Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (10,255,744) $ (9,280,540)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 164,247 0
Stock-based compensation expense 248,118 255,996
Noncash consulting fees 0 67,000
Changes in operating assets and liabilities:    
Accounts receivable (39,721) 103,589
Operating lease right of use assets 51,551 0
Prepaid expenses and other current assets (380,471) 691,243
Prepaid research and development 692,387 (812,053)
Accounts payable (397,027) (229,334)
Operating lease liabilities (53,350) 0
Accrued expenses and other current liabilities (567,509) 890,416
Deferred revenue 0 23,684
Net cash used in operating activities (10,537,519) (8,289,999)
Cash flows from investing activities    
Purchases of equipment and improvements (14,238) (43,089)
Purchases of investments - marketable securities (18,681,260) 0
Maturities of investments - marketable securities 15,406,535 0
Net cash used in investing activities (3,288,963) (43,089)
Cash flows from financing activities    
Issuance of common stock from exercise of stock options 0 44,142
Proceeds from issuance of common stock, pre-funded warrants and warrants, net of issuance costs 8,543,037 0
Repayments of notes payable 0 (248,911)
Net cash provided by/(used in) financing activities 8,543,037 (204,769)
Net decrease in cash and cash equivalents (5,283,445) (8,537,857)
Cash and cash equivalents at beginning of period 7,188,553 40,750,133
Cash and cash equivalents at end of period 1,905,108 32,212,276
Supplemental disclosures of cash flow information    
Cash paid for interest 0 973
Issuance costs $ 1,456,479 $ 0