Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net loss $ (14,850,943) $ (13,775,103)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 170,830 1,681
Stock-based compensation expense 377,899 357,784
Non-cash consulting and marketing fees 17,280 67,000
Non-cash lease expense 0 20,818
Changes in operating assets and liabilities:    
Accounts receivable 39,881 96,299
Operating lease right of use assets 78,553 0
Prepaid expenses and other assets (208,086) 996,801
Prepaid research and development 770,051 (825,419)
Accounts payable (416,612) (308,555)
Operating lease liabilities (81,244) 0
Accrued expenses and other current liabilities (540,221) (449,718)
Deferred revenue 0 23,683
Net cash used in operating activities (14,642,612) (13,794,729)
Cash flows from investing activities    
Purchases of equipment and improvements (14,238) (243,255)
Purchases of investments - marketable securities (20,629,391) (20,725,462)
Maturities of investments - marketable securities 34,415,890 0
Net cash provided by / (used in) investing activities 13,772,261 (20,968,717)
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 8,543,107 0
Repayments of notes payable 0 (248,911)
Net cash provided by/(used in) financing activities 8,543,107 (204,769)
Net increase / (decrease) in cash and cash equivalents 7,672,756 (34,968,215)
Cash and cash equivalents at beginning of period 7,188,553 40,750,133
Cash and cash equivalents at end of period 14,861,309 5,781,918
Supplemental disclosures of cash flow information    
Cash paid for interest 0 973
Issuance costs $ 1,456,479 $ 0