Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (8,402,196) $ (10,515,638)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense (non-cash) 1,897,849 1,641,263
Changes in operating assets and liabilities, net    
Other current assets (20,410) 171,755
Accounts payable, accrued expenses and other current liabilities (1,333,536) 1,478,299
Operating lease right-of-use assets and liabilities, net 0 (4,238)
Net cash used in operating activities (7,858,293) (7,228,559)
Cash flows from investing activities:    
Purchase of short-term investments (7,882,094) (4,918,511)
Maturities of short-term investments 12,809,842 0
Net cash provided by (used in) investing activities 4,927,748 (4,918,511)
Cash flows from financing activities:    
Cash proceeds from the sales of common stock under a Capital on DemandTM Sales Agreement 2,074,196 109,337
Taxes paid related to net share settlement of vested restricted stock units (46,969) (76,633)
Cash proceeds from the issuance of stock upon exercise of stock options 0 169
Net cash provided by financing activities 2,027,227 32,873
Effect of exchange rates (16,796) (3,478)
Net decrease in cash and cash equivalents (920,114) (12,117,675)
Cash and cash equivalents at beginning of period 8,186,194 20,303,869
Cash and cash equivalents at end of period 7,266,080 8,186,194
Supplemental disclosure of non-cash investing and financing activities    
Accrued financing fees $ 1,692 $ 22,018