v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (7,418,859) $ (6,119,558)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation expense 12,910 4,297
Stock-based compensation expense 342,637 310,597
Non-cash interest expense 5,842
Non-cash gain on change in fair value of warrant liability (125,589) (205,457)
Amortization of premium (discounts) on marketable investment securities (508,425) 87,282
Changes in operating assets and liabilities:    
Accrued interest income 56,197 166,842
Prepaid and other current assets 254,419 910,919
Accounts payable (82,801) (475,338)
Accrued expenses 231,857 (117,157)
Litigation settlement liability (1,250,000)
Gain on extinguishment of litigation settlement liability (250,000)
Cash used in operating activities (7,237,654) (6,931,731)
Cash flows from investing activities:    
Purchase of property and equipment (4,000) (37,099)
Purchases of marketable investment securities (8,780,931) (22,681,441)
Maturities of marketable investment securities 17,900,000 33,802,000
Cash provided by investing activities 9,115,069 11,083,460
Cash flows from financing activities:    
Debt repayments (1,666,667)
End of loan payment (650,000)
Costs associated with ATM Offering (11,216) (10,500)
Proceeds from stock option exercises 206,079
Cash used in financing activities (11,216) (2,121,088)
Net increase in cash and cash equivalents 1,866,199 2,030,641
Cash and cash equivalents at beginning of period 3,148,496 2,950,552
Cash and cash equivalents at end of period 5,014,695 4,981,193
Supplemental disclosure of cash flow information:    
Interest paid 21,256
Income taxes paid 656 200
Supplemental disclosure of non-cash investing and financing activity:    
Net unrealized gain (loss) on available-for-sale securities 4,509 (66,891)
Accrued final payment charge on debt 5,842
Issuance of Series B preferred stock dividend $ 89