Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.22.2.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net loss $ (13,775,103) $ (9,744,444)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 1,681 0
Stock-based compensation expense 357,784 1,266,026
Noncash lease expense 20,818 0
Noncash consulting fees 67,000 60,391
Noncash PPP loan forgiveness 0 (27,550)
Warrant expense 0 658,945
Changes in operating assets and liabilities:    
Grants receivable 96,299 (217,482)
Prepaid expenses and other current assets 996,801 (486,551)
Prepaid research and development (825,419) 509,975
Accounts payable (308,555) (1,166,879)
Accrued expenses and other current liabilities (449,718) 1,272,076
Deferred revenue 23,683 (2,325,741)
Net cash used in operating activities (13,794,729) (10,201,234)
Investing activities    
Purchases of investments - marketable securities (20,725,462) 0
Purchases of equipment and improvements (243,255) 0
Net cash used in investing activities (20,968,717) 0
Financing activities    
Proceeds from issuance of common stock 0 41,135,357
Issuance of common stock from exercise of stock options 44,142 78,500
Payment of employee taxes in connection with stock option exercise 0 (77,652)
Repayments of notes payable (248,911) (42,534)
Net cash (used in) provided by financing activities (204,769) 41,093,671
Net (decrease) increase in cash and cash equivalents (34,968,215) 30,892,437
Cash and cash equivalents at beginning of period 40,750,133 13,953,513
Cash and cash equivalents at end of period 5,781,918 44,845,950
Supplemental disclosures of cash flow information    
Cash paid for interest 973 19,608
Non-cash financing activities    
PPP loan forgiveness $ 0 $ 27,550