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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 10,400,813 $ 11,492,841
Investment in debt securities - available for sale, at fair value 20,775,440 21,254,485
Accrued interest receivable on investment securities 116,355 128,932
Money market investments, restricted cash 2,250,000 1,500,000
Advances and deposits on clinical programs and other current assets 2,789,637 2,778,433
Total current assets 36,332,245 37,154,691
Property and equipment (at cost, less accumulated depreciation and amortization) 555,929 548,301
Other assets:    
Money market investments, restricted cash 3,750,000 4,500,000
Deferred income tax asset 1,567,026
Operating lease right-of-use assets, net 1,418,022 155,876
Deposits and other assets 50,000 50,000
Total other assets 5,218,022 6,272,902
Total assets 42,106,196 43,975,894
Current liabilities:    
Accounts payable – trade 3,973,340 3,586,623
Other accrued liabilities 3,914,009 4,794,936
Note payable – current portion, net of deferred financing costs 2,181,298 1,424,774
Operating lease liability - current portion 349,602 230,749
Total current liabilities 10,418,249 10,037,082
Notes payable – non-current portion, net of deferred financing costs 3,899,115 4,610,946
Operating lease liability - non-current portion 1,141,876
Total liabilities 15,459,240 14,648,028
Commitments and contingencies
Stockholders’ equity:    
Preferred stock - $0.01 par value (100,000 shares authorized, and no shares issued or outstanding at March 31, 2023 and December 31, 2022)
Common stock - $0.01 par value (112,500,000 shares authorized; 9,097,027 and 7,436,219 shares issued at March 31, 2023 and December 31, 2022, respectively; and 9,097,005 and 7,436,197 shares outstanding at March 31, 2023 and December 31, 2022, respectively) 90,970 74,362
Additional paid-in capital 400,776,487 397,980,023
Accumulated other comprehensive loss 123,877 26,494
Accumulated deficit (374,259,190) (368,667,825)
Total stockholders’ equity before treasury stock 26,732,144 29,413,054
Treasury stock, at cost (22 shares at March 31, 2023 and December 31, 2022) (85,188) (85,188)
Total stockholders’ equity 26,646,956 29,327,866
Total liabilities and stockholders’ equity $ 42,106,196 $ 43,975,894