Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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 $ (13,516,243) $ (11,623,541)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 1,727,369 1,830,536
Issuance of ratchet shares   1,099,360
Consulting expense for restricted shares issued 682,962  
Change in fair value of warrant liability (141,934) (128,030)
Change in operating assets and liabilities:    
Prepaid expenses and other current assets 134,145 (412,124)
Australia research and development incentives receivable 174,613 (230,188)
Other assets   322
Accounts payable 64,016 64,788
Accrued expenses 1,796,502 252,487
Net cash used in operating activities (9,078,570) (9,146,390)
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of transaction costs   2,473,560
Deferred offering costs (153,937)  
Proceeds from exercise of stock options 1,432 65,700
Proceeds from exercise of warrants   385,400
Proceeds from sale of common stock in initial public offering   11,500,000
Payment of initial public offering transaction costs   (1,754,586)
Proceeds from sale of common stock in follow-on offering 5,749,875  
Payment of follow-on offering transactions costs (1,351,907)  
Net cash provided by financing activities 4,245,463 12,670,074
Net effect of foreign currency exchange on cash (13,233) (34,334)
Net decrease in cash (4,846,340) 3,489,350
Cash at beginning of period 10,950,927 10,574,292
Cash at end of period 6,104,587 14,063,642
Supplemental disclosure of cash flow information:    
Previously paid issuance costs in connection with the initial public offering   651,582
Warrants issued to underwriters in connection with the initial public offering   $ 343,735
Options issued for accrued bonus 974,224  
Warrants issued to underwriters in connection with the follow-on offering $ 241,109