Financials

v3.22.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 21,372,463 $ 27,265,703
Other receivables 6,987
Prepaid expenses and other current assets 277,473 434,699
Total current assets 21,649,936 27,707,389
Property and equipment, net 121,845 45,708
Operating lease right-of-use assets 431,961 477,882
Total assets 22,203,742 28,230,979
Current liabilities:    
Accounts payable and accrued expenses 1,094,052 947,574
Short-term notes payable 122,175 303,416
Operating lease liabilities 192,535 194,270
Total current liabilities 1,408,762 1,445,260
Long-term liabilities:    
Operating lease liabilities 253,928 299,520
Total long-term liabilities 253,928 299,520
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 March 31, 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 March 31, 2022 and December 31, 2021, respectively, 116,394,806 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively 116,395 116,395
Additional paid-in capital 195,077,466 194,987,219
Accumulated deficit (177,309,522) (171,274,128)
Total shareholders’ equity 20,541,052 26,486,199
Total liabilities and shareholders’ equity $ 22,203,742 $ 28,230,979

Source

v3.22.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Income Statement [Abstract]    
Grant revenue $ 15,083
Operating expenses:    
Research and development 4,738,062 3,260,904
General and administrative 1,331,549 1,976,576
Total operating expenses 6,069,611 5,237,480
Loss from operations (6,054,528) (5,237,480)
Other income (expense):    
Interest income 11,906 20,033
Interest expense (3,246) (2,568)
Local business tax (490) (600)
Miscellaneous income 10,964 670
Total other income, net 19,134 17,535
Loss before income taxes (6,035,394) (5,219,945)
Income tax benefit
Net loss $ (6,035,394) $ (5,219,945)
Basic and diluted net loss per share $ (0.05) $ (0.05)
Shares used to compute basic and diluted net loss per share 116,394,806 102,973,369

Source

v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (6,035,394) $ (5,219,945)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 8,468 12,725
Gain on sale of property and equipment (10,964)
Stock-based compensation expense 90,247 1,123,761
Changes in operating assets and liabilities:    
Other receivables 6,987
Prepaid expenses and other current assets 157,226 120,311
Accounts payable and accrued expenses 146,478 (364,281)
Net cash used in operating activities (5,636,952) (4,327,429)
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 (181,241) (113,346)
Redemption of Series C Preferred stock (5,635,672)
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 (181,241) 23,188,710
Net increase (decrease) in cash and cash equivalents (5,893,240) 18,861,281
Cash and cash equivalents at beginning of period 27,265,703 17,639,575
Cash and cash equivalents at end of period 21,372,463 36,500,856
Supplemental disclosure of cash flow information:    
Interest paid 3,246 2,568
Non-cash investing and financing activities:    
Stock dividend on Series C Preferred stock $ 1,117,531

Source