Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities:    
Net Income (Loss) $ 7,818,235 $ (10,245,290)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities:    
Depreciation and Amortization of Intangible Assets 13,293 43,863
Impairment of Intangible Assets 104,167 0
Reduction of Right-of-Use Assets 35,027 98,073
Stock-Based Compensation 496,413 572,600
In-Process R&D Impairment 2,008,000 1,904,314
Change in Fair Value of Contingent Consideration (995,951) 1,865,945
Accretion of Discount on Marketable Securities (206,457) 0
Change in Accrued Interest on Marketable Securities (21,960) 0
Net Realized Gain on Marketable Securities (1,987) 0
Change in Unrealized (Gain) Loss on Cash Equivalents 3 0
Changes in Operating Assets and Liabilities:    
Prepaid Expenses and Other Current Assets (250,169) 98,854
Collaboration Receivables (1,783,472) 0
Tax Receivables 2,850,144 (18,996)
Other Assets 11,065 939
Accounts Payable 450,982 (848,651)
Accrued Expenses 319,166 (360,398)
Operating Lease Liabilities (35,026) (86,863)
Net Cash Provided by (Used in) Operating Activities 10,811,473 (6,975,610)
Investing Activities:    
Purchase of Property and Equipment (51,287) 0
Purchases of Marketable Securities (29,093,868) 0
Sales of Marketable Securities 150,000 0
Maturities of Marketable Securities 5,849,861 0
Net Cash Used in Investing Activities (23,145,294) 0
Financing Activities:    
Proceeds from issuance of common stock, net of offering costs 0 442,310
Gross Proceeds from Private Placement 14,998,865 200,000
Exercise of Warrants 1,689,339 298,500
Net Cash Provided by Financing Activities 15,498,155 6,452,487
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash 18,254 (86,164)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 3,182,588 (609,287)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 2,458,951 6,013,816
Cash, Cash Equivalents and Restricted Cash, End of Period 5,641,539 5,404,529
Supplemental Disclosures of Noncash Operating and Financing Activities    
Conversion of Preferred Stock into Common Stock 0 31,707
Grant of Restricted Stock Awards 306 2,968
Public Offering    
Financing Activities:    
Proceeds from issuance of common stock, net of offering costs 0 6,325,000
Issuance Costs 0 (729,038)
Equity Line Of Credit    
Financing Activities:    
Issuance Costs $ (1,190,049) $ (84,285)