Financials

v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 5,766,644 $ 11,426,785
Other receivables 35,104
Prepaid expenses and other current assets 2,012,344 2,844,798
Total current assets 7,814,092 14,271,583
Property and equipment, net 52,399 121,062
Operating lease right-of-use assets 24,337 347,440
Deposits 8,600 17,940
Total assets 7,899,428 14,758,025
Current liabilities:    
Accounts payable and accrued expenses 884,350 1,124,197
Short-term notes payable 493,420 267,640
Operating lease liabilities - Current 24,337 204,447
Total current liabilities 1,402,107 1,596,284
Long-term liabilities:    
Operating lease liabilities - Long Term 152,439
Total long-term liabilities 152,439
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 issued and outstanding at September 30, 2023 and December 31, 2022, respectively 1,592,723 1,592,723
Common stock, $0.001 par value; 4,166,666 shares authorized;2,569,385 and 2,024,657 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively 2,549 2,025
Additional paid-in capital 198,372,874 196,977,071
Accumulated deficit (193,470,825) (185,562,517)
Total shareholders’ equity 6,497,321 13,009,302
Total liabilities and shareholders’ equity $ 7,899,428 $ 14,758,025

Source

v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Statement [Abstract]        
Grant revenue $ 7,466 $ 86,047 $ 37,653 $ 131,521
Operating expenses:        
Research and development 769,350 2,777,068 4,448,623 8,660,761
General and administrative 1,332,562 1,215,498 3,697,609 3,592,361
Total operating expenses 2,101,912 3,992,566 8,146,232 12,253,122
Loss from operations (2,094,446) (3,906,519) (8,108,579) (12,121,601)
Other income (expense):        
Interest income 50,613 41,634 171,768 68,909
Interest expense (14,170) (5,228) (18,360) (9,290)
Other income 45,118 46,863 11,333
Total other income, net 81,561 36,406 200,271 70,952
Loss before income taxes (2,012,885) (3,870,113) (7,908,308) (12,050,649)
Income tax benefit
Net loss $ (2,012,885) $ (3,870,113) $ (7,908,308) $ (12,050,649)
Basic net loss per share $ (0.85) $ (1.99) $ (3.70) $ (6.21)
Diluted net loss per share $ (0.85) $ (1.99) $ (3.70) $ (6.21)
Weighted average shares used to compute basic net loss per share 2,356,065 1,945,747 2,136,340 1,941,858
Weighted average shares used to compute diluted net loss per share 2,356,065 1,945,747 2,136,340 1,941,858

Source

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (7,908,308) $ (12,050,649)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 27,391 31,594
Gain on sale of property and equipment (22,443) (10,964)
Stock-based compensation expense 546,519 837,780
Changes in operating assets and liabilities:    
Other receivables (35,104) 6,987
Operating Lease Right of Use Assets 323,103
Prepaid expenses and other current assets 1,443,563 (1,608,905)
Deposits 9,340
Accounts payable and accrued expenses (572,396) (1,490)
Net cash used in operating activities (6,188,335) (12,795,647)
Cash flows from investing activities:    
Proceeds from sale of property and equipment 63,715 12,000
Purchase of property and equipment (124,081)
Net cash provided by (used in) investing activities 63,715 (112,081)
Cash flows from financing activities:    
Payments on short-term notes payable (385,329) (406,921)
Proceeds from issuance of common stock from private placement 849,808
Net cash provided by (used in) financing activities 464,479 (406,921)
Net decrease in cash and cash equivalents (5,660,141) (13,314,649)
Cash and cash equivalents at beginning of period 11,426,785 27,265,703
Cash and cash equivalents at end of period 5,766,644 13,951,054
Supplemental disclosure of cash flow information:    
Interest paid 3,347 9,290
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 611,109 528,429
Value of Series A preferred stock converted into common stock 415,169
Value of Series B preferred stock converted into common stock 648,821
Par Value of common stock issued in connection with Series A Preferred Stock Conversion 400
Par Value of common stock issued in connection with Series B Preferred Stock Conversion $ 510

Source