Financials

v3.22.2.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 12,443,645 $ 25,006,632
Investments 53,785,559 72,640,520
Restricted cash 192,475 192,475
Prepaid expenses and other current assets 926,161 2,365,010
Total current assets 67,347,840 100,204,637
Restricted cash 477,425 477,425
Property and equipment, net 1,798,212 2,392,696
Operating lease right of use assets 4,074,074 4,609,110
Other assets 133,055 46,385
Total assets 73,830,606 107,730,253
Current liabilities:    
Notes payable 0 767,938
Accounts payable 1,374,220 1,782,277
Accrued expenses 4,833,839 10,093,312
Derivative liability 133,710 133,710
Operating lease liabilities, current 1,243,802 1,136,948
Current portion of long-term debt 9,883,638 3,093,344
Total current liabilities 17,469,209 17,007,529
Long-term debt, net of debt discount 9,385,847 15,636,275
Other long-term liabilities 22,205 22,205
Operating lease liabilities, noncurrent 5,007,236 5,956,217
Total liabilities 31,884,497 38,622,226
Stockholders' equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at September 30, 2022 and December 31, 2021 0 0
Common stock, $0.0001 par value; 300,000,000 shares authorized, 125,280,881 and 125,230,881 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively 12,528 12,523
Additional paid-in capital 423,342,069 418,891,713
Accumulated deficit (381,201,614) (349,733,764)
Accumulated other comprehensive loss (206,874) (62,445)
Total stockholders’ equity 41,946,109 69,108,027
Total liabilities and stockholders’ equity $ 73,830,606 $ 107,730,253

Source

v3.22.2.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Income Statement [Abstract]        
Revenue from awards $ 0 $ 97,323 $ 0 $ 881,705
Operating expenses:        
Research and development 4,108,190 8,695,641 9,894,068 30,681,684
General and administrative 4,073,266 5,277,090 14,144,557 16,190,684
Litigation Settlement 0 0 5,000,000 0
Total operating expenses 8,181,456 13,972,731 29,038,625 46,872,368
Operating loss (8,181,456) (13,875,408) (29,038,625) (45,990,663)
Other income (expense), net:        
Other income (expense), net 77,712 12,033,031 (324,322) 11,790,328
Interest income (expense), net (541,889) (391,867) (1,491,137) (1,439,587)
Change in fair value of derivative liability 0 472,143 0 670,143
Foreign currency exchange gain (loss), net (136,087) (414,048) (613,766) (409,914)
Other income (expense), net (600,264) 11,699,259 (2,429,225) (10,610,970)
Net loss $ (8,781,720) $ (2,176,149) $ (31,467,850) $ (35,379,693)
Earnings Per Share, Basic $ (0.07) $ (0.02) $ (0.25) $ (0.29)
Earnings Per Share, Diluted $ (0.07) $ (0.02) $ (0.25) $ (0.29)
Weighted Average Number of Shares Outstanding, Basic 125,268,381 125,209,985 125,255,927 122,234,847
Weighted Average Number of Shares Outstanding, Diluted 125,268,381 125,209,985 125,255,927 122,234,847
Comprehensive loss:        
Net loss $ (8,781,720) $ (2,176,149) $ (31,467,850) $ (35,379,693)
Other comprehensive income (loss):        
Change in unrealized gain (loss) on marketable debt securities (87,554) (3,513) (144,429) (8,967)
Total other comprehensive income (loss) (87,554) (3,513) (144,429) (8,967)
Total comprehensive loss $ (8,869,274) $ (2,179,662) $ (31,612,279) $ (35,388,660)

Source

v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (31,467,850) $ (35,379,693)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 4,450,361 7,686,921
Depreciation and amortization 578,598 792,132
Net amortization on premium of investments 232,844 606,078
Loss on foreign exchange 829,235 493,722
Operating lease right of use asset amortization 535,037 361,327
Amortization of debt discount 539,867 471,954
Realized loss on investments 177,939 (521,497)
Change in fair value of derivative liability 0 (670,143)
Loss on sale of property and equipment 21,235 9,099
Changes in operating assets and liabilities:    
Decrease in prepaid expenses 1,438,849 1,601,003
Decrease in contract asset (881,704)
Decrease (increase) in other assets (86,670) 234,037
Decrease in accounts payable (1,237,294) (5,196,591)
Decrease in accrued expenses (5,259,474) (8,387,299)
Decrease in operating lease liabilities (842,127) (743,462)
Net cash used in operating activities (30,089,450) (38,481,122)
Cash flows from investing activities:    
Purchases of investments (88,738,150) (77,266,596)
Proceeds from sales and maturities of investments 107,037,899 7,019,756
Purchases of property and equipment (13,449) 0
Proceeds from sale of property and equipment 8,100 7,700
Net cash provided by (used in) investing activities 18,294,400 (70,239,140)
Cash flows from financing activities:    
Repayment of short-term borrowings (767,937) (710,158)
Proceeds from issuance of common stock 0 62,586,070
Issuance costs paid for common stock financings 0 (1,820,437)
Net cash (used in) provided by financing activities (767,937) 60,055,475
Net decrease in cash, cash equivalents, and restricted cash (12,562,987) (48,664,787)
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 13,113,545 37,788,554
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest $ 1,407,208 $ 1,305,512

Source