v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (11,900,857) $ (9,747,425)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 154,804 117,202
Stock based compensation expense 2,474,612 2,156,941
Amortization of operating lease right-of-use assets 274,733 242,485
Amortization of finance lease right-of-use assets 11,854 20,656
Amortization of bond discount 109,574 108,562
Stock issued pursuant to license agreement amendment 291,200
Changes in operating assets and liabilities:    
Operating lease liabilities (256,149) (220,822)
Prepaid expenses and other current assets (2,050,072) 1,738,706
Accounts payable (441,119) 100,520
Accrued expenses and other liabilities 1,443,508 (32,593)
Net cash used in operating activities (9,887,912) (5,515,768)
Cash flows from investing activities:    
Purchase of marketable securities (9,480,588) (7,129,348)
Proceeds from sales of marketable securities 9,250,000 23,600,000
Purchases of leasehold improvements and equipment (600,051)
Net cash (used in) provided by investing activities (830,639) 16,470,652
Cash flows from financing activities:    
Net proceeds from public offering of common stock 5,580,472
Proceeds from exercise of options 99,441 1,400,658
Payments of capital lease liability – principal (12,152) (16,135)
Net cash provided by financing activities 87,289 6,964,994
Net (decrease)/increase in cash, cash equivalents and restricted cash (10,631,262) 17,919,878
Cash, cash equivalents and restricted cash at beginning of period 21,279,806 12,768,481
Cash, cash equivalents and restricted cash at end of period 10,648,544 30,688,359
Supplemental non-cash financing and investing activities:    
Unrealized loss on securities for sale (608,917) (176,929)
Preferred stock conversion into common stock - Series B 3,797,705
Unearned restricted stock grants 27,858
Stock dividends issued $ 843,600

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