0000749647 2022-01-01 2022-12-31 0000749647 2022-06-30 0000749647 2023-03-28 0000749647 2022-12-31 0000749647 2021-12-31 0000749647 2021-01-01 2021-12-31 0000749647 2020-12-31 0000749647 IMNN:SeriesAandBPreferredStockMember us-gaap:PreferredStockMember 2021-12-31 0000749647 us-gaap:CommonStockMember 2021-12-31 0000749647 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0000749647 us-gaap:TreasuryStockMember 2021-12-31 0000749647 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0000749647 us-gaap:RetainedEarningsMember 2021-12-31 0000749647 us-gaap:CommonStockMember 2020-12-31 0000749647 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0000749647 us-gaap:TreasuryStockMember 2020-12-31 0000749647 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0000749647 us-gaap:RetainedEarningsMember 2020-12-31 0000749647 IMNN:SeriesAandBPreferredStockMember us-gaap:PreferredStockMember 2022-01-01 2022-12-31 0000749647 us-gaap:CommonStockMember 2022-01-01 2022-12-31 0000749647 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-12-31 0000749647 us-gaap:TreasuryStockMember 2022-01-01 2022-12-31 0000749647 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-12-31 0000749647 us-gaap:RetainedEarningsMember 2022-01-01 2022-12-31 0000749647 us-gaap:CommonStockMember 2021-01-01 2021-12-31 0000749647 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-12-31 0000749647 us-gaap:TreasuryStockMember 2021-01-01 2021-12-31 0000749647 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-12-31 0000749647 us-gaap:RetainedEarningsMember 2021-01-01 2021-12-31 0000749647 IMNN:SeriesAandBPreferredStockMember us-gaap:PreferredStockMember 2022-12-31 0000749647 us-gaap:CommonStockMember 2022-12-31 0000749647 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0000749647 us-gaap:TreasuryStockMember 2022-12-31 0000749647 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0000749647 us-gaap:RetainedEarningsMember 2022-12-31 0000749647 IMNN:HisunAgreementMember 2021-12-31 0000749647 stpr:NJ us-gaap:NewJerseyDivisionOfTaxationMember 2022-09-19 0000749647 stpr:NJ us-gaap:NewJerseyDivisionOfTaxationMember 2022-12-31 0000749647 stpr:NJ us-gaap:NewJerseyDivisionOfTaxationMember us-gaap:SubsequentEventMember 2023-01-10 0000749647 stpr:NJ 2021-01-01 2021-12-31 0000749647 stpr:NJ 2021-01-31 0000749647 srt:MinimumMember stpr:NJ 2021-12-31 0000749647 srt:MaximumMember stpr:NJ 2021-12-31 0000749647 srt:MaximumMember stpr:NJ 2021-01-01 2021-12-31 0000749647 stpr:NJ 2022-12-31 0000749647 stpr:NJ 2021-12-31 0000749647 IMNN:HorizonCreditAgreementMember IMNN:HorizonTechnologyFinanceCorporationMember 2018-06-01 2018-06-30 0000749647 IMNN:SVBLoanFacilityMember 2022-01-01 2022-12-31 0000749647 IMNN:AmendmentToHorizonCreditAgreementMember IMNN:HorizonTechnologyFinanceCorporationMember 2020-08-27 2020-08-28 0000749647 IMNN:HorizonCreditAgreementMember IMNN:HorizonTechnologyFinanceCorporationMember 2020-08-28 0000749647 IMNN:AmendmentToHorizonCreditAgreementMember IMNN:HorizonTechnologyFinanceCorporationMember 2020-08-28 0000749647 IMNN:HorizonCreditAgreementMember IMNN:HorizonTechnologyFinanceCorporationMember 2021-06-30 0000749647 IMNN:SVBLoanFacilityMember IMNN:HorizonTechnologyFinanceCorporationMember 2021-06-30 0000749647 IMNN:SVBLoanFacilityMember IMNN:HorizonTechnologyFinanceCorporationMember 2022-12-31 0000749647 IMNN:SiliconValleyBankMember IMNN:SVBLoanFacilityMember us-gaap:PrimeRateMember 2022-12-31 0000749647 us-gaap:USTreasurySecuritiesMember 2022-12-31 0000749647 us-gaap:USTreasurySecuritiesMember 2021-12-31 0000749647 us-gaap:CorporateDebtSecuritiesMember 2022-12-31 0000749647 us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0000749647 IMNN:SiliconValleyBankMember 2022-12-31 0000749647 IMNN:SiliconValleyBankMember 2021-12-31 0000749647 us-gaap:OtherCurrentAssetsMember IMNN:SiliconValleyBankMember 2022-12-31 0000749647 us-gaap:OtherNoncurrentAssetsMember IMNN:SiliconValleyBankMember 2022-12-31 0000749647 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2022-12-31 0000749647 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2022-12-31 0000749647 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2022-12-31 0000749647 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2022-12-31 0000749647 us-gaap:FairValueMeasurementsNonrecurringMember IMNN:InprocessRandDMember 2022-12-31 0000749647 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember IMNN:InprocessRandDMember 2022-12-31 0000749647 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember IMNN:InprocessRandDMember 2022-12-31 0000749647 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember IMNN:InprocessRandDMember 2022-12-31 0000749647 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0000749647 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0000749647 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0000749647 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2021-12-31 0000749647 us-gaap:FairValueMeasurementsNonrecurringMember IMNN:InprocessRandDMember 2021-12-31 0000749647 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember IMNN:InprocessRandDMember 2021-12-31 0000749647 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember IMNN:InprocessRandDMember 2021-12-31 0000749647 us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0000749647 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0000749647 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2022-12-31 0000749647 us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0000749647 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0000749647 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2021-12-31 0000749647 IMNN:EGENIncMember us-gaap:InProcessResearchAndDevelopmentMember IMNN:IPRAndDDrugTechnologyPlatformsMember 2022-01-01 2022-12-31 0000749647 IMNN:IPRAndDDrugTechnologyPlatformsMember us-gaap:InProcessResearchAndDevelopmentMember 2022-01-01 2022-12-31 0000749647 IMNN:IPRAndDDrugTechnologyPlatformsMember us-gaap:InProcessResearchAndDevelopmentMember 2022-10-01 2022-12-31 0000749647 us-gaap:InProcessResearchAndDevelopmentMember IMNN:IPRAndDDrugTechnologyPlatformsMember 2021-01-01 2021-12-31 0000749647 IMNN:EGENIncMember IMNN:PurchaseAgreementMember 2022-01-01 2022-12-31 0000749647 IMNN:EGENIncMember IMNN:PurchaseAgreementMember 2021-01-01 2021-12-31 0000749647 IMNN:EGENIncMember us-gaap:GoodwillMember 2021-01-01 2021-12-31 0000749647 IMNN:EGENIncMember us-gaap:GoodwillMember 2021-10-01 2021-12-31 0000749647 IMNN:IPRAndDMember 2020-12-31 0000749647 us-gaap:GoodwillMember 2020-12-31 0000749647 us-gaap:NoncompeteAgreementsMember 2020-12-31 0000749647 IMNN:IPRAndDMember 2021-01-01 2021-12-31 0000749647 us-gaap:GoodwillMember 2021-01-01 2021-12-31 0000749647 us-gaap:NoncompeteAgreementsMember 2021-01-01 2021-12-31 0000749647 IMNN:IPRAndDMember 2021-12-31 0000749647 us-gaap:GoodwillMember 2021-12-31 0000749647 us-gaap:NoncompeteAgreementsMember 2021-12-31 0000749647 IMNN:IPRAndDMember 2022-01-01 2022-12-31 0000749647 us-gaap:GoodwillMember 2022-01-01 2022-12-31 0000749647 us-gaap:NoncompeteAgreementsMember 2022-01-01 2022-12-31 0000749647 IMNN:IPRAndDMember 2022-12-31 0000749647 us-gaap:GoodwillMember 2022-12-31 0000749647 us-gaap:NoncompeteAgreementsMember 2022-12-31 0000749647 srt:MinimumMember us-gaap:MachineryAndEquipmentMember 2022-01-01 2022-12-31 0000749647 srt:MaximumMember us-gaap:MachineryAndEquipmentMember 2022-01-01 2022-12-31 0000749647 srt:MinimumMember us-gaap:FurnitureAndFixturesMember 2022-01-01 2022-12-31 0000749647 srt:MaximumMember us-gaap:FurnitureAndFixturesMember 2022-01-01 2022-12-31 0000749647 srt:MinimumMember us-gaap:LeaseholdImprovementsMember 2022-01-01 2022-12-31 0000749647 srt:MaximumMember us-gaap:LeaseholdImprovementsMember 2022-01-01 2022-12-31 0000749647 us-gaap:MachineryAndEquipmentMember 2022-12-31 0000749647 us-gaap:MachineryAndEquipmentMember 2021-12-31 0000749647 us-gaap:FurnitureAndFixturesMember 2022-12-31 0000749647 us-gaap:FurnitureAndFixturesMember 2021-12-31 0000749647 us-gaap:LeaseholdImprovementsMember 2022-12-31 0000749647 us-gaap:LeaseholdImprovementsMember 2021-12-31 0000749647 IMNN:SiliconValleyBankMember 2021-06-18 0000749647 IMNN:SiliconValleyBankMember 2021-06-17 2021-06-18 0000749647 IMNN:SiliconValleyBankMember 2022-01-01 2022-12-31 0000749647 IMNN:SiliconValleyBankMember 2021-01-01 2021-12-31 0000749647 IMNN:HorizonCreditAgreementMember 2018-06-27 0000749647 IMNN:HorizonCreditAgreementMember 2018-06-26 2018-06-27 0000749647 IMNN:HorizonCreditAgreementMember 2020-08-27 2020-08-28 0000749647 IMNN:HorizonCreditAgreementMember 2020-08-28 0000749647 IMNN:InitialHorizonCreditAgreementMember 2018-06-26 2018-06-27 0000749647 IMNN:InitialHorizonCreditAgreementMember 2018-06-27 0000749647 us-gaap:CommonStockMember IMNN:InitialHorizonCreditAgreementMember 2018-06-27 0000749647 us-gaap:CommonStockMember IMNN:AmendmentToHorizonCreditAgreementMember IMNN:HorizonTechnologyFinanceCorporationMember 2020-08-28 0000749647 IMNN:AmendmentToHorizonCreditAgreementMember IMNN:HorizonTechnologyFinanceCorporationMember 2021-01-01 2021-12-31 0000749647 IMNN:AmendmentToHorizonCreditAgreementMember IMNN:HorizonTechnologyFinanceCorporationMember 2021-12-31 0000749647 IMNN:InitialHorizonCreditAgreementMember 2021-01-01 2021-12-31 0000749647 IMNN:InitialHorizonCreditAgreementMember 2021-12-31 0000749647 IMNN:InitialHorizonCreditAgreementAmendmentMember 2021-01-01 2021-12-31 0000749647 IMNN:HorizonCreditAgreementMember 2021-01-01 2021-12-31 0000749647 IMNN:HorizonTechnologyFinanceCorporationMember 2021-06-18 0000749647 IMNN:NJMember 2021-01-01 2021-12-31 0000749647 us-gaap:DomesticCountryMember 2022-12-31 0000749647 IMNN:NoExpirationMember IMNN:FederalIncomeTaxMember 2021-12-31 0000749647 us-gaap:StateAndLocalJurisdictionMember 2022-12-31 0000749647 IMNN:USFederalAndStateMember 2022-12-31 0000749647 2011-07-31 0000749647 2011-07-01 2011-07-31 0000749647 2013-02-28 0000749647 2013-02-27 2013-02-28 0000749647 2013-06-30 0000749647 2013-06-29 2013-06-30 0000749647 2015-06-30 0000749647 2015-06-29 2015-06-30 0000749647 2017-02-28 0000749647 2017-02-27 2017-02-28 0000749647 2017-06-30 0000749647 2017-06-29 2017-06-30 0000749647 2017-10-31 0000749647 2017-10-29 2017-10-31 0000749647 2018-08-31 0000749647 2018-08-29 2018-08-31 0000749647 2018-08-31 2018-08-31 0000749647 2020-02-28 0000749647 2021-01-29 2021-01-31 0000749647 2021-01-31 0000749647 2021-01-30 2021-01-31 0000749647 IMNN:NJMember 2022-01-01 2022-12-31 0000749647 srt:MinimumMember IMNN:NJMember us-gaap:StateAndLocalJurisdictionMember 2021-01-01 2021-12-31 0000749647 srt:MaximumMember IMNN:NJMember us-gaap:StateAndLocalJurisdictionMember 2021-01-01 2021-12-31 0000749647 srt:MaximumMember IMNN:NJMember 2021-01-01 2021-12-31 0000749647 2021-03-18 2021-03-19 0000749647 srt:MaximumMember 2022-12-31 0000749647 srt:MinimumMember 2022-12-31 0000749647 IMNN:MarketOfferingAgreementMember 2022-05-23 2022-05-25 0000749647 IMNN:MarketOfferingAgreementMember 2022-10-01 2022-12-31 0000749647 srt:ScenarioForecastMember IMNN:MarketOfferingAgreementMember 2023-01-01 2023-12-31 0000749647 IMNN:CapitalOnDemandTMSalesAgreementMember 2018-12-02 2018-12-04 0000749647 IMNN:CapitalOnDemandAgreementMember 2021-01-01 2021-12-31 0000749647 IMNN:JanuaryRegisteredDirectOfferingMember IMNN:SecuritiesPurchaseAgreementMember 2021-01-21 2021-01-22 0000749647 IMNN:JanuaryRegisteredDirectOfferingMember IMNN:SecuritiesPurchaseAgreementMember 2021-01-22 0000749647 IMNN:JanuaryRegisteredDirectOfferingMember IMNN:SecuritiesPurchaseAgreementMember 2021-01-01 2021-01-31 0000749647 IMNN:MarchRegisteredDirectOfferingMember IMNN:SecuritiesPurchaseAgreementMember 2021-03-30 2021-03-31 0000749647 IMNN:MarchRegisteredDirectOfferingMember IMNN:SecuritiesPurchaseAgreementMember 2021-03-31 0000749647 IMNN:SeriesAConvertibleRedeemablePreferredStockMember 2022-01-10 0000749647 IMNN:SeriesBConvertibleRedeemablePreferredStockMember 2022-01-10 0000749647 2022-01-10 0000749647 2022-01-09 2022-01-10 0000749647 IMNN:SeriesAConvertibleRedeemablePreferredStockMember 2022-01-09 2022-01-10 0000749647 2022-03-03 0000749647 IMNN:SeriesAConvertibleRedeemablePreferredStockMember 2022-03-03 0000749647 IMNN:SeriesBConvertibleRedeemablePreferredStockMember 2022-03-03 0000749647 srt:MaximumMember 2022-01-01 2022-12-31 0000749647 IMNN:AprilRegisteredDirectOfferingMember IMNN:SecuritiesPurchaseAgreementMember 2022-04-05 2022-04-06 0000749647 IMNN:AprilRegisteredDirectOfferingMember IMNN:SecuritiesPurchaseAgreementMember 2022-04-06 0000749647 IMNN:TwoThousandAndEighteenStockIncentivePlanMember 2018-05-15 0000749647 srt:MinimumMember IMNN:TwoThousandAndEighteenStockIncentivePlanMember 2019-05-14 0000749647 srt:MaximumMember IMNN:TwoThousandAndEighteenStockIncentivePlanMember 2019-05-14 0000749647 srt:MinimumMember IMNN:TwoThousandAndEighteenStockIncentivePlanMember 2020-06-15 0000749647 srt:MaximumMember IMNN:TwoThousandAndEighteenStockIncentivePlanMember 2020-06-15 0000749647 srt:MinimumMember IMNN:TwoThousandAndEighteenStockIncentivePlanMember 2021-06-10 0000749647 srt:MaximumMember IMNN:TwoThousandAndEighteenStockIncentivePlanMember 2021-06-10 0000749647 IMNN:TwoThousandSevenStockIncentivePlanMember 2022-01-01 2022-12-31 0000749647 IMNN:FiveNewEmployeesMember IMNN:InducementOptionGrantsMember us-gaap:CommonStockMember 2022-12-31 0000749647 IMNN:FiveNewEmployeesMember us-gaap:RestrictedStockMember IMNN:InducementOptionGrantsMember 2022-12-31 0000749647 IMNN:FiveNewEmployeesMember IMNN:InducementOptionGrantsMember 2022-01-01 2022-12-31 0000749647 IMNN:TwoThousandAndEighteenStockIncentivePlanMember 2022-12-31 0000749647 IMNN:GrantedUnderTwoThousandEighteenPlanAndTwoThousandSevenPlanMember IMNN:EquityStockAwardsMember 2022-12-31 0000749647 IMNN:TwoThousandAndEighteenPlanMember 2022-12-31 0000749647 IMNN:InducementAwardsMember 2022-12-31 0000749647 IMNN:EmployeeStockOptionAndRestrictedStockAwardsMember 2022-01-01 2022-12-31 0000749647 IMNN:EmployeeStockOptionAndRestrictedStockAwardsMember 2021-01-01 2021-12-31 0000749647 IMNN:EmployeeStockOptionAndRestrictedStockAwardsMember us-gaap:ResearchAndDevelopmentExpenseMember 2022-01-01 2022-12-31 0000749647 IMNN:EmployeeStockOptionAndRestrictedStockAwardsMember us-gaap:ResearchAndDevelopmentExpenseMember 2021-01-01 2021-12-31 0000749647 IMNN:EmployeeStockOptionAndRestrictedStockAwardsMember us-gaap:GeneralAndAdministrativeExpenseMember 2022-01-01 2022-12-31 0000749647 IMNN:EmployeeStockOptionAndRestrictedStockAwardsMember us-gaap:GeneralAndAdministrativeExpenseMember 2021-01-01 2021-12-31 0000749647 us-gaap:EmployeeStockOptionMember 2020-12-31 0000749647 us-gaap:EmployeeStockOptionMember 2021-01-01 2021-12-31 0000749647 us-gaap:EmployeeStockOptionMember 2021-12-31 0000749647 us-gaap:EmployeeStockOptionMember 2022-01-01 2022-12-31 0000749647 us-gaap:EmployeeStockOptionMember 2022-12-31 0000749647 IMNN:ExercisePriceOneMember 2022-01-01 2022-12-31 0000749647 IMNN:ExercisePriceOneMember 2022-12-31 0000749647 IMNN:ExercisePriceTwoMember 2022-01-01 2022-12-31 0000749647 IMNN:ExercisePriceTwoMember 2022-12-31 0000749647 IMNN:ExercisePriceThreeMember 2022-01-01 2022-12-31 0000749647 IMNN:ExercisePriceThreeMember 2022-12-31 0000749647 srt:MinimumMember 2022-01-01 2022-12-31 0000749647 srt:MinimumMember 2021-01-01 2021-12-31 0000749647 srt:MaximumMember 2021-01-01 2021-12-31 0000749647 IMNN:AchievingMilestoneWithInOneYearMember IMNN:AmendedAssetPurchaseAgreementMember 2014-06-20 0000749647 IMNN:AmendedAssetPurchaseAgreementMember 2014-06-20 0000749647 IMNN:EGWCMember 2014-06-19 2014-06-20 0000749647 IMNN:CertainBusinessDaysOfAchievingMilestoneMember IMNN:AmendedAssetPurchaseAgreementMember 2019-03-28 0000749647 IMNN:AmendedAssetPurchaseAgreementMember 2019-03-28 0000749647 IMNN:EGWCMember 2022-01-01 2022-12-31 0000749647 IMNN:EGWCMember IMNN:FairValueEarnoutMilestoneLiabilityMember 2021-01-01 2021-12-31 0000749647 IMNN:EGWCMember 2021-01-01 2021-12-31 0000749647 IMNN:EGWCMember IMNN:FairValueEarnoutMilestoneLiabilityMember 2020-01-01 2020-12-31 0000749647 srt:MinimumMember 2021-02-28 0000749647 IMNN:HorizonCreditAgreementAmendmentMember 2020-08-31 0000749647 IMNN:HorizonCreditAgreementAmendmentMember 2021-09-21 0000749647 IMNN:HorizonCreditAgreementAmendmentMember 2020-09-20 2020-09-21 0000749647 IMNN:HorizonCreditAgreementAmendmentMember 2020-09-21 0000749647 2011-01-01 2011-12-31 0000749647 2011-12-31 0000749647 2011-12-31 2011-12-31 0000749647 IMNN:FirstYearMember IMNN:FirstLeaseAmendmentMember 2022-01-01 2022-12-31 0000749647 IMNN:FinalYearMember IMNN:FirstLeaseAmendmentMember 2022-01-01 2022-12-31 0000749647 IMNN:FirstLeaseAmendmentMember 2019-01-08 2019-01-09 0000749647 IMNN:FirstYearMember IMNN:SecondLeaseAmendmentMember 2022-01-01 2022-12-31 0000749647 IMNN:FinalYearMember IMNN:SecondLeaseAmendmentMember 2022-01-01 2022-12-31 0000749647 IMNN:EGENAssetPurchaseAgreementMember 2022-01-01 2022-12-31 0000749647 IMNN:HuntsvilleMember 2018-01-31 0000749647 IMNN:EGENAssetPurchaseAgreementMember 2018-01-31 0000749647 IMNN:EGENAssetPurchaseAgreementMember 2018-01-01 2018-12-31 0000749647 IMNN:HuntsvilleAlabamaMember 2021-06-09 0000749647 IMNN:EGENAssetPurchaseAgreementMember 2021-06-08 2021-06-09 0000749647 IMNN:HuntsvilleMember us-gaap:SubsequentEventMember 2023-01-31 0000749647 IMNN:HuntsvilleMember us-gaap:SubsequentEventMember 2023-01-01 2023-12-31 0000749647 IMNN:OperatingLeasesMember 2022-01-01 2022-12-31 0000749647 IMNN:OperatingLeasesMember 2021-01-01 2021-12-31 0000749647 IMNN:HisunMember 2013-01-17 2013-01-18 0000749647 IMNN:HisunMember 2013-01-18 0000749647 IMNN:ConvertibleNotePurchaseAgreementMember IMNN:TransomicTechnologiesIncMember 2022-11-16 iso4217:USD shares iso4217:USD shares pure utr:sqft 0000749647 false FY

10-K true 2022-12-31 --12-31 2022 false 001-15911 IMUNON, INC. DE 52-1256615 997 LENOX DRIVE SUITE 100 LAWRENCEVILLE NJ 08648 (609) 896-9100 Common Stock, Par Value $0.01 Per Share IMNN NASDAQ No No Yes Yes Non-accelerated Filer true false false false 13100000 9089789 Portions of the Registrant’s definitive Proxy Statement to be filed for its 2023 Annual Meeting of Stockholders are incorporated by reference into Part III hereof. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the end of the fiscal year covered by this Annual Report on Form 10-K WithumSmith+Brown, PC Princeton, New Jersey 100

11492841

19586272

21254485

29803095

128932

108844

1500000

2778433

2447413

37154691

51945624

548301

477011

4500000

6000000

1567026

1383446

13366234

155876

690995

50000

183489

6272902

21624164

43975894

74046799

3586623

2547251

4794936

3173537

1424774

230749

548870

500000

10037082

6769658

5396000

4610946

5854461

230749

14648028

18250868

0.01

100000

0.01

112500000

7436219

5770538

7436197

5770516

74362

57705

397980023

388600979

26494

-7974

-368667825

-332769591

29413054

55881119

85188

29327866

55795931

43975894

74046799

500000

11733666

10619287

13687899

10887903

25421565

21507190

-24921565

-21007190

5396000 1622000 13366234 1976101

-234419

453356

10996

5028618

569881

1801

1899

-12543695

-1145506

-37465260

-22152696

-1567026

-1383446

-35898234

-20769250

-5.03

-3.83

7142970

5426953

-35898234

-20769250

-43508

-7149

-17014

825

26494

7974

-35871740

-20761276

-35898234

-20769250

731629

702918

5396000 1622000

2673034

3759737

462377

13366234 1976101 181259 237258

20088

108844

514600

786718

-133489

124728

1039372

302404

1072529

247142

-500000

-23131376

-16223603

48191922

53811069

56775000

24000000

267800

311613

8315278

-30122682

28500000

6722667

52688946

1508666

4725

5756630

5190587

6722667

54768380

-8093431

8422095

25586272

17164177

17492841

25586272

4847359

357277

601495

568269

26494 7974

5770516

57705

388600979

-85188

-7974

-332769591

55795931

-35898234

100000 28500000

100000

-28500000

1664349

16644

6706010

6722654

1381

34468

2673034

7436219

74362

397980023

-85188

26494

-368667825

29327866

2713402

27134

330669476

-85188

-312000341

18611081

-20769250

2975503

29755

52659191

52688946

500

4720

4725

81111

811

1507855

1508666

-7974

3759737

5770516

57705

388600979

-85188

-7974

-332769591

55795931

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business On September 19, 2022, Celsion Corporation announced a corporate name change to Imunon, Inc. (“Imunon” or the “Company”), reflecting the evolution of the Company’s business focus and its commitment to developing cutting-edge immunotherapies and next-generation vaccines to treat cancer and infectious diseases. The Company’s common stock will continue to trade on the Nasdaq Stock Market under the new ticker symbol “IMNN” effective as of the opening of trading on September 21, 2022. The Company filed an amendment to its Articles of Incorporation to effect the new corporate name. Imunon is a fully integrated, clinical stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural mechanisms to generate safe, effective, and durable responses across a broad array of human diseases, constituting a differentiating approach from conventional therapies. Imunon has two platform technologies: TheraPlas® platform for the development of immunotherapies and other anti-cancer nucleic acid-based therapies, and PLACCINE platform for the development of nucleic acid vaccines for infectious diseases and cancer. The Company’s lead clinical program, IMNN-001, is a DNA-based immunotherapy for the localized treatment of advanced ovarian cancer currently in Phase II development. IMNN-001 works by instructing the body to produce safe and durable levels of powerful cancer fighting molecules, such as interleukin-12 and interferon gamma, at the tumor site. Additionally, the Company is conducting preclinical proof-of-concept studies on a nucleic acid vaccine candidate targeting SARS-CoV-2 virus in order to validate its PLACCINE platform. Imunon’s platform technologies are based on the delivery of nucleic acids with novel synthetic delivery systems that are independent of viral vectors or devices. The Company will continue to leverage these platforms and to advance the technological frontier of plasmid DNA to better serve patients with difficult to treat conditions. Basis of Presentation The accompanying consolidated financial statements (“Financial Statements”) of Imunon have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, CLSN Laboratories, Inc. and Imunon GmbH. All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the amount reported in the Company’s Financial Statements and accompanying notes. Actual results could differ materially from these estimates. Events and conditions arising subsequent to the most recent balance sheet date through the date of the issuance of these Financial Statements have been evaluated for their possible impact on the Financial Statements and accompanying notes. No events and conditions would give rise to any information that required accounting recognition or disclosure in the Financial Statements other than those arising in the ordinary course of business. Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates using historical experience and other factors, including the current economic environment. Significant items subject to such estimates are assumptions used for purposes of determining stock-based compensation, the fair value of the earn-out milestone liabilities, estimates for contingent liabilities, if any, and accounting for impairment of in-process research and development assets and goodwill evaluation. Management believes its estimates to be reasonable under the circumstances. Actual results could differ significantly from those estimates. Revenue Recognition The Company’s sole revenue stream is related to the Hisun agreement described in Note 18. There were no accounts receivable as of December 31, 2022. Contract liabilities from the Hisun agreement amounted to $0.5 million as of December 31, 2021. Contract liabilities values represent the value of cash received before the services were provided. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and investments purchased with an original maturity of three months or less. A portion of these funds are not covered by FDIC insurance. Fair Value of Financial Instruments The carrying values of investment securities approximate their respective fair values. Management believes that the carrying amounts of the Company’s investment securities, including cash and cash equivalents and accounts payable approximate fair value due to the short-term nature of those instruments. Short-term investments are recorded at their estimated fair value. Short-Term Investments The Company classifies its investments in debt securities with readily determinable fair values as investments available-for-sale in accordance with Accounting Standards Codification (“ASC”) 320, Investments - Debt and Equity Securities. Available-for-sale securities consist of debt securities not classified as trading securities or as securities to be held to maturity. The Company has classified all of its investments as available-for-sale. Unrealized holding gains and losses on available-for-sale securities are reported as a net amount in accumulated other comprehensive gain or loss in stockholders’ equity until realized. Gains and losses on the sale of available-for-sale securities are determined using the specific identification method. The Company’s short-term investments consist of corporate bonds. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is provided over the estimated useful lives of the related assets, ranging from three to seven years, using the straight-line method. Amortization is recognized over the lesser of the life of the asset or the lease term. Major renewals and improvements are capitalized at cost and ordinary repairs and maintenance are charged against operating expenses as incurred. Depreciation expense was approximately $197,000 and $130,000 for the years ended December 31, 2022 and 2021, respectively. The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net undiscounted cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset, if any, exceeds its fair value determined using a discounted cash flow model. There was no impairment of property or equipment during 2022 or 2021. Deposits Deposits include real property security deposits and other deposits which are contractually required and of a long-term nature. In-Process Research and Development, Other Intangible Assets and Goodwill During 2014, the Company acquired certain assets of EGEN, Inc. As more fully described in Note 6, the acquisition was accounted for under the acquisition method of accounting which required the Company to perform an allocation of the purchase price to the assets acquired and liabilities assumed. Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets and liabilities based on their estimated fair values as of the acquisition date. Impairment or Disposal of Long-Lived Assets The Company assesses the impairment of its long-lived assets under accounting standards for the impairment or disposal of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. For long-lived assets to be held and used, the Company recognizes an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measures the impairment loss based on the difference between the carrying amount and fair value. See Note 5 for information on impairment losses of its in-process research and development. Comprehensive Income (Loss) ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive income (loss) and its components in the Company’s consolidated financial statements. The objective of ASC 220 is to report a measure of comprehensive income (loss) of all changes in equity of an enterprise that result from transactions and other economic events in a period other than transactions with owners. Comprehensive gains (losses) result from changes in unrealized gains and losses from investment in debt securities. Research and Development Research and development costs are expensed as incurred. Equipment and facilities acquired for research and development activities that have alternative future uses are capitalized and charged to expense over their estimated useful lives. Net Loss per Common Share Basic and diluted net loss per common share was computed by dividing net loss for the year by the weighted average number of shares of common stock outstanding, both basic and diluted, during each period. The impact of common stock equivalents has been excluded from the computation of diluted weighted average common shares outstanding in periods where there is a net loss, as their effect is anti-dilutive. For the years ended December 31, 2022 and 2021, the total number of shares of common stock issuable upon exercise of warrants and equity awards is <span id="xdx_908_ecustom--NumberOfSharesOfCommonStockIssuableUponExerciseOfWarrantsAndEquityAwards_c20220101__20221231_zFcdz2VvwHLk" title="Number of shares of common stock issuable upon exercise of warrants and equity awards">988,389 and <span id="xdx_907_ecustom--NumberOfSharesOfCommonStockIssuableUponExerciseOfWarrantsAndEquityAwards_c20210101__20211231_zm1qgcNxguqc" title="Number of shares of common stock issuable upon exercise of warrants and equity awards">618,800, respectively. For the years ended December 31, 2022 and 2021, diluted loss per common share is the same as basic loss per common share as all options and all other warrants that were convertible into shares of the Company’s common stock were excluded from the calculation of diluted earnings attributable to common stockholders per common share as their effect would be anti-dilutive. Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in results of operations in the period that the tax rate change occurs. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. In accordance with ASC 740, Income Taxes, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position taken would be sustained in a tax examination, presuming that a tax examination will occur. The Company recognizes interest and/or penalties related to income tax matters in the income tax expense category. As more fully discussed in Note 10, on September 19, 2022, the Company received approval from the New Jersey Economic Development Authority to sell $<span id="xdx_90E_eus-gaap--OperatingLossCarryforwards_iI_pn5n6_c20220919__srt--StatementGeographicalAxis__stpr--NJ__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--NewJerseyDivisionOfTaxationMember_zz5loCYQfGAj" title="Net proceeds from sale of net operating losses">1.6 million of its New Jersey net operating losses (“NOLs”), recognizing a tax benefit for the year ended December 31, 2022 for the net proceeds (approximately $<span id="xdx_901_eus-gaap--OperatingLossCarryforwards_iI_pn5n6_c20221231__srt--StatementGeographicalAxis__stpr--NJ__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--NewJerseyDivisionOfTaxationMember_z4k5xW3He69e" title="Net proceeds from sale of net operating losses">1.6 million) by reducing the net operating loss valuation allowance. As more fully discussed in Note 10, on October 31, 2022, the Company was notified by the New Jersey Economic Development Authority that its application was approved and the Company entered into an agreement to sell this NOL. On January 10, 2023, the Company received approximately $<span id="xdx_904_eus-gaap--OperatingLossCarryforwards_iI_pn5n6_c20230110__srt--StatementGeographicalAxis__stpr--NJ__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--NewJerseyDivisionOfTaxationMember_z3ruiqc88vy" title="Net proceeds from sale of net operating losses">1.6 million upon completion of the sale of the 2022 NOLs. During 2021, the Company received approval to sell $1.5 million of its New Jersey NOLs, receiving net proceeds of approximately $1.4 million. As part of the Technology Business Tax Certificate Program sponsored by The New Jersey Economic Development Authority, emerging biotechnology companies with unused NOLs and unused research and development credits are allowed to sell these benefits to other New Jersey-based companies. During 2021, the New Jersey State Legislature increased the maximum lifetime benefit per company from $<span id="xdx_90E_eus-gaap--OperatingLossCarryforwards_iI_pn6n6_c20211231__srt--StatementGeographicalAxis__stpr--NJ__srt--RangeAxis__srt--MinimumMember_zeCZgoNupzSe" title="Net proceeds from sale of net operating losses">15 million to $<span id="xdx_90E_eus-gaap--OperatingLossCarryforwards_iI_pn6n6_c20211231__srt--StatementGeographicalAxis__stpr--NJ__srt--RangeAxis__srt--MaximumMember_zZGFbtFB5rh" title="Net proceeds from sale of net operating losses">20 million, which will allow the Company to participate in this innovative funding program in future years for up to an additional $<span id="xdx_908_eus-gaap--DirectFinancingLeaseSellingLoss_pn5n6_c20210101__20211231__srt--StatementGeographicalAxis__stpr--NJ__srt--RangeAxis__srt--MaximumMember_zLDJYlVUQPG3" title="Direct financing lease, selling loss">1.9 million in net operating losses under this maximum lifetime benefit (see Note 2). Stock-Based Compensation In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation, which simplifies various aspects of accounting for share-based payments. The areas for simplification involve several aspects of the accounting for share-based payment transactions, including the income tax consequences and classification on the statements of cash flows. The Company recognizes the effect of forfeitures in compensation cost when they occur. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB and are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued accounting pronouncements will not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows, or do not apply to its operations. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which modifies the measurement of expected credit losses on certain financial instruments. The Company adopted ASU 2016-13 in its first quarter of 2021 utilizing the modified retrospective transition method. Based on the composition of the Company’s investment portfolio and current market conditions, the adoption of ASU 2016-13 did not have a material impact on its Financial Statements. In May 2021, the FASB issued ASU No. 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 of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). This ASU is intended to clarify and reduce diversity in 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 guidance clarifies whether an issuer should account for a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as (1) an adjustment to equity and, if so, the related earnings per share effects, if any, or (2) an expense and, if so, the manner and pattern of recognition. The amendments in this ASU affect all entities that issue freestanding written call options that are classified in equity. The amendments do not apply to modifications or exchanges of financial instruments that are within the scope of another Topic and do not affect a holder’s accounting for freestanding call options. The amendments in this ASU 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. The Company adopted ASU 2021-04 on its Financial Statements.

Description of Business On September 19, 2022, Celsion Corporation announced a corporate name change to Imunon, Inc. (“Imunon” or the “Company”), reflecting the evolution of the Company’s business focus and its commitment to developing cutting-edge immunotherapies and next-generation vaccines to treat cancer and infectious diseases. The Company’s common stock will continue to trade on the Nasdaq Stock Market under the new ticker symbol “IMNN” effective as of the opening of trading on September 21, 2022. The Company filed an amendment to its Articles of Incorporation to effect the new corporate name. Imunon is a fully integrated, clinical stage biotechnology company focused on advancing a portfolio of innovative treatments that harness the body’s natural mechanisms to generate safe, effective, and durable responses across a broad array of human diseases, constituting a differentiating approach from conventional therapies. Imunon has two platform technologies: TheraPlas® platform for the development of immunotherapies and other anti-cancer nucleic acid-based therapies, and PLACCINE platform for the development of nucleic acid vaccines for infectious diseases and cancer. The Company’s lead clinical program, IMNN-001, is a DNA-based immunotherapy for the localized treatment of advanced ovarian cancer currently in Phase II development. IMNN-001 works by instructing the body to produce safe and durable levels of powerful cancer fighting molecules, such as interleukin-12 and interferon gamma, at the tumor site. Additionally, the Company is conducting preclinical proof-of-concept studies on a nucleic acid vaccine candidate targeting SARS-CoV-2 virus in order to validate its PLACCINE platform. Imunon’s platform technologies are based on the delivery of nucleic acids with novel synthetic delivery systems that are independent of viral vectors or devices. The Company will continue to leverage these platforms and to advance the technological frontier of plasmid DNA to better serve patients with difficult to treat conditions.

Basis of Presentation The accompanying consolidated financial statements (“Financial Statements”) of Imunon have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, CLSN Laboratories, Inc. and Imunon GmbH. All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of the financial statements in conformity with GAAP requires management to make judgments, estimates, and assumptions that affect the amount reported in the Company’s Financial Statements and accompanying notes. Actual results could differ materially from these estimates. Events and conditions arising subsequent to the most recent balance sheet date through the date of the issuance of these Financial Statements have been evaluated for their possible impact on the Financial Statements and accompanying notes. No events and conditions would give rise to any information that required accounting recognition or disclosure in the Financial Statements other than those arising in the ordinary course of business.

Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates using historical experience and other factors, including the current economic environment. Significant items subject to such estimates are assumptions used for purposes of determining stock-based compensation, the fair value of the earn-out milestone liabilities, estimates for contingent liabilities, if any, and accounting for impairment of in-process research and development assets and goodwill evaluation. Management believes its estimates to be reasonable under the circumstances. Actual results could differ significantly from those estimates.

Revenue Recognition The Company’s sole revenue stream is related to the Hisun agreement described in Note 18. There were no accounts receivable as of December 31, 2022. Contract liabilities from the Hisun agreement amounted to $0.5 million as of December 31, 2021. Contract liabilities values represent the value of cash received before the services were provided.

500000

Cash and Cash Equivalents Cash and cash equivalents include cash on hand and investments purchased with an original maturity of three months or less. A portion of these funds are not covered by FDIC insurance.

Fair Value of Financial Instruments The carrying values of investment securities approximate their respective fair values. Management believes that the carrying amounts of the Company’s investment securities, including cash and cash equivalents and accounts payable approximate fair value due to the short-term nature of those instruments. Short-term investments are recorded at their estimated fair value.

Short-Term Investments The Company classifies its investments in debt securities with readily determinable fair values as investments available-for-sale in accordance with Accounting Standards Codification (“ASC”) 320, Investments - Debt and Equity Securities. Available-for-sale securities consist of debt securities not classified as trading securities or as securities to be held to maturity. The Company has classified all of its investments as available-for-sale. Unrealized holding gains and losses on available-for-sale securities are reported as a net amount in accumulated other comprehensive gain or loss in stockholders’ equity until realized. Gains and losses on the sale of available-for-sale securities are determined using the specific identification method. The Company’s short-term investments consist of corporate bonds.

Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is provided over the estimated useful lives of the related assets, ranging from three to seven years, using the straight-line method. Amortization is recognized over the lesser of the life of the asset or the lease term. Major renewals and improvements are capitalized at cost and ordinary repairs and maintenance are charged against operating expenses as incurred. Depreciation expense was approximately $197,000 and $130,000 for the years ended December 31, 2022 and 2021, respectively. The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An asset is considered impaired if its carrying amount exceeds the future net undiscounted cash flows that the asset is expected to generate. If such asset is considered to be impaired, the impairment recognized is the amount by which the carrying amount of the asset, if any, exceeds its fair value determined using a discounted cash flow model. There was no impairment of property or equipment during 2022 or 2021.

197000

130000

Deposits Deposits include real property security deposits and other deposits which are contractually required and of a long-term nature.

In-Process Research and Development, Other Intangible Assets and Goodwill During 2014, the Company acquired certain assets of EGEN, Inc. As more fully described in Note 6, the acquisition was accounted for under the acquisition method of accounting which required the Company to perform an allocation of the purchase price to the assets acquired and liabilities assumed. Under the acquisition method of accounting, the total purchase price is allocated to net tangible and intangible assets and liabilities based on their estimated fair values as of the acquisition date.

Impairment or Disposal of Long-Lived Assets The Company assesses the impairment of its long-lived assets under accounting standards for the impairment or disposal of long-lived assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. For long-lived assets to be held and used, the Company recognizes an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measures the impairment loss based on the difference between the carrying amount and fair value. See Note 5 for information on impairment losses of its in-process research and development.

Comprehensive Income (Loss) ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive income (loss) and its components in the Company’s consolidated financial statements. The objective of ASC 220 is to report a measure of comprehensive income (loss) of all changes in equity of an enterprise that result from transactions and other economic events in a period other than transactions with owners. Comprehensive gains (losses) result from changes in unrealized gains and losses from investment in debt securities.

Research and Development Research and development costs are expensed as incurred. Equipment and facilities acquired for research and development activities that have alternative future uses are capitalized and charged to expense over their estimated useful lives.

Net Loss per Common Share Basic and diluted net loss per common share was computed by dividing net loss for the year by the weighted average number of shares of common stock outstanding, both basic and diluted, during each period. The impact of common stock equivalents has been excluded from the computation of diluted weighted average common shares outstanding in periods where there is a net loss, as their effect is anti-dilutive. For the years ended December 31, 2022 and 2021, the total number of shares of common stock issuable upon exercise of warrants and equity awards is <span id="xdx_908_ecustom--NumberOfSharesOfCommonStockIssuableUponExerciseOfWarrantsAndEquityAwards_c20220101__20221231_zFcdz2VvwHLk" title="Number of shares of common stock issuable upon exercise of warrants and equity awards">988,389 and <span id="xdx_907_ecustom--NumberOfSharesOfCommonStockIssuableUponExerciseOfWarrantsAndEquityAwards_c20210101__20211231_zm1qgcNxguqc" title="Number of shares of common stock issuable upon exercise of warrants and equity awards">618,800, respectively. For the years ended December 31, 2022 and 2021, diluted loss per common share is the same as basic loss per common share as all options and all other warrants that were convertible into shares of the Company’s common stock were excluded from the calculation of diluted earnings attributable to common stockholders per common share as their effect would be anti-dilutive.

988389 618800

Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in results of operations in the period that the tax rate change occurs. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. In accordance with ASC 740, Income Taxes, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position taken would be sustained in a tax examination, presuming that a tax examination will occur. The Company recognizes interest and/or penalties related to income tax matters in the income tax expense category. As more fully discussed in Note 10, on September 19, 2022, the Company received approval from the New Jersey Economic Development Authority to sell $<span id="xdx_90E_eus-gaap--OperatingLossCarryforwards_iI_pn5n6_c20220919__srt--StatementGeographicalAxis__stpr--NJ__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--NewJerseyDivisionOfTaxationMember_zz5loCYQfGAj" title="Net proceeds from sale of net operating losses">1.6 million of its New Jersey net operating losses (“NOLs”), recognizing a tax benefit for the year ended December 31, 2022 for the net proceeds (approximately $<span id="xdx_901_eus-gaap--OperatingLossCarryforwards_iI_pn5n6_c20221231__srt--StatementGeographicalAxis__stpr--NJ__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--NewJerseyDivisionOfTaxationMember_z4k5xW3He69e" title="Net proceeds from sale of net operating losses">1.6 million) by reducing the net operating loss valuation allowance. As more fully discussed in Note 10, on October 31, 2022, the Company was notified by the New Jersey Economic Development Authority that its application was approved and the Company entered into an agreement to sell this NOL. On January 10, 2023, the Company received approximately $<span id="xdx_904_eus-gaap--OperatingLossCarryforwards_iI_pn5n6_c20230110__srt--StatementGeographicalAxis__stpr--NJ__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--NewJerseyDivisionOfTaxationMember_z3ruiqc88vy" title="Net proceeds from sale of net operating losses">1.6 million upon completion of the sale of the 2022 NOLs. During 2021, the Company received approval to sell $1.5 million of its New Jersey NOLs, receiving net proceeds of approximately $1.4 million. As part of the Technology Business Tax Certificate Program sponsored by The New Jersey Economic Development Authority, emerging biotechnology companies with unused NOLs and unused research and development credits are allowed to sell these benefits to other New Jersey-based companies. During 2021, the New Jersey State Legislature increased the maximum lifetime benefit per company from $<span id="xdx_90E_eus-gaap--OperatingLossCarryforwards_iI_pn6n6_c20211231__srt--StatementGeographicalAxis__stpr--NJ__srt--RangeAxis__srt--MinimumMember_zeCZgoNupzSe" title="Net proceeds from sale of net operating losses">15 million to $<span id="xdx_90E_eus-gaap--OperatingLossCarryforwards_iI_pn6n6_c20211231__srt--StatementGeographicalAxis__stpr--NJ__srt--RangeAxis__srt--MaximumMember_zZGFbtFB5rh" title="Net proceeds from sale of net operating losses">20 million, which will allow the Company to participate in this innovative funding program in future years for up to an additional $<span id="xdx_908_eus-gaap--DirectFinancingLeaseSellingLoss_pn5n6_c20210101__20211231__srt--StatementGeographicalAxis__stpr--NJ__srt--RangeAxis__srt--MaximumMember_zLDJYlVUQPG3" title="Direct financing lease, selling loss">1.9 million in net operating losses under this maximum lifetime benefit (see Note 2).

1600000

1500000

1400000

15000000

20000000

1900000

Stock-Based Compensation In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation, which simplifies various aspects of accounting for share-based payments. The areas for simplification involve several aspects of the accounting for share-based payment transactions, including the income tax consequences and classification on the statements of cash flows. The Company recognizes the effect of forfeitures in compensation cost when they occur.

Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB and are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued accounting pronouncements will not have a material impact on the Company’s consolidated financial position, results of operations, and cash flows, or do not apply to its operations. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which modifies the measurement of expected credit losses on certain financial instruments. The Company adopted ASU 2016-13 in its first quarter of 2021 utilizing the modified retrospective transition method. Based on the composition of the Company’s investment portfolio and current market conditions, the adoption of ASU 2016-13 did not have a material impact on its Financial Statements. In May 2021, the FASB issued ASU No. 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 of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). This ASU is intended to clarify and reduce diversity in 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 guidance clarifies whether an issuer should account for a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as (1) an adjustment to equity and, if so, the related earnings per share effects, if any, or (2) an expense and, if so, the manner and pattern of recognition. The amendments in this ASU affect all entities that issue freestanding written call options that are classified in equity. The amendments do not apply to modifications or exchanges of financial instruments that are within the scope of another Topic and do not affect a holder’s accounting for freestanding call options. The amendments in this ASU 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. The Company adopted ASU 2021-04 on its Financial Statements.

2. FINANCIAL CONDITION AND LIQUIDITY Since inception, the Company has incurred substantial operating losses, principally from expenses associated with the Company’s research and development programs, clinical trials conducted in connection with the Company’s drug candidates, and applications and submissions to the U.S. Food and Drug Administration. The Company has not generated significant revenue and has incurred significant net losses in each year since inception. As of December 31, 2022, the Company has incurred approximately $369 million of cumulative net losses. As of December 31, 2022, the Company had $32.8 million in cash and cash equivalents, short-term investments, and interest receivable; and $1.6 net proceeds on the sale of net operating losses and $6.0 million in restricted cash required to maintain on deposit with SVB as cash collateral for the SVB debt. The Company has substantial future capital requirements to continue its research and development activities and advance its drug candidates through various development stages. The Company believes these expenditures are essential for the commercialization of its technologies. The Company believes it has sufficient capital resources to fund its operations into 2025. The Company expects its operating losses to continue for the foreseeable future as it continues its product development efforts, and when it undertakes marketing and sales activities. The Company’s ability to achieve profitability is dependent upon its ability to obtain governmental approvals, manufacture, and market and sell its new drug candidates. There can be no assurance that the Company will be able to commercialize its technology successfully or that profitability will ever be achieved. The operating results of the Company have fluctuated significantly in the past. The Company’s ability to raise additional capital may be adversely impacted by potential worsening global economic conditions and the recent disruptions to, and volatility in, financial markets in the U.S. and worldwide resulting from the ongoing COVID-19 pandemic. The disruptions caused by COVID-19 may also disrupt the clinical trials process and enrollment of patients. This may delay commercialization efforts. The Company continues to monitor its operating activities in light of these events, and it is reasonably possible that the virus could have a negative effect on the Company’s financial condition and results of operations. The specific impact, if any, is not readily determinable as of the date of these Financial Statements. The actual amount of funds the Company will need to operate is subject to many factors, some of which are beyond the Company’s control. These factors include the following: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the progress of research activities;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the number and scope of research programs;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the progress of preclinical and clinical development activities;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the progress of the development efforts of parties with whom the Company has entered into research and development agreements;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the costs associated with additional clinical trials of drug candidates;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the ability to maintain current research and development licensing arrangements and to establish new research and development and licensing arrangements;</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 48px; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the ability to achieve milestones under licensing arrangements;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the costs involved in prosecuting and enforcing patent claims and other intellectual property rights; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the costs and timing of regulatory approvals.</td></tr> </table> On July 13, 2020, the Company announced that it has received a recommendation from the independent DMC to consider stopping the global Phase III OPTIMA Study of ThermoDox® in combination with RFA for the treatment of HCC, or primary liver cancer. The recommendation was made following the second pre-planned interim safety and efficacy analysis by the DMC on July 9, 2020. The DMC’s analysis found that the pre-specified boundary for stopping the trial for futility of 0.900 was crossed with an actual value of 0.903. The Company followed the advice of the DMC and considered its options to either stop the study or continue to follow patients after a thorough review of the data, and an evaluation of the probability of success. On February 11, 2021, the Company issued a letter to shareholders stating that the Company was notifying all clinical sites to discontinue following patients in the OPTIMA Study. Since 2018, the Company has annually submitted applications to sell a portion of the Company’s State of New Jersey net operating losses as part of the Technology Business Tax Certificate Program sponsored by The New Jersey Economic Development Authority. Under the program, emerging biotechnology companies with unused NOLs and unused research and development credits are allowed to sell these benefits to other New Jersey-based companies. As part of the Technology Business Tax Certificate Program, the Company sold $1.6 million and $1.5 million of its New Jersey NOLs in 2022 and 2021, respectively. The sale of these net operating losses resulted in net proceeds to the Company of approximately $1.6 million in 2022 and $1.4 million in 2021. During 2021, the New Jersey State Legislature increased the maximum lifetime benefit per company from $<span id="xdx_90C_eus-gaap--OperatingLossCarryforwards_iI_pn6n6_c20211231__srt--StatementGeographicalAxis__stpr--NJ__srt--RangeAxis__srt--MinimumMember_zcf38o7C7V99" title="Net proceeds from sale of net operating losses">15 million to $<span id="xdx_90E_eus-gaap--OperatingLossCarryforwards_iI_pn6n6_c20211231__srt--StatementGeographicalAxis__stpr--NJ__srt--RangeAxis__srt--MaximumMember_zifUZ6Tj3rtd" title="Net proceeds from sale of net operating losses">20 million, which will allow the Company to participate in this funding program in future years for up to an additional $<span id="xdx_905_eus-gaap--OperatingCostsAndExpenses_pn5n6_c20210101__20211231__srt--StatementGeographicalAxis__stpr--NJ__srt--RangeAxis__srt--MaximumMember_zcPMRqpPHYu2" title="Operating costs and expenses">1.9 million in net operating losses under this maximum lifetime benefit. In June 2018, the Company entered into a Credit Agreement with Horizon Technology Finance Corporation (“Horizon”) that provided $<span id="xdx_901_eus-gaap--ProceedsFromContributedCapital_pn6n6_c20180601__20180630__us-gaap--TypeOfArrangementAxis__custom--HorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_zIo4CBiOdYNi" title="Proceeds from contributed capital">10 million in capital (the “Horizon Credit Agreement”). The obligations under the Horizon Credit Agreement are secured by a first-priority security interest in substantially all assets of Imunon other than intellectual property assets. Payments under the loan agreement are interest only (calculated based on one-month LIBOR plus 7.625%) for the first 24 months through July 2020, followed by a 21-month amortization period of principal and interest starting on August 1, 2020 and ending through the scheduled maturity date on April 1, 2023. On August 28, 2020, in connection with an Amendment to the Horizon Credit Agreement, Imunon repaid $<span id="xdx_905_eus-gaap--RepaymentsOfNotesPayable_pn6n6_c20200827__20200828__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_zoIsGOiYgG7e" title="Repayments of notes payable">5 million of the $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20200828__us-gaap--TypeOfArrangementAxis__custom--HorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_z53R6jIGoiqc" title="Debt instrument, face amount">10 million loan and $<span id="xdx_909_ecustom--PaymentOfDebtEndTermCharges_pn5n6_c20200827__20200828__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_z9TV1hJAxPeg" title="Debt instrument related end term charges">0.2 million in related end of term charges, and the remaining $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20200828__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_zUECUolsv1Wa" title="Debt instrument, face amount">5 million in obligations were restructured. As more fully discussed in Note 9 to these Financial Statements, in June 2021, the Company entered into a $<span id="xdx_90C_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn6n6_c20210630__us-gaap--TypeOfArrangementAxis__custom--HorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_zyWLr3No8Pu" title="Line of credit facility, maximum borrowing capacity">10 million loan facility with Silicon Valley Bank (“SVB”). The Company immediately used $<span id="xdx_908_ecustom--RepaymentOfOutstandingIndebtednessAmount_iI_pn6n6_c20210630__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember__us-gaap--TypeOfArrangementAxis__custom--SVBLoanFacilityMember_zkxrYjD5z6Wk" title="Repayment of outstanding in-debtedness amount">6 million from this facility to retire all outstanding indebtedness with Horizon. Concurrently with this retirement, the Company was required to fund a restricted cash account in the amount of $<span id="xdx_906_eus-gaap--RestrictedCash_iI_pn6n6_c20221231__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember__us-gaap--TypeOfArrangementAxis__custom--SVBLoanFacilityMember_zbL4FVLg6dM" title="Restricted cash">6 million. The funding is in the form of money market secured indebtedness bearing interest at a calculated WSJ Prime-based variable rate (currently <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_dp_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SiliconValleyBankMember__us-gaap--VariableRateAxis__us-gaap--PrimeRateMember__us-gaap--TypeOfArrangementAxis__custom--SVBLoanFacilityMember_zghP6fyF1xR5" title="Debt instrument, interest rate, stated percentage">7.75%). Payments under the loan agreement are interest only for the first 24 months after loan closing, followed by a 24-month amortization period of principal and interest through the scheduled maturity date. The Company has based its estimates on assumptions that may prove to be wrong. The Company may need to obtain additional funds sooner or in greater amounts than it currently anticipates. Potential sources of financing include strategic relationships, public or private sales of the Company’s shares or debt, the sale of the Company’s New Jersey NOLs and other sources. If the Company raises funds by selling additional shares of common stock or other securities convertible into common stock, the ownership interest of existing stockholders may be diluted. See Note 11 for a discussion of the Company’s issuance and redemption of Series A Preferred Stock and Series B Preferred Stock.

-369000000

32800000

1600000

6000000.0

1600000

1500000

1600000

1400000

15000000

20000000

1900000

10000000

Payments under the loan agreement are interest only (calculated based on one-month LIBOR plus 7.625%) for the first 24 months through July 2020, followed by a 21-month amortization period of principal and interest starting on August 1, 2020 and ending through the scheduled maturity date on April 1, 2023.

5000000

10000000

200000

5000000

10000000

6000000

0.0775

<p id="xdx_80C_eus-gaap--InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_zCNM1QtcKAMf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">3. INVESTMENTS IN DEBT SECURITIES AVAILABLE FOR SALE Investments in debt securities available for sale with a fair value of $21,254,485 and $29,803,095 as of December 31, 2022 and 2021, respectively, consisted of U.S. Treasury securities and corporate debt securities. These investments are valued at estimated fair value, with unrealized gains and losses reported as a separate component of stockholders’ equity in accumulated other comprehensive loss. Investments in debt securities available for sale are evaluated periodically to determine whether a decline in their value is other than temporary. The term “other than temporary” is not intended to indicate a permanent decline in value. Rather, it means that the prospects for near term recovery of value are not necessarily favorable, or that there is a lack of evidence to support fair values equal to, or greater than, the carrying value of the security. Management reviews criteria such as the magnitude and duration of the decline, as well as the reasons for the decline, to predict whether the loss in value is other than temporary. Once a decline in value is determined to be other than temporary, the value of the security is reduced and a corresponding charge to earnings is recognized. A summary of the cost, fair value and maturities of the Company’s short-term investments is as follows: SCHEDULE OF COST, FAIR VALUE AND MATURITIES OF SHORT TERM INVESTMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Short-term investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left">U.S. Treasury securities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShortTermInvestments_iI_pp0p0_c20221231__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_zenSlxgOkAll" style="width: 11%; text-align: right" title="Short-term investments - Cost">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_zzSOo50vg0f6" style="width: 11%; text-align: right" title="Short-term investments - Fair Value">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--ShortTermInvestments_iI_pp0p0_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_zUsCNBnx1hl4" style="width: 11%; text-align: right" title="Short-term investments - Cost">14,786,982</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_zQemnFSAGual" style="width: 11%; text-align: right" title="Short-term investments - Fair Value">14,778,705</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Corporate debt securities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShortTermInvestments_iI_pp0p0_c20221231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zCmsxXKkczka" style="border-bottom: Black 1.5pt solid; text-align: right" title="Short-term investments - Cost">21,227,991</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_z6lDreuWI6b9" style="border-bottom: Black 1.5pt solid; text-align: right" title="Short-term investments - Fair Value">21,254,485</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShortTermInvestments_iI_pp0p0_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zqhypzJ2sIb3" style="border-bottom: Black 1.5pt solid; text-align: right" title="Short-term investments - Cost">15,024,087</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zBO0Nz71qfK2" style="border-bottom: Black 1.5pt solid; text-align: right" title="Short-term investments - Fair Value">15,024,390</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--ShortTermInvestments_iI_pp0p0_c20221231_zwAD6DVsWdc" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments - Cost">21,227,991</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231_zYxGKQkRJ94c" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments - Fair Value">21,254,485</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShortTermInvestments_iI_pp0p0_c20211231_zBQJhKoO0j0j" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments - Cost">29,811,069</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231_zz6qlh1IeHRe" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments - Fair Value">29,803,095</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Short-term investment maturities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%">Within 3 months</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_ecustom--DebtSecuritiesAvailableforsaleMaturityAllocatedAndSingleMaturityDateRollingWithinThreeMonthsAmortizedCost_iI_pp0p0_c20221231_zqGRi1g8bHyh" style="width: 11%; text-align: right" title="Short-term investment maturities - Within 3 months, cost">4,005,559</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_ecustom--DebtSecuritiesAvailableforsaleMaturityAllocatedAndSingleMaturityDateRollingWithinThreeMonthsFairValue_iI_pp0p0_c20221231_zmba4OX7PW5f" style="width: 11%; text-align: right" title="Short-term investment maturities - Within 3 months, fair value">3,994,590</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_ecustom--DebtSecuritiesAvailableforsaleMaturityAllocatedAndSingleMaturityDateRollingWithinThreeMonthsAmortizedCost_iI_pp0p0_c20211231_zkoAYJfAOrOe" style="width: 11%; text-align: right" title="Short-term investment maturities - Within 3 months, cost">19,798,177</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_ecustom--DebtSecuritiesAvailableforsaleMaturityAllocatedAndSingleMaturityDateRollingWithinThreeMonthsFairValue_iI_pp0p0_c20211231_zgUqzch69KVh" style="width: 11%; text-align: right" title="Short-term investment maturities - Within 3 months, fair value">19,799,835</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Between 3-12 months</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_983_ecustom--DebtSecuritiesAvailableforsaleMaturityAllocatedAndSingleMaturityDateRollingBetweenThreeAndTwelveMonthsAmortizedCost_iI_pp0p0_c20221231_zMY1PHvh5Wji" style="border-bottom: Black 1.5pt solid; text-align: right" title="Short-term investment maturities - Between 3-12 months, cost">17,222,432</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--DebtSecuritiesAvailableforsaleMaturityAllocatedAndSingleMaturityDateRollingBetweenThreeAndTwelveMonthsFairValue_iI_pp0p0_c20221231_zwjvgktSq1m3" style="border-bottom: Black 1.5pt solid; text-align: right" title="Short-term investment maturities - Between 3-12 months, fair value">17,259,895</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_ecustom--DebtSecuritiesAvailableforsaleMaturityAllocatedAndSingleMaturityDateRollingBetweenThreeAndTwelveMonthsAmortizedCost_iI_pp0p0_c20211231_zOUQui7RlaTf" style="border-bottom: Black 1.5pt solid; text-align: right" title="Short-term investment maturities - Between 3-12 months, cost">10,012,892</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_989_ecustom--DebtSecuritiesAvailableforsaleMaturityAllocatedAndSingleMaturityDateRollingBetweenThreeAndTwelveMonthsFairValue_iI_pp0p0_c20211231_zxXw1vJvi0zg" style="border-bottom: Black 1.5pt solid; text-align: right" title="Short-term investment maturities - Between 3-12 months, fair value">10,003,260</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_ecustom--AvailableForSaleDebtSecuritiesAmortizedCostBasisCurrent_iI_pp0p0_c20221231_zBjXcTisFBCi" style="border-bottom: Black 2.5pt double; text-align: right" title="Total, cost">21,227,991</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate_iI_pp0p0_c20221231_zHpdau4HzH4i" style="border-bottom: Black 2.5pt double; text-align: right" title="Total, fair value">21,254,485</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_ecustom--AvailableForSaleDebtSecuritiesAmortizedCostBasisCurrent_iI_pp0p0_c20211231_zEZISdEd0Ws6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total, cost">29,811,069</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate_iI_pp0p0_c20211231_z10FGcqBmpb8" style="border-bottom: Black 2.5pt double; text-align: right" title="Total, fair value">29,803,095</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The following table shows the Company’s investment in debt securities available for sale gross unrealized gains (losses) and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2022 and 2021. The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other than temporary. SUMMARY OF INVESTMENT SECURITIES GROSS UNREALIZED GAINS (LOSSES) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Available for sale securities (all unrealized holding gains and losses are less than 12 months at date of measurement)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Unrealized Holding Gains (Losses)</td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Unrealized Holding Gains (Losses)</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Investments in debt securities with unrealized gains</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_ecustom--AvailableForSaleSecuritiesUnrealizedGainsFairValue_iI_c20221231_zEu8B9OiOj7" style="width: 11%; text-align: right" title="Investments with unrealized gains, Fair Value">13,278,505</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_ecustom--AvailableForSaleSecuritiesUnrealizedHoldingGainsLessThanTwelveMonths_iI_c20221231_zAlo3SMQiAX9" style="width: 11%; text-align: right" title="Investments with unrealized gains, Unrealized Holding Gains (Losses)">43,508</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_ecustom--AvailableForSaleSecuritiesUnrealizedGainsFairValue_iI_c20211231_z2iH4WrlKrM5" style="width: 11%; text-align: right" title="Investments with unrealized gains, Fair Value">8,999,580</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_ecustom--AvailableForSaleSecuritiesUnrealizedHoldingGainsLessThanTwelveMonths_iI_c20211231_zDJPAdGZmZa5" style="width: 11%; text-align: right" title="Investments with unrealized gains, Unrealized Holding Gains (Losses)">3,499</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Investments in debt securities with unrealized losses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_ecustom--AvailableForSaleSecuritiesUnrealizedLossFairValue_iI_c20221231_z4evqMD77Pq5" style="border-bottom: Black 1.5pt solid; text-align: right" title="Investments with unrealized losses, Fair Value">7,975,980</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_987_ecustom--AvailableForSaleSecuritiesUnrealizedHoldingLossesLessThanTwelveMonths_iI_c20221231_zgOHT7GN5K33" style="border-bottom: Black 1.5pt solid; text-align: right" title="Investments with unrealized Losses, Unrealized Holding Gains (Losses)">(17,014</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_988_ecustom--AvailableForSaleSecuritiesUnrealizedLossFairValue_iI_c20211231_z4j00A8lAvI4" style="border-bottom: Black 1.5pt solid; text-align: right" title="Investments with unrealized losses, Fair Value">20,803,515</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_ecustom--AvailableForSaleSecuritiesUnrealizedHoldingLossesLessThanTwelveMonths_iI_c20211231_zX6IEUbcZ0p1" style="border-bottom: Black 1.5pt solid; text-align: right" title="Investments with unrealized Losses, Unrealized Holding Gains (Losses)">(11,473</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_c20221231_zGRYnmQX99Ue" style="border-bottom: Black 2.5pt double; text-align: right" title="Total, Fair Value">21,254,485</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_ecustom--AvailableForSaleSecuritiesUnrealizedHoldingGainsLossesLessThanTwelveMonths_iI_c20221231_zJu32TmL95Pk" style="border-bottom: Black 2.5pt double; text-align: right" title="Total, Unrealized Holding Gains (Losses)">26,494</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_c20211231_zY5HzXpIyJm" style="border-bottom: Black 2.5pt double; text-align: right" title="Total, Fair Value">29,803,095</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_ecustom--AvailableForSaleSecuritiesUnrealizedHoldingGainsLossesLessThanTwelveMonths_iI_c20211231_zDwC7ua0Ggll" style="border-bottom: Black 2.5pt double; text-align: right" title="Total, Unrealized Holding Gains (Losses)">(7,974</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> Investment income, which includes net realized losses on sales of available for sale securities and investment income interest and dividends, is summarized as follows: SUMMARY OF NET REALIZED LOSSES ON SALES OF AVAILABLE FOR SALE SECURITIES AND INVESTMENT INCOME INTEREST AND DIVIDENDS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49F_20220101__20221231_zyaWcKiVSoLj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20210101__20211231_zVWZZd7HQnKi" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--InvestmentIncomeInterestAndDividend_maIILNzUXt_zQYMs8f6GEM" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Interest and dividends accrued and paid</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">502,578</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">18,145</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DebtSecuritiesAvailableForSaleRealizedGainLoss_maIILNzUXt_zveGLXV1Lm7l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Realized losses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(49,222</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,149</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_404_ecustom--InvestmentIncomeLossNonoperating_iT_pp0p0_mtIILNzUXt_zsnkVn6FNkHc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Investment income, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">453,356</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,996</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

21254485

29803095

A summary of the cost, fair value and maturities of the Company’s short-term investments is as follows: SCHEDULE OF COST, FAIR VALUE AND MATURITIES OF SHORT TERM INVESTMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Short-term investments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left">U.S. Treasury securities</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--ShortTermInvestments_iI_pp0p0_c20221231__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_zenSlxgOkAll" style="width: 11%; text-align: right" title="Short-term investments - Cost">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_zzSOo50vg0f6" style="width: 11%; text-align: right" title="Short-term investments - Fair Value">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--ShortTermInvestments_iI_pp0p0_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_zUsCNBnx1hl4" style="width: 11%; text-align: right" title="Short-term investments - Cost">14,786,982</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_zQemnFSAGual" style="width: 11%; text-align: right" title="Short-term investments - Fair Value">14,778,705</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Corporate debt securities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShortTermInvestments_iI_pp0p0_c20221231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zCmsxXKkczka" style="border-bottom: Black 1.5pt solid; text-align: right" title="Short-term investments - Cost">21,227,991</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_z6lDreuWI6b9" style="border-bottom: Black 1.5pt solid; text-align: right" title="Short-term investments - Fair Value">21,254,485</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShortTermInvestments_iI_pp0p0_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zqhypzJ2sIb3" style="border-bottom: Black 1.5pt solid; text-align: right" title="Short-term investments - Cost">15,024,087</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zBO0Nz71qfK2" style="border-bottom: Black 1.5pt solid; text-align: right" title="Short-term investments - Fair Value">15,024,390</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--ShortTermInvestments_iI_pp0p0_c20221231_zwAD6DVsWdc" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments - Cost">21,227,991</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231_zYxGKQkRJ94c" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments - Fair Value">21,254,485</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShortTermInvestments_iI_pp0p0_c20211231_zBQJhKoO0j0j" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments - Cost">29,811,069</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_988_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231_zz6qlh1IeHRe" style="border-bottom: Black 2.5pt double; text-align: right" title="Short-term investments - Fair Value">29,803,095</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Short-term investment maturities</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%">Within 3 months</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_ecustom--DebtSecuritiesAvailableforsaleMaturityAllocatedAndSingleMaturityDateRollingWithinThreeMonthsAmortizedCost_iI_pp0p0_c20221231_zqGRi1g8bHyh" style="width: 11%; text-align: right" title="Short-term investment maturities - Within 3 months, cost">4,005,559</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_ecustom--DebtSecuritiesAvailableforsaleMaturityAllocatedAndSingleMaturityDateRollingWithinThreeMonthsFairValue_iI_pp0p0_c20221231_zmba4OX7PW5f" style="width: 11%; text-align: right" title="Short-term investment maturities - Within 3 months, fair value">3,994,590</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_ecustom--DebtSecuritiesAvailableforsaleMaturityAllocatedAndSingleMaturityDateRollingWithinThreeMonthsAmortizedCost_iI_pp0p0_c20211231_zkoAYJfAOrOe" style="width: 11%; text-align: right" title="Short-term investment maturities - Within 3 months, cost">19,798,177</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_ecustom--DebtSecuritiesAvailableforsaleMaturityAllocatedAndSingleMaturityDateRollingWithinThreeMonthsFairValue_iI_pp0p0_c20211231_zgUqzch69KVh" style="width: 11%; text-align: right" title="Short-term investment maturities - Within 3 months, fair value">19,799,835</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Between 3-12 months</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_983_ecustom--DebtSecuritiesAvailableforsaleMaturityAllocatedAndSingleMaturityDateRollingBetweenThreeAndTwelveMonthsAmortizedCost_iI_pp0p0_c20221231_zMY1PHvh5Wji" style="border-bottom: Black 1.5pt solid; text-align: right" title="Short-term investment maturities - Between 3-12 months, cost">17,222,432</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98B_ecustom--DebtSecuritiesAvailableforsaleMaturityAllocatedAndSingleMaturityDateRollingBetweenThreeAndTwelveMonthsFairValue_iI_pp0p0_c20221231_zwjvgktSq1m3" style="border-bottom: Black 1.5pt solid; text-align: right" title="Short-term investment maturities - Between 3-12 months, fair value">17,259,895</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_ecustom--DebtSecuritiesAvailableforsaleMaturityAllocatedAndSingleMaturityDateRollingBetweenThreeAndTwelveMonthsAmortizedCost_iI_pp0p0_c20211231_zOUQui7RlaTf" style="border-bottom: Black 1.5pt solid; text-align: right" title="Short-term investment maturities - Between 3-12 months, cost">10,012,892</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_989_ecustom--DebtSecuritiesAvailableforsaleMaturityAllocatedAndSingleMaturityDateRollingBetweenThreeAndTwelveMonthsFairValue_iI_pp0p0_c20211231_zxXw1vJvi0zg" style="border-bottom: Black 1.5pt solid; text-align: right" title="Short-term investment maturities - Between 3-12 months, fair value">10,003,260</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_ecustom--AvailableForSaleDebtSecuritiesAmortizedCostBasisCurrent_iI_pp0p0_c20221231_zBjXcTisFBCi" style="border-bottom: Black 2.5pt double; text-align: right" title="Total, cost">21,227,991</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate_iI_pp0p0_c20221231_zHpdau4HzH4i" style="border-bottom: Black 2.5pt double; text-align: right" title="Total, fair value">21,254,485</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_ecustom--AvailableForSaleDebtSecuritiesAmortizedCostBasisCurrent_iI_pp0p0_c20211231_zEZISdEd0Ws6" style="border-bottom: Black 2.5pt double; text-align: right" title="Total, cost">29,811,069</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate_iI_pp0p0_c20211231_z10FGcqBmpb8" style="border-bottom: Black 2.5pt double; text-align: right" title="Total, fair value">29,803,095</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

14786982

14778705

21227991

21254485

15024087

15024390

21227991

21254485

29811069

29803095

4005559 3994590 19798177 19799835 17222432 17259895 10012892 10003260 21227991

21254485

29811069

29803095

The following table shows the Company’s investment in debt securities available for sale gross unrealized gains (losses) and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2022 and 2021. The Company has reviewed individual securities to determine whether a decline in fair value below the amortizable cost basis is other than temporary. SUMMARY OF INVESTMENT SECURITIES GROSS UNREALIZED GAINS (LOSSES) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Available for sale securities (all unrealized holding gains and losses are less than 12 months at date of measurement)</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Unrealized Holding Gains (Losses)</td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Unrealized Holding Gains (Losses)</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: center"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Investments in debt securities with unrealized gains</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_ecustom--AvailableForSaleSecuritiesUnrealizedGainsFairValue_iI_c20221231_zEu8B9OiOj7" style="width: 11%; text-align: right" title="Investments with unrealized gains, Fair Value">13,278,505</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_ecustom--AvailableForSaleSecuritiesUnrealizedHoldingGainsLessThanTwelveMonths_iI_c20221231_zAlo3SMQiAX9" style="width: 11%; text-align: right" title="Investments with unrealized gains, Unrealized Holding Gains (Losses)">43,508</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_ecustom--AvailableForSaleSecuritiesUnrealizedGainsFairValue_iI_c20211231_z2iH4WrlKrM5" style="width: 11%; text-align: right" title="Investments with unrealized gains, Fair Value">8,999,580</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_ecustom--AvailableForSaleSecuritiesUnrealizedHoldingGainsLessThanTwelveMonths_iI_c20211231_zDJPAdGZmZa5" style="width: 11%; text-align: right" title="Investments with unrealized gains, Unrealized Holding Gains (Losses)">3,499</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Investments in debt securities with unrealized losses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_ecustom--AvailableForSaleSecuritiesUnrealizedLossFairValue_iI_c20221231_z4evqMD77Pq5" style="border-bottom: Black 1.5pt solid; text-align: right" title="Investments with unrealized losses, Fair Value">7,975,980</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_987_ecustom--AvailableForSaleSecuritiesUnrealizedHoldingLossesLessThanTwelveMonths_iI_c20221231_zgOHT7GN5K33" style="border-bottom: Black 1.5pt solid; text-align: right" title="Investments with unrealized Losses, Unrealized Holding Gains (Losses)">(17,014</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_988_ecustom--AvailableForSaleSecuritiesUnrealizedLossFairValue_iI_c20211231_z4j00A8lAvI4" style="border-bottom: Black 1.5pt solid; text-align: right" title="Investments with unrealized losses, Fair Value">20,803,515</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_ecustom--AvailableForSaleSecuritiesUnrealizedHoldingLossesLessThanTwelveMonths_iI_c20211231_zX6IEUbcZ0p1" style="border-bottom: Black 1.5pt solid; text-align: right" title="Investments with unrealized Losses, Unrealized Holding Gains (Losses)">(11,473</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_c20221231_zGRYnmQX99Ue" style="border-bottom: Black 2.5pt double; text-align: right" title="Total, Fair Value">21,254,485</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_ecustom--AvailableForSaleSecuritiesUnrealizedHoldingGainsLossesLessThanTwelveMonths_iI_c20221231_zJu32TmL95Pk" style="border-bottom: Black 2.5pt double; text-align: right" title="Total, Unrealized Holding Gains (Losses)">26,494</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_c20211231_zY5HzXpIyJm" style="border-bottom: Black 2.5pt double; text-align: right" title="Total, Fair Value">29,803,095</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_980_ecustom--AvailableForSaleSecuritiesUnrealizedHoldingGainsLossesLessThanTwelveMonths_iI_c20211231_zDwC7ua0Ggll" style="border-bottom: Black 2.5pt double; text-align: right" title="Total, Unrealized Holding Gains (Losses)">(7,974</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

13278505 43508 8999580 3499 7975980 -17014 20803515 -11473

21254485

26494

29803095

-7974

Investment income, which includes net realized losses on sales of available for sale securities and investment income interest and dividends, is summarized as follows: SUMMARY OF NET REALIZED LOSSES ON SALES OF AVAILABLE FOR SALE SECURITIES AND INVESTMENT INCOME INTEREST AND DIVIDENDS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49F_20220101__20221231_zyaWcKiVSoLj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20210101__20211231_zVWZZd7HQnKi" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--InvestmentIncomeInterestAndDividend_maIILNzUXt_zQYMs8f6GEM" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Interest and dividends accrued and paid</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">502,578</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">18,145</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DebtSecuritiesAvailableForSaleRealizedGainLoss_maIILNzUXt_zveGLXV1Lm7l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Realized losses</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(49,222</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,149</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_404_ecustom--InvestmentIncomeLossNonoperating_iT_pp0p0_mtIILNzUXt_zsnkVn6FNkHc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Investment income, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">453,356</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,996</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

502578

18145

-49222

-7149

453356 10996

4. RESTRICTED CASH As a condition of the SVB Loan Facility entered into on June 18, 2021 as further discussed in Note 11, the Company is required at all times to maintain on deposit with SVB as cash collateral in a segregated money market bank account in the name of the Company, unrestricted and unencumbered cash (other than a lien in favor of SVB) in an amount of at least 100% of the aggregate outstanding amount of the SVB loan facility. SVB may restrict withdrawals or transfers by or on behalf of the Company that would violate this requirement. The required reserve totaled $6.0 million as of December 31, 2022 and 2021. This amount is presented in part as restricted cash for $<span id="xdx_908_eus-gaap--RestrictedCash_iI_pn5n6_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--SiliconValleyBankMember__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherCurrentAssetsMember_zLjBq3ZIFE0e" title="Restricted cash">1.5 million in current assets and $<span id="xdx_908_eus-gaap--RestrictedCash_iI_pn5n6_c20221231__us-gaap--LineOfCreditFacilityAxis__custom--SiliconValleyBankMember__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherNoncurrentAssetsMember_zP5sOJ7TOs04" title="Restricted cash">4.5 million in other non-current assets on the accompanying condensed consolidated balance sheets. On March 10, 2023, Silicon Valley Bank (“SVB”) was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver. Although the Department of the Treasury, the Federal Reserve and the FDIC stated all depositors of SVB would have access to all of their money after only one business day of closure, including funds held in uninsured deposit accounts, borrowers under credit agreements, letters of credit and certain other financial instruments with SVB, or any other financial institution that is placed into receivership by the FDIC may be impacted. by other disruptions to the U.S. banking system caused by the recent developments involving SVB. The following table reconciles cash and cash equivalents and restricted cash per the consolidated balance sheets to the consolidated statements of cash flows: SCHEDULE OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49A_20221231_z14Mi0PQIFFf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20211231_z2EH4SZBBPX8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_maCCERCz8km_zWc2AX31uTM8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">11,492,841</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,586,272</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RestrictedInvestments_iI_pp0p0_maCCERCz8km_zeiM6ohCriUa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Money market investments, restricted</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,000,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,000,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pp0p0_mtCCERCz8km_zoEZfjjmXMaf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">17,492,841</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,586,272</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

6000000.0

1500000

4500000

The following table reconciles cash and cash equivalents and restricted cash per the consolidated balance sheets to the consolidated statements of cash flows: SCHEDULE OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49A_20221231_z14Mi0PQIFFf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20211231_z2EH4SZBBPX8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_pp0p0_maCCERCz8km_zWc2AX31uTM8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">11,492,841</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">19,586,272</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--RestrictedInvestments_iI_pp0p0_maCCERCz8km_zeiM6ohCriUa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Money market investments, restricted</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,000,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,000,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iTI_pp0p0_mtCCERCz8km_zoEZfjjmXMaf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">17,492,841</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,586,272</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

11492841

19586272

6000000

17492841

25586272

5. FAIR VALUES OF FINANCIAL INSTRUMENTS FASB ASC Section 820, Fair Value Measurements and Disclosures, establishes a three-level hierarchy for fair value measurements which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: Level 1: Quoted prices (unadjusted) or identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date; Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions that market participants would use in pricing an asset or liability. Cash and cash equivalents, other current assets, accounts payable and other accrued liabilities are reflected in the consolidated balance sheets at their approximate estimated fair values primarily due to their short-term nature. The fair values of securities available for sale are determined by relying on the securities’ relationship to other benchmark quoted securities and classified its investments as Level 2 items in both 2022 and 2021. There were no transfers of assets or liabilities between Level 1 and Level 2 and no transfers in or out of Level 3 during the years ended December 31, 2022 and 2021. The changes in Level 3 liabilities were the result of changes in the fair value of the earn-out milestone liability included in earnings and in-process R&D. The earnout milestone liability at December 31, 2021 is valued using a risk-adjusted assessment of the probability of payment of each milestone, discounted to present value using an estimated time to achieve the milestone (see Note 13). <p id="xdx_896_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zKfE6z0m2se1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Assets and liabilities measured at fair value are summarized below: SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Significant Other Observable Inputs (Level 2)</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Significant Unobservable Inputs (Level 3)</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Recurring items as of December 31, 2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 36%; text-align: left">Corporate debt securities, available for sale</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zl3RZJHzgeHe" style="width: 12%; text-align: right" title="Investment securities, available for sale">21,254,485</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zRUn1DHLI278" style="width: 12%; text-align: right">–</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zxf2HFtbyrGe" style="width: 12%; text-align: right"> –</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zg68ShqizoJ5" style="width: 12%; text-align: right">21,254,485</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Non-recurring items as of December 31, 2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">In-process R&D (Note 6)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FinancialInstrumentAxis__custom--InprocessRandDMember_zNVsqulYEfG5" style="text-align: right" title="Investment securities, available for sale">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FinancialInstrumentAxis__custom--InprocessRandDMember_zonHOLmgVz99" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FinancialInstrumentAxis__custom--InprocessRandDMember_zWjDTCVc5pYj" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__custom--InprocessRandDMember_zxJTbAtMjDxi" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Recurring items as of December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Corporate debt securities and U.S. treasury obligations, available for sale</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_z4EYKPsT9gEc" style="text-align: right" title="Investment securities, available for sale">29,803,095</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zabjXtatJwbf" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zsQhXviva9G5" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zBMKh7EmAWD2" style="text-align: right">29,803,095</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Non-recurring items as of December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">In-process R&D (Note 6)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FinancialInstrumentAxis__custom--InprocessRandDMember_z2xAuQQDelOb" style="text-align: right" title="Investment securities, available for sale">13,366,234</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FinancialInstrumentAxis__custom--InprocessRandDMember_zy9sHJmM8Xt3" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zJQ91KpTrCB4" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__custom--InprocessRandDMember_zmFFTkAcrwlj" style="text-align: right">13,366,234</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Recurring items as of December 31, 2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Earn-out milestone liability (Note 13)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--BusinessCombinationContingentConsiderationLiabilityNoncurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zcmAtR6iyLR4" style="text-align: right" title="Earn-out milestone liability">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--BusinessCombinationContingentConsiderationLiabilityNoncurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zopPlak8riUf" style="text-align: right" title="Earn-out milestone liability">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--BusinessCombinationContingentConsiderationLiabilityNoncurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z5uqRbLPhhjf" style="text-align: right" title="Earn-out milestone liability">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Recurring items as of December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earn-out milestone liability (Note 13)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--BusinessCombinationContingentConsiderationLiabilityNoncurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zOVBUkJ052u5" style="text-align: right" title="Earn-out milestone liability">5,396,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--BusinessCombinationContingentConsiderationLiabilityNoncurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zZbwbDdGnYif" style="text-align: right" title="Earn-out milestone liability">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--BusinessCombinationContingentConsiderationLiabilityNoncurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zOKOUZFU0F3b" style="text-align: right" title="Earn-out milestone liability">5,396,000</td><td style="text-align: left"> </td></tr> </table>

<p id="xdx_896_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zKfE6z0m2se1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Assets and liabilities measured at fair value are summarized below: SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING BASIS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total Fair Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Significant Other Observable Inputs (Level 2)</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Significant Unobservable Inputs (Level 3)</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Recurring items as of December 31, 2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 36%; text-align: left">Corporate debt securities, available for sale</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zl3RZJHzgeHe" style="width: 12%; text-align: right" title="Investment securities, available for sale">21,254,485</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zRUn1DHLI278" style="width: 12%; text-align: right">–</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zxf2HFtbyrGe" style="width: 12%; text-align: right"> –</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zg68ShqizoJ5" style="width: 12%; text-align: right">21,254,485</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Non-recurring items as of December 31, 2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">In-process R&D (Note 6)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FinancialInstrumentAxis__custom--InprocessRandDMember_zNVsqulYEfG5" style="text-align: right" title="Investment securities, available for sale">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FinancialInstrumentAxis__custom--InprocessRandDMember_zonHOLmgVz99" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_980_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FinancialInstrumentAxis__custom--InprocessRandDMember_zWjDTCVc5pYj" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__custom--InprocessRandDMember_zxJTbAtMjDxi" style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Recurring items as of December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Corporate debt securities and U.S. treasury obligations, available for sale</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_z4EYKPsT9gEc" style="text-align: right" title="Investment securities, available for sale">29,803,095</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zabjXtatJwbf" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zsQhXviva9G5" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zBMKh7EmAWD2" style="text-align: right">29,803,095</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Non-recurring items as of December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">In-process R&D (Note 6)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FinancialInstrumentAxis__custom--InprocessRandDMember_z2xAuQQDelOb" style="text-align: right" title="Investment securities, available for sale">13,366,234</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98B_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FinancialInstrumentAxis__custom--InprocessRandDMember_zy9sHJmM8Xt3" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FinancialInstrumentAxis__us-gaap--CorporateDebtSecuritiesMember_zJQ91KpTrCB4" style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--AvailableForSaleSecuritiesDebtSecuritiesCurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsNonrecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FinancialInstrumentAxis__custom--InprocessRandDMember_zmFFTkAcrwlj" style="text-align: right">13,366,234</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Liabilities:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Recurring items as of December 31, 2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Earn-out milestone liability (Note 13)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--BusinessCombinationContingentConsiderationLiabilityNoncurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zcmAtR6iyLR4" style="text-align: right" title="Earn-out milestone liability">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--BusinessCombinationContingentConsiderationLiabilityNoncurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zopPlak8riUf" style="text-align: right" title="Earn-out milestone liability">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--BusinessCombinationContingentConsiderationLiabilityNoncurrent_iI_pp0p0_c20221231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z5uqRbLPhhjf" style="text-align: right" title="Earn-out milestone liability">–</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Recurring items as of December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earn-out milestone liability (Note 13)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--BusinessCombinationContingentConsiderationLiabilityNoncurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zOVBUkJ052u5" style="text-align: right" title="Earn-out milestone liability">5,396,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--BusinessCombinationContingentConsiderationLiabilityNoncurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zZbwbDdGnYif" style="text-align: right" title="Earn-out milestone liability">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--BusinessCombinationContingentConsiderationLiabilityNoncurrent_iI_pp0p0_c20211231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zOKOUZFU0F3b" style="text-align: right" title="Earn-out milestone liability">5,396,000</td><td style="text-align: left"> </td></tr> </table>

21254485

29803095

13366234

5396000

6. INTANGIBLE ASSETS In June 2014, the Company completed the acquisition of substantially all of the assets of EGEN, Inc., an Alabama corporation (“EGEN”), which changed its company name to EGWU, Inc. after the closing of the acquisition (the “EGEN Acquisition”). The Company acquired all of EGEN’s right, title and interest in and to substantially all of the assets of EGEN, including cash and cash equivalents, patents, trademarks and other intellectual property rights, clinical data, certain contracts, licenses and permits, equipment, furniture, office equipment, furnishings, supplies and other tangible personal property. In addition, CLSN Laboratories assumed certain specified liabilities of EGEN, including the liabilities arising out of the acquired contracts and other assets relating to periods after the closing date. Acquired In-process Research and Development. Acquired in-process research and development (“IPR&D”) consists of EGEN’s drug technology platforms: TheraPlas and TheraSilence. The fair value of the IPR&D drug technology platforms was estimated to be $<span id="xdx_903_eus-gaap--BusinessCombinationPriceOfAcquisitionExpected_pn5n6_c20220101__20221231__us-gaap--BusinessAcquisitionAxis__custom--EGENIncMember__dei--LegalEntityAxis__custom--IPRAndDDrugTechnologyPlatformsMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zFUORQ4Vj552" title="Estimated acquisition price">24.2 million as of the acquisition date. As of the closing of the acquisition, the IPR&D was considered indefinite lived intangible assets and will not be amortized. IPR&D is reviewed for impairment at least annually as of the third quarter ended September 30, and whenever events or changes in circumstances indicate that the carrying value of the assets might not be recoverable. The Company’s IPR&D consisted of three core elements, its RNA delivery system, its glioblastoma multiforme cancer (“GBM”) drug candidate and its ovarian cancer indication. As of December 31, 2022, the Company assessed whether there were indicators of impairment for the Company’s IPR&D and determined that the IPR&D asset was impaired during that period. Due to the continuing deterioration of public capital markets in the biotech industry in 2022 and 2021 and its impact on market capitalization rates in this sector, IPR&D was reviewed for impairment. Having conducted a quantitative analysis of the company’s IPR&D assets, the Company concluded the IPR&D asset was impaired during the fourth quarter of 2022. As of December 31, 2022, the Company wrote off the $<span id="xdx_908_eus-gaap--AssetImpairmentCharges_pn5n6_c20220101__20221231__us-gaap--BusinessAcquisitionAxis__custom--IPRAndDDrugTechnologyPlatformsMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zJj9H6R0jsKg" title="Asset impairment charges">13.4 million carrying value of this asset, thereby recognizing a non-cash charge of $<span id="xdx_903_ecustom--NoncashCharge_pn5n6_c20221001__20221231__us-gaap--BusinessAcquisitionAxis__custom--IPRAndDDrugTechnologyPlatformsMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_z7vRRukEpZa6" title="Non-cash charge">13.4 million in the fourth quarter of 2022. As of September 30, 2021, the Company assessed whether there were indicators of impairment for the Company’s IPR&D and determined that no IPR&D asset was impaired during that period. Due to the continuing deterioration of public capital markets in the biotech industry in 2021 and its impact on market capitalization rates in this sector, IPR&D was reviewed for impairment. Having conducted a quantitative analysis of the company’s IPR&D assets, the Company concluded no IPR&D asset was impaired during that period. Due to the continuing slowdown in investment by public capital markets in the biotech industry and its impact on market capitalization rates in this sector, the Company conducted a valuation analysis of its IPR&D for the ovarian cancer indication as of December 31, 2021. Based on this valuation analysis, the Company has concluded that it is not more likely than not that the asset is impaired as of December 31, 2021. As such, <span id="xdx_900_eus-gaap--AssetImpairmentCharges_do_c20210101__20211231__dei--LegalEntityAxis__custom--IPRAndDDrugTechnologyPlatformsMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zHYooT62Jg6j" title="Asset impairment charges">no impairment charges for IPR&D related to the ovarian cancer indication were recorded during 2021. Covenants Not to Compete Pursuant to the EGEN Purchase Agreement, EGEN provided certain covenants (“Covenant Not To Compete”) to the Company whereby EGEN agreed, during the period ending on the seventh anniversary of the closing date of the acquisition on June 20, 2014, not to enter into any business, directly or indirectly, which competes with the business of the Company nor would it contact, solicit or approach any of the employees of the Company for purposes of offering employment. The Covenant Not to Compete which was valued at approximately $<span id="xdx_902_eus-gaap--FinitelivedIntangibleAssetsAcquired1_pn5n6_c20220101__20221231__us-gaap--BusinessAcquisitionAxis__custom--EGENIncMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zSCse0tUqapf" title="Finite-lived intangible assets acquired">1.6 million at the date of the EGEN Acquisition has a definitive life and is amortized on a straight-line basis over its life of <span id="xdx_90E_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20221231__us-gaap--BusinessAcquisitionAxis__custom--EGENIncMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zQCpASkyo1g7" title="Finite-lived intangible asset, useful life">7 years. The Company recognized amortization expense of $<span id="xdx_90D_eus-gaap--AdjustmentForAmortization_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--EGENIncMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_z3IxU57wkPVd" title="Amortization">113,660 in 2021. The Covenant Not to Compete was fully amortized by the end of 2021. Goodwill The purchase price exceeded the estimated fair value of the net assets acquired by approximately $2.0 million which was recorded as Goodwill. Goodwill represents the difference between the total purchase price for the net assets purchased from EGEN and the aggregate fair values of tangible and intangible assets acquired, less liabilities assumed. Goodwill is reviewed for impairment at least annually as of the Company’s third quarter ended September 30 or sooner if the Company believes indicators of impairment exist. As of September 30, 2021, the Company’s fair value exceeded its carrying value and as such no impairment was recognized for Goodwill through the third quarter of 2021. Due to the continuing slowdown in investment in 2021 by public capital markets in the biotech industry and its impact on market capitalization rates in this sector, Goodwill was reviewed for impairment as of December 31, 2021. Based on this assessment, Company concluded that Goodwill was impaired. As of December 31, 2021, the Company wrote off the $<span id="xdx_90B_eus-gaap--AssetImpairmentCharges_pn5n6_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--EGENIncMember__us-gaap--FairValueByAssetClassAxis__us-gaap--GoodwillMember_zzujFwNnp542" title="Asset impairment charges">2.0 million carrying value of this asset, thereby recognizing a non-cash charge of $<span id="xdx_900_ecustom--NoncashCharge_pn5n6_c20211001__20211231__us-gaap--BusinessAcquisitionAxis__custom--EGENIncMember__us-gaap--FairValueByAssetClassAxis__us-gaap--GoodwillMember_zfS8y4GfPGjf" title="Non-cash charge">2.0 million in the fourth quarter of 2021. <p id="xdx_89E_eus-gaap--FiniteLivedAndIndefiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock_zpqUp5TVGc8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following is a summary of the net fair value of the assets acquired in the EGEN Acquisition for the two years ended December 31, 2022: SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_4B6_us-gaap--FairValueByAssetClassAxis_custom--IPRAndDMember_zi0s5HQWQjte" style="border-bottom: Black 1.5pt solid; text-align: center">IPR&D</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_4B1_us-gaap--FairValueByAssetClassAxis_us-gaap--GoodwillMember_zW5ZcNdxNAIf" style="border-bottom: Black 1.5pt solid; text-align: center">Goodwill</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_4B8_us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis_us-gaap--NoncompeteAgreementsMember_zo3bCX55dXz6" style="border-bottom: Black 1.5pt solid; text-align: center">Covenant Not to Compete</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_43E_c20210101__20211231_eus-gaap--FiniteLivedIntangibleAssetsNet_iS_zoyV6PMfhzH3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: justify">Balance at January 1, 2021, net</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">13,366,234</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,976,101</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">113,660</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AmortizationOfIntangibleAssets_iN_di_zVzKwZDQG2ua" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(113,660</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--ImpairmentChargeOnReclassifiedAssets_iN_di_zg5a25DTBilc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Impairment charge</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,976,101</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_438_c20220101__20221231_eus-gaap--FiniteLivedIntangibleAssetsNet_iS_zMxprP9Ma1Be" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Balance at December 31, 2021, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,366,234</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_431_c20220101__20221231_eus-gaap--FiniteLivedIntangibleAssetsNet_iS_zaskjNAUxi01" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: justify">Balance </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,366,234</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ImpairmentChargeOnReclassifiedAssets_iN_di_zir2ASuFh10b" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Impairment charge</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,366,234</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_433_c20220101__20221231_eus-gaap--FiniteLivedIntangibleAssetsNet_iE_z3zcyWZVxAjd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Balance at December 31, 2022, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_438_c20220101__20221231_eus-gaap--FiniteLivedIntangibleAssetsNet_iE_zLzTyipS5YR4" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

24200000

13400000

1600000

P7Y

113660

2000000.0

<p id="xdx_89E_eus-gaap--FiniteLivedAndIndefiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock_zpqUp5TVGc8d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following is a summary of the net fair value of the assets acquired in the EGEN Acquisition for the two years ended December 31, 2022: SCHEDULE OF FAIR VALUE OF ASSETS ACQUIRED <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_4B6_us-gaap--FairValueByAssetClassAxis_custom--IPRAndDMember_zi0s5HQWQjte" style="border-bottom: Black 1.5pt solid; text-align: center">IPR&D</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_4B1_us-gaap--FairValueByAssetClassAxis_us-gaap--GoodwillMember_zW5ZcNdxNAIf" style="border-bottom: Black 1.5pt solid; text-align: center">Goodwill</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_4B8_us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis_us-gaap--NoncompeteAgreementsMember_zo3bCX55dXz6" style="border-bottom: Black 1.5pt solid; text-align: center">Covenant Not to Compete</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="text-align: justify"> </td><td> </td></tr> <tr id="xdx_43E_c20210101__20211231_eus-gaap--FiniteLivedIntangibleAssetsNet_iS_zoyV6PMfhzH3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: justify">Balance at January 1, 2021, net</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">13,366,234</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,976,101</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">113,660</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AmortizationOfIntangibleAssets_iN_di_zVzKwZDQG2ua" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(113,660</td><td style="text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--ImpairmentChargeOnReclassifiedAssets_iN_di_zg5a25DTBilc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1.5pt">Impairment charge</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,976,101</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_438_c20220101__20221231_eus-gaap--FiniteLivedIntangibleAssetsNet_iS_zMxprP9Ma1Be" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Balance at December 31, 2021, net</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,366,234</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_431_c20220101__20221231_eus-gaap--FiniteLivedIntangibleAssetsNet_iS_zaskjNAUxi01" style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: justify">Balance </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,366,234</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ImpairmentChargeOnReclassifiedAssets_iN_di_zir2ASuFh10b" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">Impairment charge</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,366,234</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_433_c20220101__20221231_eus-gaap--FiniteLivedIntangibleAssetsNet_iE_z3zcyWZVxAjd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Balance at December 31, 2022, net</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_438_c20220101__20221231_eus-gaap--FiniteLivedIntangibleAssetsNet_iE_zLzTyipS5YR4" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 2.5pt">Balance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

13366234

1976101

113660

1976101

13366234

7. PROPERTY AND EQUIPMENT Property and equipment at December 31, 2022 and 2021 consist of the following: SUMMARY OF PROPERTY AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_497_20221231_zJLZmGgkwIhg" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_494_20211231_zHcafd9qHQba" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Machinery and equipment (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgUFJPUEVSVFkgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_zvM7qbsp4EX3" title="Estimated useful life">5-<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgUFJPUEVSVFkgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zxkfyiQfItD4" title="Estimated useful life">7 year life)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zMIrdG3MsqSi" style="width: 14%; text-align: right" title="Property and equipment gross">2,468,388</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--PropertyPlantAndEquipmentGross_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_pp0p0" style="width: 14%; text-align: right" title="Property and equipment gross">3,106,069</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Furniture and fixtures (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgUFJPUEVSVFkgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zKZZRgSa0Fb3" title="Estimated useful life">3-<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgUFJPUEVSVFkgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zamSdfp0ucwc" title="Estimated useful life">5 year life)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zcEEj619ek8f" style="text-align: right" title="Property and equipment gross">350,481</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_pp0p0" style="text-align: right" title="Property and equipment gross">383,477</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Leasehold improvements (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgUFJPUEVSVFkgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MinimumMember_z3ix90xESXP7" title="Estimated useful life">5-<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgUFJPUEVSVFkgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MaximumMember_zsn6lcBDW5K2" title="Estimated useful life">7 year life)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zAG7xfTJYkj3" style="border-bottom: Black 1.5pt solid; text-align: right" title="Property and equipment gross">373,194</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_pp0p0" style="border-bottom: Black 1.5pt solid; text-align: right" title="Property and equipment gross">343,203</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_maPPAENzwDA_zh76uqInvpDd" style="vertical-align: bottom; background-color: White"> <td>Property and equipment gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,192,063</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,832,749</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_msPPAENzwDA_zZSAMJQMrDwb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less accumulated depreciation and amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,643,762</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,355,738</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pp0p0_mtPPAENzwDA_zx2YhMnjh6Pj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">548,301</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">477,011</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Property and equipment at December 31, 2022 and 2021 consist of the following: SUMMARY OF PROPERTY AND EQUIPMENT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_497_20221231_zJLZmGgkwIhg" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_494_20211231_zHcafd9qHQba" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2022</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2021</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Machinery and equipment (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgUFJPUEVSVFkgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MinimumMember_zvM7qbsp4EX3" title="Estimated useful life">5-<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgUFJPUEVSVFkgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember__srt--RangeAxis__srt--MaximumMember_zxkfyiQfItD4" title="Estimated useful life">7 year life)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_zMIrdG3MsqSi" style="width: 14%; text-align: right" title="Property and equipment gross">2,468,388</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--PropertyPlantAndEquipmentGross_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--MachineryAndEquipmentMember_pp0p0" style="width: 14%; text-align: right" title="Property and equipment gross">3,106,069</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Furniture and fixtures (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgUFJPUEVSVFkgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_908_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MinimumMember_zKZZRgSa0Fb3" title="Estimated useful life">3-<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgUFJPUEVSVFkgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember__srt--RangeAxis__srt--MaximumMember_zamSdfp0ucwc" title="Estimated useful life">5 year life)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zcEEj619ek8f" style="text-align: right" title="Property and equipment gross">350,481</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_pp0p0" style="text-align: right" title="Property and equipment gross">383,477</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Leasehold improvements (<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgUFJPUEVSVFkgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MinimumMember_z3ix90xESXP7" title="Estimated useful life">5-<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgUFJPUEVSVFkgQU5EIEVRVUlQTUVOVCAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_90F_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember__srt--RangeAxis__srt--MaximumMember_zsn6lcBDW5K2" title="Estimated useful life">7 year life)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_zAG7xfTJYkj3" style="border-bottom: Black 1.5pt solid; text-align: right" title="Property and equipment gross">373,194</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--PropertyPlantAndEquipmentGross_c20211231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--LeaseholdImprovementsMember_pp0p0" style="border-bottom: Black 1.5pt solid; text-align: right" title="Property and equipment gross">343,203</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_maPPAENzwDA_zh76uqInvpDd" style="vertical-align: bottom; background-color: White"> <td>Property and equipment gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,192,063</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,832,749</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_msPPAENzwDA_zZSAMJQMrDwb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less accumulated depreciation and amortization</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,643,762</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(3,355,738</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pp0p0_mtPPAENzwDA_zx2YhMnjh6Pj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">548,301</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">477,011</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

P5Y

P7Y

2468388

3106069

P3Y

P5Y

350481

383477

P5Y

P7Y

373194

343203

3192063

3832749

2643762

3355738

548301

477011

8. OTHER ACCRUED LIABILITIES Other accrued liabilities at December 31, 2022 and 2021 include the following: SCHEDULE OF OTHER ACCRUED LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_495_20221231_zgJNUaZAhSCl" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_499_20211231_zrFzHPdFP96i" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--ContractualObligation_iI_maCz80K_zqzBYW6pgqhg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Amounts due to contract research organizations and other contractual agreements</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,196,711</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,401,356</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_maCz80K_zRl07jZDOWP7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued payroll and related benefits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,139,927</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,636,727</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_maCz80K_zHcVgg2k4pka" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,583</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,792</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccruedProfessionalFeesCurrent_iI_maCz80K_zLdx1eU3nmo7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">215,402</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">87,250</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maCz80K_zGwWgglGDpT9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">205,313</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">31,412</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtCz80K_zxoSy6WOgBbc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,794,936</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,173,537</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Other accrued liabilities at December 31, 2022 and 2021 include the following: SCHEDULE OF OTHER ACCRUED LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_495_20221231_zgJNUaZAhSCl" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_499_20211231_zrFzHPdFP96i" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--ContractualObligation_iI_maCz80K_zqzBYW6pgqhg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Amounts due to contract research organizations and other contractual agreements</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">2,196,711</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,401,356</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--EmployeeRelatedLiabilitiesCurrent_iI_maCz80K_zRl07jZDOWP7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued payroll and related benefits</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,139,927</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,636,727</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_maCz80K_zHcVgg2k4pka" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">37,583</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,792</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccruedProfessionalFeesCurrent_iI_maCz80K_zLdx1eU3nmo7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accrued professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">215,402</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">87,250</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maCz80K_zGwWgglGDpT9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">205,313</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">31,412</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtCz80K_zxoSy6WOgBbc" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">4,794,936</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,173,537</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

2196711

1401356

2139927

1636727

37583

16792

215402

87250

205313

31412

4794936

3173537

9. NOTES PAYABLE The SVB Loan Facility On June 18, 2021, the Company entered into a $<span id="xdx_902_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_pn6n6_c20210618__us-gaap--LineOfCreditFacilityAxis__custom--SiliconValleyBankMember_zKdwOqiNXuTk" title="Line of credit facility, maximum borrowing capacity">10 million loan facility (the “SVB Loan Facility”) with Silicon Valley Bank (“SVB”). Imunon immediately drew down $6 million from the SVB Loan Facility and used the funds to retire all outstanding indebtedness with Horizon as further discussed below. Concurrently with this transaction, the Company used $6.0 million of other available funds to establish a restricted cash account which serves as security for the SVB Loan Facility. The SVB Loan Facility is in the form of money market secured indebtedness bearing interest at a calculated WSJ Prime-based variable rate (currently <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20210618__us-gaap--LineOfCreditFacilityAxis__custom--SiliconValleyBankMember_zNxG3g9vJuBk" title="Debt instrument, interest rate">7.75%). A final payment equal to 3% of the total $10 million commitment amount is due upon maturity or prepayment of the SVB Loan Facility. There was no facility commitment fee, and no stock or warrants were issued to SVB. Payments under the loan agreement are interest only for the first 24 months after loan closing, followed by a 24-month amortization period of principal and interest through the scheduled maturity date. In connection with the SVB Loan Facility, the Company incurred financing fees and expenses totaling $243,370 which is recorded and classified as debt discount and are being amortized as interest expense using the effective interest method over the life of the loan. Also, in connection with the SVB Loan Facility, the Company is required to pay an end-of-term fee equal to 3.0% of the original loan amount at time of maturity. Therefore, these amounts totaling $300,000 are being amortized as interest expense using the effective interest method over the life of the loan. During the years ended December 31, 2022 and 2021, the Company incurred interest expense of $295,792 and $106,709 and amortized $<span id="xdx_90C_eus-gaap--AmortizationOfFinancingCostsAndDiscounts_pp0p0_c20220101__20221231__us-gaap--LineOfCreditFacilityAxis__custom--SiliconValleyBankMember_zLPIlrK8cLYa" title="Amortization of debt issuance costs">181,259 and $<span id="xdx_906_eus-gaap--AmortizationOfFinancingCostsAndDiscounts_pp0p0_c20210101__20211231__us-gaap--LineOfCreditFacilityAxis__custom--SiliconValleyBankMember_zst909ot4lza" title="Amortization of debt issuance costs">97,831, respectively, as interest expense for debt discounts and end-of-term fee in connection with the SVB Loan Facility. The following is a schedule of future principal payments, net of unamortized debt discounts and amortized end-of-term fee, due on the SVB Loan Facility: SCHEDULE OF FUTURE PRINCIPAL PAYMENTS, NET OF UNAMORTIZED DEBT DISCOUNTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_496_20221231_zBiTEAfNdKc2" style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr id="xdx_405_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_maDICAzQL1_z5REK6uz4629" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: left">2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,500,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_maDICAzQL1_zlAsvoMcdqPa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--LongTermDebtMaturitiesRepaymentsOfPrincipalYearFourAndThereAfter_iI_maDICAzQL1_zpQeGWnNohJb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">2025 and thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,500,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DebtInstrumentCarryingAmount_iTI_mtDICAzQL1_maLTDzD5f_zSZr5flS4ugk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Subtotal of future principal payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,000,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredFinanceCostsNet_iNI_di_msLTDzD5f_zYKSfuEKPlji" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Amortized end-of-term fee, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(35,720</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--LongTermDebt_iTI_mtLTDzD5f_zd6SeVqflQgj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,964,280</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> Horizon Credit Agreement On June 27, 2018, the Company entered into a loan agreement with Horizon Technology Finance Corporation (“Horizon”) that provided $10 million in new capital (the “Horizon Credit Agreement”). The Company drew down $10 million upon closing of the Horizon Credit Agreement on June 27, 2018. On August 28, 2020, Horizon and the Company amended the Horizon Credit Agreement (the “Amendment”) whereby Imunon repaid $5 million of the $10 million loan and $0.2 million in related end of term charges, and the remaining $<span id="xdx_900_eus-gaap--LineOfCreditFacilityRemainingBorrowingCapacity_iI_pn6n6_c20200828__us-gaap--TypeOfArrangementAxis__custom--HorizonCreditAgreementMember_zmp0c2I686Sl" title="Loan remaining outstanding amount">5 million in obligations were restructured as set forth below. Pursuant to the Amendment, the remaining $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20200828__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_zGv3PbmqGlGl" title="Debt instrument, face amount">5 million in obligations of Imunon under the Horizon Credit Agreement was secured by a first-priority security interest in substantially all assets of Imunon other than intellectual property assets. <span id="xdx_901_eus-gaap--DebtInstrumentInterestRateTerms_c20200827__20200828__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_zwxPlPELD7O1" title="Debt instrument, interest rate terms">The obligations bore interest at a rate calculated based on an amount by which the one-month LIBOR exceeds 2% plus 7.625%. In no event could the interest rate be less than 9.625%. Payments pursuant to the Amendment were interest only for the first 12 months after August 1, 2020, followed by a 21-month amortization period of principal and interest through the scheduled maturity date on April 1, 2023. In addition, the remaining $<span id="xdx_905_eus-gaap--PaymentsOfDebtExtinguishmentCosts_pn6n6_c20200827__20200828__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_zyR0oRxlZKVl" title="Payment for Debt Extinguishment or Debt Prepayment Cost">5 million in obligations was subject to an end of term fee equal, in the aggregate, to $<span id="xdx_904_eus-gaap--DebtInstrumentFeeAmount_iI_pp0p0_c20200828__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_z8AeTY3EKrd8" title="Debt instrument, fee amount">275,000, which amount was payable upon the maturity of the obligations or upon the date of final payment or default, as applicable. <span id="xdx_90E_eus-gaap--DebtInstrumentRestrictiveCovenants_c20200827__20200828__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_zj5K9KIH1oZ" title="Debt instrument, restrictive covenants">In connection with the Amendment, Imunon agreed to a liquidity covenant which provided that, at all times, Imunon maintain unrestricted cash and/or cash equivalents on deposit in accounts over which the applicable lenders maintained an account control agreement in an amount not less than $2.5 million. In addition, pursuant to the Amendment, Imunon agreed to provide evidence to Horizon on or before March 31, 2021, that it received aggregate cash proceeds of not less than $5 million from the sale of equity, debt, its New Jersey NOLs, or a combination thereof, subsequent to the date of the Amendment. The Company met this requirement during the fourth quarter of 2020. In connection with the Horizon Credit Agreement, the Company incurred financing fees and expenses totaling $175,000 which were recorded and classified as debt discount. In addition, the Company paid loan origination fees of $100,000 which were recorded and classified as debt discount. These debt discount amounts totaling $<span id="xdx_904_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pp0p0_c20180627__us-gaap--TypeOfArrangementAxis__custom--InitialHorizonCreditAgreementMember_zJnyLdAdgu0c" title="Debt instrument, unamortized discount">782,116 were being amortized as interest expense using the effective interest method over the life of the loan. Also, in connection with each of the Horizon Credit Agreement, the Company was required to pay an end of term charge equal to <span id="xdx_901_ecustom--EndOfTermChargePercentage_pid_dp_c20180626__20180627__us-gaap--TypeOfArrangementAxis__custom--InitialHorizonCreditAgreementMember_zkZxySJmTE64" title="End of term charge percentage">4.0% of the original loan amount at time of maturity. Therefore, those amounts totaling $400,000 were being amortized as interest expense using the effective interest method over the life of the loan. As a fee in connection with the Horizon Credit Agreement, Imunon issued Horizon warrants exercisable for a total of <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20180627__us-gaap--TypeOfArrangementAxis__custom--InitialHorizonCreditAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zDuD4PWnQncj" title="Warrants issued">12,674 shares of Imunon’s common stock (the “Existing Warrants”) at a per share exercise price of $<span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20180627__us-gaap--TypeOfArrangementAxis__custom--InitialHorizonCreditAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zXYhAMAVlVqh" title="Warrant exercise price">39.45. The Existing Warrants were immediately exercisable for cash or by net exercise from the date of grant and will expire after ten years from the date of grant. The Company valued the Existing Warrants issued using the Black-Scholes option pricing model and recorded a total of $<span id="xdx_90E_eus-gaap--FairValueAdjustmentOfWarrants_pp0p0_c20180626__20180627__us-gaap--TypeOfArrangementAxis__custom--InitialHorizonCreditAgreementMember_zvf4RWGU2fj8" title="Fair Value Adjustment of Warrants">507,116 as a direct deduction from the debt liability, consistent with the presentation of debt discounts, and are being amortized as interest expense using the effective interest method over the life of the loan. Pursuant to the Amendment, one-half of the aggregate Existing Warrants, exercisable for a total of <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20180627__us-gaap--TypeOfArrangementAxis__custom--InitialHorizonCreditAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zAw5Nif9n1Ak" title="Warrant outstanding">6,337 shares of Imunon’s common stock, have been canceled, and, in connection with the Amendment, Imunon issued Horizon new warrants exercisable at a per share exercise price equal to $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20200828__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z6cLfw5yyRRg" title="Warrant exercise price">15.15 for a total of <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20200828__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zx5BPcW0REGf" title="Warrants issued">16,501 shares of Imunon’s common stock (the “New Warrants” and, together with the Existing Warrants, the “Warrants”). The remaining <span id="xdx_905_ecustom--ClassOfWarrantOrRightWarrantsOrRightsCancelled_iI_c20200828__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zzdRc9b8MENi" title="Warrants cancelled">6,337 Existing Warrants issued in connection with the Horizon Credit Agreement remain outstanding at the exercise price of $<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20180627__us-gaap--TypeOfArrangementAxis__custom--InitialHorizonCreditAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zm9ckrhXCEA" title="Warrant exercise price">39.45 per share. The New Warrants were immediately exercisable for cash or by net exercise from the date of grant and will expire after ten years from the date of grant. The Horizon Credit Agreement contains customary representations, warranties and affirmative and negative covenants including, among other things, covenants that limit or restrict Imunon’s ability to grant liens, incur indebtedness, make certain restricted payments, merge, or consolidate and make dispositions of assets. The Amendment was evaluated in accordance with FASB ASC 470-50, Debt-Modifications and Extinguishments, for debt modification and extinguishment accounting. The Company accounted for the $<span id="xdx_908_eus-gaap--PaymentsOfDebtExtinguishmentCosts_pn6n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_zX0bwCg7Rhga" title="Payments of debt extinguishment costs">5 million it repaid as a debt extinguishment thereby reducing the principal obligations accordingly. The Company accounted for the remaining $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_zRl8tBdDyZ9d" title="Debt instrument face amount">5 million of obligation under the Amendment as a debt modification to the initial agreement with respect to the minor changes in cash flows. Also, in connection with the $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_zieWVnFlMnWb" title="Debt instrument face amount">5 million remaining obligations, the Company recorded $<span id="xdx_907_eus-gaap--DeferredFinanceCostsNet_iI_pp0p0_c20211231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_zy667m9oCoLa" title="Financing fee">5,000 of financing fees and the New Warrant fair value of $<span id="xdx_90D_eus-gaap--WarrantsNotSettleableInCashFairValueDisclosure_iI_pp0p0_c20211231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_z5ASi1yeVya4" title="Warrants not settleable in cash, fair value disclosure">247,548 as additional debt discount on the $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_zCSmc9znuP3e" title="Debt instrument face amount">5 million remaining obligation. Therefore, approximately $<span id="xdx_905_eus-gaap--DebtInstrumentUnamortizedDiscount_iI_pp0p0_c20211231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_zS4gpxJucsrb" title="Debt instrument, unamortized discount">109,706 of unamortized debt discount will be amortized over the remaining life of the new obligations. The $275,000 of end of term fees, net of previously amortized end of term fees totaling $142,605 previously accrued on the original note associated with the $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--AmendmentToHorizonCreditAgreementMember__dei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_zZm3Tl6oP2ci" title="Debt instrument face amount">5 million remaining obligation, will be amortized as interest expense over the remaining life of the new obligations. During the year ended December 31, 2021, the Company incurred $225,920 in interest expense and amortized $<span id="xdx_901_eus-gaap--AmortizationOfFinancingCosts_pp0p0_c20210101__20211231__us-gaap--DebtInstrumentAxis__custom--InitialHorizonCreditAgreementAmendmentMember_zs9pZ3YdZCC" title="Amortization of debt issuance costs">139,428 as interest expense for debt discounts and end of term charges in connection with the Horizon Credit Agreement. On June 18, 2021, as a condition of entering into the SVB Loan Facility, the Company paid the outstanding principal balance, an early termination fee and the end of term charges in full satisfaction of the Horizon Credit Agreement, as amended. The following is a schedule of the amounts paid to Horizon on June 18, 2021: SCHEDULE OF DEBT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20210618_z7eC2IxLV9Q6" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LineOfCreditFacilityFairValueOfAmountOutstanding_iI_hdei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_maLOCzybh_zyShM7esOCL9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%">Principal balance at June 18, 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">5,000,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--EarlyTerminationFee_iI_hdei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_maLOCzybh_zAhllZU4ah72" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Early termination fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--EndOfTermCharges_iI_hdei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_maLOCzybh_z4p9iVbTYich" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">End of term charges</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">275,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LineOfCredit_iTI_hdei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_mtLOCzybh_zHf7HDOhdQLl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,425,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> During the year ended December 31, 2021, the Company recorded a loss of $234,419 on the termination of the Horizon Credit Agreement, as amended, which represented the early termination fee and the end of term fees, net of previously amortized interest expense totaling $190,581 on the date of its payoff.

10000000

6000000

6000000.0

0.0775

0.03

10000000

Payments under the loan agreement are interest only for the first 24 months after loan closing, followed by a 24-month amortization period of principal and interest through the scheduled maturity date.

243370

0.030

300000

295792

106709

181259

97831

The following is a schedule of future principal payments, net of unamortized debt discounts and amortized end-of-term fee, due on the SVB Loan Facility: SCHEDULE OF FUTURE PRINCIPAL PAYMENTS, NET OF UNAMORTIZED DEBT DISCOUNTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_496_20221231_zBiTEAfNdKc2" style="border-bottom: Black 1.5pt solid; text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr id="xdx_405_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_iI_maDICAzQL1_z5REK6uz4629" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; text-align: left">2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,500,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_iI_maDICAzQL1_zlAsvoMcdqPa" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,000,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_ecustom--LongTermDebtMaturitiesRepaymentsOfPrincipalYearFourAndThereAfter_iI_maDICAzQL1_zpQeGWnNohJb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">2025 and thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,500,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--DebtInstrumentCarryingAmount_iTI_mtDICAzQL1_maLTDzD5f_zSZr5flS4ugk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Subtotal of future principal payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,000,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredFinanceCostsNet_iNI_di_msLTDzD5f_zYKSfuEKPlji" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Amortized end-of-term fee, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(35,720</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--LongTermDebt_iTI_mtLTDzD5f_zd6SeVqflQgj" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,964,280</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1500000

3000000

1500000

6000000

35720

5964280

10000000

5000000

10000000

200000

5000000

The obligations bore interest at a rate calculated based on an amount by which the one-month LIBOR exceeds 2% plus 7.625%. In no event could the interest rate be less than 9.625%. Payments pursuant to the Amendment were interest only for the first 12 months after August 1, 2020, followed by a 21-month amortization period of principal and interest through the scheduled maturity date on April 1, 2023. In addition, the remaining $5 million in obligations was subject to an end of term fee equal, in the aggregate, to $275,000, which amount was payable upon the maturity of the obligations or upon the date of final payment or default, as applicable.

5000000

275000

In connection with the Amendment, Imunon agreed to a liquidity covenant which provided that, at all times, Imunon maintain unrestricted cash and/or cash equivalents on deposit in accounts over which the applicable lenders maintained an account control agreement in an amount not less than $2.5 million. In addition, pursuant to the Amendment, Imunon agreed to provide evidence to Horizon on or before March 31, 2021, that it received aggregate cash proceeds of not less than $5 million from the sale of equity, debt, its New Jersey NOLs, or a combination thereof, subsequent to the date of the Amendment. The Company met this requirement during the fourth quarter of 2020.

175000

100000

782116

0.040

400000

12674

39.45

507116

6337

15.15

16501

6337

39.45

5000000

5000

247548

5000000

109706

275000

142605

5000000

225920

139428

On June 18, 2021, as a condition of entering into the SVB Loan Facility, the Company paid the outstanding principal balance, an early termination fee and the end of term charges in full satisfaction of the Horizon Credit Agreement, as amended. The following is a schedule of the amounts paid to Horizon on June 18, 2021: SCHEDULE OF DEBT <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20210618_z7eC2IxLV9Q6" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--LineOfCreditFacilityFairValueOfAmountOutstanding_iI_hdei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_maLOCzybh_zyShM7esOCL9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%">Principal balance at June 18, 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">5,000,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--EarlyTerminationFee_iI_hdei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_maLOCzybh_zAhllZU4ah72" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Early termination fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">150,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--EndOfTermCharges_iI_hdei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_maLOCzybh_z4p9iVbTYich" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">End of term charges</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">275,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LineOfCredit_iTI_hdei--LegalEntityAxis__custom--HorizonTechnologyFinanceCorporationMember_mtLOCzybh_zHf7HDOhdQLl" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">5,425,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

5000000

150000 275000

5425000

234419

190581

10. INCOME TAXES The income tax benefit for the years ended December 31, 2022 and 2021 consists of the following: SCHEDULE OF INCOME TAX PROVISION (BENEFIT) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49F_20220101__20221231_zH3IGlFHToOf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49D_20210101__20211231_zbwA4YLthSwe" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Federal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--CurrentFederalTaxExpenseBenefit_zsElyV4Wj6Aj" style="vertical-align: bottom; background-color: White"> <td>Current</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_zq6wqDSd6Tki" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Deferred</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredFederalStateAndLocalTaxExpenseBenefit_zA6MXuLUrgi7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State and Local</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_zfocpda5Z2ni" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_zZNJsXiuCdkc" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; padding-bottom: 1.5pt">Deferred</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right">(1,567,026</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right">(1,383,446</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxExpenseBenefit_z0vKE8xJQIdf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,567,026</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,383,446</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> A reconciliation of the Company’s statutory tax rate to the effective rate for the years ended December 31, 2022 and 2021 is as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49E_20220101__20221231_zGBedv7P1Ax2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49A_20210101__20211231_zsJ66TtvIeYd" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_zOJbImz521X3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Federal statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_zagCm0iaHnRl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State taxes, net of federal tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.8</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--EffectiveIncomeTaxRateReconciliationPermanentDifferences_pid_dp_uPure_zbYZ1DNyWF35" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29.8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(15.0</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_uPure_zfdTsHpUxiB9" style="vertical-align: bottom; background-color: White"> <td>Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_zbcsgC3d1275" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Change in valuation allowance and deferred rate change, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(53.8</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7.6</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_zHgmgWAMiE7i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Effective tax rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4.6</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">6.2</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> The components of the Company’s deferred tax asset as of December 31, 2022 and 2021 are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_497_20221231_zoKVahKpJg9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_496_20211231_z11OTbmg3lU5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pp0p0_maDTAGzVBe_zAnny8GxM2Ke" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">79,800,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">64,915,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsOther_iI_pp0p0_maDTAGzVBe_zut8ThqAPBbb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Other deferred tax assets, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,287,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,213,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsGross_iTI_pp0p0_mtDTAGzVBe_maDTANzv9R_z8E84Sv8CHB8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">93,087,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,128,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pp0p0_di_msDTANzv9R_z4ORl55vJGea" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(91,519,974</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(68,744,554</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsNet_iTI_pp0p0_mtDTANzv9R_zaLp9sL6Isck" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total deferred tax asset</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,567,026</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,383,446</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The evaluation of the realizability of such deferred tax assets in future periods is made based upon a variety of factors that affect the Company’s ability to generate future taxable income, such as intent and ability to sell assets and historical and projected operating performance. The Company has established a valuation reserve for its deferred income tax assets other than those related to its New Jersey NOLs. At December 31, 2021, after its evaluation of its New Jersey NOLs as discussed more fully below, the Company reduced the valuation reserve and recognized $1.6 million as a deferred income tax asset. Such tax assets are available to be recognized and benefit future periods. As of December 31, 2022, the Company had federal net operating loss carryforwards of approximately $330 million, net of net operating losses utilized in prior years of which $225 million, if unused, will expire starting in 2023 through 2037. The Federal net operating loss generated for the years ended December 31, 2018, 2019, 2020, and 2021 of approximately $<span id="xdx_90F_eus-gaap--OperatingLossCarryforwards_iI_pn6n6_c20211231__us-gaap--IncomeTaxAuthorityAxis__custom--FederalIncomeTaxMember__srt--StatementScenarioAxis__custom--NoExpirationMember_zM91Sesb25P5" title="Net operating losses">64 million can be carried forward indefinitely. However, the deduction for net operating losses incurred in tax years beginning after January 1, 2018 is limited to 80% of annual taxable income. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act provides for economic and cash liquidity stimulus through various means including payroll tax credits, payroll tax deferral, short-term changes in tax deductibility of interest expenses among other things. The Act also permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. Previously, NOLs generated after December 31, 2017 were limited to 80% of taxable income in future years. In addition, the CARES Act allows NOLs incurred in 2018 through 2021 to be carried back to each of the five preceding tax years. The Company evaluated the various aspects of the Cares Act and determined that there was no material effect on the Financial Statements. As of December 31, 2022, the Company had state net operating loss carryforwards of approximately $58 million, net of net operating losses utilized in prior years, and, if unused, will expire starting in 2029 through 2041. During 2022, 2021 and in prior years, the Company performed analyses to determine if there were changes in ownership, as defined by Section 382 of the Internal Revenue Code that would limit its ability to utilize certain net operating loss and tax credit carry forwards. The Company determined that it experienced ownership changes, as defined by Section 382, in connection with certain common stock offerings in July 2011, February 2013, June 2013, June 2015, February 2017, June 2017, October 2017, August 2018, February 2020, January 2021 and November 2022. As a result, the utilization of the Company’s federal tax net operating loss carry forwards generated prior to the ownership changes are limited. As of December 31, 2022, the Company has net operating loss carry forwards for U.S. federal and state tax purposes of approximately $325 million, before excluding net operating losses that have been limited as a result of Section 382 limitations. The annual limitation due to Section 382 for net operating loss carry forward utilization is approximately $4.2 million per year for approximately $90 million in net operating loss carry forwards existing at the ownership change occurring in July 2011, approximately $1.4 million per year for approximately $34 million of additional net operating losses occurring from July 2011 to the ownership change that occurred in February 2013, approximately $1.5 million per year for approximately $4 million of additional net operating losses occurring from February 2013 to the ownership change that occurred in June 2013, approximately $1.6 million per year for approximately $40 million of additional net operating losses occurring from June 2013 to the ownership change that occurred in June 2015, approximately $0.3 million per year for approximately $35 million of additional net operating losses occurring from June 2015 to the ownership change that occurred in February 2017, approximately $0.3 million per year for approximately $7 million of additional net operating losses occurring from February 2017 to the ownership change that occurred in June 2017, approximately $0.8 million per year for approximately $5 million of additional net operating losses occurring from June 2017 to the ownership change that occurred in October 2017, approximately $1.5 million per year for approximately $30 million of additional net operating losses occurring from October 2017 to the ownership change that occurred in August 2018, approximately $0.8 million per year for approximately $15 million of additional net operating losses occurring from August 2018 to the ownership change that occurred in February 2020 and approximately $2.0 million per year for approximately $40 million of additional net operating losses occurring from February 2020 to the ownership change that occurred in January 2021 and approximately $28.0 million per year for approximately $30 million of additional net operating losses occurring from January 2021 to the ownership change that occurred in November 2023. The utilization of these net operating loss carry forwards may be further limited if the Company experiences future ownership changes as defined in Section 382 of the Internal Revenue Code. Sale of New Jersey Net Operating Losses Since 2018, the Company has annually submitted applications to sell a portion of the Company’s New Jersey NOLs as part of the Technology Business Tax Certificate Program sponsored by The New Jersey Economic Development Authority. Under the program, emerging biotechnology companies with unused NOLs and unused research and development credits are allowed to sell these benefits to other New Jersey-based companies. As part of the Technology Business Tax Certificate Program, the Company sold $1.6 million and $1.5 million of its New Jersey NOLs in 2022 and 2021, respectively. The sale of these net operating losses resulted in net proceeds to the Company of approximately $1.6 million in 2022 and $1.4 million in 2021. During 2021, the New Jersey State Legislature increased the maximum lifetime benefit per company from $<span id="xdx_902_ecustom--NetProceedsFromSaleOfNetOperatingLosses_pn6n6_c20210101__20211231__srt--StatementGeographicalAxis__custom--NJMember__srt--RangeAxis__srt--MinimumMember__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_zcFm1Ec50jB5">15 million to $<span id="xdx_90E_ecustom--NetProceedsFromSaleOfNetOperatingLosses_pn6n6_c20210101__20211231__srt--StatementGeographicalAxis__custom--NJMember__srt--RangeAxis__srt--MaximumMember__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_zHN5y9Cwcm2c">20 million, which will allow the Company to participate in this funding program in future years for up to an additional $1.9 million in net operating losses under this maximum lifetime benefit.

The income tax benefit for the years ended December 31, 2022 and 2021 consists of the following: SCHEDULE OF INCOME TAX PROVISION (BENEFIT) <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49F_20220101__20221231_zH3IGlFHToOf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49D_20210101__20211231_zbwA4YLthSwe" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Federal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--CurrentFederalTaxExpenseBenefit_zsElyV4Wj6Aj" style="vertical-align: bottom; background-color: White"> <td>Current</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--DeferredFederalIncomeTaxExpenseBenefit_zq6wqDSd6Tki" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Deferred</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredFederalStateAndLocalTaxExpenseBenefit_zA6MXuLUrgi7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State and Local</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--CurrentStateAndLocalTaxExpenseBenefit_zfocpda5Z2ni" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Current</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredStateAndLocalIncomeTaxExpenseBenefit_zZNJsXiuCdkc" style="vertical-align: bottom; background-color: White"> <td style="width: 64%; padding-bottom: 1.5pt">Deferred</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right">(1,567,026</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td><td style="width: 2%; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; width: 14%; text-align: right">(1,383,446</td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--IncomeTaxExpenseBenefit_z0vKE8xJQIdf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,567,026</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(1,383,446</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

-1567026

-1383446

-1567026

-1383446

A reconciliation of the Company’s statutory tax rate to the effective rate for the years ended December 31, 2022 and 2021 is as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49E_20220101__20221231_zGBedv7P1Ax2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49A_20210101__20211231_zsJ66TtvIeYd" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_zOJbImz521X3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Federal statutory rate</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 14%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40C_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_zagCm0iaHnRl" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State taxes, net of federal tax benefit</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.1</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7.8</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_ecustom--EffectiveIncomeTaxRateReconciliationPermanentDifferences_pid_dp_uPure_zbYZ1DNyWF35" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Permanent differences</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29.8</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(15.0</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_uPure_zfdTsHpUxiB9" style="vertical-align: bottom; background-color: White"> <td>Other</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">–</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_zbcsgC3d1275" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Change in valuation allowance and deferred rate change, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(53.8</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7.6</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_zHgmgWAMiE7i" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Effective tax rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4.6</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">6.2</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table>

0.210

0.071

0.078

0.298 -0.150

-0.538

-0.076

0.046

0.062

The components of the Company’s deferred tax asset as of December 31, 2022 and 2021 are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_497_20221231_zoKVahKpJg9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_496_20211231_z11OTbmg3lU5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pp0p0_maDTAGzVBe_zAnny8GxM2Ke" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Net operating loss carryforwards</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">79,800,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">64,915,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsOther_iI_pp0p0_maDTAGzVBe_zut8ThqAPBbb" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Other deferred tax assets, net</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">13,287,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,213,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsGross_iTI_pp0p0_mtDTAGzVBe_maDTANzv9R_z8E84Sv8CHB8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Subtotal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">93,087,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">70,128,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pp0p0_di_msDTANzv9R_z4ORl55vJGea" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Valuation allowance</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(91,519,974</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(68,744,554</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--DeferredTaxAssetsNet_iTI_pp0p0_mtDTANzv9R_zaLp9sL6Isck" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total deferred tax asset</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,567,026</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,383,446</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

79800000

64915000

13287000

5213000

93087000

70128000

91519974

68744554

1567026

1383446

1600000

330000000

225000000

64000000

the deduction for net operating losses incurred in tax years beginning after January 1, 2018 is limited to 80% of annual taxable income. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act provides for economic and cash liquidity stimulus through various means including payroll tax credits, payroll tax deferral, short-term changes in tax deductibility of interest expenses among other things. The Act also permits NOL carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. Previously, NOLs generated after December 31, 2017 were limited to 80% of taxable income in future years. In addition, the CARES Act allows NOLs incurred in 2018 through 2021 to be carried back to each of the five preceding tax years. The Company evaluated the various aspects of the Cares Act and determined that there was no material effect on the Financial Statements.

58000000

expire starting in 2029 through 2041

325000000

4200000

90000000

1400000

34000000

1500000

4000000

1600000

40000000

300000

35000000

300000

7000000

800000

5000000

1500000

30000000

800000

15000000

2000000.0

40000000

28000000.0

30000000 1600000 1500000 1600000 1400000 15000000 20000000

1900000

11. STOCKHOLDERS’ EQUITY On March 19, 2021, the Company filed with the SEC a $100 million shelf registration statement on Form S-3 (the “2021 Registration Statement”) that allows the Company to issue any combination of common stock, preferred stock or warrants to purchase common stock or preferred stock. This shelf registration was declared effective on March 30, 2021. On September 19, 2022, the Company announced a corporate name change to Imunon, Inc. The Company’s common stock will continue to trade on the Nasdaq Stock Market under the new ticker symbol “IMNN” effective as of the opening of trading on September 21, 2022, and its CUSIP number (15117N602) remained unchanged. The Company filed an amendment to its Articles of Incorporation to effect the new corporate name. Reverse Stock Split On February 28, 2022, the Company effected a 15-for-1 reverse stock split of its common stock which was made effective for trading purposes as of the commencement of trading on March 31, 2022. As of that date, each 15 shares of issued and outstanding common stock and equivalents was consolidated into one share of common stock. All shares have been restated to reflect the effects of the 15-for-1 reverse stock split. In addition, at the market open on March 1, 2022, the Company’s common stock started trading under a new CUSIP number 15117N602 although the Company’s ticker symbol, CLSN, remained unchanged. The reverse stock split was previously approved by the Company’s stockholders at the 2022 Special Meeting held on February 24, 2022, and the Company subsequently filed a Certificate of Amendment to its Certificate of Incorporation to effect the stock consolidation. The primary reasons for the reverse stock split and the amendment were: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">To provide the Company with the ability to support its future anticipated growth and would provide greater flexibility to consider and respond to future business opportunities and needs as they arise, including equity financings and stock-based acquisitions of new technology and product development candidates. The availability of additional shares of Common Stock would permit the Company to undertake certain of the foregoing actions without delay and expense associated with holding a Special Meeting of Stockholders to obtain stockholder approval each time such an opportunity arises that would require the issuance of shares of Common Stock; and</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">To continue listing on The NASDAQ Capital Market, which requires that the Company comply with the applicable listing requirements under NASDAQ Marketplace Rules, which requirements include, among others, a minimum bid price of at least $1.00 per share. On December 2, 2021, the Company received a letter from NASDAQ indicating that the closing bid price of the Company’s Common Stock fell below $1.00 per share for the previous 30 consecutive business days, and that the Company was therefore not in compliance with the minimum bid price requirement for continued inclusion on The NASDAQ Capital Market. The Company had 180 calendar days, until May 31, 2022, to regain compliance with this requirement, which occurs when the closing bid price of the Company’s Common Stock is at least $1.00 per share for a minimum of ten consecutive business days during the 180-day compliance period.</td></tr> </table> Immediately prior to the reverse stock split, the Company had <span id="xdx_905_eus-gaap--StockholdersEquityNoteChangesInCapitalStructureSubsequentChangesToNumberOfCommonShares_pid_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zdrbKvybl422" title="Reverse stock split common stock outstanding">86,557,736 shares of common stock outstanding which consolidated into 5,770,516 shares of the Company’s common stock. No fractional shares were issued in connection with the reverse stock split. Holders of fractional shares have been paid out in cash for the fractional portion with the Company’s overall exposure for such payouts consisting of a nominal amount. The amount of the Company’s outstanding convertible preferred stock were not affected by the reverse stock split. The number of outstanding options, stock awards and warrants were adjusted accordingly, with outstanding options and stock awards being reduced from approximately 6.6 million to approximately 0.4 million and outstanding warrants being reduced from approximately 2.5 million to approximately 0.2 million. At the Market Offering Agreement On May 25, 2022, the Company entered into an At the Market Offering Agreement (the “Agreement”) with H.C. Wainwright & Co., LLC, as sales agent (“Wainwright”), pursuant to which the Company may offer and sell, from time to time, through Wainwright, shares of the Company’s common stock having an aggregate offering price of up to $<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pid_c20220523__20220525__us-gaap--TypeOfArrangementAxis__custom--MarketOfferingAgreementMember_z5NrMWlDiTsi" title="Stock issued during period, value, new issues">7,500,000. The Company intends to use the net proceeds from the offering, if any, for general corporate purposes, including research and development activities, capital expenditures and working capital. The Company did not sell any shares under the Agreement with Wainwright in the first nine months of 2022. From October 1, 2022 through the date of December 31, 2022, the Company sold <span id="xdx_909_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20221001__20221231__us-gaap--TypeOfArrangementAxis__custom--MarketOfferingAgreementMember_zlfbfTqFpvYg" title="Number of shares sold">336,075 shares of stock for net proceeds of $<span id="xdx_90A_eus-gaap--SaleOfStockConsiderationReceivedPerTransaction_c20221001__20221231__us-gaap--TypeOfArrangementAxis__custom--MarketOfferingAgreementMember_zdcqBQ4gg2Ba" title="Proceeds from sale of stock">503,798. In 2023, the Company has sold <span id="xdx_905_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--MarketOfferingAgreementMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember_zdsfkUXsO2Ie" title="Number of shares sold">1,653,392 shares of stock for net proceeds of $<span id="xdx_90B_eus-gaap--SaleOfStockConsiderationReceivedPerTransaction_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--MarketOfferingAgreementMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember_zg61mz8OABLj" title="Proceeds from sale of stock">2,465,656. Capital on DemandTM Sales Agreement On December 4, 2018, the Company entered into the Capital on Demand Agreement with JonesTrading, pursuant to which the Company may offer and sell, from time to time, through JonesTrading shares of Common Stock having an aggregate offering price of up to $<span id="xdx_90F_ecustom--AggregateOfferingPrices_pn5n6_c20181202__20181204__us-gaap--TypeOfArrangementAxis__custom--CapitalOnDemandTMSalesAgreementMember_zKydiGEx01Bj" title="Less than 12 months, unrealized gains, fair value">16.0 million. During 2021, the Company has sold <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pn5n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--CapitalOnDemandAgreementMember_z5tuJconNlv6" title="Stock issued, shares">0.5 million shares under the Capital on Demand Agreement, receiving approximately $<span id="xdx_90E_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20210101__20211231__us-gaap--TypeOfArrangementAxis__custom--CapitalOnDemandAgreementMember_zLPDoa5cBpMa" title="Proceeds from issuance of common stock">6.9 million in gross proceeds under the Capital on Demand Agreement. The Capital on Demand Agreement with JonesTrading was terminated in the first quarter of 2021. January 2021 Registered Direct Offering On January 22, 2021, the Company entered into a Securities Purchase Agreement (the “January 2021 Purchase Agreement”) with several institutional investors, pursuant to which the Company issued and sold, in a registered direct offering (the “January 2021 Offering”), an aggregate of <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210121__20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--JanuaryRegisteredDirectOfferingMember_zQcq5LR1v0m6" title="Stock issued, shares">1,728,395 shares of the Company’s common stock at an offering price of $<span id="xdx_90B_eus-gaap--SharePrice_iI_pid_c20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--JanuaryRegisteredDirectOfferingMember_zV0wHhuFeEqa" title="Share price">20.25 per share for gross proceeds of approximately $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn6n6_c20210121__20210122__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--JanuaryRegisteredDirectOfferingMember_zWYzZlZSWbH2" title="Proceeds from issuance of common stock">35 million before the deduction of the January 2021 Placement Agents (as defined below) fee and offering expenses. The closing of the January 2021 Offering occurred on January 26, 2021. <span id="xdx_904_ecustom--PlacementAgentFeeDescription_c20210101__20210131__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--JanuaryRegisteredDirectOfferingMember_zpts9RfD5Y7f" title="Placement agent fee description">In connection with the January 2021 Offering, the Company entered into a placement agent agreement with A.G.P./Alliance Global Partners (“AGP,” and together with Brookline Capital Markets, the “January 2021 Placement Agents”) pursuant to which the Company agreed to pay the January 2021 Placement Agents a cash fee equal to 7% of the aggregate gross proceeds raised from the sale of the securities sold in the January 2021 Offering and reimburse the January 2021 Placement Agents for certain of their expenses in an amount not to exceed $82,500. March 2021 Registered Direct Offering On March 31, 2021, the Company entered into a Securities Purchase Agreement (the “March 2021 Purchase Agreement”) with several institutional investors, pursuant to which the Company issued and sold, in a registered direct offering (the “March 2021 Offering”), an aggregate of <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20210330__20210331__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--MarchRegisteredDirectOfferingMember_zxTEdU93nCK8" title="Shares issued, shares">769,230 shares of the Company’s common stock, at an offering price of $<span id="xdx_90C_eus-gaap--SharePrice_iI_pid_c20210331__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--MarchRegisteredDirectOfferingMember_zOUTyBBcpA72" title="Share price">19.50 per share for gross proceeds of approximately $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn6n6_c20210330__20210331__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--MarchRegisteredDirectOfferingMember_zAbangNMjDHc" title="Proceeds from issuance of common stock">15 million before the deduction of the placement agents fee and offering expenses. The closing of the offering occurred on April 5, 2021. In connection with the March 2021 Offering, the Company entered into a placement agent agreement (the “March 2021 <span id="xdx_90E_ecustom--PlacementAgentFeeDescription_c20210330__20210331__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--MarchRegisteredDirectOfferingMember_zFTKJ6i7AyE9" title="Placement agent fee description">Placement Agent Agreement”) with AGP, as lead placement agent (together with JonesTrading Institutional Services LLC and Brookline Capital Markets, a division of Arcadia Securities, LLC, serving as co-placement agents, the “March 2021 Placement Agents”), pursuant to which the Company agreed to pay the March 2021 Placement Agents an aggregate cash fee equal to 7% of the aggregate gross proceeds raised from the sale of the securities sold in the offering and reimburse the Placement Agents for certain of their expenses in an amount not to exceed $82,500. Series A and Series B Convertible Redeemable Preferred Stock Offering On January 10, 2022, the Company entered into a Securities Purchase Agreement (the “Preferred Stock Purchase Agreement”) with several institutional investors, pursuant to which the Company agreed to issue and sell, in concurrent registered direct offerings (the “Preferred Offerings”), (i) <span id="xdx_90C_eus-gaap--PreferredStockSharesIssued_iI_c20220110__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredStockMember_za1CIZ3vDoL5" title="Preferred stock, shares issued">50,000 shares of the Company’s Series A Convertible Redeemable Preferred Stock, par value $<span id="xdx_90D_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20220110__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredStockMember_zZDwCAzulgpd" title="Preferred stock, par value">0.01 per share (the “Series A Preferred Stock”), and (ii) <span id="xdx_904_eus-gaap--PreferredStockSharesIssued_iI_c20220110__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredStockMember_zc6KZAUEbBQ" title="Preferred stock, shares issued">50,000 shares of the Company’s Series B Convertible Redeemable Preferred Stock, par value $<span id="xdx_908_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20220110__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredStockMember_zQChkZ1qaAuc" title="Preferred stock, par value">0.01 per share (the “Series B Preferred Stock” and together with the Series A Preferred Stock, the “Preferred Stock”), in each case at an offering price of $285 per share, representing a 5% original issue discount to the stated value of $300 per share, for gross proceeds of each Preferred Offering of $14.25 million, or approximately $<span id="xdx_909_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_pn4n6_c20220109__20220110__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredStockMember_zEgT7zqz7PL9" title="Proceeds from issuance of preferred stock">28.50 million in the aggregate for the Preferred Offerings, before the deduction of the Placement Agent’s (as defined below) fee and offering expenses. The shares of Series A Preferred Stock have a stated value of $300 per share and are convertible, at a conversion price of $<span id="xdx_906_eus-gaap--PreferredStockConvertibleConversionPrice_iI_pp2d_c20220110__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredStockMember_zDeJ2VgM2K35" title="Preferred stock, conversion price">13.65 per share, into <span id="xdx_907_eus-gaap--ConvertiblePreferredStockSharesIssuedUponConversion_iI_pid_c20220110__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredStockMember_zewKhwHbWq43" title="Conversion of stock, shares issued">1,098,901 shares of common stock (subject in certain circumstances to adjustments). The shares of Series B Preferred Stock have a stated value of $300 per share and are convertible, at a conversion price of $<span id="xdx_907_eus-gaap--PreferredStockConvertibleConversionPrice_iI_pp2d_c20220110__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredStockMember_z8yWoqAZrpvf" title="Preferred stock, conversion price">15.00 per share, into <span id="xdx_90E_eus-gaap--ConvertiblePreferredStockSharesIssuedUponConversion_iI_pid_c20220110__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredStockMember_zk00D7UgFUJh" title="Conversion of stock, shares issued">1,000,000 shares of common stock (subject in certain circumstances to adjustments). The closing of the Preferred Offerings occurred on January 13, 2022. On March 3, 2022, the Company redeemed for cash at a price equal to 105% of the $300 stated value per share all of its <span id="xdx_90D_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20220303__us-gaap--StatementClassOfStockAxis__custom--SeriesAConvertibleRedeemablePreferredStockMember_zoRXQ1vHYS9i" title="Preferred stock, shares outstanding">50,000 outstanding shares of Series A Preferred Stock and its <span id="xdx_907_eus-gaap--PreferredStockSharesOutstanding_iI_pid_c20220303__us-gaap--StatementClassOfStockAxis__custom--SeriesBConvertibleRedeemablePreferredStockMember_zBKG6Pq6mSJ" title="Preferred stock, shares outstanding">50,000 Series B Preferred Stock. As a result, all shares of the Preferred Stock have been retired and are no longer outstanding and Imunon’s only class of outstanding stock is its common. In connection with the Preferred Offerings, the Company entered into a placement agent agreement (the “Placement Agent Agreement”) with AGP pursuant to which the Company agreed to pay AGP an aggregate cash fee equal to $1,000,000 and reimburse the AGP for certain of their expenses in an amount not to exceed $110,000. April 2022 Registered Direct Offering On April 6, 2022, the Company entered into a Securities Purchase Agreement (the “April 2022 Purchase Agreement”) with several institutional investors, pursuant to which the Company agreed to issue and sell, in a registered direct offering (the “April 2022 Offering”), an aggregate of <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220405__20220406__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AprilRegisteredDirectOfferingMember_zcNeuEBZTn2g" title="Stock issued, shares">1,328,274 shares of the Company’s common stock at an offering price of $<span id="xdx_90E_eus-gaap--SharePrice_iI_pid_c20220406__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AprilRegisteredDirectOfferingMember_zPZY4bLufurl" title="Share price">5.27 per share for gross proceeds of $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn6n6_c20220405__20220406__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AprilRegisteredDirectOfferingMember_z19SlKBLa8o5" title="Proceeds from issuance of common stock">7.0 million before the deduction of the April 2022 Placement Agent (as defined below) fees and offering expenses. The closing of the April 2022 Offering occurred on April 8, 2022. <span id="xdx_907_ecustom--PlacementAgentFeeDescription_c20220405__20220406__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--AprilRegisteredDirectOfferingMember_zPeY34wOVrTd" title="Placement agent fee description">In connection with the April 2022 Offering, the Company entered into a placement agent agreement with A.G.P./Alliance Global Partners (the “April 2022 Placement Agent”) pursuant to which the Company agreed to pay the April 2022 Placement Agent a cash fee equal to 6.5% of the aggregate gross proceeds raised from the sale of the securities sold in the April 2022 Offering and reimburse the April 2022 Placement Agent for certain of their expenses in an amount not to exceed $50,000.

100000000

On February 28, 2022, the Company effected a 15-for-1 reverse stock split of its common stock which was made effective for trading purposes as of the commencement of trading on March 31, 2022. As of that date, each 15 shares of issued and outstanding common stock and equivalents was consolidated into one share of common stock. All shares have been restated to reflect the effects of the 15-for-1 reverse stock split. In addition, at the market open on March 1, 2022, the Company’s common stock started trading under a new CUSIP number 15117N602 although the Company’s ticker symbol, CLSN, remained unchanged.

To continue listing on The NASDAQ Capital Market, which requires that the Company comply with the applicable listing requirements under NASDAQ Marketplace Rules, which requirements include, among others, a minimum bid price of at least $1.00 per share. On December 2, 2021, the Company received a letter from NASDAQ indicating that the closing bid price of the Company’s Common Stock fell below $1.00 per share for the previous 30 consecutive business days, and that the Company was therefore not in compliance with the minimum bid price requirement for continued inclusion on The NASDAQ Capital Market. The Company had 180 calendar days, until May 31, 2022, to regain compliance with this requirement, which occurs when the closing bid price of the Company’s Common Stock is at least $1.00 per share for a minimum of ten consecutive business days during the 180-day compliance period

86557736

5770516

6600000

400000

2500000

200000

7500000

336075

503798

1653392

2465656

16000000.0

500000

6900000

1728395

20.25

35000000

In connection with the January 2021 Offering, the Company entered into a placement agent agreement with A.G.P./Alliance Global Partners (“AGP,” and together with Brookline Capital Markets, the “January 2021 Placement Agents”) pursuant to which the Company agreed to pay the January 2021 Placement Agents a cash fee equal to 7% of the aggregate gross proceeds raised from the sale of the securities sold in the January 2021 Offering and reimburse the January 2021 Placement Agents for certain of their expenses in an amount not to exceed $82,500.

769230

19.50

15000000

Placement Agent Agreement”) with AGP, as lead placement agent (together with JonesTrading Institutional Services LLC and Brookline Capital Markets, a division of Arcadia Securities, LLC, serving as co-placement agents, the “March 2021 Placement Agents”), pursuant to which the Company agreed to pay the March 2021 Placement Agents an aggregate cash fee equal to 7% of the aggregate gross proceeds raised from the sale of the securities sold in the offering and reimburse the Placement Agents for certain of their expenses in an amount not to exceed $82,500.

50000

0.01

50000

0.01

285

300

14250000

28500000

300

13.65

1098901

300

15.00

1000000

300

50000

1000000

110000

1328274

5.27

7000000.0

In connection with the April 2022 Offering, the Company entered into a placement agent agreement with A.G.P./Alliance Global Partners (the “April 2022 Placement Agent”) pursuant to which the Company agreed to pay the April 2022 Placement Agent a cash fee equal to 6.5% of the aggregate gross proceeds raised from the sale of the securities sold in the April 2022 Offering and reimburse the April 2022 Placement Agent for certain of their expenses in an amount not to exceed $50,000.

12. STOCK-BASED COMPENSATION The Company has long-term compensation plans that permit the granting of equity-based awards in the form of stock options, restricted stock, restricted stock units, stock appreciation rights, other stock awards, and performance awards. At the 2018 Annual Stockholders Meeting of the Company held on May 15, 2018, stockholders approved the Imunon, Inc. 2018 Stock Incentive Plan (the “2018 Plan”). The 2018 Plan, as adopted, permits the granting of <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_pid_c20180515__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenStockIncentivePlanMember_z99rphLrtxz9" title="Share-based payment award, shares authorized">180,000 shares of Imunon common stock as equity awards in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units, stock appreciation rights, other stock awards, performance awards, or in any combination of the foregoing. At the 2019 Annual Stockholders Meeting of the Company held on May 14, 2019, stockholders approved an amendment to the 2018 Plan whereby the Company increased the number of common stock shares available by <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20190514__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenStockIncentivePlanMember__srt--RangeAxis__srt--MinimumMember_z8VFWrxWbSmg" title="Share based payment award, shares granted">80,000 to a total of <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20190514__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenStockIncentivePlanMember__srt--RangeAxis__srt--MaximumMember_zohXKEIxoA8j" title="Share based payment award, shares granted">260,000 under the 2018 Plan, as amended. At the 2020 Annual Stockholders Meeting of the Company held on June 15, 2020, stockholders approved an amendment to the 2018 Plan, as previously amended, whereby the Company increased the number of shares of common stock available by <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20200615__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenStockIncentivePlanMember__srt--RangeAxis__srt--MinimumMember_zXO6BxyGQXjl" title="Share based payment award, shares granted">166,667 to a total of <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20200615__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenStockIncentivePlanMember__srt--RangeAxis__srt--MaximumMember_zrbu4XlKafga" title="Share based payment award, shares granted">426,667 under the 2018 Plan, as amended. At the 2021 Annual Stockholders Meeting of the Company held on June 10, 2021, stockholders approved an amendment to the 2018 Plan, as previously amended, whereby the Company increased the number of shares of common stock available by <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20210610__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenStockIncentivePlanMember__srt--RangeAxis__srt--MinimumMember_z1207q5bAkQ9" title="Share based payment award, shares granted">513,333 to a total of <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_c20210610__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenStockIncentivePlanMember__srt--RangeAxis__srt--MaximumMember_zYEAGF4lv0k7" title="Share based payment award, shares granted">940,000 under the 2018 Plan, as amended. The Company has issued stock awards to employees and directors in the form of stock options and restricted stock. <span id="xdx_902_ecustom--StockOptionsStrikePriceDescription_c20220101__20221231__us-gaap--PlanNameAxis__custom--TwoThousandSevenStockIncentivePlanMember_zynWNVWfCb8e" title="Stock options, strike price description">Options are generally granted with strike prices equal to the fair market value of a share of Imunon common stock on the date of grant. Incentive stock options may be granted to purchase shares of common stock at a price not less than 100% of the fair market value of the underlying shares on the date of grant, provided that the exercise price of any incentive stock option granted to an eligible employee owning more than 10% of the outstanding stock of Imunon must be at least 110% of such fair market value on the date of grant. Only officers and key employees may receive incentive stock options. Option and restricted stock awards vest upon terms determined by the Compensation Committee of the Board of Directors and are subject to accelerated vesting in the event of a change of control or certain terminations of employment. The Company issues new shares to satisfy its obligations from the exercise of options or the grant of restricted stock awards. As of December 31, 2022, the Compensation Committee of the Board of Directors approved the grant of (i) inducement stock options (the “Inducement Option Grants”) to purchase a total of <span id="xdx_90D_eus-gaap--SharesIssued_iI_c20221231__us-gaap--PlanNameAxis__custom--InducementOptionGrantsMember__srt--TitleOfIndividualAxis__custom--FiveNewEmployeesMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zO82Y8DEdqMb" title="Shares, Issued">204,501 shares of Imunon common stock and (ii) inducement restricted stock awards (the “Inducement Stock Grants”) totaling <span id="xdx_906_eus-gaap--SharesIssued_iI_c20221231__us-gaap--PlanNameAxis__custom--InducementOptionGrantsMember__srt--TitleOfIndividualAxis__custom--FiveNewEmployeesMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zSXwVliIy3Gf" title="Restricted stock">69,250 shares of Imunon common stock. Each award has a grant date of the date of grant. Each Inducement Option Grant has a weighted exercise price of $<span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20220101__20221231__us-gaap--PlanNameAxis__custom--InducementOptionGrantsMember__srt--TitleOfIndividualAxis__custom--FiveNewEmployeesMember_zsCzIMT2n3cl" title="Exercise price per share">1.76 per share. Each Inducement Option Grant vests over three years, with one-third vesting on the one-year anniversary of the employee’s first day of employment with the Company and one-third vesting on the second and third anniversaries thereafter, subject to the new employee’s continued service relationship with the Company on each such date. Each Inducement Option Grant has a ten-year term and is subject to the terms and conditions of the applicable stock option agreement. Each of Inducement Stock Grant vested on the one-year anniversary of the employee’s first day of employment with the Company is subject to the new employee’s continued service relationship with the Company through such date and is subject to the terms and conditions of the applicable restricted stock agreement. As of December 31, 2022, there were a total of <span id="xdx_90E_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenStockIncentivePlanMember_zP2bJeraRbR" title="Common stock, reserved for future issuance">945,073 shares of Imunon common stock reserved for issuance under the 2018 Plan, which were comprised of <span id="xdx_902_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20221231__us-gaap--AwardTypeAxis__custom--EquityStockAwardsMember__srt--StatementScenarioAxis__custom--GrantedUnderTwoThousandEighteenPlanAndTwoThousandSevenPlanMember_zcHgYu3BRuF8" title="Common stock, reserved for future issuance">556,119 shares of Imunon common stock subject to equity awards previously granted under the 2018 Plan and 2007 Plan and <span id="xdx_90A_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20221231__us-gaap--PlanNameAxis__custom--TwoThousandAndEighteenPlanMember_zQG8zrdJneC2" title="Common stock, reserved for future issuance">388,954 shares of Imunon common stock available for future issuance under the 2018 Plan. As of December 31, 2022, there are a total of <span id="xdx_900_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20221231__us-gaap--AwardTypeAxis__custom--InducementAwardsMember_zMBFiBoGqCo5" title="Common stock, reserved for future issuance">263,751 shares of Imunon common stock subject to outstanding inducement awards. Total compensation cost related to stock options and restricted stock awards was approximately $<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20220101__20221231__us-gaap--AwardTypeAxis__custom--EmployeeStockOptionAndRestrictedStockAwardsMember_zc9FrR35YYh9" title="Share based compensation">2.7 million and $<span id="xdx_90C_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20210101__20211231__us-gaap--AwardTypeAxis__custom--EmployeeStockOptionAndRestrictedStockAwardsMember_zitt1uPn8NWj" title="Share based compensation">3.8 million during 2022 and 2021, respectively. Of these amounts, $<span id="xdx_906_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20220101__20221231__us-gaap--AwardTypeAxis__custom--EmployeeStockOptionAndRestrictedStockAwardsMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zcWTfV9MZrW" title="Share based compensation expense">0.9 million and $<span id="xdx_90C_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20210101__20211231__us-gaap--AwardTypeAxis__custom--EmployeeStockOptionAndRestrictedStockAwardsMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zogL5uRJ2Nce" title="Share based compensation expense">1.4 million were charged to research and development expenses during 2022 and 2021, respectively, and $<span id="xdx_90F_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20220101__20221231__us-gaap--AwardTypeAxis__custom--EmployeeStockOptionAndRestrictedStockAwardsMember__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zafpcSXpFPPf" title="Share based compensation">1.8 million and $<span id="xdx_90D_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20210101__20211231__us-gaap--AwardTypeAxis__custom--EmployeeStockOptionAndRestrictedStockAwardsMember__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zDHS8zDc0gV2" title="Share based compensation">2.4 million were charged to general and administrative expenses during 2022 and 2021, respectively. A summary of stock option awards as of December 31, 2022 and changes during the two-year period ended December 31, 2022 is presented below: SUMMARY OF STOCK OPTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Stock Options</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number Outstanding</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Remaining Contractual Term (years)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Outstanding at January 1, 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zVLIM1Ep6mi3" style="width: 11%; text-align: right" title="Number Outstanding, Outstanding, Beginning balance">308,313</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zLpsGy2qylhc" style="width: 11%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Beginning balance">41.55</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Options granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_pdd" style="text-align: right" title="Number Outstanding, Options granted">148,016</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_pdd" style="text-align: right" title="Weighted Average Exercise Price, Options granted">32.09</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Options exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zBsGjBvR49ca" style="text-align: right" title="Number Outstanding, Options exercised">(500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_pdd" style="text-align: right" title="Weighted Average Exercise Price, Options exercised">9.45</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Options canceled or expired</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zsb3IophGbB4" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number Outstanding, Options canceled or expired">(14,404</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_pdd" style="padding-bottom: 1.5pt; text-align: right" title="Weighted Average Exercise Price, Options canceled or expired">38.23</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding at December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z4Wt41NE84Q5" style="text-align: right" title="Number Outstanding, Outstanding, Beginning balance">441,425</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zVGVGMXw4Rd4" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Beginning balance">38.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Options granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQgwn8XocOna" style="text-align: right" title="Number Outstanding, Options granted">716,156</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMWBVwokoYh6" style="text-align: right" title="Weighted Average Exercise Price, Options granted">2.72</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Options canceled or expired</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQRMZEutcfCf" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number Outstanding, Options canceled or expired">(397,361</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zLnQm5umiKtj" style="padding-bottom: 1.5pt; text-align: right" title="Weighted Average Exercise Price, Options canceled or expired">39.06</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Outstanding at December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zOfKwRAUqIB1" style="border-bottom: Black 2.5pt double; text-align: right" title="Number Outstanding, Outstanding, Ending balance">760,220</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zVdfjmE0B1pl" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Ending balance">4.55</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zfhd0126QLni" title="Weighted Average Remaining Contractual Term (years), Outstanding, Ending balance">9.25</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iI_pp0p0_c20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z9GkZlxxqCHi" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Outstanding, Ending balance">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable at December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z3ZNHw1MvSph" style="border-bottom: Black 2.5pt double; text-align: right" title="Number Outstanding, Exercisable, Ending balance">201,935</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_c20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zcckttQb3ND6" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Exercisable, Ending balance">8.07</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z4ID8un5DNYf" title="Weighted Average Remaining Contractual Term (years), Exercisable, Ending balance">8.9</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_pp0p0_c20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z8XMYavFyGl2" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Exercisable, Ending balance"> –</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_89B_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_zRo0w81kJeAa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2022 and changes during the two-year period ended December 31, 2022, is presented below: SUMMARY OF NON-VESTED RESTRICTED STOCK AWARDS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Restricted Stock</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Number Outstanding</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted Average Grant Date Fair Value</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Non-vested stock awards outstanding at January 1, 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20210101__20211231_zThDcHsVrI97" style="width: 14%; text-align: right" title="Number Outstanding, Non-vested stock awards, Outstanding, Beginning balance">83</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20210101__20211231_z8bkVZDCEEd" style="width: 14%; text-align: right" title="Weighted Average Grant Date Fair Value, Non-vested stock awards, Outstanding, Beginning balance">9.45</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20210101__20211231_pdd" style="text-align: right" title="Number Outstanding, Non-vested stock awards, Granted">1,464</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20210101__20211231_pdd" style="text-align: right" title="Weighted Average Grant Date Fair Value, Non-vested stock awards, Granted">13.48</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Forfeited</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_di_c20210101__20211231_z85PTbzqcvt3" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number Outstanding, Non-vested stock awards, Forfeited">(66</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_c20210101__20211231_pdd" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Grant Date Fair Value, Non-vested stock awards, Forfeited">33.30</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-vested stock awards outstanding at December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20220101__20221231_zLceUFaA3ehh" style="text-align: right" title="Number Outstanding, Non-vested stock awards, Outstanding, Beginning balance">1,481</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20220101__20221231_zCGLSZASJVAf" style="text-align: right" title="Weighted Average Grant Date Fair Value, Non-vested stock awards, Outstanding, Beginning balance">12.36</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20220101__20221231_zXyKROGfPhOa" style="text-align: right" title="Number Outstanding, Non-vested stock awards, Granted">69,650</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20220101__20221231_zLxCssBH5Uxb" style="text-align: right" title="Weighted Average Grant Date Fair Value, Non-vested stock awards, Granted">1.92</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vested and issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20220101__20221231_z3Ldspqf8ryl" style="text-align: right" title="Number Outstanding, Non-vested stock awards, Vested and issued">(1,381</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20220101__20221231_zFtFHAN7EFv" style="text-align: right" title="Weighted Average Grant Date Fair Value, Non-vested stock awards, Vested and issued">12.04</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Forfeited</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_di_c20220101__20221231_z4J3UMffFg2i" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number Outstanding, Non-vested stock awards, Forfeited">(100</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_c20220101__20221231_z50EYm8EX8K7" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Grant Date Fair Value, Non-vested stock awards, Forfeited">9.45</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Non-vested stock awards outstanding at December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20220101__20221231_zXiDnsGplkYe" style="border-bottom: Black 2.5pt double; text-align: right" title="Number Outstanding, Non-vested stock awards, Outstanding, Ending balance">69,650</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_c20220101__20221231_zGpGnU5SYZO" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Grant Date Fair Value, Non-vested stock awards, Outstanding, Ending balance">1.92</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_892_eus-gaap--ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock_zTp2ZI3NrZmd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">A summary of stock options outstanding at December 31, 2022 by price range is as follows: SUMMARY OF STOCK OPTIONS OUTSTANDING <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Options Outstanding</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Options Exercisable</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Range of Exercise Prices</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted Average Remaining Contractual Term (in years)</td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted Average Remaining Contractual Term (in years)</td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Up to $<span id="xdx_90B_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit_pid_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceOneMember_zKyIJm7AXcgj" title="Range of Exercise Prices, Upper">10.00</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceOneMember_zJb2oMyTHnkc" style="width: 6%; text-align: right" title="Options Outstanding, Number">709,952</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceOneMember_zP0MnE4694Uj" title="Options Outstanding, Weighted Average Remaining Contractual Term (in years)">9.41</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceOneMember_zR6akhC2ig35" style="width: 6%; text-align: right" title="Options Outstanding, Weighted Average Exercise Price">2.78</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceOneMember_zKWfsg1rzLv" style="width: 6%; text-align: right" title="Options Exercisable, Number">166,301</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceOneMember_z6psmXWalTi6" title="Options Exercisable, Weighted Average Remaining Contractual Term (in years)">9.33</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceOneMember_zjiLisroMf73" style="width: 6%; text-align: right" title="Options Exercisable, Weighted Average Exercise Price">3.11</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>$<span id="xdx_903_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit_pid_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceTwoMember_zbUPpqQabWch">10.01 to $<span id="xdx_90E_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit_pid_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceTwoMember_zcqWFqQj54q6">25.00</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceTwoMember_z1hH8UGSbeM5" style="text-align: right" title="Options Outstanding, Number">10,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceTwoMember_zRauoTCNWt2f" title="Options Outstanding, Weighted Average Remaining Contractual Term (in years)">8.08</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceTwoMember_zGrhvp6tXQg2" style="text-align: right" title="Options Outstanding, Weighted Average Exercise Price">18.42</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceTwoMember_zCJ2nyjHuJec" style="text-align: right" title="Options Exercisable, Number">5,597</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceTwoMember_z3WTUrhVIAg9" title="Options Exercisable, Weighted Average Remaining Contractual Term (in years)">7.82</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceTwoMember_zhLZ5KScsjcf" style="text-align: right" title="Options Exercisable, Weighted Average Exercise Price">18.54</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Above $<span id="xdx_90C_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit_pid_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceThreeMember_z39MvQiOkzG2">25.01</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceThreeMember_zfVuwirJkBo3" style="border-bottom: Black 1.5pt solid; text-align: right" title="Options Outstanding, Number">39,768</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceThreeMember_zcVPyWYxEayc" title="Options Outstanding, Weighted Average Remaining Contractual Term (in years)">6.67</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceThreeMember_z5bZMQY0QvM6" style="padding-bottom: 1.5pt; text-align: right" title="Options Outstanding, Weighted Average Exercise Price">32.43</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceThreeMember_zOUE0xImMScb" style="border-bottom: Black 1.5pt solid; text-align: right" title="Options Exercisable, Number">30,037</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceThreeMember_zUI4IdFtELJ8" title="Options Exercisable, Weighted Average Remaining Contractual Term (in years)">6.52</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceThreeMember_zLUjfeJ8zjTa" style="padding-bottom: 1.5pt; text-align: right" title="Options Exercisable, Weighted Average Exercise Price">33.62</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20221231_zti5RHabdGd9" style="border-bottom: Black 1.5pt solid; text-align: right" title="Options Outstanding, Number">760,220</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20221231_zS5fzu3uoMtk" style="border-bottom: Black 1.5pt solid; text-align: right" title="Options Exercisable, Number">201,935</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table> <p id="xdx_895_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zpw0xnbf4MP9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The fair values of stock options granted were estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model was originally developed for use in estimating the fair value of traded options, which have different characteristics from Imunon’s stock options. The model is also sensitive to changes in assumptions, which can materially affect the fair value estimate. The Company used the following assumptions for determining the fair value of options granted under the Black-Scholes option pricing model: SCHEDULE OF ASSUMPTIONS USED TO DETERMINE FAIR VALUE OF OPTIONS GRANTED <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPure_c20220101__20221231_zjGXhJtPNP5c" title="Risk-free interest rate, minimum">1.74 % to <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPure_c20220101__20221231_zUUM09RK1psi" title="Risk-free interest rate, maximum">3.97 %</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPure_c20210101__20211231_zbGqZeeOvONb" title="Risk-free interest rate, minimum">1.54 % to <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPure_c20210101__20211231_zB8F4rTn5Dk5" title="Risk-free interest rate, maximum">1.74 %</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pid_dp_uPure_c20220101__20221231_zQaaRD2IEyS3" title="Expected volatility, minimum">100.0% to <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_pid_dp_uPure_c20220101__20221231_zycECxbR6tck" title="Expected volatility, maximum">113.9 %</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pid_dp_uPure_c20210101__20211231_z5Slq1XZLr5h" title="Expected volatility, minimum">106.8% to <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_pid_dp_uPure_c20210101__20211231_zplxJ6lWSOvc" title="Expected volatility, maximum">113.2 %</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected life (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20220101__20221231__srt--RangeAxis__srt--MinimumMember_zHN3AAMt615b" title="Expected life (in years)">7.5 to <span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20220101__20221231__srt--RangeAxis__srt--MaximumMember_z4VlDZGuct3" title="Expected life (in years)">10.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__srt--RangeAxis__srt--MinimumMember_zg9ikYCdABJi" title="Expected life (in years)">7.5 to <span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_zR3XxvlChGw2" title="Expected life (in years)">10.0</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Expected dividend yield</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20220101__20221231_znkWaq6lG6s9" style="width: 16%; text-align: right" title="Expected dividend yield">0.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20210101__20211231_zoH1FXZ0vcLb" style="width: 16%; text-align: right" title="Expected dividend yield">0.0</td><td style="width: 1%; text-align: left">%</td></tr> </table> Expected volatilities utilized in the model are based on historical volatility of the Company’s stock price. As of December 31, 2022, there was $0.7 million of total unrecognized compensation cost related to non-vested stock-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of <span id="xdx_90B_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20220101__20221231_zVyhtwx5Nchk" title="Cost recognized over a weighted-average period">2.1 years.

180000

80000

260000

166667

426667

513333

940000

Options are generally granted with strike prices equal to the fair market value of a share of Imunon common stock on the date of grant. Incentive stock options may be granted to purchase shares of common stock at a price not less than 100% of the fair market value of the underlying shares on the date of grant, provided that the exercise price of any incentive stock option granted to an eligible employee owning more than 10% of the outstanding stock of Imunon must be at least 110% of such fair market value on the date of grant. Only officers and key employees may receive incentive stock options.

204501

69250

1.76

945073

556119

388954

263751

2700000

3800000

900000

1400000

1800000

2400000

A summary of stock option awards as of December 31, 2022 and changes during the two-year period ended December 31, 2022 is presented below: SUMMARY OF STOCK OPTIONS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Stock Options</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number Outstanding</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Remaining Contractual Term (years)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Outstanding at January 1, 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zVLIM1Ep6mi3" style="width: 11%; text-align: right" title="Number Outstanding, Outstanding, Beginning balance">308,313</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zLpsGy2qylhc" style="width: 11%; text-align: right" title="Weighted Average Exercise Price, Outstanding, Beginning balance">41.55</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 11%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Options granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_pdd" style="text-align: right" title="Number Outstanding, Options granted">148,016</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_pdd" style="text-align: right" title="Weighted Average Exercise Price, Options granted">32.09</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Options exercised</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_di_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zBsGjBvR49ca" style="text-align: right" title="Number Outstanding, Options exercised">(500</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_pdd" style="text-align: right" title="Weighted Average Exercise Price, Options exercised">9.45</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Options canceled or expired</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zsb3IophGbB4" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number Outstanding, Options canceled or expired">(14,404</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20210101__20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_pdd" style="padding-bottom: 1.5pt; text-align: right" title="Weighted Average Exercise Price, Options canceled or expired">38.23</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Outstanding at December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z4Wt41NE84Q5" style="text-align: right" title="Number Outstanding, Outstanding, Beginning balance">441,425</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_c20211231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zVGVGMXw4Rd4" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, Beginning balance">38.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Options granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQgwn8XocOna" style="text-align: right" title="Number Outstanding, Options granted">716,156</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zMWBVwokoYh6" style="text-align: right" title="Weighted Average Exercise Price, Options granted">2.72</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Options canceled or expired</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_di_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQRMZEutcfCf" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number Outstanding, Options canceled or expired">(397,361</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zLnQm5umiKtj" style="padding-bottom: 1.5pt; text-align: right" title="Weighted Average Exercise Price, Options canceled or expired">39.06</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Outstanding at December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zOfKwRAUqIB1" style="border-bottom: Black 2.5pt double; text-align: right" title="Number Outstanding, Outstanding, Ending balance">760,220</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_c20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zVdfjmE0B1pl" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Outstanding, Ending balance">4.55</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zfhd0126QLni" title="Weighted Average Remaining Contractual Term (years), Outstanding, Ending balance">9.25</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iI_pp0p0_c20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z9GkZlxxqCHi" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Outstanding, Ending balance">–</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Exercisable at December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z3ZNHw1MvSph" style="border-bottom: Black 2.5pt double; text-align: right" title="Number Outstanding, Exercisable, Ending balance">201,935</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_c20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zcckttQb3ND6" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Exercise Price, Exercisable, Ending balance">8.07</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"><span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220101__20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z4ID8un5DNYf" title="Weighted Average Remaining Contractual Term (years), Exercisable, Ending balance">8.9</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iI_pp0p0_c20221231__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z8XMYavFyGl2" style="padding-bottom: 2.5pt; text-align: right" title="Aggregate Intrinsic Value, Exercisable, Ending balance"> –</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

308313

41.55

148016

32.09

500

9.45

14404

38.23

441425

38.50

716156

2.72

397361

39.06

760220

4.55

P9Y3M

201935

8.07

P8Y10M24D

<p id="xdx_89B_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_zRo0w81kJeAa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2022 and changes during the two-year period ended December 31, 2022, is presented below: SUMMARY OF NON-VESTED RESTRICTED STOCK AWARDS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Restricted Stock</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Number Outstanding</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted Average Grant Date Fair Value</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Non-vested stock awards outstanding at January 1, 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20210101__20211231_zThDcHsVrI97" style="width: 14%; text-align: right" title="Number Outstanding, Non-vested stock awards, Outstanding, Beginning balance">83</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20210101__20211231_z8bkVZDCEEd" style="width: 14%; text-align: right" title="Weighted Average Grant Date Fair Value, Non-vested stock awards, Outstanding, Beginning balance">9.45</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20210101__20211231_pdd" style="text-align: right" title="Number Outstanding, Non-vested stock awards, Granted">1,464</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20210101__20211231_pdd" style="text-align: right" title="Weighted Average Grant Date Fair Value, Non-vested stock awards, Granted">13.48</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Forfeited</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_di_c20210101__20211231_z85PTbzqcvt3" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number Outstanding, Non-vested stock awards, Forfeited">(66</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_c20210101__20211231_pdd" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Grant Date Fair Value, Non-vested stock awards, Forfeited">33.30</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-vested stock awards outstanding at December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20220101__20221231_zLceUFaA3ehh" style="text-align: right" title="Number Outstanding, Non-vested stock awards, Outstanding, Beginning balance">1,481</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20220101__20221231_zCGLSZASJVAf" style="text-align: right" title="Weighted Average Grant Date Fair Value, Non-vested stock awards, Outstanding, Beginning balance">12.36</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20220101__20221231_zXyKROGfPhOa" style="text-align: right" title="Number Outstanding, Non-vested stock awards, Granted">69,650</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20220101__20221231_zLxCssBH5Uxb" style="text-align: right" title="Weighted Average Grant Date Fair Value, Non-vested stock awards, Granted">1.92</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Vested and issued</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20220101__20221231_z3Ldspqf8ryl" style="text-align: right" title="Number Outstanding, Non-vested stock awards, Vested and issued">(1,381</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20220101__20221231_zFtFHAN7EFv" style="text-align: right" title="Weighted Average Grant Date Fair Value, Non-vested stock awards, Vested and issued">12.04</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Forfeited</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_di_c20220101__20221231_z4J3UMffFg2i" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number Outstanding, Non-vested stock awards, Forfeited">(100</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_c20220101__20221231_z50EYm8EX8K7" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Grant Date Fair Value, Non-vested stock awards, Forfeited">9.45</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Non-vested stock awards outstanding at December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20220101__20221231_zXiDnsGplkYe" style="border-bottom: Black 2.5pt double; text-align: right" title="Number Outstanding, Non-vested stock awards, Outstanding, Ending balance">69,650</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_c20220101__20221231_zGpGnU5SYZO" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Grant Date Fair Value, Non-vested stock awards, Outstanding, Ending balance">1.92</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

9.45

1464

13.48

33.30

1481

12.36

69650

1.92

1381

12.04

100

9.45

69650

1.92

<p id="xdx_892_eus-gaap--ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock_zTp2ZI3NrZmd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">A summary of stock options outstanding at December 31, 2022 by price range is as follows: SUMMARY OF STOCK OPTIONS OUTSTANDING <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Options Outstanding</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Options Exercisable</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Range of Exercise Prices</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted Average Remaining Contractual Term (in years)</td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted Average Remaining Contractual Term (in years)</td><td style="padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Up to $<span id="xdx_90B_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit_pid_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceOneMember_zKyIJm7AXcgj" title="Range of Exercise Prices, Upper">10.00</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceOneMember_zJb2oMyTHnkc" style="width: 6%; text-align: right" title="Options Outstanding, Number">709,952</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceOneMember_zP0MnE4694Uj" title="Options Outstanding, Weighted Average Remaining Contractual Term (in years)">9.41</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceOneMember_zR6akhC2ig35" style="width: 6%; text-align: right" title="Options Outstanding, Weighted Average Exercise Price">2.78</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceOneMember_zKWfsg1rzLv" style="width: 6%; text-align: right" title="Options Exercisable, Number">166,301</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceOneMember_z6psmXWalTi6" title="Options Exercisable, Weighted Average Remaining Contractual Term (in years)">9.33</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceOneMember_zjiLisroMf73" style="width: 6%; text-align: right" title="Options Exercisable, Weighted Average Exercise Price">3.11</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>$<span id="xdx_903_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit_pid_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceTwoMember_zbUPpqQabWch">10.01 to $<span id="xdx_90E_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit_pid_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceTwoMember_zcqWFqQj54q6">25.00</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceTwoMember_z1hH8UGSbeM5" style="text-align: right" title="Options Outstanding, Number">10,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceTwoMember_zRauoTCNWt2f" title="Options Outstanding, Weighted Average Remaining Contractual Term (in years)">8.08</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceTwoMember_zGrhvp6tXQg2" style="text-align: right" title="Options Outstanding, Weighted Average Exercise Price">18.42</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceTwoMember_zCJ2nyjHuJec" style="text-align: right" title="Options Exercisable, Number">5,597</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceTwoMember_z3WTUrhVIAg9" title="Options Exercisable, Weighted Average Remaining Contractual Term (in years)">7.82</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceTwoMember_zhLZ5KScsjcf" style="text-align: right" title="Options Exercisable, Weighted Average Exercise Price">18.54</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt">Above $<span id="xdx_90C_eus-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit_pid_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceThreeMember_z39MvQiOkzG2">25.01</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceThreeMember_zfVuwirJkBo3" style="border-bottom: Black 1.5pt solid; text-align: right" title="Options Outstanding, Number">39,768</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceThreeMember_zcVPyWYxEayc" title="Options Outstanding, Weighted Average Remaining Contractual Term (in years)">6.67</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceThreeMember_z5bZMQY0QvM6" style="padding-bottom: 1.5pt; text-align: right" title="Options Outstanding, Weighted Average Exercise Price">32.43</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceThreeMember_zOUE0xImMScb" style="border-bottom: Black 1.5pt solid; text-align: right" title="Options Exercisable, Number">30,037</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"><span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220101__20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceThreeMember_zUI4IdFtELJ8" title="Options Exercisable, Weighted Average Remaining Contractual Term (in years)">6.52</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iI_c20221231__us-gaap--ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis__custom--ExercisePriceThreeMember_zLUjfeJ8zjTa" style="padding-bottom: 1.5pt; text-align: right" title="Options Exercisable, Weighted Average Exercise Price">33.62</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iI_c20221231_zti5RHabdGd9" style="border-bottom: Black 1.5pt solid; text-align: right" title="Options Outstanding, Number">760,220</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iI_c20221231_zS5fzu3uoMtk" style="border-bottom: Black 1.5pt solid; text-align: right" title="Options Exercisable, Number">201,935</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> </table>

10.00

709952

P9Y4M28D

2.78

166301

P9Y3M29D

3.11

10.01

25.00

10500

P8Y29D

18.42

5597

P7Y9M25D

18.54

25.01

39768

P6Y8M1D

32.43

30037

P6Y6M7D

33.62

760220

201935

<p id="xdx_895_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zpw0xnbf4MP9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The fair values of stock options granted were estimated at the date of grant using the Black-Scholes option pricing model. The Black-Scholes model was originally developed for use in estimating the fair value of traded options, which have different characteristics from Imunon’s stock options. The model is also sensitive to changes in assumptions, which can materially affect the fair value estimate. The Company used the following assumptions for determining the fair value of options granted under the Black-Scholes option pricing model: SCHEDULE OF ASSUMPTIONS USED TO DETERMINE FAIR VALUE OF OPTIONS GRANTED <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Year Ended December 31,</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free interest rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPure_c20220101__20221231_zjGXhJtPNP5c" title="Risk-free interest rate, minimum">1.74 % to <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPure_c20220101__20221231_zUUM09RK1psi" title="Risk-free interest rate, maximum">3.97 %</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum_pid_dp_uPure_c20210101__20211231_zbGqZeeOvONb" title="Risk-free interest rate, minimum">1.54 % to <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum_pid_dp_uPure_c20210101__20211231_zB8F4rTn5Dk5" title="Risk-free interest rate, maximum">1.74 %</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pid_dp_uPure_c20220101__20221231_zQaaRD2IEyS3" title="Expected volatility, minimum">100.0% to <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_pid_dp_uPure_c20220101__20221231_zycECxbR6tck" title="Expected volatility, maximum">113.9 %</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum_pid_dp_uPure_c20210101__20211231_z5Slq1XZLr5h" title="Expected volatility, minimum">106.8% to <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum_pid_dp_uPure_c20210101__20211231_zplxJ6lWSOvc" title="Expected volatility, maximum">113.2 %</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Expected life (in years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20220101__20221231__srt--RangeAxis__srt--MinimumMember_zHN3AAMt615b" title="Expected life (in years)">7.5 to <span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20220101__20221231__srt--RangeAxis__srt--MaximumMember_z4VlDZGuct3" title="Expected life (in years)">10.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__srt--RangeAxis__srt--MinimumMember_zg9ikYCdABJi" title="Expected life (in years)">7.5 to <span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20210101__20211231__srt--RangeAxis__srt--MaximumMember_zR3XxvlChGw2" title="Expected life (in years)">10.0</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 60%; text-align: left">Expected dividend yield</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20220101__20221231_znkWaq6lG6s9" style="width: 16%; text-align: right" title="Expected dividend yield">0.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20210101__20211231_zoH1FXZ0vcLb" style="width: 16%; text-align: right" title="Expected dividend yield">0.0</td><td style="width: 1%; text-align: left">%</td></tr> </table>

0.0174

0.0397

0.0154

0.0174

1.000

1.139

1.068

1.132

P7Y6M

P10Y

P7Y6M

P10Y

0.000

700000

P2Y1M6D

13. EARN-OUT MILESTONE LIABILITY The total aggregate purchase price for the EGEN Acquisition included potential future Earn-out Payments contingent upon achievement of certain milestones. The difference between the aggregate $<span id="xdx_90D_ecustom--EarnoutMilestoneLiability1_iI_pn5n6_c20140620__us-gaap--TypeOfArrangementAxis__custom--AmendedAssetPurchaseAgreementMember__us-gaap--RelatedPartyTransactionAxis__custom--AchievingMilestoneWithInOneYearMember_zgoDtX0hEVRe" title="Earn-out payments">30.4 million in future Earn-out Payments and the $13.9 million included in the fair value of the acquisition consideration at June 20, 2014 was based on the Company’s risk-adjusted assessment of each milestone (10% to 67%) and utilizing a discount rate based on the estimated time to achieve the milestone (1.5 to 2.5 years). The earn-out milestone liability is fair valued at the end of each quarter and any change in their value will be recognized in the Financial Statements. On March 28, 2019, the Company and EGWU, Inc., entered into the Amended Asset Purchase Agreement. Pursuant to the Amended Asset Purchase Agreement, payment of the earnout milestone liability related to the Ovarian Cancer Indication of $12.4 million has been modified. The Company had the option to make the payment upon achievement of the milestones as follows: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify">a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">$<span id="xdx_909_ecustom--EarnoutMilestoneLiability1_iI_pn6n6_c20190328__us-gaap--TypeOfArrangementAxis__custom--AmendedAssetPurchaseAgreementMember__us-gaap--RelatedPartyTransactionAxis__custom--CertainBusinessDaysOfAchievingMilestoneMember_zFZfFGZcH9c" title="Earnout milestone liability">7.0 million in cash within 10 business days of achieving the milestone; or</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">$12.4 million in cash, common stock of the Company, or a combination of either, within one year of achieving the milestone.</td></tr> </table> At December 31, 2022, the Company wrote off the earn-out milestone liability as a result of the requirements not being achieved and recognized a non-cash gain of $<span id="xdx_90E_ecustom--NoncashChargeOnEarnoutMilestoneLiability_pn5n6_c20220101__20221231__us-gaap--BusinessAcquisitionAxis__custom--EGWCMember_zdxi8465DSb1" title="Non-cash charge on earnout milestone liability">5.4 million during 2022 as a result of the change in the fair value of the earn-out milestone liability. At December 31, 2021, the Company fair valued the earn-out milestone liability at $<span id="xdx_90E_eus-gaap--BusinessCombinationConsiderationTransferredLiabilitiesIncurred_pn5n6_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--EGWCMember__us-gaap--TypeOfArrangementAxis__custom--FairValueEarnoutMilestoneLiabilityMember_zeukFb5h91sk" title="Business combination, consideration transferred, liabilities incurred">5.4 million and recognized a non-cash gain of $<span id="xdx_902_ecustom--NoncashChargeOnEarnoutMilestoneLiability_pn5n6_c20210101__20211231__us-gaap--BusinessAcquisitionAxis__custom--EGWCMember_zcUFg9D5nXt6" title="Non-cash charge on earnout milestone liability">1.6 million during 2021 as a result of the change in the fair value of the earn-out milestone liability of $<span id="xdx_908_eus-gaap--BusinessCombinationConsiderationTransferredLiabilitiesIncurred_pn5n6_c20200101__20201231__us-gaap--BusinessAcquisitionAxis__custom--EGWCMember__us-gaap--TypeOfArrangementAxis__custom--FairValueEarnoutMilestoneLiabilityMember_ze2kXAlrdoTg">7.0 million at December 31, 2020. In assessing the fair value of the earnout milestone liability at December 31, 2021, the Company considered each of the settlement provisions per the Amended Asset Purchase Agreement and equally weighted the probability of a cash or cash and common stock payment. The following is a summary of the changes in the earn-out milestone liability for 2021 and 2022: SCHEDULE OF CHANGES IN EARN-OUT MILESTONE LIABILITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%">Balance at January 1, 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--EarnoutMilestoneLiability_iS_pp0p0_c20210101__20211231_zZE61feWviv9" style="width: 14%; text-align: right" title="Earn-out liabilities, beginning balance">7,018,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Non-cash loss from the adjustment for the change in fair value included in 2021 net loss</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_980_ecustom--GainLossFromChangeInFairValueOfEarnOutMilestoneLiability_iN_pp0p0_di_c20210101__20211231_zKmkHsueg64d" style="border-bottom: Black 1.5pt solid; text-align: right" title="Non-cash gain loss from the adjustment for the change in fair value">(1,622,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance at December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--EarnoutMilestoneLiability_iS_pp0p0_c20220101__20221231_ziAddyA6F1T1" style="text-align: right" title="Earn-out liabilities, beginning balance">5,396,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Non-cash gain from the adjustment for the change in fair value included in 2022 net loss</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_988_ecustom--GainLossFromChangeInFairValueOfEarnOutMilestoneLiability_iN_pp0p0_di_c20220101__20221231_zN4wVj6eiHnj" style="border-bottom: Black 1.5pt solid; text-align: right" title="Non-cash gain loss from the adjustment for the change in fair value">(5,396,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_ecustom--EarnoutMilestoneLiability_iE_pp0p0_c20220101__20221231_z7W1r0Nk822f" style="border-bottom: Black 2.5pt double; text-align: right" title="Earn-out liabilities, ending balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 30400000 13900000 each milestone (10% to 67%) and utilizing a discount rate based on the estimated time to achieve the milestone (1.5 to 2.5 years). 7000000.0 12400000 5400000

5400000

1600000

7000000.0

The following is a summary of the changes in the earn-out milestone liability for 2021 and 2022: SCHEDULE OF CHANGES IN EARN-OUT MILESTONE LIABILITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%">Balance at January 1, 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98F_ecustom--EarnoutMilestoneLiability_iS_pp0p0_c20210101__20211231_zZE61feWviv9" style="width: 14%; text-align: right" title="Earn-out liabilities, beginning balance">7,018,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Non-cash loss from the adjustment for the change in fair value included in 2021 net loss</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_980_ecustom--GainLossFromChangeInFairValueOfEarnOutMilestoneLiability_iN_pp0p0_di_c20210101__20211231_zKmkHsueg64d" style="border-bottom: Black 1.5pt solid; text-align: right" title="Non-cash gain loss from the adjustment for the change in fair value">(1,622,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Balance at December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_ecustom--EarnoutMilestoneLiability_iS_pp0p0_c20220101__20221231_ziAddyA6F1T1" style="text-align: right" title="Earn-out liabilities, beginning balance">5,396,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Non-cash gain from the adjustment for the change in fair value included in 2022 net loss</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_988_ecustom--GainLossFromChangeInFairValueOfEarnOutMilestoneLiability_iN_pp0p0_di_c20220101__20221231_zN4wVj6eiHnj" style="border-bottom: Black 1.5pt solid; text-align: right" title="Non-cash gain loss from the adjustment for the change in fair value">(5,396,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98C_ecustom--EarnoutMilestoneLiability_iE_pp0p0_c20220101__20221231_z7W1r0Nk822f" style="border-bottom: Black 2.5pt double; text-align: right" title="Earn-out liabilities, ending balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> 7018000 1622000 5396000 5396000 14. WARRANTS Following is a summary of all warrant activity for the two years ended December 31, 2022: SUMMARY OF WARRANT ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Warrants</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Number of Warrants Issued</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Warrants outstanding at January 1, 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20210101__20211231_zuKYkiu6QEik" style="width: 14%; text-align: right" title="Number of Warrants Issued, Warrants outstanding, Beginning balance">256,903</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iS_c20210101__20211231_z4sz3IYVakhh" style="width: 14%; text-align: right" title="Weighted Average Exercise Price, Warrants outstanding, Beginning balance">20.10</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Warrants exercised during 2021 (Note 11)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_di_c20210101__20211231_z6cSfr5B3ekb" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Warrants Issued, Warrants exercised">(81,111</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_987_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExerciseInPeriodWeightedAverageExercisePrice_c20210101__20211231_pdd" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Exercise Price, Warrants exercised">18.60</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrants outstanding and exercisable at December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20220101__20221231_fKg_____zTDwgd9aLps6" style="text-align: right" title="Number of Warrants Issued, Warrants outstanding, Beginning balance">175,792</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iS_c20220101__20221231_zQ3Ufotouxl6" style="text-align: right" title="Weighted Average Exercise Price, Warrants outstanding, Beginning balance">20.96</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Warrants expired during 2022</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_di_c20220101__20221231_zfjhLZJEDjvl" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Warrants Issued, warrants expired">(7,273</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20220101__20221231_z2snoigX6gK" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Exercise Price, Warrants expired">48.30</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td id="xdx_F4E_zgLmrzzeymMd" style="text-align: left; padding-bottom: 2.5pt">Warrants outstanding and exercisable at December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20220101__20221231_fKg_____z2Q9qjDlzfqa" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Warrants Issued, Warrants outstanding, Ending balance">168,519</td><td style="padding-bottom: 2.5pt; text-align: left">*</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iE_c20220101__20221231_zo4bVVY8efma" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Warrants outstanding, Ending balance">19.78</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Aggregate intrinsic value of outstanding warrants at December 31, 2022</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-<span id="xdx_90E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingIntrinsicValue_iI_pp0p0_c20221231_zm7ICA2crdOl" title="Aggregate intrinsic value of outstanding warrants">0-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average remaining contractual terms (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231_fKg_____zqAfyzdpZRMf" title="Weighted average remaining contractual terms (years)">3.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in">*</td> <td style="font: 10pt Times New Roman, Times, Serif">Warrants to exercise <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgV0FSUkFOVCBBQ1RJVklUWSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20221231_zv5DWNJjlMEg" title="Class of warrant or right, number of securities called by warrants or rights">4,059 shares of common stock at an exercise price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgV0FSUkFOVCBBQ1RJVklUWSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20221231_z4XakK8lW6kf" title="Warrants, exercise price">31.05 per share expired on January, 11, 2023.</td></tr> </table> In connection with the February 2020 Registered Direct financing (see Note 11), the Company issued warrants to purchase 213,333 shares of common stock in February 2020 of which <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20210228__srt--RangeAxis__srt--MinimumMember_zN39Qb1yW4h" title="Class of warrant or right, number of securities called by warrants or rights">81,111 of these were exercised during 2021. In connection with the Horizon Credit Agreement Amendment, the Company cancelled warrants to purchase <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20200831__us-gaap--TypeOfArrangementAxis__custom--HorizonCreditAgreementAmendmentMember_zO6vayq8ghI" title="Class of warrant or right, number of securities called by warrants or rights">6,337 shares of common stock and issued warrants to purchase 16,501 shares of common stock in August 2020. Pursuant to a consulting agreement dated September 21, 2020, the Company issued warrants to purchase <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20210921__us-gaap--TypeOfArrangementAxis__custom--HorizonCreditAgreementAmendmentMember_zodcnwOxyUmc" title="Class of warrant or right, number of securities called by warrants or rights">5,000 shares of common stock vesting immediately and having a <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dtY_c20200920__20200921__us-gaap--TypeOfArrangementAxis__custom--HorizonCreditAgreementAmendmentMember_zRLiPxHPBHT9" title="Award vesting period">4-year term. The shares underlying these warrants are unregistered and have a strike price of $<span id="xdx_908_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20200921__us-gaap--TypeOfArrangementAxis__custom--HorizonCreditAgreementAmendmentMember_zRyV1FzuZEwi" title="Warrant, exercise price per share">11.85 per share. The Company fair valued these warrants at $9.00 per share, recognizing $<span id="xdx_903_eus-gaap--ProfessionalAndContractServicesExpense_c20200920__20200921__us-gaap--TypeOfArrangementAxis__custom--HorizonCreditAgreementAmendmentMember_zlHGzNJXu0O7" title="Professional fee expense">45,000 as professional fee expense.

Following is a summary of all warrant activity for the two years ended December 31, 2022: SUMMARY OF WARRANT ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Warrants</td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Number of Warrants Issued</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Weighted Average Exercise Price</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Warrants outstanding at January 1, 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20210101__20211231_zuKYkiu6QEik" style="width: 14%; text-align: right" title="Number of Warrants Issued, Warrants outstanding, Beginning balance">256,903</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iS_c20210101__20211231_z4sz3IYVakhh" style="width: 14%; text-align: right" title="Weighted Average Exercise Price, Warrants outstanding, Beginning balance">20.10</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Warrants exercised during 2021 (Note 11)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_iN_di_c20210101__20211231_z6cSfr5B3ekb" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Warrants Issued, Warrants exercised">(81,111</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_987_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExerciseInPeriodWeightedAverageExercisePrice_c20210101__20211231_pdd" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Exercise Price, Warrants exercised">18.60</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrants outstanding and exercisable at December 31, 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_c20220101__20221231_fKg_____zTDwgd9aLps6" style="text-align: right" title="Number of Warrants Issued, Warrants outstanding, Beginning balance">175,792</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iS_c20220101__20221231_zQ3Ufotouxl6" style="text-align: right" title="Weighted Average Exercise Price, Warrants outstanding, Beginning balance">20.96</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Warrants expired during 2022</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations_iN_di_c20220101__20221231_zfjhLZJEDjvl" style="border-bottom: Black 1.5pt solid; text-align: right" title="Number of Warrants Issued, warrants expired">(7,273</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_c20220101__20221231_z2snoigX6gK" style="border-bottom: Black 1.5pt solid; text-align: right" title="Weighted Average Exercise Price, Warrants expired">48.30</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td id="xdx_F4E_zgLmrzzeymMd" style="text-align: left; padding-bottom: 2.5pt">Warrants outstanding and exercisable at December 31, 2022</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_c20220101__20221231_fKg_____z2Q9qjDlzfqa" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Warrants Issued, Warrants outstanding, Ending balance">168,519</td><td style="padding-bottom: 2.5pt; text-align: left">*</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingWeightedAverageExercisePrice_iE_c20220101__20221231_zo4bVVY8efma" style="border-bottom: Black 2.5pt double; text-align: right" title="Weighted Average Exercise Price, Warrants outstanding, Ending balance">19.78</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Aggregate intrinsic value of outstanding warrants at December 31, 2022</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">-<span id="xdx_90E_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingIntrinsicValue_iI_pp0p0_c20221231_zm7ICA2crdOl" title="Aggregate intrinsic value of outstanding warrants">0-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted average remaining contractual terms (years)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_902_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20221231_fKg_____zqAfyzdpZRMf" title="Weighted average remaining contractual terms (years)">3.0</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in">*</td> <td style="font: 10pt Times New Roman, Times, Serif">Warrants to exercise <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgV0FSUkFOVCBBQ1RJVklUWSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20221231_zv5DWNJjlMEg" title="Class of warrant or right, number of securities called by warrants or rights">4,059 shares of common stock at an exercise price of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNVTU1BUlkgT0YgV0FSUkFOVCBBQ1RJVklUWSAoRGV0YWlscykgKFBhcmVudGhldGljYWwpAA__" id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20221231_z4XakK8lW6kf" title="Warrants, exercise price">31.05 per share expired on January, 11, 2023.</td></tr> </table>

256903

20.10

81111

18.60

175792

20.96

7273

48.30

168519

19.78 0 P3Y

4059

31.05

213333

81111

6337

16501

5000

P4Y

11.85

9.00

45000

15. IMUNON EMPLOYEE BENEFIT PLANS Imunon maintains a defined-contribution plan under Section 401(k) of the Internal Revenue Code. The plan covers substantially all employees over the age of twenty-one. Participating employees may defer a portion of their pretax earnings, up to the IRS annual contribution limit. The Company makes a matching contribution up to a maximum of 3% of an employee’s annual salary. The Company’s total matching contributions for the year ended December 31, 2021 was $117,000 and $107,000, respectively. The Company also provided a discretionary contribution totaling $172,000 in 2021. The discretionary contribution represented 5% of each eligible participant’s annual salary in 2021 and was paid out in January of the following year.

0.03

117000

107000

172000

0.05

16. LEASES In 2011, the Company executed a lease (the “Lease”) with Brandywine Operating Partnership, L.P. (Brandywine), a Delaware limited partnership, for a 10,870 square foot premises located in Lawrenceville, New Jersey and relocated its offices to Lawrenceville, New Jersey from Columbia, Maryland. The Lease had an initial term of 66 months. In late 2015, Lenox Drive Office Park LLC, purchased the real estate and office building and assumed the Lease. This Lease was set to expire on April 30, 2017. In April 2017, the Company and the landlord amended the Lease effective May 1, 2017. The 1st Lease Amendment extended the term of the agreement for an additional 64 months, reduced the premises to 7,565 square feet, reduced the monthly rent and provided four months free rent. The monthly rent ranged from approximately $<span id="xdx_908_eus-gaap--PaymentsForRent_pp0p0_c20220101__20221231__us-gaap--TypeOfArrangementAxis__custom--FirstLeaseAmendmentMember__us-gaap--AwardTypeAxis__custom--FirstYearMember_zbCdA3zYXmg4" title="Payments for Rent">18,900 in the first year to approximately $<span id="xdx_90A_eus-gaap--PaymentsForRent_c20220101__20221231__us-gaap--TypeOfArrangementAxis__custom--FirstLeaseAmendmentMember__us-gaap--AwardTypeAxis__custom--FinalYearMember_ztTjuzoyQu3f" title="Payments for rent">20,500 in the final year of the 1st Lease Amendment. Effective January 9, 2019, the Company amended the terms of the 1st Lease Amendment to increase the size of the premises by 2,285 square feet to 9,850 square feet and extended the lease term by one year to September 1, 2023. The Company had a one-time option to cancel the lease after 40 months as part of the 1st Lease Amendment, which was extended with the 2nd Lease Amendment. The option to cancel the lease expired on August 31, 2020. The monthly rent under the 2nd Lease Amendment ranges from approximately $<span id="xdx_905_eus-gaap--PaymentsForRent_pp0p0_c20220101__20221231__us-gaap--TypeOfArrangementAxis__custom--SecondLeaseAmendmentMember__us-gaap--AwardTypeAxis__custom--FirstYearMember_z5GTBGhQC7e4" title="Payments for Rent">25,035 in the first year to approximately $<span id="xdx_90A_eus-gaap--PaymentsForRent_pp0p0_c20220101__20221231__us-gaap--TypeOfArrangementAxis__custom--SecondLeaseAmendmentMember__us-gaap--AwardTypeAxis__custom--FinalYearMember_z5asZ7YbYle3" title="Payments for Rent">27,088 in the final year of the lease. In connection with the EGEN Asset Purchase Agreement in June 2014, the Company assumed the existing lease with another landlord for an 11,500 square foot premises located in Huntsville Alabama. In January 2018, the Company and the Huntsville landlord entered into a new 60-month lease which reduced the premises to 9,049 square feet with rent payments of approximately $18,100 per month. On June 9, 2021 and, as amended on July 7, 2021, the Company and the Huntsville landlord entered into a 22-month lease for an additional 2,197 square foot premises with rent payments of approximately $5,500 per month. In January 2023, the Company renewed Huntsville for a <span id="xdx_905_eus-gaap--LesseeOperatingLeaseTermOfContract_iI_dtM_c20230131__srt--StatementGeographicalAxis__custom--HuntsvilleMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zZKKqw9HG0S3" title="Lease term">60-month lease agreement for <span id="xdx_90F_eus-gaap--AreaOfLand_iI_pid_usqrt_c20230131__srt--StatementGeographicalAxis__custom--HuntsvilleMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zUMZtLQhOao5" title="Area of land">11,420 square feet with rent payments of approximately $<span id="xdx_90E_eus-gaap--PaymentsForRent_c20230101__20231231__srt--StatementGeographicalAxis__custom--HuntsvilleMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zquNQi0ESJfl" title="Payments for rent">28,550. The following is a table of the lease payments and maturity of the Company’s operating lease liabilities as of December 31, 2022: SCHEDULE OF LEASE PAYMENTS AND MATURITY OF OPERATING LEASE LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20221231_zgmaADdGBeL3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ending December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPzy9p_zebfVHMxhNJ7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">238,609</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearOneAndThereAfter_iI_maLOLLPzy9p_zukXEurUfw3e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">2024 and thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzy9p_maOLLz45C_maOLLzlbh_zWYSNDowaKW9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Subtotal future lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">238,609</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_ziMPLsqpFxt7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less imputed interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,860</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OperatingLeaseLiability_iI_zLyHIkXTSmxk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Total lease liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">230,749</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Weighted average remaining life</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.61 years</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Weighted average discount rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20221231_zZiQ06JXl4dl" style="border-bottom: Black 2.5pt double; text-align: right" title="Operating lease, weighted average discount rate, percent">9.98</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> For 2022, operating lease expense was $587,744 and cash paid for operating leases included in operating cash flows was $601,495. For 2021, operating lease expense was $560,513 and cash paid for operating leases included in operating cash flows was $568,269. Amortization expense was approximately $535,000 and $573,000 for the years ended December 31, 2022 and 2021, respectively.

In 2011, the Company executed a lease (the “Lease”) with Brandywine Operating Partnership, L.P. (Brandywine), a Delaware limited partnership, for a 10,870 square foot premises located in Lawrenceville, New Jersey and relocated its offices to Lawrenceville, New Jersey from Columbia, Maryland. The Lease had an initial term of 66 months. In late 2015, Lenox Drive Office Park LLC, purchased the real estate and office building and assumed the Lease.

10870

P66M

2017-04-30

18900

20500

increase the size of the premises by 2,285 square feet to 9,850 square feet and extended the lease term by one year to September 1, 2023.

25035

27088

In connection with the EGEN Asset Purchase Agreement in June 2014, the Company assumed the existing lease with another landlord for an 11,500 square foot premises located in Huntsville Alabama.

P60M

9049

18100

P22M

2197

5500

P60M

11420

28550

The following is a table of the lease payments and maturity of the Company’s operating lease liabilities as of December 31, 2022: SCHEDULE OF LEASE PAYMENTS AND MATURITY OF OPERATING LEASE LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 75%; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_498_20221231_zgmaADdGBeL3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ending December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40F_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPzy9p_zebfVHMxhNJ7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">2023</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">238,609</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--LesseeOperatingLeaseLiabilityPaymentsDueAfterYearOneAndThereAfter_iI_maLOLLPzy9p_zukXEurUfw3e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">2024 and thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzy9p_maOLLz45C_maOLLzlbh_zWYSNDowaKW9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Subtotal future lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">238,609</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_ziMPLsqpFxt7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Less imputed interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(7,860</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_405_eus-gaap--OperatingLeaseLiability_iI_zLyHIkXTSmxk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Total lease liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">230,749</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Weighted average remaining life</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">0.61 years</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Weighted average discount rate</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98A_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_pid_dp_uPure_c20221231_zZiQ06JXl4dl" style="border-bottom: Black 2.5pt double; text-align: right" title="Operating lease, weighted average discount rate, percent">9.98</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table>

238609

7860

230749

P0Y7M9D

0.0998

587744

601495

560513

568269

535000

573000

17. COMMITMENTS AND CONTINGENCIES On October 29, 2020, a putative securities class action was filed against the Company and certain of its officers and directors (the “Spar Individual Defendants”) in the U.S. District Court for the District of New Jersey, captioned Spar v. Celsion Corporation, et al., Case No. 1:20-cv-15228. The plaintiff alleges that the Company and Individual Defendants made false and misleading statements regarding one of the Company’s drug candidates, ThermoDox®, and brings claims for damages under Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder against all Defendants, and under Section 20(a) of the Exchange Act of 1934 against the Individual Defendants. The Company believes that the case is without merit and intends to defend it vigorously. At this stage of the case neither the likelihood that a loss, if any, will be realized, nor an estimate of possible loss or range of loss, if any, can be determined. On February 6, 2023, the U.S. District Court granted a Motion to Dismiss filed by the Company and Spar Individual Defendants and granted Plaintiff leave to file an amended complaint within 30 days. Plaintiff did not file an amended complaint within the 30-day deadline and the Company and Spar Individual Defendants therefore intend to seek dismissal with prejudice of the action. In February 2021, a derivative shareholder lawsuit was filed against the Company, as the nominal defendant, and certain of its directors and officers as defendants in the U.S. District Court for the District of New Jersey, captioned Fidler v. Michael H. Tardugno, et al., Case No. 3:21-cv-02662. The plaintiff alleges breach of fiduciary duty and other claims arising out of alleged statements made by certain of the Company’s directors and/or officers regarding ThermoDox®. The Company believes it has meritorious defenses to these claims and intends to vigorously contest this suit. At this stage of the case neither the likelihood that a loss, if any, will be realized, nor an estimate of possible loss or range of loss, if any, can be determined. On March 10, 2023, the U.S. District Court for the District of New Jersey issued an order that the action is administratively terminated pending the submission, by March 17, 2023, of a joint letter advising as to how the parties wish to proceed in the matter. In August 2021, a complaint regarding a corporate books and records demand was filed against the Company in the Court of Chancery of the State of Delaware, captioned Pacheco v. Celsion Corporation, Case No. 2021-0705. The plaintiff alleges he is entitled to inspect the Company’s books and records concerning the OPTIMA Study and other materials. The Company believes that the scope of the demand is without merit and intends to defend it vigorously. At this stage of the case neither the likelihood that a loss, if any, will be realized, nor an estimate of possible loss or range of loss, if any, can be determined. In October 2021, an arbitration was commenced against the Company before the CPR Institute for Conflict Prevention & Resolution, captioned Curia New Mexico, LLC v. Celsion Corp., Case No. G-22-85-S. The plaintiff alleges that the Company failed to pay invoices for the manufacture of ThermoDox®. The Company believes it has a meritorious defense to these claims and is vigorously contesting this allegation. At this stage of the case neither the likelihood that a loss, if any, will be realized, nor an estimate of possible loss or range of loss, if any, can be determined.

18. TECHNOLOGY DEVELOPMENT AND LICENSING AGREEMENTS On May 7, 2012, the Company entered into a long-term commercial supply agreement with Zhejiang Hisun Pharmaceutical Co. Ltd. (Hisun) for the production of ThermoDox® in the China territory. In accordance with the terms of the agreement, Hisun will be responsible for providing all of the technical and regulatory support services, including the costs of all technical transfer, registration and bioequivalence studies, technical transfer costs, Imunon consultative support costs and the purchase of any necessary equipment and additional facility costs necessary to support capacity requirements for the manufacture of ThermoDox®. Imunon will repay Hisun for the aggregate amount of these development costs and fees commencing on the successful completion of three registration batches of ThermoDox®. Hisun is also obligated to meet certain performance requirements under the agreement. The agreement will initially be limited to a percentage of the production requirements of ThermoDox® in the China territory with Hisun retaining an option for additional global supply after local regulatory approval in the China territory. In addition, Hisun will collaborate with Imunon around the regulatory approval activities for ThermoDox® with the China State Food and Drug Administration (CHINA FDA). On January 18, 2013, the Company entered into a technology development contract with Hisun, pursuant to which Hisun paid it a non-refundable research and development fee of $<span id="xdx_90F_eus-gaap--ProceedsFromLicenseFeesReceived_pn6n6_c20130117__20130118__us-gaap--AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis__custom--HisunMember_zDEJbQmcFrki" title="Proceeds from license fees received">5 million to support development of ThermoDox® in mainland China, Hong Kong and Macau (the China territory). Following the Company’s announcement on January 31, 2013 that the HEAT study failed to meet its primary endpoint, Imunon and Hisun have agreed that the Technology Development Contract entered into on January 18, 2013 will remain in effect while the parties continue to collaborate and are evaluating the next steps in relation to ThermoDox®, which include the sub-group analysis of patients in the Phase III HEAT Study for the HCC clinical indication and other activities to further the development of ThermoDox® for the Greater China market. The $<span id="xdx_90F_eus-gaap--DeferredRevenue_iI_pn5n6_c20130118__us-gaap--AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis__custom--HisunMember_zuC70hLH7uy3" title="Deferred revenue">5.0 million received as a non-refundable payment from Hisun in the first quarter 2013 has been recorded to deferred revenue and was amortized over the <span id="xdx_90E_ecustom--DeferredRevenueAmortizationPeriod_dtY_c20130117__20130118__us-gaap--AccountsNotesLoansAndFinancingReceivablesByLegalEntityOfCounterpartyTypeAxis__custom--HisunMember_z7PdR4oUm0Mi" title="Deferred revenue amortization period">10 -year term of the agreement, until such time as the parties find a mutually acceptable path forward on the development of ThermoDox® based on findings of the ongoing post-study analysis of the HEAT Study data.

5000000

5000000.0

P10Y

19. RELATED PARTY TRANSACTION On November 16, 2022 the Company entered into a Convertible Note Purchase Agreement with Transomic Technologies, Inc. (“Transomic”) whereby the Company purchased $<span id="xdx_90B_eus-gaap--ConvertibleNotesPayable_iI_c20221116__us-gaap--TypeOfArrangementAxis__custom--ConvertibleNotePurchaseAgreementMember__dei--LegalEntityAxis__custom--TransomicTechnologiesIncMember_zre4at0ZJAje" title="Convertable and warrants">375,000 of convertible notes secured by certain assets held by Transomic and warrants. The Notes, which are included in prepaid expense and other current assets bear interest at <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_uPure_c20221116__us-gaap--TypeOfArrangementAxis__custom--ConvertibleNotePurchaseAgreementMember__dei--LegalEntityAxis__custom--TransomicTechnologiesIncMember_zmemCy0R6NBc" title="Interest rate">5% per annum, with interest and principal due on December 31, 2026. The notes are classified as available for sale. The warrants are exercisable upon closing and expire 36 months from the date of issuance or November 22, 2025. As a result of Mr. Tardugno’s appointment to the Board of Transomic, the Company is disclosing the notes receivable as a related party transaction.

375000

0.05

20. SUBSEQUENT EVENTS The Company has evaluated its subsequent events from December 31, 2022, through the date these consolidated financial statements were issued, determining all subsequent events have been disclosed.

Warrants to exercise 4,059 shares of common stock at an exercise price of $31.05 per share expired on January, 11, 2023.