Acurx Pharmaceuticals (ACXP) 10-Q14 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 14, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Entity File Number	001-40536
Entity Registrant Name	Acurx Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3733567
Entity Address State Or Province	NY
Entity Address, Address Line One	259 Liberty Ave
Entity Address, City or Town	Staten Island
Entity Address, Postal Zip Code	10305
City Area Code	917
Local Phone Number	533-1469
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	ACXP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,843,102
Entity Central Index Key	0001736243
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED INTERIM BALANCE SHEET

CONDENSED INTERIM BALANCE SHEETS - USD ($)	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash	$ 8,920,926	$ 7,474,188
Other Receivable		129,159
Prepaid Expenses	187,908	105,776
TOTAL ASSETS	9,108,834	7,709,123
CURRENT LIABILITIES
Accounts Payable and Accrued Expenses	3,110,242	3,042,438
TOTAL CURRENT LIABILITIES	3,110,242	3,042,438
TOTAL LIABILITIES	3,110,242	3,042,438
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Common Stock; $.001 par value, 200,000,000 shares authorized, 15,757,102 and 14,468,229 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	15,757	14,468
Additional Paid-In Capital	63,579,577	57,871,070
Accumulated Deficit	(57,596,742)	(53,218,853)
TOTAL SHAREHOLDERS' EQUITY	5,998,592	4,666,685
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 9,108,834	$ 7,709,123

CONDENSED INTERIM BALANCE SHE_2

CONDENSED INTERIM BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
CONDENSED INTERIM BALANCE SHEETS
Common stock, Par value	$ 0.001	$ 0.001
Common stock, Authorized (in shares)	200,000,000	200,000,000
Common stock, Issued (in shares)	15,757,102	14,468,229
Common stock, Outstanding (in shares)	15,757,102	14,468,229

CONDENSED INTERIM STATEMENTS OF

CONDENSED INTERIM STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
CONDENSED INTERIM STATEMENTS OF OPERATIONS - USD ($)	Mar. 31, 2024	Mar. 31, 2023
OPERATING EXPENSES
Research and Development	$ 1,555,011	$ 1,015,583
General and Administrative	2,822,878	1,887,374
TOTAL OPERATING EXPENSES	4,377,889	2,902,957
NET LOSS	$ (4,377,889)	$ (2,902,957)
LOSS PER SHARE
Basic net loss per common share	$ (0.28)	$ (0.25)
Diluted net loss per common share	$ (0.28)	$ (0.25)
Weighted average common shares outstanding basic	15,472,507	11,639,395
Weighted average common shares outstanding diluted	15,472,507	11,639,395

CONDENSED INTERIM STATEMENTS _2

CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at beginning at Dec. 31, 2022	$ 11,628	$ 45,944,478	$ (38,641,085)	$ 7,315,021
Balance at beginning, Common shares (in shares) at Dec. 31, 2022	11,627,609
Share-Based Compensation		733,472		733,472
Share-Based Payments to Vendors	$ 44	165,859		165,903
Share-Based Payments to Vendors (in shares)	44,186
Net Income (Loss)			(2,902,957)	(2,902,957)
Balance at ending at Mar. 31, 2023	$ 11,672	46,843,809	(41,544,042)	5,311,439
Balance at ending, Common shares (in shares) at Mar. 31, 2023	11,671,795
Balance at beginning at Dec. 31, 2023	$ 14,468	57,871,070	(53,218,853)	$ 4,666,685
Balance at beginning, Common shares (in shares) at Dec. 31, 2023	14,468,229			14,468,229
Share-Based Compensation		894,523		$ 894,523
Share-Based Payments to Vendors	$ 90	305,510		305,600
Share-Based Payments to Vendors (in shares)	90,000
Issuance of shares of common stock in At-the-Market sales agreement, net of $135,741 cash issuance costs	$ 1,140	4,298,334		4,299,474
Issuance of shares of common stock in At-the-Market sales agreement, net of $135,741 cash issuance costs (in shares)	1,139,662
Warrant Exercise	$ 59	210,140		210,199
Warrant Exercise (in shares)	59,211
Net Income (Loss)			(4,377,889)	(4,377,889)
Balance at ending at Mar. 31, 2024	$ 15,757	$ 63,579,577	$ (57,596,742)	$ 5,998,592
Balance at ending, Common shares (in shares) at Mar. 31, 2024	15,757,102			15,757,102

CONDENSED INTERIM STATEMENTS _3

CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) (Parenthetical) - USD ($)			3 Months Ended
	Jul. 25, 2022	Jun. 29, 2021	Mar. 31, 2024
CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited)
Cash issuance cost	$ 287,874	$ 2,400,000	$ 135,741

CONDENSED INTERIM STATEMENTS _4

CONDENSED INTERIM STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONDENSED INTERIM STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Cash Flow from Operating Activities:
Net Loss	$ (4,377,889)	$ (2,902,957)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Share-Based Compensation	894,523	733,472
Share-Based Payments to Vendors	305,600	165,903
(Increase)/Decrease in:
Other Receivable	129,159
Prepaid Expenses	(82,132)	58,354
Accounts Payable and Accrued Expenses	67,804	12,297
Net Cash Used in Operating Activities	(3,062,935)	(1,932,931)
Cash Flow from Financing Activities:
Warrant Exercise	210,199
Proceeds from At-the-Market Offering, net of issuance costs	4,299,474
Net Cash Provided by Financing Activities	4,509,673
Net Increase/(Decrease) in Cash	1,446,738	(1,932,931)
Cash at Beginning of Period	7,474,188	9,111,751
Cash at End of Period	$ 8,920,926	$ 7,178,820

NATURE OF OPERATIONS

NATURE OF OPERATIONS	3 Months Ended
NATURE OF OPERATIONS	Mar. 31, 2024
NATURE OF OPERATIONS
NATURE OF OPERATIONS	NOTE 1 – NATURE OF OPERATIONS Business Acurx Pharmaceuticals, Inc., a Delaware corporation, formerly Acurx Pharmaceuticals, LLC (the “Company”) is a clinical stage biopharmaceutical company formed in July 2017, with operations commencing in February 2018. The Company is focused on developing a novel class of antibiotics that address serious or life-threatening bacterial infections. In March 2020, the World Health Organization declared the outbreak of COVID-19, a novel strain of coronavirus, a global pandemic. This outbreak caused major disruptions to businesses and markets worldwide as the virus continued to spread. The COVID- 19 pandemic has disrupted, and the Company expects it will continue to disrupt, its operations. The extent of the effect on the Company’s operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic, and governmental, regulatory and private sector responses, direct and indirect economic effects as a result of inflation, supply chain disruptions and labor shortages all of which are uncertain and difficult to predict. Although the Company is unable to estimate the financial effect of the pandemic, at this time, if the pandemic continues over a long period of time, it could have a material adverse effect on the Company’s business, results of operations, financial condition, and cash flows. The financial statements do not reflect any adjustments as a result of the pandemic. In February 2018, the Company purchased the active pharmaceutical ingredient, the intellectual property and other rights to an antibiotic product candidate known as GLS362E (renamed ACX-362E and now approved for non-proprietary name, ibezapolstat) (the “Asset”) from GLSynthesis, Inc. The Company paid $110,174 in cash, along with granting 100,000 Class B Membership Interests, profits interests as defined in the operating agreement, with an exercise price of $0.10 per share. The Company was also required to make certain milestone payments totaling $700,000 in aggregate if certain milestones are achieved, $50,000 of which has already been paid by the Company and royalty payments equal to 4% of net sales for a period of time equal to the last to expire of any applicable patents, as defined in the asset purchase agreement. The purchase of the Asset has resulted in our lead antibiotic product candidate, ibezapolstat, which targets the treatment of C. difficile The Company’s primary activities since inception aside from organizational activities have included performing research and development activities relating to the development of its two antibiotic candidates and raising funds through equity offerings including its initial public offering (“IPO”) consummated in June 2021. The Company has not generated any revenues since inception. The Company has experienced net losses and negative cash flows from operations since inception and expects these conditions to continue for the foreseeable future. The Company has needed to raise capital from sales of its securities to sustain operations. On June 29, 2021, the Company completed the IPO, issuing 2,875,000 shares of common stock at a price of $6.00 per share, with gross proceeds of approximately $17.3 million. On July 27, 2022, the Company completed a registered direct offering and a concurrent private placement, issuing million. On May 18, 2023, the Company completed a registered direct offering and a concurrent private placement, issuing million. million. Under the ATM Program, the Company sold a total of million. million, which based on current estimates will not be sufficient to meet its anticipated cash requirements for at least 12 months from the issuance of the condensed financial statements for the period ended March 31, 2024. Management believes that the Company will continue to incur losses for the foreseeable future and will need additional resources to sustain its operations until it can achieve profitability and positive cash flows, if ever. Management plans to seek additional equity financing and grant funding, but cannot assure that such financing and funding will be available at acceptable terms, or at all. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. There can be no assurance that the Company’s research and development will be successfully completed or that any Company product candidate will be approved by the Food and Drug Administration (“FDA”) or any other worldwide regulatory authority or become commercially viable. The Company is subject to risks common to companies in the biopharmaceutical industry including, but not limited to, dependence on collaborative arrangements, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, and compliance with FDA and other governmental regulations and approval requirements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission for interim reporting. In the opinion of management, these unaudited interim financial statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair statement of the Company’s financial position, results of operations, and cash flows. The unaudited interim results of operations are not necessarily indicative of the results that may occur for the full fiscal year. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Management believes that the disclosures provided herein are adequate when these unaudited condensed interim financial statements are read in conjunction with the audited financial statements and notes thereto as of December 31, 2023 filed in Form 10-K. Use of Estimates The preparation of 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 assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Income Taxes The Company estimates an annual effective tax rate of 0% as the Company incurred net losses for the three months ended March 31, 2024, resulting in an estimated net loss for both financial statement and tax purposes. Therefore, no current federal or state income tax expense has been recorded in the financial statements. Based on the Company’s history of generating operating losses and its anticipation of operating losses for the foreseeable future, the Company has determined that it is more likely than not that the tax benefits from those net operating losses would not be realized and a full valuation allowance against all deferred tax assets has been recorded. Should the Company’s assessment change, tax benefits associated with the historic net operating loss carryforwards could be limited due to future ownership changes. Concentration of Credit Risk The Company maintains the majority of its cash balance in one financial institution. The balance is insured up to the maximum allowable by the Federal Deposit Insurance Corporation (“FDIC”). The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant risk of loss on cash. At times, the cash balance may exceed the maximum insured limit of the FDIC. As of March 31, 2024, the Company had cash of approximately $8.9 million in U.S. bank accounts which was not fully insured by the FDIC. Research and Development The Company expenses research and development costs when incurred. At times, the Company may make cash advances for future research and development services. These amounts are deferred and expensed in the period the service is provided. The Company incurred research and development expenses in the amount of $1,555,011 and $1,015,583 for the three months ended March 31, 2024 and 2023, respectively. Costs for certain research and development activities, such as the provision of services for clinical trial activity, are estimated based on an evaluation of the progress to completion of specific tasks which may use data such as subject enrollment, clinical site activations or information provided to the Company by its vendors with respect to their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development expense, as applicable. The estimates are adjusted to reflect the best information available at the time of the financial statement issuance. The Company’s estimate of the status and timing of services performed could differ from the actual status and timing of services performed. Share-Based Compensation The Company accounts for the cost of services performed by employees, directors and consultants received in exchange for an award of the Company’s common stock or stock options, based on the grant-date fair value of the award. The Company recognizes compensation expense based on the requisite service period. Compensation expense associated with stock option awards is recognized over the requisite service period based on the fair value of the option at the grant date determined based on the Black-Scholes option pricing model. Option valuation models require the input of highly subjective assumptions including the expected price volatility. The Company’s employee stock options have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value computation using the Black-Scholes option pricing model. Because there is no public market for the Company’s stock options and very little historical experience with the Company’s stock, similar public companies were used for the comparison of volatility and the dividend yield. The risk-free rate of return was derived from U.S. Treasury notes with comparable maturities. Share-Based Payments to Vendors The Company accounts for the cost of services performed by vendors in exchange for an award of common stock, stock options, or warrants based on the grant-date fair value of the award or the fair value of the services rendered, whichever is more readily determinable. The Company recognizes the expense in the same period and in the same manner as if the Company had paid cash for the services. Major Vendor The Company had a major vendor that accounted for approximately 24% and 2% of the research and development expenditures for the three months ended March 31, 2024 and 2023, respectively. The Company continues to maintain this vendor relationship and anticipates incurring significant expenses with this vendor over the next 12 months. The Company had an additional major vendor that accounted for approximately 13% and 60% of the research and development expenditures for the three months ended March 31, 2024 and 2023, respectively. The same vendor also accounted for approximately 54% and 53% of the total accounts payable and accrued expenses as of March 31, 2024 and December 31, 2023, respectively.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	Mar. 31, 2024
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	NOTE 3 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses as of March 31, 2024 and December 31, 2023 were as follows: March 31, 2024 December 31, 2023 Accrued compensation expenses $ 21,423 $ 716,307 Accrued research and development 2,763,110 2,263,934 Accrued professional fees 316,507 58,388 Other accounts payable and accrued expenses 9,202 3,809 Total $ 3,110,242 $ 3,042,438

ISSUANCE OF EQUITY INTERESTS

ISSUANCE OF EQUITY INTERESTS	3 Months Ended
ISSUANCE OF EQUITY INTERESTS	Mar. 31, 2024
ISSUANCE OF EQUITY INTERESTS
ISSUANCE OF EQUITY INTERESTS	NOTE 4 – ISSUANCE OF EQUITY INTERESTS On June 23, 2021, Acurx Pharmaceuticals, LLC was converted into a corporation and renamed Acurx Pharmaceuticals, Inc. The Company’s certificate of incorporation authorizes 200,000,000 shares of common stock of which 15,757,102 were outstanding as of March 31, 2024. On June 29, 2021, the Company completed an IPO issuing 2,875,000 shares of common stock at a price of $6.00 per share, resulting in net cash proceeds of approximately $14.8 million, with cash issuance costs of approximately $2.4 million. The outstanding Class A and Class B Membership Interests were converted to shares of common stock pursuant to a conversion ratio of one one In connection with the IPO, the Company issued 150,000 warrants to the underwriter. Each warrant is exercisable for 4.5 years from December 21, 2021 at an exercise price of $7.50 per share. The Company used the Black-Scholes model to calculate the value of the warrants with an estimated fair value of $618,000. The inputs utilized in the calculation were as follows: four On July 25, 2022, the Company entered into securities purchase agreements with two of the Company’s executives and a member of the Company’s board of directors (collectively, the “Affiliate Investors”), and a single U.S. institutional investor (the “Investor”) pursuant to which the Company issued and sold in a registered direct offering an aggregate of 1,159,211 shares of common stock and pre-funded warrants to purchase an aggregate of 130,769 shares of common stock. The Affiliate Investors purchased an aggregate of 59,211 shares of common stock at a purchase price of $3.80 per share. The Investor purchased an aggregate of 1,100,000 shares of common stock at a purchase price of $3.25 per share and an aggregate of 130,769 pre-funded warrants at a purchase price of $3.2499 per pre-funded warrant. The pre-funded warrants sold to the Investor have an exercise price of $0.0001 and were immediately exercisable. As of March 31, 2024, all of the pre-funded warrants were exercised. The Company also issued to the Affiliate Investors and the Investor in a concurrent private placement, Series A Warrants to purchase million in proceeds from these warrant exercises. In January 2024, the Affiliate Investors exercised The gross proceeds to the Company from the registered direct offering were $4.2 million and net proceeds after deducting the placement agents’ fees and other offering expenses payable by the Company were approximately $3.7 million. On July 25, 2022, the Company entered into a co-placement agent agreement (the “Placement Agent Agreement”), with two placement agents in connection with the registered direct offering pursuant to which the Company paid the Placement Agents a cash fee of $287,874 and issued to the Placement Agents an aggregate of 63,018 warrants to purchase shares of common stock. The warrants have an exercise price of of the weighted average public offering price of the aggregate number of shares of common stock sold in the registered direct offering to the Investor and Affiliate Investors) and expire on July 27, 2027. The Company used the Black-Scholes model to calculate the value of the warrants with an estimated fair value of . The inputs utilized in the calculation were as follows: volatility utilizing comparable companies. This amount was recorded as both an increase to additional paid-in capital and as a non-cash issuance cost of the offering. On May 16, 2023, the Company entered into a securities purchase agreement with a single healthcare-focused U.S. institutional investor named therein (the “2023 Investor”), pursuant to which the Company issued and sold, in a registered direct offering by the Company directly to the 2023 Investor (the “2023 Registered Offering”), an aggregate of 601,851 shares of common stock at an offering price of $3.00 per share and an aggregate of 731,482 pre-funded warrants exercisable for shares of common stock at an offering price of $2.9999 per pre-funded warrant. The pre-funded warrants sold to the 2023 Investor have an exercise price of and were immediately exercisable. As of March 31, 2024, all of the pre-funded warrants were exercised. The gross proceeds to the Company from the 2023 Registered Offering were approximately $4.0 million and net proceeds after deducting the placements agent’s fees and other offering expenses payable by the Company were approximately $3.5 million. In a concurrent private placement (the “2023 Private Placement” and together with the 2023 Registered Offering, the “2023 Offerings”), the Company issued to the Investor Series C warrants exercisable for an aggregate of 1,333,333 shares of common stock at an exercise price of $3.26 per share and Series D Warrants exercisable for an aggregate of 1,333,333 shares of common stock at an exercise price of $3.26 per share. The Series C Warrants were exercisable commencing on November 18, 2023 and will expire on November 18, 2025. The Series D Warrants were exercisable commencing on November 18, 2023 and will expire on November 19, 2029. The following table summarizes information with respect to outstanding warrants to purchase common stock of the Company as of March 31, 2024: Weighted Average Number of Warrants Exercise Price Balance at December 31, 2023 6,195,456 $ 3.28 Issued — — Exercised (59,211) 3.55 Balance at March 31, 2024 6,136,245 $ 3.28 The weighted average contractual life of the outstanding warrants is 4.26 years. On November 15, 2023, the Company entered into a Sales Agreement and established the ATM Program, pursuant to which the Company may offer and sell, from time to time through A.G.P./Alliance Global Partners, as sales agent, shares of its common stock having an aggregate offering price of up to $17.0 million. Under the Sales Agreement, the sales agent is entitled to compensation of The Company sold 1,121,793 shares of its common stock under the ATM Program at a weighted-average price of $3.95 per share, raising $4.4 million of gross proceeds and net proceeds of $4.3 million, after deducting commissions to the sales agent for the three months ended March 31, 2024. As of March 31, 2024, the Company sold a total of 1,819,914 shares of its common stock under the ATM Program, at a weighted-average price of $3.88 per share, raising $7.1 million of gross proceeds and net proceeds of $6.7 million, after deducting commissions to the sales agent and other ATM Program related expenses. As of March 31, 2024, the Company has $9.9 million available under the ATM Program.

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
SHARE-BASED COMPENSATION	Mar. 31, 2024
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION	NOTE 5 – SHARE-BASED COMPENSATION In April 2021, the board of directors approved the creation of the 2021 Equity Incentive Plan (the “Plan”). The Plan became effective as of the completion of the corporate conversion, with an annual evergreen provision pursuant to the Plan. The Plan currently reserves an aggregate of 3,454,915 shares of common stock, subject to adjustments as provided in the Plan, of which 231,720, are currently still available for issuance as of March 31, 2024. The purpose of the Plan is to attract, retain and incentivize directors, officers, employees, and consultants. In June 2021, the Company granted stock options to purchase a total of 807,500 shares of common stock to its three executives and three non-employee management team members to replace the Class B Membership Interests that were cancelled in March 2021. The options were issued at an exercise price of $6.26, with the employee options vesting 40% upon issuance and the balance over 36 months, and the non-employee options vesting at grant date. The Company recorded general and administrative expenses of $181,720 for each of the three months ended March 31, 2024 and 2023, respectively, related to compensation expense for these options. In July 2021, the Company granted stock options to purchase a total of 1,550,000 shares of common stock to its three executives pursuant to their respective employment agreements, the independent directors, and one consultant, pursuant to the Plan. The options were issued at an exercise price of $6.18, the grant date fair value, with one In January 2022, the Company granted stock options to purchase a total of 80,000 shares of common stock to seven consultants pursuant to the Plan. The options were issued at an exercise price of $4.44, the grant date fair value, with one In April 2022, the Company granted stock options to purchase a total of 30,000 shares of common stock to a new employee pursuant to the Plan. The options were issued at an exercise price of $3.79, the grant date fair value, with one In February 2023, the Company granted stock options to purchase a total of 467,500 shares of common stock to its four employees and seven consultants pursuant to the Plan. The options were issued at an exercise price of . The Company recorded general and administrative expenses of In June 2023, the Company granted stock options to purchase a total of 50,000 shares of common stock to its five independent board of directors pursuant to the Plan. The options were issued at an exercise price of one -year anniversary of the grant date. The Company recorded general and administrative expenses of In February 2024, the Company granted stock options to purchase a total of 835,000 shares of common stock to its four employees and a number of consultants pursuant to the Plan. The options were issued at an exercise price of . The Company recorded general and administrative expenses of Compensation expense associated with these awards is recognized over the vesting period based on the fair value of the option at the grant date determined based on the Black-Scholes model. Option valuation models require the input of highly subjective assumptions including the expected price volatility. The Company’s employee stock options have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value computation using the Black-Scholes option pricing model. Because there is no public market for the Company’s stock options and very little historical experience with the Company’s stock, similar public companies were used for the comparison of volatility and the dividend yield. The risk-free rate of return was derived from U.S. Treasury notes with comparable maturities. The Company determined the fair value of the option awards using the Black-Scholes option pricing model using the following weighted average assumptions: Three Months Ended March 31, 2024 2023 Expected term 6.8 years 7.0 years Volatility 103 % 98 % Dividend yield — % — % Risk-free interest rate 4.28 % 3.85 % Weighted average grant date fair value $ 2.64 $ 2.81 A summary of the Company’s stock option activity is as follows: Weighted Average Weighted Remaining Aggregate Number of Average Contractual Term Intrinsic Options Exercise Price (in years) Value Outstanding, vested and expected to vest at December 31, 2023 2,985,000 $ 5.64 7.81 $ 251,550 Granted 835,000 3.15 9.92 Exercised — — — Forfeited — — — Outstanding, vested and expected to vest at March 31, 2024 3,820,000 $ 5.10 8.07 $ — Exercisable 2,492,056 $ 5.92 7.40 $ — The total non-cash compensation expense for these options not yet recognized as of March 31, 2024 was $3,768,883. The weighted average vesting period for the unvested options is 2.25 years. The weighted average grant date fair value of all options granted is $3.96 as of March 31, 2024. The Company records the impact of any forfeitures of options as they occur.

SHARE-BASED PAYMENTS TO VENDORS

SHARE-BASED PAYMENTS TO VENDORS	3 Months Ended
SHARE-BASED PAYMENTS TO VENDORS	Mar. 31, 2024
SHARE-BASED PAYMENTS TO VENDORS
SHARE-BASED PAYMENTS TO VENDORS	NOTE 6 – SHARE-BASED PAYMENTS TO VENDORS In the fourth quarter of 2022, the Company entered into a number of agreements with vendors pursuant to which the Company made grants of a total of 43,186 shares of common stock with grant date fair values ranging from $3.30 to $3.67, up to 10,096 of warrants, and cash payments. These contracts have terms with various contractual vesting periods. The cash payments were expensed over the service period and the equity components were expensed consistent with the various contractual vesting periods. The Company recorded general and administrative expenses of In the first quarter of 2023, the Company entered into an agreement with a consultant to provide investor relation services for a six-month term. The Company granted 36,000 shares of common stock at a grant date fair value of $3.31, pursuant to the agreement and recorded general and administrative expenses of $0 and $119,160 for the three months ended March 31, 2024 and 2023, respectively. In the fourth quarter of 2023, the Company entered into a number of agreements with vendors pursuant to which the Company made grants of a total of 116,000 shares of common stock with grant date fair values ranging from $1.50 to $5.18 and cash payments. These contracts had four terms with various contractual vesting periods. The cash payments were expensed over the service period and the equity components were expensed consistent with the various contractual vesting periods. The Company recorded general and administrative expenses of In the first quarter of 2024, the Company entered into two respective agreements with consultants to provide investor relation services for four-month terms. The cash payments are expensed over the service period and the equity components are expensed consistent with the various contractual vesting periods. Per the agreements, the Company will issue a total of four-month service period. As of March 31, 2024, the Company granted

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
NET LOSS PER SHARE	Mar. 31, 2024
NET LOSS PER SHARE
NET LOSS PER SHARE	NOTE 7 – NET LOSS PER SHARE Basic and diluted net loss per shares of common stock for the three months ended March 31, 2024 and 2023 was determined by dividing net loss by the weighted average shares of common stock outstanding during the period. The Company’s potentially dilutive shares, consisting of 6,136,245 warrants and 3,820,000 stock options, have not been included in the computation of diluted net loss per share for all periods as the result would be antidilutive.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 8 – COMMITMENTS AND CONTINGENCIES In conjunction with the Asset purchase in February 2018, the Company is required to make certain milestone payments related to the ongoing development of ACX-362E totaling $700,000 in the aggregate if certain milestones are achieved (which includes $50,000 already paid after the acquisition in February 2018). During the fourth quarter of 2023, the Company achieved the Phase 2 clinical trial milestone and included $150,000 as a part of accounts payable and accrued expenses as of March 31, 2024 and December 31, 2023. The Company is also obligated to make royalty payments equal to 4% of net sales of ACX-362E for a period of time equal to the last to expire of any applicable patents, as defined in the purchase agreement.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the United States Securities and Exchange Commission for interim reporting. In the opinion of management, these unaudited interim financial statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair statement of the Company’s financial position, results of operations, and cash flows. The unaudited interim results of operations are not necessarily indicative of the results that may occur for the full fiscal year. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Management believes that the disclosures provided herein are adequate when these unaudited condensed interim financial statements are read in conjunction with the audited financial statements and notes thereto as of December 31, 2023 filed in Form 10-K.
Use of Estimates	Use of Estimates The preparation of 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 assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
Income Taxes	Income Taxes The Company estimates an annual effective tax rate of 0% as the Company incurred net losses for the three months ended March 31, 2024, resulting in an estimated net loss for both financial statement and tax purposes. Therefore, no current federal or state income tax expense has been recorded in the financial statements. Based on the Company’s history of generating operating losses and its anticipation of operating losses for the foreseeable future, the Company has determined that it is more likely than not that the tax benefits from those net operating losses would not be realized and a full valuation allowance against all deferred tax assets has been recorded. Should the Company’s assessment change, tax benefits associated with the historic net operating loss carryforwards could be limited due to future ownership changes.
Concentration of Credit Risk	Concentration of Credit Risk The Company maintains the majority of its cash balance in one financial institution. The balance is insured up to the maximum allowable by the Federal Deposit Insurance Corporation (“FDIC”). The Company has not experienced any losses in such accounts and does not believe it is exposed to any significant risk of loss on cash. At times, the cash balance may exceed the maximum insured limit of the FDIC. As of March 31, 2024, the Company had cash of approximately $8.9 million in U.S. bank accounts which was not fully insured by the FDIC.
Research and Development	Research and Development The Company expenses research and development costs when incurred. At times, the Company may make cash advances for future research and development services. These amounts are deferred and expensed in the period the service is provided. The Company incurred research and development expenses in the amount of $1,555,011 and $1,015,583 for the three months ended March 31, 2024 and 2023, respectively. Costs for certain research and development activities, such as the provision of services for clinical trial activity, are estimated based on an evaluation of the progress to completion of specific tasks which may use data such as subject enrollment, clinical site activations or information provided to the Company by its vendors with respect to their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development expense, as applicable. The estimates are adjusted to reflect the best information available at the time of the financial statement issuance. The Company’s estimate of the status and timing of services performed could differ from the actual status and timing of services performed.
Share-Based Compensation	Share-Based Compensation The Company accounts for the cost of services performed by employees, directors and consultants received in exchange for an award of the Company’s common stock or stock options, based on the grant-date fair value of the award. The Company recognizes compensation expense based on the requisite service period. Compensation expense associated with stock option awards is recognized over the requisite service period based on the fair value of the option at the grant date determined based on the Black-Scholes option pricing model. Option valuation models require the input of highly subjective assumptions including the expected price volatility. The Company’s employee stock options have characteristics significantly different from those of traded options, and changes in the subjective input assumptions can materially affect the fair value computation using the Black-Scholes option pricing model. Because there is no public market for the Company’s stock options and very little historical experience with the Company’s stock, similar public companies were used for the comparison of volatility and the dividend yield. The risk-free rate of return was derived from U.S. Treasury notes with comparable maturities.
Share-Based Payments to Vendors	Share-Based Payments to Vendors The Company accounts for the cost of services performed by vendors in exchange for an award of common stock, stock options, or warrants based on the grant-date fair value of the award or the fair value of the services rendered, whichever is more readily determinable. The Company recognizes the expense in the same period and in the same manner as if the Company had paid cash for the services.
Major Vendor	Major Vendor The Company had a major vendor that accounted for approximately 24% and 2% of the research and development expenditures for the three months ended March 31, 2024 and 2023, respectively. The Company continues to maintain this vendor relationship and anticipates incurring significant expenses with this vendor over the next 12 months. The Company had an additional major vendor that accounted for approximately 13% and 60% of the research and development expenditures for the three months ended March 31, 2024 and 2023, respectively. The same vendor also accounted for approximately 54% and 53% of the total accounts payable and accrued expenses as of March 31, 2024 and December 31, 2023, respectively.

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	Mar. 31, 2024
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Summary of accounts payable and accrued expenses	March 31, 2024 December 31, 2023 Accrued compensation expenses $ 21,423 $ 716,307 Accrued research and development 2,763,110 2,263,934 Accrued professional fees 316,507 58,388 Other accounts payable and accrued expenses 9,202 3,809 Total $ 3,110,242 $ 3,042,438

ISSUANCE OF EQUITY INTERESTS (T

ISSUANCE OF EQUITY INTERESTS (Tables)	3 Months Ended
ISSUANCE OF EQUITY INTERESTS (Tables)	Mar. 31, 2024
ISSUANCE OF EQUITY INTERESTS
Summary of outstanding warrants	Weighted Average Number of Warrants Exercise Price Balance at December 31, 2023 6,195,456 $ 3.28 Issued — — Exercised (59,211) 3.55 Balance at March 31, 2024 6,136,245 $ 3.28

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
SHARE-BASED COMPENSATION (Tables)	Mar. 31, 2024
SHARE-BASED COMPENSATION
Schedule of fair value of options assumptions	Three Months Ended March 31, 2024 2023 Expected term 6.8 years 7.0 years Volatility 103 % 98 % Dividend yield — % — % Risk-free interest rate 4.28 % 3.85 % Weighted average grant date fair value $ 2.64 $ 2.81
Schedule of stock option activity	Weighted Average Weighted Remaining Aggregate Number of Average Contractual Term Intrinsic Options Exercise Price (in years) Value Outstanding, vested and expected to vest at December 31, 2023 2,985,000 $ 5.64 7.81 $ 251,550 Granted 835,000 3.15 9.92 Exercised — — — Forfeited — — — Outstanding, vested and expected to vest at March 31, 2024 3,820,000 $ 5.10 8.07 $ — Exercisable 2,492,056 $ 5.92 7.40 $ —

NATURE OF OPERATIONS (Details)

NATURE OF OPERATIONS (Details) - USD ($)					1 Months Ended	3 Months Ended
NATURE OF OPERATIONS (Details) - USD ($)	Nov. 15, 2023	May 16, 2023	Jul. 25, 2022	Jun. 29, 2021	Feb. 28, 2018	Mar. 31, 2024	Dec. 31, 2023
Warrant exercise price (in dollars per share)		$ 2.9999	$ 3.60
Shares issued (in shares)		601,851	1,159,211	2,875,000
Gross proceeds from stock issue		$ 4,000,000	$ 4,200,000	$ 17,300,000
Share price (in dollars per share)		$ 3		$ 6
Pre-funded Warrant Exercise (in shares)		731,482	130,769
Cash						$ 8,920,926	$ 7,474,188
Number of warrants		731,482	63,018
Series A warrants
Number of warrants			1,289,980
Series B warrants
Number of warrants			1,289,980
Series C warrants
Warrant exercise price (in dollars per share)		$ 3.26
Number of warrants		1,333,333
Series D warrants
Warrant exercise price (in dollars per share)		$ 3.26
Number of warrants		1,333,333
At the Market Offering
Shares issued (in shares)						1,121,793
Gross proceeds from stock issue						$ 4,400,000
Aggregate offering price	$ 17,000,000					$ 9,900,000
At the Market Offering \| Aggregate
Shares issued (in shares)						1,819,914
Gross proceeds from stock issue						$ 7,100,000
ACX362E
Cash paid					$ 110,174
Future commitment					700,000
Royalty payments					$ 50,000
Royalty payments on net sales (as a percent)					4%
ACX362E \| Members' Equity, Class B
Granting (in shares)					100,000
Warrant exercise price (in dollars per share)					$ 0.10

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Effective tax rate	0%
Current federal or state income tax expense	$ 0
Cash	8,920,926		$ 7,474,188
Research and development expense	$ 1,555,011	$ 1,015,583

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Major Vendor (Details) - Supplier Concentration Risk	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Research and development expenditures \| Vendor One
Concentration
Concentration Risk (as a percent)	24%	2%
Research and development expenditures \| Vendor Two
Concentration
Concentration Risk (as a percent)	13%	60%
Accounts payable and accrued expense \| Vendor Two
Concentration
Concentration Risk (as a percent)	54%		53%

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accrued compensation expenses	$ 21,423	$ 716,307
Accrued research and development	2,763,110	2,263,934
Accrued professional fees	316,507	58,388
Other accounts payable and accrued expenses	9,202	3,809
Total	$ 3,110,242	$ 3,042,438

ISSUANCE OF EQUITY INTERESTS (D

ISSUANCE OF EQUITY INTERESTS (Details)						1 Months Ended	3 Months Ended
ISSUANCE OF EQUITY INTERESTS (Details)	Nov. 15, 2023 USD ($)	Oct. 13, 2023 USD ($) shares	May 16, 2023 USD ($) $ / shares shares	Jul. 25, 2022 USD ($) $ / shares shares	Jun. 29, 2021 USD ($) $ / shares shares	Jan. 31, 2024 USD ($) shares	Mar. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 shares	Jun. 23, 2021 shares
Equity
Common stock, Authorized (in shares)							200,000,000	200,000,000	200,000,000
Common stock, Outstanding (in shares)							15,757,102	14,468,229
Shares issued (in shares)			601,851	1,159,211	2,875,000
Purchase price (in dollars per share) \| $ / shares			$ 3		$ 6
Proceeds from IPO, net of issuance costs \| $					$ 14,800,000
Cash issuance cost \| $				$ 287,874	2,400,000		$ 135,741
Number of warrants			731,482	63,018
Warrant exercise price (in dollars per share) \| $ / shares			$ 2.9999	$ 3.60
Proceeds from warrant exercises \| $							210,199
Pre-funded Warrant Exercise (in shares)			731,482	130,769
Gross proceeds from stock issue \| $			$ 4,000,000	$ 4,200,000	$ 17,300,000
Net proceeds stock issuance \| $			$ 3,500,000	$ 3,700,000			$ 4,299,474
Weighted average aggregate offering price (as a percent)				110%
Series A warrants
Equity
Number of warrants				1,289,980
Series B warrants
Equity
Number of warrants				1,289,980
Series C warrants
Equity
Number of warrants			1,333,333
Warrant exercise price (in dollars per share) \| $ / shares			$ 3.26
Series D warrants
Equity
Number of warrants			1,333,333
Warrant exercise price (in dollars per share) \| $ / shares			$ 3.26
Affiliate Investors
Equity
Shares issued (in shares)				59,211
Purchase price (in dollars per share) \| $ / shares				$ 3.80
Warrant exercise price (in dollars per share) \| $ / shares				$ 3.55
Affiliate Investors \| Series A warrants
Equity
Number of warrants				59,211
Affiliate Investors \| Series B warrants
Equity
Number of warrants				59,211
Number of warrants exercised						59,211
Proceeds from warrant exercises \| $						$ 200,000
Investor
Equity
Shares issued (in shares)				1,100,000
Purchase price (in dollars per share) \| $ / shares				$ 3.25
Warrant exercise price (in dollars per share) \| $ / shares			$ 0.0001	$ 3.2499
Pre-funded Warrant Exercise (in shares)				130,769
Warrant exercise price, exercised (in dollars per share) \| $ / shares				$ 0.0001
Investor \| Series A warrants
Equity
Number of warrants				1,230,769
Investor \| Series B warrants
Equity
Number of warrants				1,230,769
Number of warrants exercised		682,769
Proceeds from warrant exercises \| $		$ 2,200,000
IPO
Equity
Shares of common stock issued in conversion (in shares)					7,041,208
IPO \| Members' Equity, Class A and Class B
Equity
Convertible conversion ratio					0.5
Converted to common stock (in shares)					14,082,318
IPO \| Series A warrants
Equity
Number of shares called by Warrant					0.5
Number of warrants					1,437,577
Warrant exercise price (in dollars per share) \| $ / shares					$ 2.88
Underwriter option
Equity
Number of warrants					150,000
Warrant exercise price (in dollars per share) \| $ / shares					$ 7.50
Warrants term					4 years 6 months
At the Market Offering
Equity
Shares issued (in shares)							1,121,793
Gross proceeds from stock issue \| $							$ 4,400,000
Net proceeds stock issuance \| $							4,300,000
Aggregate offering price \| $	$ 17,000,000						$ 9,900,000
Percentage on gross offering proceeds	3%
Sale of stock price per share \| $ / shares							$ 3.95
At the Market Offering \| Aggregate
Equity
Shares issued (in shares)							1,819,914
Gross proceeds from stock issue \| $							$ 7,100,000
Net proceeds stock issuance \| $							$ 6,700,000
Sale of stock price per share \| $ / shares							$ 3.88

ISSUANCE OF EQUITY INTERESTS -

ISSUANCE OF EQUITY INTERESTS - Warrant fair value (Details)	Jul. 25, 2022 USD ($) Y $ / shares	Jun. 29, 2021 USD ($) Y $ / shares
Warrants fair value
Fair value of Warrants \| $	$ 171,409
Measurement Input, Expected Term
Warrants fair value
Measurement Input, Warrants \| Y	5
Measurement Input, Risk Free Rate
Warrants fair value
Measurement Input, Warrants	0.0282
Measurement Input, Share Price
Warrants fair value
Measurement Input, Warrants \| $ / shares	3.70
Measurement Input, Volatility
Warrants fair value
Measurement Input, Warrants	0.95
Underwriter option
Warrants fair value
Fair value of Warrants \| $		$ 618,000
Underwriter option \| Measurement Input, Expected Term
Warrants fair value
Measurement Input, Warrants \| Y		4.5
Underwriter option \| Measurement Input, Risk Free Rate
Warrants fair value
Measurement Input, Warrants		0.0079
Underwriter option \| Measurement Input, Share Price
Warrants fair value
Measurement Input, Warrants \| $ / shares		6.26
Underwriter option \| Measurement Input, Volatility
Warrants fair value
Measurement Input, Warrants		0.94

ISSUANCE OF EQUITY INTERESTS _2

ISSUANCE OF EQUITY INTERESTS - Warrants outstanding (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	May 16, 2023	Jul. 25, 2022
Equity
Warrants outstanding (in shares), beginning balance	6,195,456
Warrants exercised (in shares)	(59,211)
Warrants outstanding (in shares), ending balance	6,136,245
Warrant exercise price, outstanding (in dollars per share)			$ 2.9999	$ 3.60
Weighted Average
Equity
Warrant exercise price, outstanding (in dollars per share)	$ 3.28	$ 3.28
Warrant exercise price, exercised (in dollars per share)	$ 3.55
Warrants term	4 years 3 months 3 days

SHARE-BASED COMPENSATION - (Det

SHARE-BASED COMPENSATION - (Details) - USD ($)	1 Months Ended							3 Months Ended
SHARE-BASED COMPENSATION - (Details) - USD ($)	Feb. 29, 2024	Jun. 30, 2023	Feb. 28, 2023	Apr. 30, 2022	Jan. 31, 2022	Jul. 31, 2021	Jun. 30, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Apr. 30, 2021
Share-based compensation
Stock options granted (in shares)								835,000
Grant exercise price (in dollars per share)								$ 3.15
Total compensation expense not yet recognized								$ 3,768,883
Weighted average vesting period								2 years 3 months
Intrinsic value of stock option										$ 251,550
Weighted average grant date fair value								$ 3.96
June 2021
Share-based compensation
Share based compensation expense								$ 181,720	$ 181,720
Common stock shares available (in shares)							807,500
Grant exercise price (in dollars per share)							$ 6.26
June 2021 \| Employee \| Tranche one
Share-based compensation
Vesting percentage							40%
June 2021 \| Employee \| Tranche two
Share-based compensation
Vesting term of options							36 months
July 2021
Share-based compensation
Share based compensation expense								490,916	490,916
Stock options granted (in shares)						1,550,000
Grant exercise price (in dollars per share)						$ 6.18
July 2021 \| Executive officers \| Tranche one
Share-based compensation
Vesting percentage						25%
July 2021 \| Executive officers \| Tranche two
Share-based compensation
Vesting term of options						36 months
July 2021 \| Independent Directors, Consultant
Share-based compensation
Vesting term of options						36 months
January 2022
Share-based compensation
Share based compensation expense								18,950	18,950
Stock options granted (in shares)					80,000
Grant exercise price (in dollars per share)					$ 4.44
January 2022 \| Tranche one
Share-based compensation
Vesting percentage					25%
January 2022 \| Tranche two
Share-based compensation
Vesting term of options					36 months
April 2022
Share-based compensation
Share based compensation expense								5,378	5,378
Stock options granted (in shares)				30,000
Grant exercise price (in dollars per share)				$ 3.79
April 2022 \| Tranche one
Share-based compensation
Vesting percentage				25%
April 2022 \| Tranche two
Share-based compensation
Vesting term of options				36 months
February 2023
Share-based compensation
Share based compensation expense								109,521	36,508
Stock options granted (in shares)			467,500
Grant exercise price (in dollars per share)			$ 3.41
Vesting term of options			36 months
June 2023
Share-based compensation
Share based compensation expense								26,800	$ 0
Stock options granted (in shares)		50,000
Grant exercise price (in dollars per share)		$ 2.75
Vesting term of options		1 year
February 2024
Share-based compensation
Share based compensation expense								$ 61,238
Stock options granted (in shares)	835,000
Grant exercise price (in dollars per share)	$ 3.15
Vesting term of options	36 months
2021 Equity Incentive Plan
Share-based compensation
Common stock shares reserved											3,454,915
Common stock shares available (in shares)								231,720

SHARE-BASED COMPENSATION - Opti

SHARE-BASED COMPENSATION - Option pricing (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SHARE-BASED COMPENSATION
Expected term	6 years 9 months 18 days	7 years
Volatility	103%	98%
Risk-free interest rate	4.28%	3.85%
Weighted average grant date fair value	$ 2.64	$ 2.81

SHARE-BASED COMPENSATION - Op_2

SHARE-BASED COMPENSATION - Option activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Options outstanding
Outstanding at the beginning of the period	2,985,000
Granted	835,000
Outstanding at the end of the period	3,820,000	2,985,000
Exercisable	2,492,056
Weighted Average Exercise Price
Weighted Average Exercise price, Beginning of the period	$ 5.64
Weighted Average Exercise price, granted	3.15
Weighted Average Exercise price, End of the period	5.10	$ 5.64
Exercisable	$ 5.92
Weighted Average Remaining Contractual Term (in years)
Weighted average contractual life	8 years 25 days	7 years 9 months 21 days
Weighted average remaining contractual term, Granted	9 years 11 months 1 day
Weighted Average Remaining Contractual Term, Exercisable	7 years 4 months 24 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Beginning of the period	$ 251,550
Aggregate Intrinsic Value, End of the period		$ 251,550

SHARE-BASED PAYMENTS TO VENDO_2

SHARE-BASED PAYMENTS TO VENDORS (Details) - USD ($)	3 Months Ended
SHARE-BASED PAYMENTS TO VENDORS (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Share-based compensation
Share-based vendor payments	$ 305,600		$ 165,903
Warrants outstanding (in shares)	6,136,245	6,195,456
Fourth Quarter 2022
Share-based compensation
Share-based vendor payments (in shares)				43,186
Share-based vendor payments	$ 0		$ 46,743
Contract term				6 months
Warrants outstanding (in shares)				10,096
Fourth Quarter 2022 \| Minimum
Share-based compensation
Grant date fair value ($ per share)				$ 3.30
Fourth Quarter 2022 \| Maximum
Share-based compensation
Grant date fair value ($ per share)				$ 3.67
First Quarter 2023
Share-based compensation
Share-based vendor payments (in shares)			36,000
Share-based vendor payments	0		$ 119,160
Grant date fair value ($ per share)			$ 3.31
Contract term			6 months
Fourth Quarter 2023
Share-based compensation
Share-based vendor payments (in shares)		116,000
Share-based vendor payments	$ 76,600		$ 0
Fourth Quarter 2023 \| Minimum
Share-based compensation
Grant date fair value ($ per share)		$ 1.50
Contract term		4 months
Fourth Quarter 2023 \| Maximum
Share-based compensation
Grant date fair value ($ per share)		$ 5.18
Contract term		6 months
First Quarter 2024
Share-based compensation
Share-based vendor payments (in shares)	70,000
Share-based vendor payments	$ 229,000
Shares to be granted pursuant to vendor agreements	120,000
Contract term	4 months
First Quarter 2024 \| Minimum
Share-based compensation
Grant date fair value ($ per share)	$ 2.84
First Quarter 2024 \| Maximum
Share-based compensation
Grant date fair value ($ per share)	$ 4.81

NET LOSS PER SHARE (Details)

NET LOSS PER SHARE (Details)	3 Months Ended
NET LOSS PER SHARE (Details)	Mar. 31, 2024 shares
Warrant
Antidilutive security
Potentially dilutive shares	6,136,245
Employee Stock Option
Antidilutive security
Potentially dilutive shares	3,820,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	1 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Feb. 28, 2018	Mar. 31, 2024	Dec. 31, 2023
Contingency
Accrued research and development		$ 2,763,110	$ 2,263,934
ACX362E
Contingency
Future commitment	$ 700,000
Royalty payments	$ 50,000
Accrued research and development		$ 150,000	$ 150,000
Royalty payments on net sales (as a percent)	4%

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (4,377,889)	$ (2,902,957)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false