Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Operating activities    
Net loss $ (14,786,063) $ (2,847,894)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,531,876 573,695
Non-cash consulting fees 60,391 148,795
Non-cash interest 0 17,260
Non-cash PPP loan forgiveness (27,550) 0
Warrant expense 688,784 1,443,426
Changes in operating assets and liabilities:    
Accounts receivable (110,141) 0
Prepaid expenses and other assets (1,447,888) (37,913)
Prepaid research and development 667,356 0
Accounts payable (630,902) (247,071)
Accrued expenses and other current liabilities 2,082,827 (1,076,758)
Deferred revenue (2,325,741) 897,105
Net cash used in operating activities (14,297,051) (1,129,355)
Financing activities    
Proceeds from notes payable 0 272,800
Proceeds from issuance of common stock 0 4,870
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
Proceeds from issuance of common stock upon initial public offering, net of issuance costs 41,135,357 14,786,741
Repayments of note payable (42,534) 0
Net cash provided by (used in) financing activities 41,093,671 15,064,411
Net increase (decrease) in cash 26,796,620 13,935,056
Cash at beginning of year 13,953,513 18,457
Cash at end of year 40,750,133 13,953,513
Supplemental disclosures of cash flow information    
Cash paid for interest 1,148 6,249
Non-cash financing activities    
Notes payable settled with common stock 0 505,230
Notes payable settled with new notes payable $ 0 $ 42,534