Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.21.2
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows from Operating Activities    
Net loss $ (21,791,941) $ (19,826,671)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 415,270 242,623
Noncash lease expense 63,797 73,524
Noncash interest expense 14,900 13,838
Noncash investor relations expense   66,767
Stock-based compensation 4,376,588 6,050,094
Change in fair value of common stock warrants (2,808) 1,039,303
Change in fair value of contingent consideration 406,000 1,045,000
Unrealized loss (gain) on investments 278,172 (47,923)
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable 104,598 (173,447)
Prepaid expenses and other current assets (1,029,581) (1,199,730)
Grant receivable (870,032)  
Other assets (8,199,850)  
Accounts payable 14,766 (748,410)
Accrued expenses and other liabilities 197,428 (201,199)
Deferred revenue (603,717) (2,203,838)
Other long-term liabilities 14,268 26,331
Deposits (126,778) 265,132
Net Cash Used in Operating Activities (26,738,920) (15,578,606)
Cash Flows from Investing Activities    
Purchase of short-term investments (66,665,908) (95,034,396)
Sale of short-term investments 66,197,924 8,295,222
Purchase of property and equipment (1,383,596) (321,301)
Proceeds from disposal of property and equipment   2,168
Net Cash Used in Investing Activities (1,851,580) (87,058,307)
Cash Flows from Financing Activities    
Proceeds from public offering of common stock and warrants, net of issuance costs   6,600,970
Proceeds from the issuance of common stock, net of underwriting discounts and commissions 26,304,282 116,296,762
Proceeds from exercise of stock options 27,261  
Proceeds from exercise of warrants   675,675
Stock issuance costs (658,184) (3,076,915)
Payment of contingent consideration   (2,005,000)
Proceeds from PPP loan   702,000
Repayment of PPP loan   (702,000)
Repayments on principal of finance lease (121,503) (85,140)
Net Cash Provided by Financing Activities 25,551,856 118,406,352
Effect of exchange rate changes on cash and cash equivalents (10,834) (1,243)
Net Change in Cash and Cash Equivalents (3,049,478) 15,768,196
Cash and Cash Equivalents - Beginning of Period 10,931,890 9,039,887
Cash and Cash Equivalents - End of Period 7,882,412 24,808,083
Supplemental Disclosure for Cash Flow Information:    
Right-of-use assets obtained on operating lease commencements 88,596 75,244
Right-of-use assets obtained on operating lease modifications 37,767  
Right-of-use assets obtained on financing lease commencements $ 408,677 173,822
Supplemental disclosure of non-cash investing and financing activities:    
Allocation of proceeds from public offering to warrant liabilities   2,494,823
Cashless exercise of warrants classified as liabilities   2,766,647
Cashless exchange of warrants classified as liabilities   $ 773,330