Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (7,539,907) $ (18,415,746)
Adjustments to reconcile net loss to net cash used in operating activities    
Stock-based compensation 561,701 1,593,874
Loss on issuance of common stock and warrants 1,311,552 0
Change in fair value of warrant liabilities (1,430,351) 0
Depreciation and amortization 376,310 386,254
Loss on disposal of fixed assets 53,610 (7,595)
Amortization of right-of-use assets 228,138 255,707
Changes in operating assets and liabilities    
Prepaid insurance, other prepaid expenses and current assets (190,326) (616,880)
Security deposit 147,824 (19,600)
Accounts payable (47,374) 515,803
Accrued expenses and other current liabilities (333,696) (544,020)
Operating lease liability (229,124) (253,263)
Net cash used in operating activities (7,091,643) (17,105,466)
Cash flows from investing activities    
Purchase of laboratory and office equipment (13,447) (319,029)
Proceeds received on sale of equipment 8,500 0
Net cash used in investing activities (4,947) (319,029)
Cash flows from financing activities    
Proceeds from issuance of common stock and warrants, net of issuance costs psid 4,515,855 0
Principal payment of finance lease liability (58,879) (54,740)
Payment in lieu of fractional shares from reverse stock split (9) 0
Proceeds from exercise of stock options 721 0
Net cash provided by (used in) financing activities 4,457,688 (54,740)
Net decrease in cash and cash equivalents (2,638,902) (17,479,235)
Cash and cash equivalents, beginning of period 17,386,326 47,326,060
Cash and cash equivalents, end of period 14,747,424 29,846,825
Non-cash investing and financing activities:    
Purchases of laboratory and office equipment in accounts payable 13,447 12,243
Right-of-use asset obtained in exchange for operating lease liabilities 0 164,613
Common stock and warrant issuance costs incurred but not paid $ 157,541 $ 0