10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number: 001-36268

MyMD Pharmaceuticals, Inc.

(Exact name of registrant as specified in its charter)

New Jersey	22-2983783
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

855 N. Wolfe Street, Suite 601 Baltimore, MD	21205
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (856) 848-8698

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class:	Trading Symbol(s)	Name of Each Exchange on Which Registered:
Shares of Common Stock, no par value	MYMD	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 10, 2023, the registrant had 50,900,715 shares of its Common Stock, no par value per share, outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	41
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	43
Item 6.	Exhibits	43
Signatures		44

2

PART I - Financial Information

Item 1. Financial Statements.

MYMD PHARMACEUTICALS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

September 30, 2023 and December 31, 2022

(unaudited)

	As of
	September 30, 2023			December 31, 2022
ASSETS
Current Assets
Cash and Cash Equivalents	$	298,318		$	749,090
Marketable Securities		8,174,283			4,086,902
Prepaid Expenses		1,263,478			565,787
Total Current Assets		9,736,079			5,401,779
Non-Current Assets
Operating Lease Right-of-Use Assets		90,918			139,662
Goodwill		10,498,539			10,498,539
Investment in Oravax, Inc.		1,500,000			1,500,000
Total Non-Current Assets		12,089,457			12,138,201
Total Assets	$	21,825,536		$	17,539,980
LIABILITIES
Current Liabilities
Trade and Other Payables	$	2,033,840		$	2,673,221
Due to MyMD Florida Shareholders		29,982			29,982
Operating Lease Liability		72,626			65,780
Derivative Liabilities		898,100			-
Warrant Liabilities		2,457,000			-
Dividends Payable		204,194			-
Total Current Liabilities		5,695,742			2,768,983
Non-Current Liabilities
Operating Lease Liability, net of current portion		20,519			75,941
Total Non-Current Liabilities		20,519			75,941
Total Liabilities	$	5,716,261		$	2,844,924
Commitments and Contingencies
Series F Convertible Preferred Stock, no par value and a stated value of $1,000 per share, 15,000 and 0 shares designated as of September 30, 2023 and December 31, 2022, 9,859 and 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022. Liquidation preference of $9,859,000 plus dividends at 10% per annum of $204,194 as of September 30, 2023.		608,593			-
STOCKHOLDERS’ EQUITY
Preferred Stock, no par value, 50,000,000 total preferred shares authorized
Series D Convertible Preferred Stock, 211,353 shares designated, no par value and a stated value of $0.01 per share, 72,992 shares issued and outstanding as of September 30, 2023 and December 31, 2022		144,524			144,524
Common stock, no par value, 500,000,000 shares authorized 47,000,365 and 39,470,009 issued and outstanding as of September 30, 2023 and December 31, 2022		112,441,633			108,309,436
Accumulated Deficit		(97,085,475	)		(93,758,904	)
Total Stockholders’ Equity		15,500,682			14,695,056
Total Liabilities and Stockholders’ Equity	$	21,825,536		$	17,539,980

See accompanying notes to these condensed consolidated financial statements.

3

MYMD PHARMACEUTICALS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Loss)

(unaudited)

	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Product Revenue	$	-		$	-		$	-		$	-
Product Cost of Sales		-			-			-			-
Gross Income		-			-			-			-
General and Administrative Expenses		1,334,690			1,554,244			4,202,594			4,296,119
Research and Development Expenses		1,912,322			1,803,232			4,907,196			6,596,942
Stock Based Compensation Expenses		595,576			352,417			2,341,915			581,663
Warrant Issuance Expenses		-			-			762,834			-
Loss from Operations		(3,842,588	)		(3,709,893	)		(12,214,539	)		(11,474,724	)
Other (Income) Expenses
Interest and Dividend Income		(139,056	)		(15,453	)		(339,731	)		(21,559	)
(Gain)/Loss on Sale of Marketable Securities		500			1,200			714			4,849
Change in fair value of Marketable Securities		(2,324	)		(1,899	)		371			(1,754	)
Change in fair value of Derivatives Liabilities		(2,566,900	)		-			(2,251,700	)		-
Change in fair value of Warrant Liabilities		(5,356,000	)		-			(8,166,000	)		-
Casualty Loss/(Gain)		178,198			-			178,198			(4,442	)
Total Other Income		(7,885,582	)		(16,152	)		(10,578,148	)		(22,906	)
Income/(Loss) Before Income Tax		4,042,994			(3,693,741	)		(1,636,391	)		(11,451,818	)
Income Tax Benefit/( Provision)		-			-			-			-
Net Income/(Loss)	$	4,042,994		$	(3,693,741	)	$	(1,636,391	)	$	(11,451,818	)
Preferred Stock Dividends		1,158,051			-			1,690,180			-
Net Income/(Loss) Attributable to Common Stockholders	$	2,884,943		$	(3,693,741	)	$	(3,326,571	)	$	(11,451,818	)
Basic net income/(loss) per common share	$	0.06		$	(0.09	)	$	(0.08	)	$	(0.30	)
Diluted net income/(loss) per common share	$	0.06		$	(0.09	)	$	(0.08	)	$	(0.30	)
Weighted average basic common shares outstanding		44,949,097			39,046,852			41,710,705			38,502,163
Weighted average diluted common shares outstanding		44,949,097			39,046,852			41,710,705			38,502,163

See accompanying notes to these condensed consolidated financial statements.

4

MYMD PHARMACEUTICALS, INC. AND SUBSIDIARIES

Condensed Consolidated Statement of Changes in Stockholders Equity

For the Nine Months Ended September 30, 2023 and 2022

(unaudited)

	Series F Convertible						Series D Convertible				Common Stock
	Preferred Stock						Preferred Stock						Common		Accumulated			Total
	Shares			Series F			Shares		Series D		Shares		Stock No Par		Deficit			Equity
Balance at December 31, 2022		-		$	-			72,992	$	144,524		39,470,009	$	108,309,436	$	(93,758,904	)	$	14,695,056
Net loss		-			-			-		-		-		-		(1,511,732	)		(1,511,732	)
Issuance of 15,000 shares of Series F Convertible Preferred Stock, net of discount and offering costs of $14,087,111		15,000			912,889			-		-		-		-		-			-
Series F Convertible Preferred Stock Dividend		-			-			-		-		-		-		(158,333	)		(158,333	)
Stock based compensation - stock options		-			-			-		-		-		69,068		-			69,068
Balance at March 31, 2023		15,000		$	912,889			72,992	$	144,524		39,470,009	$	108,378,504	$	(95,428,969	)	$	13,094,059
Net loss		-			-			-		-		-		-		(4,167,653	)		(4,167,653	)
Conversion of 1,250 shares of Series F Convertible Preferred Stock, July 1, 2023 installment of $1,429,871 paid with common stock		(1,250	)		(76,074	)		-		-		1,187,602		255,945		-			255,945
Conversion of 1,250 shares of Series F Convertible Preferred Stock, August 1, 2023 installment of $1,429,871 paid with common stock		(1,250	)		(76,073	)		-		-		1,160,611		255,944		-			255,944
Series F Convertible Preferred Stock Dividend		-			-			-		-		-		-		(373,796	)		(373,796	)
Issuance of common stock for vested restricted stock units		-			-			-		-		73,776		-		-			-
Exercise of prepaid equity forward contract		-			-			-		-		135,135		-		-			-
Stock based compensation - stock options		-			-			-		-		-		1,677,271		-			1,677,271
Balance at June 30, 2023		12,500		$	760,742			72,992	$	144,524		42,027,133	$	110,567,664	$	(99,970,418	)	$	10,741,770
Net income		-			-			-		-		-		-		4,042,994			4,042,994
Conversion of 1,250 shares of Series F Convertible Preferred Stock, September 1, 2023 installment of $1,429,871 paid with common stock		(1,250	)		(76,074	)		-		-		2,031,933		255,945		-			255,945
Conversion of 1,188 shares of Series F Convertible Preferred Stock, October 1, 2023 installment of $1,429,871 paid with common stock		(1,187	)		(63,659	)		-		-		1,753,500		214,175		-			214,175
Accelerated Conversion of 204 shares of Series F Convertible Preferred Stock		(204	)		(12,416	)		-		-		316,476		41,770		-			41,770
Deemed Dividend for the true-up of the August 1, 2023 installment for the Series F Convertible Preferred Stock paid with common stock		-			-			-		-		871,323		766,503		(766,503	)		-
Series F Convertible Preferred Stock Dividend		-			-			-		-		-		-		(391,548	)		(391,548	)
Stock based compensation - stock options		-			-			-		-		-		595,576		-			595,576
Balance at September 30, 2023		9,859		$	608,593			72,992	$	144,524		47,000,365	$	112,441,633	$	(97,085,475	)	$	15,500,682

	Series F Convertible				Series D Convertible				Common Stock
	Preferred Stock				Preferred Stock						Common		Accumulated			Total
	Shares		Series F		Shares		Series D		Shares		Stock No Par		Deficit			Equity
Balance at December 31, 2021		-	$	-		72,992	$	144,524		37,673,110	$	102,064,218	$	(78,561,568	)	$	23,647,174
Net loss		-		-		-		-		-		-		(4,122,034	)		(4,122,034	)
Exercise of prepaid equity forward contracts for common stock		-		-		-		-		385,135		-		-			-
Stock based compensation - stock options		-		-		-		-		-		81,002		-			81,002
Stock based compensation - restricted stock units		-		-		-		-		-		15,998		-			15,998
Balance at March 31, 2022		-	$	-		72,992	$	144,524		38,058,245	$	102,161,218	$	(82,683,602	)	$	19,622,140
Net loss		-		-		-		-		-		-		(3,636,043	)		(3,636,043	)
Stock based compensation - stock options		-		-		-		-		-		132,246		-			132,246
Balance at June 30, 2022		-	$	-		72,992	$	144,524		38,058,245	$	102,293,464	$	(86,319,645	)	$	16,118,343
Net loss		-		-		-		-		-		-		(3,693,741	)		(3,693,741	)
Net proceeds from private placement of 1,411,764 common shares, net of offering costs $ 449,500		-		-		-		-		1,411,764		5,550,028		-			5,550,028
Stock-based compensation – restricted stock units		-		-		-		-		-		138,587		-			138,587
Stock-based compensation – stock options		-		-		-		-		-		135,620		-			135,620
Stock-based compensation – warrants		-		-		-		-		-		78,210		-			78,210
Balance at September 30, 2022		-		-		72,992		144,524		39,470,009		108,195,909		(90,013,386	)		18,327,047

See accompanying notes to these condensed consolidated financial statements

5

MYMD PHARMACEUTICALS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

	For the Nine Months Ended
	September 30,
	2023			2022
Cash flows from operating activities:
Net loss	$	(1,636,391	)	$	(11,451,818	)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on sale of marketable securities		714			4,849
Change in fair value of marketable securities		371			(1,754	)
Change in fair value of derivatives		(2,251,700	)		-
Change in fair value of warrants		(8,166,000	)		-
Stock based compensation
Options issued to directors		769,657			-
Options issued to key employees		1,429,693			293,700
Options issued to non-employees		142,565			55,168
Restricted stock units to non-employees		-			78,210
Warrants issued for services		-			154,585
Change in assets and liabilities
Prepaid Expenses		(697,691	)		113,217
Trade and Other Payables		(639,381	)		730,683
Operating Leases		168			1,496
Net cash used by operating activities		(11,047,995	)		(10,021,664	)
Cash flows from investing activities:
Purchases of marketable securities		(13,338,466	)		(4,774,405	)
Proceeds from sale of marketable securities		9,250,000			9,000,000
Net cash (used in)/provided by investing activities		(4,088,466	)		4,225,595
Cash flows from financing activities
Net proceeds from the issuance of preferred stock		14,685,689			-
Net proceeds from issuance of common stock		-			5,550,028
Net cash provided by financing activities		14,685,689			5,550,028
Net decrease in cash		(450,772	)		(246,041	)
Cash and cash equivalents at beginning of period		749,090			555,967
Cash and cash equivalents at end of period	$	298,318		$	309,926
Supplemental cash flow information
Cash paid for:
Interest	$	-		$	-
Income Taxes	$	-		$	-
Supplemental Schedule of Non-Cash Financing and Investing Activities
Accrual of Series F Convertible Preferred Stock Dividend	$	204,194		$	-
Operating lease right-of-use asset obtained in exchange for lease obligation		-			53,196
Initial fair value of warrant liabilities pursuant to the issuance of Series F Convertible Preferred Stock and Warrants	$	10,623,000		$	-
Initial fair value of derivative liabilities pursuant to the issuance of Series F Convertible Preferred Stock and Warrants	$	3,149,800		$	-

See accompanying notes to these condensed consolidated financial statements.

6

MYMD PHARMACEUTICALS, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Note 1 – Organization and Description of Business

MyMD Pharmaceuticals, Inc. is a New Jersey corporation (“MyMD”). These condensed consolidated financial statements include two wholly owned subsidiaries as of September 30, 2023, Akers Acquisition Sub, Inc. and Bout Time Marketing Corporation, (together, the “Company”). All material intercompany transactions have been eliminated in consolidation.

On April 8, 2022, the MyMD Florida (as defined below) subsidiary was dissolved and merged into the New Jersey corporation MyMD Pharmaceuticals, Inc. pursuant to an Agreement and Plan of Merger dated April 8, 2022.

At the Company’s annual meeting of stockholders held on July 31, 2023, the stockholders approved a plan to merge the Company with and into a newly formed wholly-owned subsidiary, MyMD Pharmaceuticals, Inc., a Delaware corporation (“MyMD Delaware”), with MyMD Delaware being the surviving corporation, for the purpose of changing the Company’s state of incorporation from New Jersey to Delaware (the “Reincorporation”). As of the date of this Quarterly Report on Form 10-Q, MyMD Delaware has been formed in the State of Delaware and the Company is in the process of completing the Reincorporation.

MYMD-1 is an oral, next-generation TNF-α inhibitor with the potential to transform the way TNF-α based diseases are treated due to its selectivity and ability to cross the blood brain barrier. Its ease of oral dosing is a significant differentiator compared to currently available TNF-α inhibitors, all of which require delivery by injection or infusion. MYMD-1 has also been shown to selectively block TNF-α action where it is overactivated without preventing it from doing its normal job of responding to routine infection. MYMD-1 is doubly effective at inhibiting inflammation by blocking both TNF-a and IL-6 activity, whereas currently approved anti-TNF and anti-IL-6 treatments for RA can only target one or the other. In addition, in early clinical studies it has not been associated with serious side effects known to occur with traditional immunosuppressive therapies that treat inflammation.

Note 2 – Significant Accounting Policies

(a) Basis of Presentation

The condensed consolidated financial statements of the Company are prepared in U.S. Dollars and in accordance with accounting principles generally accepted in the United States of America (US GAAP).

The accompanying unaudited condensed financial statements have been prepared by the Company. These statements include all adjustments (consisting only of normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting policies described in Note 2 Significant Accounting Policies included in the Notes to Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on March 31, 2023 (the “2022 Annual Report”). Certain financial information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the accompanying disclosures are adequate to make the information presented not misleading. The Notes to Financial Statements included in the 2022 Annual Report should be read in conjunction with the accompanying interim financial statements. The interim operating results for the nine months ended September 30, 2023 may not be necessarily indicative of the operating results expected for the full year.

(b) Use of Estimates and Judgments

The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements is included in the following notes for recording research and development expenses, impairment of intangible assets and the valuation of share-based payments.

(c) Functional and Presentation Currency

These condensed consolidated financial statements are presented in U.S. Dollars, which is the Company’s functional currency. All financial information has been rounded to the nearest dollar. Foreign Currency Transaction Gains or Losses, resulting from cash balances denominated in Foreign Currencies, are recorded in the Condensed Consolidated Statements of Comprehensive Income (Loss).

7

(d) Comprehensive Income (Loss)

The Company follows Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 220 in reporting comprehensive income (loss). Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Since the Company has no items of other comprehensive income (loss), comprehensive income (loss) is equal to net income (loss).

(e) Cash and Cash Equivalents

The Company considers all highly liquid investments, which include short-term bank deposits (up to three months from date of deposit) that are not restricted as to withdrawal date or use, to be cash equivalents.

(f) Fair Value of Financial Instruments

Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of and during the three and nine months ended September 30, 2023. The carrying amounts of cash equivalents, accounts receivable, other current assets, accounts payable, and accrued expenses approximated their fair values as of September 30, 2023 due to their short-term nature. The fair value of the bifurcated embedded derivative related to the convertible preferred stock was estimated using a Monte Carlo simulation model, which uses as inputs the fair value of the Company’s common stock and estimates for the equity volatility and traded volume volatility of the Company’s common stock, the time to maturity of the convertible preferred stock, the risk-free interest rate for a period that approximates the time to maturity, dividend rate, a penalty dividend rate, and the probability of default. The fair value of the warrant liabilities was estimated using the Black Scholes Model which uses as inputs the following weighted average assumptions: dividend yield, expected term in years; equity volatility; and risk-free interest rate.

Fair Value Measurement

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:

Level 1	Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company can access.
Level 2	Inputs to the valuation methodology include:
	●	quoted prices for similar assets or liabilities in active markets;
	●	quoted prices for identical or similar assets or liabilities in inactive markets;
	●	inputs other than quoted prices that are observable for the asset or liability;
	●	inputs that are derived principally from or corroborated by observable market data by correlation or other means
	If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.
Level 3	Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

The following is a description of the valuation methodologies used for assets measured at fair value as of September 30, 2023 and December 31, 2022.

Marketable Securities: Valued using quoted prices in active markets for identical assets.

	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2)		Significant Unobservable Inputs (Level 3)
Marketable securities at September 30, 2023	$	8,174,283	$	-	$	-
Marketable securities at December 31, 2022	$	4,086,902	$	-	$	-

Marketable securities are classified as available for sale and are valued at fair market value. Maturities of the securities are less than one year.

8

As of September 30, 2023 and December 31, 2022, the Company held certain mutual funds, which, under FASB ASC 321-10, were considered equity investments. As such, the change in fair value in the three months ended September 30, 2023 and 2022 were gains of $2,324 and $1,899, respectively. The change in fair value in the nine months ended September 30, 2023 and 2022 was a loss of $371 and a gain of $1,754, respectively.

Losses resulting from the sales of marketable securities were $500 and $1,200 for the three months ended September 30, 2023 and 2022, respectively. Losses resulting from the sales of marketable securities were $714 and $4,849 for the nine months ended September 30, 2023 and 2022, respectively.

Proceeds from the sales of marketable securities in the nine months ended September 30, 2023 and 2022 were $9,250,000 and $9,000,000, respectively.

Fair Value on a Recurring Basis

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The estimated fair value of the warrant liabilities and bifurcated embedded derivatives represent Level 3 measurements. The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis as of September 30, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Description	Level		September 30, 2023
Liabilities:
Warrant liabilities (Note 3)		3	$	2,457,000
Derivative liabilities (Note 3)		3	$	898,100

The following table sets forth a summary of the change in the fair value of the warrant liabilities that is measured at fair value on a recurring basis:

Balance on December 31, 2022	$	-
Issuance of warrants reported at fair value		10,623,000
Change in fair value of warrant liabilities		(1,175,000	)
Balance on March 31, 2023		9,448,000
Change in fair value of warrant liabilities		(1,635,000	)
Balance on June 30, 2023		7,813,000
Change in fair value of warrant liabilities		(5,356,000	)
Balance on September 30, 2023	$	2,457,000

The following table sets forth a summary of the change in the fair value of the derivative liabilities that is measured at fair value on a recurring basis:

Balance on December 31, 2022	$	-
Issuance of convertible preferred stock with derivative liabilities		3,149,800
Change in fair value of derivative liabilities		120,700
Balance on March 31, 2023		3,270,500
Change in fair value of derivative liabilities		194,500
Balance on June 30, 2023		3,465,000
Change in fair value of derivative liabilities		(2,566,900	)
Balance on September 30, 2023	$	898,100

(g) Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” If liability accounting is required, the Company’s derivative instruments are recorded at fair value at the issuance date and re-valued at each reporting date, with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within twelve (12) months of the balance sheet date.

The Company has determined that the Series F Convertible Preferred Stock warrants are derivatives that are required to be accounted for as liabilities. The Company has also determined that the following embedded features in the preferred stock are not clearly and closely related to the debt host instrument: 1) make-whole interest upon a contingent redemption event, 2) make-whole interest upon a conversion event, 3) an installment redemption upon an Equity Conditions Failure (as defined in the Certificate of Designation), and 4) variable share-settled installment conversion and as such are bifurcated from the preferred stock and accounted for as liabilities. The fair value of the warrants and embedded features are estimated using internal valuation models. The Company’s valuation models utilize inputs and other assumptions and may not be reflective of the price at which they can be settled.

(h) Prepaid Expenses

Prepaid expenses represent expenses paid prior to the date that the related services are rendered or used are comprised principally of prepaid insurance and research and development expenses.

(i) Concentrations

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash on deposit with financial institutions and accounts receivable. At times, the Company’s cash in banks is in excess of the FDIC insurance limit. The Company has not experienced any loss as a result of these cash deposits. These cash balances are maintained with three banks as of September 30, 2023.

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(j) Risk Management of Cash and Investments

It is the Company’s policy to minimize the Company’s capital resources to investment risks, prioritizing the preservation of capital over investment returns. Investments are maintained in securities, primarily publicly traded, short-term money market funds based on highly rated federal, state and corporate bonds, that minimize the risk to the Company’s capital resources and provide ready access to funds.

The Company’s investment portfolios are regularly monitored for risk and are held with one brokerage firm.

(k) Investments

Investments recorded using the cost method will be assessed for any decrease in value that has occurred that is other than temporary and the other than temporary decrease in value shall be recognized. As and when circumstances and facts change, the Company will evaluate the Company’s ability to significantly influence operational and financial policy to establish a basis for converting the investment accounted for using the cost method to the equity method of valuation in accordance with FASB ASC 323.

In accordance with FASB ASC 323, the Company recognizes investments in joint ventures based upon the Company’s ability to significantly influence the operational or financial policies of the joint venture. An objective judgment of the level of influence is made at the time of the investment based upon several factors including, but not limited to the following:

a)	Representation on the Board of Directors
b)	Participation in policy-making processes
c)	Material intra-entity transactions
d)	Interchange of management personnel
e)	Technological dependencies
f)	Extent of ownership and the ability to influence decision making based upon the makeup of other owners when the shareholder group is small.

The Company follows the equity method for valuating investments in joint ventures when the existence of significant influence over operational and financial policy has been established, as determined by management; otherwise, the Company will valuate these investments using the cost method.

In accordance with FASB ASC 321-10-35-2, the Company has elected to measure its investment in Oravax Medical, Inc. (“Oravax”) (Note 3) as an equity security without a readily determinable fair value. Under this election, an equity security without a readily available fair value is reflected at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. At each reporting period, the Company is required to make a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. If deemed impaired, the Company is required to estimate the fair value of the investment and recognize an impairment loss equal to the difference between the fair value of the investment and its carry amount. As of September 30, 2023, the Company performed a qualitative assessment to evaluate whether the investment is impaired and determined that the investment was not impaired and thus no adjustment to fair market value was required as of September 30, 2023.

(l) Property, Plant and Equipment

Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Costs include expenditures that are directly attributable to the acquisition of the asset.

Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognized within “other (income)/expense” in the Condensed Consolidated Statements of Comprehensive Income (Loss).

Depreciation is recognized over the estimated useful lives of the property, plant and equipment. Leased assets are depreciated over the shorter of the lease term or their useful lives.

The estimated useful lives for the current and comparative periods are as follows:

	Useful Life
	(in years)
Plant and equipment	5-12
Furniture and fixtures	5-10
Computer equipment & software	3-5
Leasehold Improvements	Shorter of the remaining lease or estimated useful life

Depreciation methods, useful lives and residual values are reviewed at each reporting date.

(m) Intangible Assets

The Company’s long-lived intangible assets, other than goodwill, are assessed for impairment when events or circumstances indicate there may be an impairment. These assets were initially recorded at their estimated fair value at the time of acquisition and assets not acquired in acquisitions were recorded at historical cost. However, if their estimated fair value is less than the carrying amount, other intangible assets with indefinite lives are reduced to their estimated fair value through an impairment charge in the Condensed Consolidated Statements of Comprehensive Income (Loss).

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Patents and Trade Secrets

Propriety protection for the Company’s products, technology and process is important to its competitive position. As of September 30, 2023, the Company has 16 issued U.S. patents, 63 foreign patents, three pending U.S. patent applications and 11 foreign patent applications pending in such jurisdictions as Australia, Canada, China, European Union, Israel, Japan and South Korea, which if issued are expected to expire between 2036 and 2041. Management intends to protect all other intellectual property (e.g. copyrights, trademarks and trade secrets) using all legal avenues available to the Company.

The Company records expenses related to the application for and maintenance of patents as a component of research and development expenses on the Condensed Consolidated Statement of Comprehensive Income ( Loss).

Patent Costs

Patents may be purchased from third parties. The costs of acquiring the patent are capitalized as patent costs if it represents a future economic benefit to the Company. Once a patent is acquired it is amortized over its remaining useful life and assessed for impairment when necessary.

Other Intangible Assets

Other intangible assets that are acquired by the Company, which have definite useful lives, are measured at cost less accumulated amortization and accumulated impairment losses.

Amortization

Amortization is recognized on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. The estimated useful lives for the current and comparative periods are as follows:

	Useful Life
	(in years)
Patents and trademarks	12-17

(n) Goodwill

Goodwill is evaluated annually for impairment or whenever we identify certain triggering events or circumstances that would more likely than not reduce the fair value below its carrying amount. Events or circumstances that might indicate an interim evaluation is warranted include, among other things, unexpected adverse business conditions, economic factors (for example, the loss of key personnel), supply costs, unanticipated competitive activities, and acts by governments and courts.

(o) Recoverability of Long-Lived Assets

In accordance with FASB ASC 360-10-35 “Impairment or Disposal of Long-lived Assets”, long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable or that the useful lives of those assets are no longer appropriate. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment.

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The Company determines the existence of such impairment by measuring the expected future cash flows (undiscounted and without interest charges) and comparing such amount to the carrying amount of the assets. An impairment loss, if one exists, is then measured as the amount by which the carrying amount of the asset exceeds the discounted estimated future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value of such assets less costs to sell. Asset impairment charges are recorded to reduce the carrying amount of the long-lived asset that will be sold or disposed of to their estimated fair values. Charges for the asset impairment reduce the carrying amount of the long-lived assets to their estimated salvage value in connection with the decision to dispose of such assets.

(p) Right-of-Use Assets

The Company leased a facility in Tampa, Florida (“Hyde Park”) under an operating lease (“Hyde Park Lease”) with annual rentals of $22,048 to $23,320 plus certain operating expenses. The Hyde Park facility housed the MyMD Florida operations. The Hyde Park Lease took effect on July 1, 2019 for a term of 36 months initially set to expire on June 30, 2022. The Company cancelled the Hyde Park Lease in March 2022 without penalty.

The Company leases a facility in Baltimore, Maryland (“2021 Wolfe St”) under an operating lease (“2021 Baltimore Lease”) with annual rentals of $52,800 to $56,016 plus certain operating expenses. The 2021 Baltimore Lease took effect on November 17, 2021 for a term of 12 months with automatic renewals unless a sixty-day notice is provided. The initial term expires on November 30, 2022. The lease renewed effective December 1, 2022 for a term of 12 months with automatic renewals unless a sixty-day notice is provided.

The Company leases a facility in Tampa, Florida (“Platt St”) under an operating lease (“Platt Street Lease”) with annual rentals of $22,030 to $23,259 plus certain operating expenses. The Platt Street Lease took effect on April 1, 2022 for a term of 36 months. The Platt Street Lease was cancelled without penalty effective October 31, 2023 (see Note 11).

On January 1, 2019 (“Effective Date”), the Company adopted FASB ASC, Topic 842, Leases (“ASC 842”), which increases transparency and comparability by recognizing a lessee’s rights and obligations resulting from leases by recording them on the balance sheet as lease assets and lease liabilities. The new guidance requires the recognition of the right-of-use (“ROU”) assets and related operating and finance lease liabilities on the balance sheet. The Company adopted the new guidance using the modified retrospective approach on January 1, 2019.

The Company elected the package of practical expedients permitted within the standard, which allows an entity to forgo reassessing (i) whether a contract contains a lease, (ii) classification of leases, and (iii) whether capitalized costs associated with a lease meet the definition of initial direct costs. Also, the Company elected the expedient allowing an entity to use hindsight to determine the lease term and impairment of ROU assets and the expedient to allow the Company to not have to separate lease and non-lease components. The Company has also elected the short-term lease accounting policy under which the Company would not recognize a lease liability or ROU asset for any lease that at the commencement date has a lease term of twelve months or less and does not include a purchase option that the Company is more than reasonably certain to exercise.

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For contracts entered into on or after the Effective Date, at the inception of a contract, the Company will assess whether the contract is, or contains, a lease. The Company’s assessment is based on: (i) whether the contract involves the use of a distinct identified asset, (ii) whether the Company obtained the right to substantially all the economic benefit from the use of the asset throughout the period, and (iii) whether the Company has the right to direct the use of the asset. Leases entered into prior to January 1, 2020, which were accounted for under ASC 840, were not reassessed for classification.

For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments. The Company generally uses its incremental borrowing rate as the discount rate for leases, unless an interest rate is implicitly stated in the lease. The present value of the lease payments is calculated using the incremental borrowing rate for operating leases, which was determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The lease term for all the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor. All ROU assets are reviewed for impairment.

Lease expense for operating leases consists of the lease payments plus any initial direct costs and is recognized on a straight-line basis over the lease term.

The Company’s operating leases are comprised of the 2021 Baltimore Lease, the Hyde Park Lease and the Platt Street Lease on the Condensed Consolidated Balance Sheet. The information related to these leases are presented below:

	As of September 30, 2023						As of December 31, 2022
	Platt Street		2021 Baltimore				Platt Street		2021 Baltimore
Balance Sheet Location	Lease		Lease		Total		Lease		Lease		Total
Operating Lease
Lease Right of Use	$	31,357	$	59,561	$	90,918	$	45,353	$	94,309	$	139,662
Lease Payable, current		20,673		51,953		72,626		18,741		47,039		65,780
Lease Payable - net of current		11,298		9,221		20,519		27,070		48,871		75,941

The following provides details of the Company’s lease expense:

	Three Months Ended September 30, 2023						Three Months Ended September 30, 2022
	Platt Street		2021 Baltimore				Hyde Park		Platt Street		2021 Baltimore
Lease Expenses	Lease		Lease		Total		Lease		Lease		Lease		Total
Operating Leases
Lease Costs	$	5,659	$	13,596	$	19,255	$	-	$	5,660	$	13,600	$	19,260

	Nine Months Ended September 30, 2023						Nine Months Ended September 30, 2022
	Platt Street		2021 Baltimore				Hyde Park		Platt Street		2021 Baltimore
Lease Expenses	Lease		Lease		Total		Lease		Lease		Lease		Total
Operating Leases
Lease Costs	$	16,826	$	40,788	$	57,614	$	6,251	$	11,321	$	40,800	$	58,372

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Other information related to leases is presented below:

	Platt Street			2021 Baltimore
Other Information	Lease			Lease			Total
Operating Leases
Operating cash used	$	13,224		$	40,788		$	54,012
Average remaining lease term		18			14			16
Average discount rate		10.0	%		10.0	%		10.0	%

As of September 30, 2023, the annual minimum lease payments of the Company’s operating lease liabilities were as follows:

	Platt Street		2021 Baltimore
	Lease		Lease		Total
For Years Ending December 31,
2023		5,659		13,732		19,391
2024		23,103		51,348		74,451
2025		5,814		-		5,814
Total future minimum lease payments, undiscounted	$	34,576	$	65,080	$	99,656
Less: Imputed interest		2,605		3,906		6,511
Present value of future minimum lease payments	$	31,971	$	61,174	$	93,145

(q) Revenue Recognition

The Company will recognize revenue under ASC 606, Revenue from Contracts with Customers. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods and services transferred to the customer. The following five steps are applied to achieve that core principle:

1)	Identify the contract with the customer
2)	Identify the performance obligations in the contract
3)	Determine the transaction price
4)	Allocate the transaction price to the performance obligations in the contract
5)	Recognize revenue when the company satisfies a performance obligation

(r) Income Taxes

The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse.

The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In management’s opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.

Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of September 30, 2023 and December 31, 2022, no liability for unrecognized tax benefits was required to be reported.

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There was no income tax expense recorded for the net income for the three months ended September 30, 2023, as the Company can utilize net operating losses to offset the taxable income.

There was no income tax benefit recorded for the losses for the nine months ended September 30, 2023 and the three and nine months ended September 30, 2022 since management determined that the realization of the net deferred tax assets is not more likely than not to be realized and has recorded a full valuation allowance on the net deferred tax assets.

The Company’s policy for recording interest and penalties associated with tax audits is to record such items as a component of general and administrative expenses. There were no amounts accrued for penalties and interest for the three and nine months ended September 30, 2023 and 2022. The Company does not expect its uncertain tax position to change during the next twelve months. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.

Tax years from 2020 through 2022 remain subject to examination by federal and state jurisdictions.

(s) Basic and Diluted Earnings/(Loss) per Share of Common Stock

Basic earnings per common share are based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered anti-dilutive.

Diluted net income (loss) per share is computed using the weighted average number of shares of Common Stock and dilutive potential Common Stock outstanding during the period. Diluted earnings per common share was the same as basic earnings per common share for the three months ended September 30, 2023 as the average market price of the common share during this period is lower than the exercise price of the potential common shares.

As the Company reported a net loss for the nine months ended September 30, 2023 and the three and nine months ended September 30, 2022, Common Stock equivalents were anti-dilutive.

As of September 30, 2023 and 2022, the following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Stock Options		4,145,000		4,376,737		4,145,000		4,376,737
Warrants to purchase common stock		13,166,712		6,522,461		13,166,712		6,522,461
Pre-funded Warrants to purchase common stock		-		135,135		-		135,135
Unvested Restricted Stock Units		2,795,000		2,795,000		2,795,000		2,795,000
Series C Convertible Preferred Warrants		27,500		27,500		27,500		27,500
Series D Preferred Convertible Stock		36,496		36,496		36,496		36,496
Series F Convertible Preferred Stock		4,371,619		-		4,371,619		-
Total potentially dilutive shares		24,542,327		13,893,329		24,542,327		13,893,329

(t) Stock-based Payments

The Company accounts for stock-based compensation under the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 718, “Compensation - Stock Compensation”, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting (the “2018 Update”). The amendments in the 2018 Update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees. Prior to the 2018 Update, Topic 718 applied only to share-based transactions to employees. Consistent with the accounting requirement for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied.

The Company has elected to account for forfeiture of stock-based awards as they occur.

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(u) Research and Development Costs

In accordance with FASB ASC 730, research and development costs are expensed as incurred and consist of fees paid to third parties that conduct certain research and development activities on the Company’s behalf.

(v) Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements Adopted

In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), Issuer’s Accounting for Certain Modifications or Exchanges or Freestanding Equity - Classified Written Call Options. The amendments in this Update clarify an issuer’s accounting for modifications or exchanges of freestanding equity - classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted for all entities, including adoption in an interim period. If an entity elects to early adopt the amendments in this Update in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. The adoption of this ASU had no material impact on the Company’s condensed consolidated financial statements and related disclosure.

In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard establishes an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which is intended to result in a timelier recognition of losses. Under the CECL model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications) from the date of initial recognition of the financial instrument. Measurement of expected credit losses are to be based on relevant forecasts that affect collectability. The scope of financial assets within the CECL methodology is broad and includes trade receivables from certain revenue transactions and certain off-balance sheet credit exposures. Different components of the guidance require modified retrospective or prospective adoption.

In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses. ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of the credit losses standard. Instead, entities would need to apply other U.S. GAAP, namely Topic 842 (Leases), to account for changes in the collectability assessment for operating leases. Other than operating lease receivables, Partnership trade receivables include receivables from finance leases and equipment sales. Under Topic 606 (Revenue from Contracts with Customers), revenue is recognized when, among other criteria, it is probable that the entity will collect the consideration to which it is entitled for goods or services transferred to a customer. At the point that finance lease receivables are recorded, they become subject to the CECL model and estimates of expected credit losses over their contractual life will be required to be recorded at inception based on historical information, current conditions, and reasonable and supportable forecasts. Trade receivables derived from equipment sales are of short duration and there is not a material difference between incurred losses and expected losses.

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which amends and clarifies several provisions of Topic 326. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, which amends Topic 326 to allow the fair value option to be elected for certain financial instruments upon adoption. ASU 2019-10 extended the effective date of ASU 2016-13 until December 15, 2022. The Company adopted this new guidance, including the subsequent updates to Topic 326, on January 1, 2023 and the adoption did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures.

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Recently Issued Accounting Pronouncements Not Adopted

Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the Company’s condensed consolidated financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances.

Note 3 – Recent Developments, Liquidity and Management’s Plans

Closing of the Merger and Reverse Stock Split

On April 16, 2021, pursuant to the previously announced Agreement and Plan of Merger and Reorganization, dated November 11, 2020 (the “Original Merger Agreement”), as amended by Amendment No. 1 thereto, dated March 16, 2021 (the Original Merger Agreement, as amended by Amendment No. 1, the “Merger Agreement”), by and among MyMD, a New Jersey corporation previously known as Akers Biosciences, Inc., XYZ Merger Sub, Inc. (“Merger Sub”), and MyMD Pharmaceuticals (Florida), Inc., a Florida corporation previously known as MyMD Pharmaceuticals, Inc. (“MyMD Florida”), Merger Sub was merged with and into MyMD Florida, with MyMD Florida continuing after the merger as the surviving entity and a wholly owned subsidiary of the Company (the “Merger”). At the effective time of the Merger, without any action on the part of any stockholder, each issued and outstanding share of pre-Merger MyMD Florida’s Common Stock, par value $0.001 per share (the “MyMD Florida Common Stock”), including shares underlying pre-Merger MyMD Florida’s outstanding equity awards, was converted into the right to receive (x) 0.7718 shares (the “Exchange Ratio”) of the Company’s Common Stock, no par value per share (the “Company Common Stock” or “Common Stock”), (y) an amount in cash, on a pro rata basis, equal to the aggregate cash proceeds received by the Company from the exercise of any options to purchase shares of MyMD Florida Common Stock outstanding at the effective time of the Merger assumed by the Company upon closing of the Merger prior to the second-year anniversary of the closing of the Merger (the “Option Exercise Period”), such payment (the “Additional Consideration”), and (z) potential milestone payment in shares of Company Common Stock up to the aggregate number of shares issued by the Company to pre-Merger MyMD Florida stockholders at the closing of the Merger (the “Milestone Payments”) payable upon the achievement of certain market capitalization milestone events (the “Milestone Events”) during the 36-month period immediately following the closing of the Merger (the “Milestone Period”). The Milestone Events and corresponding Milestone Payments are set forth in the table below.

Milestone Event	Milestone Payment
Market capitalization of the combined company for at least ten (10) trading days during any 20 consecutive trading day period during the Milestone Period is equal to or greater than $500,000,000 (the “First Milestone Event”).	$20,000,000
For every $250,000,000 incremental increase in market capitalization of the combined company after the First Milestone Event to the extent such incremental increase occurs for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period, up to a $1,000,000,000 market capitalization of the combined company.	$10,000,000 per each incremental increase (it being understood, however, that, if such incremental increase results in market capitalization equal to $1,000,000,000, such $10,000,000 payment in respect of such incremental increase shall be payable without duplication of any amount payable in respect of a Second Milestone Event, as defined below).
Market capitalization of the combined company for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period is equal to or greater than $1,000,000,000 (the “Second Milestone Event”)	$25,000,000
For every $1,000,000,000 incremental increase in market capitalization of the combined company after the Second Milestone Event to the extent such incremental increase occurs for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period.	$25,000,000 per each incremental increase

For purposes of the table above, “market capitalization” means, with respect to any trading day, the product of (i) the total outstanding shares of the combined company Common Stock and (ii) the volume weighted average trading price for the combined company Common Stock for such trading day.

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Immediately following the effective time of the Merger, the Company effected a 1-for-2 reverse stock split of the issued and outstanding Company Common Stock (the “Reverse Stock Split”). Upon completion of the Merger and the transactions contemplated in the Merger Agreement, (i) the former MyMD Florida equity holders owned approximately 77.05% of the outstanding equity of the Company on a fully diluted basis, assuming the exercise in full of the pre-funded warrants to purchase 986,486 shares of Company Common stock and including 4,188,315 shares of Company Common Stock underlying options to purchase shares of MyMD Florida Common Stock assumed by the company at closing and after adjustments based on the Company’s net cash at closing; and (ii) former Akers Biosciences, Inc. stockholders own approximately 22.95% of the outstanding equity of the Company.

Effective as of 4:05 pm Eastern Time on April 16, 2021, the Company filed an amendment to its Amended and Restated Certificate of Incorporation to effect the Reverse Stock Split. As a result of the Reverse Stock Split, immediately following the effective time of the Merger, every two shares of our Common Stock held by a stockholder immediately prior to the Reverse Stock Split were combined and reclassified into one share of our Common Stock. No fractional shares were issued in connection with the Reverse Stock Split. Each stockholder who did not have a number of shares evenly divisible pursuant to the Reverse Stock Split ratio and who would otherwise be entitled to receive a fractional share of our Common Stock was entitled to receive an additional share of our Common Stock.

The February 2023 Offering

On February 21, 2023, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain accredited investors (the “Investors”), pursuant to which it agreed to sell to the Investors (i) an aggregate of 15,000 shares of the Company’s newly-designated Series F convertible preferred stock with a stated value of $1,000 per share, initially convertible into up to 6,651,885 shares of the Company’s common stock, no par value (the “Common Stock”) at a conversion price of $2.255 per share (the “Preferred Shares”), and (ii) warrants to acquire up to an aggregate of 6,651,885 shares of Common Stock (the “Warrants”) (collectively, the “February 2023 Offering”).

Series F Convertible Preferred Stock

The Preferred Shares are convertible into Common Stock (the “Conversion Shares”) at the election of the holder at any time at an initial conversion price of $2.255 (the “Conversion Price”). The Conversion Price is subject to customary adjustments for stock dividends, stock splits, reclassifications and the like, and subject to price-based adjustment in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Conversion Price (subject to certain exceptions). The Company is required to redeem the Preferred Shares in 12 equal monthly installments, commencing on July 1, 2023. The amortization payments due upon such redemption are payable, at the company’s election, in cash, or subject to certain limitations, in shares of Common Stock valued at the lower of (i) the Conversion Price then in effect and (ii) the greater of (A) 80% of the average of the three lowest closing prices of the Company’s Common Stock during the thirty trading day period immediately prior to the date the amortization payment is due or (B) a “Floor Price” of $0.22 (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) or, in any case, such lower amount as permitted, from time to time, by the Nasdaq Stock Market. The Company may require holders to convert their Preferred Shares into Conversion Shares if the closing price of the Common Stock exceeds $6.765 per share (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) for 20 consecutive trading days and the daily dollar trading volume of the Common Stock exceeds $3,000,000 per day during the same period and certain equity conditions described in the Certificate of Designation are satisfied.

The holders of the Preferred Shares are entitled to dividends of 10% per annum, compounded monthly, which is payable in cash or shares of Common Stock at the Company’s option, in accordance with the terms of the Certificate of Designations. Upon the occurrence and during the continuance of a Triggering Event (as defined in the Certificate of Designations), the Preferred Shares accrue dividends at the rate of 15% per annum. Upon conversion or redemption, the holders of the Preferred Shares are also entitled to receive a dividend make-whole payment. The holders of Preferred Shares have no voting rights on account of the Preferred Shares, other than with respect to certain matters affecting the rights of the Preferred Shares. During the three and nine months ending September 30, 2023, the Company recorded dividends totaling $1,158,051 and $1,690,180, respectively, which are reported as Preferred Stock Dividends on the Condensed Consolidated Statement of Comprehensive Income (Loss).

Notwithstanding the foregoing, the Company’s ability to settle conversions and make amortization and dividend make-whole payments using shares of Common Stock is subject to certain limitations set forth in the Certificate of Designations. Further, the Certificate of Designations contains a certain beneficial ownership limitation after giving effect to the issuance of shares of Common Stock issuable upon conversion of, or as part of any amortization payment or dividend make-whole payment under, the Certificate of Designations or Warrants.

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The Certificate of Designations includes certain Triggering Events (as defined in the Certificate of Designations), including, among other things, the Company’s failure to pay any amounts due to the holders of the Preferred Shares when due. In connection with a Triggering Event, each holder of Preferred Shares will be able to require the Company to redeem in cash any or all of the holder’s Preferred Shares at a premium set forth in the Certificate of Designations.

The Preferred Shares were determined to be more akin to a debt-like host than an equity-like host. The Company identified the following embedded features that are not clearly and closely related to the debt host instrument: 1) make-whole interest upon a contingent redemption event, 2) make-whole interest upon a conversion event, 3) an installment redemption upon an Equity Conditions Failure (as defined in the Certificate of Designation), and 4) variable share-settled installment conversion. These features were bundled together, assigned probabilities of being affected and measured at fair value. Subsequent changes in fair value of these features are recognized in the Condensed Consolidated Statement of Comprehensive Income (Loss). The Company estimated at issuance the $3,149,800 fair value of the bifurcated embedded derivative at issuance using a Monte Carlo simulation model, with the following inputs the fair value of our common stock of $1.90 on the issuance date, estimated equity volatility of 120.0%, estimated traded volume volatility of 190.0%, the time to maturity of 1.35 years, a discounted market interest rate of 6.8%, dividend rate of 10.0%, a penalty dividend rate of 15.0%, and probability of default of 0.5%. The fair value of the bifurcated derivative liabilities was estimated utilizing the with and without method which uses the probability weighted difference between the scenarios with the derivative and the plain vanilla maturity scenario without a derivative.

The discount to the fair value is included as a reduction to the carrying value of the Preferred Shares. During the nine months ended September 30, 2023, the Company recorded a total discount of $14,087,111 upon issuance of the Preferred Shares, which was comprised of the issuance date fair value of the associated embedded derivative of $3,149,800, stock issuance costs of $314,311 and the fair value of the Warrants of $10,623,000. When it is deemed probable that the Preferred Shares will be redeemed, the Company will accrete the Preferred Shares to redemption amount pursuant to ASC 480-10-S99-3A.

During the three and nine months ended September 30, 2023, the Company recorded a gains of $2,566,900 and $2,251,700 related to the change in fair value of the derivative liabilities which is recorded in other income (expense) on the Condensed Consolidated Statement of Comprehensive Income (Loss). The Company estimated the $898,100 fair value of the bifurcated embedded derivative at September 30, 2023 using a Monte Carlo simulation model, with the following inputs the fair value of our common stock of $0.59 on the valuation date, estimated equity volatility of 130.0%, estimated traded volume volatility of 120.0%, the time to maturity of 0.75 years, a discounted market interest rate of 5.49%, dividend rate of 10.0%, a penalty dividend rate of 15.0%, and probability of default of 8.2%.

During the three months ended September 30, 2023, the Company converted $152,149 of the Preferred Shares by issuing 4,101,909 shares of the Company’s Common Stock and the Company issued 871,323 shares of Company’s Common Stock as make-whole dividends resulting in a deemed dividend of $766,503 through installment conversions and proportionately relieved $2,347,852 of discount related to the converted Preferred Shares.

During the nine months ended September 30, 2023, the Company converted $304,296 of the Preferred Shares by issuing 6,450,122 shares of the Company’s Common Stock and the Company issued 871,323 shares of Company’s Common Stock as make-whole dividends resulting in a deemed dividend of $766,503 through installment conversions and proportionately relieved $4,695,704 of discount related to the converted Preferred Shares.

Common Stock Warrants

Pursuant to the February 2023 Offering, the Company issued to investors Warrants to purchase 6,651,885 shares of Common Stock, with an exercise price of $2.255 per share (subject to adjustment), for a period of five years from the date of issuance. The Exercise Price and the number of shares issuable upon exercise of the Warrants are subject to customary adjustments for stock dividends, stock splits, reclassifications and the like, and subject to price-based adjustment, on a “full ratchet” basis, in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Exercise Price (subject to certain exceptions). Upon any such price-based adjustment to the Exercise Price, the number of shares issuable upon exercise of the Warrants will be increased proportionately.

The Warrants were determined to be within the scope of ASC 480-10 as they are puttable to the Company at Holders’ election upon the occurrence of a Fundamental Transaction (as defined in the agreements). As such, the Company recorded the Warrants as a liability at fair value with subsequent changes in fair value recognized in earnings. The Company utilized the Black Scholes Model to calculate the value of these warrants issued during the nine months ended September 30, 2023. The fair value of the Warrants of $10,623,000 was estimated at the date of issuance using the following weighted average assumptions: dividend yield 0%; expected term of 5.0 years; equity volatility of 125.0%; and a risk-free interest rate of 4.09%.

Transaction costs incurred attributable to the issuance of the Warrants of $762,834 were immediately expensed in accordance with ASC 480.

During the three and nine months ended September 30, 2023, the Company recorded a gain of $5,356,000 and $8,166,000 related to the change in fair value of the warrant liabilities which is recorded in other income (expense) on the Condensed Consolidated Statement of Comprehensive Income (Loss). The fair value of the Warrants of $2,457,000 was estimated at September 30, 2023 utilizing the Black Scholes Model using the following weighted average assumptions: dividend yield 0%; remaining term of 4.40 years; equity volatility of 115.0%; and a risk-free interest rate of 4.66%.

Liquidity

As of September 30, 2023, the Company’s cash on hand was $298,318 and marketable securities were $8,174,283. The Company has incurred a total net operating loss of $1,636,391 for the nine months ended September 30, 2023. As of September 30, 2023, the Company had working capital of $4,040,337 and stockholders’ equity of $15,500,682 including an accumulated deficit of $97,085,475. During the nine months ended September 30, 2023, cash flows used in operating activities were $11,047,995 consisting primarily of a net loss of $1,636,391, an increase in prepaid expenses of $697,691, a reduction in trade and other payables of $639,381 and a non-cash change in the fair value of the warrant and derivative liabilities of $10,417,700 offset by non-cash stock-based compensation of $2,341,915. Since its inception, the Company has met its liquidity requirements principally through the sale of its Common and Preferred Stock in public and private placements.

The Company evaluated the current cash requirements for operations in conjunction with management’s strategic plan and believes that the Company’s current financial resources as of the date of the issuance of these condensed consolidated financial statements are sufficient to fund its current operating budget and contractual obligations as of September 30, 2023 as they fall due within the next twelve-month period, alleviating any substantial doubt raised by the Company’s historical operating results and satisfying its estimated liquidity needs for twelve months from the issuance of these condensed consolidated financial statements.

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Note 4 – Trade and Other Payables

Trade and other payables consist of the following:

	September 30, 2023		December 31, 2022
Accounts Payable – Trade	$	1,347,904	$	2,356,555
Accrued Expenses		685,936		316,666
	$	2,033,840	$	2,673,221

Note 5 – Stock-based Payments

Equity incentive Plans

2013 Stock Incentive Plan

On January 23, 2014, the Company adopted the 2013 Stock Incentive Plan (“2013 Plan”). The 2013 Plan was amended by the Board on January 9, 2015 and September 30, 2016, and such amendments were ratified by shareholders on December 7, 2018. The 2013 Plan provides for the issuance of up to 2,162 shares of the Company’s Common Stock. As of September 30, 2023, grants of restricted stock and options to purchase 1,406 shares of Common Stock have been issued pursuant to the 2013 Plan, and 756 shares of Common Stock remain available for issuance.

2016 Stock Incentive Plan

On December 21, 2016, the shareholders approved, and the Company adopted the 2016 Stock Incentive Plan (“2016 Plan”). The 2016 Plan provides for the issuance of up to 50,000,000 shares of the Company’s Common Stock. As of September 30, 2023, no grants of any kind remain outstanding pursuant to the 2016 Plan, and 0 shares of Common Stock remain available for issuance.

2017 Stock Incentive Plan

On August 7, 2017, the shareholders approved, and the Company adopted the 2017 Stock Incentive Plan (“2017 Plan”). The 2017 Plan provides for the issuance of up to 3,516 shares of the Company’s Common Stock. As of September 30, 2023, grants of restricted stock and options to purchase 2,538 shares of Common Stock have been issued pursuant to the 2017 Plan, and 978 shares of Common Stock remain available for issuance.

2018 Stock Incentive Plan

On December 7, 2018, the shareholders approved, and the Company adopted the 2018 Stock Incentive Plan (“2018 Plan”). On August 27, 2020, the 2019 Plan was modified to increase the total authorized shares. The 2018 Plan, as amended, provides for the issuance of up to 560,063 shares of the Company’s Common Stock. As of September 30, 2023, grants of RSUs and restricted stock to purchase 263,026 shares of Common Stock have been issued pursuant to the 2018 Plan, and 297,037 shares of Common Stock remain available for issuance.

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2021 Stock Incentive Plan

On April 15, 2021, the shareholders approved, and the Company adopted the 2021 Stock Incentive Plan (“2021 Plan”). The 2021 Plan provides for the issuance of up to 7,228,184 shares of the Company’s Common Stock. As of September 30, 2023, grants of RSUs and stock options to purchase 6,994,207 shares of Common Stock have been issued pursuant to the 2021 Plan, and 233,977 shares of Common Stock remain available for issuance.

Stock Options

The following table summarizes the activities for MyMD stock options for the three months ended September 30, 2023:

								Weighted
								Average
				Weighted		Weighted		Remaining
	Number			Average		Average		Contractual		Aggregate
	of			Exercise		Grant Date		Term		Intrinsic
	Shares			Price		Fair Value		(years)		Value
Balance at December 31, 2022		4,476,737		$	2.64	$	2.64		0.64	$	-
Granted		3,845,000			1.40		1.29		8.75	$	-
Exercised		-			-		-		-		-
Forfeited		-			-		-		-		-
Canceled/Expired		(4,176,737	)		2.59		2.59		-		-
Balance at September 30, 2023		4,145,000			1.54		1.42		8.47	$	-
Exercisable as of September 30, 2023		1,214,999			1.38		1.27		8.82	$	-

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $0.59 for the Company’s common shares on September 30, 2023 and the closing stock price of $1.15 for the Company’s common shares on December 31, 2022.

On April 4, 2023, the Company issued 750,000 options to a key employee. The cumulative fair market value of $978,675 as calculated using Black-Scholes (exercise price $1.55 per share, stock price $1.55 per share, volatility of 122.12%, discount rate of 3.39% and a five-year term). 1/3 of the options vested on the grant date, 1/3 vest on the first anniversary of the grant and 1/3 vest on the second anniversary of the grant. The fair-market value of the options is amortized over the 24-month vesting cycle.

On June 7, 2023, the Company issued 1,995,000 options to the directors and key employees. The cumulative fair market value of $3,128,759 as calculated using Black-Scholes (exercise price $1.66 per share, stock price $1.66 per share, volatility of 115.94%, discount rate of 3.79% and a ten-year term). 1/3 of the options vested on the grant date, 1/3 vest on the first anniversary of the grant and 1/3 vest on the second anniversary of the grant. The fair-market value of the options is amortized over the 24-month vesting cycle.

On September 6, 2023, the Company issued 1,000,000 options to a key employee. The cumulative fair market value of $769,700 as calculated using Black-Scholes (exercise price $0.81 per share, stock price $0.81 per share, volatility of 117.90%, discount rate of 4.44% and a ten-year term). The options will vest upon the achievement of specific performance goals.

The fair-market value of the options will be recognized in the period the vesting event is achieved. As of September 30, 2023, none of the vesting events have occurred.

On September 6, 2023, the Company issued 100,000 options to a key employee. The cumulative fair market value of $76,970 as calculated using Black-Scholes (exercise price $0.81 per share, stock price $0.81 per share, volatility of 117.90%, discount rate of 4.44% and a ten-year term). ½ of the options vested on the grant date, ½ vest on the first anniversary of the grant. The fair-market value of the vested options was amortized upon the issuance of the grant and the remaining options will be amortized over the 12-month vesting cycle.

During the three months ended September 30, 2023 and 2022, the Company incurred stock option expenses totaling $595,576 and $135,620, respectively. During the nine months ended September 30, 2023 and 2022, the Company incurred stock option expenses totaling $2,341,915 and $348,868, respectively.

The unamortized stock option expenses as of September 30, 2023 and 2022 totaled $3,213,983 and $568,152, respectively.

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Restricted Stock Units

On October 14, 2021, the Compensation Committee of the Board of Directors approved grants totaling 2,795,000 Restricted Stock Units to the Company’s six directors and seven key employees. Each RSU had a grant date fair value of $8.09 which will be amortized upon vesting into administrative expenses within the Condensed Consolidated Statement of Comprehensive Income (Loss). Such RSUs were granted under the 2021 Plan. Vesting of each RSU is:

● One-third (33%) of each RSU will vest when the Company’s market capitalization is equal to or greater than $500,000,000 for at least ten trading days during any twenty (20) consecutive trading day period ending on or after December 15, 2021 and the fair market value of the Common Stock equals or exceeds $5.00 during such trading day period.

● One-third (33%) of each RSU will vest when the Company’s market capitalization is equal to or greater than $750,000,000 for at least ten trading days during any twenty (20) consecutive trading day period ending on or after December 15, 2021 and the fair market value of the Common Stock equals or exceeds $5.00 during such trading day period.

● The remaining awarded units will vest when the Company’s market capitalization is equal to or greater than $1,000,000,000 for at least ten trading days during any twenty (20) consecutive trading day period ending on or after December 15, 2021 and the fair market value of the Common Stock equals or exceeds $5.00 during such trading day period.

● In the event that (i) a change in control occurs or (ii) the participant incurs a termination of service by the Company without cause or due to the participant’s death or total and permanent disability, then all unvested units shall become vested units immediately upon the occurrence of such event.

As of September 30, 2023, none of the vesting milestones have been met.

On June 28, 2023, 73,776 vested restricted stock units were exchanged for 73,776 shares of the Company Common Stock.

The following is the status of outstanding unvested restricted stock units outstanding as of September 30, 2023 and the changes for the nine months ended September 30, 2023:

			Weighted
			Average
	Number of		Grant Date
	RSUs		Fair Value
Balance at December 31, 2022		2,795,000	$	8.09
Granted		-		-
Exercised		-		-
Vested		-		-
Forfeited		-		-
Canceled/Expired		-		-
Balance at September 30, 2023		2,795,000	$	8.09

As of September 30, 2023, the unamortized value of the RSUs was $22,611,550.

Note 6 – Equity

Authorized Capital Stock

The Company’s authorized capital stock consists of 550,000,000 shares, of which 500,000,000 are shares of Common Stock, without par value (the “Common Stock”), and 50,000,000 are shares of preferred stock, without par value, 1,990,000 of which have been designated as Series C Convertible Preferred Stock (the “Series C Preferred Stock”), 211,353 of which have been designated as Series D Convertible Preferred Stock (the “Series D Preferred Stock”), 100,000 of which have been designated as Series E Junior Participating Preferred Stock and 15,000 of which have been designated as Series F Convertible Preferred Stock (the “Series F Preferred Stock”). As of September 30, 2023 and December 31, 2022, there were 47,000,365 and 39,470,009 shares of Common Stock issued and outstanding, respectively. There were 72,992 shares of Series D Preferred Stock issued and outstanding and warrants to purchase Series C Preferred Stock convertible into 27,500 shares of Common Stock issued and outstanding as of September 30, 2023 and December 31, 2022. There were 9,859 and 0 shares of Series F Preferred Stock issued and outstanding as of September 30, 2023 and December 31, 2022. There were no shares of Series C Convertible Preferred Stock or Series E Junior Participating Preferred Stock issued and outstanding as of September 30, 2023 and December 31, 2023.

Preferred Stock

The holders of preferred shares or preferred warrants are entitled to vote per share, as limited by the certificate of designation for each class of preferred shares or warrants, at meetings of the Company.

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Series D Convertible Preferred Stock

The following are the principal terms of the Series D Preferred Stock:

Rank

The Series D Preferred Stock ranks (1) on parity with Common Stock on an “as converted” basis, (2) senior to any series of our capital stock hereafter created specifically ranking by its terms junior to the Series D Preferred Stock, (3) on parity with any series of our capital stock hereafter created specifically ranking by its terms on parity with the Series D Preferred Stock, and (4) junior to any series of our capital stock hereafter created specifically ranking by its terms senior to the Series D Preferred Stock in each case, as to dividends or distributions of assets upon our liquidation, dissolution or winding up whether voluntary or involuntary.

Conversion Rights

A holder of Series D Preferred Stock is entitled at any time to convert any whole or partial number of shares of Series D Preferred Stock into shares of our Common Stock, determined by dividing the stated value equal to $0.01 by the conversion price of $0.01 per share. A holder of Series D Preferred Stock is prohibited from converting Series D Preferred Stock into shares of Common Stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 4.99% of the total number of shares of our Common Stock then issued and outstanding (with such ownership restriction referred to as the “Series D Beneficial Ownership Limitation”) immediately after giving effect to the issuance of the shares of Common Stock issuable upon conversion of the Series D Preferred Stock. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61 days after such notice to us. The conversion rate of the Series D Preferred Stock is subject to proportionate adjustments for stock splits, reverse stock splits and similar events, but is not subject to adjustment based on price anti-dilution provisions.

Dividend Rights

In addition to stock dividends or distributions for which proportionate adjustments will be made, holders of Series D Preferred Stock are entitled to receive dividends on shares of Series D 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 when, as and if such dividends are paid on shares of the Common Stock. No other dividends are payable on shares of Series D Preferred Stock.

Voting Rights

Subject to the Series D Beneficial Ownership Limitation, on any matter presented to our stockholders for their action or consideration at any meeting of our stockholders (or by written consent of stockholders in lieu of a meeting), each holder, in its capacity as such, shall be entitled to cast the number of votes equal to the number of whole shares of our Common Stock into which the Series D Preferred Stock beneficially owned by such holder are convertible as of the record date for determining stockholders entitled to vote on or consent to such matter (taking into account all Series D Preferred Stock beneficially owned by such holder). Except as otherwise required by law or by the other provisions of the Certificate of Designation of Series D Convertible Preferred Stock (the “Series D Certificate of Designation”), the holders of Series D Preferred Stock, in their capacity as such, shall vote together with the holders of our Common Stock and any other class or series of stock entitled to vote thereon as a single class.

Liquidation Rights

Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of Series D Preferred Stock are entitled to receive, pari passu with the holders of Common Stock, out of the assets available for distribution to stockholders an amount equal to such amount per share as would have been payable had all shares of Series D Preferred Stock been converted into Common Stock immediately before such liquidation, dissolution or winding up, without giving effect to any limitation on conversion as a result of the Series D Beneficial Ownership Limitation, as described above.

Exchange Listing

Series D Preferred Stock is not listed on the Nasdaq, any national securities exchange or other nationally recognized trading system. Our Common Stock issuable upon conversion of the Series D Preferred Stock is listed on the Nasdaq under the symbol “MYMD”.

Failure to Deliver Conversion Shares

If we fail to timely deliver shares of Common Stock upon conversion of the Series D Preferred Stock (the “Series D Conversion Shares”) within the time period specified in the Series D Certificate of Designation (within two trading days after delivery of the notice of conversion, or any shorter standard settlement period in effect with respect to trading market on the date notice is delivered), then we are obligated to pay to the holder, as liquidated damages, an amount equal to $25 per trading day (increasing to $50 per trading day on the third trading day and $100 per trading day on the sixth trading day) for each $5,000 of stated value of Series D Preferred Stock being converted which are not timely delivered. If we make such liquidated damages payments, we are also not obligated to make Series D Buy-In (as defined below) payments with respect to the same Series D Conversion Shares.

Compensation for Series D Buy-In on Failure to Timely Deliver Shares

If we fail to timely deliver the Series D Conversion Shares to the holder, and if after the required delivery date the holder is required by its broker to purchase (in an open market transaction or otherwise) or the holder or its brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the holder of the Series D Conversion Shares which the holder anticipated receiving upon such conversion or exercise (a “Series D Buy-In”), then we are obligated to (A) pay in cash to such holder (in addition to any other remedies available to or elected by such holder) the amount, if any, by which (x) such holder’s total purchase price (including any brokerage commissions) for the shares of Common Stock so purchased exceeds (y) the product of (1) the aggregate number of Series D Conversion Shares that such holder was entitled to receive from the conversion at issue multiplied by (2) the actual sale price at which the sell order giving rise to such purchase obligation was executed (including any brokerage commissions) and (B) at the option of such holder, either reissue (if surrendered) the shares of Series D Preferred Stock equal to the number of shares of Series D Preferred Stock submitted for conversion (in which case, such conversion shall be deemed rescinded) or deliver to such holder the number of Series D Conversion Shares that would have been issued if we had timely complied with its delivery requirements.

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As of September 30, 2023, the Company had 72,992 shares of Series D Convertible Preferred Stock outstanding which represent 36,496 underlying shares of the Company Common Stock.

Series F Convertible Preferred Stock

The following are the principal terms of the Series F Preferred Stock:

Dividends

The holders of the Series F Preferred Stock are entitled to dividends of 10.0% per annum, compounded monthly, which are payable in cash or shares of Common Stock at the Company’s option, in accordance with the terms of the certificate of designation of the Series F Preferred Stock (the “Series F Certificate of Designation”). Upon the occurrence and during the continuance of a Triggering Event (as defined in the Series F Certificate of Designation), shares of Series F Preferred Stock will accrue dividends at the rate of 15.0% per annum. Upon conversion or redemption, the holders of shares of Series F Preferred Stock are also entitled to receive a dividend make-whole payment.

Voting Rights

The Series F Preferred Stock has no voting rights, except as required by law (including without limitation, the New Jersey Business Corporation Act (the “BCA”)) and as expressly provided in the Series F Certificate of Designation. To the extent that under the BCA the vote of the holders of shares of Series F Preferred Stock, voting separately as a class or series, as applicable, is required to authorize a given action of the Company, the affirmative vote or consent of a majority of the outstanding shares of Series F Preferred Stock, voting together in the aggregate and not in separate series unless required under the BCA, represented at a duly held meeting at which a quorum is presented or by written consent of such majority (except as otherwise may be required under the BCA) shall constitute the approval of such action by both the class or the series, as applicable. To the extent that under the BCA holders of shares of Series F Preferred Stock are entitled to vote on a matter with holders of shares of Common Stock, voting together as one class, each share of Series F Preferred Stock shall entitle the holder thereof to cast that number of votes per share as is equal to the number of shares of Common Stock into which it is then convertible (subject to certain beneficial ownership limitations) using the record date for determining the stockholders of the Company eligible to vote on such matters as the date as of which the Conversion Price is calculated.

Liquidation

Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, the each holder shares of the Series F Preferred Stock shall be entitled to receive out of the assets, whether capital or surplus, of the Company an amount per share of Series F Preferred Stock equal to the greater of (A) 125% of the stated value of such share of Series F Preferred Stock (plus any applicable make-whole amount, unpaid late charge or other applicable amount) on the date of such payment and (B) the amount per share such holder would receive if such holder converted such share of Series F Preferred Stock into Common Stock immediately prior to the date of such payment. All shares of capital stock of the Company shall be junior in rank to all shares of Series F Preferred Stock with respect to the preferences as to payments upon the liquidation.

Conversion

The Series F Preferred Stock is convertible into shares of Common Stock (the “Conversion Shares”). The initial conversion price, subject to adjustment as set forth in the Series F Certificate of Designation, is $2.255 (the “Conversion Price”). The Conversion Price can be adjusted as set forth in the Series F Certificate of Designation for stock dividends and stock splits or the occurrence of a fundamental transaction (generally including any reorganization, recapitalization or reclassification of the Common Stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of the outstanding Common Stock, or any person or group becoming the beneficial owner of 50% of the voting power represented by the outstanding Common Stock). The Conversion Price is also subject to “full ratchet” price-based adjustment in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Conversion Price (subject to certain exceptions). If any shares of Series F Preferred Stock are converted or reacquired by us, such shares shall resume the status of authorized but unissued shares of Series F Preferred Stock of the Company and shall no longer be designated as Series F Preferred Stock.

The Company is required to redeem the shares of Series F Preferred Stock in 12 equal monthly installments, commencing on July 1, 2023. The amortization payments due upon such redemption are payable, at the Company’s election, in cash, or subject to certain limitations, in shares of Common Stock valued at the lower of (i) the Conversion Price then in effect and (ii) the greater of (A) 80% of the average of the three lowest closing prices of the Company’s Common Stock during the thirty trading day period immediately prior to the date the amortization payment is due or (B) a “Floor Price” of $0.22 (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) or, in any case, such lower amount as permitted, from time to time, by the Nasdaq Stock Market; provided that if the Floor Price is the lowest effective price, the Company will be required to make the amortization payment in cash.

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Exchange Cap

The Company was initially restricted from issuing shares of Common Stock upon conversion of the Series F Preferred Stock or exercise of the associated warrants in excess of 19.99% of the shares of Common Stock outstanding as of the date immediately prior to the issuance of the shares of Series F Preferred Stock and the associated warrants (the “Issuable Maximum”) until the Company obtained stockholder approval for the issuance of shares of Common Stock in excess of the Issuable Maximum (“Stockholder Approval”). The Company received the Stockholder Approval on July 31, 2023.

Optional Conversion

The Series F Preferred Stock can be converted at the option of the holder at any time and from time to time after the original issuance date. Holders shall effect conversions by providing us with the form of conversion notice (the “Notice of Conversion”) specifying the number of shares of Series F Preferred Stock to be converted, the number of shares of Series F Preferred Stock owned subsequent to the conversion at issue and the date on which such conversion is to be effected, which date may not be prior to the date the applicable holder delivers by email such Notice of Conversion to us.

Mandatory Conversion

If on any day after the issuance of the shares of Series F Preferred Stock the closing price of the Common Stock has exceeded 300% of the Conversion Price per share (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) for 20 consecutive trading days and the daily dollar trading volume of the Common Stock has exceeded $3,000,000 per trading day during the same period and certain equity conditions described in the Series F Certificate of Designation are satisfied (the “Mandatory Conversion Date”), we shall deliver written notice of the Mandatory Conversion (as defined below) to all holders on the Mandatory Conversion Date and, on such Mandatory Conversion Date, we shall convert all of each holder’s shares of Series F Preferred Stock into Conversion Shares at the then effective Conversion Price (the “Mandatory Conversion”). If any of the Equity Conditions shall cease to be satisfied at any time on or after the Mandatory Conversion Date through and including the actual delivery of all of the Conversion Shares to the holders, the Mandatory Conversion shall be deemed withdrawn and void ab initio.

Beneficial Ownership Limitation

The Series F Preferred Stock cannot be converted to Common Stock if the holder and its affiliates would beneficially own more than 4.99% or 9.99% at the election of the holder of the outstanding Common Stock. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99% upon notice to us, provided that any increase in this limitation will not be effective until 61 days after such notice from the holder to us and such increase or decrease will apply only to the holder providing such notice.

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Common Stock

The holders of common shares are entitled to one vote per share at meetings of the Company.

As of September 30, 2023, the Company had 47,000,365 shares of Common Stock issued and outstanding. During the nine months ended September 30, 2023 issued 7,321,445 shares of common stock as installment conversions for the Series F Convertible Preferred.

Common Stock Warrants

The table below summarizes the warrant activity for the nine months ended September 30, 2023:

			Weighted		Average
			Average		Remaining		Aggregate
	Number of		Exercise		Contractual		Intrinsic
	Warrants		Price		Term (years)		Value
Balance at December 31, 2022		6,514,827	$	4.93		3.63	$	-
Issued		6,651,885		2.255		4.40		-
Exercised		-		-		-		-
Forfeited		-		-		-		-
Canceled/Expired		-		-		-		-
Balance at September 30, 2023		13,166,712	$	3.58		3.65	$	-
Exercisable as of September 30, 2023		13,166,712	$	3.58		3.65	$	-

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $0.59 for the Company’s common shares on September 30, 2023 and the closing stock price of $1.15 for the Company’s common shares on December 31, 2022. All warrants were vested on date of grant.

Pursuant to the February 2023 Offering, the Company issued to investors Warrants to purchase 6,651,885 shares of Common Stock, with an exercise price of $2.255 per share (subject to adjustment), for a period of five years from the date of issuance. The Exercise Price and the number of shares issuable upon exercise of the Warrants are subject to customary adjustments for stock dividends, stock splits, reclassifications and the like, and subject to price-based adjustment, on a “full ratchet” basis, in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Exercise Price (subject to certain exceptions). Upon any such price-based adjustment to the Exercise Price, the number of shares issuable upon exercise of the Warrants will be increased proportionately. (Note 3)

Pre-funded Common Stock Warrants

The table below summarizes the pre-funded warrant activity for the nine months ended September 30, 2023:

				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Warrants			Price		Term (years)		Value
Balance at December 31, 2022		135,135		$	0.002		-	$	155,135
Issued		-			-		-		-
Exercised		(135,135	)		0.002		-		-
Forfeited		-			-		-		-
Canceled/Expired		-			-		-		-
Balance at September 30, 2023		-		$	-		-	$	-
Exercisable as of September 30, 2023		-		$	-		-	$	-

All pre-funded warrants were vested on date of grant and are exercisable at any time. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying award and the closing stock price of $0.59 for the Company’s common shares on September 30, 2023 and the closing stock price of $1.15 for Common Stock on December 31, 2022.

On April 27, 2023, a holder exercised 135,135 pre-funded warrants for 135,135 shares of Company Common Stock for net proceeds of $0.

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Series C Convertible Preferred Stock Warrants

The table below summarizes the warrant activity for the nine months ended September 30, 2023:

			Weighted		Average
			Average		Remaining		Aggregate
	Number of		Exercise		Contractual		Intrinsic
	Warrants		Price		Term (years)		Value
Balance at December 31, 2022		27,500	$	8.00		1.94	$	-
Issued		-		-		-		-
Exercised		-		-		-		-
Forfeited		-		-		-		-
Canceled/Expired		-		-		-		-
Balance at September 30, 2023		27,500	$	8.00		1.45	$	-
Exercisable as of September 30, 2023		27,500	$	8.00		1.45	$	-

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $0.59 for the Company’s common shares on September 30, 2023 and the closing stock price of $1.15 for the Company’s common shares on December 31, 2022. All Series C Convertible Preferred Stock Warrants were vested on date of grant.

Note 7 – Commitments and Contingencies

Scientific Advisory Board

On February 1, 2021, the Company formed the Scientific Advisory Board to (i) provide strategic advice and make recommendations to management regarding current and planned research and development programs, (ii) advise management regarding the scientific merit of technology or products involved in licensing and acquisition opportunities and (iii) provide strategic advice to management regarding emerging science and technology issues and trends. During the three months ended September 30, 2023 and 2022, the Company incurred costs of $0 and $40,000, respectively. During the nine months ended September 30, 2023 and 2022, the Company incurred costs of $0 and $138,000, respectively. These expenses are included in Research and Development Expenses on the Condensed Consolidated Statement of Comprehensive Income (Loss). The Scientific Advisory Board was disbanded effective September 30, 2022.

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Litigation and Settlements

Raymond Akers Actions

On April 14, 2021, Raymond F. Akers, Jr., Ph.D. filed a lawsuit against MyMD Pharmaceuticals, Inc. (p/k/a Akers Biosciences, Inc.) in the Superior Court of New Jersey, Law Division, Gloucester County (the “First Raymond Akers Action”). Mr. Akers asserts one common law whistleblower retaliation claim against the Company.

On September 23, 2021, the Court granted MyMD Pharmaceutical, Inc.’s (“MyMD’s”) Motion to Dismiss Plaintiff’s Amended Complaint and dismissed Plaintiff’s Amended Complaint. The Court indicated that Mr. Akers is “free to file another complaint, however, tort-based ‘Pierce’ allegations, and/or CEPA claims are barred by the statute of limitations.”

On March 1, 2022, Mr. Akers filed a second action against MyMD in the Superior Court of New Jersey, Law Division, Gloucester County (the “Second Raymond Akers Action”) again asserting one common law whistleblower retaliation claim against the Company. The Company plans to vigorously defend the claims made in the Second Raymond Akers Action.

On May 27, 2022, the Court granted-in-part and denied-in-part MyMD’s Motion to Dismiss Plaintiff’s Complaint. The Court reaffirmed the ruling in the First Raymond Akers Action that any tort-based Pierce claims are time-barred. However, the Court denied the Motion as it pertained to Plaintiff’s contract-based Pierce claim and “Repayment of Monies Owed” claim. On July 29, 2022, MyMD filed its Answer, which included affirmative defenses. As of September 30, 2023, the Second Raymond Akers Action is in the discovery phase.

All legal fees incurred were expensed as and when incurred.

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Note 8 – Related Parties

SRQ Patent Holdings and SRQ Patent Holdings II

MyMD is a party to two Amended and Restated Confirmatory Patent Assignment and Royalty Agreements, both dated November 11, 2020, with SRQ Patent Holdings and SRQ Patent Holdings II, under which MyMD (or its successor) will be obligated to pay to SRQ Patent Holdings or SRQ Patent Holdings II (or its designees) certain royalties on product sales or other revenue received on products that incorporate or are covered by the intellectual property that was assigned to MyMD. The royalty is equal to 8% of the net sales price on product sales and, without duplication, 8% of milestone revenue or sublicense compensation. SRQ Patent Holdings and SRQ Patent Holdings II are affiliates of Mr. Jonnie Williams, Sr. No revenue has been received subject to these agreements as of September 30, 2023 and 2022.

MIRA Pharmaceuticals Limited License Agreement

MyMD is a party to an Amended and Restated Limited License Agreement, dated June 27, 2022 and amended on April 20, 2023, with MIRA Pharmaceuticals, Inc. (Nasdaq: MIRA), under which the parties agreed to share technical information and know-how pertaining to the synthetic manufacture and formulation of the parties’ respective Supera-CBD™ and MIRA1a™ product candidates. MyMD, which holds patent rights to MIRA1a™ in 22 foreign countries, was granted a perpetual, non-exclusive, royalty-free license to use improvements to MIRA1a™ made under the agreement, and MIRA was granted a limited, perpetual, worldwide, non-exclusive, royalty-free license to use Supera-CBD™ as a synthetic intermediate in the manufacture of MIRA1a™. MyMD’s President and Chief Medical Officer, Chris Chapman, M.D., is Executive Chairman of MIRA; and MyMD’s Chief Scientific Officer, Adam Kaplin, M.D., Ph.D., is President and Chief Scientific Officer of MIRA.

Note 9 – Employee Benefit Plan

The Company maintains a defined contribution benefit plan under section 401(k) of the Internal Revenue Code covering substantially all qualified employees of the Company (the “401(k) Plan”). Under the 401(k) Plan, the Company matches 100% up to a 3% contribution, and 50% over a 3% contribution, up to a maximum of 5%.

The Company made matching contributions to the 401(k) Plan during the three months ended September 30, 2023 and 2022 of $11,435 and $6,498, respectively. The Company made matching contributions to the 401(k) Plan during the nine months ended September 30, 2023 and 2022 of $36,113 and $30,517, respectively.

Note 10—Patent Assignment and Royalty Agreement

In November 2016, the Company entered into an agreement with the holders of certain intellectual property relating to the Company’s current product candidate. Under the terms of the agreement, the counterparty assigned its rights and interest in certain patents to the Company in exchange for future royalty payments based on a fixed percentage of future revenues, as defined. The agreement is effective until the later of (1) the date of expiration of the assigned patents or (2) the date of expiration of the last strategic partnership or licensing agreement including the assigned patents. No revenue has been received subject to these agreements as of September 30, 2023 and 2022.

Note 11—Subsequent Events

NASDAQ Capital Market Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard

On October 11, 2023, the Company received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) indicating that, based upon the closing bid price of the Company’s common stock for the 30 consecutive business days between August 29, 2023, to October 10, 2023, the Company did not meet the minimum bid price of $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The letter also indicated that the Company will be provided with a compliance period of 180 calendar days, or until April 8, 2024 (the “Compliance Period”), in which to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A).

The letter has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on The Nasdaq Capital Market, subject to the Company’s compliance with the other listing requirements of The Nasdaq Capital Market

Platt Street Lease

Effective October 31, 2023, the Company cancelled the Platt Street Lease without penalty. As of October 31, 2023, Lease Right-of-Use assets were reduced by $29,736 and Lease Liabilities were reduced by $30,351 and a charge of $615 was recorded to General and Administrative Expenses.

Reduction in Workforce

During October 2023, the Company implemented a reduction in workforce, eliminating three of the Company’s ten employees. Separated employees were granted a severance package equal to one-quarter of their annual salary and will result in the recognition of $104,000 in personnel expenses in October 2023.

On June 7, 2023, the Company granted the employees options to purchase an aggregate of 230,000 shares of Common Stock with an exercise price of $1.66 per share. As consideration for a waiver and release in their separation agreements, the Company amended the employees’ respective June 7, 2023 option agreements to accelerate vesting of the portion of optioned shares that otherwise would have vested upon the first and second anniversaries of the date of grant. The options have an exercise period of twelve months from the date of separation.

Executive Officer Contract Amendments and Separations

Effective November 13, 2023, the Company entered into an amendment to the employment agreement of Dr. Chris Chapman, its President and Chief Medical Officer, providing for Dr. Chapman’s annual base salary to be adjusted from five hundred thousand dollars ($500,000) (the “Full Base Salary”) to two hundred fifty thousand dollars ($250,000) in cash per annum, until payment of his Full Base Salary would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion. The amendment further provides that the remaining $250,000 of base salary per annum (the “Deferral Amount”) shall be deferred until payment of the Deferral Amount would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion, at which time the Deferral Amount may be paid, at Dr. Chapman’s election, in shares of Common Stock or in cash.

In connection with an overall reduction in compensation paid to the Company’s directors implemented in November 2023, effective November 13, 2023, the Company entered into an amendment to the employment agreement of Christopher C. Schreiber, a Director and the Company’s former Executive Chairman, providing for Mr. Schreiber’s annual fee to be adjusted from three hundred thousand dollars ($300,000) (the “Full Fee”) to sixty thousand dollars ($60,000) in cash per annum, until payment of his Full Fee would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion. The amendment further provides that the remaining $240,000 of the fees per annum (the “Fee Deferral Amount”) shall be deferred until payment of the Fee Deferral Amount would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion, at which time the Fee Deferral Amount may be paid, at Mr. Schreiber’s election, in shares of Common Stock or in cash. The amendment also clarified that Mr. Schreiber’s title is “Director.”

Effective November 13, 2023, the Company entered into a mutual employment separation agreement with Paul M. Rivard, its Chief Legal Officer. The separation agreement provides for a lump-sum severance payment equal to three months of his normal base salary in exchange for a waiver and release. The separation agreement further provides that Mr. Rivard will be deemed a contractor providing services to the Company for purposes of any awards previously granted to him under the 2021 Plan if at the relevant time(s) he is providing services to the Company while under the employ of a law firm representing the Company.

Effective November 13, 2023, the Company entered into an amendment to the employment agreement of Dr. Adam Kaplin, its Chief Scientific Officer, providing that Dr. Kaplin’s employment shall have an initial term of four months, which the parties may mutually agree to extend for additional consecutive terms of one month each. The amendment further provides that, in the event of a termination without cause by the Company prior to the end of the initial term, Dr. Kaplin shall receive his monthly base salary through the end of the initial term. The amendment further provides that all outstanding and unvested shares granted pursuant to the Nonqualified Stock Option Agreement, dated June 7, 2023, between the Company and Dr. Kaplin shall accelerate upon the termination of Dr. Kaplin’s employment. Dr. Kaplin’s amendment further provides that, in the event of a termination without cause for any reason prior to the end of the first renewal term following the end of the initial term, the Company will continue to cover the costs of Dr. Kaplin’s health insurance coverage through the end of the first renewal term, subject to the execution and timely return of a release.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The information set forth below should be read in conjunction with our condensed consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q. This discussion and analysis contains forward-looking statements based on our current expectations, assumptions, estimates and projections. These forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those indicated in these forward-looking statements as a result of certain factors, including those discussed in Part II, Item 1A of this Quarterly Report on Form 10-Q, entitled “Risk Factors.” References in this discussion and analysis to “us,” “we,” “our,” or “the Company” refer collectively to MyMD Pharmaceuticals, Inc.

Our financial statements are prepared in accordance with GAAP. These accounting principles require us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our financial statements would be affected to the extent there are material differences between these estimates and actual results. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management’s judgment in its application. There are also areas in which management’s judgment in selecting any available alternative would not produce a materially different result. The following discussion should be read in conjunction with our financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q.

This quarterly report on Form 10-Q and other reports filed by the Company from time to time with the Securities and Exchange Commission (the “SEC” and such reports, collectively, the “Filings”) contain or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to, the Company’s management as well as estimates and assumptions made by Company’s management. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. When used in the Filings, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions as they relate to the Company or the Company’s management identify forward-looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties, assumptions, and other factors, including the risks relating to the Company’s business, industry, and the Company’s operations and results of operations. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

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Important factors that could cause actual results to differ materially from the results and events anticipated or implied by such forward-looking statements include, but are not limited to:

● fluctuation and volatility in market price of our Common Stock due to market and industry factors, as well as general economic, political and market conditions;

● the impact of dilution on our shareholders;

● our ability to realize the intended benefits of the Merger (as defined below) and our investment in Oravax Medical, Inc.;

● the impact of our ability to realize the anticipated tax impact of the Merger;

● the outcome of litigation or other proceedings we may become subject to in the future;

● delisting of our Common Stock from the Nasdaq;

● our availability and ability to continue to obtain sufficient funding to conduct planned research and development efforts and realize potential profits;

● our ability to develop and commercialize our product candidates, including MYMD-1, Supera-CBD and other future product candidates;

● the impact of the complexity of the regulatory landscape on our ability to seek and obtain regulatory approval for our product candidates, both within and outside of the U.S.;

● the required investment of substantial time, resources and effort for successful clinical development and marketization of our product candidates;

● challenges we may face with maintaining regulatory approval, if achieved;

● the potential impact of changes in the legal and regulatory landscape, both within and outside of the U.S.;

● the impact of public health emergencies such as the COVID-19 pandemic on the administration, funding and policies of regulatory authorities, both within and outside of the U.S.;

● our dependence on third parties to conduct pre-clinical and clinical trials and manufacture its product candidates;

● the impact of public health emergencies such as the COVID-19 pandemic on our results of operations, business plan and the global economy;

● challenges we may face with respect to our product candidates achieving market acceptance by providers, patients, patient advocacy groups, third party payors and the general medical community;

● the impact of pricing, insurance coverage and reimbursement status of our product candidates;

● emerging competition and rapidly advancing technology in our industry;

● our ability to obtain, maintain and protect our trade secrets or other proprietary rights, operate without infringing upon the proprietary rights of others and prevent others from infringing on its proprietary rights;

● our ability to maintain adequate cyber security and information systems;

● our ability to achieve the expected benefits and costs of the transactions related to the acquisition of Supera Pharmaceuticals, Inc. (“Supera”);

● our ability to effectively execute and deliver our plans related to commercialization, marketing and manufacturing capabilities and strategy;

● emerging competition and rapidly advancing technology in our industry;

● our ability to obtain adequate financing in the future on reasonable terms, as and when we need it;

● challenges we may face in identifying, acquiring and operating new business opportunities;

● our ability to retain and attract senior management and other key employees;

● our ability to quickly and effectively respond to new technological developments;

● changes in political, economic or regulatory conditions generally and in the markets in which we operate; and

● our compliance with all laws, rules, and regulations applicable to our business.

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Overview

MyMD Pharmaceuticals, Inc. (Nasdaq: MYMD), is a clinical stage biopharma company developing groundbreaking therapies for the treatment of serious and debilitating autoimmune and inflammatory diseases. MyMD’s lead clinical candidate, MYMD-1^®, is an orally available next-generation TNF-α inhibitor with the potential to transform the way that TNF-α based diseases are treated. TNF-α is an immune modulating cytokine whose dysregulation can lead to prolonged inflammatory responses and is known to drive disease in a range of autoimmune and inflammatory disorders. While currently available TNF-alpha inhibitors, all of which are biologics, have improved outcomes, not all patients respond to them, and these inhibitors come with black box warnings around the risk of serious infections leading to hospitalization and death. Additionally, there are no approved oral TNF-α inhibitors.

We believe that MYMD-1^®, with its small molecule design, improved safety profile and ability to cross the blood brain barrier, has the promise to provide meaningful therapeutic solutions to patients not served by current TNF-α inhibitors and as a potential therapy for central nervous system (“CNS”) based inflammatory and autoimmune diseases.

We believe that our preclinical data, as well as from independent research laboratories, supports the use of MYMD-1^® across a range of serious inflammatory and TNF-α mediated diseases. Results indicate that MYMD-1^® treatment almost completely prevented muscle wasting (frailty) and prolonged lifespan in old mice; MYMD-1^® exhibited significantly more potent anti-inflammatory effects than Enbrel in a collagen antibody induced arthritis (“CAIA”) model of rheumatoid arthritis (“RA”), the industry standard for evaluating RA therapeutics; MYMD-1® decreased the incidence and severity of disease in an in vivo model of Hashimoto’s thyroiditis, and MYMD-1^® improved the course of disease in an in vivo model of multiple sclerosis (“MS”) without causing global immunosuppression or toxicity.

MYMD-1^® has also demonstrated its potential to slow the aging process and extend healthy lifespan. In the Phase 1 dose-ranging study of MYMD-1^® in healthy volunteers, treatment with MYMD-1^® led to a statistically significant decrease in TNF-alpha levels (p-value <0.05) compared to placebo. In the Phase 2 multi-center double-blind, placebo controlled, randomized study (NCT05283486) to investigate the efficacy, tolerability and pharmacokinetics of MYMD-1^® in the treatment of chronic inflammation associated with sarcopenia/frailty in participants aged 65 years or older, both primary endpoints were made. MYMD-1^® significantly reduced serum levels of three biomarkers: TNF-α (P=0.008), sTNFR1 (P=0.02), and IL-6 (P=0.03) and maintained appropriate plasma concentrations and parameters in pharmacokinetic evaluations. The study also achieved all secondary endpoints related to safety and tolerability with no treatment-emergent adverse events or serious adverse events in the study. We believe that the Phase 2 results support the unique advantages of MYMD-1^® as the first oral, selective TNF-α inhibitor candidate and a potential future treatment option for sarcopenia and other autoimmune conditions with large markets such as rheumatoid arthritis.

The U.S. Food and Drug Administration (“FDA”) recently accepted the Company’s Investigational New Drug Application (“IND”) to evaluate the safety, efficacy, pharmacodynamics and pharmacokinetics of oral TNF-α inhibitor MYMD-1^® in patients with active RA. The application was based on preclinical data showing that MYMD-1^® significantly reduced swelling and other clinical arthritis measures compared to widely used RA therapy, Enbrel^® (etanercept). Statistically significant biomarker data from the Phase 2 study in sarcopenia show MYMD-1^® has the potential to disrupt the TNF-α inhibitor market and offer therapeutic benefit to patients with a range of chronic inflammatory conditions. The Company plans to initiate discussions with clinical research organization (“CRO”) vendor IQVIA on timing of a Phase 2 study in this indication. Additionally, study results shared at the Society of Toxicology 2023 Annual Meeting comparing MYMD-1^® to placebo were very highly significant and showed MYMD-1^® reduced histopathological changes and the severity of standard arthritis clinical trial measures. The double-blind, placebo-controlled study will be investigating the efficacy, tolerability, and pharmacokinetics of MYMD-1^® in the treatment of participants with RA. Primary endpoints include demonstrating MYMD-1^® added to MTX, in participants with moderate-to-severe active RA is effective for reduction of signs and symptoms of rheumatoid arthritis at 12 weeks, and to evaluate the biological activity of MYMD-1^® added to methotrexate (“MTX”), in participants with moderate-to-severe active RA.

MyMD plans to present the data to FDA and intends to advance the clinical program for MYMD-1^® based on the guidance received by the Agency.

Additionally, MyMD plans to submit annual reports to the Agency for Hashimoto’s Thyroiditis and Sarcopenia. Lastly, MyMD recently completed a reproductive study, A Dose Range-Finding Embryo-fetal Development Study of MYMD-1® by Oral (Gavage) in Rats, with Charles River Laboratories Inc. Results indicate that there were no MYMD-1^®-related fetal external malformations or variations.

MyMD’s second therapeutic candidate is Supera-CBD, a novel, synthetic, non-toxic cannabidiol (“CBD”) analog that is 8000 times more potent a cannabinoid type 2 (“CB2”) receptor agonist (activator) than plant-based CBD. The U.S. Drug Enforcement Administration (“DEA”)’s scientific review concluded Supera-CBD will not be considered a controlled substance or listed chemical under the Controlled Substances Act (“CSA”) and its governing regulations or require scheduling during development. In addition to its potential role in managing addiction, anxiety, chronic pain and seizures, Supera-CBD has also been shown to have anti-inflammatory effects.

Our management believes that the Company has built a diversified, high-value IP portfolio and should be able to achieve value-generating milestones using funds currently on hand. MyMD has assembled a leadership team with a proven track record in the discovery, development and clinical evaluation of groundbreaking therapies that transform patient care. MyMD also has collaborations with institutions including the Johns Hopkins University School of Medicine which recently resulted in publication of a preclinical study in Journal of Gerontology: Biological Sciences, showing that MYMD-1^® demonstrated four-fold greater improvements than rapamycin in delaying aging and extending the life of mice who began treatment at the human equivalent of 60 years of age.  

Closing of the Merger and Reverse Stock Split

On April 16, 2021, pursuant to the previously announced Agreement and Plan of Merger and Reorganization, dated November 11, 2020 (the “Original Merger Agreement”), as amended by Amendment No. 1 thereto, dated March 16, 2021 (the Original Merger Agreement, as amended by Amendment No. 1, the “Merger Agreement”), by and among MyMD, a New Jersey corporation previously known as Akers Biosciences, Inc., XYZ Merger Sub, Inc. (“Merger Sub”), and MyMD Pharmaceuticals (Florida), Inc., a Florida corporation previously known as MyMD Pharmaceuticals, Inc. (“MyMD Florida”), Merger Sub was merged with and into MyMD Florida, with MyMD Florida continuing after the merger as the surviving entity and a wholly owned subsidiary of the Company (the “Merger”). At the effective time of the Merger, without any action on the part of any stockholder, each issued and outstanding share of pre-Merger MyMD Florida’s Common Stock, par value $0.001 per share (the “MyMD Florida Common Stock”), including shares underlying pre-Merger MyMD Florida’s outstanding equity awards, was converted into the right to receive (x) 0.7718 shares (the “Exchange Ratio”) of the Company’s Common Stock, no par value per share (the “Company Common Stock” or “Common Stock”), (y) an amount in cash, on a pro rata basis, equal to the aggregate cash proceeds received by the Company from the exercise of any options to purchase shares of MyMD Florida Common Stock outstanding at the effective time of the Merger assumed by the Company upon closing of the Merger prior to the second-year anniversary of the closing of the Merger (the “Option Exercise Period”), such payment (the “Additional Consideration”), and (z) potential milestone payment in shares of Company Common Stock up to the aggregate number of shares issued by the Company to pre-Merger MyMD Florida stockholders at the closing of the Merger (the “Milestone Payments”) payable upon the achievement of certain market capitalization milestone events (the “Milestone Events”) during the 36-month period immediately following the closing of the Merger (the “Milestone Period”). The Milestone Events and corresponding Milestone Payments are set forth in the table below.

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Milestone Event	Milestone Payment
Market capitalization of the combined company for at least ten (10) trading days during any 20 consecutive trading day period during the Milestone Period is equal to or greater than $500,000,000 (the “First Milestone Event”).	$20,000,000
For every $250,000,000 incremental increase in market capitalization of the combined company after the First Milestone Event to the extent such incremental increase occurs for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period, up to a $1,000,000,000 market capitalization of the combined company.	$10,000,000 per each incremental increase (it being understood, however, that, if such incremental increase results in market capitalization equal to $1,000,000,000, such $10,000,000 payment in respect of such incremental increase shall be payable without duplication of any amount payable in respect of a Second Milestone Event, as defined below).
Market capitalization of the combined company for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period is equal to or greater than $1,000,000,000 (the “Second Milestone Event”)	$25,000,000
For every $1,000,000,000 incremental increase in market capitalization of the combined company after the Second Milestone Event to the extent such incremental increase occurs for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period.	$25,000,000 per each incremental increase

For purposes of the table above, “market capitalization” means, with respect to any trading day, the product of (i) the total outstanding shares of the combined company Common Stock and (ii) the volume weighted average trading price for the combined company Common Stock for such trading day.

Immediately following the effective time of the Merger, the Company effected a 1-for-2 reverse stock split of the issued and outstanding Company Common Stock (the “Reverse Stock Split”). Upon completion of the Merger and the transactions contemplated in the Merger Agreement, (i) the former MyMD Florida equity holders owned approximately 77.05% of the outstanding equity of the Company on a fully diluted basis, assuming the exercise in full of the pre-funded warrants to purchase 986,486 shares of Company Common stock and including 4,188,315 shares of Company Common Stock underlying options to purchase shares of MyMD Florida Common Stock assumed by the company at closing and after adjustments based on the Company’s net cash at closing; and (ii) former Akers Biosciences, Inc. stockholders own approximately 22.95% of the outstanding equity of the Company.

Effective as of 4:05 pm Eastern Time on April 16, 2021, we filed an amendment to its Amended and Restated Certificate of Incorporation to effect the Reverse Stock Split. As a result of the Reverse Stock Split, immediately following the effective time of the Merger, every two shares of our Common Stock held by a stockholder immediately prior to the Reverse Stock Split were combined and reclassified into one share of our Common Stock. No fractional shares were issued in connection with the Reverse Stock Split. Each stockholder who did not have a number of shares evenly divisible pursuant to the Reverse Stock Split ratio and who would otherwise be entitled to receive a fractional share of our Common Stock was entitled to receive an additional share of our Common Stock.

In connection with the closing of the Merger, we changed our name to MyMD Pharmaceuticals, Inc. and our trading symbol on The Nasdaq Capital Market to MYMD. For additional information concerning the Merger, please see Note 3 to the Company’s condensed consolidated financial statements.

At the Company’s annual meeting of stockholders held on July 31, 2023, the stockholders approved a plan to merge the Company with and into a newly formed wholly-owned subsidiary, MyMD Pharmaceuticals, Inc., a Delaware corporation (“MyMD Delaware”), with MyMD Delaware being the surviving corporation, for the purpose of changing the Company’s state of incorporation from New Jersey to Delaware (the “Reincorporation”). As of the date of this Quarterly Report on Form 10-Q, MyMD Delaware has been formed in the State of Delaware and the Company is in the process of completing the Reincorporation.

Reduction in Workforce

During October 2023, the Company implemented a reduction in workforce, eliminating three of the Company’s ten employees. Separated employees were granted a severance package equal to one-quarter of their annual salary and will result in the recognition of $104,000 in personnel expenses in October 2023.

On June 7, 2023, the Company granted the employees options to purchase an aggregate of 230,000 shares of Common Stock with an exercise price of $1.66 per share. As consideration for a waiver and release in their separation agreements, the Company amended the employees’ respective June 7, 2023 option agreements to accelerate vesting of the portion of optioned shares that otherwise would have vested upon the first and second anniversaries of the date of grant. The options have an exercise period of twelve months from the date of separation.

Financial Operations Overview

We will not generate revenue from product sales unless and until we successfully complete clinical development, obtain regulatory approval for, and successfully commercialize our MYMD-1 and Supera-CBD product candidates. The lengthy process of securing marketing approvals for new drugs requires the expenditure of substantial resources. Any significant delay or failure to obtain regulatory approvals would materially adversely affect our product candidate’s development efforts and our business overall. In addition, if we obtain regulatory approval for MYMD-1 and/or Supera-CBD, we expect to incur significant expenses related to developing our commercialization capability to support product sales, marketing, manufacturing and distribution activities.

We anticipate that our expenses will increase significantly as we:

● advance the development of our MYMD-1 and Supera-CBD;

● initiate and continue research and preclinical and clinical development of potential new product candidates;

● maintain, expand and protect our intellectual property as it pertains to MYMD-1 and Supera-CBD;

● expand our infrastructure and facilities to accommodate our growing employee base and ongoing development activities;

● establish agreements with contract research organizations, or CROs, and third-party contract manufacturing organizations, or CMOs, in connection with our Supera-CBD preclinical studies, MYMD-1 ongoing and planned clinical trials, Supera-CBD clinical trials and the development of our manufacturing capabilities for MYMD-1 and Supera-CBD;

● develop the large-scale manufacturing processes and capabilities for the commercialization of our MYMD-1 and Supera-CBD drug product candidates;

● seek marketing approvals for our MYMD-1 and Supera-CBD product candidates that successfully complete clinical trials and

● establish a sales, marketing and distribution infrastructure to commercialize MYMD-1 and Supera-CBD should we obtain marketing approval

As a result of these anticipated expenditures, we will need substantial additional funding to support our continuing operations and pursue our growth strategy.

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Components of our Results of Operations

Revenue

We have not generated any revenue from product sales and do not expect to generate any revenue from the sale of products in the near future. If our research and development efforts with MYMD-1 and Supera-CBD are successful, we may generate revenue from product sales or through license agreements with third parties.

Operating Expenses

Our operating expenses are broken into several components, including research and development and general and administrative costs.

We expect operating expenses to increase as we progress through the various clinical trials in the development of MYMD-1 and Supera-CBD.

Research and Development

Our research and development expenses primarily consist of costs associated with the development of MYMD-1 and Supera-CBD. These costs include, but are not limited to:

● Salaries, wages and benefits of the research and development staff;

● Contractual agreements with third parties including contract research organizations, preclinical activities and clinical trials;

● Outside consultants including fees and expenses;

● Laboratory supplies and equipment;

● Regulatory compliance; and

● Patent application and maintenance costs to protect our intellectual property.

Three of our five employees are principally involved in research and development activities for either MYMD-1 or Supera-CBD. Their salaries, wages and benefits are captured as a component of research and development but not allocated to specific projects.

We utilize third party contractors and consultants with expertise in specific research or development activities to perform work under the supervision of our researchers. We believe this allows us to control costs and to progress through the development cycle and to utilize our staff more efficiently.

It is difficult to project with absolute accuracy the duration or final cost of the development of MYMD-1 and Supera-CBD or if revenue will be generated from the commercialization of these components. The process of achieving regulatory approval is very costly and time consuming. A few of the many factors that contribute to costs of duration include:

● Size and scope of pre-clinical trials;

● The phases of clinical development and the stage of our product candidates in the cycle;

● Per subject trial costs;

● The number of sites required for the trials and the availability of appropriate sites to perform the trials;

● The time that is required to enroll the appropriate number of trial participants; and

● The time required to achieve the approval of regulatory agencies.

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General and Administrative

General and administrative expenses primarily consist of salaries, wages and benefits for our employees in the executive, legal and accounting functions and third-party costs for legal, accounting, insurance, investor relations, stock market and board expenses.

Although treated as components of general and administrative expenses, we have chosen to disclose the following significant items separately:

Stock Based Compensation

Stock-based compensation includes the fair market value, as determined by Black-Scholes option pricing model, of stock options issued to key staff and consultants.

Warrant Issuance Expenses

Warrant issuance expenses represent the portion of the fees and offering expenses incurred in connection with the February 2023 Offering (as defined below) attributable to the issuance of the February 2023 Warrants (as defined below).

Other Income (Expense), net

Other income (expense), net consists of interest and dividends earned on our cash, cash equivalents, and investments, gains/(losses) on the sale marketable securities, gains/(losses) on the changes of fair value of equity investments, gains/(losses) on the changes of fair value of warrant liabilities, gains/(losses) on the changes of fair value of derivative liabilities, and an uninsured casualty loss.

Results of Operations

Summary of Statements of Operations for the Three Months Ended September 30, 2023 and 2022

We are focused on developing and commercializing two therapeutic platforms based on well-defined therapeutic targets, MYMD-1 and Supera-CBD. The following table summarized the results of operations for the three months ended September 30, 2023 and 2022.

	For the Three Months Ended September 30,
Description	2023			2022
Operating Expenses
General and Administrative	$	1,334,690		$	1,554,244
Research and Development		1,912,322			1,803,229
Stock-Based Compensation		595,576			352,417
Total Operating Expenses		3,842,588			3,709,893
Loss from Operations		(3,842,588	)		(3,709,893	)
Other Income (Expense), net		7,885,582			(16,152	)
Net Income/(Loss)	$	4,042,994		$	(3,693,741	)

Revenue

We had no revenue from operations during the three months ended September 30, 2023 and 2022.

General and Administrative Expenses

The table below summarizes our general and administrative expenses for the three months ended September 30, 2023 and 2022:

	For the Three Months Ended September 30,
Description	2023		2022
Personnel Costs	$	337,948	$	331,647
Professional Service Costs		351,430		549,321
Stock Market & Investor Relations Costs		257,740		209,959
Other Administrative Costs		387,572		463,317
Total General and Administrative Expenses	$	1,334,690	$	1,554,244

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Personnel costs increased $6,301 during the three months ended September 30, 2023. Certain salaries, bonuses and related payroll expenses are allocated to the appropriate department based upon the employee’s responsibilities.

Professional services costs decreased $197,891 during the three months ended September 30, 2023. These costs included legal and accounting and specialized consulting services regularly incurred in the normal course of business. The decrease is primarily related to a decrease in fees for legal and general consulting services.

Stock market and investor relations costs increased $47,781 during the three months ended September 30, 2023. These costs include the annual Nasdaq listing fees, activities related to keeping the shareholder base informed through press releases, presentations and other communication efforts and the costs of annual shareholder meetings. The increase is primarily due to the costs associated with the 2023 annual shareholder meeting.

Other administrative expenses decreased $75,745 during the three months ended September 30, 2023. These costs include Board expenses, business insurance, corporate travel and other general operating expenses. The decrease is associated with a reduction in business insurance expenses and smaller decreases across a range of administrative expense categories.

Stock-Based Compensation

For the three months ended September 30, 2023 and 2022, we recognized $595,576 and $352,417 for stock-based compensation for options issued during 2022 and 2023.to directors, officers and key staff members.

Warrant Issuance Expenses

There were no warrant issuance expenses for the three months ended September 30, 2023 and 2022.

Research and Development Expenses

The table below summarizes our research and development expenses for the three months ended September 30, 2023 and 2022:

	For the Three Months Ended September 30,
Description	2023		2022
Salaries and Wages	$	575,772	$	416,739
Development Programs		1,153,178		556,265
Professional Services		95,010		97,254
Regulatory Expenses		12,684		732,971
Other Research and Development Expenses		75,678		-
Total Research and Development Expenses	$	1,912,322	$	1,803,229

Salaries and wages increased $159,033 during the three months ended September 30, 2023. During the three months ended September 30, 2023, a salary was adjusted for a key employee retroactively to January 1, 2023. Certain salaries, bonuses and related payroll expenses are allocated to the appropriate department based upon the employee’s responsibilities.

Development program costs include those associated with pre-clinical development, clinical trials and other material and development programs. Costs increased $596,911 during the three months ended September 30, 2023 primarily due to the completion of the Phase II study for Sarcopenia and the preparation of the results data.

Professional services costs decreased $2,244 during the three months ended September 30, 2023. These costs are primarily related to consulting services not related to a specific development program and legal and maintenance fees associated with the protection of our intellectual property.

Regulatory expenses decreased $720,287 during the three months ended September 30, 2023. These expenses are allocated to specific development programs during the three months ended September 30, 2023 and are now included in the Development Programs total described above. During the three months ended September 30, 2022 regulatory expenses included clinical research organizations (CRO) and regulatory consulting fees associated with the Phase II clinical study design, protocol preparation and the maintenance of the investigator brochures for the Rheumatoid Arthritis trial.

Other research and development expenses increased $75,678 during the three months ended September 30, 2023. These expenses include laboratory supplies, training and travel for department personnel while working with third-party trial sites. The increase during the three months ended September 30, 2023 is primarily related to expenses for shipping costs and travel.

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Other Income and Expense

The table below summarizes our other income and expenses for the three months ended September 30, 2023 and 2022:

	For the Three Months Ended September 30,
Description	2023			2022
Interest and Dividend Income	$	(139,056	)	$	(15,453	)
Loss on Sale of Marketable Securities		500			1,200
Gain on changes in fair value of Marketable Securities		(2,324	)		(1,899	)
Gain on changes in fair value of Derivative Liabilities		(2,566,900	)		-
Gain on changes in fair value of Warrant Liabilities		(5,356,000	)		-
Casualty Loss		178,198			-
Total Other (Income)/Expense	$	(7,885,582	)	$	(16,152	)

Other income, net of expenses, totaled $7,885,582 for the three months ended September 30, 2023, and other income, net of expenses, totaled $16,152 for the three months ended September 30, 2022.

During the three months ended September 30, 2023 and 2022 interest and dividend income totaled $139,056 and 15,453. The changes in fair value of our marketable securities and realized losses from the sale of marketable securities were primarily the result of rising interest rates and the availability of cash for investments.

During the three months ended September 30, 2023, we recorded a gain of $2,566,900 related to the change in fair value of the derivative liabilities. We estimated the $898,100 fair value of the bifurcated embedded derivative at September 30, 2023 using a Monte Carlo simulation model, with the following inputs: the fair value of our common stock of $0.59 on the valuation date, estimated equity volatility of 130.0%, estimated traded volume volatility of 120.0%, the time to maturity of 0.75 year, a discounted market interest rate of 5.49%, dividend rate of 10.0%, a penalty dividend rate of 15.0%, and probability of default of 8.2%.

During the three months ended September 30, 2023, we recorded a gain of $5,356,000 related to the change in fair value of the warrant liabilities. The fair value of the Warrants of approximately $2,457,000 was estimated at September 30, 2023 utilizing the Black Scholes Model using the following weighted average assumptions: dividend yield 0%; remaining term of 4.40 years; equity volatility of 115.0%; and a risk-free interest rate of 4.66%.

For the three months ended September 30, 2023, we identified a casualty loss of $178,198 related to wire fraud due to a compromised electronic mail account. This incident occurred on May 17, 2023 and was discovered on July 20, 2023 when the vendor notified us of a delinquent invoice. We filed an insurance claim with our carrier on November 9, 2023 and an investigation is pending. During the nine months ended September 30, 2022, we recovered $4,442 from a financial institution involved in an October, 2021 incident.

Summary of Statements of Operations for the Nine Months Ended September 30, 2023 and 2022

We are focused on developing and commercializing two therapeutic platforms based on well-defined therapeutic targets, MYMD-1 and Supera-CBD. The following table summarized the results of operations for the nine months ended September 30, 2023 and 2022.

	For the Nine Months Ended September 30,
Description	2023			2022
Operating Expenses
General and Administrative	$	4,202,594		$	4,296,119
Research and Development		4,907,196			6,596,942
Stock-Based Compensation		2,341,915			581,663
Warrant Issuance Expenses		762,834			-
Total Operating Expenses		12,214,539			11,474,724
Loss from Operations		(12,214,539	)		(11,474,724	)
Other Income (Expense), net		10,578,148			(22,906	)
Net Loss	$	(1,636,391	)	$	(11,451,818	)

Revenue

We had no revenue from operations during the nine months ended September 30, 2023 and 2022.

General and Administrative Expenses

The table below summarizes our general and administrative expenses for the nine months ended September 30, 2023 and 2022:

	For the Nine Months Ended September 30,
Description	2023		2022
Personnel Costs	$	1,022,522	$	994,219
Professional Service Costs		799,320		1,232,703
Stock Market & Investor Relations Costs		667,101		727,975
Other Administrative Costs		1,713,651		1,341,222
Total General and Administrative Expense	$	4,202,594	$	4,296,119

Personnel costs increased $28,303 during the nine months ended September 30, 2023. A salary was adjusted retroactively to January 1, 2023 for a corporate officer. Certain salaries, bonuses and related payroll expenses are allocated to the appropriate department based upon the employee’s responsibilities.

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Professional services costs decreased $433,383 during the nine months ended September 30, 2023. These costs included legal and accounting and specialized consulting services regularly incurred in the normal course of business. The decrease is primarily related to a decrease in the use of outside consultants, reduced fees for accounting services related to our annual audit and quarterly reviews and a reduction in legal expenses.

Stock market and investor relations costs decreased $60,874 during the nine months ended September 30, 2023. These costs include the annual Nasdaq listing fees, activities related to keeping the shareholder base informed through press releases, presentations and other communication efforts and the costs of annual shareholder meetings. The decrease is associated with the elimination of several investor relations programs that were not performing as expected during 2022.

Other administrative expenses increased $372,429 during the nine months ended September 30, 2023. These costs include Board expenses, business insurance, corporate travel and other general operating expenses. The increase is associated with a reimbursement of expenses to a related party as authorized by the Board of Directors in April 2023.

Stock-Based Compensation

For the nine months ended September 30, 2023 and 2022, we recognized $2,341,915 and $581,663 for stock-based compensation for options issued during 2022 and 2023.to directors, officers, key staff members and external consultants.

Warrant Issuance Expenses

During the nine months ended September 30, 2023, we issued February 2023 Warrants to purchase up to 6,651,885 shares of Common Stock in connection with the February 2023 Offering. The portion of the fees and offering expenses incurred in connection with the February 2023 Offering attributable to the issuance of the February 2023 Warrants totaled $762,834.

There were no warrant issuance expenses for the nine months ended September 30, 2022.

Research and Development Expenses

The table below summarizes our research and development expenses for the nine months ended September 30, 2023 and 2022:

	For the Nine Months Ended September 30,
Description	2023		2022
Salaries and Wages	$	1,365,490	$	843,933
Development Programs		3,148,782		2,782,561
Professional Services		231,634		108,680
Regulatory Expenses		19,784		2,852,145
Other Research and Development Expenses		141,506		9,623
Total Research and Development Expenses	$	4,907,196	$	6,596,942

Salaries and wages increased $521,557 during the nine months ended September 30, 2023. A salary was adjusted retroactively to January 1, 2023 for a corporate officer and bonuses were awarded to key employees.

Development program costs include those associated with pre-clinical development, clinical trials and other material and development programs. Costs increased $366,221 during the nine months ended September 30, 2023 primarily due to the completion of the Phase II study for Sarcopenia and the preparation of the results data.

Professional services costs increased $122,954 during the nine months ended September 30, 2023. These costs are primarily related to consulting services not related to a specific development program and legal and maintenance fees associated with the protection of our intellectual property.

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Regulatory expenses decreased $2,832,3631 during the nine months ended September 30, 2023. These expenses are allocated to specific development programs during the three months ended September 30, 2023 and are now included in the Development Programs total described above. During the nine months ended September 30, 2022 regulatory expenses included clinical research organizations (CRO) and regulatory consulting fees associated with the Phase II clinical study design, protocol preparation and the maintenance of the investigator brochures for the Rheumatoid Arthritis trial.

Other research and development expenses increased $131,883 during the nine months ended September 30, 2023. These expenses include laboratory supplies, training and travel for department personnel while working with third-party trial sites. The increase during the nine months ended September 30, 2023 is primarily related to expenses for freight, seminars and travel.

Other Income and Expense

The table below summarizes our other income and expenses for the nine months ended September 30, 2023 and 2022:

	For the Three Months Ended September 30,
Description	2023			2022
Interest and Dividend Income	$	(339,731	)	$	(21,559	)
Loss on Sale of Marketable Securities		714			4,849
Loss on changes in fair value of Marketable Securities		371			(1,754	)
Loss on changes in fair value of Derivative Liabilities		(2,251,700	)		-
Gain on changes in fair value of Warrant Liabilities		(8,166,000	)		-
Casualty Loss/(Gain)		178,198			(4,442	)
Total Other (Income), net of expenses	$	(10,578,148	)	$	(22,906	)

Other income, net of expenses, totaled $10,578,148 and $22,906 for the nine months ended September 30, 2023 and 2022.

During the nine months ended September 30, 2023 interest and dividend income, the changes in fair value of our investments and realized losses from the sale of investments were primarily the result of rising interest rates and the increased availability of cash for investments.

During the three months ended September 30, 2023, we recorded a gain of $2,251,700 related to the change in fair value of the derivative liabilities. We estimated the $898,100 fair value of the bifurcated embedded derivative at September 30, 2023 using a Monte Carlo simulation model, with the following inputs: the fair value of our common stock of $0.59 on the valuation date, estimated equity volatility of 130.0%, estimated traded volume volatility of 120.0%, the time to maturity of 0.75 year, a discounted market interest rate of 5.49%, dividend rate of 10.0%, a penalty dividend rate of 15.0%, and probability of default of 8.2%.

During the three months ended September 30, 2023, we recorded a gain of $8,166,000 related to the change in fair value of the warrant liabilities. The fair value of the Warrants of approximately $2,457,000 was estimated at September 30, 2023 utilizing the Black Scholes Model using the following weighted average assumptions: dividend yield 0%; remaining term of 4.40 years; equity volatility of 115.0%; and a risk-free interest rate of 4.66%.

For the nine months ended September 30, 2023, we identified a casualty loss of $178,198 related to wire fraud due to a compromised electronic mail account. This incident occurred on May 17, 2023 and was discovered on July 20, 2023 when the vendor notified us of a delinquent invoice. We filed an insurance claim with our carrier on November 9, 2023 and an investigation is pending. During the nine months ended September 30, 2022, we recovered $4,442 from a financial institution involved in an October, 2021 incident.

Liquidity and Capital Resources

As of September 30, 2023, the Company’s cash on hand was $298,318 and marketable securities were $8,174,283. The Company has incurred a net loss from operations of $1,636,391 for the nine months ended September 30, 2023. As of September 30, 2023, the Company had working capital of $4,040,337 and stockholders’ equity of $15,500,682 including an accumulated deficit of $97,085,475. During the nine months ended September 30, 2023, cash flows used in operating activities were $11,047,995 consisting primarily of a net loss of $1,636,391, an increase in prepaid expenses of $697,691, a reduction in trade and other payables of $639,381 and a non-cash change in the fair value of the warrant and derivative liabilities of $10,417,700 offset by non-cash stock based compensation of $2,341,915. Since its inception, the Company has met its liquidity requirements principally through the sale of its Common Stock, Preferred Stock and warrants in public and private placements.

Holders of the Company’s Series F Preferred Shares (as defined below) are entitled to certain dividends and amortization payments as described in the section titled “Series F Preferred Shares” below. Each payment may be made in cash or, at the Company’s option and subject to certain conditions, either in shares of Common Stock in an amount based on the Conversion Price (as defined below) in effect at the time that such payment is due or in a combination of cash and shares of Common Stock. If the Company elects to make all payments to the holders of the Series F Preferred Shares that fall due within the twelve-month period following September 30, 2023 in cash, the Company estimates that it will pay to the holders of the Series F Preferred Shares up to $14.3 million, assuming that a Triggering Event (as defined in the Certificate of Designation) has not occurred. The dividend rate is subject to adjustment, and the actual amount due to the holders of the Series F Preferred Shares may exceed such amount. If the Company elects to make all such payments in shares of Common Stock, based on the Conversion Price of $2.255 per share of Common Stock in effect as of September 30, 2023 and 9,859 shares of Series F Preferred Stock outstanding as of September 30, 2023, the Company estimates that it will issue to the holders of the Series F Preferred Shares up to 4.4 million shares of Common Stock. The Conversion Price is subject to adjustment, including based on the market price of the Company’s Common Stock during the thirty trading day period immediately prior to the date on which a payment is due to the holders of the Series F Preferred Shares, and the actual number of shares issuable to the holders of the Series F Preferred Shares may exceed such number. For more information regarding payments due to the holders of the Series F Preferred Shares, see the section titled “Series F Preferred Shares” below.

Management has evaluated the Company’s current cash requirements for operations in conjunction with management’s strategic plan and believes that the Company’s current financial resources as of the date of the issuance of these condensed consolidated financial statements, are sufficient to fund its current operating budget and contractual obligations as of September 30, 2023 as they fall due within the next twelve-month period, alleviating any substantial doubt raised by the Company’s historical operating results and satisfying its estimated liquidity needs for twelve months from the issuance of these condensed consolidated financial statements.

In November 2023, we amended the employment agreements of certain executive officers. We also reduced the overall compensation paid to the Company’s directors and entered into a mutual employment separation agreement with one executive officer. For more information, see Part II, Item 5 below.

Operating Activities

During the nine months ended September 30, 2023, cash flows used in operating activities were $11,047,995 consisting primarily of a net loss of $1,636,391, an increase in prepaid expenses of $697,691, a reduction in trade and other payables of $639,381 and a non-cash change in the fair value of the warrant and derivative liabilities of $10,417,700 offset by non-cash stock based compensation of $2,341,915.

Our net cash used by operating activities totaled $10,021,664 during the nine months ended September 30, 2022. Net cash used consisted principally of the net loss of $11,451,818 partially offset by non-cash stock based compensation of $581,663 and an increase in trade and other payables of $730,683.

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Investing Activities

Our net cash used in investing activities totaled $4,088,466 for the nine months ended September 30, 2023 as compared to cash provided by investing activities totaling $4,225,595 during the nine months ended September 30, 2022. During the nine months ended September 30, 2023 we purchased securities totaling $13,338,466 and sold securities totaling $9,250,000. During the nine months ended September 30, 2022 we purchased securities totaling $4,774,405 and sold securities totaling $9,000,000.

Financing Activities

Net cash provided by financing activities during the nine months ended September 30, 2023 was $14,685,689, which consisted of the net proceeds from the sale of the Series F Preferred Shares, net of offering costs. Net cash provided by financing activities during the nine months ended September 30, 2022 was $5,550,028.

August 2022 Offering

On August 15, 2022, we entered into a securities purchase agreement (the “August 2022 SPA”) with certain accredited and institutional investors pursuant to which we agreed to issue 1,411,764 shares of Common Stock (the “August 2022 Shares”) in a registered direct offering and unregistered warrants to purchase up to an aggregate of 1,411,764 shares of Common Stock in a concurrent private placement (the “August 2022 Warrants”). The August 2022 Warrants have an exercise price of $5.25 per share, became exercisable six months following the date of issuance and have a term of exercise equal to five years from the initial exercise date. We received net proceeds from the sale of the August 2022 Shares and the August 2022 Warrants, after deducting fees and other estimated offering expenses payable by the Company, of approximately $5.5 million. As of September 30, 2023, none of the August 2022 Warrants have been exercised and 1,411,764 of the August 2022 Warrants remain outstanding.

February 2023 Offering

On February 21, 2023, we entered into a Securities Purchase Agreement (the “February 2023 SPA”) with certain accredited investors, pursuant to which we agreed to sell in a registered direct offering (the “February 2023 Offering”) (i) an aggregate of 15,000 shares (the “Series F Preferred Shares”) of our newly-designated Series F Convertible Preferred Stock, with a stated value of $1,000 per Preferred Share and without par value (the “Series F Preferred Stock”), convertible into shares of Common Stock (the “Series F Conversion Shares”) pursuant to the terms of the Certificate of Designations of the Series F Preferred Stock (the “Certificate of Designation”), and (ii) 6,651,885 warrants (the “February 2023 Warrants”) to acquire up to an aggregate of 6,651,885 shares of Common Stock, subject to adjustment (the “February 2023 Warrant Shares”). The Conversion Price (as defined below) is subject to customary adjustments for stock dividends, stock splits, reclassifications and the like, and subject to price-based adjustment in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Conversion Price (subject to certain exceptions).

At closing, we received net proceeds from the February 2023 Offering of approximately $13.9 million, after deducting various fees and expenses. We intend to use the net proceeds from this offering for general corporate purposes.

Series F Preferred Shares

The terms of the Series F Preferred Shares are as set forth in the form of Certificate of Designation. The Series F Preferred Shares are convertible into the Conversion Shares at the election of the holder at any time at an initial conversion price of $2.255 (the “Conversion Price”). The Conversion Price is subject to customary adjustments for stock dividends, stock splits, reclassifications and the like, and subject to price-based adjustment in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Conversion Price (subject to certain exceptions). The Company is required to redeem the Series F Preferred Shares in 12 equal monthly installments, commencing on July 1, 2023. The amortization payments due upon such redemption are payable, at the company’s election, in cash, or subject to certain limitations, in shares of Common Stock valued at the lower of (i) the Conversion Price then in effect and (ii) the greater of (A) 80% of the average of the three lowest closing prices of the Company’s Common Stock during the thirty trading day period immediately prior to the date the amortization payment is due or (B) a “Floor Price” of $0.22 (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) or, in any case, such lower amount as permitted, from time to time, by the Nasdaq Stock Market. The Company may require holders to convert their Series F Preferred Shares into Conversion Shares if the closing price of the Common Stock exceeds $6.765 per share (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) for 20 consecutive trading days and the daily dollar trading volume of the Common Stock exceeds $3,000,000 per day during the same period and certain equity conditions described in the Certificate of Designation are satisfied.

The holders of the Series F Preferred Shares are entitled to dividends of 10% per annum, compounded monthly, which are payable in cash or shares of Common Stock at the Company’s option, in accordance with the terms of the Certificate of Designation. Upon the occurrence and during the continuance of a Triggering Event (as defined in the Certificate of Designation), the Series F Preferred Shares will accrue dividends at the rate of 15% per annum. In connection with a Triggering Event, each holder of Series F Preferred Shares will be able to require the Company to redeem in cash any or all of the holder’s Series F Preferred Shares at a premium set forth in the Certificate of Designation. Upon conversion or redemption, the holders of the Series F Preferred Shares are also entitled to receive a dividend make-whole payment. The holders of Series F Preferred Shares have no voting rights on account of the Series F Preferred Shares, other than with respect to certain matters affecting the rights of the Series F Preferred Shares. During the three and nine months ending September 30, 2023, the Company recorded dividends totaling $1,158,051 and 1,690,180, which are reported as Preferred Stock Dividends on the Condensed Consolidated Statement of Comprehensive Income (Loss).

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The Company is subject to certain affirmative and negative covenants regarding the incurrence of indebtedness, acquisition and investment transactions, the existence of liens, the repayment of indebtedness, the payment of cash in respect of dividends (other than dividends pursuant to the Certificate of Designation), distributions or redemptions, and the transfer of assets, among other matters. There is no established public trading market for the Series F Preferred Shares and the Company does not intend to list the Series F Preferred Shares on any national securities exchange or nationally recognized trading system.

February 2023 Warrants

The February 2023 Warrants are exercisable immediately upon issuance at an exercise price of $2.255 per share (the “Exercise Price”) and expire five years from the date of issuance. The Exercise Price is subject to customary adjustments for stock dividends, stock splits, reclassifications and the like, and subject to price-based adjustment, on a “full ratchet” basis, in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Exercise Price (subject to certain exceptions). Upon any such price-based adjustment to the Exercise Price, the number of Warrant Shares issuable upon exercise of the Warrants will be increased proportionately. There is no established public trading market for the February 2023 Warrants and the Company does not intend to list the February 2023 Warrants on any national securities exchange or nationally recognized trading system.

Nasdaq Stockholder Approval

Our ability to issue Series F Conversion Shares and February 2023 Warrant Shares using shares of Common Stock is subject to certain limitations set forth in the Certificate of Designation and the February 2023 Warrants, including certain beneficial ownership limitations. When the Series F Preferred Shares and the February 2023 Warrants were issued, we were restricted from issuing Series F Conversion Shares and February 2023 Warrant Shares in excess of 19.99% of the shares of Common Stock outstanding as of the date immediately prior to the issuance of the Series F Preferred Shares and the February 2023 Warrants (the “Issuable Maximum”) until the Company obtained stockholder approval for the issuance of shares of Common Stock in excess of the Issuable Maximum (“Stockholder Approval”). The Company received the Stockholder Approval on July 31, 2023.

Critical Accounting Policies

Our management’s discussion and analysis of our financial condition and results of operations is based on our condensed consolidated financial statements, which have been prepared in accordance with US GAAP. The preparation of our condensed consolidated financial statements and related disclosures requires us to make estimates, assumptions and judgments that affect the reported amount of assets, liabilities, costs and expenses and related disclosures. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that management believes to be relevant at the time our condensed consolidated financial statements are prepared. Accordingly, we evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates under different assumptions and conditions.

Except as noted below, our critical accounting estimates have not changed materially from those previously reported in our Annual Report for the year ended December 31, 2022, on Form 10-K.

Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” If liability accounting is required, the Company’s derivative instruments are recorded at fair value at the issuance date and re-valued at each reporting date, with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within twelve (12) months of the balance sheet date.

The Company has determined that the Series F Convertible Preferred Stock warrants are derivatives that are required to be accounted for as liabilities. The Company has also determined that the following embedded features in the preferred stock are not clearly and closely related to the debt host instrument: 1) make-whole interest upon a contingent redemption event, 2) make-whole interest upon a conversion event, 3) an installment redemption upon an Equity Conditions Failure (as defined in the Certificate of Designation), and 4) variable share-settled installment conversion and as such are bifurcated from the preferred stock and accounted for as liabilities. The fair value of the warrants and embedded features are estimated using internal valuation models. The Company’s valuation models utilize inputs and other assumptions and may not be reflective of the price at which they can be settled.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

Our principal executive officer and principal financial officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in the Securities Exchange Act of 1934, as amended (the “Exchange Act”) Rule 13a-15(c) and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q, have concluded that, based on such evaluation, our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to our management, including our principal executive officer and principal financial officer as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during our last fiscal quarter ended September 30, 2023 that have materially affected, or are reasonably likely to affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

From time to time we are a party to litigation and subject to claims incident to the ordinary course of business. Future litigation may be necessary to defend ourselves and our customers by determining the scope, enforceability, and validity of third-party proprietary rights or to establish our proprietary rights. For a description of certain legal proceedings, please read Note 7 to the interim condensed consolidated financial statements, which information is incorporated herein by reference.

Item 1A. Risk Factors

The following description of risk factors includes any material changes to, and supersedes the description of, risk factors associated with our business, financial condition and results of operations previously disclosed in “Item 1A. Risk Factors” of our Annual Report for the year ended December 31, 2022 on Form 10-K, as filed with the SEC on March 31, 2023. Our business, financial condition and operating results can be affected by a number of factors, whether currently known or unknown, including but not limited to those described below, any one or more of which could, directly or indirectly, cause our actual financial condition and operating results to vary materially from past, or from anticipated future, financial condition and operating results. Any of these factors, in whole or in part, could materially and adversely affect our business, financial condition, operating results and stock price.

The following discussion of risk factors contains forward-looking statements. These risk factors may be important to understanding other statements in this Form 10-Q. The following information should be read in conjunction with the condensed consolidated financial statements and related notes in Part I, Item 1, “Financial Statements” and Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Form 10-Q.

We do not satisfy all continued listing requirements of Nasdaq. There can be no assurance that we will be able to comply with the continued listing requirements of Nasdaq.

As previously disclosed, on October 11, 2023, we received a written notice (the “Notice”) from the Listing Qualifications Department of the Nasdaq Stock Market indicating that for the last 30 consecutive business days, the bid price for our Common Stock had closed below the minimum $1.00 per share requirement for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”). The Notice had no immediate effect on the listing of our Common Stock and our Common Stock will continue to be listed on Nasdaq under the symbol “MYMD.”

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), we have a period of 180 calendar days, or until April 8, 2024, to regain compliance with the Minimum Bid Price Requirement. If at any time before April 8, 2024, the bid price of our Common Stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will provide us with a written confirmation of compliance with the Minimum Bid Price Requirement.

If we do not regain compliance with the Minimum Bid Price Requirement by April 8, 2024, we may be eligible for an additional 180-day compliance period, provided that on the 180th day of the first compliance period we meet the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on Nasdaq, with the exception of the Minimum Bid Price Requirement, and notifies Nasdaq of our intent to cure the deficiency with the Minimum Bid Price Requirement during the second compliance period by effecting a reverse stock split, if necessary. If we do not regain compliance with the Minimum Bid Price Requirement when required, Nasdaq will provide written notification to us that our Common Stock is subject to delisting. In the event of such a notification, the Company may appeal the Nasdaq staff’s determination to delist its securities.

We intend to actively monitor the bid price for our Common Stock between now and April 8, 2024, and will consider our available options to regain compliance with the Minimum Bid Price Requirement. There can be no assurance that we will regain compliance with the Minimum Bid Price Requirement or maintain compliance with any of the other Nasdaq continued listing requirements.

If Nasdaq delists our shares of Common Stock or warrants from trading on its exchange for failure to meet Nasdaq’s listing requirements, we and our stockholders could face significant material adverse consequences including:

● a limited availability of market quotations for our securities;

● reduced liquidity for our securities;

● a determination that our Common Stock is a “penny stock” which will require brokers trading in our Common Stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our securities;

● a limited amount of news and analyst coverage; and

● a decreased ability to issue additional securities or obtain additional financing in the future.

We may not be able to adequately protect or enforce our intellectual property rights, which could harm our competitive position.

Our success and future revenue growth will depend, in part, on our ability to protect our intellectual property. We will primarily rely on patent, copyright, trademark and trade secret laws, as well as nondisclosure agreements and other methods, to protect our proprietary technologies or processes. It is possible that competitors or other unauthorized third parties may obtain, copy, use or disclose proprietary technologies and processes, despite efforts by the us to protect our proprietary technologies and processes. While we hold rights in several patents, there can be no assurances that any additional patents will be issued, or additional rights will be granted, to us. Even if new patents are issued, the claims allowed may not be sufficiently broad to adequately protect our technology and processes. Our competitors may also be able to develop similar technology independently or design around the patents to which we have rights.

Currently, MyMD has 16 issued U.S. patents, 63 foreign patents, three pending U.S. patent applications and 11 foreign patent applications pending in such jurisdictions as Australia, Canada, China, European Union, Israel, Japan and South Korea, which if issued are expected to expire between 2036 and 2041. Although we expect to obtain additional patents and in-licenses in the future, there is no guarantee that we will be able to successfully obtain such patents or in-licenses in a timely manner or at all. Further, any of our rights to existing patents, and any future patents issued to us, may be challenged, invalidated or circumvented. As such, any rights granted under these patents may not provide us with meaningful protection. Even if foreign patents are granted, effective enforcement in foreign countries may not be available. If our patents or rights to patents do not adequately protect our technology or processes, competitors may be able to offer products similar to our products.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

There were no unregistered sales of the Company’s equity securities during the three months ended September 30, 2023, other than those previously reported in a Current Report on Form 8-K.

Item 3. Defaults Upon Senior Securities

There has been no default in the payment of principal, interest, sinking or purchase fund installment, or any other material default, with respect to any indebtedness of the Company.

Item 4. Mine Safety Disclosures

Not applicable.

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Item 5. Other Information.

Executive Officer Contract Amendments and Separations

Effective November 13, 2023, the Company entered into an amendment to the employment agreement of Dr. Chris Chapman, its President and Chief Medical Officer, providing for Dr. Chapman’s annual base salary to be adjusted from five hundred thousand dollars ($500,000) (the “Full Base Salary”) to two hundred fifty thousand dollars ($250,000) in cash per annum, until payment of the Full Base Salary would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion. The amendment further provides that the remaining $250,000 of base salary per annum (the “Deferral Amount”) shall be deferred until payment of the Deferral Amount would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion, at which time the Deferral Amount may be paid, at Dr. Chapman’s election, in shares of Common Stock or in cash.

In connection with an overall reduction in compensation paid to the Company’s directors implemented in November 2023, effective November 13, 2023, the Company entered into an amendment to the employment agreement of Christopher C. Schreiber, a Director and the Company’s former Executive Chairman, providing for Mr. Schreiber’s annual fee to be adjusted from three hundred thousand dollars ($300,000) (the “Full Fee”) to sixty thousand dollars ($60,000) in cash per annum, until payment of his Full Fee would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion. The amendment further provides that the remaining $240,000 of the fees per annum (the “Fee Deferral Amount”) shall be deferred until payment of the Fee Deferral Amount would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion, at which time the Fee Deferral Amount may be paid, at Mr. Schreiber’s election, in shares of Common Stock or in cash. The amendment also clarified that Mr. Schreiber’s title is “Director.”

Effective November 13, 2023, the Company entered into a mutual employment separation agreements with Paul M. Rivard, its Chief Legal Officer. The separation agreement provides for a lump-sum severance payment equal to three months of his normal base salary in exchange for a waiver and release. The separation agreement further provides that Mr. Rivard will be deemed a contractor providing services to the Company for purposes of any awards previously granted to him under the 2021 Plan if at the relevant time(s) he is providing services to the Company while under the employ of a law firm representing the Company.

Effective November 13, 2023, the Company entered into an amendment to the employment agreement of Dr. Adam Kaplin, its Chief Scientific Officer, providing that Dr. Kaplin’s employment shall have an initial term of four months, which the parties may mutually agree to extend for additional consecutive terms of one month each. The amendment further provides that, in the event of a termination without cause by the Company prior to the end of the initial term, Dr. Kaplin shall receive his monthly base salary through the end of the initial term. The amendment further provides that all outstanding and unvested shares granted pursuant to the Nonqualified Stock Option Agreement, dated June 7, 2023, between the Company and Dr. Kaplin shall accelerate upon the termination of Dr. Kaplin’s employment. Dr. Kaplin’s amendment further provides that, in the event of a termination without cause for any reason prior to the end of the first renewal term following the end of the initial term, the Company will continue to cover the costs of Dr. Kaplin’s health insurance coverage through the end of the first renewal term, subject to the execution and timely return of a release.

Item 6. Exhibits.

Exhibit Number	Exhibit Description
2.1**	Agreement and Plan of Merger and Reorganization, dated November 11, 2020, by and among Akers Biosciences, Inc., XYZ Merger Sub Inc., and MYMD Pharmaceuticals, Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 12, 2020).
2.2	Amendment No. 1 to Agreement and Plan of Merger and Reorganization, dated March 16, 2021, by and among Akers Biosciences, Inc., XYZ Merger Sub Inc., and MyMD Pharmaceuticals, Inc. (incorporated herein by reference to Exhibit 2.2 to the Company’s Registration Statement on Form S-4/A filed with the Securities and Exchange Commission on March 19, 2021)
3.1	Amended and Restated Certificate of Incorporation, effective April 16, 2021 (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 22, 2021).
3.2	Certificate of Amendment to Amended and Restated Certificate of Incorporation, effective April 16, 2021 (incorporated herein by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 22, 2021).
3.3	Amended and Restated Bylaws of MyMD Pharmaceuticals, Inc., effective April 16, 2021 (incorporated herein by reference to Exhibit 3.3 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 22, 2021).
3.4	Form of Certificate of Designations of Series F Convertible Preferred Stock (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 21, 2023).
10.1*+	Seventh Amendment to Employment Agreement, dated September 6, 2023, by and between MyMD Pharmaceuticals, Inc. and Dr. Chris Chapman.
10.2#+	Eighth Amendment to Employment Agreement, dated November 13 2023, by and between MyMD Pharmaceuticals, Inc. and Dr. Chris Chapman.
10.3#+	Fourth Amendment to Employment Agreement, dated November 13, 2023, by and between MyMD Pharmaceuticals, Inc. and Dr. Adam Kaplin.
10.4#+	Employment Mutual Separation Agreement, dated November 13, 2023, by and between MyMD Pharmaceuticals, Inc. and Paul M. Rivard.
10.5#+	First Amendment to Agreement, dated November 13, 2023, by and between MyMD Pharmaceuticals, Inc. and Christopher C. Schreiber.
31.1+	Certification of the Principal Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a).
31.2+	Certification of the Principal Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a).
32.1+	Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2+	Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	Interactive Data Files of Financial Statements and Notes.
101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

+ Filed herewith

# Management contract or compensatory plan or arrangement

** The schedules and exhibits to the Agreement and Plan of Merger and Reorganization have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished to the SEC upon request.

43

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MYMD PHARMACEUTICALS, INC.
Date: November 14, 2023	By:	/s/ Chris Chapman
	Name:	Chris Chapman
	Title:	President, Chief Medical Officer, and Director
		(Principal Executive Officer)
Date: November 14, 2023	By:	/s/ Ian Rhodes
	Name:	Ian Rhodes
	Title:	Chief Financial Officer
		(Principal Financial Officer)

44

EX-10.2

Exhibit 10.2

EIGHTH AMENDMENT TO EMPLOYMENT AGREEMENT

This EIGHTH AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”), is entered into as of November 13, 2023 (the “Effective Date”), by and between Chris Chapman, M.D. (“Employee”) and MyMD Pharmaceuticals, Inc. (the “Company”), for the purpose of amending that certain Employment Agreement, dated as of November 1, 2020, amended on December 18, 2020, January 8, 2021, February 10, 2021, November 24, 2021, August 30, 2022, January 1, 2023, and September 8, 2023 by and between Employee and the Company (the “Agreement”). Terms used in this Amendment with initial capital letters that are not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.

WHEREAS, Section 16 of the Agreement provides that no waiver or modification of any provision of the Agreement will be enforceable unless it is agreed to in writing by the party against which enforcement would be sought; and

WHEREAS, the parties mutually desire to modify certain provisions that would otherwise apply to Employee’s compensation pursuant to the Agreement.

NOW, THEREFORE, pursuant to Section 16 of the Agreement, in consideration of the mutual provisions, conditions, and covenants contained herein, and other good and valuable consideration, the adequacy of which is hereby acknowledged, the parties hereby agree as follows:

Exhibit “A” to the Agreement is hereby deleted and replaced with Exhibit “A” appended hereto, thereby decreasing Dr. Chapman’s Base Salary from $500,000 to $250,000 per annum, effective for the period beginning on the first day of the Company’s first payroll period beginning on or after November 13, 2023 and ending on the date set forth in Exhibit “A”.

[Remainder of the Page Intentionally Left Blank;

Signature Page Follows]

IN WITNESS WHEREOF, the parties have executed this Amendment to be effective as of the Effective Date.

EMPLOYEE:

/s/ Chris Chapman, M.D.

Chris Chapman, M.D.

THE COMPANY:
By:	/s/ Joshua Silverman
Name:	Joshua Silverman
Title:	Chairman

EXHIBIT “A”

Base Salary

Employee’s Base Salary shall be five hundred thousand dollars ($500,000), provided however, beginning on the first day of the Company’s first payroll period beginning on or after November 13, 2023 and continuing until the first payroll date that payment of the full Base Salary would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion, Employee’s Base Salary shall be reduced to two hundred fifty thousand dollars ($250,000) per annum paid in biweekly increments, and the remaining two hundred fifty thousand dollars ($250,000) of Employee’s Base Salary per annum (the “Deferred Amount”) shall be deferred, without interest, in accordance with the requirements of Treas. Reg. § 1.409A-3(d), until the Company’s first payroll date following the date that the Company determines, in its sole discretion, that payment of such Deferred Amount would no longer jeopardize the Company’s ability to continue as a going concern and such payment may either be made at such time, at Employee’s election, in the Company’s common stock under the MyMD Pharmaceuticals, Inc. 2021 Equity Incentive Plan or cash.

EX-10.3

Exhibit 10.3

fourTH AMENDMENT TO EMPLOYMENT AGREEMENT

This fourTH AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”), is entered into as of November 13, 2023 (the “Effective Date”), by and between Adam Kaplin, M.D. (“Employee”) and MyMD Pharmaceuticals, Inc. (the “Company”), for the purpose of amending that certain Employment Agreement, dated as of December 18, 2020, amended on February 10, 2021, November 24, 2021, and August 30, 2022 by and between Employee and the Company (the “Agreement”). Terms used in this Amendment with initial capital letters that are not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement.

WHEREAS, Section 17 of the Agreement provides that no waiver or modification of any provision of the Agreement will be enforceable unless it is agreed to in writing by the party against which enforcement would be sought; and

WHEREAS, the parties mutually desire to modify certain provisions that would otherwise apply to Employee’s compensation pursuant to the Agreement.

NOW, THEREFORE, pursuant to Section 17 of the Agreement, in consideration of the mutual provisions, conditions, and covenants contained herein, and other good and valuable consideration, the adequacy of which is hereby acknowledged, the parties hereby agree as follows:

1. Section 2 of the Agreement is hereby deleted and replaced with the following:

2. Term of Employment. This Agreement shall commence on November 13, 2023 and shall continue for four months (the “Initial Term”). The parties may, but shall not be required to, mutually agree to extend the Initial Term for additional consecutive terms of one month each (each, a “Renewal Term” and together with the Initial Term, the “Term of Employment”). In the event of a termination without Cause (as defined below) by the Company prior to the end of the Initial Term, Employee shall receive Employee’s monthly Base Salary for the remainder of the Initial Term, less applicable payroll deductions and tax withholdings, payable in accordance with the normal payroll policies of the Company on its regular paydays through the end of the Initial Term. For purposes of this Agreement, the term “Cause” shall mean Employee’s unsatisfactory job performance, willful misconduct, fraud, gross negligence, disobedience, or dishonesty in connection with the Employee’s employment with or service to the Company determined by the Company in its sole discretion.

2. Section 3 of the Agreement is hereby amended by adding the following sentences to the end thereof:

Further, all outstanding and unvested shares granted pursuant to the Nonqualified Stock Option Agreement, dated as of June 7, 2023, by and between Employee and the Company (the “2023 Stock Option Agreement”), shall accelerate upon the end of the Term of Employment, subject to Employee and the Company entering into an amendment of the 2023 Stock Option Agreement at such time. In addition, all outstanding and unvested shares granted pursuant to the Restricted Stock Unit Agreement dated as of October 14, 2021, by and between Employee and the Company (the “2021 RSU Agreement”), shall vest in accordance with the terms of the 2021 RSU Agreement.

3. Section 4 of the Agreement is hereby deleted and replaced with the following:

4. Benefits. The Company will provide and cover the costs of health insurance and disability policies for Employee during the Term of Employment. In the event of a termination for any reason prior to the end of first Renewal Term following the end of the Initial Term, subject to the execution and timely return by Employee of a release of claims in the form to be delivered by the Company, the Company shall continue to cover the costs of Employee’s health insurance through the first Renewal Term, either through the reimbursement of Employee for the premiums associated with Employee’s continuation of health insurance pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1986 or otherwise (less all applicable tax withholdings), payable in accordance with the Company’s normal expense reimbursement policy.

[Remainder of the Page Intentionally Left Blank;

Signature Page Follows]

IN WITNESS WHEREOF, the parties have executed this Amendment to be effective as of the Effective Date.

EMPLOYEE:

/s/ Adam Kaplin, M.D.

Adam Kaplin, M.D.

THE COMPANY:
By:	/s/ Chris Chapman, M.D.
Name:	Chris Chapman, M.D.
Title:	President and Chief Medical Officer

EX-10.4

Exhibit 10.4

EMPLOYMENT MUTUAL SEPARATION AGREEMENT

THIS EMPLOYMENT MUTUAL SEPARATION AGREEMENT (this “Agreement”) is made and entered into as of the 13^th day of November, 2023, by and between Paul M. Rivard, Esq. (“Employee”) and MyMD Pharmaceuticals, Inc. (“Company”).

RECITALS:

A. Pursuant to the Employment Agreement, dated September 21, 2020 and amended on November 24, 2020, December 18, 2020, and March 22, 2023 by and between Company and Employee (the “Employment Agreement”), Employee is currently employed by Company as Chief Legal Officer.

B. Employee and Company both desire to mutually terminate Employee’s employment with the Company.

C. Employee and Company have reached agreement on the terms of Employee’s departure, and both parties view their separation as mutual and amicable.

NOW, THEREFORE, in consideration of the premises and covenants contained in this Agreement, the parties hereto, intending to be legally bound, agree as follows:

1. RECITALS. The above recitals are true and correct and are made a part hereof.

2. TERMINATION OF EMPLOYMENT AGREEMENT. Company and Employee hereby agree that, for purposes of this Agreement, the date of notification of termination and the date of termination of the Employment Agreement shall be November 13, 2023.

3. SEPARATION PAYMENT. The Company shall pay Employee severance in an amount equal to three months of his normal monthly Base Salary pursuant to Section 2 of the Employment Agreement (the “Severance Payment”). The Company agrees to pay the Severance Payment as a lump-sum payment and as soon as administratively feasible after the Effective Date (as defined below), but no later than December 31, 2023.

4. EQUITY AGREEMENTS. The Company acknowledges and agrees that Employee shall be deemed a Contractor “providing services to the Company” for purposes of (i) the Restricted Stock Unit Award Agreement dated October 14, 2021 and (ii) the Nonqualified Stock Option Agreement dated June 7, 2023, if at the relevant time(s) Employee is providing services to the Company while under the employ of a law firm representing the Company.

5. SURVIVAL OF CERTAIN PROVISIONS OF EMPLOYMENT AGREEMENT. Notwithstanding anything to the contrary set forth in this Agreement, Sections 6, 7, 8, 9, and 10 of the Employment Agreement shall continue to remain in full force and effect in accordance with the terms thereof, and Employee shall continue to be bound by the terms thereof (as well as by any other terms of the Employment Agreement relating to the enforceability and construction of said Sections 6, 7, 8, 9, and 10).

6. WAIVER AND RELEASE. In consideration of the mutual obligations and duties set forth herein, Employee and Company agree as follows:

a. Employee hereby knowingly and voluntarily waives, releases and forever discharges Company from any and all claims, demands, damages, lawsuits, obligations, promises, and causes of action, both known and unknown, whether now existing or arising in the future, at law or in equity, relating to or arising out of Employee’s employment with Company, the Employment Agreement, compensation by Company, or mutual separation of employment from Company. However, nothing contained herein shall be interpreted to limit Employee’s right to enforce this Agreement through legal process.

b. Employee shall not disclose, either directly or indirectly, any information whatsoever regarding any of the terms or the existence of this Agreement to any person or organization, including but not limited to members of the press and media, present and former employees of Company, and persons or companies who do business with Company. The only exceptions to Employee’s promise of confidentiality herein is that Employee may reveal such terms of this Agreement (i) as is necessary to comply with a request made by the Internal Revenue Service; (ii) as otherwise compelled by a court or agency of competent jurisdiction; (iii) as required by law; (iv) as is necessary to comply with requests from Employee’s accountants, attorneys, financial advisors, or other professional advisors for legitimate business purposes or personal financial planning, (v) to his immediately family members solely for personal planning purposes (provided that such immediate family members undertake to maintain the complete confidentiality of this Agreement), or (vi) when and if this Agreement is included by the Company as a part of a securities law filing that is actually filed with the Securities and Exchange Commission.

c. Employee agrees to release and forever discharge by this Agreement the Company from all liabilities, causes of actions, charges, complaints, suits, claims, obligations, losses, damages, injuries, rights, judgments, attorneys’ fees, bonds, bills, penalties, fines, and all other legal responsibilities of any form whatsoever whether known or unknown, whether suspected or unsuspected, whether fixed or contingent, whether in law or in equity, including but not limited to those arising from any acts or omissions occurring prior to the Effective Date of this Agreement, including those arising by reason of any and all matters from the beginning of time to the present, arising out of his past employment with, compensation during, and mutual separation from the Company. The Employee will have three months following the termination date to submit for reimbursement all non-reimbursed cost and expense items that were personally expended by the Employee in the due course of conducting business for the Company prior to separation. Upon presentation of such costs and expenses to the Company, Employee will be promptly reimbursed. Employee specifically releases claims under all applicable state and federal laws, including but not limited to, Title VII of the Civil Rights Act of 1964 as amended, the Fair Labor Standards Act, the Rehabilitation Act of 1973, the Family and Medical Leave Act, the Employee Retirement Income Security Act, the Consolidated Omnibus Reconciliation Act of 1986, the Americans with Disabilities Act, the Florida Civil Rights Act of 1992, the Workers’ Compensation Act, the Equal Pay Act, the Age Discrimination in Employment Act of 1967 (Title 29, United States Code, Section 621, et seq.) (“ADEA”), as well as all common law claims, whether arising in tort or contract.

2

d. In addition to the other provisions in this Agreement, Employee hereby makes the following acknowledgments for the express purpose of complying with the Older Workers’ Benefits Protection Act, 29 U.S.C. Section 626(f):

(1) Employee was over 40 years of age when he was terminated without cause and when he signed this Agreement. Employee realizes there are many laws and regulations prohibiting employment discrimination or otherwise regulating employment or claims related to employment pursuant to which Employee may have rights or claims, including the ADEA. Employee hereby waives and releases any rights or claims he may have under the ADEA.

(2) Employee was informed in writing that he could consult with an attorney before signing this Agreement. Employee acknowledges that he was given the opportunity to consider this Agreement for twenty-one (21) days before signing it, and, if he signs it, to revoke it for a period of seven (7) days thereafter. Regardless of when Employee signed this Agreement, Employee acknowledges that his seven-day period will not be waived. If not revoked by written notice received on or before the eighth (8th) day following the date of Employee’s execution of the Agreement, this Agreement shall be deemed to have become enforceable and on such eighth (8th) day (the “Effective Date”). No payments will be made to Employee under Section 3 above until after the Effective Date.

7. EMPLOYMENT RECOMMENDATIONS; NON-DISPARAGEMENT.

a. Company hereby agrees that, in the event that a future prospective employer of Employee seeks information from Company regarding the competence, experience, or abilities of Employee, Company shall follow its standard human resource guidelines, policies, and practices with respect to such inquiry.

b. The parties to this Agreement shall each refrain from making any written or oral statement or taking any action, directly or indirectly, which the parties know or reasonably should know to be disparaging or negative concerning Company or Employee, except as required by law. The parties hereto shall also refrain from suggesting to anyone that any written or oral statements be made which the parties know or reasonably should know to be disparaging or negative concerning Company or Employee, or from urging or influencing any person to make any such statement. This provision shall include, but not be limited to, the requirement that the parties refrain from expressing any disparaging or negative opinions concerning Company or Employee, Employee’s mutual separation from Company, any of Company’s officers, directors, or employees, or other matters relative to Company’s reputation as an employer or any other matters relative to Employee’s reputation as an employee or executive. Company’s and Employee’s promises in this subsection, however, shall not apply to any judicial or administrative proceeding in which Employee or Company is a party or in which Employee or Company has been subpoenaed to testify under oath by a government agency or by any third party. In addition, the promises in this subsection shall also not apply to any statements made by Employee in good faith in response to a request for information from an authorized officer, agent, director, attorney, or other representative of the Company.

3

8. RELINQUISHMENT OF POSITIONS. Employee hereby agrees to resign, effective as of November 13, 2023, from all offices which Employee holds with Company and any subsidiary or affiliate of Company. Effective as of November 13, 2023, Employee’s employment with Company shall cease and Employee shall relinquish all positions, offices, and authority with Company.

9. LITIGATION COOPERATION. Beginning on the date of this Agreement and continuing at all times hereafter, Employee and Company shall, without any additional compensation, provide each other with full cooperation and reasonable assistance in connection with Company’s defense of any litigation against Company, its officers, its subsidiaries, or its affiliates arising out of or relating to any circumstance, fact, event, or omission alleged to occur while Employee was employed by Company. Employee shall at all times promptly be reimbursed by the Company for any and all out-of-pocket expenses, including travel expenses, that may be incurred by Employee in providing such cooperation and assistance, and to the extent that Employee provides any such assistance or cooperation, the Employee also shall be compensated for his time in providing such cooperation and assistance at a rate equivalent to a per diem based upon his base salary as in effect under the Employment Agreement as of the date hereof. Such cooperation and assistance shall include, but not be limited to, access for research, being available for consultation, for deposition and trial testimony, and for availability and execution of discovery-related documents such as interrogatories, affidavits, requests for production, requests for admissions, and responses to each, as deemed necessary. Employee and Company further agree to provide their good will and good faith in providing honest and forthright cooperation in all other aspects of their defense of any such litigation.

10. MISCELLANEOUS.

a. In the event any provision of this Agreement is found to be unenforceable, void, invalid or unreasonable in scope, such provision shall be modified to the extent necessary to make it enforceable, and as so modified, this Agreement shall remain in full force and effect.

b. The paragraph headings in this Agreement are for convenience only and do not form any part of or affect the interpretation of this Agreement.

c. This Agreement may be executed in counterparts, each of which shall be deemed an original of this Agreement and all of which, when taken together, shall be deemed to constitute one and the same Agreement.

d. The waiver by any party of a breach of any condition of this Agreement by the other party shall not be construed as a waiver of any subsequent breach. No waiver of any right hereunder shall be effective unless in writing and signed by the party against whom the waiver is sought to be enforced.

4

e. The rights and obligations of the parties under this Agreement shall inure to the benefit of, and shall be binding upon, their respective heirs, executors, administrators, successors, assigns, subsidiaries, affiliates, directors, officers, employees, representatives and agents, as applicable.

f. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes any previous employment agreements or contracts, whether written or oral, between Company and Employee.

g. This Agreement shall be construed under, and governed by, the laws of the State of Florida, without giving effect to conflict of law principles.

h. Employee and Company acknowledge that each has had the opportunity to read, study, consider and deliberate upon this Agreement, and to consult with legal counsel, and both parties fully understand and are in complete agreement with all of the terms of this Agreement.

[Remainder of the Page Intentionally Left Blank;

Signature Page Follows]

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

EMPLOYEE:

/s/ Paul M. Rivard, Esq.

Paul M. Rivard, Esq.

COMPANY:
By:	/s/ Chris Chapman, M.D.
Name:	Chris Chapman, M.D.
Title:	President & Chief Medical Officer

6

EX-10.5

Exhibit 10.5

fIRST AMENDMENT TO AGREEMENT

This first AMENDMENT TO executive chairman AGREEMENT (this “Amendment”), is entered into as of November 13, 2023 (the “Effective Date”), by and between Christopher C. Schreiber (“Employee”) and MyMD Pharmaceuticals, Inc. (formerly known as Akers Biosciences, Inc.) (the “Company”), for the purpose of amending that certain Executive Chairman Agreement, dated as of January 31, 2020 by and between Employee and the Company (the “Executive Chairman Agreement”). Terms used in this Amendment with initial capital letters that are not otherwise defined herein shall have the meanings ascribed to such terms in the Executive Chairman Agreement.

WHEREAS, Section 9 of the Executive Chairman Agreement provides that no provision of this Executive Chairman Agreement may be waived or amended except in a written instrument signed, in the case of an amendment, by the Company and Employee or, in the case of a waiver, by the party against whom enforcement of any such waiver is sought; and

WHEREAS, the parties mutually desire to modify certain provisions that would otherwise apply to Employee’s title and compensation pursuant to the Executive Chairman Agreement.

NOW, THEREFORE, pursuant to Section 9 of the Executive Chairman Agreement, in consideration of the mutual provisions, conditions, and covenants contained herein, and other good and valuable consideration, the adequacy of which is hereby acknowledged, the parties hereby agree as follows:

1.	The “Executive Chairman Agreement” is hereby renamed the “Director Agreement” (the “Director Agreement”) and all references to “Executive Chairman” in Sections 2, 3, 4, 6, 7, 8, 9, and 12 of the Director Agreement are hereby replaced with “Director”.
2.	Section 1 of the Director Agreement is hereby deleted and replaced with the following:

1. DUTIES AND EFFORT. The Director shall, in such capacity, be an employee of the Company and be available to perform the duties of a director customarily related to this function, including (a) acting as a director at Board of Directors’ and stockholders’ meetings and (b) otherwise undertaking such other customary duties as may be determined and assigned by the Board of Directors and as may be required by the Company’s governing instruments, including its certificate of incorporation, bylaws and its corporate governance charters, each as amended or modified or restated from time to time, and by applicable law, rule or regulation, including, without limitation, the New Jersey Business Corporation Act (the “NJBCA”) and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and any exchange or quotation system on which the Company’s securities may be traded from time to time. The Director agrees to devote such time as is reasonably and customarily necessary to perform completely his duties to the Company. The Director will perform such duties described herein in a professional manner and in the best interests of the Company, and at all times in accordance with the general fiduciary duty of executive officers and directors arising under the NJBCA and all applicable laws, rules and regulations.

3. Section 4(a)(i) of the Director Agreement is hereby deleted and replaced with the following:

(i) a cash fee of $300,000 per year, payable monthly in equal installments (it being agreed that: (i) beginning on the first day of the Company’s first payroll period beginning on or after November 13, 2023 and continuing until the first payroll date that payment of the full fee would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion, the fee shall be reduced to sixty thousand dollars ($60,000) per year, payable monthly in equal installments, and the remaining two hundred forty thousand dollars ($240,000) per year (the “Deferred Amount”) shall be deferred, without interest, in accordance with the requirements of Treas. Reg. § 1.409A-3(d), until the Company’s first payroll date following the date that the Company determines, in its sole discretion, that payment of such Deferred Amount would no longer jeopardize the Company’s ability to continue as a going concern and such payment may either be made at such time, at the Director’s election, in the Company’s common stock under the MyMD Pharmaceuticals, Inc. 2021 Equity Incentive Plan or cash and (ii) such fee shall be inclusive of any fees associated with the Director’s service as a director of the Company); and

[Remainder of the Page Intentionally Left Blank;

Signature Page Follows]

IN WITNESS WHEREOF, the parties have executed this Amendment to be effective as of the Effective Date.

EMPLOYEE:
/s/ Christopher C. Schreiber
Christopher C. Schreiber
THE COMPANY:
By:	/s/ Chris Chapman, M.D.
Name:	Chris Chapman, M.D.
Title:	President and Chief Medical Officer

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO SARBANES–OXLEY ACT OF 2002

I, Chris Chapman, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of MyMD Pharmaceuticals, Inc;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2023	By:	/s/ Chris Chapman
	Name:	Chris Chapman
	Title:	President, Chief Medical Officer, and Director
		(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO SARBANES–OXLEY ACT OF 2002

I, Ian Rhodes, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of MyMD Pharmaceuticals, Inc;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2023	By:	/s/ Ian Rhodes
	Name:	Ian Rhodes
	Title:	Chief Financial Officer
		(Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 906

OF THE SARBANES–OXLEY ACT OF 2002

In connection with the Annual Report of MyMD Pharmaceuticals, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, the undersigned, Chris Chapman, in the capacity and on the date indicated below, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.	the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 14, 2023	By:	/s/ Chris Chapman
	Name:	Chris Chapman
	Title:	President, Chief Medical Officer, and Director
		(Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO SECTION 906

OF THE SARBANES–OXLEY ACT OF 2002

In connection with the Annual Report of MyMD Pharmaceuticals, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, the undersigned, Ian Rhodes, in the capacity and on the date indicated below, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

3.	the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
4.	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 14, 2023	By:	/s/ Ian Rhodes
	Name:	Ian Rhodes
	Title:	Chief Financial Officer
		(Principal Financial Officer)

XML

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 10, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-36268
Entity Registrant Name	MyMD Pharmaceuticals, Inc.
Entity Central Index Key	0001321834
Entity Tax Identification Number	22-2983783
Entity Incorporation, State or Country Code	NJ
Entity Address, Address Line One	855 N. Wolfe Street
Entity Address, Address Line Two	Suite 601
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21205
City Area Code	(856)
Local Phone Number	848-8698
Title of 12(b) Security	Shares of Common Stock, no par value
Trading Symbol	MYMD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,900,715

XML

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash and Cash Equivalents	$ 298,318	$ 749,090
Marketable Securities	8,174,283	4,086,902
Prepaid Expenses	1,263,478	565,787
Total Current Assets	9,736,079	5,401,779
Non-Current Assets
Operating Lease Right-of-Use Assets	90,918	139,662
Goodwill	10,498,539	10,498,539
Investment in Oravax, Inc.	1,500,000	1,500,000
Total Non-Current Assets	12,089,457	12,138,201
Total Assets	21,825,536	17,539,980
Current Liabilities
Trade and Other Payables	2,033,840	2,673,221
Operating Lease Liability	72,626	65,780
Derivative Liabilities	898,100
Warrant Liabilities	2,457,000
Dividends Payable	204,194
Total Current Liabilities	5,695,742	2,768,983
Non-Current Liabilities
Operating Lease Liability, net of current portion	20,519	75,941
Total Non-Current Liabilities	20,519	75,941
Total Liabilities	5,716,261	2,844,924
Commitments and Contingencies
STOCKHOLDERS’ EQUITY
Common stock, no par value, 500,000,000 shares authorized 47,000,365 and 39,470,009 issued and outstanding as of September 30, 2023 and December 31, 2022	112,441,633	108,309,436
Accumulated Deficit	(97,085,475)	(93,758,904)
Total Stockholders’ Equity	15,500,682	14,695,056
Total Liabilities and Stockholders’ Equity	21,825,536	17,539,980
Series F Convertible Preferred Stock [Member]
Non-Current Liabilities
Series F Convertible Preferred Stock, no par value and a stated value of $1,000 per share, 15,000 and 0 shares designated as of September 30, 2023 and December 31, 2022, 9,859 and 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022. Liquidation preference of $9,859,000 plus dividends at 10% per annum of $204,194 as of September 30, 2023.	608,593
Series D Convertible Preferred Stock [Member]
STOCKHOLDERS’ EQUITY
Series D Convertible Preferred Stock, 211,353 shares designated, no par value and a stated value of $0.01 per share, 72,992 shares issued and outstanding as of September 30, 2023 and December 31, 2022	144,524	144,524
Related Party [Member]
Current Liabilities
Due to MyMD Florida Shareholders	$ 29,982	$ 29,982

XML

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized	50,000,000	50,000,000
Common stock, no par value	$ 0	$ 0
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	47,000,365	39,470,009
Common stock, shares outstanding	47,000,365	39,470,009
Series F Convertible Preferred Stock [Member]
Temporary stock, no par value	$ 0	$ 0
Temporary stock, stated value	$ 1,000	$ 1,000
Temporary Equity, Shares Authorized	15,000	0
Temporary stock, shares issued	9,859	0
Temporary stock, shares outstanding	9,859	0
Temporary Equity, Liquidation Preference	$ 9,859,000
Temporary stock dividend rate percentage	10.00%
Temporary stock dividend	$ 204,194
Series D Convertible Preferred Stock [Member]
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized	211,353	211,353
Preferred stock, stated value	$ 0.01	$ 0.01
Preferred stock, shares issued	72,992	72,992
Preferred stock, shares outstanding	72,992	72,992

XML

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Product Revenue
Product Cost of Sales
Gross Income
General and Administrative Expenses	1,334,690	1,554,244	4,202,594	4,296,119
Research and Development Expenses	1,912,322	1,803,232	4,907,196	6,596,942
Stock Based Compensation Expenses	595,576	352,417	2,341,915	581,663
Warrant Issuance Expenses			762,834
Loss from Operations	(3,842,588)	(3,709,893)	(12,214,539)	(11,474,724)
Other (Income) Expenses
Interest and Dividend Income	(139,056)	(15,453)	(339,731)	(21,559)
(Gain)/Loss on Sale of Marketable Securities	500	1,200	714	4,849
Change in fair value of Marketable Securities	(2,324)	(1,899)	371	(1,754)
Change in fair value of Derivatives Liabilities	(2,566,900)		(2,251,700)
Change in fair value of Warrant Liabilities	(5,356,000)		(8,166,000)
Casualty Loss/(Gain)	178,198		178,198	(4,442)
Total Other Income	(7,885,582)	(16,152)	(10,578,148)	(22,906)
Income/(Loss) Before Income Tax	4,042,994	(3,693,741)	(1,636,391)	(11,451,818)
Income Tax Benefit/( Provision)
Net Income/(Loss)	4,042,994	(3,693,741)	(1,636,391)	(11,451,818)
Preferred Stock Dividends	1,158,051		1,690,180
Net Income/(Loss) Attributable to Common Stockholders	$ 2,884,943	$ (3,693,741)	$ (3,326,571)	$ (11,451,818)
Basic net income/(loss) per common share	$ 0.06	$ (0.09)	$ (0.08)	$ (0.30)
Diluted net income/(loss) per common share	$ 0.06	$ (0.09)	$ (0.08)	$ (0.30)
Weighted average basic common shares outstanding	44,949,097	39,046,852	41,710,705	38,502,163
Weighted average diluted common shares outstanding	44,949,097	39,046,852	41,710,705	38,502,163

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Condensed Consolidated Statement of Changes in Stockholders Equity (Unaudited) - USD ($)	Series F Convertible Preferred Stock [Member] Preferred Stock [Member]	Series F Convertible Preferred Stock [Member]	Series D Convertible Preferred Stock [Member] Preferred Stock [Member]	Preferred Stock [Member]	Common Stock [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021			$ 144,524		$ 102,064,218	$ (78,561,568)	$ 23,647,174
Balance, shares at Dec. 31, 2021			72,992		37,673,110
Temporary stock, Balance, shares at Dec. 31, 2021
Temporary stock, Balance at Dec. 31, 2021
Net income (loss)						(4,122,034)	(4,122,034)
Stock-based compensation - stock options					81,002		81,002
Exercise of prepaid equity forward contracts for common stock
Exercise of prepaid equity forward contracts for common stock, shares					385,135
Stock-based compensation - restricted stock units					$ 15,998		15,998
Balance at Mar. 31, 2022			$ 144,524		$ 102,161,218	(82,683,602)	19,622,140
Temporary stock, Balance, shares at Mar. 31, 2022
Temporary stock, Balance at Mar. 31, 2022
Balance, shares at Mar. 31, 2022			72,992		38,058,245
Balance at Dec. 31, 2021			$ 144,524		$ 102,064,218	(78,561,568)	23,647,174
Balance, shares at Dec. 31, 2021			72,992		37,673,110
Temporary stock, Balance, shares at Dec. 31, 2021
Temporary stock, Balance at Dec. 31, 2021
Net income (loss)							(11,451,818)
Balance at Sep. 30, 2022			$ 144,524		$ 108,195,909	(90,013,386)	18,327,047
Temporary stock, Balance, shares at Sep. 30, 2022
Temporary stock, Balance at Sep. 30, 2022
Balance, shares at Sep. 30, 2022			72,992		39,470,009
Balance at Mar. 31, 2022			$ 144,524		$ 102,161,218	(82,683,602)	19,622,140
Balance, shares at Mar. 31, 2022			72,992		38,058,245
Temporary stock, Balance, shares at Mar. 31, 2022
Temporary stock, Balance at Mar. 31, 2022
Net income (loss)						(3,636,043)	(3,636,043)
Stock-based compensation - stock options					132,246		132,246
Balance at Jun. 30, 2022			$ 144,524		$ 102,293,464	(86,319,645)	16,118,343
Temporary stock, Balance, shares at Jun. 30, 2022
Temporary stock, Balance at Jun. 30, 2022
Balance, shares at Jun. 30, 2022			72,992		38,058,245
Net income (loss)						(3,693,741)	(3,693,741)
Issuance of common stock					$ 5,550,028		5,550,028
Issuance of common stock, shares					1,411,764
Stock-based compensation - stock options					$ 135,620		135,620
Stock-based compensation - restricted stock units					138,587		138,587
Stock-based compensation - warrants					78,210		78,210
Balance at Sep. 30, 2022			$ 144,524		$ 108,195,909	(90,013,386)	18,327,047
Temporary stock, Balance, shares at Sep. 30, 2022
Temporary stock, Balance at Sep. 30, 2022
Balance, shares at Sep. 30, 2022			72,992		39,470,009
Balance at Dec. 31, 2022			$ 144,524		$ 108,309,436	(93,758,904)	14,695,056
Balance, shares at Dec. 31, 2022			72,992		39,470,009
Temporary stock, Balance, shares at Dec. 31, 2022		0
Temporary stock, Balance at Dec. 31, 2022
Net income (loss)						(1,511,732)	(1,511,732)
Issuance of common stock	$ 912,889
Issuance of common stock, shares	15,000
Series F Convertible Preferred Stock Dividend						(158,333)	(158,333)
Stock-based compensation - stock options					69,068		69,068
Balance at Mar. 31, 2023			$ 144,524		$ 108,378,504	(95,428,969)	13,094,059
Temporary stock, Balance, shares at Mar. 31, 2023	15,000
Temporary stock, Balance at Mar. 31, 2023	$ 912,889
Balance, shares at Mar. 31, 2023			72,992		39,470,009
Balance at Dec. 31, 2022			$ 144,524		$ 108,309,436	(93,758,904)	14,695,056
Balance, shares at Dec. 31, 2022			72,992		39,470,009
Temporary stock, Balance, shares at Dec. 31, 2022		0
Temporary stock, Balance at Dec. 31, 2022
Net income (loss)							$ (1,636,391)
Issuance of common stock				$ 14,087,111
Issuance of common stock, shares							7,321,445
Preferred stock dividends, shares							871,323
Balance at Sep. 30, 2023			$ 144,524		$ 112,441,633	(97,085,475)	$ 15,500,682
Temporary stock, Balance, shares at Sep. 30, 2023	9,859	9,859
Temporary stock, Balance at Sep. 30, 2023	$ 608,593	$ 608,593
Balance, shares at Sep. 30, 2023			72,992		47,000,365
Balance at Mar. 31, 2023			$ 144,524		$ 108,378,504	(95,428,969)	13,094,059
Balance, shares at Mar. 31, 2023			72,992		39,470,009
Temporary stock, Balance, shares at Mar. 31, 2023	15,000
Temporary stock, Balance at Mar. 31, 2023	$ 912,889
Net income (loss)						(4,167,653)	(4,167,653)
Series F Convertible Preferred Stock Dividend						(373,796)	(373,796)
Stock-based compensation - stock options					1,677,271		1,677,271
Conversion of shares of Series F Convertible Preferred Stock	$ (76,074)				$ 255,945		255,945
Conversion of shares of Series F Convertible Preferred Stock, shares	(1,250)				1,187,602
Conversion of shares of Series F Convertible Preferred Stock, One	$ (76,073)				$ 255,944		255,944
Conversion of shares of Series F Convertible Preferred Stock, One, shares	(1,250)				1,160,611
Issuance of common stock for vested restricted stock units
Issuance of common stock for vested restricted stock units, shares					73,776
Exercise of prepaid equity forward contracts for common stock
Exercise of prepaid equity forward contracts for common stock, shares					135,135
Balance at Jun. 30, 2023			$ 144,524		$ 110,567,664	(99,970,418)	10,741,770
Temporary stock, Balance, shares at Jun. 30, 2023	12,500
Temporary stock, Balance at Jun. 30, 2023	$ 760,742
Balance, shares at Jun. 30, 2023			72,992		42,027,133
Net income (loss)						4,042,994	4,042,994
Series F Convertible Preferred Stock Dividend						(391,548)	(391,548)
Stock-based compensation - stock options					595,576		595,576
Conversion of shares of Series F Convertible Preferred Stock	$ (76,074)				$ 255,945		255,945
Conversion of shares of Series F Convertible Preferred Stock, shares	(1,250)				2,031,933
Conversion of shares of Series F Convertible Preferred Stock, One	$ (63,659)				$ 214,175		214,175
Conversion of shares of Series F Convertible Preferred Stock, One, shares	(1,187)				1,753,500
Accelerated Conversion of 204 shares of Series F Convertible Preferred Stock	$ (12,416)				$ 41,770		41,770
Accelerated Conversion of 204 shares of Series F Convertible Preferred Stock, shares	(204)				316,476
Deemed Dividend for the true-up of the August 1, 2023 installment for the Series F Convertible Preferred Stock paid with common stock, shares					$ 766,503	(766,503)
Preferred stock dividends, shares					871,323		871,323
Balance at Sep. 30, 2023			$ 144,524		$ 112,441,633	$ (97,085,475)	$ 15,500,682
Temporary stock, Balance, shares at Sep. 30, 2023	9,859	9,859
Temporary stock, Balance at Sep. 30, 2023	$ 608,593	$ 608,593
Balance, shares at Sep. 30, 2023			72,992		47,000,365

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Condensed Consolidated Statement of Changes in Shareholders Equity (Unaudited) (Parenthetical) - USD ($)					3 Months Ended
	Oct. 01, 2023	Sep. 01, 2023	Aug. 01, 2023	Jul. 01, 2023	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Issuance of preferred shares							$ 5,550,028
Common Stock [Member]
Number of shares issued							1,411,764
Payments of net offering costs							$ 449,500
Issuance of preferred shares							5,550,028
Series F Convertible Preferred Stock [Member]
Number of shares issued						15,000
Offering costs						$ 14,087,111
Conversion of stock, shares converted	1,188	1,250	1,250	1,250	204
Conversion of stock, amount converted	$ 1,429,871	$ 1,429,871	$ 1,429,871	$ 1,429,871
Series F Convertible Preferred Stock [Member] | Preferred Stock [Member]
Number of shares issued						15,000
Issuance of preferred shares						$ 912,889

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (1,636,391)	$ (11,451,818)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on sale of marketable securities	714	4,849
Change in fair value of marketable securities	371	(1,754)
Change in fair value of derivatives	(2,251,700)
Change in fair value of warrants	(8,166,000)
Stock based compensation
Options issued to directors	769,657
Options issued to key employees	1,429,693	293,700
Options issued to non-employees	142,565	55,168
Restricted stock units to non-employees		78,210
Warrants issued for services		154,585
Change in assets and liabilities
Prepaid Expenses	(697,691)	113,217
Trade and Other Payables	(639,381)	730,683
Operating Leases	168	1,496
Net cash used by operating activities	(11,047,995)	(10,021,664)
Cash flows from investing activities:
Purchases of marketable securities	(13,338,466)	(4,774,405)
Proceeds from sale of marketable securities	9,250,000	9,000,000
Net cash (used in)/provided by investing activities	(4,088,466)	4,225,595
Cash flows from financing activities
Net proceeds from the issuance of preferred stock	14,685,689
Net proceeds from issuance of common stock		5,550,028
Net cash provided by financing activities	14,685,689	5,550,028
Net decrease in cash	(450,772)	(246,041)
Cash and cash equivalents at beginning of period	749,090	555,967
Cash and cash equivalents at end of period	298,318	309,926
Supplemental cash flow information
Interest
Income Taxes
Supplemental Schedule of Non-Cash Financing and Investing Activities
Accrual of Series F Convertible Preferred Stock Dividend	204,194
Operating lease right-of-use asset obtained in exchange for lease obligation		53,196
Initial fair value of warrant liabilities pursuant to the issuance of Series F Convertible Preferred Stock and Warrants	10,623,000
Initial fair value of derivative liabilities pursuant to the issuance of Series F Convertible Preferred Stock and Warrants	$ 3,149,800

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Organization and Description of Business

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Description of Business

Note 1 – Organization and Description of Business

MyMD Pharmaceuticals, Inc. is a New Jersey corporation (“MyMD”). These condensed consolidated financial statements include two wholly owned subsidiaries as of September 30, 2023, Akers Acquisition Sub, Inc. and Bout Time Marketing Corporation, (together, the “Company”). All material intercompany transactions have been eliminated in consolidation.

On April 8, 2022, the MyMD Florida (as defined below) subsidiary was dissolved and merged into the New Jersey corporation MyMD Pharmaceuticals, Inc. pursuant to an Agreement and Plan of Merger dated April 8, 2022.

At the Company’s annual meeting of stockholders held on July 31, 2023, the stockholders approved a plan to merge the Company with and into a newly formed wholly-owned subsidiary, MyMD Pharmaceuticals, Inc., a Delaware corporation (“MyMD Delaware”), with MyMD Delaware being the surviving corporation, for the purpose of changing the Company’s state of incorporation from New Jersey to Delaware (the “Reincorporation”). As of the date of this Quarterly Report on Form 10-Q, MyMD Delaware has been formed in the State of Delaware and the Company is in the process of completing the Reincorporation.

MYMD-1 is an oral, next-generation TNF-α inhibitor with the potential to transform the way TNF-α based diseases are treated due to its selectivity and ability to cross the blood brain barrier. Its ease of oral dosing is a significant differentiator compared to currently available TNF-α inhibitors, all of which require delivery by injection or infusion. MYMD-1 has also been shown to selectively block TNF-α action where it is overactivated without preventing it from doing its normal job of responding to routine infection. MYMD-1 is doubly effective at inhibiting inflammation by blocking both TNF-a and IL-6 activity, whereas currently approved anti-TNF and anti-IL-6 treatments for RA can only target one or the other. In addition, in early clinical studies it has not been associated with serious side effects known to occur with traditional immunosuppressive therapies that treat inflammation.

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Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2 – Significant Accounting Policies

(a) Basis of Presentation

The condensed consolidated financial statements of the Company are prepared in U.S. Dollars and in accordance with accounting principles generally accepted in the United States of America (US GAAP).

The accompanying unaudited condensed financial statements have been prepared by the Company. These statements include all adjustments (consisting only of normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting policies described in Note 2 Significant Accounting Policies included in the Notes to Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on March 31, 2023 (the “2022 Annual Report”). Certain financial information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the accompanying disclosures are adequate to make the information presented not misleading. The Notes to Financial Statements included in the 2022 Annual Report should be read in conjunction with the accompanying interim financial statements. The interim operating results for the nine months ended September 30, 2023 may not be necessarily indicative of the operating results expected for the full year.

(b) Use of Estimates and Judgments

The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements is included in the following notes for recording research and development expenses, impairment of intangible assets and the valuation of share-based payments.

(c) Functional and Presentation Currency

These condensed consolidated financial statements are presented in U.S. Dollars, which is the Company’s functional currency. All financial information has been rounded to the nearest dollar. Foreign Currency Transaction Gains or Losses, resulting from cash balances denominated in Foreign Currencies, are recorded in the Condensed Consolidated Statements of Comprehensive Income (Loss).

(d) Comprehensive Income (Loss)

The Company follows Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 220 in reporting comprehensive income (loss). Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Since the Company has no items of other comprehensive income (loss), comprehensive income (loss) is equal to net income (loss).

(e) Cash and Cash Equivalents

The Company considers all highly liquid investments, which include short-term bank deposits (up to three months from date of deposit) that are not restricted as to withdrawal date or use, to be cash equivalents.

(f) Fair Value of Financial Instruments

Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of and during the three and nine months ended September 30, 2023. The carrying amounts of cash equivalents, accounts receivable, other current assets, accounts payable, and accrued expenses approximated their fair values as of September 30, 2023 due to their short-term nature. The fair value of the bifurcated embedded derivative related to the convertible preferred stock was estimated using a Monte Carlo simulation model, which uses as inputs the fair value of the Company’s common stock and estimates for the equity volatility and traded volume volatility of the Company’s common stock, the time to maturity of the convertible preferred stock, the risk-free interest rate for a period that approximates the time to maturity, dividend rate, a penalty dividend rate, and the probability of default. The fair value of the warrant liabilities was estimated using the Black Scholes Model which uses as inputs the following weighted average assumptions: dividend yield, expected term in years; equity volatility; and risk-free interest rate.

Fair Value Measurement

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:

Level 1	Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company can access.
Level 2	Inputs to the valuation methodology include:
	●	quoted prices for similar assets or liabilities in active markets;
	●	quoted prices for identical or similar assets or liabilities in inactive markets;
	●	inputs other than quoted prices that are observable for the asset or liability;
	●	inputs that are derived principally from or corroborated by observable market data by correlation or other means
	If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.
Level 3	Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

The following is a description of the valuation methodologies used for assets measured at fair value as of September 30, 2023 and December 31, 2022.

Marketable Securities: Valued using quoted prices in active markets for identical assets.

	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2)		Significant Unobservable Inputs (Level 3)
Marketable securities at September 30, 2023	$	8,174,283	$	-	$	-
Marketable securities at December 31, 2022	$	4,086,902	$	-	$	-

Marketable securities are classified as available for sale and are valued at fair market value. Maturities of the securities are less than one year.

As of September 30, 2023 and December 31, 2022, the Company held certain mutual funds, which, under FASB ASC 321-10, were considered equity investments. As such, the change in fair value in the three months ended September 30, 2023 and 2022 were gains of $2,324 and $1,899, respectively. The change in fair value in the nine months ended September 30, 2023 and 2022 was a loss of $371 and a gain of $1,754, respectively.

Losses resulting from the sales of marketable securities were $500 and $1,200 for the three months ended September 30, 2023 and 2022, respectively. Losses resulting from the sales of marketable securities were $714 and $4,849 for the nine months ended September 30, 2023 and 2022, respectively.

Proceeds from the sales of marketable securities in the nine months ended September 30, 2023 and 2022 were $9,250,000 and $9,000,000, respectively.

Fair Value on a Recurring Basis

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The estimated fair value of the warrant liabilities and bifurcated embedded derivatives represent Level 3 measurements. The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis as of September 30, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Description	Level		September 30, 2023
Liabilities:
Warrant liabilities (Note 3)		3	$	2,457,000
Derivative liabilities (Note 3)		3	$	898,100

The following table sets forth a summary of the change in the fair value of the warrant liabilities that is measured at fair value on a recurring basis:

Balance on December 31, 2022	$	-
Issuance of warrants reported at fair value		10,623,000
Change in fair value of warrant liabilities		(1,175,000	)
Balance on March 31, 2023		9,448,000
Change in fair value of warrant liabilities		(1,635,000	)
Balance on June 30, 2023		7,813,000
Change in fair value of warrant liabilities		(5,356,000	)
Balance on September 30, 2023	$	2,457,000

The following table sets forth a summary of the change in the fair value of the derivative liabilities that is measured at fair value on a recurring basis:

Balance on December 31, 2022	$	-
Issuance of convertible preferred stock with derivative liabilities		3,149,800
Change in fair value of derivative liabilities		120,700
Balance on March 31, 2023		3,270,500
Change in fair value of derivative liabilities		194,500
Balance on June 30, 2023		3,465,000
Change in fair value of derivative liabilities		(2,566,900	)
Balance on September 30, 2023	$	898,100

(g) Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” If liability accounting is required, the Company’s derivative instruments are recorded at fair value at the issuance date and re-valued at each reporting date, with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within twelve (12) months of the balance sheet date.

The Company has determined that the Series F Convertible Preferred Stock warrants are derivatives that are required to be accounted for as liabilities. The Company has also determined that the following embedded features in the preferred stock are not clearly and closely related to the debt host instrument: 1) make-whole interest upon a contingent redemption event, 2) make-whole interest upon a conversion event, 3) an installment redemption upon an Equity Conditions Failure (as defined in the Certificate of Designation), and 4) variable share-settled installment conversion and as such are bifurcated from the preferred stock and accounted for as liabilities. The fair value of the warrants and embedded features are estimated using internal valuation models. The Company’s valuation models utilize inputs and other assumptions and may not be reflective of the price at which they can be settled.

(h) Prepaid Expenses

Prepaid expenses represent expenses paid prior to the date that the related services are rendered or used are comprised principally of prepaid insurance and research and development expenses.

(i) Concentrations

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash on deposit with financial institutions and accounts receivable. At times, the Company’s cash in banks is in excess of the FDIC insurance limit. The Company has not experienced any loss as a result of these cash deposits. These cash balances are maintained with three banks as of September 30, 2023.

(j) Risk Management of Cash and Investments

It is the Company’s policy to minimize the Company’s capital resources to investment risks, prioritizing the preservation of capital over investment returns. Investments are maintained in securities, primarily publicly traded, short-term money market funds based on highly rated federal, state and corporate bonds, that minimize the risk to the Company’s capital resources and provide ready access to funds.

The Company’s investment portfolios are regularly monitored for risk and are held with one brokerage firm.

(k) Investments

Investments recorded using the cost method will be assessed for any decrease in value that has occurred that is other than temporary and the other than temporary decrease in value shall be recognized. As and when circumstances and facts change, the Company will evaluate the Company’s ability to significantly influence operational and financial policy to establish a basis for converting the investment accounted for using the cost method to the equity method of valuation in accordance with FASB ASC 323.

In accordance with FASB ASC 323, the Company recognizes investments in joint ventures based upon the Company’s ability to significantly influence the operational or financial policies of the joint venture. An objective judgment of the level of influence is made at the time of the investment based upon several factors including, but not limited to the following:

a)	Representation on the Board of Directors
b)	Participation in policy-making processes
c)	Material intra-entity transactions
d)	Interchange of management personnel
e)	Technological dependencies
f)	Extent of ownership and the ability to influence decision making based upon the makeup of other owners when the shareholder group is small.

The Company follows the equity method for valuating investments in joint ventures when the existence of significant influence over operational and financial policy has been established, as determined by management; otherwise, the Company will valuate these investments using the cost method.

In accordance with FASB ASC 321-10-35-2, the Company has elected to measure its investment in Oravax Medical, Inc. (“Oravax”) (Note 3) as an equity security without a readily determinable fair value. Under this election, an equity security without a readily available fair value is reflected at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. At each reporting period, the Company is required to make a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. If deemed impaired, the Company is required to estimate the fair value of the investment and recognize an impairment loss equal to the difference between the fair value of the investment and its carry amount. As of September 30, 2023, the Company performed a qualitative assessment to evaluate whether the investment is impaired and determined that the investment was not impaired and thus no adjustment to fair market value was required as of September 30, 2023.

(l) Property, Plant and Equipment

Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Costs include expenditures that are directly attributable to the acquisition of the asset.

Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognized within “other (income)/expense” in the Condensed Consolidated Statements of Comprehensive Income (Loss).

Depreciation is recognized over the estimated useful lives of the property, plant and equipment. Leased assets are depreciated over the shorter of the lease term or their useful lives.

The estimated useful lives for the current and comparative periods are as follows:

	Useful Life
	(in years)
Plant and equipment	5-12
Furniture and fixtures	5-10
Computer equipment & software	3-5
Leasehold Improvements	Shorter of the remaining lease or estimated useful life

Depreciation methods, useful lives and residual values are reviewed at each reporting date.

(m) Intangible Assets

The Company’s long-lived intangible assets, other than goodwill, are assessed for impairment when events or circumstances indicate there may be an impairment. These assets were initially recorded at their estimated fair value at the time of acquisition and assets not acquired in acquisitions were recorded at historical cost. However, if their estimated fair value is less than the carrying amount, other intangible assets with indefinite lives are reduced to their estimated fair value through an impairment charge in the Condensed Consolidated Statements of Comprehensive Income (Loss).

Patents and Trade Secrets

Propriety protection for the Company’s products, technology and process is important to its competitive position. As of September 30, 2023, the Company has 16 issued U.S. patents, 63 foreign patents, three pending U.S. patent applications and 11 foreign patent applications pending in such jurisdictions as Australia, Canada, China, European Union, Israel, Japan and South Korea, which if issued are expected to expire between 2036 and 2041. Management intends to protect all other intellectual property (e.g. copyrights, trademarks and trade secrets) using all legal avenues available to the Company.

The Company records expenses related to the application for and maintenance of patents as a component of research and development expenses on the Condensed Consolidated Statement of Comprehensive Income ( Loss).

Patent Costs

Patents may be purchased from third parties. The costs of acquiring the patent are capitalized as patent costs if it represents a future economic benefit to the Company. Once a patent is acquired it is amortized over its remaining useful life and assessed for impairment when necessary.

Other Intangible Assets

Other intangible assets that are acquired by the Company, which have definite useful lives, are measured at cost less accumulated amortization and accumulated impairment losses.

Amortization

Amortization is recognized on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. The estimated useful lives for the current and comparative periods are as follows:

	Useful Life
	(in years)
Patents and trademarks	12-17

(n) Goodwill

Goodwill is evaluated annually for impairment or whenever we identify certain triggering events or circumstances that would more likely than not reduce the fair value below its carrying amount. Events or circumstances that might indicate an interim evaluation is warranted include, among other things, unexpected adverse business conditions, economic factors (for example, the loss of key personnel), supply costs, unanticipated competitive activities, and acts by governments and courts.

(o) Recoverability of Long-Lived Assets

In accordance with FASB ASC 360-10-35 “Impairment or Disposal of Long-lived Assets”, long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable or that the useful lives of those assets are no longer appropriate. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment.

The Company determines the existence of such impairment by measuring the expected future cash flows (undiscounted and without interest charges) and comparing such amount to the carrying amount of the assets. An impairment loss, if one exists, is then measured as the amount by which the carrying amount of the asset exceeds the discounted estimated future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value of such assets less costs to sell. Asset impairment charges are recorded to reduce the carrying amount of the long-lived asset that will be sold or disposed of to their estimated fair values. Charges for the asset impairment reduce the carrying amount of the long-lived assets to their estimated salvage value in connection with the decision to dispose of such assets.

(p) Right-of-Use Assets

The Company leased a facility in Tampa, Florida (“Hyde Park”) under an operating lease (“Hyde Park Lease”) with annual rentals of $22,048 to $23,320 plus certain operating expenses. The Hyde Park facility housed the MyMD Florida operations. The Hyde Park Lease took effect on July 1, 2019 for a term of 36 months initially set to expire on June 30, 2022. The Company cancelled the Hyde Park Lease in March 2022 without penalty.

The Company leases a facility in Baltimore, Maryland (“2021 Wolfe St”) under an operating lease (“2021 Baltimore Lease”) with annual rentals of $52,800 to $56,016 plus certain operating expenses. The 2021 Baltimore Lease took effect on November 17, 2021 for a term of 12 months with automatic renewals unless a sixty-day notice is provided. The initial term expires on November 30, 2022. The lease renewed effective December 1, 2022 for a term of 12 months with automatic renewals unless a sixty-day notice is provided.

The Company leases a facility in Tampa, Florida (“Platt St”) under an operating lease (“Platt Street Lease”) with annual rentals of $22,030 to $23,259 plus certain operating expenses. The Platt Street Lease took effect on April 1, 2022 for a term of 36 months. The Platt Street Lease was cancelled without penalty effective October 31, 2023 (see Note 11).

On January 1, 2019 (“Effective Date”), the Company adopted FASB ASC, Topic 842, Leases (“ASC 842”), which increases transparency and comparability by recognizing a lessee’s rights and obligations resulting from leases by recording them on the balance sheet as lease assets and lease liabilities. The new guidance requires the recognition of the right-of-use (“ROU”) assets and related operating and finance lease liabilities on the balance sheet. The Company adopted the new guidance using the modified retrospective approach on January 1, 2019.

The Company elected the package of practical expedients permitted within the standard, which allows an entity to forgo reassessing (i) whether a contract contains a lease, (ii) classification of leases, and (iii) whether capitalized costs associated with a lease meet the definition of initial direct costs. Also, the Company elected the expedient allowing an entity to use hindsight to determine the lease term and impairment of ROU assets and the expedient to allow the Company to not have to separate lease and non-lease components. The Company has also elected the short-term lease accounting policy under which the Company would not recognize a lease liability or ROU asset for any lease that at the commencement date has a lease term of twelve months or less and does not include a purchase option that the Company is more than reasonably certain to exercise.

For contracts entered into on or after the Effective Date, at the inception of a contract, the Company will assess whether the contract is, or contains, a lease. The Company’s assessment is based on: (i) whether the contract involves the use of a distinct identified asset, (ii) whether the Company obtained the right to substantially all the economic benefit from the use of the asset throughout the period, and (iii) whether the Company has the right to direct the use of the asset. Leases entered into prior to January 1, 2020, which were accounted for under ASC 840, were not reassessed for classification.

For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments. The Company generally uses its incremental borrowing rate as the discount rate for leases, unless an interest rate is implicitly stated in the lease. The present value of the lease payments is calculated using the incremental borrowing rate for operating leases, which was determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The lease term for all the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor. All ROU assets are reviewed for impairment.

Lease expense for operating leases consists of the lease payments plus any initial direct costs and is recognized on a straight-line basis over the lease term.

The Company’s operating leases are comprised of the 2021 Baltimore Lease, the Hyde Park Lease and the Platt Street Lease on the Condensed Consolidated Balance Sheet. The information related to these leases are presented below:

	As of September 30, 2023						As of December 31, 2022
	Platt Street		2021 Baltimore				Platt Street		2021 Baltimore
Balance Sheet Location	Lease		Lease		Total		Lease		Lease		Total
Operating Lease
Lease Right of Use	$	31,357	$	59,561	$	90,918	$	45,353	$	94,309	$	139,662
Lease Payable, current		20,673		51,953		72,626		18,741		47,039		65,780
Lease Payable - net of current		11,298		9,221		20,519		27,070		48,871		75,941

The following provides details of the Company’s lease expense:

	Three Months Ended September 30, 2023						Three Months Ended September 30, 2022
	Platt Street		2021 Baltimore				Hyde Park		Platt Street		2021 Baltimore
Lease Expenses	Lease		Lease		Total		Lease		Lease		Lease		Total
Operating Leases
Lease Costs	$	5,659	$	13,596	$	19,255	$	-	$	5,660	$	13,600	$	19,260

	Nine Months Ended September 30, 2023						Nine Months Ended September 30, 2022
	Platt Street		2021 Baltimore				Hyde Park		Platt Street		2021 Baltimore
Lease Expenses	Lease		Lease		Total		Lease		Lease		Lease		Total
Operating Leases
Lease Costs	$	16,826	$	40,788	$	57,614	$	6,251	$	11,321	$	40,800	$	58,372

Other information related to leases is presented below:

	Platt Street			2021 Baltimore
Other Information	Lease			Lease			Total
Operating Leases
Operating cash used	$	13,224		$	40,788		$	54,012
Average remaining lease term		18			14			16
Average discount rate		10.0	%		10.0	%		10.0	%

As of September 30, 2023, the annual minimum lease payments of the Company’s operating lease liabilities were as follows:

	Platt Street		2021 Baltimore
	Lease		Lease		Total
For Years Ending December 31,
2023		5,659		13,732		19,391
2024		23,103		51,348		74,451
2025		5,814		-		5,814
Total future minimum lease payments, undiscounted	$	34,576	$	65,080	$	99,656
Less: Imputed interest		2,605		3,906		6,511
Present value of future minimum lease payments	$	31,971	$	61,174	$	93,145

(q) Revenue Recognition

The Company will recognize revenue under ASC 606, Revenue from Contracts with Customers. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods and services transferred to the customer. The following five steps are applied to achieve that core principle:

1)	Identify the contract with the customer
2)	Identify the performance obligations in the contract
3)	Determine the transaction price
4)	Allocate the transaction price to the performance obligations in the contract
5)	Recognize revenue when the company satisfies a performance obligation

(r) Income Taxes

The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse.

The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In management’s opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.

Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of September 30, 2023 and December 31, 2022, no liability for unrecognized tax benefits was required to be reported.

There was no income tax expense recorded for the net income for the three months ended September 30, 2023, as the Company can utilize net operating losses to offset the taxable income.

There was no income tax benefit recorded for the losses for the nine months ended September 30, 2023 and the three and nine months ended September 30, 2022 since management determined that the realization of the net deferred tax assets is not more likely than not to be realized and has recorded a full valuation allowance on the net deferred tax assets.

The Company’s policy for recording interest and penalties associated with tax audits is to record such items as a component of general and administrative expenses. There were no amounts accrued for penalties and interest for the three and nine months ended September 30, 2023 and 2022. The Company does not expect its uncertain tax position to change during the next twelve months. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.

Tax years from 2020 through 2022 remain subject to examination by federal and state jurisdictions.

(s) Basic and Diluted Earnings/(Loss) per Share of Common Stock

Basic earnings per common share are based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered anti-dilutive.

Diluted net income (loss) per share is computed using the weighted average number of shares of Common Stock and dilutive potential Common Stock outstanding during the period. Diluted earnings per common share was the same as basic earnings per common share for the three months ended September 30, 2023 as the average market price of the common share during this period is lower than the exercise price of the potential common shares.

As the Company reported a net loss for the nine months ended September 30, 2023 and the three and nine months ended September 30, 2022, Common Stock equivalents were anti-dilutive.

As of September 30, 2023 and 2022, the following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Stock Options		4,145,000		4,376,737		4,145,000		4,376,737
Warrants to purchase common stock		13,166,712		6,522,461		13,166,712		6,522,461
Pre-funded Warrants to purchase common stock		-		135,135		-		135,135
Unvested Restricted Stock Units		2,795,000		2,795,000		2,795,000		2,795,000
Series C Convertible Preferred Warrants		27,500		27,500		27,500		27,500
Series D Preferred Convertible Stock		36,496		36,496		36,496		36,496
Series F Convertible Preferred Stock		4,371,619		-		4,371,619		-
Total potentially dilutive shares		24,542,327		13,893,329		24,542,327		13,893,329

(t) Stock-based Payments

The Company accounts for stock-based compensation under the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 718, “Compensation - Stock Compensation”, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting (the “2018 Update”). The amendments in the 2018 Update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees. Prior to the 2018 Update, Topic 718 applied only to share-based transactions to employees. Consistent with the accounting requirement for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied.

The Company has elected to account for forfeiture of stock-based awards as they occur.

(u) Research and Development Costs

In accordance with FASB ASC 730, research and development costs are expensed as incurred and consist of fees paid to third parties that conduct certain research and development activities on the Company’s behalf.

(v) Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements Adopted

In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), Issuer’s Accounting for Certain Modifications or Exchanges or Freestanding Equity - Classified Written Call Options. The amendments in this Update clarify an issuer’s accounting for modifications or exchanges of freestanding equity - classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted for all entities, including adoption in an interim period. If an entity elects to early adopt the amendments in this Update in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. The adoption of this ASU had no material impact on the Company’s condensed consolidated financial statements and related disclosure.

In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard establishes an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which is intended to result in a timelier recognition of losses. Under the CECL model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications) from the date of initial recognition of the financial instrument. Measurement of expected credit losses are to be based on relevant forecasts that affect collectability. The scope of financial assets within the CECL methodology is broad and includes trade receivables from certain revenue transactions and certain off-balance sheet credit exposures. Different components of the guidance require modified retrospective or prospective adoption.

In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses. ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of the credit losses standard. Instead, entities would need to apply other U.S. GAAP, namely Topic 842 (Leases), to account for changes in the collectability assessment for operating leases. Other than operating lease receivables, Partnership trade receivables include receivables from finance leases and equipment sales. Under Topic 606 (Revenue from Contracts with Customers), revenue is recognized when, among other criteria, it is probable that the entity will collect the consideration to which it is entitled for goods or services transferred to a customer. At the point that finance lease receivables are recorded, they become subject to the CECL model and estimates of expected credit losses over their contractual life will be required to be recorded at inception based on historical information, current conditions, and reasonable and supportable forecasts. Trade receivables derived from equipment sales are of short duration and there is not a material difference between incurred losses and expected losses.

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which amends and clarifies several provisions of Topic 326. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, which amends Topic 326 to allow the fair value option to be elected for certain financial instruments upon adoption. ASU 2019-10 extended the effective date of ASU 2016-13 until December 15, 2022. The Company adopted this new guidance, including the subsequent updates to Topic 326, on January 1, 2023 and the adoption did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements Not Adopted

Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the Company’s condensed consolidated financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances.

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Recent Developments, Liquidity and Management’s Plans

9 Months Ended

Sep. 30, 2023

Recent Developments Liquidity And Managements Plans

Recent Developments, Liquidity and Management’s Plans

Note 3 – Recent Developments, Liquidity and Management’s Plans

Closing of the Merger and Reverse Stock Split

On April 16, 2021, pursuant to the previously announced Agreement and Plan of Merger and Reorganization, dated November 11, 2020 (the “Original Merger Agreement”), as amended by Amendment No. 1 thereto, dated March 16, 2021 (the Original Merger Agreement, as amended by Amendment No. 1, the “Merger Agreement”), by and among MyMD, a New Jersey corporation previously known as Akers Biosciences, Inc., XYZ Merger Sub, Inc. (“Merger Sub”), and MyMD Pharmaceuticals (Florida), Inc., a Florida corporation previously known as MyMD Pharmaceuticals, Inc. (“MyMD Florida”), Merger Sub was merged with and into MyMD Florida, with MyMD Florida continuing after the merger as the surviving entity and a wholly owned subsidiary of the Company (the “Merger”). At the effective time of the Merger, without any action on the part of any stockholder, each issued and outstanding share of pre-Merger MyMD Florida’s Common Stock, par value $0.001 per share (the “MyMD Florida Common Stock”), including shares underlying pre-Merger MyMD Florida’s outstanding equity awards, was converted into the right to receive (x) 0.7718 shares (the “Exchange Ratio”) of the Company’s Common Stock, no par value per share (the “Company Common Stock” or “Common Stock”), (y) an amount in cash, on a pro rata basis, equal to the aggregate cash proceeds received by the Company from the exercise of any options to purchase shares of MyMD Florida Common Stock outstanding at the effective time of the Merger assumed by the Company upon closing of the Merger prior to the second-year anniversary of the closing of the Merger (the “Option Exercise Period”), such payment (the “Additional Consideration”), and (z) potential milestone payment in shares of Company Common Stock up to the aggregate number of shares issued by the Company to pre-Merger MyMD Florida stockholders at the closing of the Merger (the “Milestone Payments”) payable upon the achievement of certain market capitalization milestone events (the “Milestone Events”) during the 36-month period immediately following the closing of the Merger (the “Milestone Period”). The Milestone Events and corresponding Milestone Payments are set forth in the table below.

Milestone Event	Milestone Payment
Market capitalization of the combined company for at least ten (10) trading days during any 20 consecutive trading day period during the Milestone Period is equal to or greater than $500,000,000 (the “First Milestone Event”).	$20,000,000
For every $250,000,000 incremental increase in market capitalization of the combined company after the First Milestone Event to the extent such incremental increase occurs for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period, up to a $1,000,000,000 market capitalization of the combined company.	$10,000,000 per each incremental increase (it being understood, however, that, if such incremental increase results in market capitalization equal to $1,000,000,000, such $10,000,000 payment in respect of such incremental increase shall be payable without duplication of any amount payable in respect of a Second Milestone Event, as defined below).
Market capitalization of the combined company for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period is equal to or greater than $1,000,000,000 (the “Second Milestone Event”)	$25,000,000
For every $1,000,000,000 incremental increase in market capitalization of the combined company after the Second Milestone Event to the extent such incremental increase occurs for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period.	$25,000,000 per each incremental increase

For purposes of the table above, “market capitalization” means, with respect to any trading day, the product of (i) the total outstanding shares of the combined company Common Stock and (ii) the volume weighted average trading price for the combined company Common Stock for such trading day.

Immediately following the effective time of the Merger, the Company effected a 1-for-2 reverse stock split of the issued and outstanding Company Common Stock (the “Reverse Stock Split”). Upon completion of the Merger and the transactions contemplated in the Merger Agreement, (i) the former MyMD Florida equity holders owned approximately 77.05% of the outstanding equity of the Company on a fully diluted basis, assuming the exercise in full of the pre-funded warrants to purchase 986,486 shares of Company Common stock and including 4,188,315 shares of Company Common Stock underlying options to purchase shares of MyMD Florida Common Stock assumed by the company at closing and after adjustments based on the Company’s net cash at closing; and (ii) former Akers Biosciences, Inc. stockholders own approximately 22.95% of the outstanding equity of the Company.

Effective as of 4:05 pm Eastern Time on April 16, 2021, the Company filed an amendment to its Amended and Restated Certificate of Incorporation to effect the Reverse Stock Split. As a result of the Reverse Stock Split, immediately following the effective time of the Merger, every two shares of our Common Stock held by a stockholder immediately prior to the Reverse Stock Split were combined and reclassified into one share of our Common Stock. No fractional shares were issued in connection with the Reverse Stock Split. Each stockholder who did not have a number of shares evenly divisible pursuant to the Reverse Stock Split ratio and who would otherwise be entitled to receive a fractional share of our Common Stock was entitled to receive an additional share of our Common Stock.

The February 2023 Offering

On February 21, 2023, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain accredited investors (the “Investors”), pursuant to which it agreed to sell to the Investors (i) an aggregate of 15,000 shares of the Company’s newly-designated Series F convertible preferred stock with a stated value of $1,000 per share, initially convertible into up to 6,651,885 shares of the Company’s common stock, no par value (the “Common Stock”) at a conversion price of $2.255 per share (the “Preferred Shares”), and (ii) warrants to acquire up to an aggregate of 6,651,885 shares of Common Stock (the “Warrants”) (collectively, the “February 2023 Offering”).

Series F Convertible Preferred Stock

The Preferred Shares are convertible into Common Stock (the “Conversion Shares”) at the election of the holder at any time at an initial conversion price of $2.255 (the “Conversion Price”). The Conversion Price is subject to customary adjustments for stock dividends, stock splits, reclassifications and the like, and subject to price-based adjustment in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Conversion Price (subject to certain exceptions). The Company is required to redeem the Preferred Shares in 12 equal monthly installments, commencing on July 1, 2023. The amortization payments due upon such redemption are payable, at the company’s election, in cash, or subject to certain limitations, in shares of Common Stock valued at the lower of (i) the Conversion Price then in effect and (ii) the greater of (A) 80% of the average of the three lowest closing prices of the Company’s Common Stock during the thirty trading day period immediately prior to the date the amortization payment is due or (B) a “Floor Price” of $0.22 (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) or, in any case, such lower amount as permitted, from time to time, by the Nasdaq Stock Market. The Company may require holders to convert their Preferred Shares into Conversion Shares if the closing price of the Common Stock exceeds $6.765 per share (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) for 20 consecutive trading days and the daily dollar trading volume of the Common Stock exceeds $3,000,000 per day during the same period and certain equity conditions described in the Certificate of Designation are satisfied.

The holders of the Preferred Shares are entitled to dividends of 10% per annum, compounded monthly, which is payable in cash or shares of Common Stock at the Company’s option, in accordance with the terms of the Certificate of Designations. Upon the occurrence and during the continuance of a Triggering Event (as defined in the Certificate of Designations), the Preferred Shares accrue dividends at the rate of 15% per annum. Upon conversion or redemption, the holders of the Preferred Shares are also entitled to receive a dividend make-whole payment. The holders of Preferred Shares have no voting rights on account of the Preferred Shares, other than with respect to certain matters affecting the rights of the Preferred Shares. During the three and nine months ending September 30, 2023, the Company recorded dividends totaling $1,158,051 and $1,690,180, respectively, which are reported as Preferred Stock Dividends on the Condensed Consolidated Statement of Comprehensive Income (Loss).

Notwithstanding the foregoing, the Company’s ability to settle conversions and make amortization and dividend make-whole payments using shares of Common Stock is subject to certain limitations set forth in the Certificate of Designations. Further, the Certificate of Designations contains a certain beneficial ownership limitation after giving effect to the issuance of shares of Common Stock issuable upon conversion of, or as part of any amortization payment or dividend make-whole payment under, the Certificate of Designations or Warrants.

The Certificate of Designations includes certain Triggering Events (as defined in the Certificate of Designations), including, among other things, the Company’s failure to pay any amounts due to the holders of the Preferred Shares when due. In connection with a Triggering Event, each holder of Preferred Shares will be able to require the Company to redeem in cash any or all of the holder’s Preferred Shares at a premium set forth in the Certificate of Designations.

The Preferred Shares were determined to be more akin to a debt-like host than an equity-like host. The Company identified the following embedded features that are not clearly and closely related to the debt host instrument: 1) make-whole interest upon a contingent redemption event, 2) make-whole interest upon a conversion event, 3) an installment redemption upon an Equity Conditions Failure (as defined in the Certificate of Designation), and 4) variable share-settled installment conversion. These features were bundled together, assigned probabilities of being affected and measured at fair value. Subsequent changes in fair value of these features are recognized in the Condensed Consolidated Statement of Comprehensive Income (Loss). The Company estimated at issuance the $3,149,800 fair value of the bifurcated embedded derivative at issuance using a Monte Carlo simulation model, with the following inputs the fair value of our common stock of $1.90 on the issuance date, estimated equity volatility of 120.0%, estimated traded volume volatility of 190.0%, the time to maturity of 1.35 years, a discounted market interest rate of 6.8%, dividend rate of 10.0%, a penalty dividend rate of 15.0%, and probability of default of 0.5%. The fair value of the bifurcated derivative liabilities was estimated utilizing the with and without method which uses the probability weighted difference between the scenarios with the derivative and the plain vanilla maturity scenario without a derivative.

The discount to the fair value is included as a reduction to the carrying value of the Preferred Shares. During the nine months ended September 30, 2023, the Company recorded a total discount of $14,087,111 upon issuance of the Preferred Shares, which was comprised of the issuance date fair value of the associated embedded derivative of $3,149,800, stock issuance costs of $314,311 and the fair value of the Warrants of $10,623,000. When it is deemed probable that the Preferred Shares will be redeemed, the Company will accrete the Preferred Shares to redemption amount pursuant to ASC 480-10-S99-3A.

During the three and nine months ended September 30, 2023, the Company recorded a gains of $2,566,900 and $2,251,700 related to the change in fair value of the derivative liabilities which is recorded in other income (expense) on the Condensed Consolidated Statement of Comprehensive Income (Loss). The Company estimated the $898,100 fair value of the bifurcated embedded derivative at September 30, 2023 using a Monte Carlo simulation model, with the following inputs the fair value of our common stock of $0.59 on the valuation date, estimated equity volatility of 130.0%, estimated traded volume volatility of 120.0%, the time to maturity of 0.75 years, a discounted market interest rate of 5.49%, dividend rate of 10.0%, a penalty dividend rate of 15.0%, and probability of default of 8.2%.

During the three months ended September 30, 2023, the Company converted $152,149 of the Preferred Shares by issuing 4,101,909 shares of the Company’s Common Stock and the Company issued 871,323 shares of Company’s Common Stock as make-whole dividends resulting in a deemed dividend of $766,503 through installment conversions and proportionately relieved $2,347,852 of discount related to the converted Preferred Shares.

During the nine months ended September 30, 2023, the Company converted $304,296 of the Preferred Shares by issuing 6,450,122 shares of the Company’s Common Stock and the Company issued 871,323 shares of Company’s Common Stock as make-whole dividends resulting in a deemed dividend of $766,503 through installment conversions and proportionately relieved $4,695,704 of discount related to the converted Preferred Shares.

Common Stock Warrants

Pursuant to the February 2023 Offering, the Company issued to investors Warrants to purchase 6,651,885 shares of Common Stock, with an exercise price of $2.255 per share (subject to adjustment), for a period of five years from the date of issuance. The Exercise Price and the number of shares issuable upon exercise of the Warrants are subject to customary adjustments for stock dividends, stock splits, reclassifications and the like, and subject to price-based adjustment, on a “full ratchet” basis, in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Exercise Price (subject to certain exceptions). Upon any such price-based adjustment to the Exercise Price, the number of shares issuable upon exercise of the Warrants will be increased proportionately.

The Warrants were determined to be within the scope of ASC 480-10 as they are puttable to the Company at Holders’ election upon the occurrence of a Fundamental Transaction (as defined in the agreements). As such, the Company recorded the Warrants as a liability at fair value with subsequent changes in fair value recognized in earnings. The Company utilized the Black Scholes Model to calculate the value of these warrants issued during the nine months ended September 30, 2023. The fair value of the Warrants of $10,623,000 was estimated at the date of issuance using the following weighted average assumptions: dividend yield 0%; expected term of 5.0 years; equity volatility of 125.0%; and a risk-free interest rate of 4.09%.

Transaction costs incurred attributable to the issuance of the Warrants of $762,834 were immediately expensed in accordance with ASC 480.

During the three and nine months ended September 30, 2023, the Company recorded a gain of $5,356,000 and $8,166,000 related to the change in fair value of the warrant liabilities which is recorded in other income (expense) on the Condensed Consolidated Statement of Comprehensive Income (Loss). The fair value of the Warrants of $2,457,000 was estimated at September 30, 2023 utilizing the Black Scholes Model using the following weighted average assumptions: dividend yield 0%; remaining term of 4.40 years; equity volatility of 115.0%; and a risk-free interest rate of 4.66%.

Liquidity

As of September 30, 2023, the Company’s cash on hand was $298,318 and marketable securities were $8,174,283. The Company has incurred a total net operating loss of $1,636,391 for the nine months ended September 30, 2023. As of September 30, 2023, the Company had working capital of $4,040,337 and stockholders’ equity of $15,500,682 including an accumulated deficit of $97,085,475. During the nine months ended September 30, 2023, cash flows used in operating activities were $11,047,995 consisting primarily of a net loss of $1,636,391, an increase in prepaid expenses of $697,691, a reduction in trade and other payables of $639,381 and a non-cash change in the fair value of the warrant and derivative liabilities of $10,417,700 offset by non-cash stock-based compensation of $2,341,915. Since its inception, the Company has met its liquidity requirements principally through the sale of its Common and Preferred Stock in public and private placements.

The Company evaluated the current cash requirements for operations in conjunction with management’s strategic plan and believes that the Company’s current financial resources as of the date of the issuance of these condensed consolidated financial statements are sufficient to fund its current operating budget and contractual obligations as of September 30, 2023 as they fall due within the next twelve-month period, alleviating any substantial doubt raised by the Company’s historical operating results and satisfying its estimated liquidity needs for twelve months from the issuance of these condensed consolidated financial statements.

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Trade and Other Payables

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Trade and Other Payables

Note 4 – Trade and Other Payables

Trade and other payables consist of the following:

	September 30, 2023		December 31, 2022
Accounts Payable – Trade	$	1,347,904	$	2,356,555
Accrued Expenses		685,936		316,666
	$	2,033,840	$	2,673,221

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Stock-based Payments

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based Payments

Note 5 – Stock-based Payments

Equity incentive Plans

2013 Stock Incentive Plan

On January 23, 2014, the Company adopted the 2013 Stock Incentive Plan (“2013 Plan”). The 2013 Plan was amended by the Board on January 9, 2015 and September 30, 2016, and such amendments were ratified by shareholders on December 7, 2018. The 2013 Plan provides for the issuance of up to 2,162 shares of the Company’s Common Stock. As of September 30, 2023, grants of restricted stock and options to purchase 1,406 shares of Common Stock have been issued pursuant to the 2013 Plan, and 756 shares of Common Stock remain available for issuance.

2016 Stock Incentive Plan

On December 21, 2016, the shareholders approved, and the Company adopted the 2016 Stock Incentive Plan (“2016 Plan”). The 2016 Plan provides for the issuance of up to 50,000,000 shares of the Company’s Common Stock. As of September 30, 2023, no grants of any kind remain outstanding pursuant to the 2016 Plan, and 0 shares of Common Stock remain available for issuance.

2017 Stock Incentive Plan

On August 7, 2017, the shareholders approved, and the Company adopted the 2017 Stock Incentive Plan (“2017 Plan”). The 2017 Plan provides for the issuance of up to 3,516 shares of the Company’s Common Stock. As of September 30, 2023, grants of restricted stock and options to purchase 2,538 shares of Common Stock have been issued pursuant to the 2017 Plan, and 978 shares of Common Stock remain available for issuance.

2018 Stock Incentive Plan

On December 7, 2018, the shareholders approved, and the Company adopted the 2018 Stock Incentive Plan (“2018 Plan”). On August 27, 2020, the 2019 Plan was modified to increase the total authorized shares. The 2018 Plan, as amended, provides for the issuance of up to 560,063 shares of the Company’s Common Stock. As of September 30, 2023, grants of RSUs and restricted stock to purchase 263,026 shares of Common Stock have been issued pursuant to the 2018 Plan, and 297,037 shares of Common Stock remain available for issuance.

2021 Stock Incentive Plan

On April 15, 2021, the shareholders approved, and the Company adopted the 2021 Stock Incentive Plan (“2021 Plan”). The 2021 Plan provides for the issuance of up to 7,228,184 shares of the Company’s Common Stock. As of September 30, 2023, grants of RSUs and stock options to purchase 6,994,207 shares of Common Stock have been issued pursuant to the 2021 Plan, and 233,977 shares of Common Stock remain available for issuance.

Stock Options

The following table summarizes the activities for MyMD stock options for the three months ended September 30, 2023:

								Weighted
								Average
				Weighted		Weighted		Remaining
	Number			Average		Average		Contractual		Aggregate
	of			Exercise		Grant Date		Term		Intrinsic
	Shares			Price		Fair Value		(years)		Value
Balance at December 31, 2022		4,476,737		$	2.64	$	2.64		0.64	$	-
Granted		3,845,000			1.40		1.29		8.75	$	-
Exercised		-			-		-		-		-
Forfeited		-			-		-		-		-
Canceled/Expired		(4,176,737	)		2.59		2.59		-		-
Balance at September 30, 2023		4,145,000			1.54		1.42		8.47	$	-
Exercisable as of September 30, 2023		1,214,999			1.38		1.27		8.82	$	-

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $0.59 for the Company’s common shares on September 30, 2023 and the closing stock price of $1.15 for the Company’s common shares on December 31, 2022.

On April 4, 2023, the Company issued 750,000 options to a key employee. The cumulative fair market value of $978,675 as calculated using Black-Scholes (exercise price $1.55 per share, stock price $1.55 per share, volatility of 122.12%, discount rate of 3.39% and a five-year term). 1/3 of the options vested on the grant date, 1/3 vest on the first anniversary of the grant and 1/3 vest on the second anniversary of the grant. The fair-market value of the options is amortized over the 24-month vesting cycle.

On June 7, 2023, the Company issued 1,995,000 options to the directors and key employees. The cumulative fair market value of $3,128,759 as calculated using Black-Scholes (exercise price $1.66 per share, stock price $1.66 per share, volatility of 115.94%, discount rate of 3.79% and a ten-year term). 1/3 of the options vested on the grant date, 1/3 vest on the first anniversary of the grant and 1/3 vest on the second anniversary of the grant. The fair-market value of the options is amortized over the 24-month vesting cycle.

On September 6, 2023, the Company issued 1,000,000 options to a key employee. The cumulative fair market value of $769,700 as calculated using Black-Scholes (exercise price $0.81 per share, stock price $0.81 per share, volatility of 117.90%, discount rate of 4.44% and a ten-year term). The options will vest upon the achievement of specific performance goals.

The fair-market value of the options will be recognized in the period the vesting event is achieved. As of September 30, 2023, none of the vesting events have occurred.

On September 6, 2023, the Company issued 100,000 options to a key employee. The cumulative fair market value of $76,970 as calculated using Black-Scholes (exercise price $0.81 per share, stock price $0.81 per share, volatility of 117.90%, discount rate of 4.44% and a ten-year term). ½ of the options vested on the grant date, ½ vest on the first anniversary of the grant. The fair-market value of the vested options was amortized upon the issuance of the grant and the remaining options will be amortized over the 12-month vesting cycle.

During the three months ended September 30, 2023 and 2022, the Company incurred stock option expenses totaling $595,576 and $135,620, respectively. During the nine months ended September 30, 2023 and 2022, the Company incurred stock option expenses totaling $2,341,915 and $348,868, respectively.

The unamortized stock option expenses as of September 30, 2023 and 2022 totaled $3,213,983 and $568,152, respectively.

Restricted Stock Units

On October 14, 2021, the Compensation Committee of the Board of Directors approved grants totaling 2,795,000 Restricted Stock Units to the Company’s six directors and seven key employees. Each RSU had a grant date fair value of $8.09 which will be amortized upon vesting into administrative expenses within the Condensed Consolidated Statement of Comprehensive Income (Loss). Such RSUs were granted under the 2021 Plan. Vesting of each RSU is:

● One-third (33%) of each RSU will vest when the Company’s market capitalization is equal to or greater than $500,000,000 for at least ten trading days during any twenty (20) consecutive trading day period ending on or after December 15, 2021 and the fair market value of the Common Stock equals or exceeds $5.00 during such trading day period.

● One-third (33%) of each RSU will vest when the Company’s market capitalization is equal to or greater than $750,000,000 for at least ten trading days during any twenty (20) consecutive trading day period ending on or after December 15, 2021 and the fair market value of the Common Stock equals or exceeds $5.00 during such trading day period.

● The remaining awarded units will vest when the Company’s market capitalization is equal to or greater than $1,000,000,000 for at least ten trading days during any twenty (20) consecutive trading day period ending on or after December 15, 2021 and the fair market value of the Common Stock equals or exceeds $5.00 during such trading day period.

● In the event that (i) a change in control occurs or (ii) the participant incurs a termination of service by the Company without cause or due to the participant’s death or total and permanent disability, then all unvested units shall become vested units immediately upon the occurrence of such event.

As of September 30, 2023, none of the vesting milestones have been met.

On June 28, 2023, 73,776 vested restricted stock units were exchanged for 73,776 shares of the Company Common Stock.

The following is the status of outstanding unvested restricted stock units outstanding as of September 30, 2023 and the changes for the nine months ended September 30, 2023:

			Weighted
			Average
	Number of		Grant Date
	RSUs		Fair Value
Balance at December 31, 2022		2,795,000	$	8.09
Granted		-		-
Exercised		-		-
Vested		-		-
Forfeited		-		-
Canceled/Expired		-		-
Balance at September 30, 2023		2,795,000	$	8.09

As of September 30, 2023, the unamortized value of the RSUs was $22,611,550.

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Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Equity

Note 6 – Equity

Authorized Capital Stock

The Company’s authorized capital stock consists of 550,000,000 shares, of which 500,000,000 are shares of Common Stock, without par value (the “Common Stock”), and 50,000,000 are shares of preferred stock, without par value, 1,990,000 of which have been designated as Series C Convertible Preferred Stock (the “Series C Preferred Stock”), 211,353 of which have been designated as Series D Convertible Preferred Stock (the “Series D Preferred Stock”), 100,000 of which have been designated as Series E Junior Participating Preferred Stock and 15,000 of which have been designated as Series F Convertible Preferred Stock (the “Series F Preferred Stock”). As of September 30, 2023 and December 31, 2022, there were 47,000,365 and 39,470,009 shares of Common Stock issued and outstanding, respectively. There were 72,992 shares of Series D Preferred Stock issued and outstanding and warrants to purchase Series C Preferred Stock convertible into 27,500 shares of Common Stock issued and outstanding as of September 30, 2023 and December 31, 2022. There were 9,859 and 0 shares of Series F Preferred Stock issued and outstanding as of September 30, 2023 and December 31, 2022. There were no shares of Series C Convertible Preferred Stock or Series E Junior Participating Preferred Stock issued and outstanding as of September 30, 2023 and December 31, 2023.

Preferred Stock

The holders of preferred shares or preferred warrants are entitled to vote per share, as limited by the certificate of designation for each class of preferred shares or warrants, at meetings of the Company.

Series D Convertible Preferred Stock

The following are the principal terms of the Series D Preferred Stock:

Rank

The Series D Preferred Stock ranks (1) on parity with Common Stock on an “as converted” basis, (2) senior to any series of our capital stock hereafter created specifically ranking by its terms junior to the Series D Preferred Stock, (3) on parity with any series of our capital stock hereafter created specifically ranking by its terms on parity with the Series D Preferred Stock, and (4) junior to any series of our capital stock hereafter created specifically ranking by its terms senior to the Series D Preferred Stock in each case, as to dividends or distributions of assets upon our liquidation, dissolution or winding up whether voluntary or involuntary.

Conversion Rights

A holder of Series D Preferred Stock is entitled at any time to convert any whole or partial number of shares of Series D Preferred Stock into shares of our Common Stock, determined by dividing the stated value equal to $0.01 by the conversion price of $0.01 per share. A holder of Series D Preferred Stock is prohibited from converting Series D Preferred Stock into shares of Common Stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 4.99% of the total number of shares of our Common Stock then issued and outstanding (with such ownership restriction referred to as the “Series D Beneficial Ownership Limitation”) immediately after giving effect to the issuance of the shares of Common Stock issuable upon conversion of the Series D Preferred Stock. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61 days after such notice to us. The conversion rate of the Series D Preferred Stock is subject to proportionate adjustments for stock splits, reverse stock splits and similar events, but is not subject to adjustment based on price anti-dilution provisions.

Dividend Rights

In addition to stock dividends or distributions for which proportionate adjustments will be made, holders of Series D Preferred Stock are entitled to receive dividends on shares of Series D 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 when, as and if such dividends are paid on shares of the Common Stock. No other dividends are payable on shares of Series D Preferred Stock.

Voting Rights

Subject to the Series D Beneficial Ownership Limitation, on any matter presented to our stockholders for their action or consideration at any meeting of our stockholders (or by written consent of stockholders in lieu of a meeting), each holder, in its capacity as such, shall be entitled to cast the number of votes equal to the number of whole shares of our Common Stock into which the Series D Preferred Stock beneficially owned by such holder are convertible as of the record date for determining stockholders entitled to vote on or consent to such matter (taking into account all Series D Preferred Stock beneficially owned by such holder). Except as otherwise required by law or by the other provisions of the Certificate of Designation of Series D Convertible Preferred Stock (the “Series D Certificate of Designation”), the holders of Series D Preferred Stock, in their capacity as such, shall vote together with the holders of our Common Stock and any other class or series of stock entitled to vote thereon as a single class.

Liquidation Rights

Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, the holders of Series D Preferred Stock are entitled to receive, pari passu with the holders of Common Stock, out of the assets available for distribution to stockholders an amount equal to such amount per share as would have been payable had all shares of Series D Preferred Stock been converted into Common Stock immediately before such liquidation, dissolution or winding up, without giving effect to any limitation on conversion as a result of the Series D Beneficial Ownership Limitation, as described above.

Exchange Listing

Series D Preferred Stock is not listed on the Nasdaq, any national securities exchange or other nationally recognized trading system. Our Common Stock issuable upon conversion of the Series D Preferred Stock is listed on the Nasdaq under the symbol “MYMD”.

Failure to Deliver Conversion Shares

If we fail to timely deliver shares of Common Stock upon conversion of the Series D Preferred Stock (the “Series D Conversion Shares”) within the time period specified in the Series D Certificate of Designation (within two trading days after delivery of the notice of conversion, or any shorter standard settlement period in effect with respect to trading market on the date notice is delivered), then we are obligated to pay to the holder, as liquidated damages, an amount equal to $25 per trading day (increasing to $50 per trading day on the third trading day and $100 per trading day on the sixth trading day) for each $5,000 of stated value of Series D Preferred Stock being converted which are not timely delivered. If we make such liquidated damages payments, we are also not obligated to make Series D Buy-In (as defined below) payments with respect to the same Series D Conversion Shares.

Compensation for Series D Buy-In on Failure to Timely Deliver Shares

If we fail to timely deliver the Series D Conversion Shares to the holder, and if after the required delivery date the holder is required by its broker to purchase (in an open market transaction or otherwise) or the holder or its brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the holder of the Series D Conversion Shares which the holder anticipated receiving upon such conversion or exercise (a “Series D Buy-In”), then we are obligated to (A) pay in cash to such holder (in addition to any other remedies available to or elected by such holder) the amount, if any, by which (x) such holder’s total purchase price (including any brokerage commissions) for the shares of Common Stock so purchased exceeds (y) the product of (1) the aggregate number of Series D Conversion Shares that such holder was entitled to receive from the conversion at issue multiplied by (2) the actual sale price at which the sell order giving rise to such purchase obligation was executed (including any brokerage commissions) and (B) at the option of such holder, either reissue (if surrendered) the shares of Series D Preferred Stock equal to the number of shares of Series D Preferred Stock submitted for conversion (in which case, such conversion shall be deemed rescinded) or deliver to such holder the number of Series D Conversion Shares that would have been issued if we had timely complied with its delivery requirements.

As of September 30, 2023, the Company had 72,992 shares of Series D Convertible Preferred Stock outstanding which represent 36,496 underlying shares of the Company Common Stock.

Series F Convertible Preferred Stock

The following are the principal terms of the Series F Preferred Stock:

Dividends

The holders of the Series F Preferred Stock are entitled to dividends of 10.0% per annum, compounded monthly, which are payable in cash or shares of Common Stock at the Company’s option, in accordance with the terms of the certificate of designation of the Series F Preferred Stock (the “Series F Certificate of Designation”). Upon the occurrence and during the continuance of a Triggering Event (as defined in the Series F Certificate of Designation), shares of Series F Preferred Stock will accrue dividends at the rate of 15.0% per annum. Upon conversion or redemption, the holders of shares of Series F Preferred Stock are also entitled to receive a dividend make-whole payment.

Voting Rights

The Series F Preferred Stock has no voting rights, except as required by law (including without limitation, the New Jersey Business Corporation Act (the “BCA”)) and as expressly provided in the Series F Certificate of Designation. To the extent that under the BCA the vote of the holders of shares of Series F Preferred Stock, voting separately as a class or series, as applicable, is required to authorize a given action of the Company, the affirmative vote or consent of a majority of the outstanding shares of Series F Preferred Stock, voting together in the aggregate and not in separate series unless required under the BCA, represented at a duly held meeting at which a quorum is presented or by written consent of such majority (except as otherwise may be required under the BCA) shall constitute the approval of such action by both the class or the series, as applicable. To the extent that under the BCA holders of shares of Series F Preferred Stock are entitled to vote on a matter with holders of shares of Common Stock, voting together as one class, each share of Series F Preferred Stock shall entitle the holder thereof to cast that number of votes per share as is equal to the number of shares of Common Stock into which it is then convertible (subject to certain beneficial ownership limitations) using the record date for determining the stockholders of the Company eligible to vote on such matters as the date as of which the Conversion Price is calculated.

Liquidation

Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, the each holder shares of the Series F Preferred Stock shall be entitled to receive out of the assets, whether capital or surplus, of the Company an amount per share of Series F Preferred Stock equal to the greater of (A) 125% of the stated value of such share of Series F Preferred Stock (plus any applicable make-whole amount, unpaid late charge or other applicable amount) on the date of such payment and (B) the amount per share such holder would receive if such holder converted such share of Series F Preferred Stock into Common Stock immediately prior to the date of such payment. All shares of capital stock of the Company shall be junior in rank to all shares of Series F Preferred Stock with respect to the preferences as to payments upon the liquidation.

Conversion

The Series F Preferred Stock is convertible into shares of Common Stock (the “Conversion Shares”). The initial conversion price, subject to adjustment as set forth in the Series F Certificate of Designation, is $2.255 (the “Conversion Price”). The Conversion Price can be adjusted as set forth in the Series F Certificate of Designation for stock dividends and stock splits or the occurrence of a fundamental transaction (generally including any reorganization, recapitalization or reclassification of the Common Stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of the outstanding Common Stock, or any person or group becoming the beneficial owner of 50% of the voting power represented by the outstanding Common Stock). The Conversion Price is also subject to “full ratchet” price-based adjustment in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Conversion Price (subject to certain exceptions). If any shares of Series F Preferred Stock are converted or reacquired by us, such shares shall resume the status of authorized but unissued shares of Series F Preferred Stock of the Company and shall no longer be designated as Series F Preferred Stock.

The Company is required to redeem the shares of Series F Preferred Stock in 12 equal monthly installments, commencing on July 1, 2023. The amortization payments due upon such redemption are payable, at the Company’s election, in cash, or subject to certain limitations, in shares of Common Stock valued at the lower of (i) the Conversion Price then in effect and (ii) the greater of (A) 80% of the average of the three lowest closing prices of the Company’s Common Stock during the thirty trading day period immediately prior to the date the amortization payment is due or (B) a “Floor Price” of $0.22 (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) or, in any case, such lower amount as permitted, from time to time, by the Nasdaq Stock Market; provided that if the Floor Price is the lowest effective price, the Company will be required to make the amortization payment in cash.

Exchange Cap

The Company was initially restricted from issuing shares of Common Stock upon conversion of the Series F Preferred Stock or exercise of the associated warrants in excess of 19.99% of the shares of Common Stock outstanding as of the date immediately prior to the issuance of the shares of Series F Preferred Stock and the associated warrants (the “Issuable Maximum”) until the Company obtained stockholder approval for the issuance of shares of Common Stock in excess of the Issuable Maximum (“Stockholder Approval”). The Company received the Stockholder Approval on July 31, 2023.

Optional Conversion

The Series F Preferred Stock can be converted at the option of the holder at any time and from time to time after the original issuance date. Holders shall effect conversions by providing us with the form of conversion notice (the “Notice of Conversion”) specifying the number of shares of Series F Preferred Stock to be converted, the number of shares of Series F Preferred Stock owned subsequent to the conversion at issue and the date on which such conversion is to be effected, which date may not be prior to the date the applicable holder delivers by email such Notice of Conversion to us.

Mandatory Conversion

If on any day after the issuance of the shares of Series F Preferred Stock the closing price of the Common Stock has exceeded 300% of the Conversion Price per share (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) for 20 consecutive trading days and the daily dollar trading volume of the Common Stock has exceeded $3,000,000 per trading day during the same period and certain equity conditions described in the Series F Certificate of Designation are satisfied (the “Mandatory Conversion Date”), we shall deliver written notice of the Mandatory Conversion (as defined below) to all holders on the Mandatory Conversion Date and, on such Mandatory Conversion Date, we shall convert all of each holder’s shares of Series F Preferred Stock into Conversion Shares at the then effective Conversion Price (the “Mandatory Conversion”). If any of the Equity Conditions shall cease to be satisfied at any time on or after the Mandatory Conversion Date through and including the actual delivery of all of the Conversion Shares to the holders, the Mandatory Conversion shall be deemed withdrawn and void ab initio.

Beneficial Ownership Limitation

The Series F Preferred Stock cannot be converted to Common Stock if the holder and its affiliates would beneficially own more than 4.99% or 9.99% at the election of the holder of the outstanding Common Stock. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99% upon notice to us, provided that any increase in this limitation will not be effective until 61 days after such notice from the holder to us and such increase or decrease will apply only to the holder providing such notice.

Common Stock

The holders of common shares are entitled to one vote per share at meetings of the Company.

As of September 30, 2023, the Company had 47,000,365 shares of Common Stock issued and outstanding. During the nine months ended September 30, 2023 issued 7,321,445 shares of common stock as installment conversions for the Series F Convertible Preferred.

Common Stock Warrants

The table below summarizes the warrant activity for the nine months ended September 30, 2023:

			Weighted		Average
			Average		Remaining		Aggregate
	Number of		Exercise		Contractual		Intrinsic
	Warrants		Price		Term (years)		Value
Balance at December 31, 2022		6,514,827	$	4.93		3.63	$	-
Issued		6,651,885		2.255		4.40		-
Exercised		-		-		-		-
Forfeited		-		-		-		-
Canceled/Expired		-		-		-		-
Balance at September 30, 2023		13,166,712	$	3.58		3.65	$	-
Exercisable as of September 30, 2023		13,166,712	$	3.58		3.65	$	-

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $0.59 for the Company’s common shares on September 30, 2023 and the closing stock price of $1.15 for the Company’s common shares on December 31, 2022. All warrants were vested on date of grant.

Pursuant to the February 2023 Offering, the Company issued to investors Warrants to purchase 6,651,885 shares of Common Stock, with an exercise price of $2.255 per share (subject to adjustment), for a period of five years from the date of issuance. The Exercise Price and the number of shares issuable upon exercise of the Warrants are subject to customary adjustments for stock dividends, stock splits, reclassifications and the like, and subject to price-based adjustment, on a “full ratchet” basis, in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Exercise Price (subject to certain exceptions). Upon any such price-based adjustment to the Exercise Price, the number of shares issuable upon exercise of the Warrants will be increased proportionately. (Note 3)

Pre-funded Common Stock Warrants

The table below summarizes the pre-funded warrant activity for the nine months ended September 30, 2023:

				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Warrants			Price		Term (years)		Value
Balance at December 31, 2022		135,135		$	0.002		-	$	155,135
Issued		-			-		-		-
Exercised		(135,135	)		0.002		-		-
Forfeited		-			-		-		-
Canceled/Expired		-			-		-		-
Balance at September 30, 2023		-		$	-		-	$	-
Exercisable as of September 30, 2023		-		$	-		-	$	-

All pre-funded warrants were vested on date of grant and are exercisable at any time. The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying award and the closing stock price of $0.59 for the Company’s common shares on September 30, 2023 and the closing stock price of $1.15 for Common Stock on December 31, 2022.

On April 27, 2023, a holder exercised 135,135 pre-funded warrants for 135,135 shares of Company Common Stock for net proceeds of $0.

Series C Convertible Preferred Stock Warrants

The table below summarizes the warrant activity for the nine months ended September 30, 2023:

			Weighted		Average
			Average		Remaining		Aggregate
	Number of		Exercise		Contractual		Intrinsic
	Warrants		Price		Term (years)		Value
Balance at December 31, 2022		27,500	$	8.00		1.94	$	-
Issued		-		-		-		-
Exercised		-		-		-		-
Forfeited		-		-		-		-
Canceled/Expired		-		-		-		-
Balance at September 30, 2023		27,500	$	8.00		1.45	$	-
Exercisable as of September 30, 2023		27,500	$	8.00		1.45	$	-

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of $0.59 for the Company’s common shares on September 30, 2023 and the closing stock price of $1.15 for the Company’s common shares on December 31, 2022. All Series C Convertible Preferred Stock Warrants were vested on date of grant.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7 – Commitments and Contingencies

Scientific Advisory Board

On February 1, 2021, the Company formed the Scientific Advisory Board to (i) provide strategic advice and make recommendations to management regarding current and planned research and development programs, (ii) advise management regarding the scientific merit of technology or products involved in licensing and acquisition opportunities and (iii) provide strategic advice to management regarding emerging science and technology issues and trends. During the three months ended September 30, 2023 and 2022, the Company incurred costs of $0 and $40,000, respectively. During the nine months ended September 30, 2023 and 2022, the Company incurred costs of $0 and $138,000, respectively. These expenses are included in Research and Development Expenses on the Condensed Consolidated Statement of Comprehensive Income (Loss). The Scientific Advisory Board was disbanded effective September 30, 2022.

Litigation and Settlements

Raymond Akers Actions

On April 14, 2021, Raymond F. Akers, Jr., Ph.D. filed a lawsuit against MyMD Pharmaceuticals, Inc. (p/k/a Akers Biosciences, Inc.) in the Superior Court of New Jersey, Law Division, Gloucester County (the “First Raymond Akers Action”). Mr. Akers asserts one common law whistleblower retaliation claim against the Company.

On September 23, 2021, the Court granted MyMD Pharmaceutical, Inc.’s (“MyMD’s”) Motion to Dismiss Plaintiff’s Amended Complaint and dismissed Plaintiff’s Amended Complaint. The Court indicated that Mr. Akers is “free to file another complaint, however, tort-based ‘Pierce’ allegations, and/or CEPA claims are barred by the statute of limitations.”

On March 1, 2022, Mr. Akers filed a second action against MyMD in the Superior Court of New Jersey, Law Division, Gloucester County (the “Second Raymond Akers Action”) again asserting one common law whistleblower retaliation claim against the Company. The Company plans to vigorously defend the claims made in the Second Raymond Akers Action.

On May 27, 2022, the Court granted-in-part and denied-in-part MyMD’s Motion to Dismiss Plaintiff’s Complaint. The Court reaffirmed the ruling in the First Raymond Akers Action that any tort-based Pierce claims are time-barred. However, the Court denied the Motion as it pertained to Plaintiff’s contract-based Pierce claim and “Repayment of Monies Owed” claim. On July 29, 2022, MyMD filed its Answer, which included affirmative defenses. As of September 30, 2023, the Second Raymond Akers Action is in the discovery phase.

All legal fees incurred were expensed as and when incurred.

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Related Parties

9 Months Ended

Sep. 30, 2023

Related Party Transactions [Abstract]

Related Parties

Note 8 – Related Parties

SRQ Patent Holdings and SRQ Patent Holdings II

MyMD is a party to two Amended and Restated Confirmatory Patent Assignment and Royalty Agreements, both dated November 11, 2020, with SRQ Patent Holdings and SRQ Patent Holdings II, under which MyMD (or its successor) will be obligated to pay to SRQ Patent Holdings or SRQ Patent Holdings II (or its designees) certain royalties on product sales or other revenue received on products that incorporate or are covered by the intellectual property that was assigned to MyMD. The royalty is equal to 8% of the net sales price on product sales and, without duplication, 8% of milestone revenue or sublicense compensation. SRQ Patent Holdings and SRQ Patent Holdings II are affiliates of Mr. Jonnie Williams, Sr. No revenue has been received subject to these agreements as of September 30, 2023 and 2022.

MIRA Pharmaceuticals Limited License Agreement

MyMD is a party to an Amended and Restated Limited License Agreement, dated June 27, 2022 and amended on April 20, 2023, with MIRA Pharmaceuticals, Inc. (Nasdaq: MIRA), under which the parties agreed to share technical information and know-how pertaining to the synthetic manufacture and formulation of the parties’ respective Supera-CBD™ and MIRA1a™ product candidates. MyMD, which holds patent rights to MIRA1a™ in 22 foreign countries, was granted a perpetual, non-exclusive, royalty-free license to use improvements to MIRA1a™ made under the agreement, and MIRA was granted a limited, perpetual, worldwide, non-exclusive, royalty-free license to use Supera-CBD™ as a synthetic intermediate in the manufacture of MIRA1a™. MyMD’s President and Chief Medical Officer, Chris Chapman, M.D., is Executive Chairman of MIRA; and MyMD’s Chief Scientific Officer, Adam Kaplin, M.D., Ph.D., is President and Chief Scientific Officer of MIRA.

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Employee Benefit Plan

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Employee Benefit Plan

Note 9 – Employee Benefit Plan

The Company maintains a defined contribution benefit plan under section 401(k) of the Internal Revenue Code covering substantially all qualified employees of the Company (the “401(k) Plan”). Under the 401(k) Plan, the Company matches 100% up to a 3% contribution, and 50% over a 3% contribution, up to a maximum of 5%.

The Company made matching contributions to the 401(k) Plan during the three months ended September 30, 2023 and 2022 of $11,435 and $6,498, respectively. The Company made matching contributions to the 401(k) Plan during the nine months ended September 30, 2023 and 2022 of $36,113 and $30,517, respectively.

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Patent Assignment and Royalty Agreement

9 Months Ended

Sep. 30, 2023

Patent Assignment And Royalty Agreement

Patent Assignment and Royalty Agreement

Note 10—Patent Assignment and Royalty Agreement

In November 2016, the Company entered into an agreement with the holders of certain intellectual property relating to the Company’s current product candidate. Under the terms of the agreement, the counterparty assigned its rights and interest in certain patents to the Company in exchange for future royalty payments based on a fixed percentage of future revenues, as defined. The agreement is effective until the later of (1) the date of expiration of the assigned patents or (2) the date of expiration of the last strategic partnership or licensing agreement including the assigned patents. No revenue has been received subject to these agreements as of September 30, 2023 and 2022.

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Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 11—Subsequent Events

NASDAQ Capital Market Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard

On October 11, 2023, the Company received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) indicating that, based upon the closing bid price of the Company’s common stock for the 30 consecutive business days between August 29, 2023, to October 10, 2023, the Company did not meet the minimum bid price of $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The letter also indicated that the Company will be provided with a compliance period of 180 calendar days, or until April 8, 2024 (the “Compliance Period”), in which to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A).

The letter has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on The Nasdaq Capital Market, subject to the Company’s compliance with the other listing requirements of The Nasdaq Capital Market

Platt Street Lease

Effective October 31, 2023, the Company cancelled the Platt Street Lease without penalty. As of October 31, 2023, Lease Right-of-Use assets were reduced by $29,736 and Lease Liabilities were reduced by $30,351 and a charge of $615 was recorded to General and Administrative Expenses.

Reduction in Workforce

During October 2023, the Company implemented a reduction in workforce, eliminating three of the Company’s ten employees. Separated employees were granted a severance package equal to one-quarter of their annual salary and will result in the recognition of $104,000 in personnel expenses in October 2023.

On June 7, 2023, the Company granted the employees options to purchase an aggregate of 230,000 shares of Common Stock with an exercise price of $1.66 per share. As consideration for a waiver and release in their separation agreements, the Company amended the employees’ respective June 7, 2023 option agreements to accelerate vesting of the portion of optioned shares that otherwise would have vested upon the first and second anniversaries of the date of grant. The options have an exercise period of twelve months from the date of separation.

Executive Officer Contract Amendments and Separations

Effective November 13, 2023, the Company entered into an amendment to the employment agreement of Dr. Chris Chapman, its President and Chief Medical Officer, providing for Dr. Chapman’s annual base salary to be adjusted from five hundred thousand dollars ($500,000) (the “Full Base Salary”) to two hundred fifty thousand dollars ($250,000) in cash per annum, until payment of his Full Base Salary would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion. The amendment further provides that the remaining $250,000 of base salary per annum (the “Deferral Amount”) shall be deferred until payment of the Deferral Amount would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion, at which time the Deferral Amount may be paid, at Dr. Chapman’s election, in shares of Common Stock or in cash.

In connection with an overall reduction in compensation paid to the Company’s directors implemented in November 2023, effective November 13, 2023, the Company entered into an amendment to the employment agreement of Christopher C. Schreiber, a Director and the Company’s former Executive Chairman, providing for Mr. Schreiber’s annual fee to be adjusted from three hundred thousand dollars ($300,000) (the “Full Fee”) to sixty thousand dollars ($60,000) in cash per annum, until payment of his Full Fee would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion. The amendment further provides that the remaining $240,000 of the fees per annum (the “Fee Deferral Amount”) shall be deferred until payment of the Fee Deferral Amount would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion, at which time the Fee Deferral Amount may be paid, at Mr. Schreiber’s election, in shares of Common Stock or in cash. The amendment also clarified that Mr. Schreiber’s title is “Director.”

Effective November 13, 2023, the Company entered into a mutual employment separation agreement with Paul M. Rivard, its Chief Legal Officer. The separation agreement provides for a lump-sum severance payment equal to three months of his normal base salary in exchange for a waiver and release. The separation agreement further provides that Mr. Rivard will be deemed a contractor providing services to the Company for purposes of any awards previously granted to him under the 2021 Plan if at the relevant time(s) he is providing services to the Company while under the employ of a law firm representing the Company.

Effective November 13, 2023, the Company entered into an amendment to the employment agreement of Dr. Adam Kaplin, its Chief Scientific Officer, providing that Dr. Kaplin’s employment shall have an initial term of four months, which the parties may mutually agree to extend for additional consecutive terms of one month each. The amendment further provides that, in the event of a termination without cause by the Company prior to the end of the initial term, Dr. Kaplin shall receive his monthly base salary through the end of the initial term. The amendment further provides that all outstanding and unvested shares granted pursuant to the Nonqualified Stock Option Agreement, dated June 7, 2023, between the Company and Dr. Kaplin shall accelerate upon the termination of Dr. Kaplin’s employment. Dr. Kaplin’s amendment further provides that, in the event of a termination without cause for any reason prior to the end of the first renewal term following the end of the initial term, the Company will continue to cover the costs of Dr. Kaplin’s health insurance coverage through the end of the first renewal term, subject to the execution and timely return of a release.

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

(a) Basis of Presentation

The condensed consolidated financial statements of the Company are prepared in U.S. Dollars and in accordance with accounting principles generally accepted in the United States of America (US GAAP).

The accompanying unaudited condensed financial statements have been prepared by the Company. These statements include all adjustments (consisting only of normal recurring adjustments) which management believes necessary for a fair presentation of the statements and have been prepared on a consistent basis using the accounting policies described in Note 2 Significant Accounting Policies included in the Notes to Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on March 31, 2023 (the “2022 Annual Report”). Certain financial information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the accompanying disclosures are adequate to make the information presented not misleading. The Notes to Financial Statements included in the 2022 Annual Report should be read in conjunction with the accompanying interim financial statements. The interim operating results for the nine months ended September 30, 2023 may not be necessarily indicative of the operating results expected for the full year.

Use of Estimates and Judgments

(b) Use of Estimates and Judgments

The preparation of financial statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements is included in the following notes for recording research and development expenses, impairment of intangible assets and the valuation of share-based payments.

Functional and Presentation Currency

(c) Functional and Presentation Currency

These condensed consolidated financial statements are presented in U.S. Dollars, which is the Company’s functional currency. All financial information has been rounded to the nearest dollar. Foreign Currency Transaction Gains or Losses, resulting from cash balances denominated in Foreign Currencies, are recorded in the Condensed Consolidated Statements of Comprehensive Income (Loss).

Comprehensive Income (Loss)

(d) Comprehensive Income (Loss)

The Company follows Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) 220 in reporting comprehensive income (loss). Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Since the Company has no items of other comprehensive income (loss), comprehensive income (loss) is equal to net income (loss).

Cash and Cash Equivalents

(e) Cash and Cash Equivalents

The Company considers all highly liquid investments, which include short-term bank deposits (up to three months from date of deposit) that are not restricted as to withdrawal date or use, to be cash equivalents.

Fair Value of Financial Instruments

(f) Fair Value of Financial Instruments

Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of and during the three and nine months ended September 30, 2023. The carrying amounts of cash equivalents, accounts receivable, other current assets, accounts payable, and accrued expenses approximated their fair values as of September 30, 2023 due to their short-term nature. The fair value of the bifurcated embedded derivative related to the convertible preferred stock was estimated using a Monte Carlo simulation model, which uses as inputs the fair value of the Company’s common stock and estimates for the equity volatility and traded volume volatility of the Company’s common stock, the time to maturity of the convertible preferred stock, the risk-free interest rate for a period that approximates the time to maturity, dividend rate, a penalty dividend rate, and the probability of default. The fair value of the warrant liabilities was estimated using the Black Scholes Model which uses as inputs the following weighted average assumptions: dividend yield, expected term in years; equity volatility; and risk-free interest rate.

Fair Value Measurement

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:

Level 1	Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company can access.
Level 2	Inputs to the valuation methodology include:
	●	quoted prices for similar assets or liabilities in active markets;
	●	quoted prices for identical or similar assets or liabilities in inactive markets;
	●	inputs other than quoted prices that are observable for the asset or liability;
	●	inputs that are derived principally from or corroborated by observable market data by correlation or other means
	If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.
Level 3	Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.

The following is a description of the valuation methodologies used for assets measured at fair value as of September 30, 2023 and December 31, 2022.

Marketable Securities: Valued using quoted prices in active markets for identical assets.

	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2)		Significant Unobservable Inputs (Level 3)
Marketable securities at September 30, 2023	$	8,174,283	$	-	$	-
Marketable securities at December 31, 2022	$	4,086,902	$	-	$	-

Marketable securities are classified as available for sale and are valued at fair market value. Maturities of the securities are less than one year.

As of September 30, 2023 and December 31, 2022, the Company held certain mutual funds, which, under FASB ASC 321-10, were considered equity investments. As such, the change in fair value in the three months ended September 30, 2023 and 2022 were gains of $2,324 and $1,899, respectively. The change in fair value in the nine months ended September 30, 2023 and 2022 was a loss of $371 and a gain of $1,754, respectively.

Losses resulting from the sales of marketable securities were $500 and $1,200 for the three months ended September 30, 2023 and 2022, respectively. Losses resulting from the sales of marketable securities were $714 and $4,849 for the nine months ended September 30, 2023 and 2022, respectively.

Proceeds from the sales of marketable securities in the nine months ended September 30, 2023 and 2022 were $9,250,000 and $9,000,000, respectively.

Fair Value on a Recurring Basis

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The estimated fair value of the warrant liabilities and bifurcated embedded derivatives represent Level 3 measurements. The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis as of September 30, 2023, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Description	Level		September 30, 2023
Liabilities:
Warrant liabilities (Note 3)		3	$	2,457,000
Derivative liabilities (Note 3)		3	$	898,100

The following table sets forth a summary of the change in the fair value of the warrant liabilities that is measured at fair value on a recurring basis:

Balance on December 31, 2022	$	-
Issuance of warrants reported at fair value		10,623,000
Change in fair value of warrant liabilities		(1,175,000	)
Balance on March 31, 2023		9,448,000
Change in fair value of warrant liabilities		(1,635,000	)
Balance on June 30, 2023		7,813,000
Change in fair value of warrant liabilities		(5,356,000	)
Balance on September 30, 2023	$	2,457,000

The following table sets forth a summary of the change in the fair value of the derivative liabilities that is measured at fair value on a recurring basis:

Balance on December 31, 2022	$	-
Issuance of convertible preferred stock with derivative liabilities		3,149,800
Change in fair value of derivative liabilities		120,700
Balance on March 31, 2023		3,270,500
Change in fair value of derivative liabilities		194,500
Balance on June 30, 2023		3,465,000
Change in fair value of derivative liabilities		(2,566,900	)
Balance on September 30, 2023	$	898,100

Derivative Financial Instruments

(g) Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” If liability accounting is required, the Company’s derivative instruments are recorded at fair value at the issuance date and re-valued at each reporting date, with changes in the fair value reported in the statements of operations. Derivative assets and liabilities are classified on the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within twelve (12) months of the balance sheet date.

The Company has determined that the Series F Convertible Preferred Stock warrants are derivatives that are required to be accounted for as liabilities. The Company has also determined that the following embedded features in the preferred stock are not clearly and closely related to the debt host instrument: 1) make-whole interest upon a contingent redemption event, 2) make-whole interest upon a conversion event, 3) an installment redemption upon an Equity Conditions Failure (as defined in the Certificate of Designation), and 4) variable share-settled installment conversion and as such are bifurcated from the preferred stock and accounted for as liabilities. The fair value of the warrants and embedded features are estimated using internal valuation models. The Company’s valuation models utilize inputs and other assumptions and may not be reflective of the price at which they can be settled.

Prepaid Expenses

(h) Prepaid Expenses

Prepaid expenses represent expenses paid prior to the date that the related services are rendered or used are comprised principally of prepaid insurance and research and development expenses.

Concentrations

(i) Concentrations

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash on deposit with financial institutions and accounts receivable. At times, the Company’s cash in banks is in excess of the FDIC insurance limit. The Company has not experienced any loss as a result of these cash deposits. These cash balances are maintained with three banks as of September 30, 2023.

Risk Management of Cash and Investments

(j) Risk Management of Cash and Investments

It is the Company’s policy to minimize the Company’s capital resources to investment risks, prioritizing the preservation of capital over investment returns. Investments are maintained in securities, primarily publicly traded, short-term money market funds based on highly rated federal, state and corporate bonds, that minimize the risk to the Company’s capital resources and provide ready access to funds.

The Company’s investment portfolios are regularly monitored for risk and are held with one brokerage firm.

Investments

(k) Investments

Investments recorded using the cost method will be assessed for any decrease in value that has occurred that is other than temporary and the other than temporary decrease in value shall be recognized. As and when circumstances and facts change, the Company will evaluate the Company’s ability to significantly influence operational and financial policy to establish a basis for converting the investment accounted for using the cost method to the equity method of valuation in accordance with FASB ASC 323.

In accordance with FASB ASC 323, the Company recognizes investments in joint ventures based upon the Company’s ability to significantly influence the operational or financial policies of the joint venture. An objective judgment of the level of influence is made at the time of the investment based upon several factors including, but not limited to the following:

a)	Representation on the Board of Directors
b)	Participation in policy-making processes
c)	Material intra-entity transactions
d)	Interchange of management personnel
e)	Technological dependencies
f)	Extent of ownership and the ability to influence decision making based upon the makeup of other owners when the shareholder group is small.

The Company follows the equity method for valuating investments in joint ventures when the existence of significant influence over operational and financial policy has been established, as determined by management; otherwise, the Company will valuate these investments using the cost method.

In accordance with FASB ASC 321-10-35-2, the Company has elected to measure its investment in Oravax Medical, Inc. (“Oravax”) (Note 3) as an equity security without a readily determinable fair value. Under this election, an equity security without a readily available fair value is reflected at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. At each reporting period, the Company is required to make a qualitative assessment considering impairment indicators to evaluate whether the investment is impaired. If deemed impaired, the Company is required to estimate the fair value of the investment and recognize an impairment loss equal to the difference between the fair value of the investment and its carry amount. As of September 30, 2023, the Company performed a qualitative assessment to evaluate whether the investment is impaired and determined that the investment was not impaired and thus no adjustment to fair market value was required as of September 30, 2023.

Property, Plant and Equipment

(l) Property, Plant and Equipment

Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Costs include expenditures that are directly attributable to the acquisition of the asset.

Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment and are recognized within “other (income)/expense” in the Condensed Consolidated Statements of Comprehensive Income (Loss).

Depreciation is recognized over the estimated useful lives of the property, plant and equipment. Leased assets are depreciated over the shorter of the lease term or their useful lives.

The estimated useful lives for the current and comparative periods are as follows:

	Useful Life
	(in years)
Plant and equipment	5-12
Furniture and fixtures	5-10
Computer equipment & software	3-5
Leasehold Improvements	Shorter of the remaining lease or estimated useful life

Depreciation methods, useful lives and residual values are reviewed at each reporting date.

Intangible Assets

(m) Intangible Assets

The Company’s long-lived intangible assets, other than goodwill, are assessed for impairment when events or circumstances indicate there may be an impairment. These assets were initially recorded at their estimated fair value at the time of acquisition and assets not acquired in acquisitions were recorded at historical cost. However, if their estimated fair value is less than the carrying amount, other intangible assets with indefinite lives are reduced to their estimated fair value through an impairment charge in the Condensed Consolidated Statements of Comprehensive Income (Loss).

Patents and Trade Secrets

Propriety protection for the Company’s products, technology and process is important to its competitive position. As of September 30, 2023, the Company has 16 issued U.S. patents, 63 foreign patents, three pending U.S. patent applications and 11 foreign patent applications pending in such jurisdictions as Australia, Canada, China, European Union, Israel, Japan and South Korea, which if issued are expected to expire between 2036 and 2041. Management intends to protect all other intellectual property (e.g. copyrights, trademarks and trade secrets) using all legal avenues available to the Company.

The Company records expenses related to the application for and maintenance of patents as a component of research and development expenses on the Condensed Consolidated Statement of Comprehensive Income ( Loss).

Patent Costs

Patents may be purchased from third parties. The costs of acquiring the patent are capitalized as patent costs if it represents a future economic benefit to the Company. Once a patent is acquired it is amortized over its remaining useful life and assessed for impairment when necessary.

Other Intangible Assets

Other intangible assets that are acquired by the Company, which have definite useful lives, are measured at cost less accumulated amortization and accumulated impairment losses.

Amortization

Amortization is recognized on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. The estimated useful lives for the current and comparative periods are as follows:

	Useful Life
	(in years)
Patents and trademarks	12-17

Goodwill

(n) Goodwill

Goodwill is evaluated annually for impairment or whenever we identify certain triggering events or circumstances that would more likely than not reduce the fair value below its carrying amount. Events or circumstances that might indicate an interim evaluation is warranted include, among other things, unexpected adverse business conditions, economic factors (for example, the loss of key personnel), supply costs, unanticipated competitive activities, and acts by governments and courts.

Recoverability of Long-Lived Assets

(o) Recoverability of Long-Lived Assets

In accordance with FASB ASC 360-10-35 “Impairment or Disposal of Long-lived Assets”, long-lived assets to be held and used are analyzed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable or that the useful lives of those assets are no longer appropriate. The Company evaluates at each balance sheet date whether events and circumstances have occurred that indicate possible impairment.

The Company determines the existence of such impairment by measuring the expected future cash flows (undiscounted and without interest charges) and comparing such amount to the carrying amount of the assets. An impairment loss, if one exists, is then measured as the amount by which the carrying amount of the asset exceeds the discounted estimated future cash flows. Assets to be disposed of are reported at the lower of the carrying amount or fair value of such assets less costs to sell. Asset impairment charges are recorded to reduce the carrying amount of the long-lived asset that will be sold or disposed of to their estimated fair values. Charges for the asset impairment reduce the carrying amount of the long-lived assets to their estimated salvage value in connection with the decision to dispose of such assets.

Right-of-Use Assets

(p) Right-of-Use Assets

The Company leased a facility in Tampa, Florida (“Hyde Park”) under an operating lease (“Hyde Park Lease”) with annual rentals of $22,048 to $23,320 plus certain operating expenses. The Hyde Park facility housed the MyMD Florida operations. The Hyde Park Lease took effect on July 1, 2019 for a term of 36 months initially set to expire on June 30, 2022. The Company cancelled the Hyde Park Lease in March 2022 without penalty.

The Company leases a facility in Baltimore, Maryland (“2021 Wolfe St”) under an operating lease (“2021 Baltimore Lease”) with annual rentals of $52,800 to $56,016 plus certain operating expenses. The 2021 Baltimore Lease took effect on November 17, 2021 for a term of 12 months with automatic renewals unless a sixty-day notice is provided. The initial term expires on November 30, 2022. The lease renewed effective December 1, 2022 for a term of 12 months with automatic renewals unless a sixty-day notice is provided.

The Company leases a facility in Tampa, Florida (“Platt St”) under an operating lease (“Platt Street Lease”) with annual rentals of $22,030 to $23,259 plus certain operating expenses. The Platt Street Lease took effect on April 1, 2022 for a term of 36 months. The Platt Street Lease was cancelled without penalty effective October 31, 2023 (see Note 11).

On January 1, 2019 (“Effective Date”), the Company adopted FASB ASC, Topic 842, Leases (“ASC 842”), which increases transparency and comparability by recognizing a lessee’s rights and obligations resulting from leases by recording them on the balance sheet as lease assets and lease liabilities. The new guidance requires the recognition of the right-of-use (“ROU”) assets and related operating and finance lease liabilities on the balance sheet. The Company adopted the new guidance using the modified retrospective approach on January 1, 2019.

The Company elected the package of practical expedients permitted within the standard, which allows an entity to forgo reassessing (i) whether a contract contains a lease, (ii) classification of leases, and (iii) whether capitalized costs associated with a lease meet the definition of initial direct costs. Also, the Company elected the expedient allowing an entity to use hindsight to determine the lease term and impairment of ROU assets and the expedient to allow the Company to not have to separate lease and non-lease components. The Company has also elected the short-term lease accounting policy under which the Company would not recognize a lease liability or ROU asset for any lease that at the commencement date has a lease term of twelve months or less and does not include a purchase option that the Company is more than reasonably certain to exercise.

For contracts entered into on or after the Effective Date, at the inception of a contract, the Company will assess whether the contract is, or contains, a lease. The Company’s assessment is based on: (i) whether the contract involves the use of a distinct identified asset, (ii) whether the Company obtained the right to substantially all the economic benefit from the use of the asset throughout the period, and (iii) whether the Company has the right to direct the use of the asset. Leases entered into prior to January 1, 2020, which were accounted for under ASC 840, were not reassessed for classification.

For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments. The Company generally uses its incremental borrowing rate as the discount rate for leases, unless an interest rate is implicitly stated in the lease. The present value of the lease payments is calculated using the incremental borrowing rate for operating leases, which was determined using a portfolio approach based on the rate of interest that the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The lease term for all the Company’s leases includes the non-cancellable period of the lease plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor. All ROU assets are reviewed for impairment.

Lease expense for operating leases consists of the lease payments plus any initial direct costs and is recognized on a straight-line basis over the lease term.

The Company’s operating leases are comprised of the 2021 Baltimore Lease, the Hyde Park Lease and the Platt Street Lease on the Condensed Consolidated Balance Sheet. The information related to these leases are presented below:

	As of September 30, 2023						As of December 31, 2022
	Platt Street		2021 Baltimore				Platt Street		2021 Baltimore
Balance Sheet Location	Lease		Lease		Total		Lease		Lease		Total
Operating Lease
Lease Right of Use	$	31,357	$	59,561	$	90,918	$	45,353	$	94,309	$	139,662
Lease Payable, current		20,673		51,953		72,626		18,741		47,039		65,780
Lease Payable - net of current		11,298		9,221		20,519		27,070		48,871		75,941

The following provides details of the Company’s lease expense:

	Three Months Ended September 30, 2023						Three Months Ended September 30, 2022
	Platt Street		2021 Baltimore				Hyde Park		Platt Street		2021 Baltimore
Lease Expenses	Lease		Lease		Total		Lease		Lease		Lease		Total
Operating Leases
Lease Costs	$	5,659	$	13,596	$	19,255	$	-	$	5,660	$	13,600	$	19,260

	Nine Months Ended September 30, 2023						Nine Months Ended September 30, 2022
	Platt Street		2021 Baltimore				Hyde Park		Platt Street		2021 Baltimore
Lease Expenses	Lease		Lease		Total		Lease		Lease		Lease		Total
Operating Leases
Lease Costs	$	16,826	$	40,788	$	57,614	$	6,251	$	11,321	$	40,800	$	58,372

Other information related to leases is presented below:

	Platt Street			2021 Baltimore
Other Information	Lease			Lease			Total
Operating Leases
Operating cash used	$	13,224		$	40,788		$	54,012
Average remaining lease term		18			14			16
Average discount rate		10.0	%		10.0	%		10.0	%

As of September 30, 2023, the annual minimum lease payments of the Company’s operating lease liabilities were as follows:

	Platt Street		2021 Baltimore
	Lease		Lease		Total
For Years Ending December 31,
2023		5,659		13,732		19,391
2024		23,103		51,348		74,451
2025		5,814		-		5,814
Total future minimum lease payments, undiscounted	$	34,576	$	65,080	$	99,656
Less: Imputed interest		2,605		3,906		6,511
Present value of future minimum lease payments	$	31,971	$	61,174	$	93,145

Revenue Recognition

(q) Revenue Recognition

The Company will recognize revenue under ASC 606, Revenue from Contracts with Customers. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods and services transferred to the customer. The following five steps are applied to achieve that core principle:

1)	Identify the contract with the customer
2)	Identify the performance obligations in the contract
3)	Determine the transaction price
4)	Allocate the transaction price to the performance obligations in the contract
5)	Recognize revenue when the company satisfies a performance obligation

Income Taxes

(r) Income Taxes

The Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse.

The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In management’s opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.

Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of September 30, 2023 and December 31, 2022, no liability for unrecognized tax benefits was required to be reported.

There was no income tax expense recorded for the net income for the three months ended September 30, 2023, as the Company can utilize net operating losses to offset the taxable income.

There was no income tax benefit recorded for the losses for the nine months ended September 30, 2023 and the three and nine months ended September 30, 2022 since management determined that the realization of the net deferred tax assets is not more likely than not to be realized and has recorded a full valuation allowance on the net deferred tax assets.

The Company’s policy for recording interest and penalties associated with tax audits is to record such items as a component of general and administrative expenses. There were no amounts accrued for penalties and interest for the three and nine months ended September 30, 2023 and 2022. The Company does not expect its uncertain tax position to change during the next twelve months. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.

Tax years from 2020 through 2022 remain subject to examination by federal and state jurisdictions.

Basic and Diluted Earnings/(Loss) per Share of Common Stock

(s) Basic and Diluted Earnings/(Loss) per Share of Common Stock

Basic earnings per common share are based on the weighted average number of shares outstanding during the periods presented. Diluted earnings per share is computed using the weighted average number of common shares plus dilutive common share equivalents outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered anti-dilutive.

Diluted net income (loss) per share is computed using the weighted average number of shares of Common Stock and dilutive potential Common Stock outstanding during the period. Diluted earnings per common share was the same as basic earnings per common share for the three months ended September 30, 2023 as the average market price of the common share during this period is lower than the exercise price of the potential common shares.

As the Company reported a net loss for the nine months ended September 30, 2023 and the three and nine months ended September 30, 2022, Common Stock equivalents were anti-dilutive.

As of September 30, 2023 and 2022, the following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Stock Options		4,145,000		4,376,737		4,145,000		4,376,737
Warrants to purchase common stock		13,166,712		6,522,461		13,166,712		6,522,461
Pre-funded Warrants to purchase common stock		-		135,135		-		135,135
Unvested Restricted Stock Units		2,795,000		2,795,000		2,795,000		2,795,000
Series C Convertible Preferred Warrants		27,500		27,500		27,500		27,500
Series D Preferred Convertible Stock		36,496		36,496		36,496		36,496
Series F Convertible Preferred Stock		4,371,619		-		4,371,619		-
Total potentially dilutive shares		24,542,327		13,893,329		24,542,327		13,893,329

Stock-based Payments

(t) Stock-based Payments

The Company accounts for stock-based compensation under the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 718, “Compensation - Stock Compensation”, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods using the straight-line method. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting (the “2018 Update”). The amendments in the 2018 Update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees. Prior to the 2018 Update, Topic 718 applied only to share-based transactions to employees. Consistent with the accounting requirement for employee share-based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied.

The Company has elected to account for forfeiture of stock-based awards as they occur.

Research and Development Costs

(u) Research and Development Costs

In accordance with FASB ASC 730, research and development costs are expensed as incurred and consist of fees paid to third parties that conduct certain research and development activities on the Company’s behalf.

Recently Issued Accounting Pronouncements

(v) Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements Adopted

In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40), Issuer’s Accounting for Certain Modifications or Exchanges or Freestanding Equity - Classified Written Call Options. The amendments in this Update clarify an issuer’s accounting for modifications or exchanges of freestanding equity - classified written call options (for example, warrants) that remain equity classified after modification or exchange. The amendments are effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. An entity should apply the amendments prospectively to modifications or exchanges occurring on or after the effective date of the amendments. Early adoption is permitted for all entities, including adoption in an interim period. If an entity elects to early adopt the amendments in this Update in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. The adoption of this ASU had no material impact on the Company’s condensed consolidated financial statements and related disclosure.

In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard establishes an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which is intended to result in a timelier recognition of losses. Under the CECL model, entities will estimate credit losses over the entire contractual term of the instrument (considering estimated prepayments, but not expected extensions or modifications) from the date of initial recognition of the financial instrument. Measurement of expected credit losses are to be based on relevant forecasts that affect collectability. The scope of financial assets within the CECL methodology is broad and includes trade receivables from certain revenue transactions and certain off-balance sheet credit exposures. Different components of the guidance require modified retrospective or prospective adoption.

In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments-Credit Losses. ASU 2018-19 clarifies that receivables arising from operating leases are not within the scope of the credit losses standard. Instead, entities would need to apply other U.S. GAAP, namely Topic 842 (Leases), to account for changes in the collectability assessment for operating leases. Other than operating lease receivables, Partnership trade receivables include receivables from finance leases and equipment sales. Under Topic 606 (Revenue from Contracts with Customers), revenue is recognized when, among other criteria, it is probable that the entity will collect the consideration to which it is entitled for goods or services transferred to a customer. At the point that finance lease receivables are recorded, they become subject to the CECL model and estimates of expected credit losses over their contractual life will be required to be recorded at inception based on historical information, current conditions, and reasonable and supportable forecasts. Trade receivables derived from equipment sales are of short duration and there is not a material difference between incurred losses and expected losses.

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which amends and clarifies several provisions of Topic 326. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, which amends Topic 326 to allow the fair value option to be elected for certain financial instruments upon adoption. ASU 2019-10 extended the effective date of ASU 2016-13 until December 15, 2022. The Company adopted this new guidance, including the subsequent updates to Topic 326, on January 1, 2023 and the adoption did not have a material impact on the Company’s condensed consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements Not Adopted

Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the Company’s condensed consolidated financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances.

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Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Marketable Securities

The following is a description of the valuation methodologies used for assets measured at fair value as of September 30, 2023 and December 31, 2022.

Marketable Securities: Valued using quoted prices in active markets for identical assets.

	Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)		Quoted Prices for Similar Assets or Liabilities in Active Markets (Level 2)		Significant Unobservable Inputs (Level 3)
Marketable securities at September 30, 2023	$	8,174,283	$	-	$	-
Marketable securities at December 31, 2022	$	4,086,902	$	-	$	-

Schedule of Fair Value Hierarchy of the Valuation Inputs

Description	Level		September 30, 2023
Liabilities:
Warrant liabilities (Note 3)		3	$	2,457,000
Derivative liabilities (Note 3)		3	$	898,100

Summary of Change in Fair Value of Warrant Liabilities

Balance on December 31, 2022	$	-
Issuance of warrants reported at fair value		10,623,000
Change in fair value of warrant liabilities		(1,175,000	)
Balance on March 31, 2023		9,448,000
Change in fair value of warrant liabilities		(1,635,000	)
Balance on June 30, 2023		7,813,000
Change in fair value of warrant liabilities		(5,356,000	)
Balance on September 30, 2023	$	2,457,000

Summary of Change in Fair Value of Derivative Liabilities

Balance on December 31, 2022	$	-
Issuance of convertible preferred stock with derivative liabilities		3,149,800
Change in fair value of derivative liabilities		120,700
Balance on March 31, 2023		3,270,500
Change in fair value of derivative liabilities		194,500
Balance on June 30, 2023		3,465,000
Change in fair value of derivative liabilities		(2,566,900	)
Balance on September 30, 2023	$	898,100

Schedule of Estimated Useful Lives of Property Plant and Equipment

The estimated useful lives for the current and comparative periods are as follows:

	Useful Life
	(in years)
Plant and equipment	5-12
Furniture and fixtures	5-10
Computer equipment & software	3-5
Leasehold Improvements	Shorter of the remaining lease or estimated useful life

Schedule of Estimated Useful Lives of Intangible Assets

Amortization is recognized on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill, from the date that they are available for use. The estimated useful lives for the current and comparative periods are as follows:

	Useful Life
	(in years)
Patents and trademarks	12-17

Schedule of Condensed Consolidated Balance Sheet Information Related to Operating Lease

Lease expense for operating leases consists of the lease payments plus any initial direct costs and is recognized on a straight-line basis over the lease term.

The Company’s operating leases are comprised of the 2021 Baltimore Lease, the Hyde Park Lease and the Platt Street Lease on the Condensed Consolidated Balance Sheet. The information related to these leases are presented below:

	As of September 30, 2023						As of December 31, 2022
	Platt Street		2021 Baltimore				Platt Street		2021 Baltimore
Balance Sheet Location	Lease		Lease		Total		Lease		Lease		Total
Operating Lease
Lease Right of Use	$	31,357	$	59,561	$	90,918	$	45,353	$	94,309	$	139,662
Lease Payable, current		20,673		51,953		72,626		18,741		47,039		65,780
Lease Payable - net of current		11,298		9,221		20,519		27,070		48,871		75,941

Schedule of Lease Expense

The following provides details of the Company’s lease expense:

	Three Months Ended September 30, 2023						Three Months Ended September 30, 2022
	Platt Street		2021 Baltimore				Hyde Park		Platt Street		2021 Baltimore
Lease Expenses	Lease		Lease		Total		Lease		Lease		Lease		Total
Operating Leases
Lease Costs	$	5,659	$	13,596	$	19,255	$	-	$	5,660	$	13,600	$	19,260

	Nine Months Ended September 30, 2023						Nine Months Ended September 30, 2022
	Platt Street		2021 Baltimore				Hyde Park		Platt Street		2021 Baltimore
Lease Expenses	Lease		Lease		Total		Lease		Lease		Lease		Total
Operating Leases
Lease Costs	$	16,826	$	40,788	$	57,614	$	6,251	$	11,321	$	40,800	$	58,372

Schedule of Other Information Related to Leases

Other information related to leases is presented below:

	Platt Street			2021 Baltimore
Other Information	Lease			Lease			Total
Operating Leases
Operating cash used	$	13,224		$	40,788		$	54,012
Average remaining lease term		18			14			16
Average discount rate		10.0	%		10.0	%		10.0	%

Schedule of Operating Lease Minimum Lease Payments

As of September 30, 2023, the annual minimum lease payments of the Company’s operating lease liabilities were as follows:

	Platt Street		2021 Baltimore
	Lease		Lease		Total
For Years Ending December 31,
2023		5,659		13,732		19,391
2024		23,103		51,348		74,451
2025		5,814		-		5,814
Total future minimum lease payments, undiscounted	$	34,576	$	65,080	$	99,656
Less: Imputed interest		2,605		3,906		6,511
Present value of future minimum lease payments	$	31,971	$	61,174	$	93,145

Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share

As of September 30, 2023 and 2022, the following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Stock Options		4,145,000		4,376,737		4,145,000		4,376,737
Warrants to purchase common stock		13,166,712		6,522,461		13,166,712		6,522,461
Pre-funded Warrants to purchase common stock		-		135,135		-		135,135
Unvested Restricted Stock Units		2,795,000		2,795,000		2,795,000		2,795,000
Series C Convertible Preferred Warrants		27,500		27,500		27,500		27,500
Series D Preferred Convertible Stock		36,496		36,496		36,496		36,496
Series F Convertible Preferred Stock		4,371,619		-		4,371,619		-
Total potentially dilutive shares		24,542,327		13,893,329		24,542,327		13,893,329

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Recent Developments, Liquidity and Management’s Plans (Tables)

9 Months Ended

Sep. 30, 2023

Recent Developments Liquidity And Managements Plans

Summary of Milestone Events Payment

Milestone Event	Milestone Payment
Market capitalization of the combined company for at least ten (10) trading days during any 20 consecutive trading day period during the Milestone Period is equal to or greater than $500,000,000 (the “First Milestone Event”).	$20,000,000
For every $250,000,000 incremental increase in market capitalization of the combined company after the First Milestone Event to the extent such incremental increase occurs for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period, up to a $1,000,000,000 market capitalization of the combined company.	$10,000,000 per each incremental increase (it being understood, however, that, if such incremental increase results in market capitalization equal to $1,000,000,000, such $10,000,000 payment in respect of such incremental increase shall be payable without duplication of any amount payable in respect of a Second Milestone Event, as defined below).
Market capitalization of the combined company for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period is equal to or greater than $1,000,000,000 (the “Second Milestone Event”)	$25,000,000
For every $1,000,000,000 incremental increase in market capitalization of the combined company after the Second Milestone Event to the extent such incremental increase occurs for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period.	$25,000,000 per each incremental increase

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Trade and Other Payables (Tables)

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Schedule of Trade and Other Payables

Trade and other payables consist of the following:

	September 30, 2023		December 31, 2022
Accounts Payable – Trade	$	1,347,904	$	2,356,555
Accrued Expenses		685,936		316,666
	$	2,033,840	$	2,673,221

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Stock-based Payments (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Options Activity

The following table summarizes the activities for MyMD stock options for the three months ended September 30, 2023:

								Weighted
								Average
				Weighted		Weighted		Remaining
	Number			Average		Average		Contractual		Aggregate
	of			Exercise		Grant Date		Term		Intrinsic
	Shares			Price		Fair Value		(years)		Value
Balance at December 31, 2022		4,476,737		$	2.64	$	2.64		0.64	$	-
Granted		3,845,000			1.40		1.29		8.75	$	-
Exercised		-			-		-		-		-
Forfeited		-			-		-		-		-
Canceled/Expired		(4,176,737	)		2.59		2.59		-		-
Balance at September 30, 2023		4,145,000			1.54		1.42		8.47	$	-
Exercisable as of September 30, 2023		1,214,999			1.38		1.27		8.82	$	-

Summary of Restricted Stock Units Activity

The following is the status of outstanding unvested restricted stock units outstanding as of September 30, 2023 and the changes for the nine months ended September 30, 2023:

			Weighted
			Average
	Number of		Grant Date
	RSUs		Fair Value
Balance at December 31, 2022		2,795,000	$	8.09
Granted		-		-
Exercised		-		-
Vested		-		-
Forfeited		-		-
Canceled/Expired		-		-
Balance at September 30, 2023		2,795,000	$	8.09

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Equity (Tables)

9 Months Ended

Sep. 30, 2023

Common Stock Warrants [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Summary of Warrant Activity

The table below summarizes the warrant activity for the nine months ended September 30, 2023:

			Weighted		Average
			Average		Remaining		Aggregate
	Number of		Exercise		Contractual		Intrinsic
	Warrants		Price		Term (years)		Value
Balance at December 31, 2022		6,514,827	$	4.93		3.63	$	-
Issued		6,651,885		2.255		4.40		-
Exercised		-		-		-		-
Forfeited		-		-		-		-
Canceled/Expired		-		-		-		-
Balance at September 30, 2023		13,166,712	$	3.58		3.65	$	-
Exercisable as of September 30, 2023		13,166,712	$	3.58		3.65	$	-

Pre-funded Common Stock Warrants [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Summary of Warrant Activity

The table below summarizes the pre-funded warrant activity for the nine months ended September 30, 2023:

				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Contractual		Intrinsic
	Warrants			Price		Term (years)		Value
Balance at December 31, 2022		135,135		$	0.002		-	$	155,135
Issued		-			-		-		-
Exercised		(135,135	)		0.002		-		-
Forfeited		-			-		-		-
Canceled/Expired		-			-		-		-
Balance at September 30, 2023		-		$	-		-	$	-
Exercisable as of September 30, 2023		-		$	-		-	$	-

Series C Convertible Preferred Stock Warrants [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Summary of Warrant Activity

The table below summarizes the warrant activity for the nine months ended September 30, 2023:

			Weighted		Average
			Average		Remaining		Aggregate
	Number of		Exercise		Contractual		Intrinsic
	Warrants		Price		Term (years)		Value
Balance at December 31, 2022		27,500	$	8.00		1.94	$	-
Issued		-		-		-		-
Exercised		-		-		-		-
Forfeited		-		-		-		-
Canceled/Expired		-		-		-		-
Balance at September 30, 2023		27,500	$	8.00		1.45	$	-
Exercisable as of September 30, 2023		27,500	$	8.00		1.45	$	-

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Schedule of Marketable Securities (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Platform Operator, Crypto-Asset [Line Items]
Marketable securities	$ 8,174,283	$ 4,086,902
Fair Value, Inputs, Level 1 [Member]
Platform Operator, Crypto-Asset [Line Items]
Marketable securities	8,174,283	4,086,902
Fair Value, Inputs, Level 2 [Member]
Platform Operator, Crypto-Asset [Line Items]
Marketable securities
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto-Asset [Line Items]
Marketable securities

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Schedule of Fair Value Hierarchy of the Valuation Inputs (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Platform Operator, Crypto-Asset [Line Items]
Warrant liabilities	$ 2,457,000
Fair Value, Inputs, Level 3 [Member]
Platform Operator, Crypto-Asset [Line Items]
Warrant liabilities	2,457,000
Derivative liabilities	$ 898,100

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Summary of Change in Fair Value of Warrant Liabilities (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability, ending balance
Issuance of warrants reported at fair value					10,623,000
Change in fair value of warrant liability	$ (5,356,000)				(8,166,000)
Warrant liability, ending balance	2,457,000				2,457,000
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability, ending balance	7,813,000	$ 9,448,000
Issuance of warrants reported at fair value			10,623,000
Change in fair value of warrant liability	(5,356,000)	(1,635,000)	(1,175,000)
Warrant liability, ending balance	$ 2,457,000	$ 7,813,000	$ 9,448,000		$ 2,457,000

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Summary of Change in Fair Value of Derivative Liabilities (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of bifurcated embedded derivative	$ 2,566,900				$ 2,251,700
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities, ending balance	3,465,000	$ 3,270,500
Issuance of convertible preferred stock with bifurcated embedded derivative			3,149,800
Change in fair value of bifurcated embedded derivative	(2,566,900)	194,500	120,700
Derivative liabilities, ending balance	$ 898,100	$ 3,465,000	$ 3,270,500		$ 898,100

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Schedule of Estimated Useful Lives of Property Plant and Equipment (Details)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful lives	5 years
Property, Plant and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful lives	12 years
Furniture and Fixtures [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful lives	5 years
Furniture and Fixtures [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful lives	10 years
Computer Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful lives	3 years
Computer Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful lives	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful lives	Shorter of the remaining lease or estimated useful life

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Schedule of Estimated Useful Lives of Intangible Assets (Details) - Patents and Trademarks [Member]	Sep. 30, 2023
Minimum [Member]
Property, Plant and Equipment [Line Items]
Intangible assets estimated, useful lives	12 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Intangible assets estimated, useful lives	17 years

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Schedule of Condensed Consolidated Balance Sheet Information Related to Operating Lease (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Lease Right of Use	$ 90,918	$ 139,662
Lease Payable, current	72,626	65,780
Lease Payable - net of current	20,519	75,941
Platt Street [Member]
Property, Plant and Equipment [Line Items]
Lease Right of Use	31,357	45,353
Lease Payable, current	20,673	18,741
Lease Payable - net of current	11,298	27,070
2021 Baltimore [Member]
Property, Plant and Equipment [Line Items]
Lease Right of Use	59,561	94,309
Lease Payable, current	51,953	47,039
Lease Payable - net of current	$ 9,221	$ 48,871

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Schedule of Lease Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Lease Costs	$ 19,255	$ 19,260	$ 57,614	$ 58,372
Platt Street [Member]
Property, Plant and Equipment [Line Items]
Lease Costs	5,659	5,660	16,826	11,321
2021 Baltimore [Member]
Property, Plant and Equipment [Line Items]
Lease Costs	$ 13,596	13,600	$ 40,788	40,800
Hyde Park Facility [Member]
Property, Plant and Equipment [Line Items]
Lease Costs				$ 6,251

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Schedule of Other Information Related to Leases (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Operating cash used	$ 54,012
Average remaining lease term	16 years
Average disount rate	10.00%
Platt Street [Member]
Property, Plant and Equipment [Line Items]
Operating cash used	$ 13,224
Average remaining lease term	18 years
Average disount rate	10.00%
2021 Baltimore [Member]
Property, Plant and Equipment [Line Items]
Operating cash used	$ 40,788
Average remaining lease term	14 years
Average disount rate	10.00%

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Schedule of Operating Lease Minimum Lease Payments (Details)	Sep. 30, 2023 USD ($)
Property, Plant and Equipment [Line Items]
2023	$ 19,391
2024	74,451
2025	5,814
Total future minimum lease payments, undiscounted	99,656
Less: Imputed interest	6,511
Present value of future minimum lease payments	93,145
Platt Street [Member]
Property, Plant and Equipment [Line Items]
2023	5,659
2024	23,103
2025	5,814
Total future minimum lease payments, undiscounted	34,576
Less: Imputed interest	2,605
Present value of future minimum lease payments	31,971
2021 Baltimore [Member]
Property, Plant and Equipment [Line Items]
2023	13,732
2024	51,348
2025
Total future minimum lease payments, undiscounted	65,080
Less: Imputed interest	3,906
Present value of future minimum lease payments	$ 61,174

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Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	24,542,327	13,893,329	24,542,327	13,893,329
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	4,145,000	4,376,737	4,145,000	4,376,737
Warrants to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	13,166,712	6,522,461	13,166,712	6,522,461
Pre-funded Warrants to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares		135,135		135,135
Unvested Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	2,795,000	2,795,000	2,795,000	2,795,000
Series C Preferred Convertible Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	27,500	27,500	27,500	27,500
Series D Preferred Convertible Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	36,496	36,496	36,496	36,496
Series F Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive shares	4,371,619		4,371,619

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Significant Accounting Policies (Details Narrative) - USD ($)				3 Months Ended		9 Months Ended
	Apr. 01, 2022	Nov. 17, 2021	Jul. 01, 2019	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 01, 2022
Property, Plant and Equipment [Line Items]
Unrealized gain loss on marketable securities				$ 2,324	$ 1,899		$ 1,754
Unrealized gain loss on marketable securities						$ 371
Gains on sale of marketable securities				500	1,200	714	4,849
Proceeds from the sales of marketable securities						9,250,000	9,000,000
Income tax expense
Income tax examination, penalties and interest accrued				$ 0	$ 0	$ 0	$ 0
Hyde Park Facility [Member]
Property, Plant and Equipment [Line Items]
Lessee operating lease term of contract			36 months
Expiration date			Jun. 30, 2022
2021 Baltimore [Member]
Property, Plant and Equipment [Line Items]
Lessee operating lease term of contract		12 months
Expiration date		Nov. 30, 2022
Lessee operating lease renewal term								12 months
Platt Street [Member]
Property, Plant and Equipment [Line Items]
Lessee operating lease term of contract	36 months
Minimum [Member] | Hyde Park Facility [Member]
Property, Plant and Equipment [Line Items]
Payments for rent			$ 22,048
Minimum [Member] | 2021 Baltimore [Member]
Property, Plant and Equipment [Line Items]
Payments for rent		$ 52,800
Minimum [Member] | Platt Street [Member]
Property, Plant and Equipment [Line Items]
Payments for rent	$ 22,030
Maximum [Member] | Hyde Park Facility [Member]
Property, Plant and Equipment [Line Items]
Payments for rent			$ 23,320
Maximum [Member] | 2021 Baltimore [Member]
Property, Plant and Equipment [Line Items]
Payments for rent		$ 56,016
Maximum [Member] | Platt Street [Member]
Property, Plant and Equipment [Line Items]
Payments for rent	$ 23,259

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Summary of Milestone Events Payment (Details)	9 Months Ended
	Sep. 30, 2023 d
Milestone Period One [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone Event	Market capitalization of the combined company for at least ten (10) trading days during any 20 consecutive trading day period during the Milestone Period is equal to or greater than $500,000,000
Debt Instrument, Convertible, Threshold Trading Days	10
Milestone Payment	20,000,000
Milestone Period Two [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone Event	For every $250,000,000 incremental increase in market capitalization of the combined company after the First Milestone Event to the extent such incremental increase occurs for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period, up to a $1,000,000,000 market capitalization of the combined company.
Debt Instrument, Convertible, Threshold Trading Days	10
Milestone Payment	10,000,000 per each incremental increase (it being understood, however, that, if such incremental increase results in market capitalization equal to $1,000,000,000, such $10,000,000 payment in respect of such incremental increase shall be payable without duplication of any amount payable in respect of a Second Milestone Event, as defined below)
Milestone Period Three [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone Event	Market capitalization of the combined company for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period is equal to or greater than $1,000,000,000 (the “Second Milestone Event”)
Debt Instrument, Convertible, Threshold Trading Days	10
Milestone Payment	25,000,000
Milestone Period Four [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone Event	For every $1,000,000,000 incremental increase in market capitalization of the combined company after the Second Milestone Event to the extent such incremental increase occurs for at least 10 trading days during any 20 consecutive trading day period during the Milestone Period.
Debt Instrument, Convertible, Threshold Trading Days	10
Milestone Payment	25,000,000

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Recent Developments, Liquidity and Management’s Plans (Details Narrative)			3 Months Ended						9 Months Ended
	Jun. 28, 2023 shares	Feb. 21, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Apr. 16, 2021 $ / shares
Reverse stock split description									the Company effected a 1-for-2 reverse stock split of the issued and outstanding Company Common Stock
Share value new issues						$ 5,550,028
Preferred stock dividends			$ 1,158,051						$ 1,690,180
Derivative liability fair value		$ 3,149,800	898,100						898,100
Stock issuance costs									314,311
Fair value of the warrants									10,623,000
Change in fair value of Derivatives Liabilities			$ 2,566,900						$ 2,251,700
Probability of default			8.2						8.2
Preferred Stock Dividends, Shares | shares			871,323						871,323
Dividends preferred stock			$ 766,503						$ 766,503
Stock Issued During Period, Value, Conversion of Units			2,347,852						4,695,704
Fair value of the warrants									10,623,000
Issuance of warrants									762,834
Change in fair value of Warrant Liabilities			(5,356,000)						(8,166,000)
Fair value of warrants			2,457,000						2,457,000
Cash on hand			298,318						298,318		749,090
Marketable securities			8,174,283						8,174,283		4,086,902
Loss from operations									1,636,391
Working capital			4,040,337						4,040,337
Stockholders' equity			15,500,682	$ 10,741,770	13,094,059	18,327,047	$ 16,118,343	$ 19,622,140	15,500,682	18,327,047	14,695,056	$ 23,647,174
Accumulated deficit			97,085,475						97,085,475		$ 93,758,904
Net cash provided by operating activities									11,047,995	10,021,664
Net loss			(4,042,994)	4,167,653	1,511,732	3,693,741	3,636,043	4,122,034	1,636,391	11,451,818
Prepaid expenses									697,691	(113,217)
Decrease in trade and other payables									639,381	(730,683)
Fair value of the warrant liability									10,417,700
Share based compensation			595,576			352,417			2,341,915	581,663
Other Operating Income (Expense) [Member]
Change in fair value of Derivatives Liabilities			2,566,900						2,251,700
Fair value of common stock on valuation date			590,000						590,000
Change in fair value of Warrant Liabilities			$ 5,356,000						$ 8,166,000
Measurement Input, Expected Dividend Rate [Member]
Estimated dividend rate		10.00	10.00						10.00
Estimated Equity volatility									130.00%
Fair value assumptions risk free interest rate									5.49%
Measurement Input, Option Volatility [Member]
Estimated dividend rate		120.00
Stock price per share			125.0						125.0
Measurement Input, Price Volatility [Member]
Estimated dividend rate		190.00
Measurement Input, Maturity [Member]
Time of maturity		1 year 4 months 6 days
Measurement Input, Maturity [Member] | Other Operating Income (Expense) [Member]
Time of maturity									9 months
Measurement Input, Discount Rate [Member]
Estimated dividend rate		6.08
Measurement Input, Lapse Rate [Member]
Estimated dividend rate		15.00	15.00						15.00
Measurement Input, Default Rate [Member]
Estimated dividend rate		0.05
Measurement Input Volume Volatility [Member]
Estimated traded volume volatility			120.0						120.0
Measurement Input, Expected Dividend Payment [Member]
Stock price per share			0						0
Measurement Input, Risk Free Interest Rate [Member]
Stock price per share			4.09						4.09
Series F Convertible Preferred Stock [Member]
Conversion price | $ / shares		$ 2.255
Conversion of stock, description		(i) the Conversion Price then in effect and (ii) the greater of (A) 80% of the average of the three lowest closing prices of the Company’s Common Stock during the thirty trading day period immediately prior to the date the amortization payment is due or (B) a “Floor Price” of $0.22 (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) or, in any case, such lower amount as permitted, from time to time, by the Nasdaq Stock Market.							If on any day after the issuance of the shares of Series F Preferred Stock the closing price of the Common Stock has exceeded 300% of the Conversion Price per share (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) for 20 consecutive trading days and the daily dollar trading volume of the Common Stock has exceeded $3,000,000 per trading day during the same period and certain equity conditions described in the Series F Certificate of Designation are satisfied (the “Mandatory Conversion Date”), we shall deliver written notice of the Mandatory Conversion (as defined below) to all holders on the Mandatory Conversion Date and, on such Mandatory Conversion Date, we shall convert all of each holder’s shares of Series F Preferred Stock into Conversion Shares at the then effective Conversion Price (the “Mandatory Conversion”). If any of the Equity Conditions shall cease to be satisfied at any time on or after the Mandatory Conversion Date through and including the actual delivery of all of the Conversion Shares to the holders, the Mandatory Conversion shall be deemed withdrawn and void ab initio.
Share issued price, per share | $ / shares		$ 6.765
Share value new issues		$ 3,000,000
Preferred shares dividend rate		10.00%							10.00%
Series F Convertible Preferred Stock [Member] | Measurement Input, Expected Dividend Rate [Member]
Preferred shares dividend rate		15.00%
Series F Convertible Preferred Stock [Member] | Measurement Input, Default Rate [Member]
Preferred shares dividend rate									15.00%
Securities Purchase Agreement [Member] | Investors [Member]
Number of shares issued | shares		15,000
Number of shares issued, value		$ 1,000
Shares issued upon conversion | shares		6,651,885
Warrant exercise price | $ / shares		$ 2.255
Warrants to purchase common stock | shares		6,651,885
Warrants term		5 years
Warrant [Member]
Warrants shares | shares			986,486						986,486
Warrants term			5 years						5 years
Warrant [Member] | Measurement Input, Expected Dividend Rate [Member]
Stock price per share			0						0
Warrant [Member] | Measurement Input, Risk Free Interest Rate [Member]
Stock price per share			4.66						4.66
Warrant [Member] | Measurement Input, Expected Term [Member]
Warrants term			4 years 4 months 24 days						4 years 4 months 24 days
Warrant [Member] | Measurement Input Equity Volatility [Member]
Stock price per share			115.0						115.0
Common Stock [Member]
Warrants shares | shares			4,188,315						4,188,315
Share value new issues						5,550,028
Exercise price | $ / shares			$ 0.59						$ 0.59		$ 1.15
Issuance of preferred shares | shares	73,776		4,101,909						6,450,122
Preferred Stock Dividends, Shares | shares			871,323
Stockholders' equity			$ 112,441,633	110,567,664	108,378,504	108,195,909	102,293,464	102,161,218	$ 112,441,633	108,195,909	$ 108,309,436	102,064,218
Net loss
Common Stock [Member] | Measurement Input, Exercise Price [Member]
Exercise price | $ / shares		$ 1.90
Preferred Stock [Member]
Share value new issues									14,087,111
Derivative liability fair value			3,149,800						3,149,800
Conversion of preferred stock			152,149						304,296
Preferred Stock [Member] | Series F Convertible Preferred Stock [Member]
Share value new issues					912,889
Stockholders' equity
Net loss
Former MyMD Florida Equity Holders [Member]
Equity percentage			77.05%						77.05%
Akers Bio Sciences Inc [Member]
Equity percentage			22.95%						22.95%
MyMD Pharmaceuticals (Florida), Inc [Member]
Common stock, par value | $ / shares													$ 0.001
Exchange ratio price per shares | $ / shares													$ 0.7718

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Schedule of Trade and Other Payables (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts Payable – Trade	$ 1,347,904	$ 2,356,555
Accrued Expenses	685,936	316,666
Trade and other payables, Total	$ 2,033,840	$ 2,673,221

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Summary of Stock Options Activity (Details)	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Shares, Beginning Balance | shares	4,476,737
Weighted Average Exercise Price, Beginning Balance	$ 2.64
Weighted Average Grant Date Fair Value, Beginning	$ 2.64
Weighted Average Remaining Contractual Term (Years), Beginning	7 months 20 days
Aggregate Intrinsic Value, Beginning Balance | $
Number of Shares, Granted | shares	3,845,000
Weighted Average Exercise Price, Granted	$ 1.40
Weighted Average Grant Date Fair Value, Granted	$ 1.29
Weighted Average Remaining Contractual Term (Years), Granted	8 years 9 months
Number of Shares, Exercised | shares
Weighted Average Exercise Price, Exercised
Weighted Average Grant Date Fair Value, Exercised
Number of Shares, Forfeited | shares
Weighted Average Exercise Price, Forfeited
Weighted Average Grant Date Fair Value, Forfeited
Number of Shares, Canceled/Expired | shares	(4,176,737)
Weighted Average Exercise Price, Canceled/Expired	$ 2.59
Weighted Average Grant Date Fair Value, Canceled/Expired	$ 2.59
Number of Shares, Ending Balance | shares	4,145,000
Weighted Average Exercise Price, Ending Balance	$ 1.54
Weighted Average Grant Date Fair Value, Ending	$ 1.42
Weighted Average Remaining Contractual Term (Years), Ending	8 years 5 months 19 days
Aggregate Intrinsic Value, Ending Balance | $
Number of Shares, Exercisable | shares	1,214,999
Weighted Average Exercise Price, Exercisable	$ 1.38
Weighted Average Grant Date Fair Value, Exercisable	$ 1.27
Weighted Average Remaining Contractual Term (Years), Exercisable	8 years 9 months 25 days
Aggregate Intrinsic Value, Exercisable | $

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Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares		9 Months Ended
	Oct. 14, 2021	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of RSUs, Beginning Balance		2,795,000
Weighted Average Grant Date Fair Value, Beginning Balance		$ 8.09
Number of RSUs, Granted	2,795,000
Weighted Average Grant Date Fair Value, Granted	$ 8.09
Number of RSUs, Exercised
Weighted Average Grant Date Fair Value, Exercised
Number of RSUs, Vested
Weighted Average Grant Date Fair Value, Vested
Number of RSUs, Forfeited
Weighted Average Grant Date Fair Value, Forfeited
Number of RSUs, Cancelled/Expired
Weighted Average Grant Date Fair Value, Cancelled/Expired
Number of RSUs, Ending Balance		2,795,000
Weighted Average Grant Date Fair Value, Ending Balance		$ 8.09

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Stock-based Payments (Details Narrative) - USD ($)						3 Months Ended			9 Months Ended
	Sep. 06, 2023	Jun. 28, 2023	Jun. 07, 2023	Apr. 04, 2023	Oct. 14, 2021	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Apr. 15, 2021	Dec. 07, 2018	Aug. 07, 2017	Dec. 21, 2016	Jan. 23, 2014
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of stock options									7,321,445
Issuance of common stock								$ 5,550,028
Stock option expenses									$ 142,565	$ 55,168
Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock price						$ 0.59			$ 0.59		$ 1.15
Issuance of stock options								1,411,764
Issuance of common stock								$ 5,550,028
Shares isssued upon conversion		73,776				4,101,909			6,450,122
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock price						$ 0.59			$ 0.59		$ 1.15
Stock option expenses						$ 595,576		135,620	$ 2,341,915	348,868
Unamortized stock option expenses						3,213,983		$ 568,152	$ 3,213,983	$ 568,152
Share-Based Payment Arrangement, Option [Member] | Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock price	$ 0.81			$ 1.55
Issuance of stock options	1,000,000			750,000
Issuance of common stock	$ 769,700			$ 978,675
Exercise price	$ 0.81			$ 1.55
Volatility	117.90%			122.12%
Discount rate	4.44%			3.39%
Term	10 years			5 years
Share-Based Payment Arrangement, Option [Member] | Directors and Employee [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock price			$ 1.66
Issuance of stock options			1,995,000
Issuance of common stock			$ 3,128,759
Exercise price			$ 1.66
Volatility			115.94%
Discount rate			3.79%
Term			10 years
Share-Based Payment Arrangement, Option [Member] | Employee One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock price	$ 0.81
Issuance of stock options	100,000
Issuance of common stock	$ 76,970
Exercise price	$ 0.81
Volatility	117.90%
Discount rate	4.44%
Term	10 years
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted					2,795,000
Grant date fair value					$ 8.09
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units vested, description					One-third (33%) of each RSU will vest when the Company’s market capitalization is equal to or greater than $500,000,000 for at least ten trading days during any twenty (20) consecutive trading day period ending on or after December 15, 2021 and the fair market value of the Common Stock equals or exceeds $5.00 during such trading day period
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units vested, description					One-third (33%) of each RSU will vest when the Company’s market capitalization is equal to or greater than $750,000,000 for at least ten trading days during any twenty (20) consecutive trading day period ending on or after December 15, 2021 and the fair market value of the Common Stock equals or exceeds $5.00 during such trading day period
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units vested, description					The remaining awarded units will vest when the Company’s market capitalization is equal to or greater than $1,000,000,000 for at least ten trading days during any twenty (20) consecutive trading day period ending on or after December 15, 2021 and the fair market value of the Common Stock equals or exceeds $5.00 during such trading day period
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares converted		73,776
Unamortized value						$ 22,611,550			$ 22,611,550
2013 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance																2,162
Grants to purchase common stock									1,406
Common stock remain available for issuance						756			756
2016 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance															50,000,000
Grants to purchase common stock									0
Common stock remain available for issuance						0			0
2017 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance														3,516
Grants to purchase common stock									2,538
Common stock remain available for issuance						978			978
2018 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance													560,063
Grants to purchase common stock									263,026
Common stock remain available for issuance						297,037			297,037
2021 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance												7,228,184
Grants to purchase common stock									6,994,207
Common stock remain available for issuance						233,977			233,977

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Summary of Warrant Activity (Details) - USD ($)		9 Months Ended
	Apr. 27, 2023	Sep. 30, 2023
Common Stock Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Beginning Balance		6,514,827
Weighted Average Exercise Price, Beginning Balance		$ 4.93
Average Remaining Contractual Term (years), Beginning		3 years 7 months 17 days
Aggregate Intrinsic Value, Beginning
Number of Warrants, Granted		6,651,885
Weighted Average Exercise Price, Granted		$ 2.255
Weighted Average Remaining Contractual Term (years), Granted		4 years 4 months 24 days
Number of Warrants, Exercised
Weighted Average Exercise Price, Exercised
Number of Warrants, Forfeited
Weighted Average Exercise Price, Forfeited
Number of Warrants, Cancelled/Expired
Weighted Average Exercise Price, Cancelled/Expired
Number of Warrants, Ending Balance		13,166,712
Weighted Average Exercise Price, Ending Balance		$ 3.58
Average Remaining Contractual Term (years), Ending Balance		3 years 7 months 24 days
Aggregate Intrinsic Value, Ending
Number of Warrants, Exercisable		13,166,712
Weighted Average Exercise Price, Exercisable		$ 3.58
Average Remaining Contractual Term (years), Exercisable		3 years 7 months 24 days
Aggregate Intrinsic Value, Exercisable
Pre-funded Common Stock Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Beginning Balance		135,135
Weighted Average Exercise Price, Beginning Balance		$ 0.002
Average Remaining Contractual Term (years), Beginning		0 years
Aggregate Intrinsic Value, Beginning		$ 155,135
Number of Warrants, Granted
Weighted Average Exercise Price, Granted
Number of Warrants, Exercised	135,135	(135,135)
Weighted Average Exercise Price, Exercised		$ 0.002
Number of Warrants, Forfeited
Weighted Average Exercise Price, Forfeited
Number of Warrants, Cancelled/Expired
Weighted Average Exercise Price, Cancelled/Expired
Number of Warrants, Ending Balance
Weighted Average Exercise Price, Ending Balance
Average Remaining Contractual Term (years), Ending Balance		0 years
Aggregate Intrinsic Value, Ending
Number of Warrants, Exercisable
Weighted Average Exercise Price, Exercisable
Average Remaining Contractual Term (years), Exercisable		0 years
Aggregate Intrinsic Value, Exercisable
Series C Convertible Preferred Stock Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Beginning Balance		27,500
Weighted Average Exercise Price, Beginning Balance		$ 8.00
Average Remaining Contractual Term (years), Beginning		1 year 11 months 8 days
Aggregate Intrinsic Value, Beginning
Number of Warrants, Granted
Weighted Average Exercise Price, Granted
Number of Warrants, Exercised
Weighted Average Exercise Price, Exercised
Number of Warrants, Forfeited
Weighted Average Exercise Price, Forfeited
Number of Warrants, Cancelled/Expired
Weighted Average Exercise Price, Cancelled/Expired
Number of Warrants, Ending Balance		27,500
Weighted Average Exercise Price, Ending Balance		$ 8.00
Average Remaining Contractual Term (years), Ending Balance		1 year 5 months 12 days
Aggregate Intrinsic Value, Ending
Number of Warrants, Exercisable		27,500
Weighted Average Exercise Price, Exercisable		$ 8.00
Average Remaining Contractual Term (years), Exercisable		1 year 5 months 12 days
Aggregate Intrinsic Value, Exercisable

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Equity (Details Narrative)			3 Months Ended			9 Months Ended	12 Months Ended
	Apr. 27, 2023 USD ($) shares	Feb. 21, 2023 $ / shares shares	Sep. 30, 2023 $ / shares shares	Jun. 30, 2023 shares	Sep. 30, 2022 shares	Sep. 30, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Capital Units, Authorized			550,000,000			550,000,000
Common stock shares authorized			500,000,000			500,000,000	500,000,000
Preferred stock shares authorized			50,000,000			50,000,000	50,000,000
Common stock, shares issued			47,000,365			47,000,365	39,470,009
Common stock, shares outstanding			47,000,365			47,000,365	39,470,009
Preferred stock, terms of conversion						The Series F Preferred Stock cannot be converted to Common Stock if the holder and its affiliates would beneficially own more than 4.99% or 9.99% at the election of the holder of the outstanding Common Stock. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99% upon notice to us, provided that any increase in this limitation will not be effective until 61 days after such notice from the holder to us and such increase or decrease will apply only to the holder providing such notice
Issuance of common stock, shares						7,321,445
Securities Purchase Agreement [Member] | Investors [Member]
Class of Stock [Line Items]
Warrants to purchase common stock		6,651,885
Exercise price of warrants | $ / shares		$ 2.255
Warrants and rights outstanding, term		5 years
Common Stock [Member]
Class of Stock [Line Items]
Common stock, shares issued			47,000,365			47,000,365	39,470,009
Common stock, shares outstanding			47,000,365			47,000,365	39,470,009
Stock Issued During Period, Shares, Conversion of Units						27,500	27,500
Underlying shares of common stock			36,496			36,496
Issuance of common stock, shares					1,411,764
Share price | $ / shares			$ 0.59			$ 0.59	$ 1.15
Common shares issued upon warrants exercise			2,031,933	1,187,602
Pre-funded Common Stock Warrants [Member]
Class of Stock [Line Items]
Share price | $ / shares			$ 0.59			$ 0.59	1.15
Warrants exercised	135,135					(135,135)
Common shares issued upon warrants exercise	135,135
Proceeds from warrant exercises | $	$ 0
Series C Convertible Preferred Stock Warrants [Member]
Class of Stock [Line Items]
Share price | $ / shares			$ 0.59			$ 0.59	$ 1.15
Warrants exercised
Series C Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock shares authorized			1,990,000			1,990,000
Series D Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock shares authorized			211,353			211,353	211,353
Preferred stock, shares issued			72,992			72,992	72,992
Preferred stock, shares outstanding			72,992			72,992	72,992
Preferred stock par value, per share | $ / shares			$ 0.01			$ 0.01	$ 0.01
Preferred stock conversion price, per share | $ / shares			$ 0.01			$ 0.01
Conversion of stock description						A holder of Series D Preferred Stock is prohibited from converting Series D Preferred Stock into shares of Common Stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 4.99% of the total number of shares of our Common Stock then issued and outstanding (with such ownership restriction referred to as the “Series D Beneficial Ownership Limitation”) immediately after giving effect to the issuance of the shares of Common Stock issuable upon conversion of the Series D Preferred Stock. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that any increase in such percentage shall not be effective until 61 days after such notice to us. The conversion rate of the Series D Preferred Stock is subject to proportionate adjustments for stock splits, reverse stock splits and similar events, but is not subject to adjustment based on price anti-dilution provisions.
Description of trading activities						If we fail to timely deliver shares of Common Stock upon conversion of the Series D Preferred Stock (the “Series D Conversion Shares”) within the time period specified in the Series D Certificate of Designation (within two trading days after delivery of the notice of conversion, or any shorter standard settlement period in effect with respect to trading market on the date notice is delivered), then we are obligated to pay to the holder, as liquidated damages, an amount equal to $25 per trading day (increasing to $50 per trading day on the third trading day and $100 per trading day on the sixth trading day) for each $5,000 of stated value of Series D Preferred Stock being converted which are not timely delivered. If we make such liquidated damages payments, we are also not obligated to make Series D Buy-In (as defined below) payments with respect to the same Series D Conversion Shares.
Series E Junior Participating Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock shares authorized			100,000			100,000
Series F Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Temporary stock, shares authorized			15,000			15,000	0
Temporary stock, shares issued			9,859			9,859	0
Temporary stock, shares outstanding			9,859			9,859	0
Preferred stock conversion price, per share | $ / shares		$ 2.255
Conversion of stock description		(i) the Conversion Price then in effect and (ii) the greater of (A) 80% of the average of the three lowest closing prices of the Company’s Common Stock during the thirty trading day period immediately prior to the date the amortization payment is due or (B) a “Floor Price” of $0.22 (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) or, in any case, such lower amount as permitted, from time to time, by the Nasdaq Stock Market.				If on any day after the issuance of the shares of Series F Preferred Stock the closing price of the Common Stock has exceeded 300% of the Conversion Price per share (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) for 20 consecutive trading days and the daily dollar trading volume of the Common Stock has exceeded $3,000,000 per trading day during the same period and certain equity conditions described in the Series F Certificate of Designation are satisfied (the “Mandatory Conversion Date”), we shall deliver written notice of the Mandatory Conversion (as defined below) to all holders on the Mandatory Conversion Date and, on such Mandatory Conversion Date, we shall convert all of each holder’s shares of Series F Preferred Stock into Conversion Shares at the then effective Conversion Price (the “Mandatory Conversion”). If any of the Equity Conditions shall cease to be satisfied at any time on or after the Mandatory Conversion Date through and including the actual delivery of all of the Conversion Shares to the holders, the Mandatory Conversion shall be deemed withdrawn and void ab initio.
Dividend rate		10.00%				10.00%
Conversion price | $ / shares			$ 2.255			$ 2.255
Preferred stock, terms of conversion						The Conversion Price can be adjusted as set forth in the Series F Certificate of Designation for stock dividends and stock splits or the occurrence of a fundamental transaction (generally including any reorganization, recapitalization or reclassification of the Common Stock, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of the outstanding Common Stock, or any person or group becoming the beneficial owner of 50% of the voting power represented by the outstanding Common Stock). The Conversion Price is also subject to “full ratchet” price-based adjustment in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Conversion Price (subject to certain exceptions). If any shares of Series F Preferred Stock are converted or reacquired by us, such shares shall resume the status of authorized but unissued shares of Series F Preferred Stock of the Company and shall no longer be designated as Series F Preferred Stock
Debt description						The amortization payments due upon such redemption are payable, at the Company’s election, in cash, or subject to certain limitations, in shares of Common Stock valued at the lower of (i) the Conversion Price then in effect and (ii) the greater of (A) 80% of the average of the three lowest closing prices of the Company’s Common Stock during the thirty trading day period immediately prior to the date the amortization payment is due or (B) a “Floor Price” of $0.22 (subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events) or, in any case, such lower amount as permitted, from time to time, by the Nasdaq Stock Market; provided that if the Floor Price is the lowest effective price, the Company will be required to make the amortization payment in cash.
Preferred stock conversion ratio percentage			0.1999			0.1999
Series F Convertible Preferred Stock [Member] | Measurement Input, Default Rate [Member]
Class of Stock [Line Items]
Dividend rate						15.00%
Series F Preferred Stock [Member]
Class of Stock [Line Items]
Temporary stock, shares issued			9,859			9,859	0
Temporary stock, shares outstanding			9,859			9,859	0

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Commitments and Contingencies (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Research and Development Expense [Member]
Loss Contingencies [Line Items]
Cost and expenses incurred	$ 0	$ 40,000	$ 0	$ 138,000

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Employee Benefit Plan (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Contributions to employee	$ 11,435	$ 6,498	$ 36,113	$ 30,517
401 (k) Plan Matches 100% [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of employees' gross pay			100.00%
401 (k) Plan Matches 100% [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of employees' gross pay			3.00%
401 K Plan Matches 50% [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of employees' gross pay			3.00%
Employer matching contribution, percent of match			50.00%
401 K Plan Matches 50% [Member] | Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer matching contribution, percent of employees' gross pay			5.00%

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Patent Assignment and Royalty Agreement (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Patent Assignment And Royalty Agreement
Revenue

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Subsequent Events (Details Narrative) - USD ($)				1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 13, 2023	Oct. 31, 2023	Oct. 11, 2023	Oct. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 07, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Lease right of use asset					$ 90,918		$ 90,918			$ 139,662
Lease liabilities					93,145		93,145
General and administrative expense					$ 19,255	$ 19,260	$ 57,614	$ 58,372
Share-Based Payment Arrangement, Option [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Issuance of stock options									230,000
Stock price									$ 1.66
General and Administrative Expense [Member]
Subsequent Event [Line Items]
General and administrative expense		$ 615
Subsequent Event [Member]
Subsequent Event [Line Items]
Notice deficiency description			On October 11, 2023, the Company received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) indicating that, based upon the closing bid price of the Company’s common stock for the 30 consecutive business days between August 29, 2023, to October 10, 2023, the Company did not meet the minimum bid price of $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The letter also indicated that the Company will be provided with a compliance period of 180 calendar days, or until April 8, 2024 (the “Compliance Period”), in which to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A)
Employee Benefits and Share-Based Compensation				$ 104,000
Employment agreement description	Effective November 13, 2023, the Company entered into an amendment to the employment agreement of Dr. Chris Chapman, its President and Chief Medical Officer, providing for Dr. Chapman’s annual base salary to be adjusted from five hundred thousand dollars ($500,000) (the “Full Base Salary”) to two hundred fifty thousand dollars ($250,000) in cash per annum, until payment of his Full Base Salary would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion. The amendment further provides that the remaining $250,000 of base salary per annum (the “Deferral Amount”) shall be deferred until payment of the Deferral Amount would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion, at which time the Deferral Amount may be paid, at Dr. Chapman’s election, in shares of Common Stock or in cash.
Implementation of directors agreement description	In connection with an overall reduction in compensation paid to the Company’s directors implemented in November 2023, effective November 13, 2023, the Company entered into an amendment to the employment agreement of Christopher C. Schreiber, a Director and the Company’s former Executive Chairman, providing for Mr. Schreiber’s annual fee to be adjusted from three hundred thousand dollars ($300,000) (the “Full Fee”) to sixty thousand dollars ($60,000) in cash per annum, until payment of his Full Fee would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion. The amendment further provides that the remaining $240,000 of the fees per annum (the “Fee Deferral Amount”) shall be deferred until payment of the Fee Deferral Amount would no longer jeopardize the Company’s ability to continue as a going concern, as determined by the Company in its sole discretion, at which time the Fee Deferral Amount may be paid, at Mr. Schreiber’s election, in shares of Common Stock or in cash. The amendment also clarified that Mr. Schreiber’s title is “Director.”
Subsequent Event [Member] | General and Administrative Expense [Member]
Subsequent Event [Line Items]
Lease right of use asset		29,736		29,736
Lease liabilities		$ 30,351		$ 30,351