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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (43,766,415) $ (36,779,400)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation 3,938,000 2,413,000
Amortization of debt discount 1,831,607 43,983
Depreciation 8,523 7,573
Acquired in-process research and development 0 2,610,588
Change in fair value of derivative liability (437,000) (7,000)
Non-cash payment of milestone fees 500,000 0
Loss on extinguishment of convertible note payable 20,645 0
Changes in operating assets and liabilities, net of acquisition:    
Prepaid expenses and other assets (368,669) (1,991,361)
Accounts payable 2,618,621 1,054,504
Accrued expenses and other liabilities (1,588,529) 3,170,326
Accrued interest 0 (488)
Net cash used in operating activities (37,243,217) (29,478,275)
Cash flows from investing activities    
Purchase of property and equipment (2,842) (12,476)
Purchase of in-process research and development, net of assets acquired 0 (2,493,165)
Maturity of restricted deposit 0 75,000
Net cash used in investing activities (2,842) (2,430,641)
Cash flows from financing activities    
Borrowings from convertible notes 21,000,000 0
Payments of debt issuance costs (1,088,294) 0
Payments of convertible notes 0 (58,199)
Proceeds from issuance of common stock and warrants 0 34,500,000
Proceeds from the exercise of stock options 0 346,961
Proceeds from the exercise of warrants 0 9,163,174
Payment of offering costs 0 (2,901,123)
Net cash provided by financing activities 19,911,706 41,050,813
Net (decrease) increase in cash, cash equivalents and restricted cash (17,334,353) 9,141,897
Cash, cash equivalents and restricted cash as of beginning of year 46,993,285 37,851,388
Cash, cash equivalents and restricted cash as of end of year 29,658,932 46,993,285
Supplemental disclosure of cash flow information    
Cash paid during the year for interest 835,038 569
Supplemental disclosure of non-cash financing activities    
Settlement of convertible notes and accrued interest with common stock 105,342 0
Non-cash issuance of common stock with asset acquisition 0 2,610,588
Issuance of common stock for settlement of accounts payable 0 108,000
Non-cash addition of derivative liability 2,022,000 0
Reconciliation to consolidated balance sheets:    
Cash and cash equivalents 12,646,282 46,993,285
Restricted cash included in current assets 17,012,650 0
Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 29,658,932 $ 46,993,285