v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash $ 9,776,073 $ 13,097,265
Prepaid expenses and other 1,480,562 556,094
Total current assets 11,256,635 13,653,359
Other assets 704,431 1,066,931
Total assets 11,961,066 14,720,290
Current liabilities:    
Accounts payable 448,558 287,360
Accrued expenses and other current liabilities 619,939 785,796
Total current liabilities 1,068,497 1,073,156
Total liabilities 1,068,497 1,073,156
Commitments and contingencies (Note 9)
Stockholders' equity:    
Common stock, $0.001 par value; 10,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 1,535,301 and 1,519,360 shares issued as of September 30, 2023 and December 31, 2022, respectively; 1,532,600 and 1,516,659 shares outstanding as of September 30, 2023 and December 31, 2022, respectively 1,536 1,520
Additional paid in capital 207,978,395 207,769,904
Accumulated deficit (192,062,690) (189,099,618)
Accumulated other comprehensive income 253,734 253,734
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 10,892,569 13,647,134
Total liabilities and stockholders' equity 11,961,066 14,720,290
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

v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenue:        
Royalty revenue $ 611,174 $ 414,250 $ 1,868,023 $ 1,219,953
Total revenue 611,174 414,250 1,868,023 1,219,953
Operating costs and expenses:        
Research and development (1,020,618) (398,803) (2,519,137) (3,577,701)
General and administrative (737,241) (863,233) (2,608,934) (2,796,832)
Total operating costs and expenses (1,757,859) (1,262,036) (5,128,071) (6,374,533)
Loss from operations (1,146,685) (847,786) (3,260,048) (5,154,580)
Other income (expense):        
Other income (expense) (666) (1,706) 24,976 (2,583)
Interest income, net 91,796 45,475 272,000 87,345
Total other income 91,130 43,769 296,976 84,762
Net loss $ (1,055,555) $ (804,017) $ (2,963,072) $ (5,069,818)

Source

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 $ (2,963,072) $ (5,069,818)
Adjustments to reconcile net loss to net cash used in operating activities:    
Acquired in-process research and development 0 1,305,000
Amortization of right of use asset 0 27,043
Share-based expense 208,507 392,829
Changes in operating assets and liabilities:    
Prepaid expenses and other (924,468) 133,253
Other assets 362,500 (313,920)
Accounts payable, accrued expenses and other liabilities (4,659) (370,245)
Net cash used in operating activities (3,321,192) (3,895,858)
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 (3,321,192) (4,395,858)
Cash at beginning of period 13,097,265 18,244,030
Cash at end of period 9,776,073 13,848,172
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 0 0
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Issuance of common stock from cashless exercise of purchase warrants 2
Issuance of common stock to acquire in-process research and development $ 0 $ 805,000

Source