v3.22.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows from Operating Activities    
Net loss $ (8,189,798) $ (7,623,140)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 207,106 101,803
Noncash lease expense 21,536 21,863
Noncash interest expense 6,317 3,743
Stock-based compensation 909,983 2,897,580
Change in fair value of common stock warrants (7,779) 8,702
Change in fair value of contingent consideration (21,000) 6,000
Unrealized loss (gain) on investments 907,315 146,313
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable (33,047) 73,814
Prepaid expenses and other current assets 539,003 123,908
Grant receivable (206,163)  
Other assets (4,801,687)  
Accounts payable 1,303,871 (259,138)
Accrued expenses and other liabilities (849,469) 169,665
Deferred revenue   (510,188)
Other long-term liabilities 1,550 7,511
Deposits (2,406) (18,422)
Net Cash Used in Operating Activities (10,214,668) (4,849,986)
Cash Flows from Investing Activities    
Purchase of short-term investments (109,806) (38,202,476)
Sale of short-term investments 17,998,995 37,998,617
Purchase of property and equipment (1,090,748) (363,398)
Net Cash Provided by (Used in) Investing Activities 16,798,441 (567,257)
Cash Flows from Financing Activities    
Proceeds from the issuance of common stock   26,304,282
Proceeds from exercise of stock options   27,261
Stock issuance costs   (658,184)
Repayments on principal of finance lease (55,191) (30,171)
Net Cash (Used In) Provided by Financing Activities (55,191) 25,643,188
Effect of exchange rate changes on cash and cash equivalents 2,254 (1,088)
Net Increase in Cash and Cash Equivalents 6,530,836 20,224,857
Cash and Cash Equivalents - Beginning of Period 8,053,879 10,931,890
Cash and Cash Equivalents - End of Period 14,584,715 31,156,747
Supplemental Disclosure for Cash Flow Information:    
Tax obligation for employee share-based transaction in accrued liabilities   $ 90,030
Right-of-use assets obtained on operating lease commencements 293,172  
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of property and equipment included in accounts payable $ 768,776  

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