XML 30 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (15,373,993) $ (22,885,449)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,287,007 2,224,146
Depreciation 70,913 70,814
Gain on extinguishment of debt (568,909)  
Fair value of shares issued for commitment fee   355,555
Loss on disposal of property and equipment   3,981
Non-cash interest expense   3,674
Impairment of in-process research and development   118,600
Changes in operating assets and liabilities    
Collaboration receivable (5,000,000)  
Prepaid expenses (414,767) 105,871
Other current assets (9,265,745) 22,024
Accounts payable (266,375) 1,111,019
Accrued expenses (1,352,908) 1,836,670
Deferred collaboration funding 20,487,047  
Other current liabilities 9,262,821 5,680
Net cash used in operating activities (134,909) (17,027,415)
Cash flows from investing activities:    
Purchase of property and equipment (54,944) (10,902)
Net cash used in investing activities (54,944) (10,902)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs 3,139,047 10,159,766
Proceeds from Paycheck Protection Program loan   562,479
Receipt of funds from secured loan 4,000,000  
Net cash provided by financing activities 7,139,047 10,722,245
Net increase (decrease) in cash and cash equivalents 6,949,194 (6,316,072)
Cash and cash equivalents, beginning of the year 5,761,568 12,077,640
Cash and cash equivalents, end of the year 12,710,762 $ 5,761,568
Non-cash financing activities:    
Forgiveness of PPP loan 568,909  
Non-cash repayment of secured loan $ 4,000,000