Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating activities    
Net loss $ (18,054,155) $ (14,786,063)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 6,723 0
Stock-based compensation expense 458,147 1,531,876
Non-cash consulting fees 67,000 60,391
Non-cash PPP loan forgiveness 0 (27,550)
Warrant expense 0 688,784
Changes in operating assets and liabilities:    
Accounts receivable 70,258 (110,141)
Operating lease right of use assets 38,055  
Prepaid expenses and other assets 1,339,273 (1,447,888)
Prepaid research and development (1,010,616) 667,356
Accounts payable 61,395 (630,902)
Operating lease liabilities (9,859)  
Accrued expenses and other current liabilities (317,324) 2,082,827
Deferred revenue 0 (2,325,741)
Net cash used in operating activities (17,351,103) (14,297,051)
Investing activities    
Purchases of investments - marketable securities (20,725,462) 0
Maturities of Investments - Marketable Securitie 4,963,009 0
Purchases of equipment and improvements (243,255) 0
Net cash used in investing activities (16,005,708) 0
Financing activities    
Issuance of common stock from exercise of stock options 44,142 78,500
Payment of employee taxes in connection with stock option exercise 0 (77,652)
Proceeds from issuance of common stock from public offerings, net of issuance costs 0 41,135,357
Repayments of note payable (248,911) (42,534)
Net cash (used in)/provided by financing activities (204,769) 41,093,671
Net (decrease)/increase in cash and cash equivalents (33,561,580) 26,796,620
Cash and cash equivalents at beginning of year 40,750,133 13,953,513
Cash and cash equivalents at end of year 7,188,553 40,750,133
Supplemental disclosures of cash flow information    
Cash paid for interest 973 1,148
PPP loans forgiveness 0 27,550
Cash paid for amounts included in the measurement of operating lease liabilities $ 5,553 $ 0