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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (9,735,258) $ (13,070,251)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,888,944 1,784,102
Amortization of held-to-maturity securities, net 33,790 329,612
Gain on investment in BDI 0 (1,605,532)
Foreign currency exchange loss 49,918 96,893
Changes in operating assets and liabilities:    
Interest receivable 36,090 17,872
Accounts receivable (83,265) (31,792)
Prepaid expenses and other current assets (13,925) (95,366)
Accounts payable (248,128) 549,562
Accrued expenses 245,521 219,824
Deferred license revenue (147,058) 500,000
Deferred research and development obligations (110,404) 28,131
Net cash used in operating activities (8,083,775) (11,276,945)
Cash flows from investing activities    
Purchases of held-to-maturity investment securities (9,869,280) (11,283,940)
Proceeds from maturities of investment securities 7,500,000 14,900,000
Proceeds from the sale of investment in BDI 0 1,605,532
Net cash (used in) provided by investing activities (2,369,280) 5,221,592
Cash flows from financing activities    
Proceeds from exercise of options 543,591 1,230,050
Net cash provided by financing activities 543,591 1,230,050
Effect of exchange rate changes on cash (44,744) (63,262)
Net decrease in cash and cash equivalents (9,954,208) (4,888,565)
Cash and cash equivalents at beginning of period 15,748,480 20,637,045
Cash and cash equivalents at end of period $ 5,794,272 $ 15,748,480