Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (17,744,812) $ (9,437,242)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,026,379 1,591,746
Depreciation and amortization 181,870 195,719
Net amortization on premium of investments (201,908) 454,978
(Gain) Loss on foreign exchange (2,917) 349,226
Amortization of debt discount 201,123 176,901
Realized loss on investments 1,561 7,752
Changes in operating assets and liabilities:    
(Increase) Decrease in prepaid expenses and other current assets (561,219) 203,150
Increase in other assets (27,090) (28,890)
Decrease in operating lease right of use asset (195,784) (172,734)
Increase in other long-term liabilities 2,500,000 0
(Decrease) Increase in accounts payable (848,056) 565,308
Increase (Decrease) in accrued expenses 469,050 (4,596,906)
Decrease in operating lease liabilities (304,737) (269,826)
Net cash used in operating activities (15,114,972) (10,615,350)
Cash flows from investing activities:    
Purchases of investments (13,308,006) (6,471,309)
Proceeds from sales and maturities of investments 18,857,710 49,446,935
Purchases of property and equipment 0 (13,449)
Net cash provided by investing activities 5,549,704 42,962,177
Cash flows from financing activities:    
Repayment of short-term borrowings (150,066) (327,125)
Proceeds from issuance of common stock 37,056 0
Net cash used in provided by financing activities (113,010) (327,125)
Net increase (decrease) in cash, cash equivalents, and restricted cash (9,678,278) 32,019,702
Cash, cash equivalents, and restricted cash at beginning of the period 17,672,615 25,676,532
Cash, cash equivalents, and restricted cash at end of the period 7,994,337 57,696,234
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 641,458 430,998
Proceeds from issuance of common stock not yet received $ 92,689 $ 0