Financials

v3.22.4
Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 17,002,715 $ 25,006,632
Investments 42,194,296 72,640,520
Restricted cash 192,475 192,475
Prepaid expenses and other current assets 791,616 2,365,010
Total current assets 60,181,102 100,204,637
Restricted cash 477,425 477,425
Property and equipment, net 1,613,815 2,392,696
Operating lease right of use assets 3,884,252 4,609,110
Other assets 155,346 46,385
Total assets 66,311,940 107,730,253
Current liabilities:    
Notes payable 353,323 767,938
Accounts payable 2,173,963 1,782,277
Accrued expenses 5,999,252 10,093,312
Derivative liability 36,868 133,710
Operating lease liabilities, current 1,280,863 1,136,948
Current portion of long-term debt 2,795,669 3,093,344
Total current liabilities 12,639,938 17,007,529
Long-term debt, net of debt discount 15,984,426 15,636,275
Other long-term liabilities 22,205 22,205
Operating lease liabilities, noncurrent 4,675,354 5,956,217
Total liabilities 33,321,923 38,622,226
Stockholders' equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at December 31, 2022 and December 31, 2021. See Note 13 0 0
Common stock, $0.0001 par value; 300,000,000 shares authorized, 4,171,297 and 4,169,631 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively 417 416
Additional paid-in capital 425,196,359 418,903,820
Accumulated deficit (392,080,667) (349,733,764)
Accumulated other comprehensive loss (126,092) (62,445)
Total stockholders’ equity 32,990,017 69,108,027
Total liabilities and stockholders’ equity $ 66,311,940 $ 107,730,253

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v3.22.4
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]    
Revenue from awards $ 0 $ 881,705
Operating expenses:    
Research and development 16,136,826 36,445,285
General and administrative 18,698,619 20,425,444
Litigation Settlement 5,000,000 0
Total operating expenses 39,835,445 56,870,729
Operating loss (39,835,445) (55,989,024)
Other income (expense), net:    
Other income (expense), net (48,773) 11,899,992
Interest income (expense), net (2,132,091) (1,830,486)
Change in fair value of derivative liability 96,842 663,290
Foreign currency exchange gain (loss), net (427,436) (384,198)
Other income (expense), net (2,511,458) 10,348,598
Net loss $ (42,346,903) $ (45,640,426)
Net loss per share, basic $ (10.15) $ (11.15)
Net loss per share, diluted $ (10.15) $ (11.15)
Weighted average number of common shares outstanding, basic 4,170,675 4,094,935
Weighted average number of common shares outstanding, diluted 4,170,675 4,094,935
Comprehensive loss:    
Net loss $ (42,346,903) $ (45,640,426)
Other comprehensive income (loss):    
Change in unrealized gain (loss) on marketable debt securities (63,647) (62,445)
Total other comprehensive income (loss) (63,647) (62,445)
Total comprehensive loss $ (42,410,550) $ (45,702,871)

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v3.22.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (42,346,903) $ (45,640,426)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 5,719,637 9,480,373
Depreciation and amortization 762,995 999,817
Loss on impairment of fixed assets   606,078
Net amortization on premium of investments 124,875 698,254
Stock consideration in connection with PRI License Agreement   250,000
Loss on foreign exchange 648,520 342,424
Operating lease right of use asset amortization 724,858 639,415
Amortization of debt discount 742,478 700,613
Realized loss on investments 178,222  
Change in fair value of derivative liability (96,842) (663,290)
Loss on sale of property and equipment 21,235 99,520
Changes in operating assets and liabilities:    
Decrease in prepaid expenses 1,573,394 1,347,851
Decrease in contract asset   1,618,296
(Increase) decrease in other assets (108,961) 187,652
Decrease in accounts payable (256,835) (5,956,297)
Decrease in accrued expenses (4,094,160) (11,912,120)
Increase in other long-term liabilities   22,205
Decrease in operating lease liabilities (1,136,948) (1,004,062)
Net cash used in operating activities (37,544,435) (48,183,697)
Cash flows from investing activities:    
Purchases of investments (86,341,894) (87,266,596)
Proceeds from sales and maturities of investments 116,421,376 13,880,343
Purchases of property and equipment (13,449) (54,172)
Proceeds from sale of property and equipment 8,100 23,900
Net cash used in investing activities 30,074,133 (73,416,525)
Cash flows from financing activities:    
Proceeds from issuance of notes payable 452,250 984,375
Repayment of short-term borrowings (866,865) (926,595)
Proceeds from issuance of long-term borrowings 1,381,729
Repayment of long-term borrowings (1,500,729)
Proceeds from issuance of common stock 62,586,070
Issuance costs paid for common stock financings (1,820,437)
Net cash provided by financing activities (533,615) 60,823,413
Net increase (decrease) in cash, cash equivalents, and restricted cash (8,003,917) (60,776,809)
Cash, cash equivalents, and restricted cash at beginning of the period 25,676,532 86,453,341
Cash, cash equivalents, and restricted cash at end of the period 17,672,615 25,676,532
Supplemental disclosure of cash flow information and non cash transactions:    
Cash paid during the period for interest $ 1,969,583 1,740,878
Write-off of fully depreciated property and equipment   $ 544,752

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