Financials

v3.23.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 6,473,822 $ 11,426,785
Other receivables 13,163
Prepaid expenses and other current assets 1,611,849 2,844,798
Total current assets 8,098,834 14,271,583
Property and equipment, net 98,456 121,062
Operating lease right-of-use assets 249,256 347,440
Deposits 17,940 17,940
Total assets 8,464,486 14,758,025
Current liabilities:    
Accounts payable and accrued expenses 951,019 1,124,197
Short-term notes payable 267,640
Operating lease liabilities - Current 190,242 204,447
Total current liabilities 1,141,261 1,596,284
Long-term liabilities:    
Operating lease liabilities - Long Term 65,752 152,439
Total long-term liabilities 65,752 152,439
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 issued and outstanding at June 30, 2023 and December 31, 2022, respectively 1,592,723 1,592,723
Common stock, $0.001 par value; 4,166,666 shares authorized 2,024,657 and 2,024,657 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively 2,025 2,025
Additional paid-in capital 197,120,665 196,977,071
Accumulated deficit (191,457,940) (185,562,517)
Total shareholders’ equity 7,257,473 13,009,302
Total liabilities and shareholders’ equity $ 8,464,486 $ 14,758,025

Source

v3.23.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Grant revenue $ 13,163 $ 30,391 $ 30,187 $ 45,474
Operating expenses:        
Research and development 2,006,696 2,590,032 3,679,272 5,883,693
General and administrative 1,115,785 1,044,334 2,365,048 2,375,883
Local business tax 490 980
Total operating expenses 3,122,481 3,634,856 6,044,320 8,260,556
Loss from operations (3,109,318) (3,604,465) (6,014,133) (8,215,082)
Other income (expense):        
Interest income 58,954 15,369 121,155 27,275
Interest expense (843) (816) (4,190) (4,062)
Miscellaneous income 621 369 1,745 11,333
Total other income, net 58,732 14,922 118,710 34,546
Loss before income taxes (3,050,586) (3,589,543) (5,895,423) (8,180,536)
Income tax benefit
Net loss $ (3,050,586) $ (3,589,543) $ (5,895,423) $ (8,180,536)
Basic net loss per share $ (1.51) $ (1.85) $ (2.91) $ (4.22)
Diluted net loss per share $ (1.51) $ (1.85) $ (2.91) $ (4.22)
Shares used to compute basic net loss per share 2,024,766 1,939,913 2,024,766 1,939,913
Shares used to compute diluted net loss per share 2,024,766 1,939,913 2,024,766 1,939,913

Source

v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:        
Net loss $ (3,050,586) $ (3,589,543) $ (5,895,423) $ (8,180,536)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization 11,303 10,379 22,606 18,847
Gain on sale of property and equipment     (10,964)
Stock-based compensation expense 63,628 278,988 143,594 369,235
Changes in operating assets and liabilities:        
Other receivables     (13,163) 6,987
Operating Lease Right of Use Assets     98,184
Prepaid expenses and other current assets     1,232,949 (1,555,350)
Deposits    
Accounts payable and accrued expenses     (274,070) 332,024
Net cash used in operating activities     (4,685,323) (9,019,757)
Cash flows from investing activities:        
Proceeds from sale of property and equipment     12,000
Purchase of property and equipment     (87,047)
Net cash used in investing activities     (75,047)
Cash flows from financing activities:        
Payments on short-term notes payable     (267,640) (303,416)
Net cash used in financing activities     (267,640) (303,416)
Net decrease in cash and cash equivalents     (4,952,963) (9,398,220)
Cash and cash equivalents at beginning of period     11,426,785 27,265,703
Cash and cash equivalents at end of period $ 6,473,822 $ 17,867,483 6,473,822 17,867,483
Supplemental disclosure of cash flow information:        
Interest paid     $ 3,347 $ 4,062

Source