Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.22.2.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (8,378,649) $ (12,683,467)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 86,759 107,735
Stock-based compensation 1,281,441 1,959,837
Amortization of debt discount 8,350 27,513
Amortization of debt issuance costs 373 1,220
Discount on investments 40,746 (2,501)
Changes in operating assets and liabilities:    
Vendor receivable 173,499
Prepaid expenses and other current assets (155,979) (396,615)
Accounts payable (114,676) 579,329
Accrued liabilities (103,533) (986,129)
Accrued payroll and other compensation (557,619) (340,345)
Net cash used in operating activities (7,719,288) (11,733,423)
Cash flows from investing activities:    
Purchases of property and equipment (6,398)
Patent costs   (2,359)
Payment for security deposit (6,976) (2,217)
Purchases of investments (46,810,000) (22,345,994)
Proceeds from redemptions of investments 53,895,000 34,634,000
Net cash provided by investing activities 7,078,024 12,277,032
Cash flows from financing activities:    
Proceeds from ESPP plan 25,025 16,814
Proceeds from the At-the-Market Offering, net 210,541 2,884,786
Proceeds from exercise of warrants 2,089,476
Repayment of promissory notes (375,000) (365,000)
Proceeds from exercise of employee stock options 1,116,147
Reverse Stock Split Fractional Share Payout (68)
Net cash (used in) provided by financing activities (139,502) 5,742,223
Net decrease in cash and cash equivalents (780,766) 6,285,832
Cash and cash equivalents at beginning of period 4,992,145 2,894,575
Cash and cash equivalents at end of period 4,211,379 9,180,407
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 1,332
Cash paid for interest $ 114,411 $ 89,908