XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net loss $ (15,756,665) $ (7,845,867)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 876,756 295,684
Amortization of right of use assets 237,868 197,339
Depreciation 2,925 791
Forgiveness of PPP loan (37,772)  
Non-cash interest on redeemable preferred stock 108,591  
Current milestone payable to Patagonia Pharmaceuticals, LLC 1,750,000  
Changes in assets and liabilities:    
Prepaid research and development (655,904)  
Other current assets (52,017) 39,090
Deposits   (13,000)
Accounts payable 120 647,241
Accrued expenses 1,109,506 (108,796)
Lease liability (244,287) (186,236)
Net cash used in operating activities (12,660,879) (6,973,754)
Cash flows from investing activities    
Purchase of property and equipment (5,947) (17,803)
Net cash used in investing activities (5,947) (17,803)
Cash flows from financing activities    
Proceeds from the issuance of common stock and warrants, net of issuance costs of $1,061,520 6,938,484  
Proceeds from the exercise of common stock warrants 144,000  
Net cash provided by financing activities 7,082,484  
Net decrease in cash (5,584,342) (6,991,557)
Cash, beginning of period 16,808,539 10,348,693
Cash, end of period 11,224,197 3,357,136
Non-cash investing and financing activities:    
Conversion of Redeemable Series A convertible preferred stock to prefunded common stock warrants 2,163,937  
Current milestone payable to Patagonia Pharmaceuticals LLC 1,750,000  
Accrued Series A preferred stock dividend   108,858
Cashless exercise of VARs $ 60  
Series A Warrants    
Non-cash investing and financing activities:    
Cashless exercise of warrants   2,060
Series B Warrants    
Non-cash investing and financing activities:    
Cashless exercise of warrants   $ 7,468