zN1utvqWvTOi" title="Unsecured interest percentage">15% per annum. Outstanding principal and all accrued and unpaid interest are due and payable on August 8, 2025, or 120 days following written demand made by WFIA during the first five business days of a calendar quarter beginning April 1, 2023. The Company may prepay the note, in whole or in part, without premium or penalty; provided, that no amount repaid may be reborrowed. As of December 31, 2022, the entire $5,000,000 was outstanding on the note. During the year ended December 31, 2022, the Company recognized $292,339 of interest expense relating to this note. This interest expense is included in accrued expenses on the consolidated balance sheet at December 31, 2022.

5000000

0.15

Outstanding principal and all accrued and unpaid interest are due and payable on August 8, 2025, or 120 days following written demand made by WFIA during the first five business days of a calendar quarter beginning April 1, 2023.

5000000

292339

(8) Members’ Capital Prior to the Reorganization Merger, the Company had multiple classes of Members’ capital, comprised of Founders Units, Class B, D, E, F and G Preferred Units, and Class C Profits Interests. Class B, E, F and G Preferred Units had similar rights specifically related to cash distributions as a return of invested capital. Class D Preferred Units had all the rights of Founders and the other Classes of Preferred Units plus some additional rights noted below. All classes of Members’ capital had voting rights. The Company maintained capital accounts for each Member. 3,243,201 Units of Class F and Class G were issued during the year ended December 31, 2021, prior to the Reorganization Merger. Class F Preferred Units The CTx Board authorized <span id="xdx_90C_eus-gaap--PreferredUnitsAuthorized_iI_c20221231__us-gaap--PreferredUnitsByNameAxis__custom--PreferredUnitsClassFMember__dei--LegalEntityAxis__custom--CingulateTherapeuticsLLCMember_z06gqvmFjs35" title="Preferred units, authorized">6,984,985 Class F Preferred Units in two tranches; all authorized Class F Units were issued prior to the Reorganization Merger. The Company raised a total of $<span id="xdx_907_eus-gaap--PreferredUnitsContributedCapital_iI_pn5n6_c20221231__us-gaap--PreferredUnitsByNameAxis__custom--PreferredUnitsClassFMember__dei--LegalEntityAxis__custom--CingulateTherapeuticsLLCMember_zrNihnMcUy69" title="Issuance of preferred units">11.3 million from issuance of Class F Units. The newly created Class F Units as authorized by the CTx Board and as reflected in the 3rd Amended and Restated Operating Agreement to reflect the creation of the Class F Units became effective on December 14, 2018. Class G Preferred Units The CTx Board authorized <span id="xdx_90A_eus-gaap--PreferredUnitsAuthorized_iI_c20221231__us-gaap--PreferredUnitsByNameAxis__custom--PreferredUnitsClassGMember__dei--LegalEntityAxis__custom--CingulateTherapeuticsLLCMember_z6HCd5fozq72" title="Preferred units, authorized">12,000,000 Class G Preferred Units; <span id="xdx_901_eus-gaap--PreferredUnitsIssued_iI_c20221231__us-gaap--PreferredUnitsByNameAxis__custom--PreferredUnitsClassGMember__dei--LegalEntityAxis__custom--CingulateTherapeuticsLLCMember_zs1aclnZtAHi" title="Preferred units, issued">2,998,184 were issued prior to the Reorganization Merger. The Company raised a total of $<span id="xdx_909_eus-gaap--PreferredUnitsContributedCapital_iI_pn5n6_c20221231__us-gaap--PreferredUnitsByNameAxis__custom--PreferredUnitsClassGMember__dei--LegalEntityAxis__custom--CingulateTherapeuticsLLCMember_ze5vOZNF7SV1" title="Issuance of preferred uniits">6.7 million from issuance of Class G Units. The newly created Class G Units as authorized by the CTx Board became effective on February 9, 2021. Distributions, if any, from the Company were to be made first to the holders of Class B, D, E, F and G Preferred Units, pro rata in proportion to each such Member’s unreturned capital contributions. Distributions were then to be made to all Members including Founders Units, pro rata in proportion to the number of units held by each Member, with consideration given to the applicable distribution thresholds for Class C Profits Interests at which each was issued and as disclosed in each Profits Interest Unit agreement, as further described in Note 9. Costs associated with issuance of the Units is immaterial. Pursuant to the terms of the Reorganization Merger, all Units were converted into shares of common stock of Cingulate, as further described in Note 1.

3243201

6984985

11300000

12000000

2998184

6700000

(9) Profits Interest Plan During 2017, the CTx Board established and adopted the Cingulate Therapeutics LLC Equity Incentive Plan (the “Plan”) to provide for issuance of Class C PIU’s to employees, CTx Members, Board members and service providers of the Company, as defined in the Plan, eligible to receive PIU’s as an incentive under the Plan. PIU’s were granted at the discretion of the Board of Managers of the Company and in some cases at the discretion of the Chief Executive Officer of the Company based upon Board authorization. The PIU’s were issued at a Distribution Threshold equal to the pre-money fair market valuation of the Company at the date of issuance. The Distribution Threshold was the amount by which a cash distribution, made pro rata to all Members, if any, must have been exceeded in order for a particular PIU holder to participate in the allocated distribution beyond that threshold. Based on the terms of the award, the Distribution Threshold was treated as a performance condition for purposes of financial statement recognition. The PIU’s vesting period with respect to the service condition was defined in the PIU award agreement and ranged from 30 days to three years with an average vesting period for all PIU’s granted of 107 days. As defined in the Company’s Operating Agreement, all PIU’s issued under the Plan entitled the holder to participate pro rata in the profits, if any, of the Company over the stated Distribution Threshold, assuming a cash distribution was generally made to all Members, subject to any preference or priorities of the other classes of Units. The Class C PIU’s also held voting rights on a one-for-one basis. Immediately prior to the Reorganization Merger, the Company had granted and issued <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20221231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zLmgMUh75xOe" title="Stock option, granted">8,500,000 and PIU’s, net of forfeitures. The Company accounted for these awards under FASB ASC Topic 718, Compensation – Stock Compensation, as equity classified awards. No compensation expense was recorded prior to the Reorganization Merger related to the PIU’s as the future achievement of the thresholds and targets (the performance condition) to achieve payout was not deemed probable. This assessment was made based on the Company’s history of operating losses and continued challenges in raising necessary equity capital to fund operations. In connection with the Reorganization Merger, as further described in Note 1, <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pn5n6_c20221231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zU31wki3KCJi" title="Stock option, granted">8.5 million PIU’s were exchanged for 57,900 shares of Cingulate common stock. The exchange of PIU’s for common stock created a modification of the terms, character and rights of the PIU’s and achievement of performance was considered probable. This resulted in the Company recognizing a noncash modification charge equal to $12.7 million, which charge was calculated based on the Company’s assessment of the fair value of the shares of Cingulate common stock on the date of the modification. $<span id="xdx_906_eus-gaap--NoncashContributionExpense_pn5n6_c20220101__20221231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zsOZE2adHkgk" title="Noncash compensation expense">8.2 million of this charge was recorded to general and administrative expense and $<span id="xdx_90A_eus-gaap--NoncashContributionExpense_pn5n6_c20220101__20221231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zROG363gb5c" title="Noncash compensation expense">4.5 million was recorded to research and development expense. <p id="xdx_89B_ecustom--ScheduleOfShareBasedCompensationStockOptionActivityTableTextBlock_hus-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_z7FQlFHjJ9l4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The following summarizes the activity of the Company’s Plan: Summary of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Distribution</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Profits Interest</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Thresholds</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Units</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(stated in millions)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold">Outstanding at January 1, 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20210101__20211231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zYSsJIIspID9" style="width: 16%; text-align: right" title="Number of stock options, outstanding at Beginning balance">8,142,461</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"></td><td style="width: 16%; text-align: right">$<span id="xdx_906_eus-gaap--IncentiveDistributionDistributionPerYear_pn6n6_c20210101__20211231__srt--RangeAxis__srt--MinimumMember__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zhdGZM7dGFw5" title="Distribution of Thresholds, outstanding">25-$<span id="xdx_906_eus-gaap--IncentiveDistributionDistributionPerYear_pn6n6_c20210101__20211231__srt--RangeAxis__srt--MaximumMember__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zMQuxcZZoWa8" title="Distribution of Thresholds, outstanding">120 </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20210101__20211231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_z8ef51dXfRT4" style="text-align: right" title="Number of stock options, issued">357,539</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_901_eus-gaap--ManagingMemberOrGeneralPartnerSubsequentDistributionAmount_pn6n6_c20210101__20211231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zZe0Z4e05UM9" title="Distribution of Thresholds, issued">160</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_c20210101__20211231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zFu1YLRqc1qj" style="text-align: right" title="Number of stock options, Forfeited">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Converted to common shares upon Reorganization Merger</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--ConvertedToCommonSharesUponReorganizationMergerShares_iN_di_c20210101__20211231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zLOrzlnb9vD" style="border-bottom: Black 1.5pt solid; text-align: right" title="Converted to common shares upon Reorganization Merger, shares">(8,500,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1.5pt">Outstanding at December 31, 2021</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20210101__20211231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zimsjHisUxOi" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of stock options, outstanding at Ending balance">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> Prior to the Reorganization Merger, the Company had issued all units available under the Plan and all units had vested based upon the vesting period as outlined in the PIU agreement. <p id="xdx_890_eus-gaap--ScheduleOfIncentiveDistributionsMadeToManagingMembersOrGeneralPartnersByDistributionTextBlock_zX0iWLfoRPZ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">PIUs issued and outstanding prior to the Reorganization Merger, which was also the modification date, at the various distribution thresholds were as follows: Schedule of Various Distribution Thresholds <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--DistributionThresholdTwentyFiveMillionMember_zkdUWGC3v2tl" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--DistributionThresholdFortyMillionMember_zvZdNbPz52Ge" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--DistributionThresholdSeventyFiveMillionMember_zaduo3Fem58d" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--DistributionThresholdEightyMillionMember_zxLjbmCf8oWe" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49C_20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--DistributionThresholdNintyMillionMember_z9FGZ8R4dZh4" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--DistributionThresholdOneTwentyMillionMember_zs767EKwsJK" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--DistributionThresholdOneSixtyMillionMember_zmJOAq18cYKg" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49C_20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--DistributionThresholdMember_za6uqSFuS67d" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="26" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Distribution Threshold $ (in millions):</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Year Granted</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$25</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$40</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$75</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$80</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$90</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$120</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$160</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_409_ecustom--IncentiveDistributionDistributionPerYearOne_zYTr5pLRb0Qf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 9%; text-align: left">2017</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">4,753,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">125,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">4,878,200</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--IncentiveDistributionDistributionPerYearTwo_zndlGyBj1Av3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2018</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">661,525</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">217,725</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,883</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">902,133</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--IncentiveDistributionDistributionPerYearThree_zOPvab7lQEg1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2019</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">377,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">458,924</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">836,448</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--IncentiveDistributionDistributionPerYearFour_zVcVl8W1iNLe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,476,126</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,554</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,525,680</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--IncentiveDistributionDistributionPerYearFive_zSTC99GhaIsf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-align: left">2021</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">357,539</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">357,539</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--IncentiveDistributionDistributionPerYear_z7br6zUxrp15" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,753,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">786,725</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">217,725</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,499,009</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">377,524</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">508,478</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">357,539</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">8,500,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

8500000

57900

12700000

8200000

4500000

<p id="xdx_89B_ecustom--ScheduleOfShareBasedCompensationStockOptionActivityTableTextBlock_hus-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_z7FQlFHjJ9l4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The following summarizes the activity of the Company’s Plan: Summary of Stock Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Distribution</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Profits Interest</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Thresholds</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Units</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(stated in millions)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; font-weight: bold">Outstanding at January 1, 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20210101__20211231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zYSsJIIspID9" style="width: 16%; text-align: right" title="Number of stock options, outstanding at Beginning balance">8,142,461</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"></td><td style="width: 16%; text-align: right">$<span id="xdx_906_eus-gaap--IncentiveDistributionDistributionPerYear_pn6n6_c20210101__20211231__srt--RangeAxis__srt--MinimumMember__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zhdGZM7dGFw5" title="Distribution of Thresholds, outstanding">25-$<span id="xdx_906_eus-gaap--IncentiveDistributionDistributionPerYear_pn6n6_c20210101__20211231__srt--RangeAxis__srt--MaximumMember__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zMQuxcZZoWa8" title="Distribution of Thresholds, outstanding">120 </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20210101__20211231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_z8ef51dXfRT4" style="text-align: right" title="Number of stock options, issued">357,539</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_901_eus-gaap--ManagingMemberOrGeneralPartnerSubsequentDistributionAmount_pn6n6_c20210101__20211231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zZe0Z4e05UM9" title="Distribution of Thresholds, issued">160</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_c20210101__20211231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zFu1YLRqc1qj" style="text-align: right" title="Number of stock options, Forfeited">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Converted to common shares upon Reorganization Merger</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_ecustom--ConvertedToCommonSharesUponReorganizationMergerShares_iN_di_c20210101__20211231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zLOrzlnb9vD" style="border-bottom: Black 1.5pt solid; text-align: right" title="Converted to common shares upon Reorganization Merger, shares">(8,500,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 1.5pt">Outstanding at December 31, 2021</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20210101__20211231__us-gaap--PlanNameAxis__custom--EquityIncentivePlanMember_zimsjHisUxOi" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of stock options, outstanding at Ending balance">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>

8142461

25000000

120000000

357539

160000000

8500000

<p id="xdx_890_eus-gaap--ScheduleOfIncentiveDistributionsMadeToManagingMembersOrGeneralPartnersByDistributionTextBlock_zX0iWLfoRPZ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">PIUs issued and outstanding prior to the Reorganization Merger, which was also the modification date, at the various distribution thresholds were as follows: Schedule of Various Distribution Thresholds <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_496_20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--DistributionThresholdTwentyFiveMillionMember_zkdUWGC3v2tl" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--DistributionThresholdFortyMillionMember_zvZdNbPz52Ge" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_494_20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--DistributionThresholdSeventyFiveMillionMember_zaduo3Fem58d" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--DistributionThresholdEightyMillionMember_zxLjbmCf8oWe" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49C_20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--DistributionThresholdNintyMillionMember_z9FGZ8R4dZh4" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_499_20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--DistributionThresholdOneTwentyMillionMember_zs767EKwsJK" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--DistributionThresholdOneSixtyMillionMember_zmJOAq18cYKg" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49C_20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--DistributionThresholdMember_za6uqSFuS67d" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="26" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Distribution Threshold $ (in millions):</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Year Granted</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$25</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$40</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$75</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$80</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$90</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$120</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">$160</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_409_ecustom--IncentiveDistributionDistributionPerYearOne_zYTr5pLRb0Qf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 9%; text-align: left">2017</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">4,753,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 8%; text-align: right">125,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">4,878,200</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_ecustom--IncentiveDistributionDistributionPerYearTwo_zndlGyBj1Av3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2018</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">661,525</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">217,725</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">22,883</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">902,133</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--IncentiveDistributionDistributionPerYearThree_zOPvab7lQEg1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2019</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">377,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">458,924</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">836,448</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--IncentiveDistributionDistributionPerYearFour_zVcVl8W1iNLe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,476,126</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">49,554</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,525,680</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_ecustom--IncentiveDistributionDistributionPerYearFive_zSTC99GhaIsf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; text-align: left">2021</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">357,539</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">357,539</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--IncentiveDistributionDistributionPerYear_z7br6zUxrp15" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left">Total</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,753,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">786,725</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">217,725</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,499,009</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">377,524</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">508,478</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">357,539</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">8,500,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

4753000 125200 4878200 661525 217725 22883 902133 377524 458924 836448 1476126 49554 1525680 357539 357539

4753000

786725

217725

1499009

377524

508478

357539

8500000

(10) Stockholders’ Equity The Company has authorized 240,000,000 shares of $0.0001 par value common stock and 10,000,000 shares of $0.0001 par value preferred stock at December 31, 2022 and 2021 of which 565,470 shares of common stock were issued and outstanding. The Company has not issued any shares of preferred stock. 357,137 shares of common stock issued and outstanding were issued in connection with the Reorganization Merger to convert Units of CTx outstanding immediately prior to the Reorganization Merger and reflects the stock dividend and reverse stock splits described below. 208,333 shares of common stock were issued at a price to the public of $120.00 per share in connection with the Company’s IPO, which was completed in December 2021. The Company received net proceeds of approximately $20.4 million, after deducting underwriting discounts and commissions and other offering expenses. The holders of common stock are entitled to one vote for each share of common stock. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, after the payment or provision for payment of all debts and liabilities of the Company, the holders of common stock shall be entitled to share in the remaining assets of the Company available for distribution, if any. Holders of the shares of common stock are entitled to dividends when, as and if declared by the Board of Directors. Stock Dividend On September 30, 2021, the Company effected a stock dividend of 0.0015 shares of common stock for each share of common stock outstanding (the “Stock Dividend”), or an aggregate of 22,402 shares of common stock. No fractional shares of common stock were issued in connection with the Stock Dividend, and all such fractional interests were rounded down to the nearest whole number. No other dividends had been declared as of December 31, 2022. Reverse Stock Splits On October 12, 2021, Cingulate effected a reverse stock split of its issued and outstanding shares of common stock at a ratio of 0.0350-for-1, and on November 29, 2021, Cingulate effected a second reverse stock split of its issued and outstanding shares of common stock at a ratio of 0.0321-for-1 (the “Reverse Stock Splits”). No fractional shares of common stock were issued in connection with either of the Reverse Stock Splits, and all such fractional interests were rounded down to the nearest whole number. All share data, per share data and related information for all periods presented in the accompanying consolidated financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Splits, and subsequently adjusted for the Reverse Stock Split, described in Note 1.

240000000

0.0001

10000000

0.0001

565470

357137

208333

120.00

20400000

0.0015

22402

On October 12, 2021, Cingulate effected a reverse stock split of its issued and outstanding shares of common stock at a ratio of 0.0350-for-1, and on November 29, 2021, Cingulate effected a second reverse stock split of its issued and outstanding shares of common stock at a ratio of 0.0321-for-1 (the “Reverse Stock Splits”). No fractional shares of common stock were issued in connection with either of the Reverse Stock Splits, and all such fractional interests were rounded down to the nearest whole number. All share data, per share data and related information for all periods presented in the accompanying consolidated financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Splits, and subsequently adjusted for the Reverse Stock Split, described in Note 1.

(11) Stock-Based Compensation In September 2021, the Company’s board of directors and stockholders adopted the 2021 Equity Incentive Plan (the “2021 Plan”), which provides for the grant of incentive stock options and non-qualified stock options to purchase shares of the Company’s common stock, stock appreciation rights, restricted stock units, restricted or unrestricted shares of common stock, performance shares, performance units, incentive bonus awards, other stock-based awards and other cash-based awards. No awards may be made under the 2021 Plan on or after September 24, 2031, but the 2021 Plan will continue thereafter while previously granted awards remain outstanding. The maximum number of shares of common stock available for issuance in connection with options and other awards granted under the 2021 Plan is <span id="xdx_905_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_zmi4W2E2aKk4" title="Number of shares common stock available for issuance">96,391 and as of December 31, 2022, <span id="xdx_903_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zD0f7vgLGnGg" title="Number of shares common stock options">53,340 shares of common stock were available for issuance under the 2021 Plan. <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zzgQr2wbCaj6" title="Share based compensation, description">The number of shares of common stock available for issuance under the 2021 Plan will automatically increase on January 1st of each year until the expiration of the 2021 Plan, in an amount equal to 5% percent of the total number of shares of our common stock outstanding on December 31st of the preceding calendar year, on a fully diluted basis, unless the board of directors takes action prior thereto to provide that there will not be an increase in the share reserve for such year or that the increase in the share reserve for such year will be of a lesser number of shares of common stock than would otherwise occur. The shares of common stock underlying any awards that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, repurchased or are otherwise terminated by the Company under the 2021 Plan will be added back to the shares of common stock available for issuance under the 2021 Plan. The Company recorded stock-based compensation expense of $800,796 and $43,835 during the years ended December 31, 2022 and 2021, relating to options issued. As of December 31, 2022 and 2021, there was $<span id="xdx_907_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z6YkJTxx3Ns5" title="Unrecognized compensation cost">2,089,509 and $<span id="xdx_904_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20211231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zEbHHReSSq8e" title="Unrecognized compensation cost">2,637,895 of unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the 2021 Plan, which is expected to be recognized over the next one to <span id="xdx_906_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zPqi8rxgJgCf" title="Expected to be recognized, term">four years. A summary of option activity under the Plan during the years ended December 31, 2022 and 2021 was as follows: Summary of Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Weighted-Average</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-Average</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Remaining</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Contractual Term</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding at January 1, 2021</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_za7OXMIf4Erl" style="font-weight: bold; text-align: right" title="Number of Shares Common stock options, outstanding at Beginning Balance">-</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 38%">Grants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zER2rEwy4ayf" style="width: 12%; text-align: right" title="Number of Shares, Granted">26,173</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zoSQzPv155p1" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Granted"> 120.00</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zu5l1AXq5TMg" title="Weighted Average Remaining Contractual Life (Years) Outstanding, Grants">9.94 years</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsGrantedIntrinsicValue_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zeepS5NLFYUj" style="width: 12%; text-align: right" title="Aggregate intrinsic value, Grants"> -</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z2cfEI4PVSDd" style="text-align: right" title="Number of Shares, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Forfeitures or expirations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zNFnw8P90QR2" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Shares, Forfeitures or expirations">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding at December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zmeQyA1qOral" style="text-align: right" title="Number of Shares Common stock options, outstanding at Beginning Balance">26,173</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Grants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z6oe1dawpns9" style="text-align: right" title="Number of Shares, Granted">20,882</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z5CjNges3pt5" style="text-align: right" title="Weighted Average Exercise Price, Granted">34.40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_909_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zaCUfooyc3cf" title="Weighted Average Remaining Contractual Life (Years) Outstanding, Grants">9.17 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zOM2HT1q9f1g" style="text-align: right" title="Number of Shares, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Forfeitures or expirations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zEK454XVNIvi" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Shares, Forfeitures or expirations">(3,995</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z9lGwJon6G17" style="padding-bottom: 1.5pt; text-align: right" title="Weighted Average Exercise Price, Forfeitures or expirations">69.20</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding at December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zNce6foxqb1c" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Common stock options, outstanding at ending balance">43,060</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z4sxLCMHzwRc" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding Ending Balance">83.20</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zdHzmN7x2n71" title="Weighted Average Remaining Contractual Life (Years) Outstanding">9.05 years</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zwCulf1rNssg" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate intrinsic value, Outstanding Ending">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Vested and expected to vest at December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zjpyn0P55Uqf" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares, Vested and expected to vest">43,060</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Exercisable at December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zaeOTmhi8VJ1" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares, Exercisable">8,451</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company’s stock options issued qualify for equity accounting treatment under ASC 718 and are measured at fair value as of their grant date accordingly. The fair value of the options were estimated using a Black-Scholes model. The assumptions that the Company used to estimate the grant-date fair value of stock options granted to employees and directors were as follows, shown on a weighted average basis for the respective years ended: Schedule of Fair Value Assumption <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_491_20220101__20221231_zWKOgTHMyJS9" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20210101__20211231_zGo4oycZbDWe" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_zSChltMZ7SB3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">Risk-free interest rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">1.889</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">0.012</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.98</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.25</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_zXij8tWZzmN1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.126</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.134</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_zghVNKQi1Opf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td></tr> </table> Risk-Free Interest Rate: The Company based the risk-free interest rate over the expected term of the options based on the constant maturity of U.S. Treasury securities with similar maturities as of the date of grant. Expected Term: The expected term represents the period that the options granted are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting dates and the end of the contractual term.) Expected Volatility: The Company uses an average historical stock price volatility of comparable public companies within the biotechnology and pharmaceutical industry that were deemed to be representative of future stock price trends as the Company does not have sufficient trading history for its common stock. The Company will continue to apply this process until a sufficient amount of historical information regarding volatility of its own stock price becomes available. Expected Dividend Yield: The Company has not paid and does not anticipate paying any dividends in the near future. Therefore, the expected dividend yield was zero. The grant-date fair value of options granted during the year ended December 31, 2022 ranged from $<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20220101__20221231__srt--RangeAxis__srt--MinimumMember_z3lS3jRQzbWl" title="Grant-date fair value of options">17.20 to $<span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20220101__20221231__srt--RangeAxis__srt--MaximumMember_zQhHUE4fukF1" title="Grant-date fair value of options">23.20 and was $<span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20210101__20211231_zU5Mjh7CQaz7" title="Grant-date fair value of options">102.60 for options granted during the year ended December 31, 2021. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock. Because there were no stock options with exercise prices lower than the fair value of the Company’s common stock, the aggregate intrinsic value is zero as of December 31, 2022 and 2021.

96391

53340

The number of shares of common stock available for issuance under the 2021 Plan will automatically increase on January 1st of each year until the expiration of the 2021 Plan, in an amount equal to 5% percent of the total number of shares of our common stock outstanding on December 31st of the preceding calendar year, on a fully diluted basis, unless the board of directors takes action prior thereto to provide that there will not be an increase in the share reserve for such year or that the increase in the share reserve for such year will be of a lesser number of shares of common stock than would otherwise occur.

800796

43835

2089509

2637895

P4Y

A summary of option activity under the Plan during the years ended December 31, 2022 and 2021 was as follows: Summary of Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Weighted-Average</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-Average</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: center">Remaining</td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Contractual Term</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding at January 1, 2021</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_za7OXMIf4Erl" style="font-weight: bold; text-align: right" title="Number of Shares Common stock options, outstanding at Beginning Balance">-</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 38%">Grants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zER2rEwy4ayf" style="width: 12%; text-align: right" title="Number of Shares, Granted">26,173</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zoSQzPv155p1" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Granted"> 120.00</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zu5l1AXq5TMg" title="Weighted Average Remaining Contractual Life (Years) Outstanding, Grants">9.94 years</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsGrantedIntrinsicValue_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zeepS5NLFYUj" style="width: 12%; text-align: right" title="Aggregate intrinsic value, Grants"> -</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z2cfEI4PVSDd" style="text-align: right" title="Number of Shares, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Forfeitures or expirations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20210101__20211231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zNFnw8P90QR2" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Shares, Forfeitures or expirations">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding at December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zmeQyA1qOral" style="text-align: right" title="Number of Shares Common stock options, outstanding at Beginning Balance">26,173</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Grants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z6oe1dawpns9" style="text-align: right" title="Number of Shares, Granted">20,882</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z5CjNges3pt5" style="text-align: right" title="Weighted Average Exercise Price, Granted">34.40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: center"><span id="xdx_909_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zaCUfooyc3cf" title="Weighted Average Remaining Contractual Life (Years) Outstanding, Grants">9.17 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zOM2HT1q9f1g" style="text-align: right" title="Number of Shares, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Forfeitures or expirations</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zEK454XVNIvi" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Shares, Forfeitures or expirations">(3,995</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z9lGwJon6G17" style="padding-bottom: 1.5pt; text-align: right" title="Weighted Average Exercise Price, Forfeitures or expirations">69.20</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Outstanding at December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zNce6foxqb1c" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Common stock options, outstanding at ending balance">43,060</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z4sxLCMHzwRc" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding Ending Balance">83.20</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="text-align: center; padding-bottom: 2.5pt"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zdHzmN7x2n71" title="Weighted Average Remaining Contractual Life (Years) Outstanding">9.05 years</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zwCulf1rNssg" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate intrinsic value, Outstanding Ending">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Vested and expected to vest at December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zjpyn0P55Uqf" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares, Vested and expected to vest">43,060</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Exercisable at December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zaeOTmhi8VJ1" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares, Exercisable">8,451</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

26173

120.00

P9Y11M8D

26173

20882

34.40

P9Y2M1D

3995

69.20

43060

83.20

P9Y18D

43060

8451

The Company’s stock options issued qualify for equity accounting treatment under ASC 718 and are measured at fair value as of their grant date accordingly. The fair value of the options were estimated using a Black-Scholes model. The assumptions that the Company used to estimate the grant-date fair value of stock options granted to employees and directors were as follows, shown on a weighted average basis for the respective years ended: Schedule of Fair Value Assumption <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_491_20220101__20221231_zWKOgTHMyJS9" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49A_20210101__20211231_zGo4oycZbDWe" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_zSChltMZ7SB3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">Risk-free interest rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">1.889</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">0.012</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.98</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.25</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_pid_dp_uPure_zXij8tWZzmN1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.126</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.134</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_zghVNKQi1Opf" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td></tr> </table>

0.01889

0.00012

P5Y11M23D

P6Y3M

0.01126

0.01134

17.20

23.20

102.60

(12) Common Stock Purchase Warrants For each of the <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z6GQtHts3uJg" title="Purchase of warrants shares">208,333 shares of common stock issued in connection with the Company’s IPO, one common stock purchase warrant was also issued and included in the unit price of $<span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zl6mLF4x96dg" title="Purchase of warrants price per share">120.00. These warrants were immediately separable and tradeable. Although the underwriters did not exercise their fifteen percent over-allotment option to purchase additional shares of common stock, they did purchase <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_z518kTpuAS51" title="Purchase of warrants shares">31,250 additional common stock purchase warrants for $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zFx8iQLorTKg" title="Purchase of warrants price per share">.001 per warrant less underwriting discounts and commissions. These <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zPX0NbszZdy4" title="Purchase of warrants shares">239,583 common stock purchase warrants have an exercise price of $<span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z0hs4jAR7J6a" title="Purchase of warrants price per share">120.00 per share and provide for a cashless exercise feature if there is no effective registration statement or current prospectus for the issuance of common stock upon exercise of the warrants. These warrants are exercisable from December 10, 2021 through December 10, 2026. Upon the termination date, these warrants will be automatically exercised via a cashless exercise. In addition to the common stock purchase warrants noted above, the Company issued <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20221231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zNAbsmFAD884" title="Purchase of warrants shares">10,417 common stock purchase warrants to the underwriters for the Company’s IPO pursuant to the underwriting agreement. These warrants have an exercise price of $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20221231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zD2jGfURA6N1" title="Purchase of warrants price per share">150.00 per share and provide for a cashless exercise feature. These <span id="xdx_905_eus-gaap--ClassOfWarrantOrRightReasonForIssuingToNonemployees_c20220101__20221231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zvbWeyJuVia4" title="Warrants exercisable, description">warrants are exercisable from June 7, 2022 through December 10, 2026. The warrants were valued using a Black-Scholes model with a risk-free rate of <span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_z2FU6g1FxZM5" title="Warrants measurement input">.0082%, a term of <span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zKIGJC7vYbt" title="Expected life">5.0 years, and a volatility of <span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pid_uPure_c20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zaSa6ydwksc6" title="Warrants measurement input">1.24. The estimated volatility of the Company’s common stock at the date of measurement is based on an average historical stock price volatility of comparable public companies within the biotechnology and pharmaceutical industry that were deemed to be representative of future stock price trends as the Company does not have sufficient trading history for its common stock. The risk-free rate is based on the expected term of the warrants based on the constant maturity of U.S. Treasury securities with similar maturities as of the date of grant. The expected term has been estimated using the contractual term of the warrants. The following table summarizes the Company’s outstanding warrants as of December 31, 2022 and 2021: Summary of Outstanding Warrants <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Grant Date</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Grant Date</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Fair Value</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">per Warrant</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance- January 1, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 36%; text-align: left">Underwritten public offering</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_ecustom--ClassOfWarrantOrRightOutstandingUnderwrittenPublicOffering_c20220101__20221231_zNOwtofDohY9" style="width: 12%; text-align: right" title="Number of warrants underwritten public offering">239,583</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_ecustom--ClassOfWarrantOrRightExercisePriceOfWarrantsUnderwrittenPublicOffering_pid_c20220101__20221231_zeN5jhCBk1F3" style="width: 12%; text-align: right" title="Exercise price of warrants underwritten public offering">120.00</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_ecustom--ClassOfWarrantOrRightGrantDateFairValuePerWarrantUnderwrittenPublicOffering_pid_c20220101__20221231_z3MSQEdBj0u6" style="width: 12%; text-align: right" title="Grant date fair value per warrant underwritten public offering">95.4000993</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--WarrantsAndRightsOutstandingGrantDateFairValueUnderwrittenPublicOffering_c20220101__20221231_zktzQkRPGqF4" style="width: 12%; text-align: right" title="Grant date fair value underwritten public offering">22,856,242</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Issuance of underwriter warrants</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_987_ecustom--ClassOfWarrantOrRightOutstandingIssuanceofUnderwriterWarrants_c20220101__20221231_zb1UjdN2DOlj" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of warrants issuance of underwriter warrants">10,417</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_984_ecustom--ClassOfWarrantOrRightExercisePriceOfWarrantsIssuanceofUnderwriterWarrants_pid_c20220101__20221231_zLaFX70ukPUk" style="padding-bottom: 1.5pt; text-align: right" title="Exercise price of warrants issuance of underwriter warrants">150.00</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_988_ecustom--ClassOfWarrantOrRightGrantDateFairValuePerWarrantIssuanceOfUnderwriterWarrants_pid_c20220101__20221231_z2eXfoGTaAy4" style="padding-bottom: 1.5pt; text-align: right">92.7968705</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--WarrantsAndRightsOutstandingGrantDateFairValueIssuanceOfUnderwriterWarrants_c20220101__20221231_zuhhdwHpWCBk" style="border-bottom: Black 1.5pt solid; text-align: right" title="Grant date fair value issuance of underwriter warrants">966,665</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance- December 31, 2021</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_c20220101__20221231_zyK2MmboeHqh" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of warrants, ending balance">250,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--WarrantsAndRightsOutstanding_iE_c20220101__20221231_zWDXIllfpgu3" style="border-bottom: Black 2.5pt double; text-align: right" title="Grant date fair value, ending balance">23,822,907</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> There were no warrants issued or exercised in 2022. The Company has accounted for these warrants as equity-classified instruments under ASC Subtopic 815-40, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, as they are indexed to the Company’s common stock, and they meet all other conditions for equity classification. The gross proceeds of the IPO transaction was allocated to the common stock and common stock purchase warrants using the relative fair value method shown as follows. Fair value of the warrants was recorded to Additional Paid-in- Capital on the Company’s balance sheet. Schedule of Fair Value of Warrants to Additional Paid in Capital <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Percent</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Fair</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">of Total</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Amount</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Allocated</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left">Common Stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--FairValueAdjustmentOfWarrants_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zjChAfLp1gTi" style="width: 13%; text-align: right" title="Fair value, common stock">25,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_ecustom--EquityFairValuePercentage_iI_pid_dp_uPure_c20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zFkN2EqEiCDg" style="width: 13%; text-align: right" title="Percent of total fair value, common stock">51.2</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_ecustom--AmountAllocated_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zKthOdl5Xiy8" style="width: 13%; text-align: right" title="Amount allocated, common stock">12,800,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Common Stock Purchase Warrants</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--FairValueAdjustmentOfWarrants_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__custom--CommonStockPurchaseWarrantsMember_zCssJ743ZuEj" style="border-bottom: Black 1.5pt solid; text-align: right" title="Fair value, common stock purchase warrants">23,822,907</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_988_ecustom--EquityFairValuePercentage_iI_pid_dp_uPure_c20221231__us-gaap--StatementEquityComponentsAxis__custom--CommonStockPurchaseWarrantsMember_zuqQzTBTJtuc" style="border-bottom: Black 1.5pt solid; text-align: right" title="Percent of total fair value, common stock purchase warrants">48.8</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98D_ecustom--AmountAllocated_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__custom--CommonStockPurchaseWarrantsMember_z1XNfxv9mc4b" style="border-bottom: Black 1.5pt solid; text-align: right" title="Amount allocated, common stock purchase warrants">12,200,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--FairValueAdjustmentOfWarrants_c20220101__20221231_zfJZHdZM2Y79" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value, Total">48,822,907</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_ecustom--EquityFairValuePercentage_iI_pid_dp_uPure_c20221231_z2QO5ht4yW01" style="border-bottom: Black 2.5pt double; text-align: right" title="Percent of Total Fair Value, Total">100</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_ecustom--AmountAllocated_c20220101__20221231_ziRIXtwYce9g" style="border-bottom: Black 2.5pt double; text-align: right" title="Amount Allocated, Total">25,000,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

208333

120.00

31250

0.001

239583

120.00

warrants are exercisable from December 10, 2021 through December 10, 2026.

10417

150.00

warrants are exercisable from June 7, 2022 through December 10, 2026.

0.0082

P5Y

1.24

The following table summarizes the Company’s outstanding warrants as of December 31, 2022 and 2021: Summary of Outstanding Warrants <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Grant Date</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Grant Date</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Fair Value</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">per Warrant</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance- January 1, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 36%; text-align: left">Underwritten public offering</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_ecustom--ClassOfWarrantOrRightOutstandingUnderwrittenPublicOffering_c20220101__20221231_zNOwtofDohY9" style="width: 12%; text-align: right" title="Number of warrants underwritten public offering">239,583</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_ecustom--ClassOfWarrantOrRightExercisePriceOfWarrantsUnderwrittenPublicOffering_pid_c20220101__20221231_zeN5jhCBk1F3" style="width: 12%; text-align: right" title="Exercise price of warrants underwritten public offering">120.00</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_ecustom--ClassOfWarrantOrRightGrantDateFairValuePerWarrantUnderwrittenPublicOffering_pid_c20220101__20221231_z3MSQEdBj0u6" style="width: 12%; text-align: right" title="Grant date fair value per warrant underwritten public offering">95.4000993</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--WarrantsAndRightsOutstandingGrantDateFairValueUnderwrittenPublicOffering_c20220101__20221231_zktzQkRPGqF4" style="width: 12%; text-align: right" title="Grant date fair value underwritten public offering">22,856,242</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Issuance of underwriter warrants</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_987_ecustom--ClassOfWarrantOrRightOutstandingIssuanceofUnderwriterWarrants_c20220101__20221231_zb1UjdN2DOlj" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of warrants issuance of underwriter warrants">10,417</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_984_ecustom--ClassOfWarrantOrRightExercisePriceOfWarrantsIssuanceofUnderwriterWarrants_pid_c20220101__20221231_zLaFX70ukPUk" style="padding-bottom: 1.5pt; text-align: right" title="Exercise price of warrants issuance of underwriter warrants">150.00</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_988_ecustom--ClassOfWarrantOrRightGrantDateFairValuePerWarrantIssuanceOfUnderwriterWarrants_pid_c20220101__20221231_z2eXfoGTaAy4" style="padding-bottom: 1.5pt; text-align: right">92.7968705</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--WarrantsAndRightsOutstandingGrantDateFairValueIssuanceOfUnderwriterWarrants_c20220101__20221231_zuhhdwHpWCBk" style="border-bottom: Black 1.5pt solid; text-align: right" title="Grant date fair value issuance of underwriter warrants">966,665</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Balance- December 31, 2021</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ClassOfWarrantOrRightOutstanding_iE_c20220101__20221231_zyK2MmboeHqh" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of warrants, ending balance">250,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--WarrantsAndRightsOutstanding_iE_c20220101__20221231_zWDXIllfpgu3" style="border-bottom: Black 2.5pt double; text-align: right" title="Grant date fair value, ending balance">23,822,907</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

239583 120.00 95.4000993 22856242 10417 150.00 92.7968705 966665

250000

23822907

Schedule of Fair Value of Warrants to Additional Paid in Capital <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 75%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Percent</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Fair</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">of Total</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Amount</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Allocated</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%; text-align: left">Common Stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--FairValueAdjustmentOfWarrants_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zjChAfLp1gTi" style="width: 13%; text-align: right" title="Fair value, common stock">25,000,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_ecustom--EquityFairValuePercentage_iI_pid_dp_uPure_c20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zFkN2EqEiCDg" style="width: 13%; text-align: right" title="Percent of total fair value, common stock">51.2</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_ecustom--AmountAllocated_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zKthOdl5Xiy8" style="width: 13%; text-align: right" title="Amount allocated, common stock">12,800,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Common Stock Purchase Warrants</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--FairValueAdjustmentOfWarrants_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__custom--CommonStockPurchaseWarrantsMember_zCssJ743ZuEj" style="border-bottom: Black 1.5pt solid; text-align: right" title="Fair value, common stock purchase warrants">23,822,907</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_988_ecustom--EquityFairValuePercentage_iI_pid_dp_uPure_c20221231__us-gaap--StatementEquityComponentsAxis__custom--CommonStockPurchaseWarrantsMember_zuqQzTBTJtuc" style="border-bottom: Black 1.5pt solid; text-align: right" title="Percent of total fair value, common stock purchase warrants">48.8</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98D_ecustom--AmountAllocated_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__custom--CommonStockPurchaseWarrantsMember_z1XNfxv9mc4b" style="border-bottom: Black 1.5pt solid; text-align: right" title="Amount allocated, common stock purchase warrants">12,200,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98F_eus-gaap--FairValueAdjustmentOfWarrants_c20220101__20221231_zfJZHdZM2Y79" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value, Total">48,822,907</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_ecustom--EquityFairValuePercentage_iI_pid_dp_uPure_c20221231_z2QO5ht4yW01" style="border-bottom: Black 2.5pt double; text-align: right" title="Percent of Total Fair Value, Total">100</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_ecustom--AmountAllocated_c20220101__20221231_ziRIXtwYce9g" style="border-bottom: Black 2.5pt double; text-align: right" title="Amount Allocated, Total">25,000,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

25000000

0.512 12800000

23822907

0.488 12200000

48822907

1 25000000

(13) Income Taxes Cingulate Inc. is taxed as a C corporation under the Internal Revenue Code. Cingulate Inc. records deferred income taxes to reflect the impact of temporary differences between the recorded amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and regulations. CTx is a wholly-owned disregarded entity of Cingulate Inc., and all of the activity for CTx, along with its wholly-owned subsidiary Cingulate Works Inc., is included in the calculation of the current and deferred tax assets and liabilities for Cingulate Inc. No deferred income tax benefit or expense was recorded as of December 31, 2022 or December 31, 2021, for federal or state income taxes. Income tax expense differed from the expected expense computed by applying U.S. Federal income tax rate for the respective years ended as follows: Schedule of Effective Income Tax Rate Reconciliation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20220101__20221231_znenV2blXtK4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20210101__20211231_zF3tpqBK3atj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBzF1R_z4g9lA6EdaPg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">Federal income tax benefit at statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">(3,712,008</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">(563,519</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_maITEBzF1R_zs6qvaageuAb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(977,496</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(148,393</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--IncomeTaxReconciliationPermanentDifference_maITEBzF1R_zUCU7tAqiyf3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,935</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,804</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzF1R_zFPJ6MoTwjM2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,733,324</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">713,701</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_maITEBzF1R_zeHdHCTSqiti" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left">Prior period adjustment to actual</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxReconciliationOtherAdjustments_maITEBzF1R_zVdufZT8PXWg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(55,755</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(46,593</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzF1R_zabHpLCBa6V" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total income tax expense</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Evaluating the need for, and amount of, a valuation allowance for deferred tax assets often requires significant judgment and extensive analysis of all available evidence on a jurisdiction-by-jurisdiction basis. Such judgments require the Company to interpret existing tax law and other published guidance as applied to its circumstances. As part of this assessment, the Company considers both positive and negative evidence about its profitability and tax situation. A valuation allowance is provided if, based on available evidence, it is more likely than not that all or some portion of a deferred tax asset will not be realized. The Company determined that it was more likely than not that it would not realize its deferred tax assets, based on historical levels of income and future forecasts of taxable income, among other items. The Company recorded a valuation allowance of its net deferred tax assets totaling $5,580,595 and $847,269, respectively, at December 31, 2022 and 2021, which was recorded as a component of income tax expense on the accompanying consolidated statements of operations and other comprehensive loss. The Company files income tax returns in the U.S. federal and various state jurisdictions. The Companies are not subject to U.S. federal and state income tax examinations by tax authorities for years before 2018. The Company follows the provisions of FASB ASC 740, Income Taxes, to evaluate uncertain tax positions. This topic prescribes a 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. The Company has not identified any material uncertain tax positions requiring recognition in the consolidated financial statements as of December 31, 2022. Schedule of Deferred Tax Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20221231_zSzX18nzsBrl" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49B_20211231_zQdE9yMX0bo3" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred income tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--DeferredTaxAssetsInResearchAndDevelopmentCostsCurrent_iI_maDTAGznMW_zDFIjWKbbvPh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; width: 56%; text-align: left">Research and development costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">343,087</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DeferredTaxAssetsOtherCurrent_iI_maDTAGznMW_zAFpWAG1hVT6" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,018</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,050</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Non-current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDTAGznMW_zlAWpf7naUCe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Net operating losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,381,215</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,201,974</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsInProcessResearchAndDevelopment_iI_maDTAGznMW_zH4a9lXYbADb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Research and development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,762,716</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DeferredTaxAssetsInResearchAndDevelopmentTaxCredit_iI_maDTAGznMW_zd25ut6zDAzd" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Research and development tax credit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsUnvestedStockOptionsNonCurrent_iI_maDTAGznMW_zbg2RvJihlVa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Unvested stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">204,380</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,835</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsGoodwillAndIntangibleAssets_iI_maDTAGznMW_zgj5jHFZmRQl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt">Patents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92,417</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90,480</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--DeferredTaxAssetsRightofuseAssets_iI_maDTAGznMW_zZmGsbcazWLa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Right-of-use assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">63,563</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">49,606</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsGross_iTI_mtDTAGznMW_maDTANzmx8_zHKilGKGXXi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 30pt; text-align: left">Gross deferred income tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,906,396</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,357,945</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTANzmx8_zYpPJvPU4aZ2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt; text-align: left; padding-bottom: 1.5pt">Less: valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,580,595</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(847,269</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTANzmx8_maDTALNz7Jk_zPd0jbZmFH59" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 40pt; text-align: left">Net deferred income tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">325,801</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">510,676</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred income tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DeferredTaxLiabilitiesAccrualToCashCurrent_iNI_di_maDITLz9ey_zRXWL3kfp27a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Accrual to cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,228</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(105,075</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Non-current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxLiabilitiesPropertyPlantAndEquipment_iNI_di_maDITLz9ey_zzhAyqp4uhi4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Property and equipment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(314,573</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(405,601</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--DeferredIncomeTaxLiabilities_iNTI_di_msDTALNz7Jk_mtDITLz9ey_z6L4Q8c8gPe7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt; text-align: left; padding-bottom: 1.5pt">Gross deferred income tax liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(325,801</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(510,676</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_mtDTALNz7Jk_ziJqNw5bgJFh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt; text-align: left; padding-bottom: 2.5pt">Net deferred tax asset (liability)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Income tax expense differed from the expected expense computed by applying U.S. Federal income tax rate for the respective years ended as follows: Schedule of Effective Income Tax Rate Reconciliation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20220101__20221231_znenV2blXtK4" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20210101__20211231_zF3tpqBK3atj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBzF1R_z4g9lA6EdaPg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">Federal income tax benefit at statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">(3,712,008</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">(563,519</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_maITEBzF1R_zs6qvaageuAb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(977,496</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(148,393</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--IncomeTaxReconciliationPermanentDifference_maITEBzF1R_zUCU7tAqiyf3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,935</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,804</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzF1R_zFPJ6MoTwjM2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,733,324</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">713,701</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_maITEBzF1R_zeHdHCTSqiti" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left">Prior period adjustment to actual</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxReconciliationOtherAdjustments_maITEBzF1R_zVdufZT8PXWg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(55,755</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(46,593</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzF1R_zabHpLCBa6V" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total income tax expense</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

-3712008

-563519

-977496

-148393

11935 44804

4733324

713701

-55755

-46593

5580595

847269

Schedule of Deferred Tax Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20221231_zSzX18nzsBrl" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49B_20211231_zQdE9yMX0bo3" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred income tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--DeferredTaxAssetsInResearchAndDevelopmentCostsCurrent_iI_maDTAGznMW_zDFIjWKbbvPh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; width: 56%; text-align: left">Research and development costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">343,087</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">-</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DeferredTaxAssetsOtherCurrent_iI_maDTAGznMW_zAFpWAG1hVT6" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,018</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,050</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Non-current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDTAGznMW_zlAWpf7naUCe" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Net operating losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,381,215</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,201,974</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsInProcessResearchAndDevelopment_iI_maDTAGznMW_zH4a9lXYbADb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Research and development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,762,716</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--DeferredTaxAssetsInResearchAndDevelopmentTaxCredit_iI_maDTAGznMW_zd25ut6zDAzd" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Research and development tax credit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsUnvestedStockOptionsNonCurrent_iI_maDTAGznMW_zbg2RvJihlVa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Unvested stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">204,380</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,835</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsGoodwillAndIntangibleAssets_iI_maDTAGznMW_zgj5jHFZmRQl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt">Patents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92,417</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">90,480</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--DeferredTaxAssetsRightofuseAssets_iI_maDTAGznMW_zZmGsbcazWLa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Right-of-use assets</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">63,563</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">49,606</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsGross_iTI_mtDTAGznMW_maDTANzmx8_zHKilGKGXXi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 30pt; text-align: left">Gross deferred income tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,906,396</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,357,945</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTANzmx8_zYpPJvPU4aZ2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt; text-align: left; padding-bottom: 1.5pt">Less: valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,580,595</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(847,269</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTANzmx8_maDTALNz7Jk_zPd0jbZmFH59" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 40pt; text-align: left">Net deferred income tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">325,801</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">510,676</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred income tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DeferredTaxLiabilitiesAccrualToCashCurrent_iNI_di_maDITLz9ey_zRXWL3kfp27a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Accrual to cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,228</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(105,075</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Non-current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxLiabilitiesPropertyPlantAndEquipment_iNI_di_maDITLz9ey_zzhAyqp4uhi4" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Property and equipment</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(314,573</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(405,601</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--DeferredIncomeTaxLiabilities_iNTI_di_msDTALNz7Jk_mtDITLz9ey_z6L4Q8c8gPe7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt; text-align: left; padding-bottom: 1.5pt">Gross deferred income tax liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(325,801</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(510,676</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_mtDTALNz7Jk_ziJqNw5bgJFh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt; text-align: left; padding-bottom: 2.5pt">Net deferred tax asset (liability)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

343087 59018 4050

3381215

1201974

1762716

204380 11835

92417

90480

63563 49606

5906396

1357945

5580595

847269

325801

510676

11228 105075

314573

405601

325801

510676

(14) Leases In June, 2019, the Company executed a lease, which included expansion and renovation of previously leased space for the Kansas City office. The term of the lease is for a period of five years and commenced on May 1, 2020, the date of receipt of a Certificate of Occupancy for the expanded and newly renovated space. Under this lease, total rent ranges from $30,453 to $<span id="xdx_90E_eus-gaap--PaymentsForRent_c20190601__20190630__us-gaap--LeaseContractualTermAxis__custom--KansasCityOfficeMember__srt--RangeAxis__srt--MaximumMember_znX8UTeKUmo8" title="Rent expense per month">33,145 per month. This lease provided for a lease incentive by the lessor of tenant improvements totaling $201,600. The Company leases office space for its New Jersey based employees from a related party, as further described in Note 17. The base rent for this lease was $3,000 per month in 2022 and 2021. The lease was entered into in January 2021, for a three-year term. In 2018, the Company entered into an 18-month operating lease for manufacturing equipment. Interim rent was incurred during installation of the equipment with the lease commencing in June 2018. Monthly lease payments for this leased equipment were $61,786. In December 2019, this lease was extended for a period of twenty-four months with a monthly lease payment of $37,072. At this date, this lease was modified for accounting purposes and its classification was assessed as a financing type lease as management determined the lessor to have no alternative future use of the leased asset. The ROU asset associated with the leased machinery was amortized over the lease term. In December 2021, the end of the lease term, the Company entered into a purchase agreement with the lessor to purchase the manufacturing equipment. In April 2020, the Company entered into a 60-month lease agreement for office furniture under a lease classified as a financing lease as title of the furniture transfers to the Company at the end of the lease term. Monthly lease payments are $1,491. The leased furniture is amortized on a straight-line basis over 7 years. The imputed interest rate relating to the lease obligation is 6.12% and the maturity date is March 2025. The components of lease cost for the years ended December 31, 2022 and 2021 were as follows: Summary of Components of Lease Cost <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49C_20220101__20221231_z3Y9wIjmFv0a" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_491_20210101__20211231_zHobKgWKSkZj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseCost_maLCzXzT_ztNn8QbsuGr6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">338,787</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">338,787</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Finance lease cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_maFLCzB8j_zSPcjwlIpE03" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Amortization of right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,990</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">409,927</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinanceLeaseInterestExpense_maFLCzB8j_z8UsuurW2qpf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Interest on lease liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,804</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,504</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--FinanceLeaseCost_iT_maLCzXzT_mtFLCzB8j_zpBlCGcn6l3a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Total finance lease cost</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,794</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">436,431</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LeaseCost_iT_mtLCzXzT_zkTMbUmUHNOl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 2.5pt">Total lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">352,581</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">775,218</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_89C_ecustom--ScheduleOfLeaseAssetsAndLiabilitiesRecordedInConsolidatedBalanceSheetsTableTextBlock_z0QGG8JKduLh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Amounts reported in the consolidated balance sheets as of December 31, 2022 and 2021 were as follows: Summary of Lease Reported in Consolidated Balance Sheets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_494_20221231_zkkCZdAfj8pe" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49A_20211231_zecG2cIMt0wc" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating Leases:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OperatingLeaseRightOfUseAsset_iI_zRR91STn3Cwa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 56%; text-align: left">Operating lease right-of-use assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">630,618</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">858,600</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OtherLiabilitiesCurrent_iI_maLCz0V2_maOLLzGr4_zsfCn2rzVM3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">339,755</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">295,595</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_maLzG6D_maOLLzGr4_z3kPd2iekYo9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Operating lease liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">488,748</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">828,503</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingLeaseLiability_iTI_mtOLLzGr4_z4CtFNbaKqk5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Total operating lease liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">828,503</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,124,098</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Finance leases:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_maPPAENzhp4_znWuL58fTqah" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Property and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">76,928</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">76,928</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization_iNI_di_msPPAENzhp4_ze5orIDoRDOh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(44,988</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(29,602</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_iTI_mtPPAENzhp4_zJy9QMsF06ja" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Property and equipment, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">31,940</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">47,326</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FinanceLeaseLiabilityCurrent_iI_maFLLzrS1_zpHNlGdlXoDk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; text-align: left">Current installments of obligations under finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,053</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,096</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long-term portion of obligations under</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_zNNpd4rd94fl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">finance leases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">21,487</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">37,534</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_maFLLzrS1_zNkrqPiwmaMh" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Long-term portion of obligations under finance leases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">21,487</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">37,534</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinanceLeaseLiability_iTI_mtFLLzrS1_z9MIzn5QXBej" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 2.5pt">Total finance lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,540</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52,630</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Other information relating to leases as of December 31, 2022 and 2021 was as follows: Summary of Other Information Relating to Leases <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Supplemental cash flow information:</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Cash paid for amounts included in the measurement of lease liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; width: 60%; text-align: left">Operating cash flow from operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--OperatingLeasePayments_pp0p0_c20220101__20221231_ziUipcWD5PQd" style="width: 16%; text-align: right" title="Operating cash flow from operating leases">36,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--OperatingLeasePayments_pp0p0_c20210101__20211231_zcbSTMQTbSrg" style="width: 16%; text-align: right" title="Operating cash flow from operating leases">433,172</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Operating cash flow from finance leases</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--FinanceLeaseInterestPaymentOnLiability_pp0p0_c20220101__20221231_zdqjHH20AOX8" style="text-align: right" title="Operating cash flow from finance leases">3,698</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--FinanceLeaseInterestPaymentOnLiability_pp0p0_c20210101__20211231_zee9hrOLVeg1" style="text-align: right" title="Operating cash flow from finance leases">26,504</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Financing cash flow from finance leases</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--FinanceLeasePrincipalPayments_pp0p0_c20220101__20221231_zby3bxNIRA9b" style="text-align: right" title="Financing cash flow from finance leases">15,090</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--FinanceLeasePrincipalPayments_pp0p0_c20210101__20211231_zTBhcm0hOpl9" style="text-align: right" title="Financing cash flow from finance leases">436,259</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Reductions to ROU assets resulting from reductions to lease obligations:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--OperatingLeasesReductionsToRightOfUseAssetsLeaseObligations_c20220101__20221231_zUcko2FPOnBk" style="text-align: right" title="Reductions to ROU assets resulting from reductions to lease obligations: Operating leases">227,981</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--OperatingLeasesReductionsToRightOfUseAssetsLeaseObligations_c20210101__20211231_zddQqPSDyCC4" style="text-align: right" title="Reductions to ROU assets resulting from reductions to lease obligations: Operating leases">196,245</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--FinanceLeasesReductionsToRightOfUseAssetsLeaseObligations_c20220101__20221231_zd4ve1IaM365" style="text-align: right" title="Reductions to ROU assets resulting from reductions to lease obligations: Finance leases">10,990</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--FinanceLeasesReductionsToRightOfUseAssetsLeaseObligations_c20210101__20211231_zKPZcGPMeHDk" style="text-align: right" title="Reductions to ROU assets resulting from reductions to lease obligations: Finance leases">409,927</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average remaining lease term:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25 months </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39 months </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27 months </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39 months </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average discount rate:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11.62</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11.57</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.12</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.12</td><td style="text-align: left">%</td></tr> </table> Maturities of lease liabilities under noncancellable leases as of December 31, 2022 are as follows: Summary of Maturity of Lease Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Operating</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Finance</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">leases</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">leases</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maOLAFL1_c20221231__us-gaap--LeaseContractualTermAxis__custom--OperatingLeaseMember_zbiml18GVnh5" style="width: 18%; text-align: right" title="2023">414,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_malopllp2_c20221231__us-gaap--LeaseContractualTermAxis__custom--FinanceLeasesMember_zNtwByBampo1" style="width: 18%; text-align: right" title="2023">17,900</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maOLAFL1_c20221231__us-gaap--LeaseContractualTermAxis__custom--OperatingLeaseMember_zvHL8cy2fzs" style="text-align: right" title="2024">393,005</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_malopllp2_c20221231__us-gaap--LeaseContractualTermAxis__custom--FinanceLeasesMember_ztzXEBa7ikF" style="text-align: right" title="2024">17,900</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maOLAFL1_c20221231__us-gaap--LeaseContractualTermAxis__custom--OperatingLeaseMember_zEhOPxfaKoHa" style="text-align: right" title="2025">132,580</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_malopllp2_c20221231__us-gaap--LeaseContractualTermAxis__custom--FinanceLeasesMember_zILvz3D6N0fd" style="text-align: right" title="2025">4,475</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_maOLAFL1_c20221231__us-gaap--LeaseContractualTermAxis__custom--OperatingLeaseMember_zowmKIiYSYu8" style="border-bottom: Black 1.5pt solid; text-align: right" title="Thereafter">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_malopllp2_c20221231__us-gaap--LeaseContractualTermAxis__custom--FinanceLeasesMember_zjgBCsCk4vBk" style="border-bottom: Black 1.5pt solid; text-align: right" title="Thereafter">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total undiscounted lease payments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtOLAFL1_c20221231__us-gaap--LeaseContractualTermAxis__custom--OperatingLeaseMember_zymLWiugna05" style="text-align: right" title="Total undiscounted lease payments">940,385</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iTI_mtlopllp2_c20221231__us-gaap--LeaseContractualTermAxis__custom--FinanceLeasesMember_z3LTkIYeyx93" style="text-align: right" title="Total undiscounted lease payments">40,275</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less imputed interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_c20221231__us-gaap--LeaseContractualTermAxis__custom--OperatingLeaseMember_zkN2U3k5gLO4" style="border-bottom: Black 1.5pt solid; text-align: right" title="Less imputed interest">(111,882</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iNI_di_c20221231__us-gaap--LeaseContractualTermAxis__custom--FinanceLeasesMember_zFJ8SCGzQkwi" style="border-bottom: Black 1.5pt solid; text-align: right" title="Less imputed interest">(2,742</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--OperatingLeaseLiability_iI_c20221231__us-gaap--LeaseContractualTermAxis__custom--OperatingLeaseMember_zfWbSLkMfPt3" style="border-bottom: Black 2.5pt double; text-align: right" title="Total lease liabilities">828,503</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--FinanceLeaseLiability_iI_c20221231__us-gaap--LeaseContractualTermAxis__custom--FinanceLeasesMember_zgLIoSvZZjvk" style="border-bottom: Black 2.5pt double; text-align: right" title="Total lease liabilities">37,533</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

P5Y

30453

33145

201600

3000

61786

this lease was extended for a period of twenty-four months with a monthly lease payment of $37,072.

37072

In April 2020, the Company entered into a 60-month lease agreement for office furniture under a lease classified as a financing lease as title of the furniture transfers to the Company at the end of the lease term. Monthly lease payments are $1,491. The leased furniture is amortized on a straight-line basis over 7 years. The imputed interest rate relating to the lease obligation is 6.12% and the maturity date is March 2025.

1491

0.0612

The components of lease cost for the years ended December 31, 2022 and 2021 were as follows: Summary of Components of Lease Cost <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49C_20220101__20221231_z3Y9wIjmFv0a" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_491_20210101__20211231_zHobKgWKSkZj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--OperatingLeaseCost_maLCzXzT_ztNn8QbsuGr6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">Operating lease cost</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">338,787</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">338,787</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Finance lease cost:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--FinanceLeaseRightOfUseAssetAmortization_maFLCzB8j_zSPcjwlIpE03" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Amortization of right-of-use assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,990</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">409,927</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinanceLeaseInterestExpense_maFLCzB8j_z8UsuurW2qpf" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Interest on lease liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,804</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,504</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40E_ecustom--FinanceLeaseCost_iT_maLCzXzT_mtFLCzB8j_zpBlCGcn6l3a" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Total finance lease cost</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,794</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">436,431</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LeaseCost_iT_mtLCzXzT_zkTMbUmUHNOl" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 2.5pt">Total lease cost</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">352,581</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">775,218</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

338787

10990

409927

2804

26504

13794 436431

352581

775218

<p id="xdx_89C_ecustom--ScheduleOfLeaseAssetsAndLiabilitiesRecordedInConsolidatedBalanceSheetsTableTextBlock_z0QGG8JKduLh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Amounts reported in the consolidated balance sheets as of December 31, 2022 and 2021 were as follows: Summary of Lease Reported in Consolidated Balance Sheets <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_494_20221231_zkkCZdAfj8pe" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49A_20211231_zecG2cIMt0wc" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating Leases:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--OperatingLeaseRightOfUseAsset_iI_zRR91STn3Cwa" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 56%; text-align: left">Operating lease right-of-use assets</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">630,618</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">858,600</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--OtherLiabilitiesCurrent_iI_maLCz0V2_maOLLzGr4_zsfCn2rzVM3" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Other current liabilities</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">339,755</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">295,595</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_maLzG6D_maOLLzGr4_z3kPd2iekYo9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Operating lease liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">488,748</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">828,503</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--OperatingLeaseLiability_iTI_mtOLLzGr4_z4CtFNbaKqk5" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Total operating lease liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">828,503</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,124,098</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Finance leases:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization_iI_maPPAENzhp4_znWuL58fTqah" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Property and equipment</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">76,928</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">76,928</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization_iNI_di_msPPAENzhp4_ze5orIDoRDOh" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Accumulated amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(44,988</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(29,602</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization_iTI_mtPPAENzhp4_zJy9QMsF06ja" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1.5pt">Property and equipment, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">31,940</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">47,326</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FinanceLeaseLiabilityCurrent_iI_maFLLzrS1_zpHNlGdlXoDk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0pt; text-align: left">Current installments of obligations under finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,053</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,096</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Long-term portion of obligations under</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_zNNpd4rd94fl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">finance leases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">21,487</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">37,534</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--FinanceLeaseLiabilityNoncurrent_iI_maFLLzrS1_zNkrqPiwmaMh" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Long-term portion of obligations under finance leases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">21,487</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">37,534</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--FinanceLeaseLiability_iTI_mtFLLzrS1_z9MIzn5QXBej" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 2.5pt">Total finance lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,540</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">52,630</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

630618

858600

339755

295595

488748

828503

1124098

76928

44988

29602

31940

47326

16053

15096

21487

37534

21487

37534

37540

52630

Other information relating to leases as of December 31, 2022 and 2021 was as follows: Summary of Other Information Relating to Leases <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Supplemental cash flow information:</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Cash paid for amounts included in the measurement of lease liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; width: 60%; text-align: left">Operating cash flow from operating leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--OperatingLeasePayments_pp0p0_c20220101__20221231_ziUipcWD5PQd" style="width: 16%; text-align: right" title="Operating cash flow from operating leases">36,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--OperatingLeasePayments_pp0p0_c20210101__20211231_zcbSTMQTbSrg" style="width: 16%; text-align: right" title="Operating cash flow from operating leases">433,172</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Operating cash flow from finance leases</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--FinanceLeaseInterestPaymentOnLiability_pp0p0_c20220101__20221231_zdqjHH20AOX8" style="text-align: right" title="Operating cash flow from finance leases">3,698</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--FinanceLeaseInterestPaymentOnLiability_pp0p0_c20210101__20211231_zee9hrOLVeg1" style="text-align: right" title="Operating cash flow from finance leases">26,504</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Financing cash flow from finance leases</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--FinanceLeasePrincipalPayments_pp0p0_c20220101__20221231_zby3bxNIRA9b" style="text-align: right" title="Financing cash flow from finance leases">15,090</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--FinanceLeasePrincipalPayments_pp0p0_c20210101__20211231_zTBhcm0hOpl9" style="text-align: right" title="Financing cash flow from finance leases">436,259</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Reductions to ROU assets resulting from reductions to lease obligations:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--OperatingLeasesReductionsToRightOfUseAssetsLeaseObligations_c20220101__20221231_zUcko2FPOnBk" style="text-align: right" title="Reductions to ROU assets resulting from reductions to lease obligations: Operating leases">227,981</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_ecustom--OperatingLeasesReductionsToRightOfUseAssetsLeaseObligations_c20210101__20211231_zddQqPSDyCC4" style="text-align: right" title="Reductions to ROU assets resulting from reductions to lease obligations: Operating leases">196,245</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_ecustom--FinanceLeasesReductionsToRightOfUseAssetsLeaseObligations_c20220101__20221231_zd4ve1IaM365" style="text-align: right" title="Reductions to ROU assets resulting from reductions to lease obligations: Finance leases">10,990</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--FinanceLeasesReductionsToRightOfUseAssetsLeaseObligations_c20210101__20211231_zKPZcGPMeHDk" style="text-align: right" title="Reductions to ROU assets resulting from reductions to lease obligations: Finance leases">409,927</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Weighted average remaining lease term:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">25 months </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39 months </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">27 months </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">39 months </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Weighted average discount rate:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Operating leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11.62</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11.57</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.12</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6.12</td><td style="text-align: left">%</td></tr> </table>

36000

433172

3698

26504

15090

436259

227981 196245 10990 409927

P25M

P39M

P27M

P39M

0.1162

0.1157

0.0612

Maturities of lease liabilities under noncancellable leases as of December 31, 2022 are as follows: Summary of Maturity of Lease Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Operating</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Finance</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">leases</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">leases</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 56%; text-align: left">2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maOLAFL1_c20221231__us-gaap--LeaseContractualTermAxis__custom--OperatingLeaseMember_zbiml18GVnh5" style="width: 18%; text-align: right" title="2023">414,800</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_malopllp2_c20221231__us-gaap--LeaseContractualTermAxis__custom--FinanceLeasesMember_zNtwByBampo1" style="width: 18%; text-align: right" title="2023">17,900</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maOLAFL1_c20221231__us-gaap--LeaseContractualTermAxis__custom--OperatingLeaseMember_zvHL8cy2fzs" style="text-align: right" title="2024">393,005</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--FinanceLeaseLiabilityPaymentsDueYearTwo_iI_malopllp2_c20221231__us-gaap--LeaseContractualTermAxis__custom--FinanceLeasesMember_ztzXEBa7ikF" style="text-align: right" title="2024">17,900</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2025</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maOLAFL1_c20221231__us-gaap--LeaseContractualTermAxis__custom--OperatingLeaseMember_zEhOPxfaKoHa" style="text-align: right" title="2025">132,580</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_malopllp2_c20221231__us-gaap--LeaseContractualTermAxis__custom--FinanceLeasesMember_zILvz3D6N0fd" style="text-align: right" title="2025">4,475</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_maOLAFL1_c20221231__us-gaap--LeaseContractualTermAxis__custom--OperatingLeaseMember_zowmKIiYSYu8" style="border-bottom: Black 1.5pt solid; text-align: right" title="Thereafter">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearFour_iI_malopllp2_c20221231__us-gaap--LeaseContractualTermAxis__custom--FinanceLeasesMember_zjgBCsCk4vBk" style="border-bottom: Black 1.5pt solid; text-align: right" title="Thereafter">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Total undiscounted lease payments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtOLAFL1_c20221231__us-gaap--LeaseContractualTermAxis__custom--OperatingLeaseMember_zymLWiugna05" style="text-align: right" title="Total undiscounted lease payments">940,385</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--FinanceLeaseLiabilityPaymentsDue_iTI_mtlopllp2_c20221231__us-gaap--LeaseContractualTermAxis__custom--FinanceLeasesMember_z3LTkIYeyx93" style="text-align: right" title="Total undiscounted lease payments">40,275</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less imputed interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_c20221231__us-gaap--LeaseContractualTermAxis__custom--OperatingLeaseMember_zkN2U3k5gLO4" style="border-bottom: Black 1.5pt solid; text-align: right" title="Less imputed interest">(111,882</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--FinanceLeaseLiabilityUndiscountedExcessAmount_iNI_di_c20221231__us-gaap--LeaseContractualTermAxis__custom--FinanceLeasesMember_zFJ8SCGzQkwi" style="border-bottom: Black 1.5pt solid; text-align: right" title="Less imputed interest">(2,742</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Total lease liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--OperatingLeaseLiability_iI_c20221231__us-gaap--LeaseContractualTermAxis__custom--OperatingLeaseMember_zfWbSLkMfPt3" style="border-bottom: Black 2.5pt double; text-align: right" title="Total lease liabilities">828,503</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--FinanceLeaseLiability_iI_c20221231__us-gaap--LeaseContractualTermAxis__custom--FinanceLeasesMember_zgLIoSvZZjvk" style="border-bottom: Black 2.5pt double; text-align: right" title="Total lease liabilities">37,533</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

414800

17900

393005

17900

132580

4475

940385

40275

111882

2742

828503

37533

(15) Net Loss Per Share The following table sets forth the computation of the basic and diluted net loss per share for the year ended December 31, 2022 and 2021: Schedule of Net Loss Per Share Basic And Diluted <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--NetIncomeLoss_pp0p0_c20220101__20221231_z4i4tN02Kjig" style="width: 16%; text-align: right" title="Net loss">(17,676,232</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--NetIncomeLoss_pp0p0_c20210101__20211231_z84Bkg69cp4l" style="width: 16%; text-align: right" title="Net loss">(20,709,991</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1.5pt">Weighted average common shares outstanding</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20220101__20221231_zxShpAYaPui7" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted average common shares outstanding">565,470</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20210101__20211231_zldefmHSvRr9" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted average common shares outstanding">370,679</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net loss per share, basic and diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--EarningsPerShareBasic_c20220101__20221231_zy7BSNpWt9Af" style="border-bottom: Black 2.5pt double; text-align: right" title="Net loss per share, basic and diluted">(31.26</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--EarningsPerShareBasic_c20210101__20211231_zbp2vfTntRE1" style="border-bottom: Black 2.5pt double; text-align: right" title="Net loss per share, basic and diluted">(55.87</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_89C_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zubodsxCvFmj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Schedule of Potentially Dilutive Securities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Stock options issued under the 2021 Equity Incentive Plan</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20220101__20221231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zPnIGESmcYb3" style="width: 16%; text-align: right" title="Stock options issued under the 2021 Equity Incentive Plan">43,060</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20210101__20211231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zztwbzqz72Jl" style="width: 16%; text-align: right" title="Stock options issued under the 2021 Equity Incentive Plan">26,164</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Common stock purchase warrants outstanding</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20220101__20221231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zPlIPWnEGKhf" style="border-bottom: Black 1.5pt solid; text-align: right" title="Common stock purchase warrants outstanding">250,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20210101__20211231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zIyOzfnvvWqi" style="border-bottom: Black 1.5pt solid; text-align: right" title="Common stock purchase warrants outstanding">250,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20220101__20221231_zXkTzUoN2Xjb" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">293,060</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20210101__20211231_zB2OEVf2RcQb" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">276,164</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

The following table sets forth the computation of the basic and diluted net loss per share for the year ended December 31, 2022 and 2021: Schedule of Net Loss Per Share Basic And Diluted <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid"></td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--NetIncomeLoss_pp0p0_c20220101__20221231_z4i4tN02Kjig" style="width: 16%; text-align: right" title="Net loss">(17,676,232</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--NetIncomeLoss_pp0p0_c20210101__20211231_z84Bkg69cp4l" style="width: 16%; text-align: right" title="Net loss">(20,709,991</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1.5pt">Weighted average common shares outstanding</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20220101__20221231_zxShpAYaPui7" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted average common shares outstanding">565,470</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20210101__20211231_zldefmHSvRr9" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted average common shares outstanding">370,679</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Net loss per share, basic and diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--EarningsPerShareBasic_c20220101__20221231_zy7BSNpWt9Af" style="border-bottom: Black 2.5pt double; text-align: right" title="Net loss per share, basic and diluted">(31.26</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_983_eus-gaap--EarningsPerShareBasic_c20210101__20211231_zbp2vfTntRE1" style="border-bottom: Black 2.5pt double; text-align: right" title="Net loss per share, basic and diluted">(55.87</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

-17676232

-20709991

565470

370679

-31.26

-55.87

<p id="xdx_89C_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zubodsxCvFmj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: Schedule of Potentially Dilutive Securities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Stock options issued under the 2021 Equity Incentive Plan</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20220101__20221231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zPnIGESmcYb3" style="width: 16%; text-align: right" title="Stock options issued under the 2021 Equity Incentive Plan">43,060</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20210101__20211231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_zztwbzqz72Jl" style="width: 16%; text-align: right" title="Stock options issued under the 2021 Equity Incentive Plan">26,164</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Common stock purchase warrants outstanding</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20220101__20221231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zPlIPWnEGKhf" style="border-bottom: Black 1.5pt solid; text-align: right" title="Common stock purchase warrants outstanding">250,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20210101__20211231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zIyOzfnvvWqi" style="border-bottom: Black 1.5pt solid; text-align: right" title="Common stock purchase warrants outstanding">250,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_984_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20220101__20221231_zXkTzUoN2Xjb" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">293,060</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20210101__20211231_zB2OEVf2RcQb" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">276,164</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

43060

26164

250000

293060

276164

(16) License Agreement CTx has a licensing agreement with a company related to the patents and licensed know-how for use in the development of CTx-1301, CTx-1302, and CTx-2103. CTx will pay the following upon the occurrence of the following milestone events: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">$<span id="xdx_90F_ecustom--MilestonePayment_c20220101__20221231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember__us-gaap--VestingAxis__custom--PhaseThreeClinicalTrialMember_z6WM6QOVVCPe" title="Milestone payments">250,000 Milestone payment upon dosing of first patient in a Phase 3 Clinical Trial for each product in the field, payable on a per product basis.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">$<span id="xdx_90F_ecustom--MilestonePayment_c20220101__20221231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember__us-gaap--VestingAxis__custom--NewDrugApplicationMember_zUxKRASgG0J9" title="Milestone payment">250,000 Milestone payment upon licensee filing of new drug application for each product in the field, payable on a per product basis.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">$<span id="xdx_900_ecustom--MilestonePayment_c20220101__20221231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember__us-gaap--VestingAxis__custom--CTxOneThreeZeroOneAndCTxOneThreeZeroTwoMember_z8UhHQB0OTa5" title="Milestone payment">250,000 Milestone payment for CTx-1301 and CTx-1302 and $<span id="xdx_909_ecustom--MilestonePayment_c20220101__20221231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember__us-gaap--VestingAxis__custom--CTxTwoOneZeroThreeMember_zOK07BNfEHOj" title="Milestone payment">500,000 Milestone payment for CTx-2103 upon receipt of first marketing approval from the FDA, payable on a per product basis.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">$<span id="xdx_90D_ecustom--MilestonePayment_c20220101__20221231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember__us-gaap--VestingAxis__custom--CTxTwoOneZeoThreeMember_zxmcuNVNgbY" title="Milestone payment">250,000 Milestone payment for CTx-2103 upon receipt of first marketing approval from the EMA (European Medicines Agency)</td></tr></table> The Company accrued the $<span id="xdx_908_ecustom--AccruedMilestonePayment_iI_c20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember__us-gaap--VestingAxis__custom--CTxOneThreeZeroOneMember_za8OjP1ZGW5f" title="Accrued milestone payment">250,000 milestone for CTx-1301 related to dosing of first patient in a Phase 3 Clinical Trial as of December 31, 2021 as management deemed this milestone to be probable. The Company has not recorded any expense relating to the other milestones for either product as it has not deemed them probable of occurring as of December 31, 2022.

250000 250000 250000 500000 250000 250000

(17) Related Party Transactions A member of the Company’s Board of Directors, is a Senior Managing Director at Laidlaw & Company (UK) Ltd. Laidlaw & Company (UK) Ltd. acted as co-lead book-running underwriter for the Company’s IPO. The discounts and commissions paid to Laidlaw & Company (UK) Ltd. in connection with the IPO were approximately $<span id="xdx_902_eus-gaap--PaymentsForCommissions_c20210101__20211231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--LaidlawAndCompanyUKLtdMember_zDtL0V4HxqP1" title="Payments of discounts and commissions">500,000 in 2021. The general counsel of the Company is a partner with a law firm providing office facilities space that is leased by the Company. Rental expense incurred by the Company to the law firm was $36,000 in 2022 and 2021. As of December 31, 2022 and 2021, the Company owed $0 on this lease. A member of the Company’s Board of Directors, Peter Werth, is the manager of WFIA, the entity which provided $5.0 million in debt financing to the Company in 2022 as described in Note 7. Interest expense of $292,339 was recognized during the year ended December 31, 2022. The full principal balance of $5.0 million and accrued interest of $292,339 was outstanding as of December 31, 2022.

500000

36000 36000

5000000.0

292339

5000000.0

292339

(18) Subsequent Events Management evaluated events that occurred subsequent to December 31, 2022 through March 10, 2023, which is the date the financial statements were issued. In January 2023, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC, as sales agent (“Wainwright”), pursuant to which the Company may offer and sell, from time to time through Wainwright, shares of its common stock for aggregate proceeds of up to $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20230101__20230131__dei--LegalEntityAxis__custom--WainwrightMember__srt--RangeAxis__srt--MaximumMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zvKW2kRQF1Lf" title="Proceeds from issuance of common stock">2,650,000 (the “Shares”). The Company will pay Wainwright a commission of <span id="xdx_90E_eus-gaap--SaleOfStockPercentageOfOwnershipBeforeTransaction_pid_dp_uPure_c20230101__20230131__dei--LegalEntityAxis__custom--WainwrightMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zta19svKFUxl" title="Sale of stock commission percent">3% of the aggregate gross proceeds from each sale of Common Stock. As of the date of this filing, the Company has not made any sales pursuant to the ATM Agreement. On March 7, 2023, the Company entered into a Joint Commercialization Agreement with Indegene, Inc., pursuant to which Indegene will provide commercialization services for CTx-1301 upon the Company’s request. The parties will enter into statements of work that will set forth, among other things, the services to be performed by Indegene, the deliverables for such services, and the fees to be paid by the Company.

2650000

0.03

(19) Reverse Stock Split On November 30, 2023, the Company completed a one-for-twenty reverse stock split (the “Reverse Stock Split”), which reduced the number of shares of the Company’s common stock that were issued and outstanding immediately prior to the effectiveness of the Reverse Stock Split. The number of shares of the Company’s authorized common stock was not affected by the Reverse Stock Split and the par value of the Company’s common stock remained unchanged at $0.0001 per share. No fractional shares were issued in connection with the Reverse Stock Split. Except where disclosed, all amounts related to number of shares and per share amounts have been retroactively restated in these financial statements.

0.0001

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(1) Nature of the Business and Liquidity Organization Cingulate Inc. is a biopharmaceutical company focused on the development of products utilizing its drug delivery platform technology that enables the formulation and manufacture of once-daily tablets of multi-dose therapies, with an initial focus on the treatment of Attention Deficit/Hyperactivity Disorder (ADHD). The Company is developing two proprietary, first-line stimulant medications, CTx-1301 (dexmethylphenidate) and CTx-1302 (dextroamphetamine), for the treatment of ADHD intended for all patient segments: children, adolescents, and adults. CTx-1301 and CTx-1302 utilize a flexible core tableting technology with target product profile designed to deliver a rapid onset and last the entire active day with a controlled descent of plasma drug level and have favorable tolerability. The Company completed its first Phase 3 clinical trial for CTx-1301 with two additional Phase 3 trials in process. In addition, the Company has a third product to treat anxiety, CTx-2103, in a formulation stage. On November 14, 2012, Cingulate Therapeutics LLC (CTx), a Delaware limited liability company, was formed. On May 10, 2021, Cingulate Inc. (Cingulate, or the Company), a Delaware corporation and wholly-owned subsidiary of CTx, was formed to serve as a holding company, in anticipation of the Company becoming publicly traded. Through a Reorganization Merger which occurred in the third quarter of 2021, Cingulate effectively acquired CTx and all outstanding units of CTx were converted into shares of Cingulate common stock. CTx remains the entity through which the Company conducts operations. The consolidated financial statements and notes for the periods ended September 30, 2023 and 2022, represent the full consolidation of Cingulate and its subsidiaries, including CTx and all references to the Company represent this full consolidation. Liquidity The Company has incurred losses and negative cash flows from operations since inception. As a pre-revenue entity, the Company is dependent on the ability to raise capital to support operations until such time as the product candidates under development are U.S Food and Drug Administration (FDA) approved, manufactured, commercially available to the marketplace and produce revenues. The initial public offering, which was completed in December 2021, provided approximately $20.4 million in net proceeds. In addition, the Company received proceeds of $5.0 million from a promissory note in August 2022 and an additional $3.0 million when the promissory note was amended and restated in May 2023, a portion of which was subsequently converted to equity, as further described in Note 7. The Company has utilized its At-the-Market Agreement with H.C. Wainwright and Purchase Agreement with Lincoln Park Capital LLC in 2023, providing a total of approximately $2.1 million in net proceeds through September 30, 2023. Additional capital raised in the third quarter of 2023 included the issuance and sale of common stock and pre-funded common stock warrants in connection with a public offering, which provided approximately $3.3 million in net proceeds and the issuance and sale of common stock in connection with a $1 million private placement, as further described in Note 9. However, the Company will need additional funding for operations and development. Management is evaluating various strategies to obtain additional funding, which may include additional offerings of equity, issuance of debt, or other capital sources, including potential collaborations with other companies or other strategic transactions. Successful implementation of these plans involves both the Company’s efforts and factors that are outside its control, such as market factors and FDA approval of product candidates. The Company can give no assurance that its plans will be effectively implemented in such a way that they will sufficiently alleviate or mitigate the conditions and events noted above, which results in substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The consolidated financial statements do not reflect any adjustments that might result from the outcome of this uncertainty.

20400000

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3000000.0

2100000

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(2) Summary of Significant Accounting Policies (a) Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). The consolidated financial statements include the accounts of Cingulate and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. (b) Unaudited Interim Financial Information The accompanying consolidated balance sheet as of September 30, 2023, the consolidated statements of operations and comprehensive loss for the three and nine-month periods ended September 30, 2023 and 2022, the consolidated statements of stockholders’ equity for the three and nine-month periods ended September 30, 2023 and 2022, the consolidated statements of cash flows for the nine-month periods ended September 30, 2023 and 2022, and the related interim disclosures are unaudited. These unaudited consolidated financial statements include all adjustments necessary, consisting of only normal recurring adjustments, to fairly state the financial position and the results of operations and cash flows for interim periods in accordance with U.S. GAAP. Interim period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The accompanying consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto as of and for the year ended December 31, 2022. (c) Concentration of Credit Risk The Company maintains cash equivalent deposits, which at various times throughout the fiscal year exceeded the amounts insured by the Federal Deposit Insurance Corporation limit of $250,000 (without regard to reconciling items). Management monitors the soundness of these financial institutions and does not believe the Company is subject to any material credit risk relative to the uninsured portion of the deposits. (d) Miscellaneous Receivables Miscellaneous receivables as of December 31, 2022, primarily consisted of employee retention tax credits for payroll costs incurred in 2020 and research and development tax credits. The Company analogized to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, in accounting for these receivables. As of December 31, 2022, the Company determined that there was no allowance necessary relating to these receivables. As of September 30, 2023, all employee retention tax credits and research and development tax credits had been collected. (e) Impairment of Long-lived Assets The Company assesses the carrying value of its long-lived assets, including property and equipment, as well as lease right of use (ROU) assets, when events or circumstances indicate that the carrying value of such assets may not be recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by a comparison of the carrying amount of the assets to future undiscounted cash flows expected to be generated by the assets. If the sum of the expected future cash flows is less than the carrying amount, the Company would recognize an impairment loss. An impairment loss would be measured by comparing the amount by which the carrying value exceeds the fair value of the long-lived asset groups. No impairment was recognized during the three or nine-month periods ended September 30, 2023 or 2022. (f) Stock-Based Compensation The Company measures employee and director stock-based compensation expense for all stock-based awards based on their grant date fair value using the Black-Scholes option-pricing model. For stock-based awards with service conditions, stock-based compensation expense is recognized over the requisite service period using the straight-line method. Forfeitures are recognized as they occur. See additional information in Note 11.

(a) Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). The consolidated financial statements include the accounts of Cingulate and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

(b) Unaudited Interim Financial Information The accompanying consolidated balance sheet as of September 30, 2023, the consolidated statements of operations and comprehensive loss for the three and nine-month periods ended September 30, 2023 and 2022, the consolidated statements of stockholders’ equity for the three and nine-month periods ended September 30, 2023 and 2022, the consolidated statements of cash flows for the nine-month periods ended September 30, 2023 and 2022, and the related interim disclosures are unaudited. These unaudited consolidated financial statements include all adjustments necessary, consisting of only normal recurring adjustments, to fairly state the financial position and the results of operations and cash flows for interim periods in accordance with U.S. GAAP. Interim period results are not necessarily indicative of results of operations or cash flows for a full year or any subsequent interim period. The accompanying consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto as of and for the year ended December 31, 2022.

(c) Concentration of Credit Risk The Company maintains cash equivalent deposits, which at various times throughout the fiscal year exceeded the amounts insured by the Federal Deposit Insurance Corporation limit of $250,000 (without regard to reconciling items). Management monitors the soundness of these financial institutions and does not believe the Company is subject to any material credit risk relative to the uninsured portion of the deposits.

250000

(d) Miscellaneous Receivables Miscellaneous receivables as of December 31, 2022, primarily consisted of employee retention tax credits for payroll costs incurred in 2020 and research and development tax credits. The Company analogized to IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, in accounting for these receivables. As of December 31, 2022, the Company determined that there was no allowance necessary relating to these receivables. As of September 30, 2023, all employee retention tax credits and research and development tax credits had been collected.

(e) Impairment of Long-lived Assets The Company assesses the carrying value of its long-lived assets, including property and equipment, as well as lease right of use (ROU) assets, when events or circumstances indicate that the carrying value of such assets may not be recoverable. These events or changes in circumstances may include a significant deterioration of operating results, changes in business plans, or changes in anticipated future cash flows. If an impairment indicator is present, the Company evaluates recoverability by a comparison of the carrying amount of the assets to future undiscounted cash flows expected to be generated by the assets. If the sum of the expected future cash flows is less than the carrying amount, the Company would recognize an impairment loss. An impairment loss would be measured by comparing the amount by which the carrying value exceeds the fair value of the long-lived asset groups. No impairment was recognized during the three or nine-month periods ended September 30, 2023 or 2022.

(f) Stock-Based Compensation The Company measures employee and director stock-based compensation expense for all stock-based awards based on their grant date fair value using the Black-Scholes option-pricing model. For stock-based awards with service conditions, stock-based compensation expense is recognized over the requisite service period using the straight-line method. Forfeitures are recognized as they occur. See additional information in Note 11.

(3) Prepaid Expenses Prepaid expenses consisted of the following at September 30, 2023 and December 31, 2022: Schedule of Prepaid Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20230930_zigYHMpKuWH" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20221231_zq5Z9X7Of3G2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40B_ecustom--PrepaidResearchAndDevelopment_iI_maPECzL08_zxLsacnsZtra" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">413,431</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,377,391</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PrepaidInsurance_iI_maPECzL08_zFXOULXrbRT" style="vertical-align: bottom; background-color: White"> <td>Insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">339,676</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">472,152</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--PrepaidActivePharmaceuticalIngredients_iI_maPECzL08_zQZ4lEjeamel" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Active pharmaceutical ingredients</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">77,422</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">209,156</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredOfferingCosts_iI_maPECzL08_ziyCq1xSRoba" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred capital raise costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,339</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--PrepaidProfessionalFees_iI_maPECzL08_zSplst89xDge" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,775</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">61,524</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--PrepaidDuesAndSubscriptions_iI_maPECzL08_zOmQicqf4g32" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dues and subscriptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,684</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherPrepaidExpenseCurrent_iI_maPECzL08_z6szsaf10tj5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Other</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,698</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,698</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PrepaidExpenseCurrent_iTI_mtPECzL08_z2G5zxd4ZLo7" style="vertical-align: bottom; background-color: White"> <td>Total prepaid expenses</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">910,286</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,278,944</td><td style="text-align: left"> </td></tr> </table>

Prepaid expenses consisted of the following at September 30, 2023 and December 31, 2022: Schedule of Prepaid Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_491_20230930_zigYHMpKuWH" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49C_20221231_zq5Z9X7Of3G2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40B_ecustom--PrepaidResearchAndDevelopment_iI_maPECzL08_zxLsacnsZtra" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">413,431</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">1,377,391</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--PrepaidInsurance_iI_maPECzL08_zFXOULXrbRT" style="vertical-align: bottom; background-color: White"> <td>Insurance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">339,676</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">472,152</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--PrepaidActivePharmaceuticalIngredients_iI_maPECzL08_zQZ4lEjeamel" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Active pharmaceutical ingredients</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">77,422</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">209,156</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredOfferingCosts_iI_maPECzL08_ziyCq1xSRoba" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred capital raise costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">100,339</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--PrepaidProfessionalFees_iI_maPECzL08_zSplst89xDge" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,775</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">61,524</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--PrepaidDuesAndSubscriptions_iI_maPECzL08_zOmQicqf4g32" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dues and subscriptions</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">38,284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,684</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--OtherPrepaidExpenseCurrent_iI_maPECzL08_z6szsaf10tj5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Other</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,698</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20,698</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--PrepaidExpenseCurrent_iTI_mtPECzL08_z2G5zxd4ZLo7" style="vertical-align: bottom; background-color: White"> <td>Total prepaid expenses</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">910,286</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,278,944</td><td style="text-align: left"> </td></tr> </table>

413431 1377391

339676

472152

77422 209156

100339

20775 61524 38284 37684

20698

910286

2278944

(4) Property and Equipment Property and equipment, net consisted of the following at September 30, 2023 and December 31, 2022: Schedule of Property and Equipment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20230930_zJ0yGOHCBLv9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20221231_zZotoJcQNMs2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Estimated</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Useful Life</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(in years)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zmpJKmV3ppQg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%">Equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 11%; text-align: center"><span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_zga1xFiiU6Hd" title="Property and equipment, estimated useful life">2-<span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_zWoW88Z0pAve" title="Property and equipment, estimated useful life">7</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">4,342,832</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,565,997</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z73szb7ENll2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Furniture and fixtures</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zUuNcjMLFnl9" title="Property and equipment, estimated useful life">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">145,754</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">145,754</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zgciGo7e8eSk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer equipment</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_z0czFzJt0Kb7" title="Property and equipment, estimated useful life">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,898</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zF5F9pERjOO3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zILmMbufeSCh" title="Property and equipment, estimated useful life">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">471,505</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">471,505</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ConstructionInProgressEquipmentMember_z8qsk9BgBLjc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Construction-in-process- equipment</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,739,699</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzeQW_z9w5BfgKZTpj" style="vertical-align: bottom; background-color: White"> <td>Property and equipment, gross</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,001,989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,964,853</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzeQW_zGbj6FzC0ra5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: accumulated depreciation</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,470,659</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,060,066</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzeQW_zI5FwTegtdw7" style="vertical-align: bottom; background-color: White"> <td>Property and equipment, net</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,531,330</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,904,787</td><td style="text-align: left"> </td></tr> </table> Depreciation expense for the nine months ended September 30, 2023 was $410,593 and for the nine months ended September 30, 2022 was $304,287. Depreciation expense for the three months ended September 30, 2023 was $154,663 and for the three months ended September 30, 2022 was $101,429.

Property and equipment, net consisted of the following at September 30, 2023 and December 31, 2022: Schedule of Property and Equipment <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20230930_zJ0yGOHCBLv9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20221231_zZotoJcQNMs2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Estimated</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Useful Life</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(in years)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zmpJKmV3ppQg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 49%">Equipment</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: center"> </td><td style="width: 11%; text-align: center"><span id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MinimumMember_zga1xFiiU6Hd" title="Property and equipment, estimated useful life">2-<span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember__srt--RangeAxis__srt--MaximumMember_zWoW88Z0pAve" title="Property and equipment, estimated useful life">7</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">4,342,832</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,565,997</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_z73szb7ENll2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Furniture and fixtures</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zUuNcjMLFnl9" title="Property and equipment, estimated useful life">7</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">145,754</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">145,754</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zgciGo7e8eSk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Computer equipment</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_90D_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_z0czFzJt0Kb7" title="Property and equipment, estimated useful life">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,898</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,898</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zF5F9pERjOO3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dtY_c20230930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zILmMbufeSCh" title="Property and equipment, estimated useful life">5</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">471,505</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">471,505</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--PropertyPlantAndEquipmentGross_iI_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--ConstructionInProgressEquipmentMember_z8qsk9BgBLjc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Construction-in-process- equipment</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,739,699</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--PropertyPlantAndEquipmentGross_iI_maPPAENzeQW_z9w5BfgKZTpj" style="vertical-align: bottom; background-color: White"> <td>Property and equipment, gross</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,001,989</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,964,853</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_di_msPPAENzeQW_zGbj6FzC0ra5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: accumulated depreciation</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,470,659</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,060,066</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentNet_iTI_mtPPAENzeQW_zI5FwTegtdw7" style="vertical-align: bottom; background-color: White"> <td>Property and equipment, net</td><td> </td> <td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,531,330</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,904,787</td><td style="text-align: left"> </td></tr> </table>

P2Y

P7Y

4342832

2565997

P7Y

145754

P5Y

41898

P5Y

471505

1739699

5001989

4964853

2470659

2060066

2531330

2904787

410593

304287

154663

101429

(5) Accrued Expenses Accrued expenses consisted of the following at September 30, 2023 and December 31, 2022: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20230930_zGupQfrM5op7" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20221231_zsBiaB5wZwla" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--InterestPayableCurrent_iI_maALCz4zA_znnbN5LwEQfh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Interest</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">157,339</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">292,339</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--AccruedResearchAndDevelopmentCostsCurrent_iI_maALCz4zA_zcG4745ILXba" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">253,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AccruedProfessionalFeesCurrent_iI_maALCz4zA_zcUkNy0lmtW2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">314,446</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccruedBonusesCurrent_iI_maALCz4zA_zdRY9Gxa5OQ4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Employee bonuses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">175,625</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">175,625</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccruedEmployeeBenefitsCurrent_iI_maALCz4zA_zfdbxeYcItM7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Active pharmaceutical ingredients</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">62,393</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALCz4zA_zharOeIwpPdj" style="vertical-align: bottom; background-color: White"> <td>Other</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">28,127</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">112,225</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCz4zA_zEtZ294rSNEe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Accrued expenses</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">692,008</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">894,635</td><td style="text-align: left"> </td></tr> </table>

Accrued expenses consisted of the following at September 30, 2023 and December 31, 2022: Schedule of Accrued Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20230930_zGupQfrM5op7" style="font-weight: bold; text-align: center">September 30,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49D_20221231_zsBiaB5wZwla" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_409_eus-gaap--InterestPayableCurrent_iI_maALCz4zA_znnbN5LwEQfh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%">Interest</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">157,339</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">292,339</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--AccruedResearchAndDevelopmentCostsCurrent_iI_maALCz4zA_zcG4745ILXba" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">253,524</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AccruedProfessionalFeesCurrent_iI_maALCz4zA_zcUkNy0lmtW2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">314,446</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AccruedBonusesCurrent_iI_maALCz4zA_zdRY9Gxa5OQ4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Employee bonuses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">175,625</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">175,625</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccruedEmployeeBenefitsCurrent_iI_maALCz4zA_zfdbxeYcItM7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Active pharmaceutical ingredients</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">62,393</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALCz4zA_zharOeIwpPdj" style="vertical-align: bottom; background-color: White"> <td>Other</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">28,127</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">112,225</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCz4zA_zEtZ294rSNEe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Accrued expenses</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">692,008</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">894,635</td><td style="text-align: left"> </td></tr> </table>

157339

292339

253524

15000

314446

175625

62393

28127

112225

692008

894635

(6) Contingencies The Company may, from time to time, be subject to legal proceedings and claims arising in the ordinary course of business and otherwise. A substantial legal liability against us could have an adverse effect on our business, financial condition and results of operations. The Company records legal costs associated with loss contingencies as incurred and establishes reserves when those matters present material loss contingencies that management determines to be both probable and reasonably estimable in accordance with ASC 450, Contingencies. If a range of loss is estimated, and some amount within that range appears to be a better estimate than any other amount within that range, then that amount is accrued. If no amount within the range can be identified as a better estimate than any other amount, we accrue the minimum amount in the range. These amounts are not reduced by amounts that may be recovered under insurance or claims against third parties, but undiscounted receivables from insurers or other third parties may be accrued separately if recovery is considered probable. Management’s judgment is required related to loss contingencies because the outcomes are difficult to predict, and the ultimate resolution may differ from our current analysis. The Company revises accruals in light of new information. While it is not possible to predict the outcome of loss contingencies with certainty, management is of the opinion that adequate provision for potential losses associated with any such matters has been made in the consolidated financial statements.

(7) Related Party Note Payable In August 2022, the Company received $5.0 million of debt financing from Werth Family Investment Associates LLC (WFIA). Peter Werth, manager of WFIA, is a member of the Company’s Board of Directors. The promissory note, dated August 9, 2023, is unsecured with interest accruing at <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_uPure_c20230809__dei--LegalEntityAxis__custom--WerthFamilyInvestmentAssociatesLLCMember_zvD0cY7rnegi" title="Unsecured interest percentage">15% per annum. In May 2023, the Company received an additional $3.0 million of debt financing from WFIA by amending and restating the note to increase the principal amount to $8.0 million. All other terms of the note remained the same. On September 8, 2023, the Company and CTx entered into a Note Conversion Agreement (Note Conversion Agreement) with WFIA, pursuant to which WFIA agreed to convert the original principal amount of $<span id="xdx_90B_eus-gaap--DebtInstrumentFaceAmount_iI_pn5n6_c20230908__us-gaap--ClassOfWarrantOrRightAxis__custom--WFIAPreFundedWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--NoteConversionAgreementAxisMember_zvAU3DiblBFd">5.0 million under the note plus all accrued interest on the original principal, or $<span id="xdx_908_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230908__us-gaap--ClassOfWarrantOrRightAxis__custom--WFIAPreFundedWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--NoteConversionAgreementAxisMember_zV7kGjnhrVz3">5,812,500, by issuing pre-funded warrants (WFIA Pre-Funded Warrants) to purchase <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230908__us-gaap--ClassOfWarrantOrRightAxis__custom--WFIAPreFundedWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--NoteConversionAgreementAxisMember_z2UHi4r5mtg3">341,912 shares of the Company’s common stock at a conversion price per WFIA Pre-Funded Warrant of $<span id="xdx_90D_ecustom--ClassOfWarrantOrRightFairValuePerWarrants_iI_c20230908__us-gaap--ClassOfWarrantOrRightAxis__custom--WFIAPreFundedWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--NoteConversionAgreementAxisMember_zOOr6jSBIiK6">17.00. The closing price of the Company’s common stock on Nasdaq on September 8, 2023, was $<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230908__us-gaap--ClassOfWarrantOrRightAxis__custom--WFIAPreFundedWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--NoteConversionAgreementAxisMember_z1LDlv70Zi0e">11.55 per share. The WFIA Pre-Funded Warrants have no expiration date and are exercisable immediately at an exercise price of <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230908__dei--LegalEntityAxis__custom--WerthFamilyInvestmentAssociatesLLCMember_z5fodoYBRy74" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.002 per share, to the extent that after giving effect to such exercise, WFIA and its affiliates would beneficially own, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (Exchange Act), no more than 19.99% of the outstanding shares of common stock of the Company. The Company considered ASC 470-60, Troubled Debt Restructurings by Debtors, in accounting for this debt conversion. The difference between the fair value of the pre-funded warrants issued and the carrying value of the debt settled in the transaction was recognized as a capital contribution of $1,862,735 in the Statement of Stockholders’ Equity. The remaining outstanding principal of the note of $3.0 million and all accrued and unpaid interest are due and payable on August 8, 2025, or 120 days following written demand made by WFIA during the first five business days of a calendar quarter. WFIA has not demanded payment on the note. The Company may prepay the note, in whole or in part, without premium or penalty; provided, that no amount repaid may be reborrowed. As of September 30, 2023 and December 31, 2022, $3.0 million and $5.0 million, respectively, of principal were outstanding on the note. During the three months ended September 30, 2023, the Company recognized $237,500 of interest expense relating to the note. During the nine months ended September 30, 2023, the Company recognized $677,500 of interest expense relating to the note. All interest expense relating to the note is included in accrued expenses on the consolidated balance sheet.

5000000.0

0.15

3000000.0

8000000.0

5000000.0

5812500

341912

17.00

11.55

The WFIA Pre-Funded Warrants have no expiration date and are exercisable immediately at an exercise price of

0.002

1862735

The remaining outstanding principal of the note of $3.0 million and all accrued and unpaid interest are due and payable on August 8, 2025, or 120 days following written demand made by WFIA during the first five business days of a calendar quarter.

3000000.0

5000000.0

237500

677500

(8) Stockholders’ Equity The Company has authorized 240,000,000 shares of $0.0001 par value common stock and 10,000,000 shares of $0.0001 par value preferred stock at September 30, 2023, and December 31, 2022, of which 868,940 and 565,470 shares of common stock were issued and outstanding as of September 30, 2023 and December 31, 2022, respectively. The Company has not issued any shares of preferred stock. The holders of common stock are entitled to one vote for each share of common stock. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, after the payment or provision for payment of all debts and liabilities of the Company, the holders of common stock shall be entitled to share in the remaining assets of the Company available for distribution, if any. Holders of the shares of common stock are entitled to dividends when, as and if declared by the Board of Directors.

240000000

0.0001

10000000

0.0001

868940

565470

(9) Sale of Securities Private Placement On August 11, 2023, the Company entered into a Securities Purchase Agreement with WFIA and issued, in a private placement priced at the market under Nasdaq rules <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230811__20230811__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zUy7NnasQRY4" title="New shares , issued">91,158 shares of its common stock at a purchase price per share of $<span id="xdx_903_eus-gaap--SharePrice_iI_c20230811__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zeM8noSLTAz2" title="Share price">10.97, resulting in gross proceeds to the Company of approximately <span id="xdx_901_ecustom--GrossProceeds_c20230811__20230811__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zEoofTqmaRZk" title="Gross proceeds">$1.0 million. Peter Werth, a member of the Company’s Board of Directors, is the manager of WFIA. Public Offering On September 11, 2023, the Company entered into a Securities Purchase Agreement with an institutional investor (September 2023 Offering) pursuant to which the Company issued 86,000 shares of its common stock at a combined price of $11.55 per share and accompanying Series A and Series B warrants and pre-funded warrants (Pre-Funded Warrants) to purchase up to an aggregate of 260,261 shares of its common stock at a combined purchase price of $11.55 per Pre-Funded Warrant, and accompanying Series A and Series B warrants, which represents the public offering price for the common stock less the $0.0002 per share exercise price per share for each Pre-Funded Warrant. The September 2023 Offering closed on September 13, 2023. The Pre-Funded Warrants are exercisable at any time after the date of issuance and have no expiration date. The holder of Pre-Funded Warrants may not exercise the warrants if the holder, together with its affiliates, would beneficially own more than 4.99% (or, at the election of the holder, 9.99%) of the number of shares of common stock outstanding immediately after giving effect to such exercise. The September 2023 Offering resulted in gross proceeds to the Company of $3,999,480 before deducting $688,929 of placement agent fees and other offering expenses. See Note 10 for a description of Series A and Series B warrants issued in the September 2023 Offering. Conversion of Related Party Note On September 8, 2023, the Company issued WFIA Pre-Funded Warrants to purchase 341,912 shares of the Company’s common stock as part of the Note Conversion Agreement, as described in Note 7. The WFIA Pre-Funded Warrants have no expiration date and are exercisable immediately at an exercise price of $0.002 per share, to the extent that after giving effect to such exercise, WFIA and its affiliates would beneficially own, for purposes of Section 13(d) of the Exchange Act, no more than 19.99% of the outstanding shares of common stock of the Company. Purchase Agreement with Lincoln Park In April 2023, the Company entered into a purchase agreement (LP Purchase Agreement) and a registration rights agreement (Registration Rights Agreement) with Lincoln Park Capital Fund, LLC (Lincoln Park). Pursuant to the terms of the LP Purchase Agreement, Lincoln Park has agreed to purchase from the Company up to $12 million of the Company’s common stock subject to certain limitations and satisfaction of the conditions set forth in the LP Purchase Agreement. Pursuant to the terms of the Registration Rights Agreement, the Company filed with the SEC a registration statement to register for resale under the Securities Act <span id="xdx_900_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20230430__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zJYsXaPMXBU" title="Issuance of common stock">225,000 shares of common stock that have been or may be issued to Lincoln Park under the LP Purchase Agreement. Pursuant to the terms of the LP Purchase Agreement, at the time the Company signed the LP Purchase Agreement and the Registration Rights Agreement, the Company issued <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230401__20230430__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_z7NwcuisHxwh">18,402 shares of common stock to Lincoln Park as consideration for its commitment to purchase shares of common stock under the LP Purchase Agreement. The commitment shares were valued at $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20230401__20230430__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_z25NH9EBeVLb">400,409 and recorded as an addition to equity for the issuance of the common stock and treated as a reduction to equity as a cost of capital to be raised under the LP Purchase Agreement. During the quarter ended September 30, 2023, the Company sold <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230701__20230930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_ztBXEM1mySe1" title="Sale of stock, shares">12,000 shares of common stock under the LP Purchase Agreement, for net proceeds of $<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20230701__20230930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_ztw0aR5By5G7" title="Net proceeds">196,167. During the nine months ended September 30, 2023, the Company sold <span id="xdx_904_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230101__20230930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zG0GjmlBWE0i" title="Sale of stock, shares">25,500 shares of common stock under the LP Purchase Agreement, for net proceeds of $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20230101__20230930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zqugsr17fC56" title="Net proceeds">450,427. At the Market Offering In January 2023, the Company entered into an At The Market Offering Agreement (ATM Agreement) with H.C. Wainwright & Co., LLC (HCW) pursuant to which the Company may issue and sell, from time to time, shares of the Company’s common stock having an aggregate offering price of up to $<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn4n6_c20230101__20230131__us-gaap--TypeOfArrangementAxis__custom--ATMAgreementMember__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__srt--RangeAxis__srt--MaximumMember_zSn5i5zuw8za" title="Net proceeds">4.97 million in at-the-market offerings sales. HCW will act as sales agent and will be paid a <span id="xdx_901_eus-gaap--SaleOfStockPercentageOfOwnershipBeforeTransaction_pid_uPure_c20230101__20230131__us-gaap--TypeOfArrangementAxis__custom--ATMAgreementMember__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember_z5yA8uIYUmtl" title="Sale of stock commission percent">3% commission on each sale under the ATM Agreement. The Company’s common stock will be sold at prevailing market prices at the time of the sale, and, as a result, prices will vary. During the quarter ended September 30, 2023, the Company sold <span id="xdx_904_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230701__20230930__us-gaap--TypeOfArrangementAxis__custom--ATMAgreementMember__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember_zSl3PAOhfIxd" title="Sale of stock">76,943 shares of common stock under the ATM Agreement, for net proceeds of $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20230701__20230930__us-gaap--TypeOfArrangementAxis__custom--ATMAgreementMember__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember_zh50f2EY8F7b" title="Net proceeds">1,595,429. During the nine months ended September 30, 2023, the Company sold <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230101__20230930__us-gaap--TypeOfArrangementAxis__custom--ATMAgreementMember__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember_zG5v0YnpXq71" title="Sale of stock">82,410 shares of common stock under the ATM agreement, for net proceeds of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20230101__20230930__us-gaap--TypeOfArrangementAxis__custom--ATMAgreementMember__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember_zbBrFnGmAGal" title="Net proceeds">1,696,407.

91158

10.97

1.0

86000

11.55

260261

11.55

0.0002

The September 2023 Offering closed on September 13, 2023. The Pre-Funded Warrants are exercisable at any time after the date of issuance and have no expiration date. The holder of Pre-Funded Warrants may not exercise the warrants if the holder, together with its affiliates, would beneficially own more than 4.99% (or, at the election of the holder, 9.99%) of the number of shares of common stock outstanding immediately after giving effect to such exercise.

3999480

688929

341912

The WFIA Pre-Funded Warrants have no expiration date and are exercisable immediately at an exercise price of

0.002

12000000

225000

18402

400409

12000

196167

25500

450427

4970000

0.03

76943

1595429

82410

1696407

(10) Common Stock Purchase Warrants In addition to the 346,261 shares of common stock and Pre-Funded Warrants issued in the September 2023 Offering, the Company issued Series A warrants to purchase up to 346,261 shares of common stock and Series B warrants to purchase up to 173,131 shares of common stock. The Series A and Series B warrants have an exercise price of $11.55 per share and are exercisable on the effective date of stockholder approval of the shares issuable pursuant to the warrants. The Series A warrants have a <span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxL_c20230101__20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesAWarrantMember_zs9EXWCYqhVa" title="::XDX::P5Y">five-year term and the Series B warrants have a <span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxL_c20230101__20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesBWarrantMember_z4SUUMNtkkx8" title="::XDX::P2Y">two-year term from the initial exercise date. The Company evaluated the Pre-Funded Warrants for liability or equity classification in accordance with the provisions of ASC Topic 480, Distinguishing Liabilities from Equity, and ASC Topic 815, Derivatives and Hedging, and determined that equity treatment was appropriate. The Company valued the Pre-Funded Warrants to purchase 260,260 shares of common stock based on their issuance date fair value of $3,006,008. As of September 30, 2023, none of the Pre-Funded Warrants had been exercised. In connection with the September 2023 Offering, the Company issued placement agent warrants to purchase up to 17,313 shares of common stock. The placement agent warrants have an exercise price of $<span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsMember_zh4ioUIxSUF" title="Warrant exercise price">11.55 per share. These warrants have a <span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxL_c20230101__20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsMember_zMMAXtLrb0j3" title="Expected life::XDX::P5Y">five-year term ending September 11, 2028. The Series A, Series B and placement agent warrants issued in the September 2023 Offering were valued using a Black-Scholes model with a risk-free rate of <span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_dp_uPure_c20230930__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesAWarrantMember_zy3YJRQZ4Dze" title="Warrants measurement input">4.5%-<span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_dp_uPure_c20230930__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesBWarrantMember_zIbnBvnVbwGg" title="Warrants measurement input">5.3%, the respective terms of <span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dxL_c20230101__20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesAWarrantMember_zTtuLPeH5mh" title="Expected life::XDX::P5Y">five and <span id="xdx_905_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dc_c20230101__20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesBWarrantMember_zYeWoieTTX0a" title="Expected life">two years, and a volatility of <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_c20230101__20230930__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesAWarrantMember_zwSLji6TLcuc" title="Warrants measurement input">1.29-<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_c20230101__20230930__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesBWarrantMember_zXngOpGBDH3b" title="Warrants measurement input">1.32. The estimated volatility of the Company’s common stock at the date of measurement is based on an average historical stock price volatility of comparable public companies within the biotechnology and pharmaceutical industry that were deemed to be representative of future stock price trends as the Company does not have sufficient trading history for its common stock. The risk-free rate is based on the expected term of the warrants based on the constant maturity of U.S. Treasury securities with similar maturities as of the date of grant. The expected term has been estimated using the contractual term of the warrants. The following table summarizes the Company’s outstanding common stock purchase warrants as of September 30, 2023: Schedule of Warrants and Rights Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">Issuance Date</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">Issuance Date</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Fair Value</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Warrants</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Price</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">per Warrant</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">December 2021 Initial Public Offering</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyOneInitialPublicOfferingMember_zWfzAU90dQc6" style="width: 10%; text-align: right" title="Number of warrants">239,584</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyOneInitialPublicOfferingMember_z0MjBgni15Rf" style="width: 10%; text-align: right" title="Exercise price">120.00</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_ecustom--ClassOfWarrantOrRightFairValuePerWarrants_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyOneInitialPublicOfferingMember_zIrgFySVwiH5" style="width: 10%; text-align: right" title="Issuance Date Fair Value Per Warrant">95.3997</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyOneInitialPublicOfferingMember_zeAAwSx2ney4" style="width: 10%; text-align: right" title="Issuance Date Fair Value Total">22,856,242</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>December 2021 Underwriter Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyOneUnderwriterWarrantsMember_zu35lKIlLbGe" style="text-align: right" title="Number of warrants">10,417</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyOneUnderwriterWarrantsMember_zImkLIPTUVok" style="text-align: right" title="Exercise price">150.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecustom--ClassOfWarrantOrRightFairValuePerWarrants_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyOneUnderwriterWarrantsMember_zVuN4v56CuI1" style="text-align: right" title="Issuance Date Fair Value Per Warrant">92.7969</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyOneUnderwriterWarrantsMember_zUKKN6QuzbQi" style="text-align: right" title="Issuance Date Fair Value Total">966,665</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">September 2023 WFIA Pre-funded Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreeWFIAPreFundedWarrantsMember_zC8HxYhAZqAc" style="text-align: right" title="Number of warrants">341,912</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreeWFIAPreFundedWarrantsMember_zbyTf0sE80kh" style="text-align: right" title="Exercise price">0.0001</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecustom--ClassOfWarrantOrRightFairValuePerWarrants_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreeWFIAPreFundedWarrantsMember_zzozPRTeVnY6" style="text-align: right" title="Issuance Date Fair Value Per Warrant">16.9999</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreeWFIAPreFundedWarrantsMember_zVYmhZmJ8x5k" style="text-align: right" title="Issuance Date Fair Value Total">5,812,500</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">September 2023 Public Offering Pre-funded Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingPrefundedWarrantsMember_zJImMnFAbQK4" style="text-align: right" title="Number of warrants">260,261</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingPrefundedWarrantsMember_z6esab5M8DZ4" style="text-align: right" title="Exercise price">0.0001</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_ecustom--ClassOfWarrantOrRightFairValuePerWarrants_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingPrefundedWarrantsMember_zwCgowT8WmB3" style="text-align: right" title="Issuance Date Fair Value Per Warrant">11.5460</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingPrefundedWarrantsMember_zvNCSxjSf6Lh" style="text-align: right" title="Issuance Date Fair Value Total">3,006,008</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">September 2023 Public Offering Series A Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingSeriesAWarrantsMember_z3srOkJbeG84" style="text-align: right" title="Number of warrants">346,261</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingSeriesAWarrantsMember_zh64MRc3sgb4" style="text-align: right" title="Exercise price">11.60</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecustom--ClassOfWarrantOrRightFairValuePerWarrants_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingSeriesAWarrantsMember_zP2pixmCYRue" style="text-align: right" title="Issuance Date Fair Value Per Warrant">10.7999</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingSeriesAWarrantsMember_zLXPpQeypq8k" style="text-align: right" title="Issuance Date Fair Value Total">3,739,612</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">September 2023 Public Offering Series B Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingSeriesBWarrantsMember_zSsZrE1v2kOl" style="text-align: right" title="Number of warrants">173,131</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingSeriesBWarrantsMember_zhEe68zgTFF3" style="text-align: right" title="Exercise price">11.60</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_ecustom--ClassOfWarrantOrRightFairValuePerWarrants_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingSeriesBWarrantsMember_zfNnhTmD7Nii" style="text-align: right" title="Issuance Date Fair Value Per Warrant">8.3999</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingSeriesBWarrantsMember_zhoImV1JSZzc" style="text-align: right" title="Issuance Date Fair Value Total">1,454,294</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">September 2023 Placement Agent Warrants</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePlacementAgentWarrantsMember_z4VGGbFPHRfe" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of warrants">17,313</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePlacementAgentWarrantsMember_zwRzRQ1VHNei" style="text-align: right" title="Exercise price">14.40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_ecustom--ClassOfWarrantOrRightFairValuePerWarrants_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePlacementAgentWarrantsMember_ztM2BwT3rpfc" style="text-align: right" title="Issuance Date Fair Value Per Warrant">10.6000</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePlacementAgentWarrantsMember_zn5kGxQvPH65" style="border-bottom: Black 1.5pt solid; text-align: right" title="Issuance Date Fair Value Total">183,518</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance- September 30, 2023</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230930_zc6LaM4PJW2" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of warrants">1,388,879</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230930_zSRzxNx47w01" style="border-bottom: Black 2.5pt double; text-align: right" title="Issuance Date Fair Value Total">38,018,839</td><td style="text-align: left"> </td></tr> </table> The Company has accounted for these warrants as equity-classified instruments under ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, as they are indexed to the Company’s common stock, and they meet all other conditions as defined in ASU 2020-06 for equity classification. The gross proceeds of the September 2023 public offering was allocated to the common stock/pre-funded warrants and common stock purchase warrants using the relative fair value method shown as follows. Fair value of the warrants was recorded to Additional Paid-in-Capital on the Company’s balance sheet. Fair Value of the Warrants to Additional Paid in Capital <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Percent</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Fair</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">of Total</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Amount</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Value</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Allocated</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Common Stock and Pre-Funded Warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--FairValueAdjustmentOfWarrants_c20230101__20230930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zYvr1q4Tg8u" style="width: 11%; text-align: right" title="Fair value, Total">3,999,480</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_ecustom--EquityFairValuePercentage_iI_dp_uPure_c20230930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z4YMKhDlyE1k" style="width: 11%; text-align: right" title="Percent of Total Fair Value, Total">42.7</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_ecustom--AmountAllocated_c20230101__20230930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zByMeFW2bOBf" style="width: 11%; text-align: right" title="Amount Allocated, Total">1,707,778</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Series A, B and Placement Agent Warrants</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--FairValueAdjustmentOfWarrants_c20230101__20230930__us-gaap--StatementEquityComponentsAxis__custom--SeriesABPlacementAgentWarrantsMember_zseBlbYYN2Gj" style="border-bottom: Black 1.5pt solid; text-align: right" title="Fair value, Total">5,377,424</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_ecustom--EquityFairValuePercentage_iI_dp_uPure_c20230930__us-gaap--StatementEquityComponentsAxis__custom--SeriesABPlacementAgentWarrantsMember_zj4UP1j8GPql" style="border-bottom: Black 1.5pt solid; text-align: right" title="Percent of Total Fair Value, Total">57.3</td><td style="text-align: left">%</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--AmountAllocated_c20230101__20230930__us-gaap--StatementEquityComponentsAxis__custom--SeriesABPlacementAgentWarrantsMember_z9ZPTLVHtU22" style="border-bottom: Black 1.5pt solid; text-align: right" title="Amount Allocated, Total">2,291,702</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--FairValueAdjustmentOfWarrants_c20230101__20230930_zOJZ0QUslH4k" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value, Total">9,376,904</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_ecustom--EquityFairValuePercentage_iI_dp_uPure_c20230930_z45eXpXumOK7" style="border-bottom: Black 2.5pt double; text-align: right" title="Percent of Total Fair Value, Total">100</td><td style="text-align: left">%</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--AmountAllocated_c20230101__20230930_zua5bc6FDdla" style="border-bottom: Black 2.5pt double; text-align: right" title="Amount Allocated, Total">3,999,480</td><td style="text-align: left"> </td></tr> </table>

346261

173131

11.55

260260

3006008

17313

11.55

0.045

0.053

P2Y

1.29

1.32

Schedule of Warrants and Rights Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">Issuance Date</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">Issuance Date</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Number of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Exercise</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Fair Value</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Fair Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Warrants</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Price</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">per Warrant</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">December 2021 Initial Public Offering</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyOneInitialPublicOfferingMember_zWfzAU90dQc6" style="width: 10%; text-align: right" title="Number of warrants">239,584</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyOneInitialPublicOfferingMember_z0MjBgni15Rf" style="width: 10%; text-align: right" title="Exercise price">120.00</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_ecustom--ClassOfWarrantOrRightFairValuePerWarrants_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyOneInitialPublicOfferingMember_zIrgFySVwiH5" style="width: 10%; text-align: right" title="Issuance Date Fair Value Per Warrant">95.3997</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyOneInitialPublicOfferingMember_zeAAwSx2ney4" style="width: 10%; text-align: right" title="Issuance Date Fair Value Total">22,856,242</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>December 2021 Underwriter Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyOneUnderwriterWarrantsMember_zu35lKIlLbGe" style="text-align: right" title="Number of warrants">10,417</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyOneUnderwriterWarrantsMember_zImkLIPTUVok" style="text-align: right" title="Exercise price">150.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecustom--ClassOfWarrantOrRightFairValuePerWarrants_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyOneUnderwriterWarrantsMember_zVuN4v56CuI1" style="text-align: right" title="Issuance Date Fair Value Per Warrant">92.7969</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--DecemberTwoThousandTwentyOneUnderwriterWarrantsMember_zUKKN6QuzbQi" style="text-align: right" title="Issuance Date Fair Value Total">966,665</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">September 2023 WFIA Pre-funded Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreeWFIAPreFundedWarrantsMember_zC8HxYhAZqAc" style="text-align: right" title="Number of warrants">341,912</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreeWFIAPreFundedWarrantsMember_zbyTf0sE80kh" style="text-align: right" title="Exercise price">0.0001</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecustom--ClassOfWarrantOrRightFairValuePerWarrants_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreeWFIAPreFundedWarrantsMember_zzozPRTeVnY6" style="text-align: right" title="Issuance Date Fair Value Per Warrant">16.9999</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreeWFIAPreFundedWarrantsMember_zVYmhZmJ8x5k" style="text-align: right" title="Issuance Date Fair Value Total">5,812,500</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">September 2023 Public Offering Pre-funded Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingPrefundedWarrantsMember_zJImMnFAbQK4" style="text-align: right" title="Number of warrants">260,261</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingPrefundedWarrantsMember_z6esab5M8DZ4" style="text-align: right" title="Exercise price">0.0001</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_ecustom--ClassOfWarrantOrRightFairValuePerWarrants_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingPrefundedWarrantsMember_zwCgowT8WmB3" style="text-align: right" title="Issuance Date Fair Value Per Warrant">11.5460</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingPrefundedWarrantsMember_zvNCSxjSf6Lh" style="text-align: right" title="Issuance Date Fair Value Total">3,006,008</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">September 2023 Public Offering Series A Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingSeriesAWarrantsMember_z3srOkJbeG84" style="text-align: right" title="Number of warrants">346,261</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingSeriesAWarrantsMember_zh64MRc3sgb4" style="text-align: right" title="Exercise price">11.60</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_ecustom--ClassOfWarrantOrRightFairValuePerWarrants_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingSeriesAWarrantsMember_zP2pixmCYRue" style="text-align: right" title="Issuance Date Fair Value Per Warrant">10.7999</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingSeriesAWarrantsMember_zLXPpQeypq8k" style="text-align: right" title="Issuance Date Fair Value Total">3,739,612</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">September 2023 Public Offering Series B Warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingSeriesBWarrantsMember_zSsZrE1v2kOl" style="text-align: right" title="Number of warrants">173,131</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingSeriesBWarrantsMember_zhEe68zgTFF3" style="text-align: right" title="Exercise price">11.60</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_ecustom--ClassOfWarrantOrRightFairValuePerWarrants_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingSeriesBWarrantsMember_zfNnhTmD7Nii" style="text-align: right" title="Issuance Date Fair Value Per Warrant">8.3999</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePublicOfferingSeriesBWarrantsMember_zhoImV1JSZzc" style="text-align: right" title="Issuance Date Fair Value Total">1,454,294</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">September 2023 Placement Agent Warrants</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePlacementAgentWarrantsMember_z4VGGbFPHRfe" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of warrants">17,313</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePlacementAgentWarrantsMember_zwRzRQ1VHNei" style="text-align: right" title="Exercise price">14.40</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_ecustom--ClassOfWarrantOrRightFairValuePerWarrants_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePlacementAgentWarrantsMember_ztM2BwT3rpfc" style="text-align: right" title="Issuance Date Fair Value Per Warrant">10.6000</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeptemberTwoThousandTwentyThreePlacementAgentWarrantsMember_zn5kGxQvPH65" style="border-bottom: Black 1.5pt solid; text-align: right" title="Issuance Date Fair Value Total">183,518</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Balance- September 30, 2023</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230930_zc6LaM4PJW2" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of warrants">1,388,879</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--WarrantsAndRightsOutstanding_iI_c20230930_zSRzxNx47w01" style="border-bottom: Black 2.5pt double; text-align: right" title="Issuance Date Fair Value Total">38,018,839</td><td style="text-align: left"> </td></tr> </table>

239584

120.00

95.3997

22856242

10417

150.00

92.7969

966665

341912

0.0001

16.9999

5812500

260261

0.0001

11.5460

3006008

346261

11.60

10.7999

3739612

173131

11.60

8.3999

1454294

17313

14.40

10.6000

183518

1388879

38018839

Fair Value of the Warrants to Additional Paid in Capital <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Percent</td><td style="font-weight: bold"> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Fair</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">of Total</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Amount</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Value</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Allocated</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Common Stock and Pre-Funded Warrants</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--FairValueAdjustmentOfWarrants_c20230101__20230930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zYvr1q4Tg8u" style="width: 11%; text-align: right" title="Fair value, Total">3,999,480</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_980_ecustom--EquityFairValuePercentage_iI_dp_uPure_c20230930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z4YMKhDlyE1k" style="width: 11%; text-align: right" title="Percent of Total Fair Value, Total">42.7</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_ecustom--AmountAllocated_c20230101__20230930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zByMeFW2bOBf" style="width: 11%; text-align: right" title="Amount Allocated, Total">1,707,778</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Series A, B and Placement Agent Warrants</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--FairValueAdjustmentOfWarrants_c20230101__20230930__us-gaap--StatementEquityComponentsAxis__custom--SeriesABPlacementAgentWarrantsMember_zseBlbYYN2Gj" style="border-bottom: Black 1.5pt solid; text-align: right" title="Fair value, Total">5,377,424</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_ecustom--EquityFairValuePercentage_iI_dp_uPure_c20230930__us-gaap--StatementEquityComponentsAxis__custom--SeriesABPlacementAgentWarrantsMember_zj4UP1j8GPql" style="border-bottom: Black 1.5pt solid; text-align: right" title="Percent of Total Fair Value, Total">57.3</td><td style="text-align: left">%</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98A_ecustom--AmountAllocated_c20230101__20230930__us-gaap--StatementEquityComponentsAxis__custom--SeriesABPlacementAgentWarrantsMember_z9ZPTLVHtU22" style="border-bottom: Black 1.5pt solid; text-align: right" title="Amount Allocated, Total">2,291,702</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_eus-gaap--FairValueAdjustmentOfWarrants_c20230101__20230930_zOJZ0QUslH4k" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value, Total">9,376,904</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_ecustom--EquityFairValuePercentage_iI_dp_uPure_c20230930_z45eXpXumOK7" style="border-bottom: Black 2.5pt double; text-align: right" title="Percent of Total Fair Value, Total">100</td><td style="text-align: left">%</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_ecustom--AmountAllocated_c20230101__20230930_zua5bc6FDdla" style="border-bottom: Black 2.5pt double; text-align: right" title="Amount Allocated, Total">3,999,480</td><td style="text-align: left"> </td></tr> </table>

3999480

0.427 1707778

5377424

0.573 2291702

9376904

1 3999480

(11) Stock-Based Compensation In September 2021, the Company’s board of directors and stockholders adopted the 2021 Equity Incentive Plan (2021 Plan), which provides for the grant of incentive stock options and non-qualified stock options to purchase shares of the Company’s common stock, stock appreciation rights, restricted stock units, restricted or unrestricted shares of common stock, performance shares, performance units, incentive bonus awards, other stock-based awards and other cash-based awards. No awards may be made under the 2021 Plan on or after September 24, 2031, but the 2021 Plan will continue thereafter while previously granted awards remain outstanding. The maximum number of shares of common stock available for issuance in connection with options and other awards granted under the 2021 Plan is <span id="xdx_902_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanMember__us-gaap--AwardTypeAxis__us-gaap--StockOptionMember_zoWq7HhuraY5" title="Number of shares common stock available for issuance">139,116 and as of September 30, 2023, <span id="xdx_90D_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zKhSCupfGM0h" title="Number of shares common stock options">66,678 shares of common stock were available for issuance under the 2021 Plan. <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription_c20230101__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanMember_zQGrcH1vWRhl" title="Share based compensation, description">The number of shares of common stock available for issuance under the 2021 Plan will automatically increase on January 1st of each year until the expiration of the 2021 Plan, in an amount equal to 5% percent of the total number of shares of our common stock outstanding on December 31st of the preceding calendar year, on a fully diluted basis, unless the board of directors takes action prior thereto to provide that there will not be an increase in the share reserve for such year or that the increase in the share reserve for such year will be of a lesser number of shares of common stock than would otherwise occur. The shares of common stock underlying any awards that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, repurchased or are otherwise terminated by the Company under the 2021 Plan will be added back to the shares of common stock available for issuance under the 2021 Plan. The Company recorded stock-based compensation expense of $658,105 during the nine months ended September 30, 2023 and $594,363 during the nine months ended September 30, 2022. The Company recorded stock-based compensation expense of $236,251 during the three months ended September 30, 2023 and $205,656 during the three months ended September 30, 2022, all relating to options issued during 2021, 2022 and 2023. As of September 30, 2023 and December 31, 2022, there was $<span id="xdx_908_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanMember_zYtRPiZm9Bfd" title="Unrecognized compensation cost">2,133,614 and $<span id="xdx_90E_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanMember_zUywHYl0t007" title="Unrecognized compensation cost">2,637,895, respectively, of unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the 2021 Plan, which is expected to be recognized over the next one to four years. A summary of option activity under the Plan during the three and nine months ended September 30, 2023 is as follows: Summary of Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"></td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-Average</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-Average</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"> Remaining Contractual</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Shares</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Term (years)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Outstanding at January 1, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20230101__20230331__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zKY7OHYOMw63" style="width: 10%; text-align: right" title="Number of Shares Common stock options, outstanding at Beginning Balance">43,060</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20230101__20230331__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zDKqYleFPNe4" style="text-align: right" title="Number of Shares, Granted">19,225</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20230101__20230331__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zsXiAD20CIFa" style="vertical-align: bottom; text-align: right" title="Weighted Average Exercise Price, Outstanding Beginning Balance"> 35.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantWeightedAverageRemainingContractualTerm2_dtY_c20230101__20230331__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zhLvmcjoghnh" title="Weighted Average Remaining Contractual Life (Years) Granted">9.92</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20230101__20230331__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z3WDZANrhHni" style="text-align: right" title="Number of Shares, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forfeitures or expirations</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20230101__20230331__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zsdrrcG1PKq5" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Shares, Forfeitures or expirations">(281</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding at March 31, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20230401__20230630__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zvZs2Kajj6Tf" style="text-align: right" title="Number of Shares Common stock options, outstanding at beginning balance">62,004</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20230401__20230630__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zYXEdtzmdvs4" style="text-align: right" title="Weighted Average Exercise Price, Outstanding Beginning Balance">63.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20230101__20230331__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zVD02Qpr2vje" title="Weighted Average Remaining Contractual Life (Years) Outstanding">9.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20230401__20230630__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zVgeBkPxyHha" style="text-align: right" title="Number of Shares, Granted">6,388</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20230401__20230630__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zwNzysU1Wie4" style="text-align: right" title="Weighted Average Exercise Price, Granted">19.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantWeightedAverageRemainingContractualTerm2_dtY_c20230401__20230630__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z7u7S4P3HE7c" title="Weighted Average Remaining Contractual Term, Granted">9.98</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20230401__20230630__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zMLUn8Nw82dg" style="text-align: right" title="Number of Shares, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forfeitures or expirations</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20230401__20230630__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zOrh9iwGPPI2" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Shares, Forfeitures or expirations">(899</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding at June 30, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zattN8iMfefg" style="text-align: right" title="Number of Shares Common stock options, outstanding at ending balance">67,493</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zr5TBCRhbyf7" style="text-align: right" title="Weighted Average Exercise Price, Outstanding Ending Balance">63.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20230401__20230630__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zRrmbP3zBC8d" title="Weighted Average Remaining Contractual Life (Years) Outstanding">9.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zZCUMHZOJXUj" style="text-align: right" title="Number of Shares, Granted">5,204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z2vgSWUquDu5" style="text-align: right" title="Weighted Average Exercise Price, Outstanding Beginning Balance">12.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantWeightedAverageRemainingContractualTerm2_dtY_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zrAGCOBP4c8f" title="Weighted Average Remaining Contractual Term, Grants">9.89</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zUZLYtjOCZPk" style="text-align: right" title="Number of Shares, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forfeitures or expirations</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zzbFV6WiIEel" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Shares, Forfeitures or expirations">(50</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding at September 30, 2023</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z5gjDXRzYhr3" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Common stock options, outstanding at ending balance">72,647</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zHjXwGc3jUTa" style="text-align: right" title="Weighted Average Exercise Price, Outstanding Ending Balance">59.80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z2cVLuIx7dLb" title="Weighted Average Remaining Contractual Life (Years) Outstanding">8.84</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zaqul4kElalb" style="text-align: right" title="Aggregate Intrinsic Value, Granted">10,607</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested and expected to vest at September 30, 2023</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zs6cDShNyh39" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares, Vested and expected to vest">72,647</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercisable at September 30, 2023</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z1GMhuzlB7Li" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares, Exercisable">16,816</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> <p id="xdx_897_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_z86Ec9Dzdmdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company’s stock options issued qualify for equity accounting treatment under ASC 718, Compensation- Stock Compensation, and are measured at fair value as of their grant date accordingly. The fair value of the options were estimated using a Black-Scholes model. The assumptions that the Company used to estimate the grant-date fair value of stock options granted to employees during the nine-month period ending September 30, 2023, were as follows, shown on a weighted average basis: Schedule of Fair Value Assumption <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20230101__20230930_zeaeppowF2kb" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_z5esuTlWUHv3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Risk-free interest rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">4.073</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_402_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_zi8qShrb5lja" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.9</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_zpfbwK71Om01" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.27</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_zcs9XM1ZhJOb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td></tr> </table> Risk-Free Interest Rate: The Company based the risk-free interest rate over the expected term of the options based on the constant maturity of U.S. Treasury securities with similar maturities as of the date of grant. Expected Term: The expected term represents the period that the options granted are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting dates and the end of the contractual term.) Expected Volatility: The Company uses an average historical stock price volatility of comparable public companies within the biotechnology and pharmaceutical industry that were deemed to be representative of future stock price trends as the Company does not have sufficient trading history for its common stock. The Company will continue to apply this process until a sufficient amount of historical information regarding volatility of its own stock price becomes available. Expected Dividend Yield: The Company has not paid and does not anticipate paying any dividends in the near future. Therefore, the expected dividend yield was zero. The grant-date fair value of options granted during the three months ended September 30, 2023, ranged from <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20230701__20230930__srt--RangeAxis__srt--MinimumMember_zdozI7CWIcze">$10.20 to <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20230701__20230930__srt--RangeAxis__srt--MaximumMember_zDUlLjINczvk">$12.80, and the grant date fair value of the options granted during the nine months ended September 30, 2023, ranged from ranged from $<span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20230101__20230930__srt--RangeAxis__srt--MinimumMember_z5ShwAa3ChB2">10.20 to $<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20230101__20230930__srt--RangeAxis__srt--MaximumMember_zA7gYvp3kfRk">30.60. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock. The fair value per share of common stock was $14.20 as of September 30, 2023, and $20.00 as of December 31, 2022, based upon the closing price of our common stock on the Nasdaq Capital Market on those dates.

139116

66678

658105

594363

236251

205656

2133614

2637895

A summary of option activity under the Plan during the three and nine months ended September 30, 2023 is as follows: Summary of Option Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"></td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-Average</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Aggregate</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted-Average</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center"> Remaining Contractual</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Intrinsic</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Shares</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Term (years)</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Value</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%">Outstanding at January 1, 2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20230101__20230331__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zKY7OHYOMw63" style="width: 10%; text-align: right" title="Number of Shares Common stock options, outstanding at Beginning Balance">43,060</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20230101__20230331__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zDKqYleFPNe4" style="text-align: right" title="Number of Shares, Granted">19,225</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20230101__20230331__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zsXiAD20CIFa" style="vertical-align: bottom; text-align: right" title="Weighted Average Exercise Price, Outstanding Beginning Balance"> 35.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantWeightedAverageRemainingContractualTerm2_dtY_c20230101__20230331__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zhLvmcjoghnh" title="Weighted Average Remaining Contractual Life (Years) Granted">9.92</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20230101__20230331__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z3WDZANrhHni" style="text-align: right" title="Number of Shares, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forfeitures or expirations</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20230101__20230331__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zsdrrcG1PKq5" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Shares, Forfeitures or expirations">(281</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding at March 31, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20230401__20230630__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zvZs2Kajj6Tf" style="text-align: right" title="Number of Shares Common stock options, outstanding at beginning balance">62,004</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20230401__20230630__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zYXEdtzmdvs4" style="text-align: right" title="Weighted Average Exercise Price, Outstanding Beginning Balance">63.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20230101__20230331__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zVD02Qpr2vje" title="Weighted Average Remaining Contractual Life (Years) Outstanding">9.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20230401__20230630__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zVgeBkPxyHha" style="text-align: right" title="Number of Shares, Granted">6,388</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20230401__20230630__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zwNzysU1Wie4" style="text-align: right" title="Weighted Average Exercise Price, Granted">19.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantWeightedAverageRemainingContractualTerm2_dtY_c20230401__20230630__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z7u7S4P3HE7c" title="Weighted Average Remaining Contractual Term, Granted">9.98</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20230401__20230630__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zMLUn8Nw82dg" style="text-align: right" title="Number of Shares, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forfeitures or expirations</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20230401__20230630__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zOrh9iwGPPI2" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Shares, Forfeitures or expirations">(899</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding at June 30, 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zattN8iMfefg" style="text-align: right" title="Number of Shares Common stock options, outstanding at ending balance">67,493</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zr5TBCRhbyf7" style="text-align: right" title="Weighted Average Exercise Price, Outstanding Ending Balance">63.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20230401__20230630__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zRrmbP3zBC8d" title="Weighted Average Remaining Contractual Life (Years) Outstanding">9.01</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zZCUMHZOJXUj" style="text-align: right" title="Number of Shares, Granted">5,204</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z2vgSWUquDu5" style="text-align: right" title="Weighted Average Exercise Price, Outstanding Beginning Balance">12.20</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantWeightedAverageRemainingContractualTerm2_dtY_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zrAGCOBP4c8f" title="Weighted Average Remaining Contractual Term, Grants">9.89</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zUZLYtjOCZPk" style="text-align: right" title="Number of Shares, Exercised">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Forfeitures or expirations</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zzbFV6WiIEel" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Shares, Forfeitures or expirations">(50</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding at September 30, 2023</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z5gjDXRzYhr3" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Common stock options, outstanding at ending balance">72,647</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zHjXwGc3jUTa" style="text-align: right" title="Weighted Average Exercise Price, Outstanding Ending Balance">59.80</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z2cVLuIx7dLb" title="Weighted Average Remaining Contractual Life (Years) Outstanding">8.84</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateIntrinsicValue_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zaqul4kElalb" style="text-align: right" title="Aggregate Intrinsic Value, Granted">10,607</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Vested and expected to vest at September 30, 2023</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber_iE_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_zs6cDShNyh39" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares, Vested and expected to vest">72,647</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Exercisable at September 30, 2023</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_c20230701__20230930__us-gaap--PlanNameAxis__custom--TwoThousandAndTwentyOneEquityIncentivePlanPlanMember_z1GMhuzlB7Li" style="border-bottom: Black 2.5pt double; text-align: right" title="Shares, Exercisable">16,816</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>

43060

19225

35.00

P9Y11M1D

281

62004

63.20

P9Y3D

6388

19.20

P9Y11M23D

899

67493

63.20

P9Y3D

5204

12.20

P9Y10M20D

72647

59.80

P8Y10M2D

10607

72647

16816

<p id="xdx_897_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_z86Ec9Dzdmdb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company’s stock options issued qualify for equity accounting treatment under ASC 718, Compensation- Stock Compensation, and are measured at fair value as of their grant date accordingly. The fair value of the options were estimated using a Black-Scholes model. The assumptions that the Company used to estimate the grant-date fair value of stock options granted to employees during the nine-month period ending September 30, 2023, were as follows, shown on a weighted average basis: Schedule of Fair Value Assumption <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 60%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_493_20230101__20230930_zeaeppowF2kb" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_dp_z5esuTlWUHv3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Risk-free interest rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">4.073</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_402_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_zi8qShrb5lja" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected term (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.9</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_dp_zpfbwK71Om01" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.27</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_dp_zcs9XM1ZhJOb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">0</td><td style="text-align: left">%</td></tr> </table>

0.04073

P5Y10M24D

0.0127

10.20

12.80

10.20

14.20

20.00

(12) Income Taxes Cingulate Inc. is taxed as a C corporation under the Internal Revenue Code. Cingulate Inc. records deferred income taxes to reflect the impact of temporary differences between the recorded amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws and regulations. CTx is a wholly-owned disregarded entity of Cingulate Inc., and all of the activity for CTx, along with its wholly-owned subsidiary Cingulate Works Inc., is included in the calculation of the current and deferred tax assets and liabilities for Cingulate Inc. No deferred income tax benefit or expense was recorded for the three-month periods ended September 30, 2023, and 2022 or the nine-month periods ended September 30, 2023 and 2022, for federal or state income taxes. Income tax expense differed from the expected expense computed by applying the U.S. Federal income tax rate as follows: Schedule of Effective Income Tax Rate Reconciliation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20230701__20230930_zeQjiBgsIIpb" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20220701__20220930_zgU1bVV2BNdl" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20230101__20230930_z7FmwWgqbI6i" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20220101__20220930_zcvyaJM0v2Mk" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three Months Ended September 30, 2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three Months Ended September 30, 2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Nine Months Ended September 30, 2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Nine Months Ended September 30, 2022</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBzC9d_zRZv6iXYoyBh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 32%; text-align: left">Federal income tax benefit at statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">(1,255,601</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">(845,722</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">(3,486,052</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">(2,733,779</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_maITEBzC9d_zn9Cj9Q2KJx7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(330,642</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(222,707</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(917,994</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(719,896</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--IncomeTaxReconciliationPermanentDifference_maITEBzC9d_zcxkKL5hF4Hg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,154</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,157</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,457</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,920</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzC9d_zhm3bmTmxGT5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,218,188</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,132,895</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,089,875</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,572,189</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_maITEBzC9d_zGlxAzgKEOY7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Prior period adjustment to actual</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(620,630</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(620,630</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationOtherAdjustments_maITEBzC9d_zZ1gBP6yQs1i" style="vertical-align: bottom; background-color: White"> <td>Other</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,469</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(67,623</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(79,656</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(130,434</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzC9d_zeDFHWQkzRJ3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total income tax expense</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td></tr> </table> Evaluating the need for, and amount of, a valuation allowance for deferred tax assets often requires significant judgment and extensive analysis of all available evidence on a jurisdiction-by-jurisdiction basis. Such judgments require the Company to interpret existing tax law and other published guidance as applied to its circumstances. As part of this assessment, the Company considers both positive and negative evidence about its profitability and tax situation. A valuation allowance is provided if, based on available evidence, it is more likely than not that all or some portion of a deferred tax asset will not be realized. The Company determined that it was more likely than not that it would not realize its deferred tax assets, based on historical levels of income and future forecasts of taxable income, among other items. The Company recorded a valuation allowance of its net deferred tax assets totaling $10,988,821 as of September 30, 2023, and $5,580,595 at December 31, 2022, which was recorded as a component of income tax expense on the accompanying consolidated statements of operations and other comprehensive loss. The Company files income tax returns in the U.S. federal and various state jurisdictions. The Company is not subject to U.S. federal and state income tax examinations by tax authorities for years before 2018. The Company follows the provisions of FASB ASC 740, Income Taxes, to evaluate uncertain tax positions. This topic prescribes a 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. The Company has not identified any material uncertain tax positions requiring recognition in the consolidated financial statements as of September 30, 2023 or December 31, 2022. Schedule of Deferred Tax Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20230930_zfYVGrRYUJCk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20221231_zdGgcH5TNWGh" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred income tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsInResearchAndDevelopmentCostsCurrent_iI_maDTAGzvyH_zN2p3JWR1OC6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; width: 52%; text-align: left">Research and development costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">723,577</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">343,087</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DeferredTaxAssetsOtherCurrent_iI_maDTAGzvyH_zb5NA5V8aYSb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,126</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,018</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Non-current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDTAGzvyH_z5K6TmK854t2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Net operating losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,862,906</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,381,215</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsInProcessResearchAndDevelopment_iI_maDTAGzvyH_z117Wkv3GvVi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Research and development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,645,038</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,762,716</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsInResearchAndDevelopmentTaxCredit_iI_maDTAGzvyH_z1URTrPjO5O7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Research and development tax credit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">756,122</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DeferredTaxAssetsUnvestedStockOptionsNonCurrent_iI_maDTAGzvyH_zAtopFUHYff" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Unvested stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">405,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">204,380</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsGoodwillAndIntangibleAssets_iI_maDTAGzvyH_zBPQWD2H1rf8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">Patents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99,118</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92,417</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DeferredTaxAssetsRightofuseAssets_iI_maDTAGzvyH_zqupTcSMMuDc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Right-of-use assets</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">45,265</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">63,563</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsGross_iTI_mtDTAGzvyH_maDTANzoyP_zNTVQ27kIgGd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt; text-align: left">Gross deferred income tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,596,891</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,906,396</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTANzoyP_zN6BT0awFcTl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 30pt; text-align: left">Less: valuation allowance</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,988,821</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,580,595</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTANzoyP_maDTALNzzdm_zdBa3xgizgNc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 40pt; text-align: left">Net deferred income tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">608,070</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">325,801</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred income tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DeferredTaxLiabilitiesAccrualToCashCurrent_iNI_di_maDITLzK1U_zaQXjCzRtOm9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accrual to cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,228</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Non-current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxLiabilitiesPropertyPlantAndEquipment_iNI_di_maDITLzK1U_zYo3oqaMls7i" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Property and equipment</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(608,070</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(314,573</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--DeferredIncomeTaxLiabilities_iNTI_di_mtDITLzK1U_msDTALNzzdm_zYtaFFHOeIH8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 30pt; text-align: left">Gross deferred income tax liabilities</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(608,070</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(325,801</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_mtDTALNzzdm_zWWBiIAFCHak" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 30pt; text-align: left">Net deferred tax asset (liability)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td></tr> </table>

Income tax expense differed from the expected expense computed by applying the U.S. Federal income tax rate as follows: Schedule of Effective Income Tax Rate Reconciliation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20230701__20230930_zeQjiBgsIIpb" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49E_20220701__20220930_zgU1bVV2BNdl" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_499_20230101__20230930_z7FmwWgqbI6i" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20220101__20220930_zcvyaJM0v2Mk" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three Months Ended September 30, 2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Three Months Ended September 30, 2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Nine Months Ended September 30, 2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: center">Nine Months Ended September 30, 2022</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_maITEBzC9d_zRZv6iXYoyBh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 32%; text-align: left">Federal income tax benefit at statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">(1,255,601</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">(845,722</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">(3,486,052</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 13%; text-align: right">(2,733,779</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--IncomeTaxReconciliationStateAndLocalIncomeTaxes_maITEBzC9d_zn9Cj9Q2KJx7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(330,642</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(222,707</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(917,994</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(719,896</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_ecustom--IncomeTaxReconciliationPermanentDifference_maITEBzC9d_zcxkKL5hF4Hg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,154</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,157</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,457</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,920</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzC9d_zhm3bmTmxGT5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Change in valuation allowance</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,218,188</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,132,895</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,089,875</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,572,189</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--IncomeTaxReconciliationPriorYearIncomeTaxes_maITEBzC9d_zGlxAzgKEOY7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Prior period adjustment to actual</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(620,630</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(620,630</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--IncomeTaxReconciliationOtherAdjustments_maITEBzC9d_zZ1gBP6yQs1i" style="vertical-align: bottom; background-color: White"> <td>Other</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(17,469</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(67,623</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(79,656</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(130,434</td><td style="text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--IncomeTaxExpenseBenefit_iT_mtITEBzC9d_zeDFHWQkzRJ3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total income tax expense</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td></tr> </table>

-1255601

-845722

-3486052

-2733779

-330642

-222707

-917994

-719896

6154 3157 14457 11920

2218188

1132895

5089875

3572189

-620630

-17469

-67623

-79656

-130434

10988821

5580595

Schedule of Deferred Tax Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_494_20230930_zfYVGrRYUJCk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20221231_zdGgcH5TNWGh" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred income tax assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsInResearchAndDevelopmentCostsCurrent_iI_maDTAGzvyH_zN2p3JWR1OC6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; width: 52%; text-align: left">Research and development costs</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">723,577</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">343,087</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--DeferredTaxAssetsOtherCurrent_iI_maDTAGzvyH_zb5NA5V8aYSb" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,126</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59,018</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Non-current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDTAGzvyH_z5K6TmK854t2" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Net operating losses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,862,906</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,381,215</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsInProcessResearchAndDevelopment_iI_maDTAGzvyH_z117Wkv3GvVi" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Research and development costs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,645,038</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,762,716</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_ecustom--DeferredTaxAssetsInResearchAndDevelopmentTaxCredit_iI_maDTAGzvyH_z1URTrPjO5O7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Research and development tax credit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">756,122</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--DeferredTaxAssetsUnvestedStockOptionsNonCurrent_iI_maDTAGzvyH_zAtopFUHYff" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Unvested stock options</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">405,739</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">204,380</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsGoodwillAndIntangibleAssets_iI_maDTAGzvyH_zBPQWD2H1rf8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">Patents</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">99,118</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">92,417</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DeferredTaxAssetsRightofuseAssets_iI_maDTAGzvyH_zqupTcSMMuDc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt; text-align: left">Right-of-use assets</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">45,265</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">63,563</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--DeferredTaxAssetsGross_iTI_mtDTAGzvyH_maDTANzoyP_zNTVQ27kIgGd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt; text-align: left">Gross deferred income tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,596,891</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,906,396</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTANzoyP_zN6BT0awFcTl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 30pt; text-align: left">Less: valuation allowance</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,988,821</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,580,595</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTANzoyP_maDTALNzzdm_zdBa3xgizgNc" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 40pt; text-align: left">Net deferred income tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">608,070</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">325,801</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred income tax liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Current:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--DeferredTaxLiabilitiesAccrualToCashCurrent_iNI_di_maDITLzK1U_zaQXjCzRtOm9" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Accrual to cash</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(11,228</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Non-current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxLiabilitiesPropertyPlantAndEquipment_iNI_di_maDITLzK1U_zYo3oqaMls7i" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left">Property and equipment</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(608,070</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(314,573</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_eus-gaap--DeferredIncomeTaxLiabilities_iNTI_di_mtDITLzK1U_msDTALNzzdm_zYtaFFHOeIH8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 30pt; text-align: left">Gross deferred income tax liabilities</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(608,070</td><td style="text-align: left">)</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(325,801</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_mtDTALNzzdm_zWWBiIAFCHak" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 30pt; text-align: left">Net deferred tax asset (liability)</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="text-align: left"> </td></tr> </table>

723577 343087 59126 59018

5862906

3381215

3645038

1762716

756122 405739 204380

99118

92417

45265 63563

11596891

5906396

10988821

5580595

608070

325801

11228

608070

314573

608070

325801

(13) Net Loss Per Share Basic net loss per share is calculated by dividing net loss attributable to common shareholders by the weighted-average number of common shares and pre-funded warrants outstanding during the period. The pre-funded warrants are included in the calculation of the weighted-average number of shares outstanding because their exercise requires only nominal consideration for the delivery of shares. The following table sets forth the computation of the basic and diluted net loss per share for the three and nine months ended September 30, 2023 and 2022: Schedule of Net Loss Per Share Basic and Diluted <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20230701__20230930_zU2xKTrnU5g9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20220701__20220930_zs1J9QO8Ck8a" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20230101__20230930_zLf9mMvQlXX2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20220101__20220930_z3CoG9ON64zk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended September 30, 2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended September 30, 2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Nine Months Ended September 30, 2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Nine Months Ended September 30, 2022</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_zEn6riJmPja1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 36%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(5,979,054</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(4,027,247</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(16,600,250</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(13,071,205</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Weighted average shares outstanding</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20230701__20230930_zTlGErIT1to5" title="Weighted average number of shares used in computing net loss per share of common stock, basic"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20230701__20230930_zexlFsswKeHh" title="Weighted average number of shares used in computing net loss per share of common stock, diluted">988,333</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20220701__20220930_z654KckczqWc" title="Weighted average number of shares used in computing net loss per share of common stock, basic"><span id="xdx_90F_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20220701__20220930_zZdKIMRHd704" title="Weighted average number of shares used in computing net loss per share of common stock, diluted">565,470</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20230101__20230930_zr5uNN4XgOg" title="Weighted average number of shares used in computing net loss per share of common stock, basic"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20230101__20230930_zImubG05BFs9" title="Weighted average number of shares used in computing net loss per share of common stock, diluted">714,397</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">565,470</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Net loss per share, basic and diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(6.05</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(7.12</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(23.24</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(23.12</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> <p id="xdx_898_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zUpl28jXFQl4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows for the three and nine-month periods ended September 30, 2023 and September 30, 2022: Schedule of Potentially Dilutive Securities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20230101__20230930_zbW7Wh5dltlf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20220101__20220930_zPB3w6puqIC6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2022</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_z11BQ5K71wx" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Stock options issued under the 2021 Equity Incentive Plan</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">72,647</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">44,190</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zitPQw2FmIi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock purchase warrants outstanding</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">786,704</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">250,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zVyyfoVxPOwc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">859,351</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">294,190</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_z8WZZTMUY093" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Antidilutive securities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">859,351</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">294,190</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Schedule of Net Loss Per Share Basic and Diluted <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20230701__20230930_zU2xKTrnU5g9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49F_20220701__20220930_zs1J9QO8Ck8a" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_497_20230101__20230930_zLf9mMvQlXX2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49A_20220101__20220930_z3CoG9ON64zk" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended September 30, 2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Three Months Ended September 30, 2022</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Nine Months Ended September 30, 2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Nine Months Ended September 30, 2022</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_zEn6riJmPja1" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 36%; text-align: left">Net loss</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(5,979,054</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(4,027,247</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(16,600,250</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(13,071,205</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Weighted average shares outstanding</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20230701__20230930_zTlGErIT1to5" title="Weighted average number of shares used in computing net loss per share of common stock, basic"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20230701__20230930_zexlFsswKeHh" title="Weighted average number of shares used in computing net loss per share of common stock, diluted">988,333</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20220701__20220930_z654KckczqWc" title="Weighted average number of shares used in computing net loss per share of common stock, basic"><span id="xdx_90F_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20220701__20220930_zZdKIMRHd704" title="Weighted average number of shares used in computing net loss per share of common stock, diluted">565,470</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_c20230101__20230930_zr5uNN4XgOg" title="Weighted average number of shares used in computing net loss per share of common stock, basic"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_c20230101__20230930_zImubG05BFs9" title="Weighted average number of shares used in computing net loss per share of common stock, diluted">714,397</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">565,470</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; text-align: left">Net loss per share, basic and diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(6.05</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(7.12</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(23.24</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(23.12</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

-5979054

-4027247

-16600250

-13071205

988333

565470

714397

565470

-6.05

-7.12

-23.24

-23.12

<p id="xdx_898_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zUpl28jXFQl4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows for the three and nine-month periods ended September 30, 2023 and September 30, 2022: Schedule of Potentially Dilutive Securities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%"> <tr style="display: none; vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20230101__20230930_zbW7Wh5dltlf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_490_20220101__20220930_zPB3w6puqIC6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"> </td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2023</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30, 2022</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_z11BQ5K71wx" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Stock options issued under the 2021 Equity Incentive Plan</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">72,647</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">44,190</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--WarrantMember_zitPQw2FmIi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock purchase warrants outstanding</td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">786,704</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">250,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zVyyfoVxPOwc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Total</td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">859,351</td><td style="text-align: left"> </td><td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">294,190</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_z8WZZTMUY093" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Antidilutive securities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">859,351</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">294,190</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

72647

44190

786704

250000

859351

294190

859351

294190

(14) License Agreement CTx has a licensing agreement with a company related to the patents and licensed know-how for use in the development of CTx-1301, CTx-1302, and CTx-2103. Payments are to be made upon the occurrence of the following milestone events: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">$<span id="xdx_904_ecustom--MilestonePayment_c20230101__20230930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember__us-gaap--VestingAxis__custom--PhaseThreeClinicalTrialMember_zvWrYHa6DEUf" title="Milestone payments">250,000 Milestone payment upon dosing of first patient in a Phase 3 Clinical Trial for each product in the field, payable on a per product basis.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">$<span id="xdx_90D_ecustom--MilestonePayment_c20230101__20230930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember__us-gaap--VestingAxis__custom--NewDrugApplicationMember_zAVjCXrHjafh" title="Milestone payment">250,000 Milestone payment upon licensee filing of new drug application for each product in the field, payable on a per product basis.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">$<span id="xdx_90D_ecustom--MilestonePayment_c20230101__20230930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember__us-gaap--VestingAxis__custom--CTxOneThreeZeroOneAndCTxOneThreeZeroTwoMember_zomA6aN6cm64" title="Milestone payment">250,000 Milestone payment for CTx-1301 and CTx-1302 and $<span id="xdx_909_ecustom--MilestonePayment_c20230101__20230930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember__us-gaap--VestingAxis__custom--CTxTwoOneZeroThreeMember_zCpDs7RudBf5" title="Milestone payment">500,000 Milestone payment for CTx-2103 upon receipt of first marketing approval from the FDA, payable on a per product basis.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">$<span id="xdx_909_ecustom--MilestonePayment_c20230101__20230930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember__us-gaap--VestingAxis__custom--CTxTwoOneZeoThreeMember_zPJiH3PbiV4a" title="Milestone payment">250,000 Milestone payment for CTx-2103 upon receipt of first marketing approval from the EMA (European Medicines Agency)</td></tr></table> As of December 31, 2022, the $<span id="xdx_904_ecustom--AccruedMilestonePayment_iI_c20221231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember__us-gaap--VestingAxis__custom--CTxOneThreeZeroOneMember_zgiQHKAudvsj" title="Accrued milestone payment">250,000 milestone for CTx-1301 relating to the dosing of first patient in a Phase 3 Clinical Trial was accrued as management deemed the milestone probable of occurring. In early 2023, the Company paid this amount as the first patient in a CTx-1301 Phase 3 Clinical Trial was dosed. The Company has not recorded any expense relating to the other milestones for any other product as it has not deemed them probable of occurring as of September 30, 2023.

250000 250000 250000 500000 250000 250000

(15) Related Party Transactions The general counsel of the Company is a partner with a law firm providing office facilities space that is leased by the Company. Rental expense incurred by the Company to the law firm was $27,000 for both the nine months ended September 30, 2023 and 2022 and $9,000 for both the three months ended September 30, 2023 and 2022, which approximates fair value. As of September 30, 2023 and December 31, 2022, the Company had no outstanding amounts payable under this lease. A member of the Company’s Board of Directors, Peter Werth, is the manager of WFIA, the entity which provided $8.0 million in debt financing to the Company, $5.0 million of which was converted to equity in September 2023, as described in Note 7. The remaining principal balance of $3.0 million was outstanding as of September 30, 2023 and the initial principal balance of $5.0 million was outstanding as of December 31, 2022. Interest expense of $237,500 and $104,838 was recognized during the three months ended September 30, 2023 and September 30, 2022, respectively. Interest expense of $677,500 and $104,838 was recognized during the nine months ended September 30, 2023 and September 30, 2022, respectively. $157,339 and $292,339 of accrued interest relating to this note was outstanding as of September 30, 2023 and December 31, 2022. On August 11, 2023, the Company entered into a Securities Purchase Agreement with WFIA and issued, in a private placement priced at the market under Nasdaq rules, <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230811__20230811__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zrLnjY5rKKH8" title="New shares , issued">91,158 shares of its common stock at a purchase price per share of $<span id="xdx_903_eus-gaap--SharePrice_iI_c20230811__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_za456TxTZ77" title="Share price">10.97, resulting in gross proceeds to the Company of approximately $<span id="xdx_901_ecustom--GrossProceeds_c20230811__20230811__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z4N7P1fRG2Oj" title="Gross proceeds">1.0 million.

27000

9000

8000000.0

5000000.0

3000000.0

5000000.0

237500

104838

677500

104838

157339

292339

91158

10.97

1.0

(16) Subsequent Events Management evaluated events that occurred subsequent to September 30, 2023, through November 13, 2023, which is the date the interim financial statements were issued.

(17) Reverse Stock Split On November 30, 2023, the Company completed a one-for-twenty reverse stock split (the “Reverse Stock Split”), which reduced the number of shares of the Company’s common stock that were issued and outstanding immediately prior to the effectiveness of the Reverse Stock Split. The number of shares of the Company’s authorized common stock was not affected by the Reverse Stock Split and the par value of the Company’s common stock remained unchanged at $0.0001 per share. No fractional shares were issued in connection with the Reverse Stock Split. Except where disclosed, all amounts related to number of shares and per share amounts have been retroactively restated in these financial statements.

0.0001