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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (14,466,123) $ (10,567,226)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,444,179 2,216,349
Change in right-of-use assets 35,644 32,582
Depreciation 21,826 16,863
Changes in operating assets and liabilities:    
Increase in inventory (214,051)
Increase in prepaid expenses and other current assets (1,226,454) (419,578)
Decrease in accounts payable (1,453,352) (755,582)
Decrease in accrued expenses (2,415,719) (884,872)
Decrease in operating lease liabilities (36,244) (32,422)
Net cash used in operating activities (17,310,294) (10,393,886)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of short-term investments (7,693,762) (25,422,039)
Maturity of short-term investments 16,700,000 10,750,000
Purchase of equipment (61,306) (14,766)
Net cash provided by (used in) investing activities 8,944,932 (14,686,805)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Payment of employee withholding taxes on vested restricted stock units (97,118)
Proceeds from sale of common stock from at-the-market program, net 7,200,406
Net cash (used in) provided by financing activities (97,118) 7,200,406
Foreign exchange effect on cash (805) 2,284
NET DECREASE IN CASH AND CASH EQUIVALENTS (8,463,285) (17,878,001)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF PERIOD 43,823,192 43,374,745
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD 35,359,907 25,496,744
Cash paid for interest 9,835 8,776
Supplemental Disclosure of Non-Cash Investing Activities:    
Liability related to license agreement 2,000,000  
Unrealized gain (loss) from investments $ 10,903 $ (16,393)