XML 20 R7.htm IDEA: XBRL DOCUMENT v3.21.1
Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (3,199,673) $ (441,590)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of deferred financing fees   129
Amortization of debt discount   396
Share-based compensation expense 23,977  
Change in fair value of derivative liability   26,500
Changes in assets and liabilities:    
Grant receivable   697,323
Prepaid expenses and other current assets (317,473) (272,390)
Accounts payable 482,709 (982,986)
Accrued expenses 535,592 2,213
Net cash used in operating activities (2,474,868) (970,405)
Cash flows from financing activities:    
Proceeds from initial public offering of common stock, net of offering costs   12,084,406
Proceeds from exercise of stock options 3,017 4,606
Net cash provided by financing activities 3,017 12,089,012
Net (decrease) increase in cash (2,471,851) 11,118,607
Cash and cash equivalents, beginning of year 8,074,658 1,858
Cash and cash equivalents, end of year $ 5,602,807 11,120,465
Supplemental disclosure of non-cash financing activities:    
Deferred offering costs in accounts payable and accrued expenses   50,000
Conversion of redeemable convertible preferred stock to common stock   7,076,952
Conversion of convertible promissory notes, including embedded derivative, to common stock   $ 672,524