v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (8,614,160) $ (4,768,776)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 4,374 2,923
Non-cash lease adjustments 72,300 24,100
Stock based compensation 556,537 491,203
Amortization of investment premium 67,510
Gain on loan forgiveness (109,223)
Realized loss on foreign currency translation 63,987
Realized loss on sale of marketable securities 48,690
Unrealized loss on investment securities 357,100
Changes in assets and liabilities:    
Prepaid expenses and other current assets (1,562,090) (169,880)
Accounts payable and accrued expenses 3,023,686 677,615
Operating lease liabilities (78,298)
Other assets (17,889)
Net cash flows used in operating activities (6,060,364) (3,869,927)
INVESTING ACTIVITIES    
Purchase of property and equipment (14,178) (12,014)
Purchase of marketable securities (2,004,731) (18,282,105)
Sale of marketable securities 1,669,680
Net cash flows used in investing activities (349,229) (18,294,119)
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 (28,156)
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH FOR THE PERIOD (8,620,247) 42,124,885
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 52,524,295 19,229,232
CASH, CASH EQUIVALENTS AND RESTRICTED CASH 43,904,048 61,354,117
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 43,362,868 61,354,117
Restricted cash 541,180
Non-cash investing and financing activities    
Application of deferred offering costs to public offering proceeds (49,324)
Unrealized losses on debt securities $ (276,271) $ (47,565)

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