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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (29,252,284) $ (22,811,230)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 669,409 961,281
Stock-based compensation 2,449,191 3,208,103
Realized gain on short-term investments (113,072) (443,392)
Patent impairment 118,831
Change in fair value of warrant liability 5,359,780
Accretion of interest and amortization of debt issuance costs 1,177,174
Changes in operating assets and liabilities:    
Prepaid expenses, operating lease right-of-use assets, and other current assets (646,282) (1,403,049)
Accounts payable 100,815 41,020
Accrued expenses, lease liabilities, and other current liabilities 10,642,938 969,662
Net cash used in operating activities (9,493,500) (19,477,605)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (1,051,481) (1,045,822)
Acquisition of intangible asset (954,229) (718,711)
Disposal of assets 265,940 180,898
Purchase of short-term investments (7,562,761) (21,573,199)
Proceeds from maturity of short-term investments 12,237,761 29,519,000
Net cash provided by investing activities 2,935,230 6,362,166
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from at-the-market equity financing, net of issuance costs 6,789,427 1,747,468
Proceeds from public issuance of common stock and pre-funded warrants and exercise of pre-funded warrants, net of offering costs 22,369,285 4,380,975
Proceeds from the Notes, net of issuance costs 1,801,265
Repayment of the Notes (4,375,000)
Proceeds from exercise of stock options 8,528
Issuance costs for stock dividend and restricted stock units (597) (16,182)
Net cash provided by financing activities 26,584,380 6,120,789
Net increase (decrease) in cash and cash equivalents and restricted cash 20,026,110 (6,994,650)
Cash and cash equivalents and restricted cash, beginning of year 3,591,623 10,586,273
Cash and cash equivalents and restricted cash, end of year 23,617,733 3,591,623
Supplemental disclosure:    
Recognition of operating lease right-of-use asset and operating lease liabilities 2,037,052 1,212,760
Stock dividend $ 1,460,126