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 $ (7,619,300) $ (6,422,631)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense (non-cash) 1,247,846 1,117,890
Changes in operating assets and liabilities, net    
Other current assets 162,017 (44,111)
Accounts payable, accrued expenses and other current liabilities 282,435 63,356
Operating lease right-of-use assets and liabilities, net 249 0
Net cash used in operating activities (5,926,753) (5,285,496)
Cash flows from financing activities:    
Cash proceeds from the sales of common stock under a Capital on DemandTM Sales Agreement with JonesTrading Institutional Services LLC, net of commissions, fees and offering costs of $338,153 0 10,925,312
Other offering costs (49,040) 0
Taxes paid related to net share settlement of vested restricted stock units (56,993) (55,481)
Cash proceeds from the issuance of stock upon exercise of stock options 169 17,478
Net cash provided by (used in) financing activities (105,864) 10,887,309
Effect of exchange rates 45,209 2,642
Net increase (decrease) in cash and cash equivalents (5,987,408) 5,604,455
Cash and cash equivalents at beginning of period 20,303,869 16,737,109
Cash and cash equivalents at end of period 14,316,461 22,341,564
Supplemental non-cash flow information:    
Lease liability arising out of obtaining right-of-use asset $ 92,359 $ 0