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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net loss $ (7,588,833) $ (8,856,391)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,408,210 1,324,400
Amortization of held-to-maturity securities, net 37,094 254,193
Gain on investment in BDI 0 (1,605,532)
Foreign currency exchange loss (gain), net 23,579 76,081
Changes in operating assets and liabilities:    
Interest receivable 50,502 37,454
Accounts receivable (14,837) 72,051
Prepaid expenses and other current assets (70,051) (289,481)
Accounts payable (716,964) (47,033)
Accrued expenses 278,331 352,713
Deferred research and development obligation 293,897 39,664
Deferred license revenue (102,941) 0
Net cash used in operating activities (6,402,013) (8,641,881)
Cash flows from investing activities    
Purchases of held-to-maturity investment securities (8,487,198) (11,283,940)
Proceeds from maturities of investment securities 5,500,000 10,400,000
Proceeds from the sale of investment in BDI 0 1,605,532
Net cash (used in) provided by investing activities (2,987,198) 721,592
Cash flows from financing activities    
Proceeds from exercise of options 402,091 985,550
Net cash provided by financing activities 402,091 985,550
Effect of exchange rate changes on cash (22,243) (41,695)
Net decrease in cash and cash equivalents (9,009,363) (6,976,434)
Cash and cash equivalents at beginning of period 15,748,480 20,637,045
Cash and cash equivalents at end of period $ 6,739,117 $ 13,660,611