v3.21.1
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (4,956,320) $ (5,045,898)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 58,647 57,622
Stock based compensation expense 1,101,214 1,447,178
Amortization of operating lease right-of-use assets 126,896 117,909
Amortization of finance lease right-of-use assets 12,014 22,922
Amortization of bond discount 54,251
Changes in operating assets and liabilities:    
Operating lease liabilities (116,281) (99,214)
Prepaid expenses and other current assets 386,346 (680,642)
Accounts payable 71,704 274,016
Accrued expenses and other liabilities (1,389,584) (758,439)
Net cash used in operating activities (4,651,113) (4,664,546)
Cash flows from investing activities:    
Purchase of marketable securities (4,083,141) (61,211,960)
Proceeds from sales of marketable securities 12,900,000 6,250,000
Purchases of leasehold improvements and equipment (5,749)
Net cash provided by/(used in) investing activities 8,816,859 (54,967,709)
Cash flows from financing activities:    
Net proceeds from public offering of common stock 5,580,472 46,619,210
Proceeds from exercise of warrants 797,581
Proceeds from exercise of options 1,212,027 42,500
Payments of capital lease liability - principal (7,983) (19,947)
Net cash provided by financing activities 6,784,516 47,439,344
Net increase/(decrease) in cash, cash equivalents and restricted cash 10,950,262 (12,192,911)
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 23,718,743 10,563,527
Supplemental non-cash financing and investing activities:    
Unrealized (loss)/gains on securities for sale (91,766) 523,246
Preferred stock conversion into common stock - Series B 124,529 21,771
Unearned restricted stock grants 48,301 151,253
Cashless exercise of warrants 165,008
Deferred financing costs included in accrued expenses and other liabilities $ 75,000

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