v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (10,567,226) $ (7,034,194)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,216,349 1,138,299
Change in right-of-use assets 32,582 30,358
Depreciation 16,863 20,252
Changes in operating assets and liabilities:    
Decrease in trade receivables 41,874
Decrease in inventory 394
(Increase) decrease in prepaid expenses and other current assets (419,578) 141,105
Decrease in accounts payable (755,582) (469,362)
Decrease in accrued expenses (884,872) (583,633)
Decrease in operating lease liabilities (32,422) (29,435)
Net cash used in operating activities (10,393,886) (6,744,342)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of short-term investments (25,422,039) (8,483,337)
Maturity of short-term investments 10,750,000 4,300,000
Purchase of equipment (14,766) (4,324)
Net cash used in investing activities (14,686,805) (4,187,661)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock from at-the-market program, net 7,200,406 3,004,216
Net cash provided by financing activities 7,200,406 3,004,216
Foreign exchange effect on cash 2,284 (3,179)
NET DECREASE IN CASH AND CASH EQUIVALENTS (17,878,001) (7,930,966)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – BEGINNING OF PERIOD 43,374,745 53,551,277
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – END OF PERIOD 25,496,744 45,620,311
Cash paid for interest 8,776 5,378
Supplemental Disclosure of Non-Cash Investing Activities:    
Unrealized (loss) gain from investments $ (16,393) $ 34,171