XML 16 R7.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (24,929,694) $ (24,602,677)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 3,484,366 5,763,896
Non-cash interest expense 95,781 187,501
Net amortization of premium on marketable securities (697,119) (14,542)
Depreciation and amortization expense 122,263 131,312
Change in operating assets and liabilities:    
Prepaid expenses and other current assets (330,519) 2,918,672
Accounts payable (1,083,623) 137,191
Accrued expenses and other liabilities 141,560 (7,323,007)
Net cash used in operating activities (23,196,985) (22,801,654)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of marketable securities (60,614,499) 0
Maturities of marketable securities 12,000,000 30,000,000
Net cash used in investing activities (48,614,499) 30,000,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of stock options 0 5,292
Proceeds from employee stock purchase plan 18,191 52,559
Net cash provided by financing activities 18,191 57,851
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (71,793,293) 7,256,197
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 142,823,016 144,419,364
CASH AND CASH EQUIVALENTS, END OF PERIOD 71,029,723 151,675,561
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid during the period for interest $ 884,500 $ 823,521