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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (5,440,810) $ (3,867,765)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 4,061 3,418
Non-cash lease adjustments 41,084 40,025
Stock-based compensation 134,057 333,530
Accretion of discounts on available for sale debt securities, net (34,069) (60,018)
Foreign currency remeasurement loss 99,338 38,194
Realized loss on redemptions of available for sale debt securities 929 37,960
Unrealized gain on equity securities (3,950) (42,150)
Changes in assets and liabilities:    
Prepaid expenses and other current assets 901,017 (117,638)
Accounts payable and accrued expenses 1,270,707 (67,300)
Operating lease liabilities (40,887) (40,332)
Other assets (15,080)
Net cash flows used in operating activities (3,068,523) (3,757,156)
INVESTING ACTIVITIES    
Purchase of property and equipment (2,217) (8,876)
Purchases of marketable securities (6,012,284) (3,102,001)
Redemptions of marketable securities 5,458,333 2,150,000
Net cash flows used in investing activities (556,168) (960,877)
FINANCING ACTIVITIES    
Proceeds from warrant exercises 54,716
Net cash flows provided by financing activities 54,716
Effect of foreign exchange rates on cash (9,830) (4,983)
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FOR THE PERIOD (3,579,805) (4,723,016)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 21,937,749 37,742,966
CASH, CASH EQUIVALENTS AND RESTRICTED CASH 18,357,944 33,019,950
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 18,357,944 32,478,770
Restricted cash 541,180
Non-cash investing and financing activities    
Operating lease right-of-use asset acquired through operating lease liability 48,811
Remeasurement of operating lease right-of-use asset and operating lease liability 198,847
Unrealized gain on available-for-sale debt securities $ 43,946 $ 50,773

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