v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (10,878,841) $ (8,822,755)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 7,321 4,770
Non-cash lease adjustments 108,451 21,553
Stock-based compensation 857,650 715,616
Amortization of investment premium 87,211
Gain on loan forgiveness (109,223)
Realized loss on foreign currency translation 158,703
Realized loss on sale of marketable securities 76,326
Unrealized loss on investment securities 476,751 14,908
Changes in assets and liabilities:    
Prepaid expenses and other current assets (1,759,848) (493,647)
Accounts payable and accrued expenses 885,998 134,152
Operating lease liabilities (118,351)
Other assets (17,889)
Net cash flows used in operating activities (10,098,629) (8,552,515)
INVESTING ACTIVITIES    
Purchase of property and equipment (20,889) (15,498)
Purchase of marketable securities (3,322,386) (19,281,130)
Sale of marketable securities 2,919,682
Net cash flows used in investing activities (423,593) (19,296,628)
FINANCING ACTIVITIES    
Proceeds from issuance of common and preferred stock 68,999,994
Issuance costs (4,783,816)
Repurchase of shares including commissions (2,482,286)
Proceeds from stock option and warrant exercises 299,788 72,753
Net cash flows (used in) / provided by financing activities (2,182,498) 64,288,931
Effect of foreign exchange rates on cash (20,508)
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FOR THE PERIOD (12,725,228) 36,439,788
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 52,524,295 19,229,232
CASH, CASH EQUIVALENTS AND RESTRICTED CASH 39,799,067 55,669,020
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 39,257,887 54,669,020
Restricted cash 541,180 1,000,000
Non-cash investing and financing activities    
Application of deferred offering costs to public offering proceeds (49,324)
Unrealized losses on debt securities $ (394,843) $ (102,689)

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