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Condensed Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows From Operating Activities    
Net loss $ (14,578,765) $ (10,193,067)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 1,945,913 1,294,268
Depreciation of property and equipment 145,901 75,243
Amortization of debt discount 52,431 15,514
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (461,761) (259,996)
License fee and expense reimbursements receivables 1,095,831 2,066,707
Deferred clinical supply costs (1,538,380) 0
Deferred license costs 0 1,600,000
Security and equipment deposits (68,868) 0
Accounts payable 1,072,690 205,969
Accrued compensation (529,534) (280,006)
Accrued expenses and other current liabilities (21,417) (425,769)
Deferred license fee 0 (4,000,000)
Deferred rent 2,356 (2,004)
Net Cash Used In Operating Activities (12,883,603) (9,903,141)
Cash Flows From Investing Activities    
Purchases of property and equipment (281,342) (647,744)
Vendor deposits for property and equipment (118,298) 0
Net Cash Used In Investing Activities (399,640) (647,744)
Cash Flows From Financing Activities    
Proceeds from sale of common stock and warrants in registered direct offering [1] 14,981,299 2,103,991
Net issuance of common stock in At the Market Offering [2] 860,365 0
Proceeds from exercise of stock warrants 18,701 0
Proceeds from SVB loan 0 7,500,000
Repayments of notes payable (448,999) (311,563)
Payment of offering issuance costs (83,391) 0
Payment of loan issuance costs 0 (66,618)
Proceeds from exercise of stock options 0 130,090
Net Cash Provided By Financing Activities 15,327,975 9,355,900
Net Increase (Decrease) in Cash and Cash Equivalents 2,044,732 (1,194,985)
Cash and cash equivalents - Beginning of Period 27,336,850 28,371,828
Cash and cash equivalents - End of Period 29,381,582 27,176,843
Cash,cash equivalents and restricted cash consisted of the following:    
Cash and cash equivalents 21,506,582 27,176,843
Restricted cash 7,875,000  
Total 29,381,582 27,176,843
Supplemental Disclosure of Cash Flow Information:    
Interest 199,367 70,457
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Purchase of insurance premium financed by note payable 675,331 705,360
Issuance of SVB stock warrants   $ 351,390
Issuance of common stock related to vested restricted stock units $ 7  
[1] Includes gross proceeds of $14,981,299, of which $5,741,299 is pre-funded warrants.
[2] Includes gross proceeds of $886,974, less total issuance costs of $26,609