Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows

v3.22.2
Condensed Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net loss $ (9,280,540) $ (5,273,247)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 255,996 913,607
Non-cash consulting fees 67,000 60,391
Non-cash PPP loan forgiveness 0 (27,550)
Warrant expense 0 477,183
Changes in operating assets and liabilities:    
Grants receivable 103,589 (586,581)
Prepaid expenses and other assets 691,243 (779,126)
Prepaid research and development (812,053) (184,423)
Accounts payable (229,334) (837,705)
Accrued expenses and other current liabilities 890,416 239,837
Deferred revenue 23,684 (2,183,122)
Net cash used in operating activities (8,289,999) (8,180,736)
Investing activities    
Purchases of equipment and improvements 43,089 0
Net cash used in investing activities (43,089) 0
Financing activities    
Proceeds from issuance of common stock 0 41,149,608
Issuance of common stock from exercise of stock options 44,142 34,357
Payment of employee taxes in connection with stock option exercise 0 (77,652)
Repayments of note payable (248,911) (42,534)
Net cash (used in) provided by financing activities (204,769) 41,063,779
Net (decrease) increase in cash (8,537,857) 32,883,043
Cash and cash equivalents at beginning of period 40,750,133 13,953,513
Cash and cash equivalents at end of period 32,212,276 46,836,556
Supplemental disclosures of cash flow information    
Cash paid for interest 973 19,608
Non-cash financing activities    
PPP loan forgiveness $ 0 $ 27,550