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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (19,514,977) $ (35,898,234)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 248,154 196,510
Amortization of right-of-use assets 471,851 535,119
Recognition of deferred revenue (500,000)
Realized and unrealized losses, net, on investment securities 34,302 34,468
Change in fair value of earn-out milestone liability (5,396,000)
Stock-based compensation 759,013 2,673,047
Change of deferred income tax asset 286,641 (183,580)
Loss on extinguishment of debt 329,158
Write-off of note receivable (Transomic) 375,000
Impairment of in-process research and development 13,366,234
Amortization of deferred finance charges and debt discount associated with note payable 55,122 181,259
Net changes in:    
Accrued interest receivable on investment securities 68,136 (20,088)
Advances, deposits, and other current assets (141,619) 43,980
Other assets (241,511)
Accounts payable and accrued liabilities (1,992,929) 2,111,901
Net cash used in operating activities (19,022,148) (23,096,895)
Cash flows from investing activities:    
Purchases of investment securities (13,541,806) (48,226,390)
Proceeds from sale and maturity of investment securities 25,000,000 56,775,000
Purchases of property and equipment (451,759) (267,800)
Net cash provided by investing activities 11,006,435 8,280,810
Cash flows from financing activities:    
Proceeds from redeemable convertible preferred stock offering 28,500,000
Payment upon redemption of redeemable convertible preferred stock (28,500,000)
Proceeds from sale of common stock equity, net of issuance costs 2,781,438 6,722,654
Payoff of the SVB loan and accrued end-of-term fees (6,420,000)
Net cash (used in) provided by financing activities (3,638,562) 6,722,654
Net change in cash, cash equivalents and restricted cash (11,654,275) (8,093,431)
Cash, cash equivalents and restricted cash at beginning of year 17,492,841 25,586,272
Cash, cash equivalents and restricted cash at end of year 5,838,566 17,492,841
Supplemental disclosure of cash flow information:    
Income taxes paid 2,500 2,000
Interest 179,542 4,847,359
Non-Cash Investing and Financing Activities    
Recognition of right of use asset and liability $ 1,911,049