Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net loss $ (23,283,415) $ (22,446,838)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 244,395 231,058
Loss on disposal of equipment 2,207
Stock-based compensation expense 4,292,355 4,564,787
Amortization of operating lease right-of-use assets 501,359 484,568
Amortization of finance lease right-of-use assets 35,737 58,961
Amortization of bond discount 250,453 239,831
Realized gain on sale of marketable securities 8,485
Stock issued pursuant to the Aquarius Merger Agreement charged to Research and Development 1,200,000
Changes in operating assets and liabilities:    
Operating lease liabilities (460,239) (423,741)
Prepaid expenses and other current assets 1,349,804 (611,397)
Accounts payable 588,329 (329,369)
Accrued expenses and other liabilities 55,560 855,819
Net cash used in operating activities (15,223,455) (17,367,836)
Cash flows from investing activities:    
Purchases of marketable securities (23,194,600) (72,106,359)
Proceeds from sales of marketable securities 40,225,000 31,445,156
Purchases of leasehold improvements and equipment (260,380) (5,749)
Net cash provided by/(used in) investing activities 16,770,020 (40,666,952)
Cash flows from financing activities:    
Net proceeds from public offering of common stock 5,580,471 46,704,210
Proceeds from exercise of warrants 797,581
Proceeds from exercise of options 1,415,142 599,713
Payments of capital lease liability – principal (30,853) (54,673)
Net cash provided by financing activities 6,964,760 48,046,831
Net increase/(decrease) in cash, cash equivalents and restricted cash 8,511,325 (9,987,957)
Cash, cash equivalents and restricted cash at beginning of period 12,768,481 22,756,438
Cash, cash equivalents and restricted cash at end of period 21,279,806 12,768,481
Supplemental non-cash financing and investing activities:    
Unrealized (loss)/gain on marketable securities (373,671) 229,052
Cashless exercise of warrants 12
Stock dividends issued 843,600 682,800
Non-cash prepaid from exercise of options 220,614
Preferred stock conversion into common stock - series B 3,797,705 188,100
Unearned restricted stock grants 68,521
Right-of-use asset in exchange from liabilities from operating lease $ 1,443,610