v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (11,775,613) $ (10,878,841)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 10,640 7,321
Non-cash lease adjustments 119,886 108,451
Stock-based compensation 916,675 857,650
Amortization (accretion) of investment premiums (discount) (115,395) 87,211
Foreign currency remeasurement loss 129,686 158,703
Realized loss on redemptions of marketable securities 76,820 76,326
Unrealized loss on investment securities 17,300 476,751
Changes in assets and liabilities:    
Prepaid expenses and other current assets 442,076 (1,759,848)
Accounts payable and accrued expenses (656,096) 885,998
Operating lease liabilities (119,197) (118,351)
Other assets (7,980)
Net cash flows used in operating activities (10,961,198) (10,098,629)
INVESTING ACTIVITIES    
Purchase of property and equipment (13,653) (20,889)
Purchases of marketable securities (6,640,738) (3,322,386)
Redemptions of marketable securities 5,468,000 2,919,682
Net cash flows used in investing activities (1,186,391) (423,593)
FINANCING ACTIVITIES    
Repurchase of shares including commissions (2,482,286)
Proceeds from stock option and warrant exercises 299,788
Net cash flows used in financing activities (2,182,498)
Effect of foreign exchange rates on cash (23,649) (20,508)
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FOR THE PERIOD (12,171,238) (12,725,228)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 37,742,966 52,524,295
CASH, CASH EQUIVALENTS AND RESTRICTED CASH 25,571,728 39,799,067
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 25,571,728 39,257,887
Restricted cash 541,180
Non-cash investing and financing activities    
Operating lease right-of-use asset acquired through operating lease liability 141,989
Remeasurement of operating lease right-of-use asset and operating lease liability 198,847
Unrealized gain (loss) on debt securities $ 165,540 $ (394,843)

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