0000950170-24-122443 | 10-Q | XBRL Viewer

Measurement Input, Risk Free Interest Rate [Member]

2 years 21 days

2 years 9 months 21 days

5 years

Measurement Input, Option Volatility [Member]

0.0358

0.0403

Measurement Input, Share Price [Member]

1.493

0.85

Preferred Tranche B Warrants [Member]

0.027

0.069

0.0063

Preferred Tranche B Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member]

^[1]

5 months 12 days

8 months 8 days

Preferred Tranche B Warrants [Member] | Measurement Input, Option Volatility [Member]

^[1]

0.0394

0.0258

Preferred Tranche B Warrants [Member] | Preferred Series A [Member] | Measurement Input, Share Price [Member]

0.95

0.85

Preferred Tranche C Warrants [Member]

2.2015

5.6056

Preferred Tranche C Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member]

^[2]

4 years 1 month 28 days

4 years 10 months 28 days

Preferred Tranche C Warrants [Member] | Measurement Input, Option Volatility [Member]

^[2]

0.0358

0.0385

Preferred Tranche C Warrants [Member] | Preferred Series A [Member] | Measurement Input, Share Price [Member]

0.95

0.85

Ladenburg Agreement [Member]

2.2015

5.6056

Ladenburg Agreement [Member] | Measurement Input, Risk Free Interest Rate [Member]

3 years

Ladenburg Agreement [Member] | Measurement Input, Option Volatility [Member]

0.0398

Ladenburg Agreement [Member] | Measurement Input, Share Price [Member]

0.94

Preferred Placement Agent Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member]

0.0052

Revenue from Contract with Customer [Abstract]

0.048

[1]

Reflects a probability-weighted input derived from multiple Black-Scholes calculations, which take into account the various potential dates for the announcement of the SAB-142-101 data. This probability was estimated to be 45.0% as of December 31, 2023, and further reduced to 10.0% as of September 30, 2024. This adjustment was driven by progress around enrollment for the ongoing clinical trial.

[2]

Reflects a probability-weighted input derived from multiple Black-Scholes calculations. These calculations incorporate the Company’s estimated probability of dissolution, should SABS’ intellectual property fail to yield positive results in forthcoming clinical trials, potentially leading to dissolution before 2028. The probability was 38.5% and 25.0% as of September 30, 2024 and December 31, 2023, respectively.

Revenue

9 Months Ended

Sep. 30, 2024

Revenue

(4) Revenue

During the three and nine months ended September 30, 2024 and 2023, the Company recognized revenue from the following grants:

Government grants

There was no revenue recognized from government grants for the three months ended September 30, 2024. Total revenue recognized from government grants was approximately $1.2 million for the nine months ended September 30, 2024, and $1.3 million and $1.9 million for the three and nine months ended September 30, 2023, respectively.

National Institute of Health - National Institute of Allergy and Infectious Disease (“NIH-NIAID”) (Federal Award #1R41AI131823-02) – this grant was for approximately $1.5 million and had an original term of April 2019 through March 2021. The grant was subsequently amended to extend the end date to March 2023. No grant income was recognized for this grant for the three and nine months ended September 30, 2024. No grant income was recognized for this grant for the three months ended September 30, 2023 and approximately $192 thousand of grant income was recognized for the nine months ended September 30, 2023. This grant was completed as of June 30, 2023.

NIH-NIAID through Geneva Foundation (Federal Award #1R01AI132313-01, Subaward #S-10511-01) – this grant was for approximately $2.7 million and had an original term of August 2017 through July 2021. The grant was subsequently amended to extend the end date to July 2023. No grant income was recognized for the three and nine months ended September 30, 2024. No grant income was recognized for the three months ended September 30, 2023 and approximately $273 thousand of grant income was recognized for the nine months ended September 30, 2023. This grant was completed as of June 30, 2023.

US Department of Defense (“DoD”), Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense Enabling Biotechnologies (“JPEO”) through Advanced Technology International – this grant was for a potential of $25 million, awarded in stages starting in August 2019 and with potential stages running through February 2023. Additional contract modifications were added to this contract in 2020 and 2021 for work on a COVID therapeutic, bringing the contract total to $203.6 million. No deferred grant income was recognized for the three months ended September 30, 2024. Deferred grant income recognized was approximately $1.2 million for the nine months ended September 30, 2024, and $1.3 million and $1.5 million for the three and nine months ended September 30, 2023, respectively. This grant was terminated in 2022.

The grants for the Company’s Rapid Response contract with JPEO (the “JPEO Rapid Response Contact”) are cost reimbursement agreements, with reimbursement of qualified direct research and development expense (labor and consumables) with an overhead charge (based on actual, reviewed quarterly) and a fixed fee (9%).

On August 3, 2022, the Company received notice from the DoD terminating the JPEO Rapid Response contract (the “JPEO Rapid Response Contract Termination”). The Company engaged in negotiations with the DoD to compensate the Company for services provided prior to the JPEO Rapid Response Contract Termination and costs the Company would be expected to bear in future periods. A termination and settlement proposal was submitted to the DoD on September 9, 2022; the Company submitted a final invoice on December 15, 2022; and received payment from the DoD on or about January 12, 2023. The terms of the arrangement provide for a cost-reimbursable structure, and state that the parties will work in good faith equitable reimbursement for work performed toward accomplishment of the tasks provided in the agreement. At this time, other than certain deferred obligations (presented within deferred grant income within the Company’s condensed consolidated unaudited balance sheet) potentially payable to the DoD solely due to subsequent negotiations with third-party vendors, the Company believes and has been advised there is a reasonable, good faith basis for the position that no present or future obligations exist. Revenue recognized subsequent to the JPEO Rapid Response Contract Termination relates to satisfaction of residual obligations under the termination and settlement agreement—see Note 2, Summary of Significant Accounting Policies for further information about the Company’s established revenue recognition process.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Emerging Growth Company Status

Leases - Schedule of Undiscounted Future Minimum Lease Payments (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Operating Lease
Operating Lease 2024 - remaining	$ 112,705
Operating Lease 2025	452,135
Operating Lease 2026	393,349
Operating Lease 2027	86,721
Operating Lease 2028	90,190
Operating Leases Thereafter	57,762
Operating lease Undiscounted future minimum lease payments	1,192,862
Less:Operating Lease Amount representing interest payments	(125,045)
Total Operating lease liabilities	1,067,817
Less current portion of Operating Lease	(384,892)	$ (669,946)
Noncurrent Operating lease liabilities	682,925	635,777
Finance Lease
Finance Lease 2024 - remaining	100,374
Finance Lease 2025	401,496
Finance Lease 2026	401,496
Finance Lease 2027	401,496
Finance Lease 2028	401,496
Finance Leases Thereafter	3,981,502
Finance lease Undiscounted future minimum lease payments	5,687,860
Less: Finance lease Amount representing interest payments	(2,235,418)
Total finance lease liabilities	3,452,442
Less current portion of finance Lease	(139,847)	(132,004)
Noncurrent finance lease liabilities	$ 3,312,595	$ 3,418,483

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of presentation

The financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP” or “U.S. GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented.

Emerging growth company status

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the

Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Principles of consolidation

The accompanying condensed consolidated financial statements include the results of the Company and its wholly owned subsidiaries, SAB Sciences, Inc., SAB Capra, LLC, Aurochs, LLC, and SAB Australia. Intercompany balances and transactions have been eliminated in consolidation.

Significant risks and uncertainties

The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to, the results of research and development efforts, clinical trial activities of the Company’s product candidates, the Company’s ability to obtain regulatory approval to market its product candidates, competition from products manufactured and sold or being developed by other companies, and the Company’s ability to raise capital.

The Company currently has no commercially approved products and there can be no assurance that the Company’s research and development will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and obtaining and protecting intellectual property.

Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and the disclosure of contingent assets and liabilities in the financial statements. The Company has used significant estimates in its determination of stock-based compensation assumptions, determination of the fair value of the Private Placement Warrant liabilities, determination of the incremental borrowing rate (“IBR”) used in the calculation of the Company’s right of use assets and lease liabilities, estimation of clinical and other accruals and the valuation allowance on deferred tax assets. Actual amounts realized may differ from these estimates.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy classifies the inputs to valuation techniques that would be used to measure fair value into one of three levels:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

Certain of the Company’s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate their fair value due to the short-term nature of their maturities, such as cash and cash equivalents, accrued interest receivable, accounts payable, notes payable, accrued expenses, and other current liabilities.

The Company accounts for warrants to purchase its common stock par value of $0.0001 per share (its “common stock”) pursuant to Accounting Standards Codification (“ASC”) Topic 470, Debt (“ASC 470”), and ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”), and classifies warrants for common stock as liabilities or equity. The warrants classified as liabilities are reported at their estimated fair value (see Note 13, Fair Value Measurements) and any changes in fair value are reflected in other income and expense. The warrants classified as equity are reported at their estimated relative fair value with no subsequent remeasurement. The Company’s outstanding warrants are discussed in more detail in Note 12, Warrants.

Deferred Issuance Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred issuance costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in shareholders’ equity as a reduction of additional paid-in capital generated as a result of the issuance.

As of September 30, 2024, the Company had $261 thousand in deferred issuance costs related to the Company’s sales agreement with Cantor Fitzgerald & Co. The sales agreement is discussed further in Note 10, Stockholders’ Equity. The Company had no deferred issuance costs as of December 31, 2023.

Cash, cash equivalents, and restricted cash

Cash and cash equivalents are comprised of cash and highly liquid investments with original maturities of 90 days or less at the date of purchase. Cash equivalents consist primarily of exchange-traded money market funds.

The Company is exposed to credit risk in the event of default by the financial institutions or the issuers of these investments to the extent the amounts on deposit or invested are in excess of amounts that are insured.

Short-term investments

The Company accounts for short-term investments in accordance with ASC Topic 320, Investments - Debt and Equity Securities. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such determinations at each reporting period.

At September 30, 2024, the Company’s short-term investments consisted of U.S. treasury securities with original maturity exceeding 90 days and investments in exchange traded mutual funds. The Company classifies these securities as current. The Company considers all of its securities for which there is a determinable fair market value, and there are no restrictions on the Company’s ability to sell within the next twelve months, as available-for-sale securities.

The Company recognizes the change in fair value of available-for-sale equity securities within other income in the condensed consolidated statement of operations and comprehensive loss, and available-for-sale debt securities are measured at fair value with unrealized gains and losses reported in accumulated other comprehensive income in the condensed consolidated statement of operations and comprehensive loss.

The Company reviews its investments at each reporting date to identify and evaluate whether a decline in fair value below the amortized cost basis of available-for-sale debt securities is due to credit-related factors and determines if such unrealized losses are the result of credit losses that require impairment. Factors considered in determining whether an unrealized loss is the result of a credit loss or other factors include the extent to which the fair value is less than the cost basis, any changes to the rating of the security by a rating agency, the financial condition and near-term prospects of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any adverse legal or regulatory events affecting the issuer or issuer’s industry, any significant deterioration in economic condition and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

The Company did not recognize any credit losses on its short-term investments during the three and nine months ended September 30, 2024 and 2023.

Concentration of credit risk

The Company maintains its cash and cash equivalent balances in the form of business checking accounts and money market accounts, the balances of which, at times, may exceed federally insured limits. Although the Company currently believes that the financial institutions with whom it does business will be able to fulfill their commitments to the Company, there is no assurance that those institutions will be able to continue to do so. The Company has not experienced any credit losses associated with its balances in such accounts for the three and nine months ended September 30, 2024 and 2023.

Lease liabilities and right-of-use assets

The Company is party to certain contractual arrangements for equipment, lab space, and an animal facility, which meet the definition of leases under Financial Accounting Standards Board (“FASB”) ASC Topic 842, Leases (“ASC 842”). In accordance with ASC 842, the Company recorded right-of-use assets and related lease liabilities for the present value of the lease payments over the lease terms. The Company’s IBR was used in the calculation of its right-of-use assets and lease liabilities.

The Company elected not to apply the recognition requirements of ASC 842 to short-term leases, which are deemed to be leases with a lease term of twelve months or less. Instead, the Company recognized lease payments in the Condensed Consolidated Statements of Operations on a straight-line basis over the lease term and variable payments in the period in which the obligation for these payments was incurred. The Company elected this policy for all classes of underlying assets.

Research and development expenses

Expenses incurred in connection with research and development activities are expensed as incurred. These include licensing fees to use certain technology in the Company’s research and development projects, fees paid to consultants and various entities that perform certain research and testing on behalf of the Company, and expenses related to animal care, research-use equipment depreciation, salaries, benefits, and stock-based compensation granted to employees in research and development functions.

During the three and nine months ended September 30, 2024 and 2023, the Company had contracts with multiple contract research organizations (“CRO”) to complete studies as part of research grant agreements. These costs include upfront, milestone and monthly expenses as well as reimbursement for pass through costs. All research and development costs are expensed as incurred except when the Company is accounting for nonrefundable advance payments for goods or services to be used in future research and development activities. In these cases, these payments are capitalized at the time of payment and expensed in the period the research and development activity is performed. As actual costs become known, the Company will adjust the accrual; such changes in estimate may result in a material change in the Company’s clinical study accrual, which could also materially affect reported results of operations. For the three and nine months ended September 30, 2024 and 2023, there were no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials.

Property, Plant and Equipment

The Company records property, plant, and equipment at cost less depreciation and amortization. Depreciation is calculated using straight-line methods over the following estimated useful lives:


Animal facility equipment	7 years
Laboratory equipment	7 years
Leasehold improvements	Shorter of asset life or lease term
Office furniture and equipment	5 years
Vehicles	5 years

Repairs and maintenance expenses are expensed as incurred.

Impairment of long-lived assets

The Company reviews the recoverability of long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. If necessary, the Company compares the estimated undiscounted future net cash flows to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value, which is based either on discounted cash flows or appraised values in the period the impairment becomes known. The Company believes that long-lived assets are recoverable, and no impairment was deemed necessary, during the three and nine months ended September 30, 2024 and 2023.

Stock-based compensation

FASB ASC Topic 718, Compensation– Stock Compensation, prescribes accounting and reporting standards for all share-based payment transactions in which employee and non-employee services are acquired. The Company recognizes compensation cost relating to stock-based payment transactions using a fair-value measurement method, which requires all stock-based payments to employees, directors, and non-employee consultants, including grants of stock options, to be recognized in operating results as compensation expense based on fair value over the requisite service period of the awards. The Company determines the fair value of common stock based on the closing market price at closing on the date of the grant.

In determining the fair value of stock-based awards, the Company utilizes the Black-Scholes option-pricing model, which uses both historical and current market data to estimate fair value. The Black-Scholes option-pricing model incorporates various assumptions, such as the value of the underlying common stock, the risk-free interest rate, expected volatility, expected dividend yield, and expected life of the options. For awards with performance-based vesting criteria, the Company estimates the probability of achievement of the performance criteria and recognizes compensation expense related to those awards expected to vest. No awards may have a term in excess of ten years. Forfeitures are recorded when they occur. Stock-based compensation expense is classified in the condensed consolidated statements of operations based on the function to which the related services are provided. The Company recognizes stock-based compensation expense over the vesting period.

Income taxes

Deferred income taxes reflect future tax effects of temporary differences between the tax and financial reporting basis of the Company’s assets and liabilities measured using enacted tax laws and statutory tax rates applicable to the periods when the temporary differences will affect taxable income. When necessary, deferred tax assets are reduced by a valuation allowance, to reflect realizable value, and all deferred tax balances are reported as long-term on the condensed consolidated balance sheet. Accruals are maintained for uncertain tax positions, as necessary.

The Company uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken, or expected to be taken, in a tax return. The Company has elected to treat interest and penalties related to income taxes, to the extent they arise, as a component of income taxes.

Revenue recognition

The Company’s revenue is primarily generated through grants from government and other (non-government) organizations.

Grant revenue is recognized during the period that the research and development services occur, as qualifying expenses are incurred, or conditions of the grants are met. Deferred grant income represents grant proceeds received by the Company prior to the period in which the research and development services occur, as qualifying expenses are incurred, or conditions of the grants are met. The Company concluded that payments received under these grants represent conditional, nonreciprocal contributions, as described in ASC 958, Not-for-Profit Entities, and that the grants are not within the scope of ASC 606, Revenue from Contracts with Customers, as the organizations providing the grants do not meet the definition of a customer. Expenses for grants are tracked by using a project code specific to the grant, and the employees also track hours worked by using the project code.

Foreign Currency Translations and Transactions

Assets and liabilities of the Company's foreign subsidiary are translated at the year-end exchange rate. Operating results of the Company's foreign subsidiary are translated at average exchange rates during the period. Translation adjustments have no effect on net loss and are included in “Accumulated other comprehensive income, net” in the accompanying Condensed Consolidated Balance Sheets.

Comprehensive income (loss)

Comprehensive income (loss) includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. The components of comprehensive loss for the three and nine months ended September 30, 2024 consist of net loss, foreign currency translation adjustments from its subsidiaries not using the U.S. dollar as their functional currency, and unrealized gains and losses on available-for-sale debt securities.

The Company had no items of comprehensive loss other than its net loss for the three and nine months ended September 30, 2023.

Litigation

From time to time, the Company is involved in legal proceedings, investigations and claims generally incidental to its normal business activities. In accordance with U.S. GAAP, the Company accrues for loss contingencies when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Legal costs in connection with loss contingencies are expensed as incurred.

Earnings per share

In accordance with ASC 260, Earnings per Share (“ASC 260”), basic net income (loss) per share attributable to common stockholders is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common stock

outstanding during the period. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted-average number of common stock outstanding for the period including potential dilutive common shares such as stock options.

Segment reporting

In accordance with ASC 280, Segment Reporting, the Company’s business activities are organized into one reportable segment, as only the Company’s operating results in their entirety are regularly reviewed by the Company’s chief operating decision maker to make decisions about resources to be allocated and to assess performance.

Australian Research and Development Tax Credit

The Company recognizes other income from Australian research and development incentives when there is reasonable assurance that the income will be received, the relevant expenditure has been incurred, and the consideration can be reliably measured. The research and development incentive is one of the key elements of the Australian Government’s support for Australia’s innovation system and is supported by legislative law primarily in the form of the Australian Income Tax Assessment Act 1997, as long as eligibility criteria are met. Under the program, a percentage of eligible research and development expenses incurred by the Company through its subsidiary in Australia are reimbursed.

Management has assessed the Company’s research and development activities and expenditures to determine which activities and expenditures are likely to be eligible under the research and development incentive regime described above. At each period end, management estimates the refundable tax offset available to the Company based on available information at the time and it is included in other income in the condensed consolidated statements of operations.

Retroactive Adjustments for Common Stock Reverse Split

On January 5, 2024, the Company completed a 1-for-10 reverse stock split of the Company’s common stock (the “Reverse Stock Split”). As a result of the Reverse Stock Split, every ten of the Company’s issued shares of common stock were automatically combined into one issued share of common stock, without any change to the par value per share. All share and per share numbers in this Form 10-Q have been adjusted to reflect the Reverse Stock Split.

Employee Benefit Plan

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Employee Benefit Plan

(17) Employee Benefit Plan

The Company sponsors a defined contribution retirement plan. All the Company’s employees are eligible to be enrolled in the employer-sponsored contributory retirement savings plan, which include features under Section 401(k) of the Internal Revenue Code of 1986, as amended, and provides for Company matching contributions. The Company’s contributions to the plan are determined by its Board of Directors, subject to certain minimum requirements specified in the plan. The Company has historically made matching contributions of 100% on 3% of the employee contributions, with an additional 50% match on the next 2% of employee contributions. The Company made contributions of approximately $81 thousand and $310 thousand during the three and nine months ended September 30, 2024, respectively, and $71 thousand and $210 thousand, during the three and nine months ended September 30, 2023, respectively.

Pay vs Performance Disclosure - USD ($)	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (10,349,410)	$ (7,335,455)	$ (5,025,745)	$ (5,102,317)	$ (6,880,886)	$ (7,353,820)	$ (22,710,610)	$ (19,337,023)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 9
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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Earnings per share - Schedule of Earnings per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss attributable to the Company's shareholders	$ (10,349,410)	$ (5,102,317)	$ (22,710,610)	$ (19,337,023)
Weighted-average common shares outstanding – basic	9,259,192	5,240,600	9,252,095	5,108,464
Weighted-average common shares outstanding - diluted	9,259,192	5,240,600	9,252,095	5,108,464
Net loss per share, basic	$ (1.12)	$ (0.97)	$ (2.45)	$ (3.79)
Net loss per share, diluted	$ (1.12)	$ (0.97)	$ (2.45)	$ (3.79)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Stock Option Plans - Summary of Restricted Stock (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of unvested shares, Beginning of Period \| shares	66,887
Number of shares,Vested \| shares	(31,343)
Number of unvested shares, End of Period \| shares	35,544
Weighted Average Grant Date Fair Value, Beginning of Period \| $ / shares	$ 11.56
Weighted Average Grant Date Fair Value, Vested \| $ / shares	9.7
Weighted Average Grant Date Fair Value, End of Period \| $ / shares	$ 10.48

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Schedule of Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

As of September 30, 2024 and December 31, 2023, accrued expenses and other current liabilities consisted of the following:


	September 30, 2024		December 31, 2023
Payroll and employee-related costs	$	3,333,571	$	3,400,308
Accrued research and development expenses		1,698,258		480,435
Accrued legal fees		755,383		907,816
Accrued financing fees payable		745,500		1,461,149
Accrued interest		22,211		77,995
Other accrued expenses		324,827		364,478
	$	6,879,750	$	6,692,181

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Details)	9 Months Ended
	Sep. 30, 2024
Animal Facility Equipment [Member]
Property, Plant and Equipment [Line Items]
Equipment useful life	7 years
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Equipment useful life	7 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Equipment description	Shorter of asset life or lease term
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Equipment useful life	5 years
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Equipment useful life	5 years

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(18) Commitments and Contingencies

The Company is not a party to any litigation, and, to its best knowledge, no action, suit, or proceeding has been threatened against the Company which are expected to have a material adverse effect on its financial condition, results of operations or liquidity.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

A summary of the significant accounting policies applied in preparation of the accompanying condensed consolidated financial statements is set forth below.

Basis of presentation

Emerging growth company status

Principles of consolidation

Significant risks and uncertainties

Use of estimates

Fair Value Measurements

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

Deferred Issuance Costs

Cash, cash equivalents, and restricted cash

Short-term investments

The Company did not recognize any credit losses on its short-term investments during the three and nine months ended September 30, 2024 and 2023.

Concentration of credit risk

Lease liabilities and right-of-use assets

Research and development expenses

Property, Plant and Equipment

The Company records property, plant, and equipment at cost less depreciation and amortization. Depreciation is calculated using straight-line methods over the following estimated useful lives:


Animal facility equipment	7 years
Laboratory equipment	7 years
Leasehold improvements	Shorter of asset life or lease term
Office furniture and equipment	5 years
Vehicles	5 years

Repairs and maintenance expenses are expensed as incurred.

Impairment of long-lived assets

Stock-based compensation

Income taxes

Revenue recognition

The Company’s revenue is primarily generated through grants from government and other (non-government) organizations.

Foreign Currency Translations and Transactions

Comprehensive income (loss)

The Company had no items of comprehensive loss other than its net loss for the three and nine months ended September 30, 2023.

Litigation

Earnings per share

Segment reporting

Australian Research and Development Tax Credit

Retroactive Adjustments for Common Stock Reverse Split

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives

The Company records property, plant, and equipment at cost less depreciation and amortization. Depreciation is calculated using straight-line methods over the following estimated useful lives:


Animal facility equipment	7 years
Laboratory equipment	7 years
Leasehold improvements	Shorter of asset life or lease term
Office furniture and equipment	5 years
Vehicles	5 years

Property, plant and equipment - Schedule of Property Plant and Equipment (Parenthetical) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Re-classification of property, plant and equipment	$ 2,200
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Re-classification of property, plant and equipment	(1,800)
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Re-classification of property, plant and equipment	$ (470)

Stock Option Plans - Summary of Assumptions Used to Calculate Estimated Fair Value of Stock Options (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	98.70%	89.90%	80.20%
Expected volatility, maximum	103.40%	103.40%	81.90%
Weighted-average volatility	101.10%	95.90%	81.70%
Risk-free rate, minimum	3.68%	3.68%	3.50%
Risk-free rate, maximum	4.19%	4.32%	3.90%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years	5 years	5 years 9 months 7 days
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 29 days	6 years 29 days	6 years 29 days

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Warrants and Rights Note Disclosure [Abstract]

Warrants

9 Months Ended

Sep. 30, 2024

Warrants

(12) Warrants

Public Warrants

Each whole Public Warrant entitles the holder to purchase one share of the Company's common stock at a price of $115.00 per share, subject to adjustment as discussed herein.

Once the warrants become exercisable, the Company may call the warrants for redemption:

•

in whole and not in part;

•

at a price of $0.01 per warrant;

•

upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder; and if, and only if, the reported last sale price of the common stock equals or exceeds $180.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before the Company send the notice of redemption to the warrant holders.

If the Company calls the warrants for redemption as described above, management will have the option to require any holder that wishes to exercise its warrant to do so on a “cashless basis.” If management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number of shares of common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the excess of the “fair market value” (defined below) over the exercise price of the warrants by (y) the fair market value. The “fair market value” shall mean the average reported last sale price of the common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.

Private Placement Warrants

The Private Placement Warrants and the common stock issuable upon the exercise of the Private Placement Warrants were not transferable, assignable or saleable until after the completion of the Company's merger transaction in 2021. Additionally, the Private Placement Warrants are exercisable on a cashless basis and will be non-redeemable as long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

PIPE Warrants and PIPE Placement Agent Warrants

In December 2022, the Company entered into a securities purchase agreement with certain institutional and accredited investors for the sale by the Company of 736,337 shares of common stock and the PIPE Warrants to purchase up to 736,337 shares of common stock, in a private placement offering. The combined purchase price of each share and accompanying PIPE Warrant was $10.80 (the “December 2022 Private Placement”). Three directors of the Company participated in the December 2022 Private Placement, each paying a $1.25 premium per share and accompanying PIPE Warrant. The PIPE Warrants, including those purchased by the participating directors of the Company, are exercisable at an exercise price equal to $10.80 per share, and are exercisable for five years from the date of issuance. The Company received gross proceeds of approximately $8.0 million before deducting transaction related fees and expenses. The Company paid Brookline Capital Markets, the placement agent, a cash fee equal to seven percent of the gross proceeds received by the Company in the December 2022 Private Placement. The Company also issued Brookline Capital Markets the PIPE Placement Agent Warrants to purchase up to an aggregate of 21,091 shares of common stock, equal to 7% of the number of shares purchased by investors introduced to the Company by Brookline Capital Markets. The PIPE Placement Agent Warrants have an exercise price equal to $13.50 per share and are exercisable six months from the date of issuance and expire five years from the date of issuance.

2023 Ladenburg Agreement Warrants

On March 21, 2023, the Company entered into a settlement agreement with Ladenburg Thalmann & Co. Inc. (“Ladenburg”), effective March 23, 2023 (the “2023 Ladenburg Agreement”, regarding the action brought by Ladenburg, the “Ladenburg Action”). In connection with the 2023 Ladenburg Agreement, on March 24, 2023, the Company (i) issued the Ladenburg Warrants to purchase up to 30,000 shares of common stock, exercisable for three years from the date of issuance at $5.424 per share; and (ii) furnished to Ladenburg a one-time cash payment of $500 thousand. Pursuant to the terms and subject to the conditions set forth in the 2023 Ladenburg Agreement, the Company will (i) no later than June 30, 2023, pay $1.5 million to Ladenburg in cash or shares of common stock, at the Company’s option; and (ii) no later than December 31, 2023, pay $1.1 million to Ladenburg in cash or shares of common stock, at the Company’s option. Following the completion of the Company’s obligations under the 2023 Ladenburg Agreement, Ladenburg has agreed to dismiss the Ladenburg Action with prejudice and extinguish any and all obligations of the Company in connection therewith. All consideration contemplated by the 2023 Ladenburg Agreement are contained within accrued expenses and other current liabilities within the Company’s condensed consolidated balance sheet as of December 31, 2022. On June 30, 2023, in accord with the terms of the agreement, the Company issued 191,689 shares of common stock to satisfy a portion of its obligations under the 2023 Ladenburg Agreement. Following the completion of the 2023 Private Placement, the Company settled the remaining $1.1 million due to Ladenburg in cash.

September 2023 Purchase Agreement Warrants

As of September 30, 2024, the Company had outstanding 42,846 Preferred Tranche B Warrants to acquire shares of Series A-3 Preferred Stock for an aggregate exercise price of approximately $42.85 million, and 107,115 Preferred Tranche C Warrants to purchase shares of Series A-3 Preferred Stock for an aggregate exercise price of approximately $107.1 million.

Both the Preferred Tranche B Warrants and Preferred Tranche C Warrants were classified as derivative liabilities because they are redeemable for cash upon occurrence of a Fundamental Transaction, (as defined in the Forms for such warrants), which may be outside the control of the Company.

For more information see Note 10, Stockholders’ Equity.

Preferred PIPE Placement Agent Warrant

On November 21, 2023, the Company issued to Chardan Capital Markets LLC, the placement agent for the September 2023 Offering, a warrant to purchase 850,119 shares (as adjusted following the Reverse Stock Split) of the Company’s common stock (“the Preferred PIPE Placement Agent Warrants”). The Preferred PIPE Placement Agent Warrants have an exercise price equal to $6.30 per share (subject to adjustment for stock dividends and splits) and are exercisable in whole or in part, at any time or times on or after the issuance date and on or before October 2, 2028. The Preferred PIPE Placement Agent Warrant was classified in equity in additional paid-in capital.

The following table summarizes warrant activity for the nine months ended September 30, 2024:


	Outstanding December 31, 2023		Warrants Issued		Warrants Exercised		Warrants Forfeited		Outstanding September 30, 2024
Transaction
Business Combination Public Warrants		575,000		—		—		—		575,000
Private Placement Warrants		20,860		—		—		—		20,860
PIPE Warrants		736,337		—		—		—		736,337
PIPE Placement Agent Warrants		21,091		—		—		—		21,091
Ladenburg Warrants		30,000		—		—		—		30,000
Preferred Tranche B Warrants		42,846		—		—		—		42,846
Preferred Tranche C Warrants		107,115		—		—		—		107,115
Preferred PIPE Placement Agent Warrants		850,119		—		—		—		850,119

Presentation and Valuation of the Warrants — Liability Classified Warrants

Public Warrants and Private Placement Warrants

The Public Warrants and Private Placement Warrants are accounted for as liabilities in accordance with ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity and were presented within warrant liabilities on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023. The initial fair value of the warrant liabilities was measured at fair value at the Closing Date, and changes in the fair value of the warrant liabilities were presented within changes in fair value of warrant liabilities in the condensed consolidated statements of operations for nine months ended September 30, 2024 and 2023.

On the Closing Date, the Company established the fair value of the Private Placement Warrants utilizing both the Black-Scholes Merton formula and a Monte Carlo Simulation (the “MCS”) analysis. Specifically, the Company considered an MCS to derive the implied volatility in the publicly-listed price of the Public Warrants. The Company then considered this implied volatility in selecting the volatility for the application of a Black-Scholes Merton model for the Private Placement Warrants. The Company determined the fair value of the Public Warrants by reference to the quoted market price.

The Public Warrants were classified as a Level 1 fair value measurement, due to the use of the quoted market price, and the Private Placement Warrants held privately by assignees of Big Cypress Holdings LLC, were classified as a Level 3 fair value measurement, due to the use of unobservable inputs. See Note 13, Fair Value Measurements, for changes in fair value of the Private Placement Warrants.

The key inputs into the valuations as of September 30, 2024 and December 31, 2023 were as follows:


	September 30, 2024			December 31, 2023
Risk-free interest rate		3.58	%		4.03	%
Expected term remaining (periods)		2.06			2.81
Implied volatility		149.3	%		85.0	%
Closing common stock price on the measurement date	$	2.70		$	6.90

Preferred Warrants

Should the Company enter into or be party to a fundamental transaction, the Company will be required to purchase all outstanding Warrants from the holders by paying cash in an amount equal to the Black Scholes Value of the unexercised portion of each Preferred Warrant. As a result, the Preferred Warrants are accounted for as derivative liabilities in accordance with ASC 480 and ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity and were presented within warrant liabilities on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023. The initial fair value of the warrant liabilities was measured at fair value at the Closing Date, and changes in the fair value of the warrant liabilities were presented within changes in fair value of warrant liabilities in the condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2024 and 2023.

The Company established the fair value of the Preferred Warrants utilizing the Black-Scholes Merton formula.

All tranches of the Preferred Warrants were classified as Level 3 fair value measurements, due to the use of unobservable inputs. See Note 13, Fair Value Measurements, for changes in fair value of the Preferred Warrants.

The key inputs utilized in determining the fair value of each Preferred Tranche B Warrant as of September 30, 2024 and December 31, 2023 were as follows:


	September 30, 2024			December 31, 2023
Risk-free interest rate (1)		3.94	%		2.58	%
Expected term remaining (periods) (1)		0.45			0.69
Implied volatility		95.0	%		85.0	%
Underlying Stock Price (Preferred Series A)	$	220.15		$	560.56

(1)

The key inputs utilized in determining the fair value of each Preferred Tranche C Warrant as of September 30, 2024 and December 31, 2023 were as follows:


	September 30, 2024			December 31, 2023
Risk-free interest rate (1)		3.58	%		3.85	%
Expected term remaining (periods) (1)		4.16			4.91
Implied volatility		95.0	%		85.0	%
Underlying Stock Price (Preferred Series A)	$	220.15		$	560.56

(1)

Equity Classified Warrants

The Company determined the Ladenburg Warrants, PIPE Warrants, PIPE Placement Agent Warrants, and Preferred PIPE Placement Agent Warrants met all necessary criteria to be accounted for as equity in accordance with ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity. As such, they are presented within additional paid-in capital within Company’s condensed consolidated statements of changes in stockholders’ equity and condensed consolidated balance sheets.

Warrants classified as equity are initially measured at fair value. Subsequent changes in fair value are not recognized as long as the warrants continue to be classified as equity.

The initial fair value of each PIPE Warrant and PIPE Placement Agent Warrant issued was determined using the Black-Scholes option-pricing model. All relevant terms and conditions for the PIPE Warrant and PIPE Placement Agent Warrant are identical with the exception of the exercise prices of $10.80 and $13.50, respectively.

The initial fair value of each Ladenburg Warrant issued and exercisable at $5.424 was determined using the Black-Scholes option-pricing model.

The key inputs into the valuations as of the 2023 Ladenburg Agreement initial measurement date, March 21, 2023, were as follows:


	Initial Measurement
Risk-free interest rate		3.98	%
Expected term remaining (periods)		3.00
Implied volatility		94.0	%
Closing common stock price on the measurement date	$	0.52

Upon initial measurement, the fair value of each Ladenburg Warrant was determined to be $3.10, per warrant for a value of approximately $93 thousand. The total fair value of the Ladenburg Warrants was recognized by the Company as a non-cash expense and allocated to additional paid-in capital within the Company’s condensed consolidated statement of changes in stockholders’ equity and condensed consolidated balance sheet.

The initial fair value of each Preferred PIPE Placement Agent Warrant issued and exercisable at $6.30 has been determined using the Black-Scholes option-pricing model.

The key inputs into the valuations as of the October 3, 2023 initial measurement date were as follows:


	Initial Measurement
Risk-free interest rate		4.80	%
Expected term remaining (periods)		5.00
Implied volatility		85.0	%
Closing common stock price on the measurement date	$	0.63

Upon initial measurement, the fair value of each Preferred PIPE Placement Agent Warrant was determined to be $4.40, per warrant for a value of approximately $3.7 million.

Condensed Balance Sheets (Parenthetical)	Sep. 30, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares
Preferred stock, par value \| $ / shares	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	42,236	42,236
Preferred stock, shares outstanding	42,236	42,236
Common stock, par value \| $ / shares	$ 0.0001	$ 0.0001
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	9,283,939	9,280,159
Common stock, shares outstanding	9,229,274	9,225,494
Treasury stock, shares (in shares)	54,665	54,665

Leases - Estimated Useful Lives of Finance Lease Assets (Details)	Sep. 30, 2024
Animal Facilty [Member]
Lessee, Lease, Description [Line Items]
Estimated useful lives of the finance lease assets	40 years
Equipment [Member]
Lessee, Lease, Description [Line Items]
Estimated useful lives of the finance lease assets	7 years
Equipment [Member] \| Minimum [Member]
Lessee, Lease, Description [Line Items]
Estimated useful lives of the finance lease assets	3 years
Equipment [Member] \| Maximum [Member]
Lessee, Lease, Description [Line Items]
Estimated useful lives of the finance lease assets	7 years

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Total revenue		$ 1,267,361	$ 1,207,712	$ 1,933,980
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]		Grant Revenue [Member]	Grant Revenue [Member]	Grant Revenue [Member]
Operating Expenses [Abstract]
Research and Development Expense	$ 7,830,745	$ 4,019,718	$ 22,599,998	$ 12,217,569
General and Administrative Expense	3,478,621	2,570,565	11,509,394	8,917,960
Total operating expenses	11,309,366	6,590,283	34,109,392	21,135,529
Loss from operations	(11,309,366)	(5,322,922)	(32,901,680)	(19,201,549)
Changes in fair value of warrant liabilities	6,171	178,758	7,691,363	(96,172)
Interest expense	(78,036)	(69,700)	(247,525)	(237,405)
Interest income	277,174	14,364	1,149,624	100,920
Other income	754,647	97,183	1,597,608	97,183
Total other income (expense)	959,956	220,605	10,191,070	(135,474)
Loss before income taxes	(10,349,410)	(5,102,317)	(22,710,610)	(19,337,023)
Net loss	(10,349,410)	(5,102,317)	(22,710,610)	(19,337,023)
Other comprehensive income:
Unrealized gain, change in fair value of available-for-sale securities, net of tax	44,172		574
Foreign currency translation	39,314		25,139
Total comprehensive loss	$ (10,265,924)	$ (5,102,317)	$ (22,684,897)	$ (19,337,023)
Loss per common share attributable to the Company's shareholders
Basic loss per common share	$ (1.12)	$ (0.97)	$ (2.45)	$ (3.79)
Diluted loss per common share	$ (1.12)	$ (0.97)	$ (2.45)	$ (3.79)
Weighted-average common shares outstanding - basic	9,259,192	5,240,600	9,252,095	5,108,464
Weighted-average common shares outstanding - diluted	9,259,192	5,240,600	9,252,095	5,108,464

Property, plant and equipment - Schedule of Property Plant and Equipment (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	$ 29,925,837	$ 29,648,378
Less: accumulated depreciation and amortization	(13,849,197)	(9,911,859)
Property, plant and equipment, net	16,076,640	19,736,519
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	11,304,551	9,415,210
Animal Facility Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	8,357,667	8,357,667
Animal Facility Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	1,188,854	1,137,666
Construction-in-Progress [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	23,360	0
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	7,064,721	9,296,344
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	208,453	208,453
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total Property, plant and equipment, gross	$ 1,778,231	$ 1,233,038

Earnings per share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings per Share


	Three Months Ended September 30,						For The Nine Months Ended September 30,
	2024			2023			2024			2023
Calculation of basic and diluted loss per share attributable to the Company’s shareholders
Net loss attributable to the Company’s shareholders	$	(10,349,410	)	$	(5,102,317	)	$	(22,710,610	)	$	(19,337,023	)
Weighted-average common shares outstanding – basic and diluted		9,259,192			5,240,600			9,252,095			5,108,464
Net loss per share, basic and diluted	$	(1.12	)	$	(0.97	)	$	(2.45	)	$	(3.79	)

Summary of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss per Share

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:


	For The Nine Months Ended September 30,
	2024		2023
Stock options and awards		3,131,831		65,211
Convertible Debt		—		38,990
Common Stock Warrants (1)		2,233,407		1,383,289
Series A Preferred Stock (2)		6,704,122		—
Preferred Stock Warrants (3)		23,803,334		—
Contingently issuable Earnout Shares from unexercised Rollover Options		150,806		150,806
Total		36,023,500		1,638,296

(1)

(2)

(3)

Warrants - Additional Information (Details) - USD ($)

1 Months Ended

9 Months Ended

Dec. 31, 2023

Sep. 29, 2023

Jun. 30, 2023

Mar. 21, 2023

Dec. 31, 2022

Sep. 30, 2024

Nov. 30, 2023

Nov. 21, 2023

Oct. 03, 2023

PIPE Private Placement Warrants [Member]

2 years 9 months 21 days

2 years 21 days

5 years

Class of warrant or right, exercise price of warrants or rights (in dollars per share)

$ 10.8

Placement Agent Warrants [Member]

736,337

Class of warrant or right, exercise price of warrants or rights (in dollars per share)

$ 13.5

21,091

Warrants or right, issued, percentage of shares purchased

5 years

7.00%

Ladenburg Agreement Warrants [Member]

Class of warrant or right, exercise price of warrants or rights (in dollars per share)

$ 5.424

Stock issued during period, shares, new issues (in shares)

191,689

30,000

Cash payment to settle warrants

3 years

Stock issued

$ 1,100,000

$ 1,500,000

$ 500,000

$ 1,100,000

Warrants and rights outstanding, fair value per share (in dollars per share)

$ 3.1

Warrants, value

$ 93,000

Preferred Tranche B Warrants [Member]

^[1]

8 months 8 days

5 months 12 days

Preferred Tranche C Warrants [Member]

42,846

^[2]

4 years 10 months 28 days

4 years 1 month 28 days

Preferred PIPE Placement Agent Warrants [Member]

107,115

Class of warrant or right, exercise price of warrants or rights (in dollars per share)

$ 6.3

850,119

Preferred Placement Agent Warrant [Member]

850,119

Class of warrant or right, exercise price of warrants or rights (in dollars per share)

$ 6.3

Warrants and rights outstanding, fair value per share (in dollars per share)

$ 4.4

Preferred Placement Agent Warrant [Member] | Additional Paid-In Capital [Member]

Private Placement [Member]

Warrants, value

$ 3,700,000

Stock issued during period, shares, new issues (in shares)

736,337

Equity offering, combined purchase price (in dollars per share)

$ 10.8

Equity offering, premium per share (in dollars per share)

$ 1.25

Placement agent fee, percentage of gross proceeds

5 years

7.00%

Proceeds from issuance or sale of equity

$ 8,000,000

Private Placement [Member] | Preferred Tranche B Warrants [Member] | Securities Purchase Agreement [Member]

Private Placement [Member] | Preferred Tranche B Warrants [Member] | Securities Purchase Agreement [Member] | Series A-3 Preferred Stock [Member]

$ 52,000,000

42,846

Private Placement [Member] | Preferred Tranche C Warrants [Member] | Securities Purchase Agreement [Member]

$ 42,850,000

Private Placement [Member] | Preferred Tranche C Warrants [Member] | Securities Purchase Agreement [Member] | Series A-3 Preferred Stock [Member]

$ 130

107,115

$ 107,100,000

Public Warrants [Member]

Class of warrant or right, number of securities called by each warrant or right (in shares)

Class of warrant or right, exercise price of warrants or rights (in dollars per share)

$ 115

Warrants or rights, redemption price (in dollars per share)

0.01

Warrants and rights outstanding, minimum share price to call (in dollars per share)

$ 180

[1]

[2]

Warrants (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Warrant Activity

The following table summarizes warrant activity for the nine months ended September 30, 2024:


	Outstanding December 31, 2023		Warrants Issued		Warrants Exercised		Warrants Forfeited		Outstanding September 30, 2024
Transaction
Business Combination Public Warrants		575,000		—		—		—		575,000
Private Placement Warrants		20,860		—		—		—		20,860
PIPE Warrants		736,337		—		—		—		736,337
PIPE Placement Agent Warrants		21,091		—		—		—		21,091
Ladenburg Warrants		30,000		—		—		—		30,000
Preferred Tranche B Warrants		42,846		—		—		—		42,846
Preferred Tranche C Warrants		107,115		—		—		—		107,115
Preferred PIPE Placement Agent Warrants		850,119		—		—		—		850,119

Schedule of Key Inputs into Monte Carlo Simulation

The key inputs into the valuations as of September 30, 2024 and December 31, 2023 were as follows:


	September 30, 2024			December 31, 2023
Risk-free interest rate		3.58	%		4.03	%
Expected term remaining (periods)		2.06			2.81
Implied volatility		149.3	%		85.0	%
Closing common stock price on the measurement date	$	2.70		$	6.90

The key inputs into the valuations as of the 2023 Ladenburg Agreement initial measurement date, March 21, 2023, were as follows:


	Initial Measurement
Risk-free interest rate		3.98	%
Expected term remaining (periods)		3.00
Implied volatility		94.0	%
Closing common stock price on the measurement date	$	0.52

The key inputs into the valuations as of the October 3, 2023 initial measurement date were as follows:


	Initial Measurement
Risk-free interest rate		4.80	%
Expected term remaining (periods)		5.00
Implied volatility		85.0	%
Closing common stock price on the measurement date	$	0.63

Preferred Tranche B Warrants [Member]

Schedule of Key Inputs into Monte Carlo Simulation

The key inputs utilized in determining the fair value of each Preferred Tranche B Warrant as of September 30, 2024 and December 31, 2023 were as follows:


	September 30, 2024			December 31, 2023
Risk-free interest rate (1)		3.94	%		2.58	%
Expected term remaining (periods) (1)		0.45			0.69
Implied volatility		95.0	%		85.0	%
Underlying Stock Price (Preferred Series A)	$	220.15		$	560.56

(1)

Preferred Tranche C Warrants [Member]

Schedule of Key Inputs into Monte Carlo Simulation

The key inputs utilized in determining the fair value of each Preferred Tranche C Warrant as of September 30, 2024 and December 31, 2023 were as follows:


	September 30, 2024			December 31, 2023
Risk-free interest rate (1)		3.58	%		3.85	%
Expected term remaining (periods) (1)		4.16			4.91
Implied volatility		95.0	%		85.0	%
Underlying Stock Price (Preferred Series A)	$	220.15		$	560.56

(1)

Investments - Schedule of fair value and amortized cost of available-for-sale debt securities (Details)	Sep. 30, 2024 USD ($)
U.S. Treasury Securities - Short-term [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 11,927,185
Gross Unrealized Gains	2,010
Gross Unrealized Losses	(1,436)
Fair Value	11,927,759
Short-term Investment [Member]
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	11,927,185
Gross Unrealized Gains	2,010
Gross Unrealized Losses	(1,436)
Fair Value	$ 11,927,759

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match			100.00%
Defined contribution plan, maximum annual contributions per employee, percent			3.00%
Defined contribution plan, maximum annual contributions per employee, amount	$ 81	$ 71	$ 310	$ 210
Additional Employee Contributions [Member]
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match			50.00%
Defined contribution plan, maximum annual contributions per employee, percent			2.00%

Leases - Additional Information (Details)		1 Months Ended				3 Months Ended		9 Months Ended
Leases - Additional Information (Details)	Apr. 01, 2024 USD ($) ft²	Nov. 30, 2023 USD ($)	Jul. 31, 2022 USD ($)	Nov. 30, 2020 USD ($)	Dec. 31, 2018 USD ($) gal	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Period	Sep. 30, 2023 USD ($)	Oct. 01, 2022 a
Lessee, Lease, Description [Line Items]
Finance lease payments						$ 100,000	$ 100,000	$ 301,000	$ 306,000
Finance lease, right-of-use asset, amortization						22,000	22,000	65,118	70,221
Operating lease payments						195,000	118,000	672,000	354,000
Finance lease interest expense						$ 67,000	70,000	$ 202,000	210,000
Dakota Ag Properties [Member]
Lessee, Lease, Description [Line Items]
Finance lease payments					$ 34,000
Lessee finance lease interest rate					8.00%
Finance lease term					20 years
Lease payback construction cost					$ 4,000,000
Equipment [Member]
Lessee, Lease, Description [Line Items]
Finance lease payments					$ 8,000
Finance lease propane tank volume \| gal					12,000
Finance lease term					5 years
Laboratory Space [Member]
Lessee, Lease, Description [Line Items]
Lessee advanced written notice period								1 year
Office, Laboratory, and Warehouse [Member]
Lessee, Lease, Description [Line Items]
Operating lease number of option to extended additional period \| Period								3
Operating lease option to extended additional period								3 years
Operating lease cost per month		$ 31,000	$ 3,000	$ 36,000
Operating lease liablity discount rate		8.14%	6.60%	4.69%
Operating lease term						3 years		3 years
Sanford Health [Member] \| Convertible Debt [Member]
Lessee, Lease, Description [Line Items]
Debt Instrument, Interest Rate, Stated Percentage										8.00%
Miami Lease [Member]
Lessee, Lease, Description [Line Items]
Area of property leased \| ft²	1,272
Operating lease payments per month, year one	$ 7,000
Operating lease payments annual increases rate	4.00%
Operating lease liablity discount rate	7.12%
Operating lease term	62 months
Lease Agreement Member \| Sanford Health [Member]
Lessee, Lease, Description [Line Items]
Area of property leased \| a										21,014
Operating lease payments per month								$ 45,000
Operating lease payments per month, year one								46,000
Operating lease liablity discount rate										6.92%
Research and Development Expense [Member]
Lessee, Lease, Description [Line Items]
Operating lease expense						$ 199,000	$ 246,000	$ 647,000	$ 738,000

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Entity File Number	001-39871
Entity Registrant Name	SAB BIOTHERAPEUTICS, INC.
Entity Central Index Key	0001833214
Entity Tax Identification Number	85-3899721
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	777 W 41st St
Entity Address, Address Line Two	Suite 401
Entity Address, City or Town	Miami Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33140
City Area Code	605
Local Phone Number	679-6980
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
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,229,274
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	SABS
Security Exchange Name	NASDAQ
Warrants Each Exercisable for Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants, each exercisable for one share of Common Stock
Trading Symbol	SABSW
Security Exchange Name	NASDAQ

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Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity

(10) Stockholders’ Equity

Authorized and Outstanding Capital Stock

The total number of shares of the Company’s authorized capital stock is 810,000,000. The total amount of authorized capital stock consists of 800,000,000 shares of common stock and 10,000,000 shares of preferred stock.

Series A Preferred Stock

On September 29, 2023, the Company entered into a securities purchase agreement (the “September 2023 Purchase Agreement”) with certain accredited investors, pursuant to which the Company agreed to issue and sell, in a private placement (the “September 2023 Offering”), (i) 7,500 shares of Series A-1 Convertible Preferred Stock, par value $0.0001 per share, for an aggregate offering price of $7.5 million (the “Series A-1 Preferred Stock”), (ii) tranche A warrants (the “Preferred Tranche A Warrants”) to acquire shares of Series A-1 Preferred Stock or Series A-3 Preferred Stock, par value $0.0001 per share, for an aggregate exercise price of $70.5 million (the “Series A-3 Preferred Stock”), (iii) tranche B warrants to acquire shares of Series A-3 Preferred Stock, par value $0.0001 per share, for an aggregate exercise price of $52.0 million (the “Preferred Tranche B Warrants”), and (iv) tranche C warrants to purchase Series A-3 Preferred Stock, par value $0.0001 per share, for an aggregate exercise price of $130.0 million (the “Preferred Tranche C Warrants” and together with the Preferred Tranche A Warrants, and Preferred Tranche B Warrants, the “Preferred Warrants” and the shares underlying the Preferred Warrants, the “Preferred Warrant Shares”).

On October 3, 2023, the Company closed on the issuance of the 7,500 shares of Series A-1 Preferred Stock (the “Initial Issuance Date”). In connection with the issuance of the 7,500 shares of Series A-1 Preferred Stock, gross proceeds were $7.5 million, before deducting fees to be paid to the placement agent and financial advisors of the Company and other offering expenses payable by the Company. The Company intends to use the net proceeds from the September 2023 Offering for working capital purposes and other general corporate purposes and to advance its SAB-142-101 clinical trial.

The Company recorded $7.5 million in gross proceeds associated with the initial issuance of the September 2023 Offering whereby the Company issued 7,500 shares of Series A-1 Convertible preferred stock the Preferred Warrants. The Company estimated the initial value of the warrants to be $10.9 million. Since the warrants are classified as liabilities, the initial amount recorded as the warrant liability was equal to the estimated fair value of the warrants. Since the fair value of these warrants exceeded the equity proceeds, the entire amount of proceeds were allocated to the warrants and the remaining value allocated to the warrants resulted in a $3.4 million loss on the issuance of the Series A Preferred Stock.

Subject to the terms and limitations contained in the Certificate of Designation of Preferences, Rights and Limitations of the Series A Convertible Voting Preferred Stock (the “Certificate of Designation”):

•

The Series A-1 Preferred Stock issued in the September 2023 Offering became convertible upon receipt of certain requisite approvals by the Company’s stockholders related to the offering (the “Stockholder Approval”).

•

On the first trading day following the announcement of the Stockholder Approval, each share of Series A-1 Preferred Stock became automatically convertible into common stock, at the conversion price of $6.30 per share (the “Conversion Price”), provided that to the extent such conversion would cause a holder of Series A-1 Preferred Stock to exceed the applicable beneficial ownership limitation, such holder will receive shares of Series A-2 Preferred Stock, par value $0.0001 per share (the “Series A-2 Preferred Stock”), in lieu of common stock.

•

At the option of the holder, each share of Series A-2 Preferred Stock and Series A-3 Preferred Stock will be convertible into common stock, at the Conversion Price (which is subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization).

The Preferred Tranche A Warrants became exercisable beginning on October 2, 2023, (the “Issuance Date”) until the earlier of (i) fifteen (15) trading days following the date of the public announcement of the fulsome data set from the Sanofi S.A. Protect trial or (ii) December 15, 2023. If any purchaser in the September 2023 Offering failed to exercise their Preferred Tranche A Warrant in full prior to its expiration date, such purchaser forfeited all Preferred Tranche A Warrants, Preferred Tranche B Warrants, and Preferred Tranche C Warrants issued to them.

The Preferred Tranche B Warrants became exercisable commencing on the Exercisability Date (as defined in the Form of Preferred Tranche B Warrant) until the later of (i) 15 days following the Company’s announcement of data from its SAB-142-101 clinical trial and (ii) March 31, 2025.

The Preferred Tranche C Warrants became exercisable commencing on the Exercisability Date (as defined in the Form of Preferred Tranche C Warrant) until the five (5) year anniversary of the Exercisability Date.

Prior to the extended mandatory exercise time of certain Preferred Tranche A Warrants, certain investors informed the Company that they would not exercise such warrants. Certain other investors in the offering agreed to assume and exercise 16,269 of the 27,115 unexercised Preferred Tranche A Warrants and received 10,846 of the Preferred Tranche B Warrants and 27,115 of the Preferred Tranche C Warrants from the transferring Investors. The balance of the unexercised Preferred Tranche A Warrants and the remaining Preferred Tranche B Warrants and Preferred Tranche C Warrants issued to the investors who failed to exercise their Preferred Tranche B Warrants were cancelled. Following these updates to the offering, the Company issued 59,654 shares of Series A-1 Preferred Stock for aggregate proceeds of approximately $59.65 million upon the exercise of the Tranche A Warrants.

In connection with the September 2023 Offering, the Company issued an aggregate of 67,154 shares of Series A-1 Convertible Preferred Stock. Following shareholder approval of the September 2023 Offering and pursuant to the Certificate of Designation, 24,918 shares of Series A-1 Convertible Preferred Stock were automatically converted into an aggregate of 3,954,674 shares of common stock, and the remaining 42,236 shares of Series A-1 Convertible Preferred Stock were converted into an aggregate of 42,236 shares of Series A-2 Convertible preferred stock.

The following is a summary of the terms of the Series A Preferred Stock:

Dividends. At all times while shares of Series A Preferred Stock are issued and outstanding, holders of Series A Preferred Stock shall be entitled to receive dividends on shares of Series A Preferred Stock equal (on an as-if-converted-to-Common- Stock basis) to and in the same form as dividends actually paid on shares of the Common Stock.

Voting Rights. Holders of the Series A Preferred Stock are entitled to vote together with the Common Stock on an as-if-converted-to-Common-Stock basis. Holders of Common Stock are entitled to one vote for each share of Common Stock held on all matters submitted to a vote of stockholders. Accordingly, holders of Series A Preferred Stock will be entitled to one vote for each whole share of Common Stock into which their Series A Preferred Stock is then-convertible on all matters submitted to a vote of stockholders, except that the holders of Series A Preferred Stock are not entitled to vote their shares of Series A Preferred Stock in excess of the “beneficial ownership blocker” set forth in the Series A Certificate of Designations, as it relates to each holder of Series A Preferred Stock. Each holder of Series A Preferred Stock may designate whether the limit of such beneficial ownership blocker is 4.99% or 9.99% of the shares of Common Stock outstanding.

For information pertaining to the Company’s outstanding warrants to purchase shares of the Company’s preferred stock, see Note 12, Warrants.

Earnout Shares

On October 22, 2021 (the “Closing Date”), the Company consummated the business combination (the “Business Combination”) contemplated by the agreement and plan of merger, dated as of June 21, 2021, as amended on August 12, 2021, made by and among Big Cypress Acquisition Corp., a Delaware corporation (“BCYP”), Big Cypress Merger Sub Inc., a Delaware corporation (“Merger Sub”), the Company, and Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as the representative, agent and attorney-in-fact of the SAB Stockholders (the “Business Combination Agreement ”). Upon closing of the

Business Combination, Merger Sub merged with SAB Biotherapeutics, with SAB Biotherapeutics as the surviving company of the merger. Upon closing of the Business Combination, BCYP changed its name to “SAB Biotherapeutics, Inc.”.

Additionally, the Business Combination Agreement included an earnout provision whereby the shareholders of SAB Biotherapeutics shall be entitled to receive additional consideration (“Earnout Shares”) if the Company meets certain Volume Weighted Average Price (“VWAP") thresholds, or a change in control with a per share price exceeding the VWAP thresholds within a five-year period immediately following the Closing.

The Earnout Shares shall be released in four equal increments as follows:

(i)

25% of the Earnout Shares shall be released if, at any time during the five (5)-year period immediately following the Closing Date, the VWAP of the Company’s publicly traded common stock is greater than or equal to $150.00 for any twenty (20) trading days within a period of thirty (30) consecutive trading days (the “First Earnout”).

(ii)

25% of the Earnout Shares shall be released if, at any time during the five (5)-year period immediately following the Closing Date, the VWAP of the Company’s publicly traded common stock is greater than or equal to $200.00 for any twenty (20) trading days within a period of thirty (30) consecutive trading days (the “Second Earnout”).

(iii)

25% of the Earnout Shares shall be released if, at any time during the five (5)-year period immediately following the Closing Date, the VWAP of the Company’s publicly traded common stock is greater than or equal to $250.00 for any twenty (20) trading days within a period of thirty (30) consecutive trading days (the “Third Earnout”).

(iv)

25% of the Earnout Shares shall be released if, at any time during the five (5)-year period immediately following the Closing Date, the VWAP of the Company’s publicly traded common stock is greater than or equal to $300.00 for any twenty (20) trading days within a period of thirty (30) consecutive trading days (the “Fourth Earnout” and together with the First Earnout, the Second Earnout and the Third Earnout, the “Earnouts”).

Pursuant to the terms of the Business Combination Agreement, SAB Biotherapeutics’ securityholders (including vested option holders) who own SAB Biotherapeutics securities immediately prior to the Closing Date will have the contingent right to receive their pro rata portion of (i) an aggregate of 1,200,000 Earnout Shares, of which 150,806 are contingently issuable based upon future satisfaction of the aforementioned VWAP thresholds. The remaining 1,049,194 are legally issued and outstanding, if the Company does not meet the above VWAP thresholds, or a change in control with a per share price below the VWAP thresholds occurs within a five-year period immediately following the Closing Date, the shares will be returned to the Company.

The Earnout Shares are indexed to the Company’s equity and meet the criteria for equity classification. On the Closing Date, the fair value of the 1,200,000 Earnout Shares was $101.3 million. The Company recorded the Earnout Shares as a stock dividend by reducing additional paid-in capital, which was offset by the increase in additional paid-in capital associated with the Business Combination.

Sales Agreement

As previously disclosed, on January 26, 2024, the Company entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor”), relating to shares of common stock. In accordance with the terms of the Sales Agreement, the Company may offer and sell shares of our common stock having an aggregate offering price of up to $20,000,000 from time to time through Cantor, acting as the Company’s sales agent. For the period ended September 30, 2024, the Company did not offer or sell any shares of common stock pursuant to the Sales Agreement, and up to $20,000,000 remains to be sold under the Sales Agreement.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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Investments - Additional Information (Details)	3 Months Ended		9 Months Ended
Investments - Additional Information (Details)	Sep. 30, 2024 USD ($) Positions	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Positions	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Number of unrealized loss position \| Positions	5		5
Unrealized gains on equity investments	$ 38,000		$ 53,000
Realized gains on equity invesments	0	$ 0	0	$ 0
Accrued interest receivable	$ 97,047		$ 97,047		$ 0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Property, Plant and Equipment [Abstract]

Property, plant and equipment

9 Months Ended

Sep. 30, 2024

Property, plant and equipment

(6) Property, plant and equipment

As of September 30, 2024 and December 31, 2023, the Company’s property, plant and equipment was as follows:


	September 30, 2024			December 31, 2023
Laboratory equipment (1)	$	11,304,551		$	9,415,210
Animal facility leasehold improvements		8,357,667			8,357,667
Animal facility equipment		1,188,854			1,137,666
Construction-in-progress		23,360			—
Leasehold improvements (1)		7,064,721			9,296,344
Vehicles		208,453			208,453
Office furniture and equipment (1)		1,778,231			1,233,038
Total Property, plant and equipment, gross		29,925,837			29,648,378
Less: accumulated depreciation and amortization		(13,849,197	)		(9,911,859	)
Property, plant and equipment, net	$	16,076,640		$	19,736,519

(1) The Company re-classed $2.2 million of leasehold improvements to laboratory equipment ($1.8 million) and office furniture and equipment ($470 thousand) as of September 30, 2024.

Depreciation and amortization expense was $0.9 million and $3.9 million for the three and nine months ended September 30, 2024, respectively, and $1.0 million and $2.7 million, respectively, for the three and nine months ended September 30, 2023, respectively. During the nine months ended September 30, 2024, the Company recorded expense of approximately $0.9 million for an out-of-period adjustment related to the amortization of leasehold improvements, $0.7 million is included in research and development expense and $0.2 million is included in general and administrative expense.

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

(13) Fair Value Measurements

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

The following tables present information about the Company's assets and liabilities that are measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023, and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


	As of September 30, 2024
	Total		Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Cash equivalents
Money market funds	$	3,498,894	$	3,498,894	$	—	$	—
U.S. treasury securities		3,187,847		3,187,847		—		—
Short-term investments
Mutual funds		9,301,713		9,301,713		—		—
U.S. treasury securities		11,927,759		11,927,759		—		—
Total	$	27,916,213	$	27,916,213	$	—	$	—
Liabilities:
Public Warrant liability	$	207,292	$	207,292	$	—
Private Placement Warrant liability		8,761		—		—		8,761
Preferred Warrants		3,866,819		—		—		3,866,819
Total	$	4,082,872	$	207,292	$	—	$	3,875,580


	As of December 31, 2023
	Total		Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Liabilities:
Public Warrant liability	$	172,500	$	172,500	$	—	$	—
Private Placement Warrant liability		6,258		—		—		6,258
Preferred Warrants		11,595,477		—		—		11,595,477
Total	$	11,774,235	$	172,500	$	—	$	11,601,735

The following table provides a summary of the changes in Level 3 fair value measurements for the Private Placement Warrant liability:



Balance, December 31, 2023	$	6,258
Change in fair value of Private Placement Warrant liability		2,086
Balance, March 31, 2024		8,344
Change in fair value of Private Placement Warrant liability		3,129
Balance, June 30, 2024		11,473
Change in fair value of Private Placement Warrant liability		(2,712	)
Balance, September 30, 2024	$	8,761

The following table provides a summary of the changes in Level 3 fair value measurements for the Preferred Warrant liabilities:


Balance, December 31, 2023	$	11,595,477
Change in fair value of the Preferred Warrant liabilities		(5,527,805	)
Balance, March 31, 2024		6,067,672
Change in fair value of the Preferred Warrant liabilities		(2,272,207	)
Balance, June 30, 2024		3,795,465
Change in fair value of the Preferred Warrant liabilities		71,354
Balance, September 30, 2024	$	3,866,819

As of September 30, 2024 and December 31, 2023, the Company did not have any other assets or liabilities that are recorded at fair value on a recurring basis.

The Company believes that the carrying amounts of its cash and cash equivalents, accrued interest receivable, notes payable, accrued expenses and other current liabilities approximate their fair values due to their near-term maturities.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity - Additional Information (Details) - USD ($)					1 Months Ended	9 Months Ended
	Jan. 26, 2024	Nov. 09, 2023	Oct. 03, 2023	Sep. 29, 2023	Dec. 31, 2022	Sep. 30, 2024	Dec. 31, 2023	Oct. 22, 2021
Class of Stock [Line Items]
Capital units, authorized (in shares)						810,000,000
Common stock, shares authorized (in shares)						800,000,000	800,000,000
Preferred stock, shares authorized (in shares)						10,000,000	10,000,000
Preferred stock, par value						$ 0.0001	$ 0.0001
Shares exercised during the period						3,780
Preferred stock, shares issued (in shares)						42,236	42,236
Preferred stock, shares outstanding (in shares)						42,236	42,236
Earnout shares at fair value						1,200,000
Earnout value at fair value						$ 101,300,000
Minimum [Member]
Class of Stock [Line Items]
Beneficial ownership blocker limit on common stock outstanding, percentage						4.99%
Maximum [Member]
Class of Stock [Line Items]
Beneficial ownership blocker limit on common stock outstanding, percentage						9.99%
Preferred Tranche A Warrants [Member]
Class of Stock [Line Items]
Warrants exercisable, description						The Preferred Tranche A Warrants became exercisable beginning on October 2, 2023, (the “Issuance Date”) until the earlier of (i) fifteen (15) trading days following the date of the public announcement of the fulsome data set from the Sanofi S.A. Protect trial or (ii) December 15, 2023. If any purchaser in the September 2023 Offering failed to exercise their Preferred Tranche A Warrant in full prior to its expiration date, such purchaser
Preferred Tranche B Warrants [Member]
Class of Stock [Line Items]
Warrants exercisable, description						The Preferred Tranche B Warrants became exercisable commencing on the Exercisability Date (as defined in the Form of Preferred Tranche B Warrant) until the later of (i) 15 days following the Company’s announcement of data from its SAB-142-101 clinical trial and (ii) March 31, 2025.
Preferred Tranche C Warrants [Member]
Class of Stock [Line Items]
Warrants exercisable, description						The Preferred Tranche C Warrants became exercisable commencing on the Exercisability Date (as defined in the Form of Preferred Tranche C Warrant) until the five (5) year anniversary of the Exercisability Date.
2023 Private Placement [Member
Class of Stock [Line Items]
Aggregate offering price from agreement					$ 8,000,000
Stock issued during period, shares, new issues (in shares)					736,337
2023 Private Placement [Member \| Securities Purchase Agreement [Member] \| Preferred Tranche A Warrants [Member]
Class of Stock [Line Items]
Preferred stock, par value				$ 0.0001
Aggregate exercise price				$ 70,500,000
Shares exercised during the period		16,269
Warrants Issued		27,115
2023 Private Placement [Member \| Securities Purchase Agreement [Member] \| Preferred Tranche B Warrants [Member]
Class of Stock [Line Items]
Preferred stock, par value				$ 0.0001
Aggregate exercise price				$ 52,000,000
Shares exercised during the period		10,846
2023 Private Placement [Member \| Securities Purchase Agreement [Member] \| Preferred Tranche C Warrants [Member]
Class of Stock [Line Items]
Preferred stock, par value				$ 0.0001
Aggregate exercise price				$ 130
Shares exercised during the period		27,115
Sales Agreement [Member]
Class of Stock [Line Items]
Aggregate offering price from agreement	$ 20,000,000					$ 20,000,000
Stock issued during period, shares, new issues (in shares)						0
Common Stock [Member] \| Big Cypress Acquisition Corp [Member]
Class of Stock [Line Items]
Contingent right to receive pro rate portion of earn out shares								1,200,000
Earn out shares, contingently issuable								150,806
Contingent right earn out shares, outstanding								1,049,194
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Common stock, voting rights						Voting Rights. Holders of the Series A Preferred Stock are entitled to vote together with the Common Stock on an as-if-converted-to-Common-Stock basis. Holders of Common Stock are entitled to one vote for each share of Common Stock held on all matters submitted to a vote of stockholders. Accordingly, holders of Series A Preferred Stock will be entitled to one vote for each whole share of Common Stock into which their Series A Preferred Stock is then-convertible on all matters submitted to a vote of stockholders, except that the holders of Series A Preferred Stock are not entitled to vote their shares of Series A Preferred Stock in excess of the “beneficial ownership blocker” set forth in the Series A Certificate of Designations, as it relates to each holder of Series A Preferred Stock. Each holder of Series A Preferred Stock may designate whether the limit of such beneficial ownership blocker is 4.99% or 9.99% of the shares of Common Stock outstanding.
Series A-2 Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, par value				$ 0.0001
Series A One Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, par value				$ 6.3
Stock issued during period, shares, conversion of units						67,154
Series A One Convertible Preferred Stock [Member] \| Securities Purchase Agreement [Member]
Class of Stock [Line Items]
Gross proceeds from private placement				$ 7,500,000
Series A One Convertible Preferred Stock [Member] \| 2023 Private Placement [Member
Class of Stock [Line Items]
Stock issued during period, shares, conversion of units						24,918
Series A One Convertible Preferred Stock [Member] \| 2023 Private Placement [Member \| Securities Purchase Agreement [Member]
Class of Stock [Line Items]
Number of shares issued		59,654	7,500	7,500
Preferred stock, par value				$ 0.0001
Sale of Stock, Consideration Received on Transaction				$ 7,500,000
Aggregate exercise price		$ 59,650,000
Net proceeds from private placement			$ 7,500,000
Warrants, value			10,900,000
Fair value of warrants exceeded equity proceeds loss on issuance			$ 3,400,000
Series A One Convertible Preferred Stock [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Conversion of Preferred Stock into common shares (in shares)						3,954,674
Series A-2 Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Conversion of Preferred Stock into common shares (in shares)						42,236
First Earnout [Member]
Class of Stock [Line Items]
Percentage of earn out shares to be released						25.00%
Period to issue earn out shares (year)						5 years
Volume weighted average price threshold (in dollars per share)						$ 150
Shareholders equity volume weighted average price threshold trading days (day)						20 years
Shareholders equity volume weighted average price threshold consecutive trading days (day)						30 years
Second Earnouts [Member]
Class of Stock [Line Items]
Percentage of earn out shares to be released						25.00%
Period to issue earn out shares (year)						5 years
Volume weighted average price threshold (in dollars per share)						$ 200
Shareholders equity volume weighted average price threshold trading days (day)						20 years
Shareholders equity volume weighted average price threshold consecutive trading days (day)						30 years
Third Earnouts [Member]
Class of Stock [Line Items]
Percentage of earn out shares to be released						25.00%
Period to issue earn out shares (year)						5 years
Volume weighted average price threshold (in dollars per share)						$ 250
Shareholders equity volume weighted average price threshold trading days (day)						20 years
Shareholders equity volume weighted average price threshold consecutive trading days (day)						30 years
Fourth Earnouts [Member]
Class of Stock [Line Items]
Percentage of earn out shares to be released						25.00%
Period to issue earn out shares (year)						5 years
Volume weighted average price threshold (in dollars per share)						$ 300
Shareholders equity volume weighted average price threshold trading days (day)						20 years
Shareholders equity volume weighted average price threshold consecutive trading days (day)						30 days

Warrants - Schedule of Key Inputs into Monte Carlo Simulation (Parenthetical) (Details)	Sep. 30, 2024	Dec. 31, 2023
Preferred Tranche B Warrants [Member]
Class of Warrant or Right [Line Items]
Probability weighted input percentage adjusted	10.00%	45.00%
Preferred Tranche C Warrants [Member]
Class of Warrant or Right [Line Items]
Probability weighted input percentage adjusted	38.50%	25.00%

Condensed Consolidated Statements of Changes In Stockholders' Equity (Unaudited) (Parenthetical)	Jan. 05, 2024
Reverse stock split ratio	0.1

Property, plant and equipment - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 900,000	$ 1,000,000	$ 3,941,764	$ 2,730,660
Research and development expense	7,830,745	4,019,718	22,599,998	12,217,569
General And Administrative Expense	$ 3,478,621	$ 2,570,565	11,509,394	$ 8,917,960
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Adjustment related to amortization			900,000
Leasehold Improvements [Member] \| Research and Development [Member]
Property, Plant and Equipment [Line Items]
Adjustment related to amortization			700,000
Leasehold Improvements [Member] \| General and Administrative Expense [Member]
Property, Plant and Equipment [Line Items]
Adjustment related to amortization			$ 200,000

Stock Option Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Estimated weighted average amortization period			3 years 3 months 25 days
Unrecognized compensation expense	$ 6,900		$ 6,900
Number of stock options granted		0	2,374,955
Option vested fair value	$ 633	$ 739	$ 1,600	$ 1,800
Number of stock options vested	164,728	60,911	278,658	91,466
Weighted average grant date fair value of options granted	$ 2.18	$ 0	$ 2.99	$ 4.09
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Estimated weighted average amortization period			2 years 1 month 9 days
Unrecognized equity-based compensation	$ 357		$ 357
Fair Value of shares vested	$ 48		$ 177
Number of shares vested			31,343
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares vested			31,343
Restricted Stock Units (RSUs) [Member] \| Vested with a Fair Value of Eighty Thousand [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares vested	4,183		18,527
2014 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	728,650		728,650
Common stock available for grant	297,687		297,687
Number of stock options granted			430,963
Omnibus Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	1,100,000		1,100,000
Common stock reserved for future issuance increased, percentage			2.00%
2021 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares Authorized	3,900,000		3,900,000
Common stock reserved for future issuance	5,500,000		5,500,000
Common stock available for grant	2,767,789		2,767,789
Number of stock options granted			2,732,211
Additional Shares available for issuance not exceed			500,000

Earnings per share - Summary of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	36,023,500	1,638,296
Stock Options and Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	3,131,831	65,211
Convertible Debt [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		38,990
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,233,407	1,383,289
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	6,704,122
Preferred Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	23,803,334
Contingently Issuable Earnout Shares from Unexercised Rollover Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	150,806	150,806

Stock Option Plans (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Stock Options

Stock option activity for employees and non-employees under the Equity Compensation Plans for the nine months ended September 30, 2024 was as follows:


	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (periods)		Aggregate Intrinsic Value
Outstanding options, December 31, 2023		1,009,519		$	15.01		6.19	$	664,967
Granted		2,374,955		$	3.90
Forfeited		(207,458	)	$	6.93
Exercised		(3,780	)	$	5.40
Expired		(76,949	)	$	15.28
Outstanding options, September 30, 2024		3,096,287		$	9.92		7.63	$	66,308
Options vested and exercisable, September 30, 2024		721,516		$	16.73		5.23

Summary of Assumptions Used to Calculate Estimated Fair Value of Stock Options


	Three Months Ended September 30,					For The Nine Months Ended September 30,
	2024			2023		2024			2023
Expected volatility	98.7 - 103.4		%	*	%	89.9 - 103.4		%	80.2 - 81.9		%
Weighted-average volatility		101.1	%	*	%		95.9	%		81.7	%
Expected dividends	—		%	*	%	—		%	—		%
Expected term (in periods)	5.00 - 6.08			*		5.00 - 6.08			5.77 - 6.08
Risk-free rate	3.68 - 4.19		%	*	%	3.68 - 4.32		%	3.50 - 3.90		%

* No options were granted during the three months ended September 30, 2023.

Summary of Restricted Stock

Stock award activity for employees and non-employees under the Equity Compensation Plans for the nine months ended September 30, 2024 was as follows:


	Number of shares			Weighted Average Grant Date Fair Value
Unvested as of December 31, 2023		66,887		$	11.56
Vested		(31,343	)	$	9.70
Unvested as of September 30, 2024		35,544		$	10.48

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 was as follows:


	Three Months Ended September 30,				For The Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	482,444	$	155,596	$	973,113	$	469,821
General and administrative		566,339		483,650		1,294,548		1,417,020
Total	$	1,048,783	$	639,246	$	2,267,661	$	1,886,841

Property, plant and equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Line Items]

Schedule of Property, plant and equipment

As of September 30, 2024 and December 31, 2023, the Company’s property, plant and equipment was as follows:


	September 30, 2024			December 31, 2023
Laboratory equipment (1)	$	11,304,551		$	9,415,210
Animal facility leasehold improvements		8,357,667			8,357,667
Animal facility equipment		1,188,854			1,137,666
Construction-in-progress		23,360			—
Leasehold improvements (1)		7,064,721			9,296,344
Vehicles		208,453			208,453
Office furniture and equipment (1)		1,778,231			1,233,038
Total Property, plant and equipment, gross		29,925,837			29,648,378
Less: accumulated depreciation and amortization		(13,849,197	)		(9,911,859	)
Property, plant and equipment, net	$	16,076,640		$	19,736,519

(1) The Company re-classed $2.2 million of leasehold improvements to laboratory equipment ($1.8 million) and office furniture and equipment ($470 thousand) as of September 30, 2024.

Condensed Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 9,171,175	$ 56,566,066
Short-term investments	21,229,472	0
Accrued interest receivable	97,047	0
Prepaid expenses and other current assets	2,039,346	2,340,797
Total current assets	32,537,040	58,906,863
Deferred issuance cost	261,105	0
Long-term prepaid assets	253,305	350,230
Operating lease right-of-use assets	1,064,552	1,277,982
Financing lease right-of-use assets	3,604,541	3,669,659
Property, plant and equipment, net	16,076,640	19,736,519
Total assets	53,797,183	83,941,253
Current liabilities
Accounts payable	1,296,987	945,927
Notes payable	0	1,050,849
Operating lease liabilities, current portion	384,892	669,946
Finance lease liabilities, current portion	139,847	132,004
Deferred grant income	114,698	1,322,410
Accrued expenses and other current liabilities	6,879,750	6,692,181
Total current liabilities	8,816,174	10,813,317
Operating lease liabilities, noncurrent	682,925	635,777
Finance lease liabilities, noncurrent	3,312,595	3,418,483
Warrant liabilities	4,082,872	11,774,235
Total liabilities	16,894,566	26,641,812
Commitments and contingencies (Note 18)
Stockholders equity
Preferred stock; $0.0001 par value; 10,000,000 shares authorized, 42,236 shares issued and outstanding at September 30, 2024 and December 31, 2023	5	5
Common stock; $0.0001 par value; 800,000,000 shares authorized at September 30, 2024 and December 31, 2023; 9,283,939 and 9,280,159 shares issued, respectively, and 9,229,274 and 9,225,494 outstanding at September 30, 2024 and December 31, 2023, respectively	929	929
Treasury stock, at cost; 54,665 shares held at June 30, 2024 and December 31, 2023	(5,521,246)	(5,521,246)
Additional paid-in capital	155,144,947	152,856,874
Accumulated other comprehensive income	52,133	26,420
Accumulated deficit	(112,774,151)	(90,063,541)
Total stockholders' equity	36,902,617	57,299,441
Total liabilities and stockholders' equity	$ 53,797,183	$ 83,941,253

Revenue - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
Revenue - Additional Information (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2021	Dec. 31, 2020	Aug. 01, 2019	Apr. 01, 2019	Aug. 01, 2017
Governmental Grants [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, including assessed tax	$ 0	$ 1,300,000	$ 1,200,000	$ 1,900,000
Federal Award [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, including assessed tax	0	0	0	192,000
Deferred revenue, total								$ 1,500,000
Geneva Foundation [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, including assessed tax	0	0	0	273,000
Deferred revenue, total									$ 2,700,000
Advanced Technology International [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, including assessed tax	$ 0	$ 1,300,000	$ 1,200,000	$ 1,500,000
Deferred revenue, total					$ 203,600,000	$ 203,600,000	$ 25,000,000
Revenue, Remaining Performance Obligation, Percentage	9.00%		9.00%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis


	As of September 30, 2024
	Total		Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Assets:
Cash equivalents
Money market funds	$	3,498,894	$	3,498,894	$	—	$	—
U.S. treasury securities		3,187,847		3,187,847		—		—
Short-term investments
Mutual funds		9,301,713		9,301,713		—		—
U.S. treasury securities		11,927,759		11,927,759		—		—
Total	$	27,916,213	$	27,916,213	$	—	$	—
Liabilities:
Public Warrant liability	$	207,292	$	207,292	$	—
Private Placement Warrant liability		8,761		—		—		8,761
Preferred Warrants		3,866,819		—		—		3,866,819
Total	$	4,082,872	$	207,292	$	—	$	3,875,580


	As of December 31, 2023
	Total		Quoted Prices In Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)
Liabilities:
Public Warrant liability	$	172,500	$	172,500	$	—	$	—
Private Placement Warrant liability		6,258		—		—		6,258
Preferred Warrants		11,595,477		—		—		11,595,477
Total	$	11,774,235	$	172,500	$	—	$	11,601,735

Private Placement Warrants [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Summary of Changes in Level 3 Fair Value Measurements

The following table provides a summary of the changes in Level 3 fair value measurements for the Private Placement Warrant liability:



Balance, December 31, 2023	$	6,258
Change in fair value of Private Placement Warrant liability		2,086
Balance, March 31, 2024		8,344
Change in fair value of Private Placement Warrant liability		3,129
Balance, June 30, 2024		11,473
Change in fair value of Private Placement Warrant liability		(2,712	)
Balance, September 30, 2024	$	8,761

Preferred Warants [Member]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Summary of Changes in Level 3 Fair Value Measurements

The following table provides a summary of the changes in Level 3 fair value measurements for the Preferred Warrant liabilities:


Balance, December 31, 2023	$	11,595,477
Change in fair value of the Preferred Warrant liabilities		(5,527,805	)
Balance, March 31, 2024		6,067,672
Change in fair value of the Preferred Warrant liabilities		(2,272,207	)
Balance, June 30, 2024		3,795,465
Change in fair value of the Preferred Warrant liabilities		71,354
Balance, September 30, 2024	$	3,866,819

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets fair value disclosure	$ 27,916,213
Warrants, value	4,082,872	$ 11,774,235
Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	207,292	172,500
Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	8,761	6,258
Preferred Warants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	3,866,819	11,595,477
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	3,498,894
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	3,187,847
Short-term investments measured at fair value	11,927,759
Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments measured at fair value	9,301,713
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets fair value disclosure	27,916,213
Warrants, value	207,292	172,500
Fair Value, Inputs, Level 1 [Member] \| Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	207,292	172,500
Fair Value, Inputs, Level 1 [Member] \| Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value		0
Fair Value, Inputs, Level 1 [Member] \| Preferred Warants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value		0
Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	3,498,894
Fair Value, Inputs, Level 1 [Member] \| US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value	3,187,847
Short-term investments measured at fair value	11,927,759
Fair Value, Inputs, Level 1 [Member] \| Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments measured at fair value	9,301,713
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets fair value disclosure
Warrants, value		0
Fair Value, Inputs, Level 2 [Member] \| Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value		0
Fair Value, Inputs, Level 2 [Member] \| Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value		0
Fair Value, Inputs, Level 2 [Member] \| Preferred Warants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value		0
Fair Value, Inputs, Level 2 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value
Fair Value, Inputs, Level 2 [Member] \| US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value
Short-term investments measured at fair value
Fair Value, Inputs, Level 2 [Member] \| Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments measured at fair value
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets fair value disclosure
Warrants, value	3,875,580	11,601,735
Fair Value, Inputs, Level 3 [Member] \| Public Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value		0
Fair Value, Inputs, Level 3 [Member] \| Private Placement Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	8,761	6,258
Fair Value, Inputs, Level 3 [Member] \| Preferred Warants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, value	3,866,819	$ 11,595,477
Fair Value, Inputs, Level 3 [Member] \| Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value
Fair Value, Inputs, Level 3 [Member] \| US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents measured at fair value
Short-term investments measured at fair value
Fair Value, Inputs, Level 3 [Member] \| Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments measured at fair value

Earnings per share - Summary of Anti-dilutive Shares Excluded from Calculation of Diluted Net Loss per Share (Parenthetical) (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share	36,023,500	1,638,296
Common stock outstanding	9,229,274		9,225,494
Common stock issued	9,283,939		9,280,159
Series A-2 Convertible Preferred Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock outstanding	42,236
Common stock issued	42,236
Public Warrants [Member] \| Warrant [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share	575,000
Private Placement Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants Issued		850,119
Outstanding warrants	20,860		20,860
Private Placement Warrants [Member] \| Warrant [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share	20,860
Ladenburg Agreement [Member] \| Warrant [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share	30,000
PIPE Private Placement Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants Issued	736,337			736,337
Placement Agent Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Warrants Issued	21,091			21,091
Preferred Tranche C Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Outstanding warrants	107,115		107,115
Common stock issued	17,002,381
Preferred Tranche B Warrants [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Outstanding warrants	42,846		42,846
Common stock issued	6,800,953

New Accounting Standards

9 Months Ended

Sep. 30, 2024

New Accounting Standards

New Accounting Standards

(3) New accounting standards

Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), along with a description of other segment items by reportable segment and any additional profit or loss measures used by the CODM in resource allocation decisions. The ASU mandates that all currently required annual disclosures under Topic 280 also be included in interim periods and applies to entities with a single reportable segment. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years starting after December 15, 2024. The Company is currently evaluating the impact of this ASU on its disclosures within the condensed consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require (i) enhanced disclosures in connection with an entity's effective tax rate reconciliation and (ii) income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(1)
-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Related Party Transactions

Leases - Schedule of Operating and Finance Leases Discount Rate (Details)	Sep. 30, 2024
Leases [Abstract]
Weighted-average remaining operating lease term (years)	3 years 18 days
Weighted-average remaining finance lease term (years)	14 years 2 months 1 day
Weighted-average operating lease discount rate (percentage)	7.78%
Weighted-average finance discount rate (percentage)	7.72%

Stock Option Plans - Summary of Stock Options (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Number of Stock Options Outstanding, Beginning of Period		1,009,519
Number of Stock Options, Granted	0	2,374,955
Number of Stock Options, Forfeited		(207,458)
Number of Stock Options, Exercised		(3,780)
Number of Stock Options, Expired		(76,949)
Number of Stock Options Outstanding, End of Period		3,096,287	1,009,519
Options vested and exercisable, September 30, 2024		721,516
Weighted Average Exercise Price Per Share, Beginning of Period		$ 15.01
Weighted Average Exercise Price Per Share, Granted		3.9
Weighted Average Exercise Price Per Share, Forfeited		6.93
Weighted Average Exercise Price Per Share, Exercised		5.4
Weighted Average Exercise Price Per Share, Expired		15.28
Weighted Average Exercise Price, End of Period		9.92	$ 15.01
Weighted Average Exercise Price, Options vested and exercisable at September 30, 2024		$ 16.73
Weighted-Average Remaining Contractual Life (years), Options outstanding		7 years 7 months 17 days	6 years 2 months 8 days
Weighted-Average Remaining Contractual Life (years), Options vested and exercisable at September 30, 2024		5 years 2 months 23 days
Aggregate Intrinsic Value, Options outstanding		$ 66,308	$ 664,967

Related Party Transactions

9 Months Ended

Sep. 30, 2024

(16) Related Party Transactions

For the three and nine months ended September 30, 2024 and 2023, there were no related party transactions with beneficial owners of 5% or more of any class of the Company’s voting securities, immediate family members of any of the foregoing persons, and any entities in which any of the foregoing is an executive officer or is an owner of 5% or more ownership interest.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Investments, Debt and Equity Securities [Abstract]

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of fair value and amortized cost of available-for-sale debt securities

The fair value and amortized cost of the Company’s available-for-sale debt securities, summarized by type of security, consisted of the following:


	As of September 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Short-term:
U.S. treasury securities		11,927,185		2,010		(1,436	)		11,927,759
Total		11,927,185		2,010		(1,436	)		11,927,759

Nature of Business - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Cash	$ 9,171,175	$ 56,566,066
Accumulated deficit	112,774,151	90,063,541
Short-term investments	$ 21,229,472	$ 0
AUSTRALIA \| SAB BIO PTY LTD [Member]
Percentage of research and development tax credit	43.50%

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (22,710,610)	$ (19,337,023)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,941,764	2,730,660
Amortization of finance right-of-use assets	65,118	70,221
Stock-based compensation expense	2,267,661	1,886,841
Gain on sale of equipment		(16,715)
Change in fair value of warrant liabilities	(7,691,363)	96,172
Accretion of discounts on short-term investments	(217,749)
Professional fees settled with equity instruments		143,530
Changes in operating assets and liabilities
Accrued interest receivable	(97,047)
Accounts receivable		5,556,577
Prepaid expenses and other current assets	372,553	888,251
Operating lease right-of-use assets and liabilities, net	(24,476)	394,862
Accounts payable	332,938	(2,595,947)
Deferred grant income	(1,207,712)	1,627,421
Accrued expense and other current liabilities	209,102	(3,117,538)
Net cash used in operating activities	(24,759,821)	(11,672,688)
Cash flows from investing activities:
Proceeds from the sale of equipment		44,450
Purchases of equipment	(281,885)	(129,290)
Purchases of investment securities	(36,137,485)
Sales and maturities of investments	15,126,337
Net cash used in investing activities	(21,293,033)	(84,840)
Cash flows from financing activities:
Payment of deferred issuance costs	(261,105)
Payments of notes payable	(1,050,849)	(772,665)
Principal payments on finance leases	(98,045)	(95,541)
Proceeds from exercise of stock options	20,412	4,320
Net cash used in financing activities	(1,389,587)	(863,886)
Effect of exchange rate changes on cash and cash equivalents	47,550
Net decrease in cash and cash equivalents	(47,394,891)	(12,621,414)
Cash and cash equivalents
Beginning of year	56,566,066	15,046,894
End of period	9,171,175	2,425,480
Supplemental disclosures:
Cash paid for interest	303,309	179,222
Supplemental information on non-cash investing and finance activities:
Settlement of accrued liabilities through the issuance of common stock		$ 1,500,000
Right-of-use assets obtained in exchange for operating lease liabilities	$ 368,425

Income Taxes - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Income Tax [Line Items]
Valuation allowance, deferred tax asset, increase (decrease), amount	$ 6.8

Stock Option Plans - Schedule of Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 1,048,783	$ 639,246	$ 2,267,661	$ 1,886,841
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	482,444	155,596	973,113	469,821
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 566,339	$ 483,650	$ 1,294,548	$ 1,417,020

Subsequent Events - Additional Information (Details) - Miami Lease [Member]	Apr. 01, 2024 ft²
Subsequent Event [Line Items]
Area of property leased	1,272
Operating lease term	62 months

Fair Value Measurements - Additional Information (Details) - Fair Value, Recurring [Member] - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets fair value disclosure	$ 0	$ 0
Liabilities fair value disclosure	$ 0	$ 0

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

(15) Income Taxes

Due to current and prior year losses the Company does not expect to have any Income Tax Provision.

The Company continues to record a valuation allowance on its net deferred tax assets. The valuation increased by approximately $6.8 million during the nine months ended September 30, 2024. The Company has not recognized any reserves for uncertain tax positions.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Related Party Transactions - Additional Information (Details)	Sep. 30, 2024	Sep. 30, 2023
Related Party Transactions [Abstract]
Beneficial owners percentage	5.00%	5.00%
Ownership interest percentage	5.00%

Notes Payable

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Notes Payable

(9) Notes Payable

8% Unsecured Convertible Note

Pursuant to the fourth amendment to the Company’s lease with Sanford Health, the Company and Sanford Health agreed to a period of abated rent (the “Abated Rent”) from October 1, 2022 to September 30, 2023. In exchange for the Abated Rent, effective as of October 1, 2022, the Company issued to Sanford Health an 8% unsecured, convertible promissory note (the “8% Unsecured Convertible Note”).

Pursuant to the 8% Unsecured Convertible Note, the Company shall pay the sum of approximately $542 thousand (the “Principal”) plus accrued and unpaid interest thereon on September 30, 2024 (the “Maturity Date”). Simple interest shall accrue on the outstanding Principal from and after the date of the 8% Unsecured Convertible Note and shall be payable on the Maturity Date. The Company repaid the Principal of $542 thousand and total accrued interest of $87 thousand during the three months ended September 30, 2024.

The Company incurred approximately $32 thousand and $36 thousand of interest expense for the three and nine months ended September 30, 2024 and 2023, respectively, related to the 8% Unsecured Convertible Note.

Insurance Financing Note

The Company obtained financing for certain Director & Officer liability insurance policy premiums. The agreement assigns First Insurance Funding (“Lender”) a first priority lien on and security interest in the financed policies and any additional premium required in the financed policies including (a) all returned or unearned premiums, (b) all additional cash contributions or collateral amounts assessed by the insurance companies in relation to the financed policies and financed by Lender, (c) any credits generated by the financed policies, (d) dividend payments, and (e) loss payments which reduce unearned premiums. If any circumstances exist in which premiums related to any Financed Policy could become fully earned in the event of loss, Lender shall be named a loss-payee with respect to such policy.

The total premiums, taxes and fees financed is approximately $765 thousand with an annual interest rate of 7.96%. In consideration of the premium payment by Lender to the insurance companies or the Agent or Broker (as such terms are defined in the agreement with Lender), the Company unconditionally promises to pay Lender the amount financed plus interest and other charges permitted under the agreement. The Company paid the insurance financing note through installment payments with the last payment for the current note being September 22, 2024. The Company recognized no insurance financing note payable in its condensed consolidated balance sheet as of September 30, 2024 and recognized approximately $509 thousand of insurance financing note payable in its condensed consolidated balance sheets as of December 31, 2023. The Company incurred less than $1 thousand of interest expense related to the insurance financing note for the three months ended September 30, 2024 and 2023 and approximately $13 thousand and $13 thousand for the nine months ended September 30, 2024 and 2023, respectively.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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