XML 20 R9.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net loss $ (3,559,829) $ (2,658,133)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization and depreciation 3,176 3,375
Non-cash lease expense 59,155 54,432
Share-based compensation 117,636 163,676
Issuance of common stock to vendors for services   73,000
Issuance of common stock for purchase option   50,000
Loss on extinguishment of debt   393,791
Change in fair value of convertible debt (260,933) (460,000)
Amortization of deferred issuance costs associated with convertible debt   12,518
Change in operating assets and liabilities:    
Contracts and grants receivable 171,254 1,374
Prepaid expenses and other current assets 621,542 102,882
Research and development incentives receivable 48,994 93,821
Operating lease liability (59,344) (53,071)
Accounts payable and accrued expenses (231,089) (1,604,414)
Accrued compensation (170,871) (262,831)
Net cash flows from operating activities (3,260,309) (4,089,580)
Financing activities:    
Proceeds from issuance of common stock pursuant to B. Riley At Market Issuance Sales Agreement   3,091,462
Proceeds from issuance of common stock and pre-funded warrants pursuant to public offering 4,741,400 8,495,817
Proceeds from the exercise of warrants 8,600 3,299
Convertible debt repayments   (7,000,000)
Net cash flows from financing activities 4,225,774 3,884,958
Effect of exchange rate on cash and cash equivalents 916 5,946
Net increase in cash and cash equivalents 966,381 (198,676)
Cash and cash equivalents at beginning of period 8,446,158 13,359,615
Cash and cash equivalents at end of period 9,412,539 13,160,939
Supplemental information:    
Cash paid for state income taxes 33,665 10,879
Cash paid for interest 125,286 424,660
Cash paid for lease liabilities:    
Operating lease 68,200 66,650
Non-cash investing and financing activities:    
Pontifax conversion of portion of debt principal into common stock 254,256  
Deferred issuance cost reclassified to additional paid-in capital   2,339
Redemption liability for Series D preferred stock   43
Public offering costs included in accounts payable 100,839 221,450
B. Riley Sales Agreement    
Financing activities:    
Stock issuance costs associated   (93,009)
Public Offering    
Financing activities:    
Stock issuance costs associated $ (524,226) $ (612,611)