v3.21.2
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (16,583,975) $ (16,105,958)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 179,421 173,246
Stock based compensation expense 3,217,497 3,344,577
Amortization of operating lease right-of-use assets 367,661 360,071
Amortization of finance lease right-of-use assets 29,300 50,319
Amortization of bond discount 172,227
Stock issued pursuant to the Aquarius Merger Agreement charged to Research and Development 1,200,000
Changes in operating assets and liabilities:    
Operating lease liabilities (335,833) (309,860)
Prepaid expenses and other current assets 77,333 (406,869)
Accounts payable 312,057 (306,244)
Accrued expenses and other liabilities 98,574 140,592
Net cash used in operating activities (11,265,738) (13,060,126)
Cash flows from investing activities:    
Purchase of marketable securities (17,787,465) (74,200,602)
Proceeds from sales of marketable securities 34,725,000 24,450,000
Purchases of leasehold improvements and equipment (224,188) (5,749)
Net cash provided by/(used in) investing activities 16,713,347 (49,756,351)
Cash flows from financing activities:    
Net proceeds from public offering of common stock 5,580,471 46,639,210
Proceeds from exercise of warrants 797,581
Proceeds from exercise of options 1,400,658 107,327
Payments of capital lease liability - principal (24,459) (46,854)
Net cash provided by financing activities 6,956,670 47,497,264
Net increase/(decrease) in cash, cash equivalents and restricted cash 12,404,279 (15,319,213)
Cash, cash equivalents and restricted cash at beginning of period 12,768,481 22,756,438
Cash, cash equivalents and restricted cash at end of period 25,172,760 7,437,225
Supplemental non-cash financing and investing activities:    
Unrealized (loss)/gains on securities for sale (229,766) 364,425
Preferred stock conversion into common stock - Series B 3,797,705 21,771
Unearned restricted stock grants 7,189
Cashless exercise of warrants 12 441,189
Stock dividends issued 843,600 682,800
Right of use asset in exchange from liabilities from operation lease $ 1,443,610

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