Financials

v3.22.2.2
Consolidated Balance Sheets - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 13,951,054 $ 27,265,703
Other receivables 6,987
Prepaid expenses and other current assets 561,952 434,699
Total current assets 14,513,006 27,707,389
Property and equipment, net 132,382 45,708
Operating lease right-of-use assets 395,435 477,882
Total assets 15,040,823 28,230,979
Current liabilities:    
Accounts payable and accrued expenses 871,084 947,574
Short-term notes payable 424,924 303,416
Operating lease liabilities 201,973 194,270
Total current liabilities 1,497,981 1,445,260
Long-term liabilities:    
Operating lease liabilities 204,593 299,520
Total long-term liabilities 204,593 299,520
Shareholders’ equity:    
Preferred stock, no par value; 50,000,000 shares authorized; 5,417,000, and 9,417,000 Series A shares, 4,050,000 and 6,600,000 Series B shares, issued and outstanding at September 30, 2022 and December 31, 2021, respectively 1,592,723 2,656,713
Common stock, $0.001 par value; 250,000,000 and 200,000,000 shares authorized at September 30, 2022 and December 31, 2021, respectively, 117,304,809 and 116,394,806 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively 117,305 116,395
Additional paid-in capital 196,888,079 194,987,219
Accumulated deficit (185,259,858) (171,274,128)
Total shareholders’ equity 13,338,249 26,486,199
Total liabilities and shareholders’ equity $ 15,040,823 $ 28,230,979

Source

v3.22.2.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Income Statement [Abstract]        
Grant revenue $ 86,047 $ 131,521
Operating expenses:        
Research and development 2,824,598 3,547,321 10,595,842 9,275,800
General and administrative 1,215,009 847,134 3,590,892 4,194,103
Total operating expenses 4,039,607 4,394,455 14,186,734 13,469,903
Loss from operations (3,953,560) (4,394,455) (14,055,213) (13,469,903)
Other income (expense):        
Interest income 41,634 17,760 68,909 62,047
Interest expense (5,228) (7,053) (9,290) (10,654)
Local business tax (489) 2 (1,469) (1,198)
Miscellaneous income 11,333 670
Total other income, net 35,917 10,709 69,483 50,865
Loss before income taxes (3,917,643) (4,383,746) (13,985,730) (13,419,038)
Income tax benefit
Net loss $ (3,917,643) $ (4,383,746) $ (13,985,730) $ (13,419,038)
Basic and diluted net loss per share $ (0.03) $ (0.04) $ (0.12) $ (0.12)
Shares used to compute basic and diluted net loss per share 116,744,807 116,262,938 116,511,473 111,748,586

Source

v3.22.2.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (13,985,730) $ (13,419,038)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 31,594 34,817
Gain on sale of property and equipment (10,964)
Stock-based compensation expense 837,780 1,455,670
Changes in operating assets and liabilities:    
Other receivables 6,987
Prepaid expenses and other current assets 401,176 356,756
Accounts payable and accrued expenses (76,490) 586,177
Net cash used in operating activities (12,795,647) (10,985,618)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 12,000
Purchase of property and equipment (124,081) (24,123)
Net cash used in investing activities (112,081) (24,123)
Cash flows from financing activities:    
Payments on short-term notes payable (406,921) (346,138)
Redemption of Series C Preferred stock (5,635,672)
Proceeds from issuance of common stock for option exercise 363,140
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 financing activities (406,921) 23,319,058
Net increase (decrease) in cash and cash equivalents (13,314,649) 12,309,317
Cash and cash equivalents at beginning of period 27,265,703 17,639,575
Cash and cash equivalents at end of period 13,951,054 29,948,892
Supplemental disclosure of cash flow information:    
Interest paid 9,290 10,654
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 528,429 600,169
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 400
Par value of common stock issued in connection with Series B Preferred Stock Conversion 510
Stock dividend on Series C Preferred stock $ 1,117,531

Source