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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net loss $ (4,723,663) $ (7,588,833)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 946,262 1,408,210
Amortization of held-to-maturity securities, net (47,516) 37,094
Gain from the sale of investment in Alphazyme (1,017,592) 0
Foreign currency exchange loss (gain), net 38,143 23,579
Changes in operating assets and liabilities:    
Interest receivable 48,463 50,502
Accounts receivable (107,666) (14,837)
Prepaid expenses and other current assets (91,537) (70,051)
Operating lease assets and liabilities (4,946) 0
Accounts payable (691,471) (716,964)
Accrued expenses 7,347 278,331
Deferred research and development obligation (132,353) 293,897
Deferred license revenue (26,846) (102,941)
Net cash used in operating activities (5,803,375) (6,402,013)
Cash flows from investing activities    
Purchases of held-to-maturity investment securities (2,251,018) (8,487,198)
Proceeds from maturities of investment securities 8,373,000 5,500,000
Proceeds from the sale of investment in Alphazyme 1,293,760 0
Net cash provided by (used in) investing activities 7,415,742 (2,987,198)
Cash flows from financing activities    
Proceeds from exercise of options 0 402,091
Net cash provided by financing activities 0 402,091
Effect of exchange rate changes on cash (3,463) (22,243)
Net increase (decrease) in cash and cash equivalents 1,608,904 (9,009,363)
Cash and cash equivalents at beginning of period 5,794,272 15,748,480
Cash and cash equivalents at end of period 7,403,176 6,739,117
Supplemental cash flow information    
Vesting of restricted stock units 342,186 0
Right-of-use asset obtained in exchange for lease obligations $ 156,983 $ 0