Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (2,434,556) $ (2,456,722)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense (non-cash) 476,209 499,812
Changes in operating assets and liabilities, net    
Other current assets (60,842) 24,110
Accounts payable, accrued expenses and other current liabilities (251,924) (532,321)
Operating lease right-of-use assets and liabilities, net 0 (2,379)
Net cash used in operating activities (2,271,113) (2,467,500)
Cash flows from investing activities:    
Purchase of investments (2,958,776) 0
Maturities of short-term investments 1,975,333 0
Net cash used in investing activities (983,443) 0
Cash flows from financing activities:    
Cash proceeds from the sales of common stock under a Capital on DemandTM Sales Agreement 821,625 0
Taxes paid related to net share settlement of vested restricted stock units (16,827) (16,666)
Net cash provided by (used in) financing activities 804,798 (16,666)
Effect of exchange rates (10,843) (659)
Net decrease in cash and cash equivalents (2,460,601) (2,484,825)
Cash and cash equivalents at beginning of period 8,186,194 20,303,869
Cash and cash equivalents at end of period $ 5,725,593 $ 17,819,044