Adial Pharmaceuticals (ADIL) 10-Q14 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2023	Nov. 09, 2023
Document Information Line Items
Entity Registrant Name	ADIAL PHARMACEUTICALS, INC.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		1,217,981
Amendment Flag	false
Entity Central Index Key	0001513525
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38323
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3074668
Entity Address, Address Line One	1180 Seminole Trail
Entity Address, Address Line Two	Suite 495
Entity Address, City or Town	Charlottesville
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22901
City Area Code	(434)
Local Phone Number	422-9800
Entity Interactive Data Current	Yes
Common stock
Document Information Line Items
Trading Symbol	ADIL
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Warrants
Document Information Line Items
Trading Symbol	ADILW
Title of 12(b) Security	Warrants
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 315,880	$ 4,001,794
Purnovate sale payments receivable	350,000
Prepaid expenses and other current assets	469,606	349,441
Current assets of discontinued operations		428,700
Total Current Assets	1,135,486	4,779,935
Intangible assets, net	4,054	4,477
Equity method investment	1,727,897
Assets of discontinued operations		948,392
Total Assets	2,867,437	5,732,804
Current Liabilities:
Accounts payable	81,925	276,410
Accrued expenses	408,614	963,327
Accrued expenses, related party	30,000	175,000
Other current liabilities	7,640	10,387
Current liabilities of discontinued operations		365,742
Total Current Liabilities	528,179	1,790,866
Long-term Liabilities:
Deferred tax liability		1,690
Long-term liabilities of discontinued operations		663,754
Total Liabilities	528,179	2,456,310
Commitments and contingencies – see Note 10
Stockholders’ Equity
Preferred Stock, 5,000,000 shares authorized with a par value of $0.001 per share, 0 shares outstanding at September 30, 2023 and December 31, 2022
Common Stock, 50,000,000 shares authorized with a par value of $0.001 per share, 1,217,981 and 1,067,491 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	1,218	1,067
Additional paid in capital	69,215,579	66,949,958
Accumulated deficit	(66,877,539)	(63,674,531)
Total Stockholders’ Equity	2,339,258	3,276,494
Total Liabilities and Stockholders’ Equity	$ 2,867,437	$ 5,732,804

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common Stock, shares issued	1,217,981	1,067,491
Common Stock, shares outstanding	1,217,981	1,067,491

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Expenses:
Research and development expenses	$ 207,128	$ 696,073	$ 1,002,640	$ 1,418,467
General and administrative expenses	1,150,808	1,858,550	4,101,466	6,843,513
Total Operating Expenses	1,357,936	2,554,623	5,104,106	8,261,980
Loss From Operations	(1,357,936)	(2,554,623)	(5,104,106)	(8,261,980)
Other Income (Expense)
Interest income	10,236	3,472	58,554	15,517
Other income (expenses)			(51,901)
Total other income (expense)	10,236	3,472	6,653	15,517
Loss Before Provision For Income Taxes	(1,347,700)	(2,551,151)	(5,097,453)	(8,246,463)
Provision for income taxes
Loss from Continuing Operations	(1,347,700)	(2,551,151)	(5,097,453)	(8,246,463)
Income (loss) from discontinued operations, net of taxes, including gain on disposal of $2,624,798	(37,276)	(558,199)	1,894,445	(1,618,258)
Net Loss	$ (1,384,976)	$ (3,109,350)	$ (3,203,008)	$ (9,864,721)
Loss per share from continuing operations, basic (in Dollars per share)	$ (1.14)	$ (2.48)	$ (4.54)	$ (8.31)
Income (Loss) per share from discontinued operations, basic (in Dollars per share)	(0.03)	(0.54)	1.69	(1.63)
Net loss per share, basic (in Dollars per share)	$ (1.18)	$ (3.02)	$ (2.86)	$ (9.94)
Weighted average shares, basic (in Shares)	1,178,537	1,028,982	1,121,328	992,156

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Loss per share from continuing operations, diluted	$ (1.14)	$ (2.48)	$ (4.54)	$ (8.31)
Income (Loss) per share from discontinued operations, diluted	(0.03)	(0.54)	1.69	(1.63)
Net loss per share, diluted	$ (1.18)	$ (3.02)	$ (2.86)	$ (9.94)
Weighted average shares, diluted (in Shares)	1,178,537	1,028,982	1,121,328	992,156

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) - USD ($)	Common Stock	Additional Paid In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2021	$ 838	$ 54,450,088	$ (50,943,115)	$ 3,507,811
Balance (in Shares) at Dec. 31, 2021	837,868
Equity-based compensation – stock option expense		567,189		567,189
Equity-based compensation - vesting of stock issuances and stock issuances to consultants and employees	$ 18	416,405		416,423
Equity-based compensation - vesting of stock issuances and stock issuances to consultants and employees (in Shares)	18,000
Sale of common stock and warrants, net of transaction costs	$ 93	9,123,648		9,123,741
Sale of common stock and warrants, net of transaction costs (in Shares)	92,890
Net income (loss)			(2,907,839)	(2,907,839)
Balance at Mar. 31, 2022	$ 949	64,557,330	(53,850,954)	10,707,325
Balance (in Shares) at Mar. 31, 2022	948,758
Balance at Dec. 31, 2021	$ 838	54,450,088	(50,943,115)	3,507,811
Balance (in Shares) at Dec. 31, 2021	837,868
Net income (loss)				(9,864,721)
Balance at Sep. 30, 2022	$ 1,074	66,215,807	(60,807,836)	5,409,045
Balance (in Shares) at Sep. 30, 2022	1,074,158
Balance at Mar. 31, 2022	$ 949	64,557,330	(53,850,954)	10,707,325
Balance (in Shares) at Mar. 31, 2022	948,758
Equity-based compensation – stock option expense		625,816		625,816
Equity-based compensation - vesting of stock issuances and stock issuances to consultants and employees	$ 11	473,895		473,906
Equity-based compensation - vesting of stock issuances and stock issuances to consultants and employees (in Shares)	10,800
Warrant Exercise	$ 74	1,791		1,865
Warrant Exercise (in Shares)	74,600
Net income (loss)			(3,847,532)	(3,847,532)
Balance at Jun. 30, 2022	$ 1,034	65,658,832	(57,698,486)	7,961,380
Balance (in Shares) at Jun. 30, 2022	1,034,158
Equity-based compensation – stock option expense		477,868		477,868
Equity-based compensation - vesting of stock issuances and stock issuances to consultants and employees	$ 40	79,107		79,147
Equity-based compensation - vesting of stock issuances and stock issuances to consultants and employees (in Shares)	40,000
Net income (loss)			(3,109,350)	(3,109,350)
Balance at Sep. 30, 2022	$ 1,074	66,215,807	(60,807,836)	5,409,045
Balance (in Shares) at Sep. 30, 2022	1,074,158
Balance at Dec. 31, 2022	$ 1,067	66,949,958	(63,674,531)	$ 3,276,494
Balance (in Shares) at Dec. 31, 2022	1,067,491			1,067,491
Equity-based compensation – stock option expense		397,442		$ 397,442
Equity-based compensation - vesting of stock issuances and stock issuances to consultants and employees		62,135		62,135
Sale of common stock, net of transaction costs	$ 73	609,540		609,613
Sale of common stock, net of transaction costs (in Shares)	73,144
Net income (loss)			(2,905,836)	(2,905,836)
Balance at Mar. 31, 2023	$ 1,140	68,019,075	(66,580,367)	1,439,848
Balance (in Shares) at Mar. 31, 2023	1,140,635
Balance at Dec. 31, 2022	$ 1,067	66,949,958	(63,674,531)	$ 3,276,494
Balance (in Shares) at Dec. 31, 2022	1,067,491			1,067,491
Net income (loss)				$ (3,203,008)
Balance at Sep. 30, 2023	$ 1,218	69,215,579	(66,877,539)	$ 2,339,258
Balance (in Shares) at Sep. 30, 2023	1,217,981			1,217,981
Balance at Mar. 31, 2023	$ 1,140	68,019,075	(66,580,367)	$ 1,439,848
Balance (in Shares) at Mar. 31, 2023	1,140,635
Equity-based compensation – stock option expense		310,263		310,263
Equity-based compensation - vesting of stock issuances and stock issuances to consultants and employees	$ 49	427,268		427,317
Equity-based compensation - vesting of stock issuances and stock issuances to consultants and employees (in Shares)	48,580
Issuance of commitment shares	$ 8	51,893		51,901
Issuance of commitment shares (in Shares)	7,983
Warrant Exercise	$ 1	57		58
Warrant Exercise (in Shares)	432
Net income (loss)			1,087,804	1,087,804
Balance at Jun. 30, 2023	$ 1,198	68,808,556	(65,492,563)	3,317,191
Balance (in Shares) at Jun. 30, 2023	1,197,630
Equity-based compensation – stock option expense		293,665		293,665
Equity-based compensation - vesting of stock issuances and stock issuances to consultants and employees		49,526		49,526
Equity-based compensation – forfeiture of unvested stock issuances on employee termination		(74,817)		(74,817)
Sale of common stock, net of transaction costs	$ 21	140,309		140,330
Sale of common stock, net of transaction costs (in Shares)	20,550
Redemption of fractional shares	$ (1)	(1,660)		(1,661)
Redemption of fractional shares (in Shares)	(199)
Net income (loss)			(1,384,976)	(1,384,976)
Balance at Sep. 30, 2023	$ 1,218	$ 69,215,579	$ (66,877,539)	$ 2,339,258
Balance (in Shares) at Sep. 30, 2023	1,217,981			1,217,981

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Loss from operations	$ (5,097,453)	$ (8,246,463)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity-based compensation	1,465,531	2,640,349
Issuance of commitment shares	51,901
Amortization of intangible assets	423	423
Change in value of deferred tax liability	(1,690)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(120,165)	(114,738)
Prepaid research and development		9,931
Accrued expenses	(554,713)	(1,523,685)
Accrued expenses, related party	(145,000)	30,000
Accounts payable	(197,232)	14,749
Net cash used in continuing operating activities – continuing operations	(4,598,398)	(7,189,434)
Net cash used in discontinued operations	(985,856)	(2,245,680)
Net cash used in operating activities	(5,584,254)	(9,435,114)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase consideration received for sale of assets	1,150,000
Net cash provided by investing activities – continuing operations	1,150,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from sale of common stock	749,943	9,123,741
Proceeds from warrant exercise	58	1,865
Redemption of fractional shares	(1,661)
Net cash provided by financing activities – continuing operations	748,340	9,125,606
NET DECREASE IN CASH AND CASH EQUIVALENTS	(3,685,914)	(309,508)
CASH AND CASH EQUIVALENTS-BEGINNING OF PERIOD	4,001,794	6,062,173
CASH AND CASH EQUIVALENTS-END OF PERIOD	315,880	5,752,665
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid
Income taxes paid
Equity consideration received for sale of Purnovate	1,727,897
Reimbursement receivable in connection with sale of Purnovate	$ 737,276

Description of Business

Description of Business	9 Months Ended
Description of Business	Sep. 30, 2023
Description of Business [Abstract]
DESCRIPTION OF BUSINESS	1 — DESCRIPTION OF BUSINESS Adial Pharmaceuticals, Inc. (“Adial”) was converted from a limited liability company formed on November 23, 2010 under the name Adial Pharmaceuticals, LLC in the Commonwealth of Virginia to a corporation and reincorporated in Delaware on October 1, 2017. Adial is presently engaged in the development of medications for the treatment or prevention of addictions and related disorders. Adial’s wholly owned subsidiary, Purnovate, Inc. (“Purnovate”), was acquired on January 26, 2021, having been formed as Purnovate, LLC in December of 2019. Purnovate was a drug development company with a platform focused on developing drug candidates for non-opioid pain reduction and other diseases and disorders potentially targeted with adenosine analogs that are selective, potent, stable, and soluble. On May 8, 2023, Adovate, LLC (“Adovate”), a Virginia limited liability company and related party sent a letter to the Company exercising its option effective May 16, 2023 for the purchase of the assets and business of the Company’s wholly owned subsidiary, Purnovate, Inc. and made payment of the $450,000 in fees due on exercise. Effective June 30, 2023, Adovate issued to the Company the equity stake in Adovate due on exercise of the option agreement. On August 17, 2023, a Bill of Sale, Assignment and Assumption Agreement (“Bill of Sale”) was executed between Purnovate and Adovate, transferring the Purnovate assets to Adovate, effective as of June 30, 2023. On August 17, 2023, Purnovate and Adovate also entered into a Letter Agreement which stated that Adovate acquired the assets of Purnovate effective as of June 30, 2023, pursuant to the Bill of Sale. On September 18, 2023, the parties executed a final acquisition agreement which memorialized the terms of the sale of the Purnovate assets to Adovate pursuant to the Option Agreement and Bill of Sale. See Note 4 for additional information. In July of 2022, the Company released data from its ONWARD™ Phase 3 pivotal trial of its lead compound AD04 (“AD04”) for the treatment of Alcohol Use Disorder. Both the U.S. Food and Drug Administration (“FDA”) and the European Medicines Authority (“EMA”) have indicated they will accept heavy-drinking-based endpoints as a basis for approval for the treatment of Alcohol Use Disorder rather than the previously required abstinence-based endpoints. The Company has held meetings with the FDA and national medicines authorities in Europe to determine the path toward approval of AD04. Key patents have been issued in the United States, the European Union, and other jurisdictions for which the Company has exclusive license rights. The active ingredient in AD04 is ondansetron, a serotonin-3 antagonist. Due to its mechanism of action, AD04 has the potential to be used for the treatment of other addictive disorders, such as Opioid Use Disorder, obesity, smoking, and other drug addictions.

Going Concern and Other Uncerta

Going Concern and Other Uncertainties	9 Months Ended
Going Concern and Other Uncertainties	Sep. 30, 2023
Going Concern and Other Uncertainties [Abstract]
GOING CONCERN AND OTHER UNCERTAINTIES	2 — GOING CONCERN AND OTHER UNCERTAINTIES These unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern. The Company is in a development stage and has incurred losses each year since inception and has experienced negative cash flows from operations in each year since inception. Based on the current development plans for AD04 in both the U.S. and international markets and other operating requirements, the Company does not believe that the existing cash and cash equivalents are sufficient to fund operations for the next twelve months following the filing of these consolidated financial statements. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company has held meetings with the FDA and various European national authorities to discuss, based on the announced results of its ONWARD Phase 3 trial, the appropriate next steps towards the expeditious development of AD04 and to seek product approval. In January 2023, the Company entered into a 120 day exclusive option agreement for the sale of the Purnovate assets and related liabilities. Effective May 16, 2023, this option was exercised for a fee of $450,000. On June 30, 2023 and September 20, 2023, payments of $350,000 for the reimbursement of previously incurred Purnovate project costs were paid to the Company by the buyer of Purnovate, with a final reimbursement payment of $350,000 due by December 2, 2023. On October 19, 2023, the Company closed on a sale of pre-funded and other warrants for net proceeds of approximately $3.5 million. There is no certainty that the Company will be able to access additional capital on acceptable terms, if at all. If unable to access sufficient capital, the Company would be required to delay, scale back or eliminate some or all of its research and development programs or delay its approach to regulators concerning AD04, which would likely have a material adverse effect on the Company and its financial statements. The Company’s continued operations will depend on its ability to raise additional capital through various sources, such as equity and/or debt financings, grant funding, strategic relationships, or out-licensing in order to complete its subsequent clinical trial requirements for AD04. Management is actively pursuing financing and other strategic plans but can provide no assurances that such financing or other strategic plans will be available on acceptable terms, or at all. Without additional funding, the Company would be required to delay, scale back or eliminate some or all of its research and development programs, which would likely have a material adverse effect on the Company and its financial statements. Other Uncertainties Generally, the industry in which the Company operates subjects the Company to a number of other risks and uncertainties that can affect its operating results and financial condition. Such factors include, but are not limited to: the timing, costs and results of clinical trials and other development activities versus expectations; the ability to obtain regulatory approval to market product candidates; the ability to manufacture products successfully; competition from products sold or being developed by other companies; the price of, and demand for, Company products once approved; the ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products. With the results of the ONWARD trial having been released and regulatory approaches underway, the risk of delays to the Company’s development programs from COVID-19 are reduced. However, the ongoing effects of the ongoing coronavirus pandemic, such as supply chain disruptions and post-stimulus inflation, may increase non-trial costs such as insurance premiums, increase the demand for and cost of capital, increase loss of work time from key personnel, and negatively impact the Company’s other key vendors and suppliers.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 — BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principals of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with GAAP as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these unaudited interim condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results of operations for the periods presented. The interim operating results are not necessarily indicative of results that may be expected for any subsequent period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2022, included in the 2022 Form 10-K, as recast in our Current Report on Form 8-K filed with the Securities and Exchange Commission on September 27, 2023. The unaudited condensed consolidated financial statements represent the consolidation of the Company and its subsidiary in conformity with GAAP. All intercompany transactions have been eliminated in consolidation. Reverse Stock Split On August 4, 2023, the Company effected a reverse stock split of its outstanding shares of common stock, trading on Nasdaq under the symbol ADIL, at a ratio of 1-for-25. As a result of the reverse split, the Company had 1,197,630 shares of common stock outstanding immediately after effecting the reverse split. The shares authorized for issue under the Company’s Certificate of Incorporation remained 50,000,000 common stock. All references to common stock, stock warrants to purchase common stock, stock options to purchase common stock, share data, per share data and related information contained in these condensed consolidated financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the valuation of the equity method investment and the valuation of stock-based compensation. Basic and Diluted Loss per Share Basic and diluted loss per share are computed based on the weighted-average outstanding shares of common stock, which are all voting shares. Diluted net loss per share is computed giving effect to all proportional shares of common stock, including stock options and warrants to the extent dilutive. Basic and diluted net income and loss per share for the three and nine months ended September 30, 2023 and 2022, were consistent, as the inclusion of all potential common shares outstanding would have an anti-dilutive effect Loss per share from continuing operations for all periods presented. The total potentially dilutive common shares that were excluded for the three and nine month periods ended September 30, 2023 and 2022 were as follows: Potentially Dilutive 2023 2022 Warrants to purchase common shares 329,022 483,834 Common Shares issuable on exercise of options 204,059 172,679 Unvested restricted stock awards 26,667 47,777 Total potentially dilutive Common Shares excluded 559,748 704,290 Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. At times, the Company’s cash balances may exceed the current insured amounts under the Federal Deposit Insurance Corporation. At September 30, 2023, the Company did not exceed FDIC insurance and held approximately $141,000 in non-FDIC insured cash equivalent accounts. Included in cash equivalents are money market investments with maturity dates less than ninety days when purchased and are carried at fair value. Unrealized gain or loss are included in the interest income and are immaterial to the financial statements. At December 31, 2022, the Company did not exceed FDIC insurance limits but held approximately $3.8 million in non-FDIC insured cash equivalent investments. Equity Method Investments The Company utilizes the equity method to account for investments when it possesses the ability to exercise significant influence, but not control, over the operating and financial decisions of the investee. Equity method investments are measured at cost minus impairment, if any, plus or minus the Company’s proportionate share of the equity method investee’s income or loss. The proportionate share of the income or loss from equity method investments is recognized on a lag. Currently the Company is not obligated to make additional capital contributions for its equity method investments, and therefore only records losses up to the amount of its total investment, inclusive of other investments in and loans to the investee, which are not accounted for as equity method investments. Fair Value Measurements FASB ASC 820, Fair Value Measurement, (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The methodology establishes consistency and comparability by providing a fair value hierarchy that prioritizes the inputs to valuation techniques into three broad levels, which are described below: ● Level 1 inputs are quoted market prices in active markets for identical assets or liabilities (these are observable market inputs). ● Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability (includes quoted market prices for similar assets or identical or similar assets in markets in which there are few transactions, prices that are not current or prices that vary substantially). ● Level 3 inputs are unobservable inputs that reflect the entity’s own assumptions in pricing the asset or liability (used when little or no market data is available). The fair value of cash and cash equivalents and accounts payable approximate their carrying value due to their short-term maturities. Financial instruments not recorded at fair value on a recurring basis include an equity method investment that has not been remeasured or impaired in the current period. Recent Accounting Pronouncements The FASB has recently issued various updates, most of which represented technical corrections to the accounting literature or application to specific industries. Management does not expect these updates to have a material impact on the Company’s financial position, results of operations or cash flows.

Sale of Purnovate

Sale of Purnovate	9 Months Ended
Sale of Purnovate	Sep. 30, 2023
Sale of Purnovate [Abstract]
SALE OF PURNOVATE	4 — SALE OF PURNOVATE On May 8, 2023, Adovate sent a letter to the Company exercising its option effective May 16, 2023 for the purchase of the assets and business of the Company’s wholly owned subsidiary, Purnovate, Inc. and made payment of the $450,000 in fees due on exercise. Effective June 30, 2023, Adovate issued to the Company the equity stake in Adovate due on exercise of the option agreement. On August 17, 2023, a Bill of Sale, Assignment and Assumption Agreement (“Bill of Sale”) was executed between Purnovate and Adovate, transferring the Purnovate assets to Adovate, effective as of June 30, 2023. On August 17, 2023, Purnovate and Adovate also entered into a Letter Agreement which stated that Adovate acquired the assets of Purnovate effective as of June 30, 2023, pursuant to the Bill of Sale. On September 18, 2023, the parties executed a final acquisition agreement which memorialized the terms of the sale of the Purnovate assets to Adovate pursuant to the Option Agreement and Bill of Sale. The CEO, founder, and a major equity holder of Adovate is a former director and the former CEO of the Company. Under the terms of the option agreement, on option exercise Adovate became liable for reimbursement of all Purnovate operating expenses incurred and paid after December 1, 2022, such reimbursement to be paid within thirty days of execution of the final acquisition agreement with the Company holding a security interest in the assets of Adovate until the expense reimbursement is paid in full. On June 30, 2023 and September 20, 2023, payments of $350,000 for the reimbursement of previously incurred Purnovate project costs were paid to the Company by the buyer of Purnovate, with a final reimbursement payment of $350,000 due by December 2, 2023, under the terms of the final asset purchase agreement. On June 30, 2023, Adovate issued to the Company a 19.9% equity stake in Adovate as part of consideration owed, which the Company valued at $1,727,897 (see Note 6). Consideration paid by Adovate also included contingent payments based on the occurrence of certain milestone events and a contingent royalty on future sales. No value has been imputed to these contingent payments on the Company’s balance sheet, since it is at present less likely than not that such payments will ever be made. On execution of the final asset purchase agreement, the Company recognized a charge of $37,276 on adjustment of the final expense reimbursement due from its previous estimate, which was recognized as an expense of discontinued operations. Total consideration paid or receivable is $3,227,897. The gain on the sale of Purnovate has been classified as income from discontinued operation. The assets, liabilities, and results of operations of Purnovate, Inc. have been classified as discontinued for purposes of these financial statements and have been retroactively reclassified for past periods. The table below summarizes the sale: Consideration: Cash, including upfronts exercise payments and expense reimbursements prepaid $ 800,000 Fair value of shares received 1,727,897 Expense reimbursements receivable 700,000 Total consideration 3,227,897 Assets sold: Fixed assets, net of depreciation 48,492 In process R&D 455,000 Goodwill 248,971 Operating lease right-of-use asset 180,229 Deposits and prepaid expenses on assumed contracts 428,700 Total assets sold 1,361,392 Liabilities transferred: Contingent liability 506,000 Lease liability 193,796 Payables and accrued liabilities 58,497 Liabilities transferred 758,293 Net assets sold 603,099 Gain on sale 2,624,798

Discontinued Operations

Discontinued Operations	9 Months Ended
Discontinued Operations	Sep. 30, 2023
Discontinued Operations [Abstract]
DISCONTINUED OPERATIONS	5 — DISCONTINUED OPERATIONS The business of the Company’s wholly owned subsidiary, Purnovate, Inc., was sold during the nine months ended September 30, 2023 (see Note 4). As a result, all the assets and liabilities and the operating results of Purnovate, Inc. have been classified as discontinued operations. Assets and liabilities included within discontinued operations on the Company’s Condensed Consolidated Balance Sheets at September 30, 2023 and December 31, 2022 are as follows; September 30, December 31, ASSETS Current Assets: Cash and cash equivalents $ — $ — Prepaid research and development — 428,700 Total Current Assets — 428,700 Fixed Assets, net — 50,424 Acquired in-process research and development — 455,000 Right-to-use Asset — 193,997 Goodwill — 248,971 Total Assets $ — $ 1,377,092 LIABILITIES Current Liabilities: Accounts payable $ — $ 117,424 Accrued expenses — 191,490 Lease liability, current — 56,828 Total Current Liabilities — 365,742 Long-term Liabilities: Contingent liabilities — 492,000 Lease liability, non-current — 150,547 Deferred tax liability — 21,207 Total Liabilities $ — $ 1,029,496 Income (loss) from discontinued operations, net of tax for the three and nine month periods ended September 30, 2023 and 2022 are as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Operating Expenses: Research and development expenses $ — $ 547,483 $ 260,748 $ 1,621,557 General and administrative expenses — 85,587 455,431 193,572 Total Operating Expenses — 633,070 716,179 1,815,129 Loss From Operations — (633,070 ) (716,179 ) (1,815,129 ) Other Income (Expense) Interest income (expense) — (129 ) (174 ) (129 ) Change in value of contingent liability — 75,000 (14,000 ) 197,000 Gain (loss) on sale (37,276 ) — 2,624,798 — Total other income (expense) (37,276 ) 74,871 2,610,624 196,871 Income (loss) before provision for income taxes (37,276 ) (558,199 ) 1,894,445 (1,618,258 ) Provision for income taxes — — — — Gain (loss) from discontinued operations, net of tax $ (37,276 ) $ (558,199 ) $ 1,894,445 $ (1,618,258 )

Equity Method Investments

Equity Method Investments	9 Months Ended
Equity Method Investments	Sep. 30, 2023
Equity Method Investments [Abstract]
EQUITY METHOD INVESTMENTS	6 — EQUITY METHOD INVESTMENTS On June 30, 2023, Adovate issued to the Company a 19.9% equity stake in Adovate as part of consideration owed upon the exercise of Adovate’s option to purchase the business and assets of the Company’s wholly owned subsidiary, Purnovate, Inc. (See Note 4.) Under the terms of the final asset purchase agreement, Adovate is obligated to protect the Company against dilution by issuing additional equity to the Company in Adovate as Adovate equity is sold to maintain the Company’s 15% equity stake until such time as Adovate has raised $4 million through equity sales. The Company determined the fair value of this equity to be $1,727,897 at time of issue, based on the price of cash sales by Adovate of the same class of equity to third parties around the same time as the date of issue. In accordance with ASC 810, the Company determined that Adovate does not qualify as a variable interest entity, nor does the Company have a controlling financial interest in Adovate. The Company has influence over, but does not control, Adovate through its equity interest in Adovate. The Company has determined that the equity it owns is in-substance common stock. The Company is not the primary beneficiary as it does not have the power to direct the activities of Adovate that most significantly impact Adovate’s economic performance. Accordingly, the Company does not consolidate the financial statements of Adovate with those of the Company. The Company recorded the initial investment in Adovate of $1,727,897 in “Equity method investments” on its unaudited condensed consolidated balance sheet. Due to the timing and availability of Adovate’s financial information, the Company is recording its proportionate share of losses from Adovate on a one quarter lag basis. In the three months ended June 30, 2023, Adovate recognized no operating revenue, $222,656 in operating expenses, and a net loss of $219,798. The Company’s share of Adovate’s operating loss was minimal, the Company having owned its equity in Adovate for one day of the three month period. Activity recorded for the Company’s equity method investment in Adovate in the nine months ended September 30, 2023 is summarized in the following table: Equity investment carrying amount at January 1, 2023 $ — Fair value of equity method investment at issue 1,727,897 Portion of operating losses recognized — Equity investment carrying amount at September 30, 2023 $ 1,727,897 At September 30, 2023, the Company’s maximum exposure to loss is limited to the Company’s equity investment in Adovate and its reimbursement receivable of $350,000.

Accrued Expenses

Accrued Expenses	9 Months Ended
Accrued Expenses	Sep. 30, 2023
Accrued Expenses [Abstract]
ACCRUED EXPENSES	7 — ACCRUED EXPENSES Accrued expenses consist of the following: September 30, December 31, Clinical research organization services and expenses $ — $ 123,386 Employee compensation 354,107 761,509 Legal and consulting services 48,691 72,616 Pre-clinical and manufacturing expenses 5,816 5,816 Total accrued expenses $ 408,614 $ 963,327

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	8 — RELATED PARTY TRANSACTIONS In January 2011, the Company entered into an exclusive, worldwide license agreement with The University of Virginia Patent Foundation d/b/a the University of Virginia Licensing and Ventures Group (the “UVA LVG”) for rights to make, use or sell licensed products in the United States based upon patents and patent applications made and held by UVA LVG (the “UVA LVG License”). The Company is required to pay compensation to the UVA LVG, as described Note 10. A certain percentage of these payments by the Company to the UVA LVG may then be distributed to the Company’s former Chairman of the Board who currently serves as the Company’s Chief Medical Officer in his capacity as inventor of the patents by the UVA LVG in accordance with their policies at the time. See Note 10 for related party vendor, consulting, lease, and option agreements.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2023
Shareholders' Equity [Abstract]
SHAREHOLDERS’ EQUITY	9 — SHAREHOLDERS’ EQUITY Standby Equity Purchase Agreement On May 31, 2023, the Company entered into an Equity Purchase Agreement with Alumni Capital, LLC (“Alumni”). This agreement constituted a standby equity purchase agreement (a “SEPA”). Pursuant to the SEPA, the Company has the right, but not the obligation, to sell to Alumni up to $3,000,000 of newly issued shares, subject to increase to $10,000,000 at the option of the Company, at the Company’s request at any time during the commitment period, which commenced on May 31, 2023 and will end on the earlier of (i) December 31, 2024, or (ii) the date on which Alumni shall have made payment of advances requested by the Company totaling up to the commitment amount of $3,000,000. Each sale the Company requests under the SEPA (a “Purchase Notice”) may be for a number of shares of common stock with an aggregate value of up to $500,000, and up to $2,000,000 provided certain conditions concerning the average daily trading value are met. The SEPA provides for shares to be sold to Alumni at 95% of the lowest daily volume weighted average price during the three days after a Purchase Notice is issued to Alumni. The Company determined that the SEPA contains put option elements and forward share issuance elements that fail to meet equity classification under ASC 815-40, Contracts in an Entity’s Own Equity Upon the Company’s entry into and subject to the terms and conditions set forth in the SEPA, 7,983 shares of common stock were issued to Alumni as consideration for its irrevocable commitment to purchase shares of common stock, pursuant to the SEPA, as shown in the consolidated statement of shareholders’ equity. The fair value of these shares of $51,901 was recorded under other expenses. On August 3, 2023, 20,550 shares of common stock were sold under the terms of the SEPA for cash proceeds $140,328. Common Stock Issuances On February 23, 2023, the Company entered into a securities purchase agreement (the “2023 Purchase Agreement”) with an accredited institutional investor (the “Investor”) providing for the issuance of 73,144 shares of the Company’s common stock. Pursuant to the 2023 Purchase Agreement, the Investor purchased the shares of the Company’s common stock for an aggregate purchase price of $750,000 with net proceeds of $609,613, after placement agent fees and expenses. Pursuant to the Purchase Agreement, an aggregate of 73,144 shares were issued to the Investor. The Company issued to the Placement Agent a warrant (the “Placement Agent Warrants”) to purchase up to an aggregate of 7,317 shares of common stock, representing 10% of the aggregate number of shares of Common Stock sold pursuant to the Purchase Agreement. The Placement Agent Warrants have an exercise price equal to $10.25 and are exercisable two months after the closing date and expire five years after the date of issuance. The total estimated fair value of the Placement agent warrant was $58,540. 2017 Equity Incentive Plan On October 9, 2017, the Company adopted the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Plan (the “2017 Equity Incentive Plan”); which became effective on July 31, 2018. On November 2, 2023, at the Company’s annual meeting of shareholders the Company’s shareholders approved an increase in the number of awards available for grant to 500,000 shares of common stock. At September 30, 2023, the Company had issued 138,531 shares and had outstanding 203,312 options to purchase shares of our common stock under the 2017 Equity Incentive Plan, as well as 5,587 options to purchase shares of common stock that were issued before the 2017 Equity Incentive Plan was adopted, leaving 38,157 available for issue at September 30, 2023 and 158,157 at the date of these financial statements. Stock Options The following table provides the stock option activity for the nine months ended September 30, 2023: Total Weighted Weighted Weighted Outstanding December 31, 2022 172,676 7.21 $ 62.00 $ 47.75 Issued 39,800 7.50 6.00 Cancelled (8,420 ) 28.09 22.96 Outstanding September 30, 2023 204,059 7.21 $ 53.12 $ 40.96 Outstanding September 30, 2023, vested and exercisable 157,243 6.37 $ 61.41 $ 46.99 At September 30, 2023, the intrinsic value total of the outstanding options was zero dollars. During the nine months ended September 30, 2023, 39,800 options to purchase shares of common stock were granted with a total value of $243,157. As of September 30, 2023, $921,356 in unrecognized compensation expense will be recognized over a weighted average remaining service period of 2.00 years. The components of stock-based compensation expense included in the Company’s Statements of Operations for the three and nine months ended September 30, 2023 and 2022 are as follows: Three months ended Nine months ended 2023 2022 2023 2022 Research and development options expense 24,997 51,799 114,546 180,627 Total research and development expenses 24,997 51,799 114,546 180,627 General and administrative options expense 268,668 426,069 886,824 1,490,246 Stock and warrants issued to consultants and employees 49,526 79,147 538,978 969,476 Cancellation of unvested stock grants to terminated employees (74,817 ) — (74,817 ) — Total general and administrative expenses 243,377 505,216 1,350,985 2,459,722 Total stock-based compensation expense $ 268,374 $ 557,015 $ 1,465,531 $ 2,640,349 Stock Warrants The following table provides the activity in warrants for the respective periods. Total Weighted Weighted Average Outstanding December 31, 2022 486,726 3.04 $ 100.75 $ 0.25 Issued 7,317 5.00 10.25 0.00 Exercised (433 ) 0.13 0.23 Outstanding September 30, 2023 493,610 2.31 $ 99.5 $ 0.00

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	10 — COMMITMENTS AND CONTINGENCIES License with University of Virginia Patent Foundation – Related Party In January 2011, the Company entered into an exclusive, worldwide license agreement with the University of Virginia Patent Foundation, dba UVA Licensing and Ventures Group (“UVA LVG”) for rights to make, use or sell licensed products in the United States based upon the ten separate patents and patent applications made and held by UVA LVG. As consideration for the rights granted in the UVA LVG License, the Company is obligated to pay UVA LVG yearly license fees and milestone payments, as well as a royalty based on net sales of products covered by the patent-related rights. More specifically, the Company paid UVA LVG a license issue fee and is obligated to pay UVA LVG (i) annual minimum royalties of $40,000 commencing in 2017; (ii) a $20,000 milestone payments upon dosing the first patient under a Phase 3 human clinical trial of a licensed product, $155,000 upon the earlier of the completion of a Phase 3 trial of a licensed product, partnering of a licensed product, or sale of the Company, $275,000 upon acceptance of an NDA by the FDA, and $1,000,000 upon approval for sale of AD04 in the U.S., Europe or Japan; as well as (iii) royalties equal to a 2% and 1% of net sales of licensed products in countries in which a valid patent exists or does not exist, respectively, with royalties paid quarterly. In the event of a sublicense to a third party, the Company is obligated to pay royalties to UVA LVG equal to a percentage of what the Company would have been required to pay to UVA LVG had it sold the products under sublicense itself. In addition, the Company is required to pay to UVA LVG 15% of any sublicensing income. A certain percentage of these payments by the Company to the UVA LVG may then be distributed to the Company’s former Chairman of the Board who currently serves as the Company’s Chief Medical Officer in his capacity as inventor of the patents by the UVA LVG in accordance with their policies at the time. The license agreement may be terminated by UVA LVG upon sixty (60) days written notice if the Company breaches its obligations thereunder, including failing to make any milestone, failure to make required payments, or the failure to exercise diligence to bring licensed products to market. In the event of a termination, the Company will be obligated to pay all amounts that accrued prior to such termination. The Company is required to use commercially reasonable efforts to achieve the goals of submitting a New Drug Application to the FDA for a licensed product by December 31, 2024 and commencing commercialization of an FDA approved product by December 31, 2025. If the Company were to fail to use commercially reasonable effort and fail to meet either goal, the licensor would have the right to terminate the license. The term of the license continues until the expiration, abandonment or invalidation of all licensed patents and patent applications, and following any such expiration, abandonment or invalidation will continue in perpetuity on a royalty-free, fully paid basis. During both the nine months ended September 30, 2023 and 2022, the Company recognized $30,000 minimum license royalty expenses under this agreement, both of which were in accrued expenses as of September 30, 2023 and 2022, respectively. Clinical Research Organization (CRO) On October 31, 2018, the Company entered into a master services agreement (“MSA”) with Crown CRO Oy (“Crown”) for contract clinical research and consulting services. The MSA has a term of five years, automatically renewed for two-year periods, unless either party gives written notice of a decision not to renew the agreement six months prior to automatic renewal. The MSA or a service agreement under it may be terminated by the Company, without penalty, on fourteen days written notice for scientific, administrative, or financial reasons, or if the purpose of the study becomes obsolete. In the event that the MSA or Service Order are terminated, Crown’s actual costs up the date of termination will be payable by the Company, but any unrealized milestones would not be owed. During the nine months ended September 30, 2023, the Company acknowledged and paid the final milestone of $143,685 occurring with database transfer and recognized $20,299 in previously unaccrued expense associated with the Service Agreement 1, classified as a R&D expense. At September 30, 2023, all milestones associated with Service Agreement 1 had been paid, and no further material CRO fee expenses associated with this agreement were expected. Service Agreement 1 also estimated approximately $2.1 million (€2.2 million) in pass-through costs, mostly fees to clinical investigators and sites, which were billed as incurred and the total contingent upon individual site rate and enrollment rates. With clinical enrollment having ended, the Company has recorded approximately $3.5 million in site fees over the entire conduct of the trial and does not expect to record material additional site expenses. Consulting Agreements – Related Party On March 24, 2019, the Company entered into a consulting agreement (the “Consulting Agreement”) with Dr. Bankole A. Johnson, who at the time of the agreement was serving as the Chairman of the Board of Directors, for his service as Chief Medical Officer of the Company. The Consulting Agreement had an initial term of three years, which was extended in March 2022 for an additional three years, subject to earlier termination by either party with a 30 day notice, or by the Company for cause. Dr. Johnson resigned as Chairman of the Board of Directors at the time of execution of the consulting agreement. Under the terms of the Consulting Agreement, Dr. Johnson’s annual fee of $375,000 per year is paid twice per month. On September 8, 2022, Dr. Johnson’s consulting agreement was amended to increase his annual compensation to $430,000 annually and to pay him a series of bonuses in cash and shares on the occurrence of certain milestones. The Company recognized $108,750 and $326,250 in compensation expense in the three and nine months ended September 30, 2023, respectively, and recognized $103,750 and $291,250 in compensation expense in the three and nine months ended September 30, 2022, respectively, as a result of this agreement. Consulting Agreement – Related Party On October 24, 2022, the Company entered into a Master Services Agreement (the “MSA”) with Abuwala & Company, LLC, dba as Orbytel, for provision of strategic consulting services. Orbytel made it known that it intended to utilize the services of the Keswick Group, LLC as a subcontractor in the provision of these services. Tony Goodman, a director of the Company, is the founder and principal of Keswick Group, LLC, therefore Orbytel was considered a related party. Statement of work #1 (“SOW #1”), executed with the MSA, committed the Company to $209,250 in payments. During the nine months ended September 30, 2023, the Company recognized the remaining $57,750 in expenses under SOW #1. Consulting Agreement – Related Party On March 15, 2023, the Company entered into a Master Services Agreement (the “MSA”) with the Keswick Group, LLC for provision of consulting services. Tony Goodman, a director, is the founder and principal of Keswick Group. Under the terms of this agreement, the Keswick Group is to be paid $22,000 per month for its services for a period of one year from execution of the MSA. In addition, should the Company execute a material partnering agreement on or before December 15, 2023, Keswick Group will be granted 4,000 shares of common stock. During the nine months ended September 30, 2023, the Company recognized $143,100 in expenses associated with this agreement. Other Consulting and Vendor Agreements The Company has entered into a number of agreements and work orders for future consulting, clinical trial support, and testing services, with terms ranging between 12 and 36 months. These agreements, in aggregate, commit the Company to approximately $302 thousand in future cash. Litigation The Company is subject, from time to time, to claims by third parties under various legal disputes. The defense of such claims, or any adverse outcome relating to any such claims, could have a material adverse effect on the Company’s liquidity, financial condition, and cash flows. As of September 30, 2023, the Company did not have any pending legal actions.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	11 — SUBSEQUENT EVENTS Securities Purchase Agreement On October 19, 2023, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with an institutional investor (the “Purchaser”) for the issuance and sale in a private placement (the “Private Placement”) of (i) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 1,418,440 shares of the Company’s common stock, par value $0.001 (the “Common Stock”), at an exercise price of $0.001 per share, (ii) series A warrants (the “Series A Warrants”) to purchase up to 1,418,440 shares of the Company’s Common Stock at an exercise price of $2.82 per share, and (iii) series B warrants (the “Series B Warrants” and together with the Series A Warrants, the “Warrants”) to purchase up to 1,418,440 shares of the Company’s Common Stock at an exercise price of $2.82 per share. The combined purchase price for one Pre-Funded Warrant and the accompanying Warrants was $2.819, for gross proceeds of $3,998,582, which was recognized as additional paid-in capital. The net proceeds to the Company from the Private Placement are expected to be approximately $3.5 million, after deducting placement agent fees and expenses and estimated offering expenses payable by the Company.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
Accounting Policies, by Policy (Policies)	Sep. 30, 2023
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Basis of Presentation and Principals of Consolidation	Basis of Presentation and Principals of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with GAAP as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these unaudited interim condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results of operations for the periods presented. The interim operating results are not necessarily indicative of results that may be expected for any subsequent period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2022, included in the 2022 Form 10-K, as recast in our Current Report on Form 8-K filed with the Securities and Exchange Commission on September 27, 2023. The unaudited condensed consolidated financial statements represent the consolidation of the Company and its subsidiary in conformity with GAAP. All intercompany transactions have been eliminated in consolidation.
Reverse Stock Split	Reverse Stock Split On August 4, 2023, the Company effected a reverse stock split of its outstanding shares of common stock, trading on Nasdaq under the symbol ADIL, at a ratio of 1-for-25. As a result of the reverse split, the Company had 1,197,630 shares of common stock outstanding immediately after effecting the reverse split. The shares authorized for issue under the Company’s Certificate of Incorporation remained 50,000,000 common stock. All references to common stock, stock warrants to purchase common stock, stock options to purchase common stock, share data, per share data and related information contained in these condensed consolidated financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the valuation of the equity method investment and the valuation of stock-based compensation.
Basic and Diluted Loss per Share	Basic and Diluted Loss per Share Basic and diluted loss per share are computed based on the weighted-average outstanding shares of common stock, which are all voting shares. Diluted net loss per share is computed giving effect to all proportional shares of common stock, including stock options and warrants to the extent dilutive. Basic and diluted net income and loss per share for the three and nine months ended September 30, 2023 and 2022, were consistent, as the inclusion of all potential common shares outstanding would have an anti-dilutive effect Loss per share from continuing operations for all periods presented. The total potentially dilutive common shares that were excluded for the three and nine month periods ended September 30, 2023 and 2022 were as follows: Potentially Dilutive 2023 2022 Warrants to purchase common shares 329,022 483,834 Common Shares issuable on exercise of options 204,059 172,679 Unvested restricted stock awards 26,667 47,777 Total potentially dilutive Common Shares excluded 559,748 704,290
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. At times, the Company’s cash balances may exceed the current insured amounts under the Federal Deposit Insurance Corporation. At September 30, 2023, the Company did not exceed FDIC insurance and held approximately $141,000 in non-FDIC insured cash equivalent accounts. Included in cash equivalents are money market investments with maturity dates less than ninety days when purchased and are carried at fair value. Unrealized gain or loss are included in the interest income and are immaterial to the financial statements. At December 31, 2022, the Company did not exceed FDIC insurance limits but held approximately $3.8 million in non-FDIC insured cash equivalent investments.
Equity Method Investments	Equity Method Investments The Company utilizes the equity method to account for investments when it possesses the ability to exercise significant influence, but not control, over the operating and financial decisions of the investee. Equity method investments are measured at cost minus impairment, if any, plus or minus the Company’s proportionate share of the equity method investee’s income or loss. The proportionate share of the income or loss from equity method investments is recognized on a lag. Currently the Company is not obligated to make additional capital contributions for its equity method investments, and therefore only records losses up to the amount of its total investment, inclusive of other investments in and loans to the investee, which are not accounted for as equity method investments.
Fair Value Measurements	Fair Value Measurements FASB ASC 820, Fair Value Measurement, (“ASC 820”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The methodology establishes consistency and comparability by providing a fair value hierarchy that prioritizes the inputs to valuation techniques into three broad levels, which are described below: ● Level 1 inputs are quoted market prices in active markets for identical assets or liabilities (these are observable market inputs). ● Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability (includes quoted market prices for similar assets or identical or similar assets in markets in which there are few transactions, prices that are not current or prices that vary substantially). ● Level 3 inputs are unobservable inputs that reflect the entity’s own assumptions in pricing the asset or liability (used when little or no market data is available). The fair value of cash and cash equivalents and accounts payable approximate their carrying value due to their short-term maturities. Financial instruments not recorded at fair value on a recurring basis include an equity method investment that has not been remeasured or impaired in the current period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The FASB has recently issued various updates, most of which represented technical corrections to the accounting literature or application to specific industries. Management does not expect these updates to have a material impact on the Company’s financial position, results of operations or cash flows.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Schedule of Potentially Dilutive Common Shares	The total potentially dilutive common shares that were excluded for the three and nine month periods ended September 30, 2023 and 2022 were as follows: Potentially Dilutive 2023 2022 Warrants to purchase common shares 329,022 483,834 Common Shares issuable on exercise of options 204,059 172,679 Unvested restricted stock awards 26,667 47,777 Total potentially dilutive Common Shares excluded 559,748 704,290

Sale of Purnovate (Tables)

Sale of Purnovate (Tables)	9 Months Ended
Sale of Purnovate (Tables)	Sep. 30, 2023
Sale of Purnovate [Abstract]
Schedule of Additional Paid in Capital	The table below summarizes the sale: Consideration: Cash, including upfronts exercise payments and expense reimbursements prepaid $ 800,000 Fair value of shares received 1,727,897 Expense reimbursements receivable 700,000 Total consideration 3,227,897 Assets sold: Fixed assets, net of depreciation 48,492 In process R&D 455,000 Goodwill 248,971 Operating lease right-of-use asset 180,229 Deposits and prepaid expenses on assumed contracts 428,700 Total assets sold 1,361,392 Liabilities transferred: Contingent liability 506,000 Lease liability 193,796 Payables and accrued liabilities 58,497 Liabilities transferred 758,293 Net assets sold 603,099 Gain on sale 2,624,798

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
Discontinued Operations (Tables)	Sep. 30, 2023
Discontinued Operations [Abstract]
Schedule of Assets and Liabilities Included Within Discontinued Operations	Assets and liabilities included within discontinued operations on the Company’s Condensed Consolidated Balance Sheets at September 30, 2023 and December 31, 2022 are as follows; September 30, December 31, ASSETS Current Assets: Cash and cash equivalents $ — $ — Prepaid research and development — 428,700 Total Current Assets — 428,700 Fixed Assets, net — 50,424 Acquired in-process research and development — 455,000 Right-to-use Asset — 193,997 Goodwill — 248,971 Total Assets $ — $ 1,377,092 LIABILITIES Current Liabilities: Accounts payable $ — $ 117,424 Accrued expenses — 191,490 Lease liability, current — 56,828 Total Current Liabilities — 365,742 Long-term Liabilities: Contingent liabilities — 492,000 Lease liability, non-current — 150,547 Deferred tax liability — 21,207 Total Liabilities $ — $ 1,029,496
Schedule of Income (Loss) from Discontinued Operations, Net of Tax	Income (loss) from discontinued operations, net of tax for the three and nine month periods ended September 30, 2023 and 2022 are as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Operating Expenses: Research and development expenses $ — $ 547,483 $ 260,748 $ 1,621,557 General and administrative expenses — 85,587 455,431 193,572 Total Operating Expenses — 633,070 716,179 1,815,129 Loss From Operations — (633,070 ) (716,179 ) (1,815,129 ) Other Income (Expense) Interest income (expense) — (129 ) (174 ) (129 ) Change in value of contingent liability — 75,000 (14,000 ) 197,000 Gain (loss) on sale (37,276 ) — 2,624,798 — Total other income (expense) (37,276 ) 74,871 2,610,624 196,871 Income (loss) before provision for income taxes (37,276 ) (558,199 ) 1,894,445 (1,618,258 ) Provision for income taxes — — — — Gain (loss) from discontinued operations, net of tax $ (37,276 ) $ (558,199 ) $ 1,894,445 $ (1,618,258 )

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
Equity Method Investments (Tables)	Sep. 30, 2023
Equity Method Investments [Abstract]
Schedule of Equity Method Investment	Activity recorded for the Company’s equity method investment in Adovate in the nine months ended September 30, 2023 is summarized in the following table: Equity investment carrying amount at January 1, 2023 $ — Fair value of equity method investment at issue 1,727,897 Portion of operating losses recognized — Equity investment carrying amount at September 30, 2023 $ 1,727,897

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
Accrued Expenses (Tables)	Sep. 30, 2023
Accrued Expenses [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following: September 30, December 31, Clinical research organization services and expenses $ — $ 123,386 Employee compensation 354,107 761,509 Legal and consulting services 48,691 72,616 Pre-clinical and manufacturing expenses 5,816 5,816 Total accrued expenses $ 408,614 $ 963,327

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
Shareholders' Equity (Tables)	Sep. 30, 2023
Shareholders' Equity [Abstract]
Schedule of Stock Option Activity	The following table provides the stock option activity for the nine months ended September 30, 2023: Total Weighted Weighted Weighted Outstanding December 31, 2022 172,676 7.21 $ 62.00 $ 47.75 Issued 39,800 7.50 6.00 Cancelled (8,420 ) 28.09 22.96 Outstanding September 30, 2023 204,059 7.21 $ 53.12 $ 40.96 Outstanding September 30, 2023, vested and exercisable 157,243 6.37 $ 61.41 $ 46.99
Schedule of Stock-Based Compensation Expense	The components of stock-based compensation expense included in the Company’s Statements of Operations for the three and nine months ended September 30, 2023 and 2022 are as follows: Three months ended Nine months ended 2023 2022 2023 2022 Research and development options expense 24,997 51,799 114,546 180,627 Total research and development expenses 24,997 51,799 114,546 180,627 General and administrative options expense 268,668 426,069 886,824 1,490,246 Stock and warrants issued to consultants and employees 49,526 79,147 538,978 969,476 Cancellation of unvested stock grants to terminated employees (74,817 ) — (74,817 ) — Total general and administrative expenses 243,377 505,216 1,350,985 2,459,722 Total stock-based compensation expense $ 268,374 $ 557,015 $ 1,465,531 $ 2,640,349
Schedule of Activity in Warrants	The following table provides the activity in warrants for the respective periods. Total Weighted Weighted Average Outstanding December 31, 2022 486,726 3.04 $ 100.75 $ 0.25 Issued 7,317 5.00 10.25 0.00 Exercised (433 ) 0.13 0.23 Outstanding September 30, 2023 493,610 2.31 $ 99.5 $ 0.00

Description of Business (Detail

Description of Business (Details)	1 Months Ended
Description of Business (Details)	Jan. 26, 2021 USD ($)
Purnovate, LLC [Member]
Description of Business [Line Items]
Payment fees	$ 450,000

Going Concern and Other Uncer_2

Going Concern and Other Uncertainties (Details) - USD ($)					6 Months Ended
Going Concern and Other Uncertainties (Details) - USD ($)	Dec. 02, 2023	Oct. 19, 2023	Sep. 20, 2023	May 16, 2023	Jun. 30, 2023
Going Concern and Other Uncertainties [Abstract]
Exercised fee				$ 450,000
Funds for the reimbursement			$ 350,000		$ 350,000
Additional reimbursements amount	$ 350,000
Net proceeds		$ 3,500,000

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)	Sep. 30, 2023	Aug. 04, 2023	Dec. 31, 2022
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Common stock, shares authorized	50,000,000		50,000,000
FDIC Insured cash amount	$ 141,000		$ 3,800,000
Common Stock [Member]
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Shares issued of outstanding shares of common stock		1,197,630
Common stock, shares authorized		50,000,000

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Potentially Dilutive Common Shares - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Schedule of Potentially Dilutive Common Shares [Abstract]
Warrants to purchase common shares	329,022	483,834
Common Shares issuable on exercise of options	204,059	172,679
Unvested restricted stock awards	26,667	47,777
Total potentially dilutive Common Shares excluded	559,748	704,290

Sale of Purnovate (Details)

Sale of Purnovate (Details) - USD ($)			3 Months Ended		6 Months Ended	9 Months Ended
Sale of Purnovate (Details) - USD ($)	Sep. 20, 2023	May 08, 2023	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 02, 2023
Sale of Purnovate [Line Items]
Payment fees		$ 450,000
Prepayment of reimbursement	$ 350,000				$ 350,000
Reimbursement due								$ 350,000
Consideration value					$ 1,727,897
Income from discontinued operations			$ 37,276	$ 558,199		$ (1,894,445)	$ 1,618,258
Total consideration paid			$ 3,227,897			3,227,897
Equity Investment [Member]
Sale of Purnovate [Line Items]
Equity percentage					19.90%
Income from discontinued operations						$ 37,276

Sale of Purnovate (Details) - S

Sale of Purnovate (Details) - Schedule of Additional Paid in Capital - Discontinued Operations [Member]	Sep. 30, 2023 USD ($)
Consideration:
Cash, including upfronts exercise payments and expense reimbursements prepaid	$ 800,000
Fair value of shares received	1,727,897
Expense reimbursements receivable	700,000
Total consideration	3,227,897
Assets sold:
Fixed assets, net of depreciation	48,492
In process R&D	455,000
Goodwill	248,971
Operating lease right-of-use asset	180,229
Deposits and prepaid expenses on assumed contracts	428,700
Total assets sold	1,361,392
Liabilities transferred:
Contingent liability	506,000
Lease liability	193,796
Payables and accrued liabilities	58,497
Liabilities transferred	758,293
Net assets sold	603,099
Gain on sale	$ 2,624,798

Discontinued Operations (Detail

Discontinued Operations (Details) - Schedule of Assets and Liabilities Included Within Discontinued Operations - Discontinued Operations [Member] - USD ($)	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents
Prepaid research and development		428,700
Total Current Assets		428,700
Fixed Assets, net		50,424
Acquired in-process research and development		455,000
Right-to-use Asset		193,997
Goodwill		248,971
Total Assets		1,377,092
Current Liabilities:
Accounts payable		117,424
Accrued expenses		191,490
Lease liability, current		56,828
Total Current Liabilities		365,742
Long-term Liabilities:
Contingent liabilities		492,000
Lease liability, non-current		150,547
Deferred tax liability		21,207
Total Liabilities		$ 1,029,496

Discontinued Operations (Deta_2

Discontinued Operations (Details) - Schedule of Income (Loss) from Discontinued Operations, Net of Tax - Discontinued Operations [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Operating Expenses:
Research and development expenses		$ 547,483	$ 260,748	$ 1,621,557
General and administrative expenses		85,587	455,431	193,572
Total Operating Expenses		633,070	716,179	1,815,129
Loss From Operations		(633,070)	(716,179)	(1,815,129)
Other Income (Expense)
Interest income (expense)		(129)	(174)	(129)
Change in value of contingent liability		75,000	(14,000)	197,000
Gain (loss) on sale	(37,276)		2,624,798
Total other income (expense)	(37,276)	74,871	2,610,624	196,871
Income (loss) before provision for income taxes	(37,276)	(558,199)	1,894,445	(1,618,258)
Provision for income taxes
Gain (loss) from discontinued operations, net of tax	$ (37,276)	$ (558,199)	$ 1,894,445	$ (1,618,258)

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($)	3 Months Ended			9 Months Ended
Equity Method Investments (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity Method Investments [Line Items]
Percentage of equity investment sold		15%
Equity sales		$ 4,000,000
Fair value of equity issued	$ 1,727,897			$ 1,727,897
Equity method investment				1,727,897
Operating expenses	$ 1,357,936	222,656	$ 2,554,623	5,104,106	$ 8,261,980
Net loss		$ 219,798
Reimbursement receivable				$ 350,000
Equity Investment [Member]
Equity Method Investments [Line Items]
Percentage of equity investment		19.90%

Equity Method Investments (De_2

Equity Method Investments (Details) - Schedule of Equity Method Investment	9 Months Ended
	Sep. 30, 2023 USD ($)
Schedule of Equity Method Investment [Abstract]
Equity investment carrying amount, Beginning
Fair value of equity method investment at issue	1,727,897
Portion of operating losses recognized
Equity investment carrying amount, Ending	$ 1,727,897

Accrued Expenses (Details) - Sc

Accrued Expenses (Details) - Schedule of Accrued Expenses - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Schedule of Accrued Expenses [Abstract]
Clinical research organization services and expenses		$ 123,386
Employee compensation	354,107	761,509
Legal and consulting services	48,691	72,616
Pre-clinical and manufacturing expenses	5,816	5,816
Total accrued expenses	$ 408,614	$ 963,327

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($)					9 Months Ended
Shareholders' Equity (Details) - USD ($)	Oct. 19, 2023	Aug. 03, 2023	May 31, 2023	Feb. 23, 2023	Sep. 30, 2023	Sep. 30, 2022	Nov. 02, 2023	Aug. 04, 2023
Shareholders' Equity [Line Items]
Commitment amount			$ 3,000,000
Aggregate value			500,000
Daily trading value			$ 2,000,000
Weighted average price, percentage			95%
Other expenses					$ 51,901
Aggregate purchase price				$ 750,000
Expenses fees				$ 609,613
Unregistered shares of common stock (in Shares)					7,317
Percentage of aggregate shares					10%
Common stock issuances, description					The Placement Agent Warrants have an exercise price equal to $10.25 and are exercisable two months after the closing date and expire five years after the date of issuance.
Placement agent warrant					$ 58,540
Common stock, shares outstanding (in Shares)					39,800
Outstanding options intrinsic value					$ 0
Granted value of common stock					243,157
Unrecognized compensation expense					$ 921,356
Weighted average remaining service period					2 years
2017 Equity Incentive Plan [Member]
Shareholders' Equity [Line Items]
Issuance of common stock (in Shares)					38,157
Common stock, shares issued (in Shares)					138,531
Common stock, shares outstanding (in Shares)					203,312
Purchase shares of common stock (in Shares)					5,587
Common Stock [Member]
Shareholders' Equity [Line Items]
Shares of common stock (in Shares)		20,550
Common stock, shares issued (in Shares)								1,197,630
Common Stock [Member] \| 2017 Equity Incentive Plan [Member]
Shareholders' Equity [Line Items]
Issuance of common stock (in Shares)					158,157
Purchase Agreement [Member]
Shareholders' Equity [Line Items]
Issuance of common stock (in Shares)				73,144
Aggregate shares issued (in Shares)				73,144
Common Stock [Member]
Shareholders' Equity [Line Items]
Cash proceeds		$ 140,328
Subsequent Event [Member]
Shareholders' Equity [Line Items]
Cash proceeds	$ 3,998,582
Number of awards available for grant (in Shares)							500,000
Subsequent Event [Member] \| Common Stock [Member]
Shareholders' Equity [Line Items]
Purchase shares of common stock (in Shares)	1,418,440
Alumni [Member] \| Minimum [Member]
Shareholders' Equity [Line Items]
Value of shares			$ 3,000,000
Alumni [Member] \| Maximum [Member]
Shareholders' Equity [Line Items]
Value of shares			$ 10,000,000
Alumni [Member]
Shareholders' Equity [Line Items]
Common stock, shares issued (in Shares)					7,983

Shareholders' Equity (Details)

Shareholders' Equity (Details) - Schedule of Stock Option Activity - Share-Based Payment Arrangement, Option [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Schedule of Stock Option Activity [Abstract]
Total Options Outstanding, Outstanding Beginning Balance (in Shares) \| shares	172,676
Weighted Average Remaining Term (Years), Outstanding Beginning Balance	7 years 2 months 15 days
Weighted Average Exercise Price, Outstanding Beginning Balance	$ 62
Weighted Average Fair Value at Issue, Outstanding Beginning Balance	$ 47.75
Total Options Outstanding, Issued (in Shares) \| shares	39,800
Weighted Average Remaining Term (Years), Issued	$ 7.5
Weighted Average Fair Value at Issue, Issued	$ 6
Total Options Outstanding, Cancelled (in Shares) \| shares	(8,420)
Weighted Average Remaining Term (Years), Cancelled	$ 28.09
Weighted Average Fair Value at Issue, Cancelled	$ 22.96
Total Options Outstanding, Outstanding Ending Balance (in Shares) \| shares	204,059
Weighted Average Remaining Term (Years), Outstanding Ending Balance	7 years 2 months 15 days
Weighted Average Exercise Price, Outstanding Ending Balance	$ 53.12
Weighted Average Fair Value at Issue, Outstanding Ending Balance	$ 40.96
Total Options Outstanding, vested and exercisable (in Shares) \| shares	157,243
Weighted Average Remaining Term (Years),Outstanding, vested and exercisable	6 years 4 months 13 days
Weighted Average Exercise Price, Outstanding, vested and exercisable	$ 61.41
Weighted Average Fair Value at Issue ,Outstanding, vested and exercisable	$ 46.99

Shareholders' Equity (Details_2

Shareholders' Equity (Details) - Schedule of Stock-Based Compensation Expense - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Stock-Based Compensation Expense [Abstract]
Total stock-based compensation expense	$ 268,374	$ 557,015	$ 1,465,531	$ 2,640,349
Research and development options expense [Member]
Schedule of Stock-Based Compensation Expense [Abstract]
Total stock-based compensation expense	24,997	51,799	114,546	180,627
Total research and development expenses [Member]
Schedule of Stock-Based Compensation Expense [Abstract]
Total stock-based compensation expense	24,997	51,799	114,546	180,627
General and administrative options and warrants expense [Member]
Schedule of Stock-Based Compensation Expense [Abstract]
Total stock-based compensation expense	268,668	426,069	886,824	1,490,246
Stock issued to consultants and employees [Member]
Schedule of Stock-Based Compensation Expense [Abstract]
Total stock-based compensation expense	49,526	79,147	538,978	969,476
Cancellation of unvested stock grants to terminated employees [Member]
Schedule of Stock-Based Compensation Expense [Abstract]
Total stock-based compensation expense	(74,817)		(74,817)
Total General and Administrative Expenses [Member]
Schedule of Stock-Based Compensation Expense [Abstract]
Total stock-based compensation expense	$ 243,377	$ 505,216	$ 1,350,985	$ 2,459,722

Shareholders' Equity (Details_3

Shareholders' Equity (Details) - Schedule of Activity in Warrants	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Schedule of Activity in Warrants [Abstract]
Total Warrants, Outstanding Beginning Balance (in Shares) \| shares	486,726
Weighted Average Remaining Term (Years), Outstanding Beginning Balance	3 years 14 days
Weighted Average Exercise Price, Outstanding Beginning Balance	$ 100.75
Average Intrinsic Value, Outstanding Beginning Balance	$ 0.25
Total Warrants, Issued (in Shares) \| shares	7,317
Weighted Average Remaining Term (Years), Issued	$ 5
Weighted Average Exercise Price, Issued	10.25
Average Intrinsic Value, Issued	$ 0
Total Warrants, Exercised (in Shares) \| shares	(433)
Weighted Average Exercise Price, Exercised	$ 0.13
Average Intrinsic Value, Exercised	$ 0.23
Total Warrants, Outstanding Ending Balance (in Shares) \| shares	493,610
Weighted Average Remaining Term (Years), Outstanding Ending Balance	2 years 3 months 21 days
Weighted Average Exercise Price, Outstanding Ending Balance	$ 99.5
Average Intrinsic Value, Outstanding Ending Balance	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details) € in Millions			3 Months Ended		9 Months Ended
Commitments and Contingencies (Details) € in Millions	Mar. 15, 2023 USD ($)	Sep. 08, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 EUR (€)	Sep. 30, 2022 USD ($)
Commitments and Contingencies [Line Items]
License fees and milestone payments, description					More specifically, the Company paid UVA LVG a license issue fee and is obligated to pay UVA LVG (i) annual minimum royalties of $40,000 commencing in 2017; (ii) a $20,000 milestone payments upon dosing the first patient under a Phase 3 human clinical trial of a licensed product, $155,000 upon the earlier of the completion of a Phase 3 trial of a licensed product, partnering of a licensed product, or sale of the Company, $275,000 upon acceptance of an NDA by the FDA, and $1,000,000 upon approval for sale of AD04 in the U.S., Europe or Japan; as well as (iii) royalties equal to a 2% and 1% of net sales of licensed products in countries in which a valid patent exists or does not exist, respectively, with royalties paid quarterly. In the event of a sublicense to a third party, the Company is obligated to pay royalties to UVA LVG equal to a percentage of what the Company would have been required to pay to UVA LVG had it sold the products under sublicense itself. In addition, the Company is required to pay to UVA LVG 15% of any sublicensing income.	More specifically, the Company paid UVA LVG a license issue fee and is obligated to pay UVA LVG (i) annual minimum royalties of $40,000 commencing in 2017; (ii) a $20,000 milestone payments upon dosing the first patient under a Phase 3 human clinical trial of a licensed product, $155,000 upon the earlier of the completion of a Phase 3 trial of a licensed product, partnering of a licensed product, or sale of the Company, $275,000 upon acceptance of an NDA by the FDA, and $1,000,000 upon approval for sale of AD04 in the U.S., Europe or Japan; as well as (iii) royalties equal to a 2% and 1% of net sales of licensed products in countries in which a valid patent exists or does not exist, respectively, with royalties paid quarterly. In the event of a sublicense to a third party, the Company is obligated to pay royalties to UVA LVG equal to a percentage of what the Company would have been required to pay to UVA LVG had it sold the products under sublicense itself. In addition, the Company is required to pay to UVA LVG 15% of any sublicensing income.
License royalty expenses					$ 30,000		$ 30,000
Master services agreement, description					The MSA has a term of five years, automatically renewed for two-year periods, unless either party gives written notice of a decision not to renew the agreement six months prior to automatic renewal.	The MSA has a term of five years, automatically renewed for two-year periods, unless either party gives written notice of a decision not to renew the agreement six months prior to automatic renewal.
Unaccrued expense					$ 20,299
Annual fee		$ 430,000			375,000
Compensation expense			$ 108,750		326,250
Recognized compensation expense				$ 103,750			$ 291,250
Committed payment			209,250		209,250
Compensation to be paid	$ 22,000
Granted shares					4,000
Expenses associated with agreement					143,100
Future cash			$ 302,000		$ 302,000
Minimum [Member]
Commitments and Contingencies [Line Items]
Ranging terms					12 months	12 months
Maximum [Member]
Commitments and Contingencies [Line Items]
Ranging terms					36 months	36 months
Clinical Research Organization [Member]
Commitments and Contingencies [Line Items]
Cash paid					$ 143,685
Consulting Agreement [Member]
Commitments and Contingencies [Line Items]
Other expenses					57,750
Service Agreement 1 [Member]
Commitments and Contingencies [Line Items]
Estimated cost					2,100,000	€ 2.2
Estimated future site costs					$ 3,500,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member]	Oct. 19, 2023 USD ($) $ / shares shares
Subsequent Events (Details) [Line Items]
Warrant price per share	$ 2.819
Gross proceeds (in Dollars) \| $	$ 3,998,582
Net proceeds (in Dollars) \| $	$ 3,500,000
Common Stock [Member]
Subsequent Events (Details) [Line Items]
Purchase of common stock (in Shares) \| shares	1,418,440
Price per share	$ 0.001
Exercise price per share	$ 0.001
Series A Warrants [Member]
Subsequent Events (Details) [Line Items]
Purchase of common stock (in Shares) \| shares	1,418,440
Exercise price per share	$ 2.82
Series B Warrants [Member]
Subsequent Events (Details) [Line Items]
Purchase of common stock (in Shares) \| shares	1,418,440
Exercise price per share	$ 2.82