v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (5,978,273) $ (4,956,320)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 68,965 58,647
Stock based compensation expense 1,259,964 1,101,214
Amortization of operating lease right-of-use assets 136,127 126,896
Amortization of finance lease right-of-use assets 6,435 12,014
Amortization of bond discount 60,892 54,251
Stock issued pursuant to license agreement amendment 291,200
Changes in operating assets and liabilities:    
Operating lease liabilities (126,835) (116,281)
Prepaid expenses and other current assets 122,355 386,346
Accounts payable 413,635 71,704
Accrued expenses and other liabilities (1,010,140) (1,389,584)
Net cash used in operating activities (4,755,675) (4,651,113)
Cash flows from investing activities:    
Purchase of marketable securities (2,494,352) (4,083,141)
Proceeds from sales of marketable securities 6,000,000 12,900,000
Purchases of leasehold improvements and equipment (544,559)
Net cash provided by investing activities 2,961,089 8,816,859
Cash flows from financing activities:    
Net proceeds from public offering of common stock 5,580,472
Proceeds from exercise of options 99,441 1,212,027
Payments of capital lease liability - principal (6,526) (7,983)
Net cash provided by financing activities 92,915 6,784,516
Net (decrease)/increase in cash, cash equivalents and restricted cash (1,701,671) 10,950,262
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 19,578,135 23,718,743
Supplemental non-cash financing and investing activities:    
Unrealized loss on securities for sale (483,675) (91,766)
Preferred stock conversion into common stock - Series B 124,529
Unearned restricted stock grants $ 48,301

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