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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net loss $ (8,856,391) $ (7,365,060)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,324,400 1,264,233
Amortization of held-to-maturity securities, net 254,193 282,123
Gain on investment in BDI (1,605,532) 0
Foreign currency exchange loss (gain), net 76,081 26,317
Changes in operating assets and liabilities:    
Interest receivable 37,454 223,306
Accounts receivable 72,051 (141,698)
Income tax receivable 0 500,616
Prepaid expenses and other current assets (289,481) (141,550)
Accounts payable (47,033) (61,651)
Accrued expenses 352,713 50,745
Deferred research and development obligation 39,664 75,211
Net cash used in operating activities (8,641,881) (5,287,408)
Cash flows from investing activities    
Purchases of held-to-maturity investment securities (11,283,940) (14,677,156)
Proceeds from maturities of investment securities 10,400,000 36,761,000
Proceeds from the sale of BDI equity interest 1,605,532 0
Net cash provided by investing activities 721,592 22,083,844
Cash flows from financing activities    
Proceeds from exercise of options 985,550 230,810
Net cash provided by financing activities 985,550 230,810
Effect of exchange rate changes on cash (41,695) 11,791
Net (decrease) increase in cash and cash equivalents (6,976,434) 17,039,037
Cash and cash equivalents at beginning of period 20,637,045 4,823,544
Cash and cash equivalents at end of period 13,660,611 21,862,581
Supplemental cash flow information    
Cash received from income tax refund $ 0 $ 505,616