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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (10,400,316) $ (8,614,163)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 8,319 6,929
Non-cash lease adjustments 83,092 80,272
Stock-based compensation 268,228 725,920
Accretion of discounts on available for sale debt securities, net (93,166) (86,578)
Foreign currency remeasurement loss 50,778 50,633
Realized (gain) loss on redemptions of available for sale debt securities (7,088) 60,909
Unrealized loss (gain) on equity securities 1,799 (12,050)
Changes in assets and liabilities:    
Prepaid expenses and other current assets (12,932) 415,114
Accounts payable and accrued expenses 1,931,888 111,774
Operating lease liabilities (83,617) (79,867)
Other assets (6,146) (7,980)
Net cash flows used in operating activities (8,259,161) (7,349,087)
INVESTING ACTIVITIES    
Purchase of property and equipment (6,484) (8,876)
Purchases of marketable securities (14,360,080) (5,909,244)
Redemptions of marketable securities 13,608,333 4,500,000
Net cash flows used in investing activities (758,231) (1,418,120)
FINANCING ACTIVITIES    
Proceeds from warrant exercises 54,716
Net cash flows provided by financing activities 54,716
Effect of foreign exchange rates on cash 1,492 (11,409)
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FOR THE PERIOD (8,961,184) (8,778,616)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 21,937,749 37,742,966
CASH, CASH EQUIVALENTS AND RESTRICTED CASH 12,976,565 28,964,350
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 12,976,565 28,423,170
Restricted cash 541,180
Non-cash investing and financing activities    
Operating lease right-of-use asset acquired through operating lease liability 198,405 141,989
Remeasurement of operating lease right-of-use asset and operating lease liability 198,847
Unrealized gain on available-for-sale debt securities 70,429 84,536
Removal of operating lease right-of-use assets and related operating lease liabilities upon early termination of leases $ 130,563

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