0001493152-24-045351 | 10-Q | XBRL Viewer

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Note 6 – Commitments and Contingencies

Litigations, Claims and Assessments

In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records contingent liabilities resulting from such claims, if any, when a loss is assessed to be probable and the amount of the loss is reasonably estimable.

Disputed Vendor Invoices

On June 30, 2024 and July 1, 2024, the Company received two invoices from a vendor in the amounts of $992,176 and $162,800, respectively. The June 30, 2024 invoice represents retroactive interest on invoices going back to September 30, 2022. The July 1, 2024 invoice consisted of miscellaneous unsupported charges performed over the past several years. On August 1, 2024, ZyVersa management sent the vendor a letter disputing these invoices and has requested the vendor to rescind each of them. The Company received additional invoices dated July 31, 2024, August 31, 2024, and September 30, 2024 in the amounts of $76,453, $81,826, and $87,481, respectively. Similar to the prior invoices, management has requested the vendor to rescind each of them. Although the Company has requested the vendor to rescind each of them, the Company believes that in accordance with the agreement, the vendor can legally charge the Company interest from the point they were notified. As such, the Company included the calculated interest from July 1, 2024 to September 30, 2024 of $131,300 within accrued expenses and other current liabilities on the condensed consolidated balance sheet at September 30, 2024.

ZYVERSA THERAPEUTICS, INC.

Notes to Condensed Consolidated Financial Statements

License Agreements

L&F Research LLC

The Company entered into a License Agreement with L&F Research LLC (“L&F”) effective December 15, 2015, as amended (the “L&F License Agreement”) pursuant to which L&F granted the Company an exclusive royalty-bearing, worldwide, sublicensable license under the patent and intellectual property rights and know-how specific to and for the development and commercialization of VAR 200, for the treatment, inhibition or prevention of kidney disease in humans and symptoms thereof, including focal segmental glomerulosclerosis.

On February 28, 2023, the Company and L&F executed an Amendment and Restatement Agreement that waived L&F’s right to terminate the L&F License Agreement or any other remedies, for non-payment of the First Milestone Payment, until (a) March 31, 2023 as to $1,000,000 of such milestone payments (“Waiver A”) and (b) January 31, 2024 as to $500,000 milestone payments (“Waiver B”). Waiver A was contingent upon (i) forgiveness by the Company of $351,579 in aggregate principal amount outstanding under a certain convertible note, and (ii) a cash payment by the Company to L&F in the amount of $648,421, on or before March 31, 2023. Waiver B was contingent upon a cash payment by the Company to L&F in the amount of $500,000 on or before the earlier of (x) January 31, 2024, and (y) ten business days from the date that the Company received net proceeds of at least $30,000,000 from the issuance of new equity capital. All other terms of the L&F License remain in effect.

On March 29, 2023, the Company paid the $648,421 of cash to L&F, thus meeting the conditions of Waiver A, which also had the effect of canceling the Note Receivable and the Put Option and resulted in a reclassification of 188 shares of common stock and $331,331 classified as temporary equity to permanent equity.

On January 30, 2024, the Company paid $500,000 of cash to L&F, thus meeting the conditions of Waiver B.

Operating Leases

On January 18, 2019, the Company entered into a lease agreement for approximately 3,500 square feet of office space in Weston, Florida for a term of five years. Under the lease agreement, the annual base rent, which excludes the Company’s share of taxes and operating costs, was approximately $89,000 for the first year and has increased approximately 3% every year thereafter for a total base rent lease commitment of approximately $497,000. On January 15, 2024, the Company extended the lease for an additional year for a total base rent lease commitment of $112,064. The Company used the short-term lease practical expedient which permits the Company to not capitalize leases with a term equal to or less than 12 months.

The Company recognized right-of-use asset amortization of $0 and $7,839 in connection with its operating lease for the three and nine months ending September 30, 2024, respectively, and the Company recognized rent expense of $42,696 and $127,439 in connection with its operating lease for the three and nine months ending September 30, 2024, respectively.

The Company recognized right-of-use amortization of $38,885 and $116,083 in connection with its operating lease for the three and nine months ending September 30, 2023, respectively.

A summary of the Company’s right-of-use assets and liabilities is as follows:

	2024		2023
	For the Nine Months Ended
	September 30,
	2024		2023

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating activities	$	8,656	$	74,405

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	-	$	-

Weighted Average Remaining Lease Term
Operating leases		-		0.34 Years

Weighted Average Discount Rate
Operating leases		-		6.5	%

ZYVERSA THERAPEUTICS, INC.

Notes to Condensed Consolidated Financial Statements

Business Organization, Nature of Operations and Basis of Presentation (Details Narrative)	Apr. 25, 2024	Dec. 04, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reverse stock split	the Company effected a reverse stock split of its common stock at a ratio of 1-for-10 (the “2024 Reverse Split”). Upon the effectiveness of the 2024 Reverse Split, every 10 issued shares of common stock were reclassified and combined into one share of common stock. In addition,	the Company effected a reverse stock split of its common stock at a ratio of 1-for-35 (the “2023 Reverse Split”). Upon the effectiveness of the 2023 Reverse Split, every 35 issued shares of common stock were reclassified and combined into one share of common stock.

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023
Gross proceeds		$ 2,099,053	$ 11,015,500
Issuance costs		523,115	$ 1,184,481
Warrant [Member]
Gross proceeds	$ 827,978	966,349
Issuance costs	$ 427,054	$ 208,703

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Taxes Expense Effective Tax Rate

Income tax expense and the effective tax rate were as follows:

(in thousands)	2024			2023
	For the Nine Months Ended
	September 30,
(in thousands)	2024			2023
Income tax (expense) benefit	$	(9,707	)	$	8,859,762

Effective tax rate		(0.12	)%		9.44	%

Schedule of Stock Option Activity (Details)	9 Months Ended
Schedule of Stock Option Activity (Details)	Sep. 30, 2024 USD ($) $ / shares shares
Equity [Abstract]
Number of options, outstanding beginning balance \| shares	10,243
Weighted average exercise price, beginning balance \| $ / shares	$ 2,218.51
Number of options, granted \| shares
Weighted average exercise price, granted \| $ / shares
Number of options, exercised \| shares
Weighted average exercise price, exercised \| $ / shares
Number of options, forfeited \| shares	(604)
Weighted average exercise price, forfeited \| $ / shares	$ 1,760.50
Number of options, outstanding ending balance \| shares	9,639
Weighted average exercise price, ending balance \| $ / shares	$ 2,247.21
Weighted average remaining life in years, outstanding	5 years 6 months
Aggregate intrinsic value, ending balance \| $
Number of options, exercisable ending balance \| shares	6,797
Weighted average exercise price, Exercisable \| $ / shares	$ 2,986.26
Weighted average remaining life in years, exercisable	5 years 8 months 12 days
Aggregate intrinsic value, exercisable \| $

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Use of Estimates

Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and the amounts disclosed in the related notes to the financial statements. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amounts of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, fair value calculations for equity securities, share based compensation and acquired intangible assets, as well as establishment of valuation allowances for deferred tax assets. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that actual results could differ from those estimates.

Deferred Offering Costs

Deferred Offering Costs

Deferred offering costs, which primarily consist of direct, incremental professional fees incurred in connection with a debt or equity financing, are capitalized as deferred offering costs (a non-current asset) on the balance sheet. Once the financing closes, the Company reclassifies such costs as either discounts to notes payable or as a reduction of proceeds received from equity transactions so that such costs are recorded as a reduction of additional paid-in capital. If the completion of a contemplated financing was deemed to be no longer probable, the related deferred offering costs would be charged to general and administrative expense in the consolidated financial statements.

Net Loss Per Common Share

Basic net loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding during the period. Diluted net income per common share is computed by dividing net income by the weighted average number of common and dilutive common-equivalent shares outstanding during each period.

The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to do so would be anti-dilutive:

	2024		2023
	As of September 30,
	2024		2023
Warrants ^[1]		928,593		103,929
Options		9,639		10,170
Series A Convertible Preferred Stock		72		72
Series B Convertible Preferred Stock		2,067		2,067
Total potentially dilutive shares		940,371		116,239

[1]	As part of the InflamaCORE, LLC license agreement, warrants to purchase 342 shares of common stock are to be issued upon the satisfaction of certain milestones and, accordingly, are not included in the amount currently reported.

Segment Reporting

The Company operates and manages its business as one reportable and operating segment. All assets and operations are in the U.S. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance.

Reclassifications

Certain prior period balances have been reclassified from security deposits to vendor deposits on the condensed consolidated balance sheet in order to conform to the current year presentation. These reclassifications had no effect on previously reported results of operations or loss per share.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segments Disclosures (Topic 280), which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses on both an annual and interim basis. The guidance becomes effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Since this new ASU addresses only disclosures, the Company does not expect the adoption of this ASU to have any material effects on its financial condition, results of operations or cash flows. The Company is currently evaluating any new disclosures that may be required upon adoption of ASU 2023-07.

ZYVERSA THERAPEUTICS, INC.

Notes to Condensed Consolidated Financial Statements

- Definition

Disclosure of accounting policy for segment reporting.

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+ Details

Subsequent Events (Details Narrative) - USD ($)				3 Months Ended			9 Months Ended
Subsequent Events (Details Narrative) - USD ($)	Nov. 05, 2024	Oct. 01, 2024	Aug. 01, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Nov. 04, 2024
Subsequent Event [Line Items]
Common stock purchase warrants							478,600
Weighted average remaining life in years, exercisable							5 years 8 months 12 days
Common Stock [Member]
Subsequent Event [Line Items]
Number of share issued for services				9,000	1,086	371
Common Stock [Member] \| December 2023 Offering [Member]
Subsequent Event [Line Items]
Gross proceeds			$ 827,978
Warrants exercise			239,300
Subsequent Event [Member]
Subsequent Event [Line Items]
Gross proceeds		$ 3,100,000
Subsequent Event [Member] \| December 2023 Offering [Member]
Subsequent Event [Line Items]
Warrants exercise	339,900
Common stock purchase warrants	478,600
Subsequent Event [Member] \| August Two Thousand Twenty Four Offering [Member]
Subsequent Event [Line Items]
Exercise price	$ 2.06
Subsequent Event [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
New issuance of warrants	1,637,000
Warrants exercise	818,500
Exercise price	$ 2.06
Weighted average remaining life in years, exercisable	5 years
Warrants exercise	654,500
Unissued shares of common stock	164,000
Financial advisor fees	$ 110,000
Non accountable fees financial advisor fees	10,000
Subsequent Event [Member] \| Common Stock [Member] \| December 2023 Offering [Member]
Subsequent Event [Line Items]
Gross proceeds	$ 1,686,110
Warrants exercise	818,500
Subsequent Event [Member] \| Warrant [Member]
Subsequent Event [Line Items]
Exercise price	$ 3.46							$ 12.50
Subsequent Event [Member] \| Sales Agreement [Member] \| At-The-Market Offering [Member]
Subsequent Event [Line Items]
Gross proceeds		$ 1,390,000
New issuance of warrants		564,495
Subsequent Event [Member] \| Marketing Agreements [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Number of share issued for services		51,000
Subsequent Event [Member] \| Marketing Agreements [Member] \| Common Stock [Member] \| Over Six Month Term of Contract [Member]
Subsequent Event [Line Items]
Prepaid expense		$ 47,670
Subsequent Event [Member] \| Marketing Agreements [Member] \| Common Stock [Member] \| Over Three Month Term of Contract [Member]
Subsequent Event [Line Items]
Prepaid expense		$ 69,000

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 5 – Income Taxes

Income tax expense and the effective tax rate were as follows:

(in thousands)	2024			2023
	For the Nine Months Ended
	September 30,
(in thousands)	2024			2023
Income tax (expense) benefit	$	(9,707	)	$	8,859,762

Effective tax rate		(0.12	)%		9.44	%

The tax provisions for the nine months ended September 30, 2024 and 2023 were computed using the estimated effective tax rates applicable to the taxable jurisdictions for the full year. The Company’s tax rate is subject to management’s quarterly review and revision, as necessary. The Company’s effective tax rate was (0.12)% and 9.44% for the nine months ended September 30, 2024 and 2023, respectively. The decrease in the quarterly rates is primarily the result of the Company recording a full valuation allowance during the nine months ended September 30, 2024 due to the reversal of a significant deferred tax liability that existed as of September 30, 2023.

- Definition

The entire disclosure for income tax.

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+ Details

Income Taxes (Details Narrative)	9 Months Ended
Income Taxes (Details Narrative)	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	(0.12%)	9.44%

Schedule of Anti-dilutive Securities Excluded From Calculation of Diluted Net Loss Per Share (Details) (Parenthetical) - shares	Sep. 30, 2024	Sep. 30, 2023
Inflamacore, LlC License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants to purchase common shares	342	342

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b51 Arr Modified Flag	false
Non Rule 10b51 Arr Modified Flag	false

Schedule of Information Related to Stock Options (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, Number of options	9,639
Options exercisable, weighted average remaining life in years	5 years 8 months 12 days
Options exercisable, Number of options	6,797
Exercise Price One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, exercise price \| $ / shares	$ 152.50
Options outstanding, Number of options	4,157
Options exercisable, weighted average remaining life in years	8 years 7 months 6 days
Options exercisable, Number of options	1,674
Exercise Price Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, exercise price \| $ / shares	$ 738.50
Options outstanding, Number of options	286
Options exercisable, weighted average remaining life in years	8 years 3 months 18 days
Options exercisable, Number of options	96
Exercise Price Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, exercise price \| $ / shares	$ 791.00
Options outstanding, Number of options	38
Options exercisable, weighted average remaining life in years	8 years 4 months 24 days
Options exercisable, Number of options	13
Exercise Price Four [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, exercise price \| $ / shares	$ 1,760.50
Options outstanding, Number of options	1,306
Options exercisable, weighted average remaining life in years	2 years 1 month 6 days
Options exercisable, Number of options	1,306
Exercise Price Five [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, exercise price \| $ / shares	$ 3,965.50
Options outstanding, Number of options	37
Options exercisable, weighted average remaining life in years	7 years 8 months 12 days
Options exercisable, Number of options	37
Exercise Price Six [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, exercise price \| $ / shares	$ 4,053.00
Options outstanding, Number of options	2,095
Options exercisable, weighted average remaining life in years	4 years 6 months
Options exercisable, Number of options	2,095
Exercise Price Seven [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options outstanding, exercise price \| $ / shares	$ 5,726.00
Options outstanding, Number of options	1,720
Options exercisable, weighted average remaining life in years	6 years 8 months 12 days
Options exercisable, Number of options	1,576

Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)

Sep. 30, 2024

Dec. 31, 2023

Payables and Accruals [Abstract]

L&F milestone payment liability

$ 500,000

Payroll accrual

979,030

668,803

Other accrued expenses

163,269

41,969

Bonus accrual

1,107,812

536,500

Registration delay liability

^[1]

7,261

Total accrued expenses and other current liabilities

$ 2,257,372

$ 1,754,533

[1]	See Note 7 - Stockholders’ Permanent and Temporary Equity for details of the registration delay liability.

- Definition

Amount of liabilities classified as other.

+ References + Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 3 – Summary of Significant Accounting Policies‌

Since the date the Company’s December 31, 2023 financial statements were issued in its 2023 Annual Report on Form 10-K, there have been no material changes to the Company’s significant accounting policies.

Use of Estimates

Deferred Offering Costs

Net Loss Per Common Share

The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to do so would be anti-dilutive:

	2024		2023
	As of September 30,
	2024		2023
Warrants ^[1]		928,593		103,929
Options		9,639		10,170
Series A Convertible Preferred Stock		72		72
Series B Convertible Preferred Stock		2,067		2,067
Total potentially dilutive shares		940,371		116,239

[1]	As part of the InflamaCORE, LLC license agreement, warrants to purchase 342 shares of common stock are to be issued upon the satisfaction of certain milestones and, accordingly, are not included in the amount currently reported.

Segment Reporting

Reclassifications

Recently Issued Accounting Pronouncements

ZYVERSA THERAPEUTICS, INC.

Notes to Condensed Consolidated Financial Statements

Schedule of Right of Use Assets and Liabilities (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows used in operating activities	$ 8,656	$ 74,405
Operating leases
Weighted average remaining lease term		4 months 2 days
Weighted average discount rate		6.50%

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Right of Use Assets and Liabilities

A summary of the Company’s right-of-use assets and liabilities is as follows:

	2024		2023
	For the Nine Months Ended
	September 30,
	2024		2023

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating activities	$	8,656	$	74,405

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	-	$	-

Weighted Average Remaining Lease Term
Operating leases		-		0.34 Years

Weighted Average Discount Rate
Operating leases		-		6.5	%

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	1,074,203	405,212
Common stock, shares outstanding	1,074,196	402,205
Treasury stock shares	7	7
Series A Preferred Stock [Member]
Preferred stock, shares authorized	8,635	8,635
Preferred stock, shares issued	50	50
Preferred stock, shares outstanding	50	50
Series B Preferred Stock [Member]
Preferred stock, shares authorized	5,062	5,062
Preferred stock, shares issued	5,062	5,062
Preferred stock, shares outstanding	5,062	5,062

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating Expenses:
Research and development	$ 436,043	$ 673,943	$ 1,658,030	$ 2,950,462
General and administrative	1,833,578	2,228,735	6,192,205	9,694,097
Impairment of in-process research and development				69,280,171
Impairment of goodwill				11,895,033
Total Operating Expenses	2,269,621	2,902,678	7,850,235	93,819,763
Loss From Operations	(2,269,621)	(2,902,678)	(7,850,235)	(93,819,763)
Other (Income) Expense:
Interest (income) expense	131,635	210	131,794	(555)
Pre-Tax Net Loss	(2,401,256)	(2,902,888)	(7,982,029)	(93,819,208)
Income tax (provision) benefit		485	(9,707)	8,859,762
Net Loss	(2,401,256)	(2,902,403)	(7,991,736)	(84,959,446)
Deemed dividend to preferred stockholders		(32,373)		(7,948,209)
Net Loss Attributable to Common Stockholders	$ (2,401,256)	$ (2,934,776)	$ (7,991,736)	$ (92,907,655)
Net Loss Per Share
Basic	$ (2.43)	$ (30.18)	$ (9.79)	$ (1,591.46)
Diluted	$ (2.43)	$ (30.18)	$ (9.79)	$ (1,591.46)
Weighted Average Number of Common Shares Outstanding
Basic	988,378	97,252	816,293	58,379
Diluted	988,378	97,252	816,293	58,379

Commitments and Contingencies (Details Narrative)											3 Months Ended		9 Months Ended
Commitments and Contingencies (Details Narrative)	Sep. 30, 2024 USD ($)	Aug. 31, 2024 USD ($)	Jul. 31, 2024 USD ($)	Jul. 01, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jan. 30, 2024 USD ($)	Jan. 15, 2024 USD ($)	Mar. 29, 2023 USD ($) shares	Feb. 28, 2023 USD ($)	Jan. 18, 2019 USD ($) ft²	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Invoices from a vendor	$ 87,481	$ 81,826	$ 76,453	$ 162,800	$ 992,176
Accrued interest	2,257,372										$ 2,257,372		$ 2,257,372		$ 1,754,533
Number of operating lease square feet \| ft²										3,500
Lease cost										$ 89,000
Total operating lease rent commitment										$ 497,000	42,696		127,439
Lessee, Lease, Description [Line Items]
Operating lease asset amortization											0	$ 38,885	7,839	$ 116,083
Lease Commitment [Member]
Loss Contingencies [Line Items]
Total operating lease rent commitment							$ 112,064
License Agreement [Member] \| L&F Research LLC [Member]
Loss Contingencies [Line Items]
Milestone payment description									the Company and L&F executed an Amendment and Restatement Agreement that waived L&F’s right to terminate the L&F License Agreement or any other remedies, for non-payment of the First Milestone Payment, until (a) March 31, 2023 as to $1,000,000 of such milestone payments (“Waiver A”) and (b) January 31, 2024 as to $500,000 milestone payments (“Waiver B”).
License Agreement [Member] \| L&F Research LLC [Member] \| Waiver A [Member]
Loss Contingencies [Line Items]
Debt forgiveness									$ 351,579
Cash payment								$ 648,421	648,421
Reclassification shares of common stock \| shares								188
Reclassification shares of common stock value classified as temporary to permanent equity								$ 331,331
License Agreement [Member] \| L&F Research LLC [Member] \| Waiver B [Member]
Loss Contingencies [Line Items]
Cash payment						$ 500,000			$ 500,000
Maturity date									Jan. 31, 2024
Net proceeds from issuance of equity capital									$ 30,000,000
Accrued Expenses and Other Current Liabilities [Member]
Loss Contingencies [Line Items]
Accrued interest	$ 131,300										$ 131,300		$ 131,300

Summary of Warrant Activity (Details)

9 Months Ended

Sep. 30, 2024

USD ($)

$ / shares

Equity [Abstract]

Number of warrants, outstanding beginning balance | shares

903,320

^[1]

Weighted average exercise price, beginning balance | $ / shares

$ 123.44

^[1]

Number of warrants, granted | shares

478,600

Weighted average exercise price, granted | $ / shares

$ 3.46

Number of warrants, forfeited | shares

(227)

Weighted average exercise price, forfeited | $ / shares

$ 4,053

Number of warrants, exercised | shares

(453,100)

^[2]

Weighted average exercise price, exercised | $ / shares

$ 7.73

^[2]

Number of warrants, repriced - old | shares

(239,300)

^[3]

Weighted average exercise price, repriced - old | $ / shares

$ 12.50

^[3]

Number of warrants, repriced - new | shares

239,300

^[3]

Weighted average exercise price, repriced - new | $ / shares

$ 3.46

^[3]

Number of warrants, outstanding ending balance | shares

928,593

Weighted average exercise price, ending balance | $ / shares

$ 114.83

Weighted average remaining life in years, outstanding

3 years 8 months 23 days

Aggregate intrinsic value, ending balance | $

Number of warrants, exercisable ending balance | shares

928,393

Weighted average exercise price, Exercisable | $ / shares

$ 114.48

Weighted average remaining life in years, exercisable

3 years 8 months 23 days

Aggregate intrinsic value, exercisable | $

[1]	Warrants outstanding exclude 131,500 pre-funded warrants, issued in the December 2023 Offering, outstanding with an exercise price of $0.001.
[2]	Warrants exercised exclude 131,500 pre-funded warrants, issued in the December 2023 Offering, exercised with an exercise price of $0.001.
[3]	Warrants represent the reset of the exercise price of certain December 11, 2023 Series A and Series B warrants to purchase 239,300 shares of common stock to a price of $3.46 per share.

Cover - $ / shares	9 Months Ended
Cover - $ / shares	Sep. 30, 2024	Nov. 11, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-41184
Entity Registrant Name	ZYVERSA THERAPEUTICS, INC.
Entity Central Index Key	0001859007
Entity Tax Identification Number	86-2685744
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2200 N. Commerce Parkway
Entity Address, Address Line Two	Suite 208
Entity Address, City or Town	Weston
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33326
City Area Code	(754)
Local Phone Number	231-1688
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	ZVSA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,344,191
Entity Listing, Par Value Per Share	$ 0.0001

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

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

	September 30,		December 31,
	2024		2023
L&F milestone payment liability	$	-	$	500,000
Payroll accrual		979,030		668,803
Other accrued expenses		163,269		41,969
Bonus accrual		1,107,812		536,500
Registration delay liability ^[1]		7,261		7,261
Total accrued expenses and other current liabilities	$	2,257,372	$	1,754,533

[1]

See Note 7 - Stockholders’ Permanent and Temporary Equity for details of the registration delay liability.

Stockholders’ Permanent and Temporary Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders’ Permanent and Temporary Equity

Note 7 – Stockholders’ Permanent and Temporary Equity‌

Reverse Stock Split

On April 25, 2024, the Company effected the 2024 Reverse Split. Upon the effectiveness of the 2024 Reverse Split, every 10 issued shares of common stock were reclassified and combined into one share of common stock. In addition, the number of shares of common stock issuable upon the exercise of the Company’s equity awards, convertible securities and warrants was proportionally decreased, and the corresponding conversion price or exercise price was proportionally increased. No fractional shares were issued as a result of the 2024 Reverse Split. See Note 1 – Business Organization, Nature of Operations and Basis of Presentation for additional details.

Common Stock

On January 2, 2024, the Company entered into a marketing agreement with a vendor in which the Company issued an aggregate of 9,000 shares of common stock and cash in exchange for marketing services. The $79,200 fair value of the common stock was established as a prepaid expense and the Company recognized the expense over the six month contract term.

Temporary Equity

See Note 6 – Commitments and Contingencies – License Agreements for discussion of the movement of temporary equity to permanent equity on March 29, 2023.

Stock-Based Compensation

For the three months ended September 30, 2024 the Company recorded stock-based compensation expense of $160,665 (of which, $15,447 was included in research and development and $145,218 was included in general and administrative expense) related to options issued to employees and consultants. For the three months ended September 30, 2023 the Company recorded stock-based compensation expense of $243,045 (of which, ($38,224) was included in research and development expense and $281,269 was included in general and administrative expense) related to options issued to employees and consultants.

For the nine months ended September 30, 2024 the Company recorded stock-based compensation expense of $544,902 (of which, $46,342 was included in research and development expense and $498,560 was included in general and administrative expense) related to options issued to employees and consultants. For the nine months ended September 30, 2023 the Company recorded stock-based compensation expense of $896,249 (of which, $117,320 was included in research and development expense and $778,929 was included in general and administrative expense) related to options issued to employees and consultants. As of September 30, 2024 there was $482,559 of unrecognized stock-based compensation expense, which the Company expects to recognize over a weighted average period of 1.3 years.

Stock Options

The grant date fair value of stock options granted during the nine months ended September 30, 2024 and 2023 was determined using the Black Scholes method, with the following assumptions used:

Schedule of Stock Options Granted

For the Three Months Ended

For the Nine Months Ended

September 30,

2024

2023

2024

2023

Fair value of common stock on date of grant

N/A

$0.44 - $2.23

Risk free interest rate

N/A

3.53% - 4.27

Expected term (years)

N/A

6.00

Expected volatility

N/A

120% - 123

Expected dividends

N/A

0.00

ZYVERSA THERAPEUTICS, INC.

Notes to Condensed Consolidated Financial Statements

A summary of the option activity for the nine months ended September 30, 2024 is presented below:

Schedule of Stock Option Activity

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Life		Intrinsic
	Options			Price		In Years		Value

Outstanding, January 1, 2024		10,243		$	2,218.51
Granted		-			-
Exercised		-			-
Expired		(604	)		1,760.50
Outstanding, September 30, 2024		9,639		$	2,247.21		5.5	$	-

Exercisable, September 30, 2024		6,797		$	2,986.26		5.7	$	-

The following table presents information related to stock options as of September 30, 2024:

Options Outstanding				Options Exercisable
				Weighted
		Outstanding		Average		Exercisable
Exercise		Number of		Remaining Life		Number of
Price		Options		In Years		Options
$	152.50		4,157		8.6		1,674
$	738.50		286		8.3		96
$	791.00		38		8.4		13
$	1,760.50		1,306		2.1		1,306
$	3,965.50		37		7.7		37
$	4,053.00		2,095		4.5		2,095
$	5,726.00		1,720		6.7		1,576
			9,639		5.7		6,797

Stock Warrants

Between February 26, 2024 and March 6, 2024, investors in the public offering completed on December 11, 2023 (the “December 2023 Offering”) exercised warrants to purchase 213,800 shares of common stock at an exercise price of $12.50 per share for total proceeds of $2,672,500.

Between January 17 and February 23, 2024, a December 2023 Offering investor exercised pre-funded warrants to purchase 131,500 shares of common stock on a cashless basis to purchase 131,481 shares of common stock at an exercise price of $0.001 per share.

On August 1, 2024, the Company initiated a limited time program, which was immediately accepted by the warrant holder, that permitted the holder to exercise its December 2023 Offering warrants at a reduced exercise price of $3.46 per share and granted new warrants to purchase up to (i) 392,000 shares of common stock which became exercisable upon stockholder approval with an exercise term of five years and (ii) 86,600 shares of common stock which became exercisable upon stockholder approval with an exercise term of 18 months. The Company received stockholder approval for the warrants on October 29, 2024 and the warrants have an exercise price of $3.46 per share. Under the program, the warrant holder submitted an exercise notice and the related aggregate cash exercise price to purchase 239,300 shares of common stock on August 1, 2024 for gross proceeds of $827,978 less issuance costs of $427,054. Issuance costs included placement agent fees of $50,000, placement agent legal fees of $50,000, Company legal fees of $57,267, other expenses of $22,875 and warrant modification costs of $246,912. Because the modification represented a short-term inducement, modification accounting was only performed on the warrants that were actually exercised under the program. The Company recognized the $246,912 modification date incremental value of the modified warrants and additional warrants issued as compared to the original warrants, as an issuance cost of the warrant exercise.

ZYVERSA THERAPEUTICS, INC.

Notes to Condensed Consolidated Financial Statements

The issuance date fair value of stock warrants issued during the three and nine months ended September 30, 2024 and 2023 was determined using the Black Scholes method, with the following assumptions used:

	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Fair value of common stock on date of grant	$	3.46			$47.50 - $57.75		$	3.46			$47.50 - $350.00
Risk free interest rate		3.62% - 4.62	%		4.09% - 4.42	%		3.62% - 4.62	%		3.51% - 4.42	%
Expected term (years)		0.9 - 5.5 years			4.9 - 5.5 years			0.9 - 5.5 years			5 years
Expected volatility		96% - 113	%		121% - 123	%		96% - 113	%		121% - 123	%
Expected dividends		n/a			n/a			n/a			n/a

A summary of the warrant activity for the nine months ended September 30, 2024, is presented below:

Summary of Warrant Activity

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Life		Intrinsic
	Warrants			Price		In Years		Value

Outstanding, January 1, 2024 ^[1]		903,320		$	123.44
Issued		478,600			3.46
Forfeited		(227	)		4,053
Exercised ^[2]		(453,100	)		7.73
Repriced - Old ^[3]		(239,300	)		12.50
Repriced - New ^[3]		239,300			3.46
Outstanding, September 30, 2024		928,593		$	114.83		3.73	$	-

Exercisable, September 30, 2024		928,393		$	114.48		3.73	$	-

[1]

Warrants outstanding exclude 131,500 pre-funded warrants, issued in the December 2023 Offering, outstanding with an exercise price of $0.001.

[2]		Warrants exercised exclude 131,500 pre-funded warrants, issued in the December 2023 Offering, exercised with an exercise price of $0.001.

[3]		Warrants represent the reset of the exercise price of certain December 11, 2023 Series A and Series B warrants to purchase 239,300 shares of common stock to a price of $3.46 per share.

ZYVERSA THERAPEUTICS, INC.

Notes to Condensed Consolidated Financial Statements

The following table presents information related to stock warrants as of September 30, 2024:

Warrants Outstanding				Warrants Exercisable
		Outstanding		Weighted Average		Exercisable
Exercise		Number of		Remaining Life		Number of
Price		Warrants		In Years		Warrants
$	3.46		478,600		4.45		478,600
$	12.50		346,900		2.75		346,900
$	47.50		20,347		4.45		20,347
$	57.75		19,965		3.77		19,965
$	350.00		27,551		3.57		27,551
$	700.00		13,944		3.20		13,944
$	1,760.50		300		0.10		100
$	2,415.00		3,651		3.20		3,651
$	4,025.00		17,335		3.20		17,335
			928,593		3.73		928,393

Effectiveness Failure

In connection with the business combination with Larkspur Health Acquisition Corp., the Company conducted the Series A Preferred Stock Financing. On or about February 20, 2023, the Company failed to have the SEC declare a registration statement effective (the “Effectiveness Failure”) which covered the Series A Preferred Stock registrable securities within the time period prescribed by the Securities Purchase Agreement (the “SPA”). The SPA entitles the investors to receive registration delay payments (“Registration Delay Payments”) equal to 1.5% of each investor’s purchase price on the date of the Effectiveness Failure and every thirty days thereafter that the Effectiveness Failure persists. Failure to make the Registration Delay Payments on a timely basis result in the accrual of interest at the rate of 2.0% per month. On April 28, 2023, the proceeds from the April 2023 Offering were used to make most of the Registration Delay Payments and redeem substantially all of the Series A Preferred Stock. As of September 30, 2024, the Company has accrued additional Registration Delay Payments of approximately $7,261 in the aggregate.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders’ Permanent and Temporary Equity (Tables)

9 Months Ended

Sep. 30, 2024

Accumulated Other Comprehensive Income (Loss) [Line Items]

Schedule of Stock Options Granted

The grant date fair value of stock options granted during the nine months ended September 30, 2024 and 2023 was determined using the Black Scholes method, with the following assumptions used:

Schedule of Stock Options Granted

For the Three Months Ended

For the Nine Months Ended

September 30,

2024

2023

2024

2023

Fair value of common stock on date of grant

N/A

$0.44 - $2.23

Risk free interest rate

N/A

3.53% - 4.27

Expected term (years)

N/A

6.00

Expected volatility

N/A

120% - 123

Expected dividends

N/A

0.00

Schedule of Stock Option Activity

A summary of the option activity for the nine months ended September 30, 2024 is presented below:

Schedule of Stock Option Activity

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Life		Intrinsic
	Options			Price		In Years		Value

Outstanding, January 1, 2024		10,243		$	2,218.51
Granted		-			-
Exercised		-			-
Expired		(604	)		1,760.50
Outstanding, September 30, 2024		9,639		$	2,247.21		5.5	$	-

Exercisable, September 30, 2024		6,797		$	2,986.26		5.7	$	-

Schedule of Information Related to Stock Options

The following table presents information related to stock options as of September 30, 2024:

Options Outstanding				Options Exercisable
				Weighted
		Outstanding		Average		Exercisable
Exercise		Number of		Remaining Life		Number of
Price		Options		In Years		Options
$	152.50		4,157		8.6		1,674
$	738.50		286		8.3		96
$	791.00		38		8.4		13
$	1,760.50		1,306		2.1		1,306
$	3,965.50		37		7.7		37
$	4,053.00		2,095		4.5		2,095
$	5,726.00		1,720		6.7		1,576
			9,639		5.7		6,797

Summary of Warrant Activity

A summary of the warrant activity for the nine months ended September 30, 2024, is presented below:

Summary of Warrant Activity

						Weighted
				Weighted		Average
				Average		Remaining		Aggregate
	Number of			Exercise		Life		Intrinsic
	Warrants			Price		In Years		Value

Outstanding, January 1, 2024 ^[1]		903,320		$	123.44
Issued		478,600			3.46
Forfeited		(227	)		4,053
Exercised ^[2]		(453,100	)		7.73
Repriced - Old ^[3]		(239,300	)		12.50
Repriced - New ^[3]		239,300			3.46
Outstanding, September 30, 2024		928,593		$	114.83		3.73	$	-

Exercisable, September 30, 2024		928,393		$	114.48		3.73	$	-

[1]

Warrants outstanding exclude 131,500 pre-funded warrants, issued in the December 2023 Offering, outstanding with an exercise price of $0.001.

[2]		Warrants exercised exclude 131,500 pre-funded warrants, issued in the December 2023 Offering, exercised with an exercise price of $0.001.

[3]		Warrants represent the reset of the exercise price of certain December 11, 2023 Series A and Series B warrants to purchase 239,300 shares of common stock to a price of $3.46 per share.

Schedule of Information Related to Stock Warrants

The following table presents information related to stock warrants as of September 30, 2024:

Warrants Outstanding				Warrants Exercisable
		Outstanding		Weighted Average		Exercisable
Exercise		Number of		Remaining Life		Number of
Price		Warrants		In Years		Warrants
$	3.46		478,600		4.45		478,600
$	12.50		346,900		2.75		346,900
$	47.50		20,347		4.45		20,347
$	57.75		19,965		3.77		19,965
$	350.00		27,551		3.57		27,551
$	700.00		13,944		3.20		13,944
$	1,760.50		300		0.10		100
$	2,415.00		3,651		3.20		3,651
$	4,025.00		17,335		3.20		17,335
			928,593		3.73		928,393

Warrant [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Schedule of Issuance Date Fair Value of Stock Warrants

	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Fair value of common stock on date of grant	$	3.46			$47.50 - $57.75		$	3.46			$47.50 - $350.00
Risk free interest rate		3.62% - 4.62	%		4.09% - 4.42	%		3.62% - 4.62	%		3.51% - 4.42	%
Expected term (years)		0.9 - 5.5 years			4.9 - 5.5 years			0.9 - 5.5 years			5 years
Expected volatility		96% - 113	%		121% - 123	%		96% - 113	%		121% - 123	%
Expected dividends		n/a			n/a			n/a			n/a

- Definition

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

+ References + Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities:
Net loss	$ (7,991,736)	$ (84,959,446)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment of in-process research and development		69,280,171
Impairment of goodwill		11,895,033
Stock-based compensation	544,902	896,248
Issuance of common stock pursuant to vendor agreements	79,200	605,200
Shares issued as consideration for extension of lock-up period		1,156,778
Depreciation of fixed assets	6,933	7,800
Non-cash rent expense	7,839	67,293
Deferred tax provision (benefit)	9,707	(8,883,001)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(52,035)	(201,172)
Security deposit		46,659
Vendor deposits	(80,000)	235,000
Deferred offering costs	(30,260)
Accounts payable	676,178	2,871,889
Operating lease liability	(8,656)	(74,407)
Accrued expenses and other current liabilities	502,839	1,122,488
Net Cash Used In Operating Activities	(6,335,089)	(5,933,467)
Cash Flows From Financing Activities:
Proceeds from issuance of common stock in public offering		13,114,555
Registration and issuance costs associated with common stock issuance	(180,142)	(1,763,584)
Redemption of Series A Preferred Stock		(10,695,610)
Purchase of treasury stock		(7,168)
Exercise of pre-funded warrants		947
Exercise of warrants	2,672,500
Warrant inducement offer - exercise proceeds	827,978	966,349
Registration and issuance costs associated with preferred stock issuance		(5,500)
Net Cash Provided By Financing Activities	3,320,336	1,609,989
Net Decrease in Cash	(3,014,753)	(4,323,478)
Cash - Beginning of Period	3,137,674	5,902,199
Cash - End of Period	122,921	1,578,721
Non-cash investing and financing activities:
Reclassification of formerly redeemable common stock		331,331
Accounts payable for deferred offering costs	176,870	44,892
Warrant modification - incremental value		181,891
Warrant inducement offer - incremental value	$ 246,912	$ 134,591

Schedule of Issuance Date Fair Value of Stock Warrants (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)				6 years
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk free interest rate				3.53%
Expected volatility				120.00%
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk free interest rate				4.27%
Expected volatility				123.00%
Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of common stock on date of grant	$ 3.46		$ 3.46
Warrant [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of common stock on date of grant		$ 47.50		$ 47.50
Risk free interest rate	3.62%	4.09%	3.62%	3.51%
Expected term (years)	10 months 24 days	4 years 10 months 24 days	10 months 24 days	5 years
Expected volatility	96.00%	121.00%	96.00%	121.00%
Warrant [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of common stock on date of grant		$ 57.75		$ 350.00
Risk free interest rate	4.62%	4.42%	4.62%	4.42%
Expected term (years)	5 years 6 months	5 years 6 months	5 years 6 months
Expected volatility	113.00%	123.00%	113.00%	123.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Schedule of Stock Options Granted (Details)	9 Months Ended
Schedule of Stock Options Granted (Details)	Sep. 30, 2023 $ / shares
Expected term (years)	6 years
Expected dividends	0.00%
Minimum [Member]
Fair value of common stock on date of grant	$ 0.44
Risk free interest rate	3.53%
Expected volatility	120.00%
Maximum [Member]
Fair value of common stock on date of grant	$ 2.23
Risk free interest rate	4.27%
Expected volatility	123.00%

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash	$ 122,921	$ 3,137,674
Prepaid expenses and other current assets	267,494	215,459
Total Current Assets	390,415	3,353,133
Equipment, net		6,933
In-process research and development	18,647,903	18,647,903
Vendor deposit	178,476	98,476
Deferred offering costs	207,130
Operating lease right-of-use asset		7,839
Total Assets	19,423,924	22,114,284
Current Liabilities:
Accounts payable	9,284,631	8,431,583
Accrued expenses and other current liabilities	2,257,372	1,754,533
Operating lease liability		8,656
Total Current Liabilities	11,542,003	10,194,772
Deferred tax liability	854,621	844,914
Total Liabilities	12,396,624	11,039,686
Commitments and contingencies (Note 6)
Stockholders’ Equity:
Common stock, value	107	40
Additional paid-in-capital	118,245,220	114,300,849
Accumulated deficit	(111,210,860)	(103,219,124)
Treasury stock, at cost, 7 shares at September 30, 2024 and December 31, 2023, respectively	(7,168)	(7,168)
Total Stockholders’ Equity	7,027,300	11,074,598
Total Liabilities and Stockholders’ Equity	19,423,924	22,114,284
Series A Preferred Stock [Member]
Stockholders’ Equity:
Preferred stock value
Series B Preferred Stock [Member]
Stockholders’ Equity:
Preferred stock value	$ 1	$ 1

Summary of Warrant Activity (Details) (Parenthetical)

9 Months Ended

Sep. 30, 2024

$ / shares

Class of Warrant or Right [Line Items]

Number of warrants, outstanding

9,639

Number of warrants, exercised

453,100

^[1]

Purchase of warrants shares

(239,300)

^[2]

December 2023 Pre-Funded Warrants [Member]

Class of Warrant or Right [Line Items]

Number of warrants, outstanding

131,500

Warrants exercise price | $ / shares

$ 0.001

Number of warrants, exercised

131,500

Exercise price | $ / shares

$ 0.001

December 11, 2023 Series A and Series B Warrants [Member]

Class of Warrant or Right [Line Items]

Purchase of warrants shares

239,300

Purchase of warrants per share | $ / shares

$ 3.46

[1]	Warrants exercised exclude 131,500 pre-funded warrants, issued in the December 2023 Offering, exercised with an exercise price of $0.001.
[2]	Warrants represent the reset of the exercise price of certain December 11, 2023 Series A and Series B warrants to purchase 239,300 shares of common stock to a price of $3.46 per share.

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Note 4 – Accrued Expenses and Other Current Liabilities‌

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

	September 30,		December 31,
	2024		2023
L&F milestone payment liability	$	-	$	500,000
Payroll accrual		979,030		668,803
Other accrued expenses		163,269		41,969
Bonus accrual		1,107,812		536,500
Registration delay liability ^[1]		7,261		7,261
Total accrued expenses and other current liabilities	$	2,257,372	$	1,754,533

[1]

See Note 7 - Stockholders’ Permanent and Temporary Equity for details of the registration delay liability.

Schedule of Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

940,371

116,239

Warrant [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

^[1]

928,593

103,929

Share-Based Payment Arrangement, Option [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

9,639

10,170

Series A Convertible Preferred Stock [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

Series B Convertible Preferred Stock [Member]

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Total potentially dilutive shares

2,067

[1]	As part of the InflamaCORE, LLC license agreement, warrants to purchase 342 shares of common stock are to be issued upon the satisfaction of certain milestones and, accordingly, are not included in the amount currently reported.

Schedule of Information Related to Stock Warrants (Details) - $ / shares

9 Months Ended

Sep. 30, 2024

Dec. 31, 2023

^[1]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Number of warrants, outstanding

928,593

903,320

Number of warrants, exercisable

928,393

Warrant [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Number of warrants, outstanding

928,593

Warrant exercisable, weighted average remaining life in years

3 years 8 months 23 days

Number of warrants, exercisable

928,393

Exercise Price One [Member] | Warrant [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Weighted average exercise price, outstanding

$ 3.46

Number of warrants, outstanding

478,600

Warrant exercisable, weighted average remaining life in years

4 years 5 months 12 days

Number of warrants, exercisable

478,600

Exercise Price Two [Member] | Warrant [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Weighted average exercise price, outstanding

$ 12.50

Number of warrants, outstanding

346,900

Warrant exercisable, weighted average remaining life in years

2 years 9 months

Number of warrants, exercisable

346,900

Exercise Price Three [Member] | Warrant [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Weighted average exercise price, outstanding

$ 47.50

Number of warrants, outstanding

20,347

Warrant exercisable, weighted average remaining life in years

4 years 5 months 12 days

Number of warrants, exercisable

20,347

Exercise Price Four [Member] | Warrant [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Weighted average exercise price, outstanding

$ 57.75

Number of warrants, outstanding

19,965

Warrant exercisable, weighted average remaining life in years

3 years 9 months 7 days

Number of warrants, exercisable

19,965

Exercise Price Five [Member] | Warrant [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Weighted average exercise price, outstanding

$ 350.00

Number of warrants, outstanding

27,551

Warrant exercisable, weighted average remaining life in years

3 years 6 months 25 days

Number of warrants, exercisable

27,551

Exercise Price Six [Member] | Warrant [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Weighted average exercise price, outstanding

$ 700.00

Number of warrants, outstanding

13,944

Warrant exercisable, weighted average remaining life in years

3 years 2 months 12 days

Number of warrants, exercisable

13,944

Exercise Price Seven [Member] | Warrant [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Weighted average exercise price, outstanding

$ 1,760.50

Number of warrants, outstanding

300

Warrant exercisable, weighted average remaining life in years

1 month 6 days

Number of warrants, exercisable

100

Exercise Price Eight [Member] | Warrant [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Weighted average exercise price, outstanding

$ 2,415.00

Number of warrants, outstanding

3,651

Warrant exercisable, weighted average remaining life in years

3 years 2 months 12 days

Number of warrants, exercisable

3,651

Exercise Price Nine [Member] | Warrant [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Weighted average exercise price, outstanding

$ 4,025.00

Number of warrants, outstanding

17,335

Warrant exercisable, weighted average remaining life in years

3 years 2 months 12 days

Number of warrants, exercisable

17,335

[1]	Warrants outstanding exclude 131,500 pre-funded warrants, issued in the December 2023 Offering, outstanding with an exercise price of $0.001.

Stockholders’ Permanent and Temporary Equity (Details Narrative) - USD ($)					3 Months Ended					9 Months Ended
	Aug. 01, 2024	Apr. 25, 2024	Mar. 06, 2024	Jan. 02, 2024	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Feb. 23, 2024	Feb. 20, 2023
Subsidiary, Sale of Stock [Line Items]
Reverse stock split		the Company effected the 2024 Reverse Split. Upon the effectiveness of the 2024 Reverse Split, every 10 issued shares of common stock were reclassified and combined into one share of common stock.
Stock based compensation expense					$ 160,665		$ 243,045			$ 544,902	$ 896,249
Unrecognized stock-based compensation expense					482,559					$ 482,559
Weighted average period										1 year 3 months 18 days
Gross proceeds warrants										$ 2,672,500
Exercise term										5 years 8 months 12 days
Payments of Stock Issuance Costs										$ 180,142	1,763,584
Percentage of registration delay payments													1.50%
Effectiveness failure interest rate													2.00%
Accrued registration delay payments										7,261
December 2023 Offering [Member]
Subsidiary, Sale of Stock [Line Items]
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsRepricedNewInPeriodWeightedAverageExercisePrice]	$ 3.46
Pre Funded Warrants [Member] \| Investor [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase common shares												131,500
Warrant exercise price												$ 0.001
Warrants exercised on cashless basis												131,481
Common Stock One [Member] \| December 2023 Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	392,000
Common Stock Two [Member] \| December 2023 Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Warrant exercise price	$ 3.46
Stock Issued During Period, Shares, New Issues	86,600
Exercise term	18 months
Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Issued for services, shares						9,000		1,086	371
Common Stock [Member] \| December 2023 Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase common shares	239,300
Proceeds from Issuance of Common Stock	$ 827,978
Payments of Stock Issuance Costs	427,054
[custom:PlacementAgentLegalFees]	50,000
Legal Fees	57,267
Other Expenses	22,875
[custom:WarrantModificationCosts]	$ 246,912
December 2023 Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants to purchase common shares			213,800
Warrant exercise price			$ 12.50
Gross proceeds warrants			$ 2,672,500
Research and Development Expense [Member]
Subsidiary, Sale of Stock [Line Items]
Stock based compensation expense					15,447		38,224			46,342	117,320
General and Administrative Expense [Member]
Subsidiary, Sale of Stock [Line Items]
Stock based compensation expense					$ 145,218		$ 281,269			$ 498,560	$ 778,929
Vendor [Member] \| Marketing Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Issued for services, shares				9,000
Prepaid expenses				$ 79,200

Pay vs Performance Disclosure - USD ($)	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (2,401,256)	$ (2,763,743)	$ (2,826,737)	$ (2,902,403)	$ (78,513,093)	$ (3,543,950)	$ (7,991,736)	$ (84,959,446)

- Definition

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

+ References

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-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Going Concern and Management’s Plans (Details Narrative) - USD ($)		3 Months Ended						9 Months Ended
	Oct. 01, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Subsequent Event [Line Items]
Cash		$ 122,921						$ 122,921		$ 3,137,674
Working capital deficit		11,200,000						11,200,000
Net loss		2,401,256	$ 2,763,743	$ 2,826,737	$ 2,902,403	$ 78,513,093	$ 3,543,950	7,991,736	$ 84,959,446
Net cash used In operating activities								(6,335,089)	$ (5,933,467)
Accumulated deficit		$ 111,210,860						$ 111,210,860		$ 103,219,124
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Issuance of Common Stock	$ 3,100,000

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

- Definition

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

+ References

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share

The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to do so would be anti-dilutive:

	2024		2023
	As of September 30,
	2024		2023
Warrants ^[1]		928,593		103,929
Options		9,639		10,170
Series A Convertible Preferred Stock		72		72
Series B Convertible Preferred Stock		2,067		2,067
Total potentially dilutive shares		940,371		116,239

[1]	As part of the InflamaCORE, LLC license agreement, warrants to purchase 342 shares of common stock are to be issued upon the satisfaction of certain milestones and, accordingly, are not included in the amount currently reported.

Schedule of Income Taxes Expense Effective Tax Rate (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax (expense) benefit		$ 485	$ (9,707)	$ 8,859,762
Effective tax rate			(0.12%)	9.44%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
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-Section 50
-Paragraph 1
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-Publisher FASB
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+ Details

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)

Preferred Stock [Member]

Series A Preferred Stock [Member]

Preferred Stock [Member]

Series B Preferred Stock [Member]

Common Stock [Member]

Treasury Stock, Common [Member]

AOCI Attributable to Parent [Member]

Retained Earnings [Member]

Total

Balance at Dec. 31, 2022

$ 1

$ 3

$ 104,584,170

$ (4,921,178)

$ 99,662,997

Balance, shares at Dec. 31, 2022

8,635

5,062

25,760

Issuance of common stock pursuant to vendor agreements

395,200

Issuance of common stock pursuant to vendor agreements, shares

371

Stock-based compensation

287,461

Net loss

(3,543,950)

Reclassification of formerly redeemable common stock

331,331

Reclassification of formerly redeemable common stock, shares

188

Registration costs associated with preferred stock issuance

(34,674)

Balance at Mar. 31, 2023

$ 1

$ 3

105,563,488

(8,465,128)

97,098,365

Balance, shares at Mar. 31, 2023

8,635

5,062

26,319

Balance at Dec. 31, 2022

$ 1

$ 3

104,584,170

(4,921,178)

99,662,997

Balance, shares at Dec. 31, 2022

8,635

5,062

25,760

Net loss

(84,959,446)

Balance at Sep. 30, 2023

$ 1

$ 13

$ (7,168)

109,591,437

(89,880,624)

19,703,659

Balance, shares at Sep. 30, 2023

5,062

124,336

(7)

Balance at Mar. 31, 2023

$ 1

$ 3

105,563,488

(8,465,128)

97,098,365

Balance, shares at Mar. 31, 2023

8,635

5,062

26,319

Issuance of common stock pursuant to vendor agreements

210,000

Issuance of common stock pursuant to vendor agreements, shares

1,086

Stock-based compensation

365,742

Net loss

(78,513,093)

Registered offering of common stock

^[1]

$ 3

9,831,016

9,831,019

Registered offering of common stock , shares

^[1]

31,473

Redemption of Series A Preferred Stock

$ (1)

(10,080,000)

(10,080,001)

Redemption of Series A Preferred Stock, shares

(8,400)

Conversion of Series A Preferred Stock into common stock

Conversion of series A preferred stock into common stock , shares

(35)

Shares issued as consideration for extension of lock-up period

$ 1

1,156,777

1,156,778

Shares issued as consideration for extension of lock-up period, shares

8,698

Treasury stock acquired, at cost

$ (7,168)

(7,168)

Treasury stock acquired, at cost, shares

(7)

Balance at Jun. 30, 2023

$ 1

$ 7

$ (7,168)

107,047,023

(86,978,221)

20,061,642

Balance, shares at Jun. 30, 2023

200

5,062

67,626

(7)

Exercise of pre-funded warrants

$ 3

944

947

Exercise of pre-funded warrants, shares

27,061

Stock-based compensation

243,045

Net loss

(2,902,403)

Warrant inducement offer - exercise proceeds

^[2]

$ 2

757,645

757,647

Warrant inducement offer - exercise proceeds, shares

^[2]

20,346

Warrant modification

181,891

Registered offering of common stock

^[3]

$ 1

1,575,937

1,575,938

Registered offering of common stock , shares

^[3]

9,303

Redemption of Series A Preferred Stock

(215,048)

Redemption of Series A Preferred Stock, shares

(150)

Balance at Sep. 30, 2023

$ 1

$ 13

$ (7,168)

109,591,437

(89,880,624)

19,703,659

Balance, shares at Sep. 30, 2023

5,062

124,336

(7)

Balance at Dec. 31, 2023

$ 1

$ 40

$ (7,168)

114,300,849

(103,219,124)

11,074,598

Balance, shares at Dec. 31, 2023

5,062

405,212

(7)

Exercise of warrants

$ 21

2,672,479

2,672,500

Exercise of warrants, shares

213,800

Exercise of pre-funded warrants

$ 13

(13)

Exercise of pre-funded warrants, shares

131,481

Issuance of common stock pursuant to vendor agreements

$ 1

79,199

79,200

Issuance of common stock pursuant to vendor agreements, shares

9,000

Round up share adjustment due to reverse split

$ 8

(8)

Round up share adjustment due to reverse split, shares

75,410

Stock-based compensation

223,573

Net loss

(2,826,737)

Balance at Mar. 31, 2024

$ 1

$ 83

$ (7,168)

117,276,079

(106,045,861)

11,223,134

Balance, shares at Mar. 31, 2024

5,062

834,903

(7)

Balance at Dec. 31, 2023

$ 1

$ 40

$ (7,168)

114,300,849

(103,219,124)

11,074,598

Balance, shares at Dec. 31, 2023

5,062

405,212

(7)

Net loss

(7,991,736)

Balance at Sep. 30, 2024

$ 1

$ 107

$ (7,168)

118,245,220

(111,210,860)

7,027,300

Balance, shares at Sep. 30, 2024

5,062

1,074,203

(7)

Balance at Mar. 31, 2024

$ 1

$ 83

$ (7,168)

117,276,079

(106,045,861)

11,223,134

Balance, shares at Mar. 31, 2024

5,062

834,903

(7)

Stock-based compensation

160,664

Net loss

(2,763,743)

Balance at Jun. 30, 2024

$ 1

$ 83

$ (7,168)

117,436,743

(108,809,604)

8,620,055

Balance, shares at Jun. 30, 2024

5,062

834,903

(7)

Stock-based compensation

160,665

Net loss

(2,401,256)

Warrant inducement offer - exercise proceeds

^[4]

$ 24

400,900

400,924

Warrant inducement offer - exercise proceeds, shares

^[4]

239,300

Warrant modification

246,912

Balance at Sep. 30, 2024

$ 1

$ 107

$ (7,168)

$ 118,245,220

$ (111,210,860)

$ 7,027,300

Balance, shares at Sep. 30, 2024

5,062

1,074,203

(7)

[1]	Includes gross proceeds of $11,015,500 less issuance costs of $1,184,481
[2]	Includes gross proceeds of $966,349 less issuance costs of $208,703
[3]	Includes gross proceeds of $2,099,053 less issuance costs of $523,115
[4]	Includes gross proceeds of $827,978 less issuance costs of $427,054

Business Organization, Nature of Operations and Basis of Presentation

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business Organization, Nature of Operations and Basis of Presentation

Note 1 – Business Organization, Nature of Operations and Basis of Presentation

Organization and Operations

ZyVersa Therapeutics, Inc. (“ZyVersa” and the “Company”) is a clinical stage biopharmaceutical company leveraging proprietary technologies to develop first-in-class drugs for patients with chronic renal or inflammatory diseases with high unmet medical needs. The Company’s mission is to develop drugs that optimize health outcomes and improve patients’ quality of life.

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements of the Company as of September 30, 2024 and for the three and nine months ended September 30, 2024 and 2023. The results of operations for the nine months ended September 30, 2024 are not necessarily indicative of the operating results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) on March 25, 2024 and as amended on May 15, 2024.

On December 4, 2023, the Company effected a reverse stock split of its common stock at a ratio of 1-for-35 (the “2023 Reverse Split”). Upon the effectiveness of the 2023 Reverse Split, every 35 issued shares of common stock were reclassified and combined into one share of common stock. In addition, the number of shares of common stock issuable upon the exercise of the Company’s equity awards, convertible securities and warrants was proportionally decreased, and the corresponding conversion price or exercise price was proportionally increased. No fractional shares were issued as a result of the 2023 Reverse Split.

On April 25, 2024, the Company effected a reverse stock split of its common stock at a ratio of 1-for-10 (the “2024 Reverse Split”). Upon the effectiveness of the 2024 Reverse Split, every 10 issued shares of common stock were reclassified and combined into one share of common stock. In addition, the number of shares of common stock issuable upon the exercise of the Company’s equity awards, convertible securities and warrants was proportionally decreased, and the corresponding conversion price or exercise price was proportionally increased. No fractional shares were issued as a result of the 2024 Reverse Split.

Accordingly, all share and per share amounts for all periods presented in these financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the 2023 Reverse Split and the 2024 Reverse Split and adjustment of the conversion price or exercise price of each outstanding equity award, convertible security and warrant as if the transaction had occurred as of the beginning of the earliest period presented. See Note 7 – Stockholders’ Permanent and Temporary Equity – Reverse Stock Split.

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 8 – Subsequent Events

At-The-Market Offering

Subsequent to September 30, 2024, the Company received approximately $1.39 million in gross proceeds from the sale of 564,495 shares of its common stock pursuant to its ATM Agreement with A.G.P. for its “at-the-market” facility.

Common Stock

Subsequent to September 30, 2024, the Company entered into marketing agreements with two vendors, pursuant to which the Company issued an aggregate of 51,000 shares of common stock in exchange for marketing services. The fair value of the common stock was established as a prepaid expense and the Company is recognizing $47,670 of the expense over the six month term of one of the contracts and $69,000 of the expense over the three month term of the other contract.

Stock Warrants

On November 5, 2024, the Company initiated a limited time program, which was immediately accepted by warrant holders, that permitted the holders to exercise 339,900 of its December 2023 and 478,600 of its August 2024 Common Stock Purchase warrants at a reduced exercise price of $2.06 per share from $12.50 and $3.46 per share, respectively. New warrants were granted to purchase 1,637,000 shares of common stock at an exercise price of $2.06 per share with an exercise term of 5 years from stockholder approval.

Under the program, the warrant holders submitted exercise notices and the related aggregate cash exercise price to purchase an aggregate of 818,500 shares of common stock on November 5, 2024 for gross proceeds of $1,686,110. However, due to beneficial ownership limitations, only 654,500 of the 818,500 shares of common stock have been issued through the filing date. The remaining 164,000 unissued shares of common stock are held in abeyance pending availability under the beneficial ownership limitations. Issuance costs include financial advisor fees of $110,000 and reimbursement to the financial advisor for non-accountable fees of $10,000.

Going Concern and Management’s Plans

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern and Management’s Plans

Note 2 - Going Concern and Management’s Plans

The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of asset amounts or the classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

As of September 30, 2024, the Company had cash of approximately $0.1 million and a working capital deficit of approximately $11.2 million. During the nine months ended September 30, 2024, the Company incurred a net loss of approximately $8.0 million and used cash in operations of approximately $6.3 million. The Company has an accumulated deficit of approximately $111.2 million as of September 30, 2024.

The Company has not yet achieved profitability and expects to continue to incur cash outflows from operations. It is expected that its research and development and general and administrative expenses will continue to increase and, as a result, the Company will eventually need to generate significant product revenues to achieve profitability.

Consequently, the Company will be required to raise additional funds through equity or debt financing. Subsequent to September 30, 2024, the Company raised an aggregate of $3.1 million from stock warrant exercises and its “at-the-market” facility. See Note 8 – Subsequent Events for additional details. Management believes that the Company has access to capital resources and continues to evaluate additional financing opportunities; however, there can be no assurance that it will be successful in securing additional capital or that the Company will be able to obtain funds on commercially acceptable terms, if at all. There is also no assurance that the amount of funds the Company might raise will enable the Company to complete its development initiatives or attain profitable operations. The aforementioned conditions raise substantial doubt about the Company’s ability to continue as a going concern for at least one year from the issuance date of these financial statements.

ZYVERSA THERAPEUTICS, INC.

Notes to Condensed Consolidated Financial Statements