Financials

v3.21.2
Consolidated Balance Sheets - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 29,948,892 $ 17,639,575
Prepaid expenses and other current assets 586,519 343,106
Total current assets 30,535,411 17,982,681
Property and equipment, net 32,704 42,713
Operating lease right-of-use assets 523,143 655,138
Total assets 31,091,258 18,680,532
Current liabilities:    
Accounts payable and accrued expenses 1,523,197 937,020
Short-term notes payable 482,258 228,227
Operating lease liabilities 190,181 176,900
Total current liabilities 2,195,636 1,342,147
Long-term liabilities:    
Operating lease liabilities 349,199 493,790
Total long-term liabilities 349,199 493,790
Shareholders’ equity:    
Preferred stock, no par value; 50,000,000 shares authorized; 9,417,000 and 9,417,000 Series A shares, 6,600,000 and 6,600,000 Series B shares, -0- and 133.483 Series C shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively 2,656,713 7,174,854
Common stock, $0.001 par value; 200,000,000 shares authorized; 116,394,806 and 91,766,928 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively 116,395 91,767
Additional paid-in capital 194,754,867 164,022,957
Accumulated deficit (168,981,552) (154,444,983)
Total shareholders’ equity 28,546,423 16,844,595
Total liabilities and shareholders’ equity $ 31,091,258 $ 18,680,532

Source

v3.21.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Operating expenses:        
Research and development $ 3,547,321 $ 3,498,361 $ 9,275,800 $ 18,755,013
General and administrative 847,134 1,010,006 4,194,103 3,337,422
Total operating expenses 4,394,455 4,508,367 13,469,903 22,092,435
Loss from operations (4,394,455) (4,508,367) (13,469,903) (22,092,435)
Other income (expense):        
Interest income 17,760 16,292 62,047 77,302
Interest expense (7,053) (3,885) (10,654) (6,478)
Local business tax 2 (600) (1,198) (1,800)
Miscellaneous income 670 1,795
Total other income, net 10,709 11,807 50,865 70,819
Loss before income taxes (4,383,746) (4,496,560) (13,419,038) (22,021,616)
Income tax benefit
Net loss $ (4,383,746) $ (4,496,560) $ (13,419,038) $ (22,021,616)
Basic and diluted net loss per share $ (0.04) $ (0.08) $ (0.12) $ (0.42)
Shares used to compute basic and diluted net loss per share 116,262,938 59,670,038 111,748,586 52,706,277

Source

v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (13,419,038) $ (22,021,616)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 34,817 38,847
Stock-based compensation expense 1,455,670 1,217,208
Stock issued for purchase of Noachis Terra 8,030,699
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (243,413) 498,200
Accounts payable and accrued expenses 586,177 (1,084,621)
Net cash used in operating activities (11,585,787) (13,321,283)
Cash flows from investing activities:    
Purchase of property and equipment (24,123)
Net cash used in investing activities (24,123)
Cash flows from financing activities:    
Borrowings under short-term notes payable 600,169 132,088
Payments on short-term notes payable (346,138) (217,588)
Redemption of Series C Preferred stock (5,635,672)
Proceeds from issuance of common stock for stock option exercise 363,140
Proceeds from issuance of common stock for warrant exercise 2,261,336 5,182,402
Net proceeds from issuance of common stock 26,676,392
Net cash provided by financing activities 23,919,227 5,096,902
Net increase (decrease) in cash and cash equivalents 12,309,317 (8,224,381)
Cash and cash equivalents at beginning of period 17,639,575 18,267,994
Cash and cash equivalents at end of period 29,948,892 10,043,613
Supplemental disclosure of cash flow information:    
Interest paid 10,654 4,245
Non-cash investing and financing activities:    
Stock dividend on Series C preferred stock $ 1,117,531 $ 661,458

Source