Financials

v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 1,348,621 $ 3,483,501
Prepaid expenses and other current assets 270,334 382,273
Total current assets 1,618,955 3,865,774
Prepaid research and development expense 1,090,750 1,090,750
Operating lease right-of-use assets 9,811
Total assets 2,709,705 4,966,335
Current liabilities:    
Accounts payable and accrued expenses 1,383,309 1,475,667
Short-term notes payable 312,703
Operating lease liabilities - Current 9,811
Total liabilities 1,383,309 1,798,181
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, 7,488,692 and 7,488,692 Series F shares outstanding at June 30, 2024 and December 31, 2023, respectively 1,592,723 1,592,723
Common stock, $0.001 par value; 350,000,000 shares authorized and 5,580,693 and 3,080,693 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 5,581 3,081
Additional paid-in capital 210,702,269 207,790,604
Accumulated Deficit (210,974,177) (206,218,254)
Total shareholders’ equity 1,326,396 3,168,154
Total liabilities and shareholders’ equity $ 2,709,705 $ 4,966,335

Source

v3.24.2.u1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Grant revenue $ 13,163 $ 30,187
Operating expenses:        
Research and development 906,779 2,006,696 1,570,193 3,679,272
General and administrative 1,399,221 1,115,785 3,195,910 2,365,048
Total operating expenses 2,306,000 3,122,481 4,766,103 6,044,320
Loss from operations (2,306,000) (3,109,318) (4,766,103) (6,014,133)
Other income (expense):        
Interest income 6,405 58,954 25,640 121,155
Interest expense (1,803) (843) (8,888) (4,190)
Other income 621 1,745
Foreign currency exchange net (3,692) (6,572)
Total other income, net 910 58,732 10,180 118,710
Loss before income taxes (2,305,090) (3,050,586) (4,755,923) (5,895,423)
Income tax benefit
Net loss $ (2,305,090) $ (3,050,586) $ (4,755,923) $ (5,895,423)
Basic net loss per share $ (0.51) $ (1.51) $ (1.19) $ (3.04)
Diluted net loss per share $ (0.51) $ (1.51) $ (1.19) $ (3.04)
Shares used to compute basic net loss per share 4,529,045 2,024,766 4,012,561 1,941,858
Shares used to compute diluted net loss per share 4,529,045 2,024,766 4,012,561 1,941,858

Source

v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net loss $ (4,755,923) $ (5,895,423)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 22,606
Stock-based compensation expense 127,564 143,594
Changes in operating assets and liabilities:    
Other receivables (13,163)
Prepaid expenses and other current assets 111,939 1,232,949
Operating lease right of use assets 9,811 98,184
Accounts payable and accrued expenses (92,358) (274,070)
Change in operating lease liabilities (9,811)
Net cash used in operating activities (4,608,778) (4,685,323)
Cash flows from financing activities:    
Payments on short-term notes payable (312,703) (267,640)
Net proceeds from issuance of common stock 2,786,601
Net cash provided by (used in) financing activities 2,473,898 (267,640)
Net decrease in cash and cash equivalents (2,134,880) (4,952,963)
Cash and cash equivalents at beginning of period 3,483,501 11,426,785
Cash and cash equivalents at end of period 1,348,621 6,473,822
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 8,888 $ 3,347

Source