Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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