v3.22.2.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash $ 13,848,172 $ 18,244,030
Prepaid expenses and other 319,103 479,399
Total current assets 14,167,275 18,723,429
Other assets 1,405,851 1,091,931
Total assets 15,573,126 19,815,360
Current liabilities:    
Accounts payable 202,778 362,470
Accrued expenses and other current liabilities 848,080 1,058,633
Total current liabilities 1,050,858 1,421,103
Total liabilities 1,050,858 1,421,103
Commitments and contingencies (Note 10)
Stockholders' equity:    
Common stock, $0.001 par value; 50,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 14,343,587 and 13,466,603 shares issued as of September 30, 2022 and December 31, 2021, respectively; 14,316,596 and 13,439,612 shares outstanding as of September 30, 2022 and December 31, 2021, respectively 14,342 13,465
Additional paid in capital 207,149,681 205,952,729
Accumulated deficit (187,617,083) (182,547,265)
Accumulated other comprehensive income 253,734 253,734
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 14,522,268 18,394,257
Total liabilities and stockholders' equity 15,573,126 19,815,360
Series B Preferred Stock [Member]    
Stockholders' equity:    
Preferred Stock, Value, Issued 1,804 1,804
Series A Preferred Stock [Member]    
Stockholders' equity:    
Preferred Stock, Value, Issued $ 970 $ 970

Source

v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue:        
Royalty revenue $ 414,250 $ 349,269 $ 1,219,953 $ 828,088
Total revenue 414,250 349,269 1,219,953 828,088
Operating costs and expenses:        
Research and development (398,803) (780,153) (3,577,701) (1,934,432)
General and administrative (863,233) (945,115) (2,796,832) (2,766,397)
Total operating costs and expenses (1,262,036) (1,725,268) (6,374,533) (4,700,829)
Loss from operations (847,786) (1,375,999) (5,154,580) (3,872,741)
Other income (expense):        
Other expense (1,706) (2,906) (2,583) (1,784)
Interest income, net 45,475 28,029 87,345 71,026
Total other income 43,769 25,123 84,762 69,242
Net loss $ (804,017) $ (1,350,876) $ (5,069,818) $ (3,803,499)

Source

v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,069,818) $ (3,803,499)
Adjustments to reconcile net loss to net cash used in operating activities:    
Acquired in-process research and development 1,305,000 0
Amortization of right of use asset 27,043 26,199
Share-based expense 392,829 297,337
Changes in operating assets and liabilities:    
Prepaid expenses and other 133,253 (62,484)
Other long-term assets (313,920) 105,555
Accounts payable, accrued expenses and other liabilities (370,245) 157,524
Net cash used in operating activities (3,895,858) (3,279,368)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net cash paid to acquire in-process research and development (500,000) 0
Net cash used in investing activities (500,000) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from issuance of common stock and warrants 0 11,450,866
Proceeds from exercise of warrants 0 3,679
Net cash provided by financing activities 0 11,454,545
Net change in cash (4,395,858) 8,175,177
Cash at beginning of period 18,244,030 11,527,552
Cash at end of period 13,848,172 19,702,729
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 0 0
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Issuance of common stock to acquire in-process research and development 805,000 0
Issuance of common stock to vendor 0 7
Issuance of common stock from cashless exercise of purchase warrants $ 2 $ 4

Source