XML 40 R6.htm IDEA: XBRL DOCUMENT 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 $ (42,942,198) $ (40,854,855)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 7,614,321 5,196,156
Issuance of shares in licensing agreement 0 4,999,988
Issuance of shares in consulting agreement 1,021,000 0
Amortization of debt discount 652,006 183,914
Depreciation expense 17,359 86
Operating lease expense 160,685 241,029
Finance lease amortization expense 39,967 48,992
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 165,672 (1,062,661)
Finance lease right-to-use asset 0 (423,880)
Accounts payable 5,763,537 (90,116)
Accrued expenses (5,889,016) 6,126,004
Finance lease liabilities 0 220,625
Operating lease liabilities (239,469) (294,988)
Net cash used in operating activities (33,636,136) (25,709,706)
Cash flows from financing activities:    
Proceeds from issuance of note payable 0 25,000,000
Payment for debt issuance costs 0 (449,329)
Proceeds from exercise of stock options 308,942 151,416
Payments of finance lease obligations (59,300) 0
Payment of taxes in equity transaction 0 (270,959)
Proceeds from issuances of common stock, net of issuance costs 16,126,851 9,856,116
Net cash provided by financing activities 16,376,493 34,287,244
Net (decrease) increase in cash and cash equivalents (17,259,643) 8,577,538
Cash and cash equivalents at beginning of period 73,820,160 65,242,622
Cash and cash equivalents at end of period 56,560,517 73,820,160
Supplemental information of cash and non-cash transactions:    
Cash paid for interest 3,535,071 852,221
Fair value of warrants issued in connection with debt $ 0 $ 1,713,741