v3.22.2
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows from Operating Activities    
Net loss $ (18,453,708) $ (14,243,716)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 420,630 237,160
Amortization of intangible asset 350,000  
Noncash lease expense 53,313 43,295
Noncash interest expense 11,870 7,087
Stock-based compensation 1,713,214 3,503,848
Change in fair value of common stock warrants (9,290) 4,023
Change in fair value of contingent consideration (224,000) 111,000
Unrealized loss on investments 1,431,631 202,384
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable (82,992) 74,159
Contracts receivable 24,526,231  
Prepaid expenses and other current assets 1,336,620 (282,654)
Grant receivable (206,163) (368,465)
Other assets (11,013,793)  
Accounts payable 3,421,220 129,493
Accrued expenses and other liabilities (4,719,416) 200,883
Deferred revenue 2,500 (603,717)
Other long-term liabilities 2,925 12,706
Deposits 10,592 (29,487)
Net Cash Used In Operating Activities (1,428,616) (11,002,001)
Cash Flows from Investing Activities    
Purchase of short-term investments (1,762,833) (61,202,605)
Sale of short-term investments 28,948,785 60,877,673
Purchase of property and equipment (3,350,670) (3,647,559)
Acquisition of Elusys Therapeutics, net of cash paid 2,719,898  
Payment of contingent consideration (22,784,571)  
Net Cash Provided By (Used In) Investing Activities 3,770,609 (3,972,491)
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 (111,146) (60,342)
Net Cash (Used In) Provided by Financing Activities (111,146) 25,613,017
Effect of exchange rate changes on cash and cash equivalents (42,067) (3,128)
Net Increase in Cash and Cash Equivalents 2,188,780 10,635,397
Cash and Cash Equivalents - Beginning of Period 8,053,879 10,931,890
Cash and Cash Equivalents - End of Period 10,242,659 $ 21,567,287
Supplemental Disclosure for Cash Flow Information:    
Cash paid for receivable consideration included in contract receivables 20,784,571  
Supplemental disclosure of non-cash investing and financing activities:    
Purchases of other assets included in accounts payable 2,345,624  
Right-of-use assets obtained on operating lease commencements 704,004  
Contingent and deferred cash consideration related to Elusys acquisition $ 45,953,685  

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