Balance Sheet Details (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Balance Sheet Details [Abstract] |
|
Schedule of Inventories |
Inventories primarily relate to ENTADFI product and consisted of the
following as of March 31, 2024, and December 31, 2023:
| |
March 31, 2024 | | |
December 31, 2023 | |
Raw materials | |
$ | 135,198 | | |
$ | 139,208 | |
Work-in-process | |
| 256,148 | | |
| 194,805 | |
Finished goods | |
| 4,966 | | |
| 30,039 | |
Total | |
$ | 396,312 | | |
$ | 364,052 | |
|
Schedule of Prepaid Expenses and Other Current Assets |
Prepaid expenses and other current assets consisted of the following
as of March 31, 2024, and December 31, 2023:
| |
March 31, 2024 | | |
December 31, 2023 | |
Prepaid insurance | |
$ | 796,282 | | |
$ | 122,004 | |
Prepaid regulatory fees | |
| 208,367 | | |
| 312,551 | |
Prepaid research and development | |
| 89,195 | | |
| 89,195 | |
Prepaid professional fees | |
| — | | |
| 70,708 | |
Prepaid other | |
| 87,879 | | |
| 175,695 | |
Total | |
$ | 1,181,723 | | |
$ | 770,153 | |
|
Schedule of Intangible Assets |
Intangible assets, which were recorded during
the year ended December 31, 2023 in connection with the ENTADFI and Proteomedix acquisitions (see Note 5), is comprised of customer relationships,
product rights for developed technology, and a trade name, and consisted of the following as of March 31, 2024, and December 31, 2023:
| |
Balance at December 31,
2023 | | |
Impairment | | |
Foreign Currency Translation | | |
Balance at March 31,
2024 | |
Gross basis: | |
| | |
| | |
| | |
| |
Trade name | |
$ | 9,312,739 | | |
$ | — | | |
$ | (625,714 | ) | |
$ | 8,687,025 | |
Product rights for developed technology | |
| 14,182,157 | | |
| (2,276,194 | ) | |
| (731,386 | ) | |
| 11,174,577 | |
Customer relationships | |
| 1,952,803 | | |
| — | | |
| (131,207 | ) | |
| 1,821,596 | |
Total intangible assets, gross | |
$ | 25,447,699 | | |
$ | (2,276,194 | ) | |
$ | (1,488,307 | ) | |
$ | 21,683,198 | |
| |
Balance at December 31,
2023 | | |
Amortization | | |
Foreign Currency Translation | | |
Balance at March 31,
2024 | |
Accumulated amortization: | |
| | |
| | |
| | |
| |
Product rights for developed technology | |
$ | (31,213 | ) | |
$ | (170,929 | ) | |
$ | 7,430 | | |
$ | (194,712 | ) |
Customer relationships | |
| (5,599 | ) | |
| (30,664 | ) | |
| 1,332 | | |
| (34,931 | ) |
Total intangible assets, accumulated amortization | |
$ | (36,812 | ) | |
$ | (201,593 | ) | |
$ | 8,762 | | |
$ | (229,643 | ) |
Intangible assets, net | |
$ | 25,410,887 | | |
| | | |
| | | |
$ | 21,453,555 | |
|
Schedule of Annual Amortization Expense |
Future annual amortization expense related to
the Company’s finite lived intangible assets is as follows as of March 31, 2024:
Years ending December 31, | |
| |
2024 | |
$ | 598,786 | |
2025 | |
| 968,457 | |
2026 | |
| 968,457 | |
2027 | |
| 968,457 | |
2028 | |
| 968,457 | |
Thereafter | |
| 8,293,916 | |
Total | |
$ | 12,766,530 | |
|
Schedule of Goodwill |
Goodwill consisted of the following as of March
31, 2024 and December 31, 2023:
Balance as of December 31, 2023 | |
$ | 55,676,142 | |
Impairment loss | |
| (5,192,000 | ) |
Foreign currency translation | |
| (3,740,823 | ) |
Balance as of March 31, 2024 | |
$ | 46,743,319 | |
|
Schedule of Accrued Expenses |
Accrued expenses consisted of the following as of March 31, 2024, and
December 31, 2023:
| |
March 31,
2024 | | |
December 31, 2023 | |
Accrued compensation | |
$ | 568,559 | | |
$ | 487,579 | |
Accrued research and development | |
| 463,506 | | |
| 616,707 | |
Accrued professional fees | |
| 445,569 | | |
| 550,415 | |
Other accrued expenses | |
| 264,593 | | |
| 265,849 | |
Accrued implementation fees | |
| 93,787 | | |
| 93,787 | |
Accrued franchise taxes | |
| 50,000 | | |
| 60,530 | |
Accrued interest – related party | |
| 50,000 | | |
| — | |
Accrued deferred offering costs | |
| — | | |
| 125,000 | |
Total | |
$ | 1,936,014 | | |
$ | 2,199,867 | |
|