Financials

v3.22.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 17,867,483 $ 27,265,703
Other receivables 6,987
Prepaid expenses and other current assets 102,498 434,699
Total current assets 17,969,981 27,707,389
Property and equipment, net 109,780 45,708
Operating lease right-of-use assets 385,361 477,882
Total assets 18,465,122 28,230,979
Current liabilities:    
Accounts payable and accrued expenses 1,279,598 947,574
Short-term notes payable 303,416
Operating lease liabilities 180,824 194,270
Total current liabilities 1,460,422 1,445,260
Long-term liabilities:    
Operating lease liabilities 217,353 299,520
Total long-term liabilities 217,353 299,520
Shareholders’ equity:    
Preferred stock, no par value; 50,000,000 shares authorized; 9,417,000 Series A shares, 6,600,000 Series B shares, issued and outstanding at June 30, 2022 and December 31, 2021, respectively 2,656,713 2,656,713
Common stock, $0.001 par value; 250,000,000 and 200,000,000 shares authorized at June 30, 2022 and December 31, 2021, respectively, 116,394,806 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively 116,395 116,395
Additional paid-in capital 195,356,454 194,987,219
Accumulated deficit (181,342,215) (171,274,128)
Total shareholders’ equity 16,787,347 26,486,199
Total liabilities and shareholders’ equity $ 18,465,122 $ 28,230,979

Source

v3.22.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Income Statement [Abstract]        
Grant revenue $ 30,391 $ 45,474
Operating expenses:        
Research and development 3,033,182 2,467,575 7,771,244 5,728,479
General and administrative 1,044,334 1,370,393 2,375,883 3,346,969
Total operating expenses 4,077,516 3,837,968 10,147,127 9,075,448
Loss from operations (4,047,125) (3,837,968) (10,101,653) (9,075,448)
Other income (expense):        
Interest income 15,369 24,254 27,275 44,287
Interest expense (816) (1,033) (4,062) (3,601)
Local business tax (490) (600) (980) (1,200)
Miscellaneous income 369 11,333 670
Total other income, net 14,432 22,621 33,566 40,156
Loss before income taxes (4,032,693) (3,815,347) (10,068,087) (9,035,292)
Income tax benefit
Net loss $ (4,032,693) $ (3,815,347) $ (10,068,087) $ (9,035,292)
Basic and diluted net loss per share $ (0.03) $ (0.03) $ (0.09) $ (0.08)
Shares used to compute basic and diluted net loss per share 116,394,806 115,864,162 116,394,806 109,357,191

Source

v3.22.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (10,068,087) $ (9,035,292)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 18,847 25,176
Gain on sale of property and equipment (10,964)
Stock-based compensation expense 369,235 1,354,901
Changes in operating assets and liabilities:    
Other receivables 6,987
Prepaid expenses and other current assets 332,201 256,189
Accounts payable and accrued expenses 332,024 993,251
Net cash used in operating activities (9,019,757) (6,405,775)
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 (303,416) (228,227)
Redemption of Series C Preferred stock (5,635,672)
Proceeds from issuance of common stock for option exercise 267,140
Proceeds from issuance of common stock for warrant exercise 2,261,336
Net proceeds from issuance of common stock 26,676,392
Net cash provided by (used in) financing activities (303,416) 23,340,969
Net increase (decrease) in cash and cash equivalents (9,398,220) 16,935,194
Cash and cash equivalents at beginning of period 27,265,703 17,639,575
Cash and cash equivalents at end of period 17,867,483 34,574,769
Supplemental disclosure of cash flow information:    
Interest paid 4,062 3,601
Non-cash investing and financing activities:    
Stock dividend on Series C Preferred stock $ 1,117,531

Source