Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows

v3.21.2
Condensed Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities    
Net loss $ (9,744,444) $ (1,639,908)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,266,026 419,275
Non-cash consulting fees 60,391 112,500
Non-cash PPP loan forgiveness (27,550) 0
Warrant expense 658,945 516,923
Changes in operating assets and liabilities:    
Grants receivable (217,482) 0
Prepaid expenses and other assets (486,551) 3,218
Prepaid research and development 509,975 0
Accounts payable (1,166,879) 1,046,755
Accrued expenses and other current liabilities 1,272,076 (1,171,508)
Deferred revenue (2,325,741) 529,918
Net cash used in operating activities (10,201,234) (182,827)
Financing activities    
Proceeds from notes payable 0 272,800
Proceeds from issuance of common stock 41,135,357 4,870
Deferred initial public offering costs 0 (97,132)
Issuance of common stock from exercise of stock options 78,500 0
Payment of employee taxes in connection with stock option exercise (77,652) 0
Repayments of note payable (42,534) 0
Net cash provided by financing activities 41,093,671 180,538
Net increase (decrease) in cash 30,892,437 (2,289)
Cash at beginning of period 13,953,513 18,457
Cash at end of period 44,845,950 16,168
Supplemental disclosures of cash flow information    
Cash paid for interest 19,608 4,520
Non-cash financing activities    
Notes payable settled with new notes payable 0 42,534
Notes payable settled with common stock 0 63,800
PPP loan forgiveness 27,550 0
Accrued deferred initial public offering costs $ 0 $ 1,334,331