Financials

v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 8,349,346 $ 17,002,715
Investments 28,216,560 42,194,296
Restricted cash 192,475 192,475
Prepaid expenses and other current assets 1,515,616 791,616
Total current assets 38,273,997 60,181,102
Restricted cash 477,425 477,425
Property and equipment, net 1,273,602 1,613,815
Operating lease right of use assets 3,486,416 3,884,252
Other assets 211,943 155,346
Total assets 43,723,383 66,311,940
Current liabilities:    
Notes payable 51,157 353,323
Accounts payable 1,505,734 2,173,963
Accrued expenses 6,418,803 5,999,252
Derivative liability 36,868 36,868
Operating lease liabilities, current 1,357,240 1,280,863
Current portion of long-term debt 7,016,096 2,795,669
Total current liabilities 16,385,898 12,639,938
Long-term debt, net of debt discount 11,319,365 15,984,426
License agreement payable, noncurrent 2,500,000 0
Other long-term liabilities 22,205 22,205
Operating lease liabilities, noncurrent 3,975,329 4,675,354
Total liabilities 34,202,797 33,321,923
Stockholders' equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no sharesissued and outstanding at June 30, 2023 and December 31, 2022. See Note 11 0 0
Common stock, $0.0001 par value; 300,000,000 shares authorized,4,422,741 and 4,171,297 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively 442 417
Additional paid-in capital 428,153,252 425,196,359
Accumulated deficit (418,609,320) (392,080,667)
Accumulated other comprehensive loss (23,788) (126,092)
Total stockholders’ equity 9,520,586 32,990,017
Total liabilities and stockholders’ equity $ 43,723,383 $ 66,311,940

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v3.23.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Operating expenses:        
Research and development $ 4,248,705 $ 2,499,642 $ 17,637,048 $ 5,785,878
General and administrative 3,940,286 4,840,368 7,848,968 10,071,291
Litigation settlement 0 5,000,000 0 5,000,000
Total operating expenses 8,188,991 12,340,010 25,486,016 20,857,169
Operating loss (8,188,991) (12,340,010) (25,486,016) (20,857,169)
Other income (expense), net:        
Other income (expense), net 182,657 (208,683) 412,164 (402,034)
Interest income (expense), net (775,586) (490,339) (1,453,608) (949,248)
Foreign currency exchange gain (loss), net (1,921) (209,856) (1,193) (477,679)
Other expense, net 594,850 (908,878) (1,042,637) (1,828,961)
Net loss $ (8,783,841) $ (13,248,888) $ (26,528,653) $ (22,686,130)
Earnings Per Share, Basic $ (2.05) $ (3.18) $ (6.27) $ (5.44)
Earnings Per Share, Diluted $ 2.05 $ (3.18) $ (6.27) $ (5.44)
Weighted Average Number of Shares Outstanding, Basic 4,277,701 4,170,464 4,229,894 4,170,255
Weighted Average Number of Shares Outstanding, Diluted 4,277,701 4,170,464 4,229,894 4,170,255
Comprehensive loss:        
Net loss $ (8,783,841) $ (13,248,888) $ (26,528,653) $ (22,686,130)
Other comprehensive income (loss):        
Change in unrealized gain (loss) on marketable debt securities 44,681 50,373 102,304 (56,875)
Total other comprehensive income (loss) 44,681 50,373 102,304 (56,875)
Total comprehensive loss $ (8,739,160) $ (13,198,515) $ (26,426,349) $ (22,743,005)

Source

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (26,528,653) $ (22,686,130)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,849,754 3,104,835
Depreciation and amortization 340,213 387,803
Net amortization on (discount) premium of investments (278,677) 661,398
Loss on foreign exchange (4,388) 631,213
Amortization of debt discount 430,367 357,464
Realized loss on investments 1,528 118,671
Loss on sale of property and equipment 0 21,235
Changes in operating assets and liabilities:    
Decrease in prepaid expenses (698,679) 622,737
Decrease in contract asset (56,598) 57,780
Decrease in operating lease right of use asset 397,836 351,033
Increase in other long-term liabilities 2,500,000 0
Decrease in accounts payable (663,843) (426,868)
Decrease in accrued expenses 419,551 (5,376,890)
Decrease in operating lease liabilities (623,648) (553,125)
Net cash used in operating activities (22,915,237) (22,844,404)
Cash flows from investing activities:    
Purchases of investments (23,930,480) (66,366,447)
Proceeds from sales and maturities of investments 38,287,670 90,637,466
Purchases of property and equipment 0 (13,449)
Proceeds from sale of property and equipment 0 8,100
Net cash provided by (used in) investing activities 14,357,190 24,265,670
Cash flows from financing activities:    
Repayment of short-term borrowings (302,166) (657,233)
Proceeds from issuance of common stock 236,568 0
Issuance costs paid for common stock financings (29,724) 0
Net cash (used in) provided by financing activities (95,322) (657,233)
Net decrease in cash, cash equivalents, and restricted cash (8,653,369) 764,033
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 9,019,246 26,440,565
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 1,321,575 887,428
StockSubscriptionReceivable 40,928 0
Issuance of common stock for conversion of convertible debt 875,000 0
Write off of fully depreciated property and equipment $ 178,492 $ 0

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