Financials

v3.22.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 57,026,334 $ 25,006,632
Investments 29,094,916 72,640,520
Restricted cash 192,475 192,475
Prepaid expenses and other current assets 2,161,860 2,365,010
Total current assets 88,475,585 100,204,637
Restricted cash 477,425 477,425
Property and equipment, net 2,210,426 2,392,696
Operating lease right of use assets 4,436,376 4,609,110
Other assets 75,275 46,385
Total assets 95,675,087 107,730,253
Current liabilities:    
Notes payable 440,815 767,938
Accounts payable 2,696,810 1,782,277
Accrued expenses 5,496,406 10,093,312
Derivative liability 133,710 133,710
Operating lease liabilities, current 1,171,858 1,136,948
Current portion of long-term debt 5,178,107 3,093,344
Total current liabilities 15,117,706 17,007,529
Long-term debt, net of debt discount 13,728,413 15,636,275
Other long-term liabilities 22,205 22,205
Operating lease liabilities, noncurrent 5,651,480 5,956,217
Total liabilities 34,519,804 38,622,226
Stockholders' equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2022 and December 31, 2021
Common stock, $0.0001 par value; 300,000,000 shares authorized,125,230,881 and 125,230,881 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively 12,526 12,523
Additional paid-in capital 420,483,456 418,891,713
Accumulated deficit (359,171,006) (349,733,764)
Accumulated other comprehensive loss (169,693) (62,445)
Total stockholders’ equity 61,155,283 69,108,027
Total liabilities and stockholders’ equity $ 95,675,087 $ 107,730,253

Source

v3.22.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Income Statement [Abstract]    
Revenue from awards $ 0 $ 647,824
Operating expenses:    
Research and development 3,286,236 10,720,823
General and administrative 5,230,923 5,341,197
Total operating expenses 8,517,159 16,062,020
Operating loss (8,517,159) (15,414,196)
Other income (expense), net:    
Other income (expense), net (193,351) (15,094)
Interest income (expense), net (458,909) (646,550)
Change in fair value of derivative liability 0 (6,000)
Foreign currency exchange gain (loss), net (267,823) 16,672
Other income (expense), net (920,083) (650,972)
Net loss $ (9,437,242) $ (16,065,168)
Net loss per share, basic and diluted $ (0.08) $ (0.14)
Weighted average number of common shares outstanding, basic and diluted 125,243,242 116,344,900
Comprehensive loss:    
Net loss $ (9,437,242) $ (16,065,168)
Other comprehensive income (loss):    
Unrealized gain (loss) on marketable debt securities (107,248) (28,765)
Total other comprehensive income (loss) (107,248) (28,765)
Total comprehensive loss $ (9,544,490) $ (16,093,933)

Source

v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (9,437,242) $ (16,065,168)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,591,746 2,580,402
Depreciation and amortization 195,719 272,186
Net amortization on premium of investments 454,978 901
(Gain) Loss on foreign exchange 349,226 (73,976)
Operating lease right of use asset amortization 172,734 152,360
Amortization of debt discount 176,901 170,284
Realized loss on investments 7,752
Change in fair value of derivative liability 0 6,000
Loss on sale of property and equipment (5,456)
Changes in operating assets and liabilities:    
Decrease in prepaid expenses 203,150 54,067
Decrease in contract asset (647,824)
Increase in other assets (28,890) (70,000)
Increase (decrease) in accounts payable 565,308 (3,691,841)
decrease in accrued expenses (4,596,906) (4,262,958)
Decrease in operating lease liabilities (269,826) (237,592)
Net cash used in operating activities (10,615,350) (21,809,505)
Cash flows from investing activities:    
Purchases of investments (6,471,309) (57,427,043)
Proceeds from sales and maturities of investments 49,446,935
Purchases of property and equipment (13,449)
Proceeds from sale of property and equipment 2,600
Net cash provided by (used in) investing activities 42,962,177 (57,424,443)
Cash flows from financing activities:    
Repayment of short-term borrowings (327,125) (301,880)
Proceeds from issuance of common stock 62,536,070
Issuance costs paid for common stock financings (1,820,437)
Net cash (used in) provided by financing activities (327,125) 60,413,753
Net increase (decrease) in cash, cash equivalents, and restricted cash 32,019,702 (18,820,195)
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 57,696,234 67,633,146
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest $ 430,998 $ 432,455

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