XML 15 R6.htm IDEA: XBRL DOCUMENT v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (22,665,559) $ (16,547,944)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 513,552 542,740
Change in fair value of earn-out milestone liability 327,000
Recognition of deferred revenue (375,000) (375,000)
Stock-based compensation 1,962,807 3,073,569
Realization of deferred income tax asset 1,383,446 1,845,823
Amortization of deferred finance charges and debt discount associated with notes payable 135,572 191,571
Net changes in:    
Accrued interest on investment securities 78,349 (38,404)
Advances, deposits, and other current assets (273,646) (552,567)
Accounts payable and accrued liabilities 1,168,592 397,701
Net cash used in operating activities (18,071,887) (11,135,511)
Cash flows from investing activities:    
Purchases of investment securities (8,403,750) (40,862,225)
Proceeds from sale and maturity of investment securities 27,775,000 12,000,000
Purchases of property and equipment (222,891) (285,971)
Net cash provided by (used in) investing activities 19,148,359 (29,148,196)
Cash flows from financing activities:    
Proceeds from redeemable convertible preferred stock offering 28,500,000
Payment upon redemption of redeemable convertible preferred stock (28,500,000)
Proceeds from sale of common stock equity, net of issuance costs 6,275,346 52,688,945
Proceeds from exercise of common stock warrants 1,508,666
Proceeds from exercise of options to purchase common stock 4,725
Proceeds from the SVB Loan Facility, net of issuance costs 5,756,630
Payoff of the Horizon Credit Agreement and accrued end of term fees (5,190,587)
Net cash provided by financing activities 6,275,346 54,768,379
Net change in cash, cash equivalents and restricted cash 7,351,818 14,484,672
Cash, cash equivalents and restricted cash at beginning of period 25,586,272 17,164,177
Cash, cash equivalents and restricted cash at end of period 32,938,090 31,648,849
Supplemental disclosures of cash flow information:    
Interest paid (4,742,734) (307,985)
Cash paid for amounts included in measurement of lease liabilities:    
Operating cash flows for lease payments 450,721 418,696
Realized and unrealized (losses) gains, net, on investment securities $ (17,450) $ 2,139