Note 2 – Liquidity and Management's Plans

As of September 30, 2020, the Company had cash, cash equivalents and investments totaling $23,356,933. The Company maintains its cash in a checking and savings account on deposit with a banking institution in the United States.

As of September 30, 2020, the Company had working capital and stockholders' equity of $21,641,092 and $19,038,228, respectively. During the nine months ended September 30, 2020, the Company incurred a net loss of $11,557,011 and $7,433,351 of cash was used in its operating activities.

On May 27, 2020, the Company entered into an At-the-Market Offering Sales Agreement ("ATM") with Virtu Americas, LLC, as sales agent, pursuant to which the Company could sell shares of its common stock with an aggregate offering price of up to $20,000,000. As of September 30, 2020, the Company had sold 2,350,067 shares of its common stock under the ATM program for proceeds of $4,308,352, net of commissions and professional fees of $214,456.

In August 2020, the Company completed an underwritten public offering of its securities (the "Public Offering") pursuant to which it sold 12,300,000 shares of its common stock and warrants to purchase 10,608,750 shares of common stock for proceeds of $13,655,531, net of commissions and professional fees of $1,368,919. The warrants issued in the Public Offering were immediately exercisable and have a term of five years and a per share exercise price of $1.44.

Based on the cash and investments on hand as of September 30, 2020, current budget assumptions and projected cash burn, the Company believes that it has sufficient capital to meet its operating expenses and obligations for the next twelve months from the date of this filing. However, if unanticipated difficulties or circumstances arise, the Company may be forced to raise additional capital sooner to support its operations as currently planned. If the Company is unable to raise additional capital whenever necessary, it may be forced to decelerate or curtail its research and development activities and/or other operations until such time as additional capital becomes available. Such limitation of the Company's activities would allow the Company to slow its rate of spending and extend its use of cash until additional capital is raised. There can be no assurance that such a plan would be successful. There is no assurance that additional financing will be available when needed or that the Company will be able to obtain such financing on reasonable terms.