Financials

v3.24.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 3,483,501 $ 11,426,785
Prepaid expenses and other current assets 382,273 2,862,738
Total current assets 3,865,774 14,289,523
Property and equipment, net (0) 121,062
Prepaid research and development expense 1,090,750 (0)
Operating lease right-of-use assets 9,811 347,440
Total assets 4,966,335 14,758,025
Current liabilities:    
Accounts payable and accrued expenses 1,475,667 1,124,197
Short-term notes payable 312,703 267,640
Operating lease liabilities - Current 9,811 204,447
Total current liabilities 1,798,181 1,596,284
Long-term liabilities:    
Operating lease liabilities - Long Term 152,439
Total long-term liabilities 152,439
Shareholders’ equity:    
Preferred stock, no par value; 50,000,000 shares authorized; 5,417,000 and 5,417,000 Series A shares, 4,050,000 and 4,050,000 Series B shares, -0- and -0- Series C shares, 7,488,197 and -0- Series F shares outstanding at December 31, 2023 and December 31, 2022, respectively 1,592,723 1,592,723
Common stock, $0.001 par value; 350,000,000 shares authorized; 3,080,693 and 2,024,657 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively 3,081 2,025
Additional paid-in capital 207,790,604 196,977,071
Accumulated Deficit (206,218,254) (185,562,517)
Total shareholders’ equity 3,168,154 13,009,302
Total liabilities and shareholders’ equity $ 4,966,335 $ 14,758,025

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v3.24.1
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]    
Grant revenue $ 37,653 $ 131,521
Operating expenses:    
Research and development 15,490,604 10,072,684
General and administrative 5,451,952 4,479,605
Total operating expenses 20,942,556 14,552,289
Loss from operations (20,904,903) (14,420,768)
Other income (expense):    
Interest income 210,394 135,900
Interest expense (30,591) (15,103)
Miscellaneous income 69,363 11,582
Total other income, net 249,166 132,379
Loss before income taxes (20,655,737) (14,288,389)
Income tax benefit
Net loss $ (20,655,737) $ (14,288,389)
Basic net loss per share $ (9.18) $ (7.11)
Diluted net loss per share $ (9.18) $ (7.11)
Shares used to compute basic net loss per share 2,249,694 2,009,234
Shares used to compute diluted net loss per share 2,249,694 2,009,234

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v3.24.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (20,655,737) $ (14,288,389)
Adjustments to reconcile net loss to net cash used in operating activities:    
Write off of in process research and development (IPR&D) 10,273,506
Depreciation and amortization 27,391 44,667
Loss (Gain) on sale of fixed assets, net 29,956 (10,964)
Stock-based compensation expense 1,016,828 742,203
Changes in operating assets and liabilities:    
Other receivables 6,987
Operating Lease Right of Use Assets 337,629
Prepaid expenses and other current assets 2,000,824 (1,899,612)
Prepaid R&D assets - other assets
Lease Liabilities (347,075)  
Accounts payable and accrued expenses 25,798 176,625
Net cash used in operating activities (7,290,880) (15,228,483)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 63,716 12,000
Cash paid for IPR&D (1,000,000)
Purchase of property and equipment (127,519)
Net cash provided by (used in) investing activities (936,284) (115,519)
Cash flows from financing activities:    
Payments on short-term notes payable (566,046) (564,205)
Proceeds from issuance of common stock for private placement 849,926 69,289
Net cash provided by (used in) financing activities 283,880 (494,916)
Net decrease in cash and cash equivalents (7,943,284) (15,838,918)
Cash and cash equivalents at beginning of year 11,426,785 27,265,703
Cash and cash equivalents at end of year 3,483,501 11,426,785
Supplemental disclosure of cash flow information:    
Interest paid 3,347 9,290
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid insurance 611,109 528,429
Issuance of Series F Preferred stock for IPR&D 8,947,834
Value of Series A preferred stock converted into common stock 415,169
Value of Series B preferred stock converted into common stock 648,821
Par Value of common stock issued in connection with Series A Preferred Stock Conversion 7
Par Value of common stock issued in connection with Series B Preferred Stock Conversion $ 9

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