Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (6,588,281) $ (7,619,300)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense (non-cash) 1,423,643 1,247,846
Changes in operating assets and liabilities, net    
Other current assets (27,219) 162,017
Accounts payable, accrued expenses and other current liabilities (1,120,537) 282,435
Operating lease right-of-use assets and liabilities, net 0 249
Net cash used in operating activities (6,312,394) (5,926,753)
Cash flows from investing activities:    
Purchase of short-term investments (7,891,330) 0
Maturities of short-term investments 9,848,643 0
Net cash provided by investing activities 1,957,313 0
Cash flows from financing activities:    
Net cash proceeds from the sales of common stock under a Capital on DemandTM Sales Agreement 1,734,326 0
Other offering costs 0 (49,040)
Taxes paid related to net share settlement of vested restricted stock units (41,647) (56,993)
Cash proceeds from the issuance of stock upon exercise of stock options 0 169
Net cash provided by (used in) financing activities 1,692,679 (105,864)
Effect of exchange rates (8,439) 45,209
Net decrease in cash and cash equivalents (2,670,841) (5,987,408)
Cash and cash equivalents at beginning of period 8,186,194 20,303,869
Cash and cash equivalents at end of period 5,515,353 14,316,461
Supplemental non-cash flow information:    
Lease liability arising out of obtaining right-of-use asset $ 0 $ 92,359