v3.24.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash $ 8,983,046 $ 13,097,265
Prepaid expenses and other 603,828 556,094
Total current assets 9,586,874 13,653,359
Other assets 1,018,352 1,066,931
Total assets 10,605,226 14,720,290
Current liabilities:    
Accounts payable 240,832 287,360
Accrued expenses and other current liabilities 568,753 785,796
Total current liabilities 809,585 1,073,156
Total liabilities 809,585 1,073,156
Commitments and contingencies (Note 13)
Stockholders' equity:    
Common stock, $0.001 par value; 10,000,000 shares authorized as of December 31, 2023 and December 31, 2022; 1,543,385 and 1,519,360 shares issued as of December 31, 2023 and December 31, 2022, respectively; 1,540,684 and 1,516,659 shares outstanding as of December 31, 2023 and December 31, 2022, respectively 1,544 1,520
Additional paid in capital 208,053,935 207,769,904
Accumulated deficit (193,234,196) (189,099,618)
Accumulated other comprehensive income 253,734 253,734
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 9,795,641 13,647,134
Total liabilities and stockholders' equity 10,605,226 14,720,290
Series B Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, value 1,804 1,804
Series A Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, value $ 0 $ 970

Source

v3.24.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Revenue    
Royalty revenue $ 2,539,986 $ 1,706,925
Total revenue 2,539,986 1,706,925
Operating costs and expenses:    
Research and development (3,494,765) (4,770,834)
General and administrative (3,560,936) (3,653,999)
Total operating costs and expenses (7,055,701) (8,424,833)
Loss from operations (4,515,715) (6,717,908)
Other income (expense):    
Other income (expense) 25,380 (1,597)
Interest income, net 355,757 167,152
Total other income, net 381,137 165,555
Net loss $ (4,134,578) $ (6,552,353)

Source

v3.24.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (4,134,578) $ (6,552,353)
Adjustments to reconcile net loss to net cash used in operating activities:    
Acquired in-process research and development 0 1,793,750
Amortization of right of use asset 0 27,043
Share-based expense 283,085 511,480
Changes in operating assets and liabilities:    
Prepaid expenses and other (47,734) (103,738)
Other long-term assets 48,579 25,000
Accounts payable, accrued expenses and other liabilities (263,571) (347,947)
Net cash used in operating activities (4,114,219) (4,646,765)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net cash paid to acquire in-process research and development 0 (500,000)
Net cash used in investing activities 0 (500,000)
Net change in cash (4,114,219) (5,146,765)
Cash at beginning of period 13,097,265 18,244,030
Cash at end of period 8,983,046 13,097,265
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 0 1,293,750
Issuance of common stock to adjust for Reverse Stock Split 16 0
Conversion of Series A preferred stock to common stock $ 970 $ 0

Source