Financials

v3.24.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 13,723,681 $ 17,002,715
Investments 7,182,325 42,194,296
Restricted cash 192,475 192,475
Prepaid expenses and other current assets 2,447,549 791,616
Total current assets 23,546,030 60,181,102
Restricted cash 477,425 477,425
Property and equipment, net 973,214 1,613,815
Operating lease right-of-use assets 3,062,920 3,884,252
Other assets 212,804 155,346
Total assets 28,272,393 66,311,940
Current liabilities:    
Notes payable 300,664 353,323
Accounts payable 3,178,516 2,173,963
Accrued expenses 11,030,506 5,999,252
Derivative liability 39,450 36,868
Operating lease liabilities, current 1,436,723 1,280,863
Current portion of long-term debt 15,908,214 2,795,669
Total current liabilities 31,894,073 12,639,938
Long-term debt, net of debt discount 0 15,984,426
Other long-term liabilities 44,411 22,205
Operating lease liabilities, noncurrent 3,238,631 4,675,354
Total liabilities 35,177,115 33,321,923
Stockholders' equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at December 31, 2023 and December 31, 2022. See Note 12 0 0
Common stock, $0.0001 par value; 300,000,000 shares authorized, 4,423,683 and 4,171,297 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively 442 417
Additional paid-in capital 429,780,375 425,196,359
Accumulated deficit (436,683,983) (392,080,667)
Accumulated other comprehensive loss (1,556) (126,092)
Total stockholders’ equity (6,904,722) 32,990,017
Total liabilities and stockholders’ equity $ 28,272,393 $ 66,311,940

Source

v3.24.0.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating expenses:    
Research and development $ 31,167,660 $ 16,136,826
General and administrative 13,909,641 18,698,619
Litigation settlement 0 5,000,000
Total operating expenses 45,077,301 39,835,445
Operating loss (45,077,301) (39,835,445)
Other income (expense), net:    
Other income (expense), net 3,389,440 (48,773)
Interest income (expense), net (2,923,974) (2,132,091)
Change in fair value of derivative liability (2,582) 96,842
Foreign currency transaction gain (loss), net 11,101 (427,436)
Other income (expense), net 473,985 (2,511,458)
Net loss $ (44,603,316) $ (42,346,903)
Net loss per share, basic $ (10.31) $ (10.15)
Net loss per share, diluted $ (10.31) $ (10.15)
Weighted average number of common shares outstanding, basic 4,327,568 4,170,675
Weighted average number of common shares outstanding, diluted 4,327,568 4,170,675
Comprehensive loss:    
Net Income (Loss) $ (44,603,316) $ (42,346,903)
Other comprehensive income (loss):    
Change in unrealized gain (loss) on marketable debt securities 124,536 (63,647)
Total other comprehensive income (loss) 124,536 (63,647)
Total comprehensive loss $ (44,478,780) $ (42,410,550)

Source

v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net Income (Loss) $ (44,603,316) $ (42,346,903)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,470,154 5,719,637
Depreciation and amortization 640,601 762,995
Net amortization on (discount) premium of investments (506,166) 124,875
(Gain) loss on foreign currency transaction (23,730) 648,520
Amortization of debt discount 824,381 742,478
Realized loss on investments 713 178,222
Change in fair value of derivative liability 2,582 (96,842)
Loss on sale of property and equipment 0 21,235
Changes in operating assets and liabilities:    
(Increase) decrease in prepaid expenses and other current assets (1,470,445) 1,573,394
Increase in other assets (57,458) (108,961)
Decrease in operating lease right-of-use asset 821,331 724,858
Increase (decrease) in accounts payable 1,028,283 (256,835)
Increase (decrease) in accrued expenses 5,031,254 (4,094,160)
Increase in other long-term liabilities 22,206 0
Decrease in operating lease liabilities (1,280,863) (1,136,948)
Net cash used in operating activities (36,100,473) (37,544,435)
Cash flows from investing activities:    
Purchases of investments (33,884,689) (86,341,894)
Proceeds from sales and maturities of investments 69,526,650 116,421,376
Purchases of property and equipment 0 (13,449)
Proceeds from sale of property and equipment 0 8,100
Net cash used in investing activities 35,641,961 30,074,133
Cash flows from financing activities:    
Proceeds from issuance of notes payable 373,320 452,250
Repayment of short-term borrowings (425,980) (866,865)
Proceeds from issuance of long-term borrowings 1,381,729
Repayment of long-term borrowings (2,821,262) (1,500,729)
Proceeds from issuance of common stock 244,302
Issuance costs paid for common stock financings (190,902)
Net cash provided by financing activities (2,820,522) (533,615)
Net increase (decrease) in cash, cash equivalents, and restricted cash (3,279,034) (8,003,917)
Cash, cash equivalents, and restricted cash at beginning of the period 17,672,615 25,676,532
Cash, cash equivalents, and restricted cash at end of the period 14,393,581 17,672,615
Supplemental disclosure of cash flow information and non cash transactions:    
Cash paid during the period for interest 2,607,474 1,969,583
Issuance of common stock for conversion of convertible debt 875,000 0
Write-off of fully depreciated property and equipment $ 178,492 $ 0

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