Financials

v3.22.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 25,770,665 $ 25,006,632
Investments 47,532,557 72,640,520
Restricted cash 192,475 192,475
Prepaid expenses and other current assets 1,742,273 2,365,010
Total current assets 75,237,970 100,204,637
Restricted cash 477,425 477,425
Property and equipment, net 1,989,007 2,392,696
Operating lease right of use assets 4,258,077 4,609,110
Other assets 104,165 46,385
Total assets 82,066,644 107,730,253
Current liabilities:    
Notes payable 110,705 767,938
Accounts payable 1,986,622 1,782,277
Accrued expenses 4,716,422 10,093,312
Derivative liability 133,710 133,710
Operating lease liabilities, current 1,207,471 1,136,948
Current portion of long-term debt 7,474,846 3,093,344
Total current liabilities 15,629,776 17,007,529
Long-term debt, net of debt discount 11,612,237 15,636,275
Other long-term liabilities 22,205 22,205
Operating lease liabilities, noncurrent 5,332,569 5,956,217
Total liabilities 32,596,787 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 12,527 12,523
Additional paid-in capital 421,996,544 418,891,713
Accumulated deficit (372,419,894) (349,733,764)
Accumulated other comprehensive loss (119,320) (62,445)
Total stockholders’ equity 49,469,857 69,108,027
Total liabilities and stockholders’ equity $ 82,066,644 $ 107,730,253

Source

v3.22.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Income Statement [Abstract]        
Revenue from awards $ 136,558 $ 784,382
Operating expenses:        
Research and development 2,499,642 11,265,220 5,785,878 21,986,043
General and administrative 4,840,368 5,572,397 10,071,291 10,913,594
Litigation Settlement 5,000,000 5,000,000
Total operating expenses 12,340,010 16,837,617 20,857,169 32,899,637
Operating loss (12,340,010) (16,701,059) (20,857,169) (32,115,255)
Other income (expense), net:        
Other income (expense), net (208,683) (227,609) (402,034) (242,703)
Interest income (expense), net (490,339) (401,170) (949,248) (1,047,720)
Change in fair value of derivative liability 0 204,000 0 198,000
Foreign currency exchange gain (loss), net (209,856) (12,538) (477,679) 4,134
Other income (expense), net (908,878) (437,317) (1,828,961) (1,088,289)
Net loss $ (13,248,888) $ (17,138,376) $ (22,686,130) $ (33,203,544)
Net loss per share, basic and diluted $ (0.11) $ (0.15) $ (0.18) $ (0.28)
Weighted average number of common shares outstanding, basic and diluted 125,255,881 116,364,131 125,249,596 120,722,622
Comprehensive loss:        
Net loss $ (13,248,888) $ (17,138,376) $ (22,686,130) $ (33,203,544)
Other comprehensive income (loss):        
Change in unrealized gain (loss) on marketable debt securities 50,373 23,311 (56,875) (5,454)
Total other comprehensive income (loss) 50,373 23,311 (56,875) (5,454)
Total comprehensive loss $ (13,198,515) $ (17,115,065) $ (22,743,005) $ (33,208,998)

Source

v3.22.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (22,686,130) $ (33,203,544)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,104,835 5,087,674
Depreciation and amortization 387,803 535,846
Net amortization on premium of investments 661,398 152,524
(Gain) Loss on foreign exchange 631,213 (68,830)
Operating lease right of use asset amortization 351,033 309,636
Amortization of debt discount 357,464 344,094
Realized loss on investments 118,671
Change in fair value of derivative liability 0 (198,000)
Loss on sale of property and equipment 21,235 7,914
Changes in operating assets and liabilities:    
Decrease in prepaid expenses 622,737 1,087,436
Decrease in contract asset (784,382)
Increase in other assets (57,780) 231,423
Increase (decrease) in accounts payable (426,868) (5,434,110)
decrease in accrued expenses (5,376,890) (6,917,751)
Decrease in operating lease liabilities (553,125) (488,006)
Net cash used in operating activities (22,844,404) (39,338,076)
Cash flows from investing activities:    
Purchases of investments (66,366,447) (70,529,641)
Proceeds from sales and maturities of investments 90,637,466
Purchases of property and equipment (13,449)
Proceeds from sale of property and equipment 8,100 6,400
Net cash provided by (used in) investing activities 24,265,670 (70,523,241)
Cash flows from financing activities:    
Repayment of short-term borrowings (657,233) (607,465)
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 (657,233) 60,158,168
Net increase (decrease) in cash, cash equivalents, and restricted cash 764,033 (49,703,149)
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 26,440,565 36,750,192
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest $ 887,428 $ 870,649

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