Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating activities    
Net loss $ (19,028,883) $ (18,054,155)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 177,398 6,723
Stock-based compensation expense 500,148 458,147
Non-cash consulting and marketing fees 31,536 67,000
Changes in operating assets and liabilities:    
Accounts receivable 39,881 70,258
Operating lease right of use assets 106,416 38,055
Prepaid expenses and other assets (55,387) 1,339,273
Prepaid research and development 897,803 (1,010,616)
Accounts payable (504,406) 61,395
Operating lease liabilities (111,068) (9,859)
Accrued expenses and other current liabilities (138,481) (317,324)
Net cash used in operating activities (18,085,043) (17,351,103)
Investing activities    
Purchases of equipment and improvements (14,238) (243,255)
Purchases of investments - marketable securities (29,426,101) (20,725,462)
Maturities of investments - marketable securities 41,097,005 4,963,009
Net cash provided by (used in) investing activities 11,656,666 (16,005,708)
Financing activities    
Issuance of common stock from exercise of stock options 0 44,142
Deferred offering costs (138,556) 0
Proceeds from issuance of common stock, pre-funded warrants and warrants, net of issuance costs 8,543,559 0
Repayments of note payable 0 (248,911)
Net cash provided by (used in) financing activities 8,405,003 (204,769)
Net increase (decrease) in cash and cash equivalents 1,976,626 (33,561,580)
Cash and cash equivalents at beginning of year 7,188,553 40,750,133
Cash and cash equivalents at end of year 9,165,179 7,188,553
Supplemental disclosures of cash flow information    
Cash paid for interest 0 973
Insurance premium financing 381,784 0
Issuance Costs 1,456,479  
Cash paid for amounts included in the measurement of operating lease liabilities $ 0 $ 5,553