v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (17,362,449) $ (16,583,975)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 244,024 179,421
Stock based compensation expense 3,887,682 3,217,497
Amortization of operating lease right-of-use assets 412,909 367,661
Amortization of finance lease right-of-use assets 15,244 29,300
Amortization of bond discount 157,553 172,227
Stock issued pursuant to license agreement amendment 291,200
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 (390,945) (335,833)
Prepaid expenses and other current assets (2,676,332) 77,333
Accounts payable (281,553) 312,057
Accrued expenses and other liabilities 846,044 98,574
Net cash used in operating activities (14,856,622) (11,265,738)
Cash flows from investing activities:    
Purchase of marketable debt securities (9,480,588) (17,787,465)
Proceeds from sales of marketable debt securities 15,250,000 34,725,000
Purchases of leasehold improvements and equipment (850,399) (224,188)
Net cash provided by investing activities 4,919,013 16,713,347
Cash flows from financing activities:    
Net proceeds from public offering of common stock 5,580,471
Proceeds from exercise of options 99,441 1,400,658
Payments of finance lease liability – principal (15,800) (24,459)
Net cash provided by financing activities 83,641 6,956,670
Net (decrease)/increase in cash, cash equivalents and restricted cash (9,853,968) 12,404,279
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 11,425,838 25,172,760
Supplemental non-cash financing and investing activities:    
Unrealized loss on securities for sale (790,069) (229,766)
Preferred stock conversion into common stock - Series B 3,797,705
Unearned restricted stock grants 7,189
Stock dividends issued 843,600
Right of use asset in exchange from liabilities from operating lease (63,964) 1,443,610
Cashless exercise of warrants $ 12

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