2. Liquidity and Going Concern Uncertainty

Since its inception, the Company has not generated any revenue or commercialized any product candidates. As of June 30, 2021, cash totaled $427,202 and the Company had an accumulated deficit of $31,716,498. For the year ended December 31, 2020 and the six months ended June 31, 2021, the Company used cash of $4,028,541 and $1,679,433, respectively, in operations. As a result of the Company’s initial public offering of its common stock and warrants to purchase common stock in August 2021 for gross proceeds of $18 million, before deducting expenses, (see Note 14 – Subsequent Events), the Company’s cash balances are expected to fund operations into October 2022. The Company has not commercialized any product candidates or generated any revenues, and anticipates that it will continue to incur net losses for the foreseeable future. These factors raise substantial doubt about the Company’s ability to continue as a going concern for the one-year period following the date that these financial statements were issued.

Historically, the Company’s principal sources of cash have included proceeds from the issuance of common and preferred equity units and proceeds from the issuance of debt. The Company’s principal uses of cash have included cash used in operations and payments for license rights. The Company expects that the principal uses of cash in the future will be for continuing operations, funding of research and development, conducting preclinical studies and clinical trials, and general working capital requirements. The Company expects that as research and development expenses continue to grow, it will need to raise additional capital to sustain operations and research and development. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

Management’s Plan to Continue as a Going Concern

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Until the Company can generate significant cash from operations, management’s plans to obtain such resources for the Company include proceeds from offerings of the Company’s equity securities or debt, or transactions involving product development, technology licensing or collaboration. Management can provide no assurance that any sources of a sufficient amount of financing will be available to the Company on favorable terms, if at all. The Company has raised additional equity financing through the initial public offering of its common stock and warrants, however management’s current plans do not alleviate substantial doubt about the Company’s ability to continue as a going concern.