Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net loss $ (91,373,316) $ (38,694,264)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,258 2,929
Warrants issued for license agreement 10,241,599
Stock-based compensation 22,133,630 17,586,533
Realized loss on short-term investments 513,328 244,972
Unrealized loss/(gain) on short-term investments 379,699 (290,973)
Change in operating assets and liabilities:    
Lease payment receivable 58,967 54,242
Prepaid expenses (1,812,288) (1,825,336)
Accounts payable 4,362,071 205,970
Accrued expenses 1,281,821 1,835,888
Net cash used in operating activities (54,213,231) (20,880,039)
Cash flows from investing activities    
Purchase of short-term investments (82,476,539) (88,763,192)
Sale of short-term investments 119,541,235 53,380,266
Net cash provided by (used in) investing activities 37,064,696 (35,382,926)
Cash flows from financing activities    
Principal payments of notes payable (110,247)
Proceeds from issuance of common stock – net 23,416,036 19,816,597
Proceeds from options exercised for common stock 569,427 636,518
Proceeds from warrants exercised for common stock 2,116,969 7,186,306
Net cash provided by financing activities 26,102,432 27,529,174
Net increase /(decrease) in cash and cash equivalents 8,953,897 (28,733,791)
Cash and cash equivalents at beginning of the period 2,495,397 36,278,519
Cash and cash equivalents at end of the period 11,449,294 7,544,728
Non-cash investing and financing activities:    
Cashless exercise of warrants for common stock 43
Cashless exercise of options for common stock 90
Cash paid during the period for:    
Income taxes
Interest $ 2,415