Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

v3.21.2
Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (12,683,467) $ (11,557,011)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 107,735 121,053
Stock-based compensation 1,959,837 1,906,457
Equity modification expense 2,290,688
Amortization of debt discount 27,513 224,095
Amortization of debt issuance costs 1,220 11,165
Discount on investments (2,501) 2,707
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (396,615) (259,443)
Accounts payable 579,329 28,208
Accrued liabilities (986,129) 122,570
Accrued payroll and other compensation (340,345) (323,840)
Net cash used in operating activities (11,733,423) (7,433,351)
Cash flows from investing activities:    
Purchases of property and equipment (6,398) (28,969)
Patent costs (2,359)
Payment for security deposit (2,217) (3,161)
Purchases of investments (22,345,994) (9,117,669)
Proceeds from redemptions of investments 34,634,000 249,000
Net cash provided by (used in) investing activities 12,277,032 (8,900,799)
Cash flows from financing activities:    
Proceeds from ESPP plan 16,814
Proceeds from public offering, net 13,655,531
Proceeds from the At-the-Market Offering, net 2,884,786 4,308,352
Proceeds from exercise of warrants 2,089,476 45,000
Repayment of promissory notes (365,000)
Proceeds from exercise of employee stock options 1,116,147 252,385
Net cash provided by financing activities 5,742,223 18,261,268
Net increase in cash and cash equivalents 6,285,832 1,927,118
Cash and cash equivalents at beginning of period 2,894,575 12,563,853
Cash and cash equivalents at end of period 9,180,407 14,490,971
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 1,332 1,300
Cash paid for interest $ 89,908