Financials

v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 3,144,049 $ 3,483,501
Prepaid expenses and other current assets 969,294 382,273
Total current assets 4,113,343 3,865,774
Prepaid research and development expense 1,090,750 1,090,750
Operating lease right-of-use assets 9,811
Total assets 5,204,093 4,966,335
Current liabilities:    
Accounts payable and accrued expenses 1,607,114 1,475,667
Short-term notes payable 519,392 312,703
Operating lease liabilities - Current 9,811
Total liabilities 2,126,506 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 September 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 9,387,547 and 3,080,693 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 9,388 3,081
Additional paid-in capital 214,912,523 207,790,604
Accumulated Deficit (213,437,047) (206,218,254)
Total shareholders’ equity 3,077,587 3,168,154
Total liabilities and shareholders’ equity $ 5,204,093 $ 4,966,335

Source

v3.24.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Grant revenue $ 7,466 $ 37,653
Operating expenses:        
Research and development 879,041 769,350 2,449,234 4,448,623
General and administrative 1,558,239 1,332,562 4,754,149 3,697,609
Total operating expenses 2,437,280 2,101,912 7,203,383 8,146,232
Loss from operations (2,437,280) (2,094,446) (7,203,383) (8,108,579)
Other income (expense):        
Interest income 9,466 50,613 35,106 171,768
Interest expense (9,971) (14,170) (18,859) (18,360)
Other income 45,118 46,863
Foreign currency exchange net (25,085) (31,659)
Total other income (expense), net (25,590) 81,561 (15,412) 200,271
Loss before income taxes (2,462,870) (2,012,885) (7,218,795) (7,908,308)
Income tax benefit
Net loss $ (2,462,870) $ (2,012,885) $ (7,218,795) $ (7,908,308)
Basic net loss per share $ (0.38) $ (0.85) $ (1.49) $ (3.70)
Diluted net loss per share $ (0.38) $ (0.85) $ (1.49) $ (3.70)
Shares used to compute basic net loss per share 6,528,064 2,356,065 4,857,182 2,136,340
Shares used to compute diluted net loss per share 6,528,064 2,356,065 4,857,182 2,136,340

Source

v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (7,218,795) $ (7,908,308)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 27,391
Gain on sale of property and equipment (22,443)
Stock-based compensation expense 458,366 546,519
Changes in operating assets and liabilities:    
Other receivables (35,104)
Prepaid expenses and other current assets 49,951 1,443,563
Operating lease right of use assets 9,811 323,103
Deposits 9,340
Accounts payable and accrued expenses 131,449 (572,396)
Change in operating lease liabilities (9,811)
Net cash used in operating activities (6,579,029) (6,188,335)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 63,715
Net cash provided by (used in) investing activities 63,715
Cash flows from financing activities:    
Payments on short-term notes payable (430,283) (385,329)
Net proceeds from issuance of common stock 6,669,860 849,808
Net cash provided by (used in) financing activities 6,239,577 464,479
Net decrease in cash and cash equivalents (339,452) (5,660,141)
Cash and cash equivalents at beginning of period 3,483,501 11,426,785
Cash and cash equivalents at end of period 3,144,049 5,766,644
Supplemental disclosure of cash flow information:    
Interest paid 18,859 3,347
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense $ 636,972 $ 611,109

Source