GENPREX, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

You should read the following discussion and analysis of our financial condition
and results of operations together with our interim condensed financial
statements and the related notes appearing elsewhere in this Quarterly Report on
Form 10-Q. In addition to historical information, this discussion and analysis
contains forward-looking statements that involve risks, uncertainties and
assumptions. Our actual results may differ materially from those discussed
below. Factors that could cause or contribute to such differences include, but
are not limited to, those identified below, and those discussed in the section
titled “Risk Factors” included in our Annual Report on Form 10-K for the fiscal
year ended December 31, 2021, as may be amended, supplemented or superseded from
time to time by other reports we file with the SEC. All amounts in this report
are in U.S. dollars, unless otherwise noted.





     CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA


This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains
forward-looking statements which are made pursuant to the safe harbor provisions
of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”),
and Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). This Quarterly Report contains forward-looking statements that
involve substantial risks and uncertainties. Any statements in this Quarterly
Report about our expectations, beliefs, plans, objectives, assumptions or future
events or performance are not historical facts and are forward-looking
statements. These statements are often, but not always, made through the use of
words or phrases such as “believe,” “will,” “expect,” “anticipate,” “estimate,”
“intend,” “plan” and “would.” For example, statements concerning financial
condition, possible or assumed future results of operations, growth
opportunities, industry ranking, plans and objectives of management, markets for
our common stock and future management and organizational structure are all
forward-looking statements. Forward-looking statements are not guarantees of
performance. They involve known and unknown risks, uncertainties and assumptions
that may cause actual results, levels of activity, performance or achievements
to differ materially from any results, levels of activity, performance or
achievements expressed or implied by any forward-looking statement.

Any forward-looking statements are qualified in their entirety by reference to
the risk factors discussed throughout this Quarterly Report. Some of the risks,
uncertainties and assumptions that could cause actual results to differ
materially from estimates or projections contained in the forward-looking
statements include but are not limited to:



  ? Market conditions;




  ? Our capital position;




  ? Our ability to compete effectively and with larger better financed
    pharmaceutical companies;




  ? Our uncertainty of developing marketable products;




  ? Our ability to develop and commercialize our products;




  ? Our ability to obtain regulatory approvals;




  ? Our ability and third parties' ability to maintain and protect intellectual
    property rights;




  ? Our ability to raise additional future financing and possible lack of
    financial and other resources;




  ? The ultimate impact of the current coronavirus pandemic, or any other health
    epidemic, on our business, our clinical trials, our research programs,
    healthcare systems or the global economy as a whole;




  ? The success of our clinical trials through all phases of clinical development;




  ? Our ability to conduct and complete our clinical trials in accordance with
    projected timelines;




  ? Any delays in regulatory review and approval of our current and future
    product candidates;




  ? Our dependence on third-party manufacturers to supply or manufacture our products;




  ? Our ability to control product development costs;




  ? Our ability to attract and retain key employees;




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  ? Our ability to enter into new strategic collaborations, licensing or other
    arrangements;




  ? Changes in government regulation affecting product candidates that could
    increase our development costs;




  ? Our involvement in patent and other intellectual property litigation that
    could be expensive and divert management's attention;




  ? The possibility that there may be no market acceptance for our products; and




  ? Changes in third-party reimbursement policies which could adversely affect
    potential future sales of any of our products that are approved for
    marketing.



The foregoing list sets forth some, but not all, of the factors that could
affect our ability to achieve results described in any forward-looking
statements, which speak only as of the date of this Quarterly Report or the date
of the document incorporated by reference into this Quarterly Report. Except as
required by law, we assume no obligation and expressly disclaim any duty to
update any forward-looking statement to reflect events or circumstances after
the date of this Quarterly Report or to reflect the occurrence of unanticipated
events. In addition, we cannot assess the impact of each factor on our business
or the extent to which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any forward-looking
statements contained in this Quarterly Report. All forward-looking statements
are expressly qualified in their entirety by the cautionary statements contained
in this section.



Overview


We are a clinical stage gene therapy company pioneering the development of
gene-based therapies for large patient populations with unmet medical needs.
Our oncology platform utilizes our non-viral ONCOPREX™ Nanoparticle Delivery
System. Using this system, we encapsulate plasmids that express tumor
suppressor genes within lipid nanoparticles and intravenously administer the
encapsulated plasmids which are taken up by the tumor cells, after which the
tumor suppressor genes express proteins that are missing or found in low
quantities in the tumor cells. Our diabetes technology is designed to work by
transforming alpha cells in the pancreas into functional beta-like cells, which
can produce insulin but are distinct enough from beta cells to evade the body’s
immune system and in Type 2 diabetes it is believed to also replenish and
rejuvenate beta cells.



Oncology Platform


Our lead oncology drug candidate, REQORSA™ Immunogene Therapy, also sometimes
referred to as GPX-001, initially is being developed in combination with top
selling cancer drugs to treat Non-Small Cell Lung Cancer (“NSCLC”) and Small
Cell Lung Cancer (“SCLC”). The active agent in REQORSA is a plasmid that
expresses a tumor suppressor gene named TUSC2. REQORSA has a multimodal
mechanism of action whereby it interrupts cell signaling pathways that cause
replication and proliferation of cancer cells, re-establishes pathways for
apoptosis, or programmed cell death, in cancer cells, and modulates the immune
response against cancer cells. REQORSA has been shown to be complementary with
targeted drugs and immunotherapies. We believe REQORSA’s unique attributes
position REQORSA to provide treatment for patients with NSCLC, SCLC, and
possibly other cancers, who are not benefitting from current therapies.

We currently are enrolling and treating patients in the dose escalation portion
of our Phase 1/2 Acclaim-1 clinical trial. The Acclaim-1 trial uses a
combination of REQORSA and AstraZeneca PLC’s Tagrisso® in patients with
late-stage NSCLC that has activating epidermal growth factor receptor (“EGFR”)
mutations and progression after treatment with Tagrisso. In August 2022, the
Acclaim-1 Safety Review Committee approved escalating the dose from 0.06 mg/kg
in the first cohort of patients to 0.09 mg/kg in the second cohort of patients
and we are enrolling and treating patients at that higher dose. If safety
results allow, we will escalate to the final dose of 0.12 mg/kg. Once the dose
escalation portion of the study is complete and the maximum tolerated dose
(“MTD”) or recommended Phase 2 dose (“RP2D”) is established, we will proceed
into the recently added dose expansion portion of the study. The principal
advantage of adding the dose expansion portion to the study is to gain early
evidence of drug effectiveness in defined distinct patient populations
represented by the two expansion cohorts, in order to increase the likelihood of
a successful randomized Phase 2 trial. We expect the dose escalation portion of
Phase 1 of the study to be completed during the first quarter of 2023. The Food
and Drug Administration
(“FDA”) has granted Fast Track Designation for the
Acclaim-1 treatment combination of REQORSA and Tagrisso in NSCLC patients who
have progressed after Tagrisso treatment.

We currently also are enrolling and treating patients in our Acclaim-2 clinical
trial using a combination of REQORSA with Merck & Co.’s Keytruda® in patients
with late-stage NSCLC whose disease has progressed after treatment with
Keytruda. The first patient was dosed in Acclaim-2 in April 2022. We expect to
complete the Phase 1 portion of Acclaim-2 by mid 2023. The FDA has granted Fast
Track Designation for the Acclaim-2 treatment combination of REQORSA and
Keytruda in NSCLC patients who have progressed after Keytruda treatment.

We expect to initiate a clinical trial in SCLC investigating REQORSA in a
combination study by year end 2022 by filing with the FDA a clinical trial
protocol to amend our open Investigational New Drug Application (“IND”).

The TUSC2 gene is one of a series of genes whose therapeutic use is covered by
our exclusive worldwide licenses from The University of Texas MD Anderson Cancer
Center
(“MD Anderson”). We believe that our ONCOPREX Nanoparticle Delivery
System allows for delivery of several cancer-fighting genes, alone or in
combination with other cancer therapies, to combat multiple types of cancer and
are in early stages of discovery programs to identify early-stage candidates. In
August 2022, we entered into a Sponsored Research Agreement with the MD Anderson
to support further pre-clinical studies of TUSC2 and other tumor suppressor
genes.




Diabetes Gene Therapy



In diabetes, we are developing a gene therapy that is exclusively licensed from
the University of Pittsburgh of the Commonwealth System of Higher Education
(“University of Pittsburgh“) for the treatment of Type 1 and Type 2
diabetes. This potential treatment is designed to work by transforming alpha
cells in the pancreas into functional beta-like cells, which can produce insulin
but are distinct enough from beta cells to evade the body’s immune system. In
Type 2 diabetes, it is believed to also replenish and rejuvenate beta cells. The
therapy utilizes a procedure in which an adeno-associated virus vector delivers
Pdx1 and MafA genes to the pancreas through the pancreatic duct. Our diabetes
product candidate is currently being evaluated in preclinical studies at the
University of Pittsburgh. In August 2022, we entered into a Sponsored Research
Agreement with the University of Pittsburgh to support further pre-clinical
studies of Type 2 diabetes in non-human primates. Preliminary data from a NHP
study conducted by researchers at the University of Pittsburgh has shown a
marked reduction in insulin requirements and decreased serum glucose levels. We
expect additional data from ongoing pre-clinical studies to be released in the
first half of 2023.




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JOBS Act


On April 5, 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides
that an “emerging growth company” can take advantage of the extended transition
period provided in Section 7(a)(2)(B) of the Securities Act for complying with
new or revised accounting standards. In other words, an “emerging growth
company” can delay the adoption of certain accounting standards until those
standards would otherwise apply to private companies. Although we are an
emerging growth company, we have irrevocably elected not to avail ourselves of
this extended transition period and, as a result, we will adopt new or revised
accounting standards on the relevant dates on which adoption of such standards
is required for other public companies. We have implemented all new accounting
pronouncements that are in effect and may affect our financial statements, and
we do not believe that there are any other new accounting pronouncements that
have been issued that would have a material impact on our financial position or
results of operations.

Notwithstanding the foregoing, subject to certain conditions set forth in the
JOBS Act, as an “emerging growth company,” we intend to rely on certain
exemptions, including, without limitation, the exemption from the
requirements (i) to provide an auditor’s attestation report on our system of
internal controls over financial reporting pursuant to Section 404(b) of the
Sarbanes-Oxley Act, and (ii) to comply with any requirement that may be adopted
by the Public Company Accounting Oversight Board regarding mandatory audit firm
rotation or a supplement to the auditor’s report providing additional
information about the audit and the financial statements, known as the auditor
discussion and analysis. We will remain an “emerging growth company” until the
earliest of (i) the last day of the fiscal year in which we have total annual
gross revenues of $1.07 billion or more; (ii) the last day of our fiscal year
following the fifth anniversary of the date of our initial public offering;
(iii) the date on which we have issued more than $1.0 billion in nonconvertible
debt during the previous three years; or (iv) the date on which we are deemed to
be a large accelerated filer under the rules of the SEC.

Recently Issued Accounting Pronouncements

A description of recently issued accounting pronouncements that may potentially
impact our financial position and results of operations is disclosed in Note 2
to our financial statements appearing in this Quarterly Report on Form 10-Q.

Critical Accounting Policies and Significant Judgments and Estimates

Our condensed financial statements have been prepared in accordance with
generally accepted accounting principles in the U.S. (“GAAP”). The preparation
of these condensed financial statements requires us to make estimates and
assumptions that affect the reported amounts of assets and liabilities and the
disclosure of contingent assets and liabilities at the date of the condensed
financial statements, and the reported amounts of expenses incurred during the
reporting periods. Our estimates are based on our historical experience and on
various other factors that we believe are reasonable under the circumstances,
the results of which form the basis for making judgments about the carrying
value of assets and liabilities that are not readily apparent from other
sources. Actual results may differ from these estimates under different
assumptions or conditions.

We believe that the following accounting policies are the most critical to aid
in fully understanding and evaluating our reported financial results, and they
require our most difficult, subjective or complex judgments, resulting from the
need to make estimates about the effect of matters that are inherently
uncertain.

Research and Development Costs

We record accrued expenses for costs invoiced from research and development
activities conducted on our behalf by third-party service providers, which
include the conduct of preclinical studies and clinical trials and contract
research, manufacturing, and testing activities. We record the costs of research
and development activities based upon the amount of services provided, and we
include these costs in accrued liabilities in the condensed balance sheets and
within research and development expense in the condensed statements of
operations. These costs are a significant component of our research and
development expenses. Purchased materials to be used in future research are
capitalized and included in research and development supplies.

We estimate the amount of work completed through discussions with internal
personnel and external service providers as to the progress or stage of
completion of the services and the agreed-upon fee to be paid for such services.
We make significant judgments and estimates in determining the accrued balance
in each reporting period. As actual costs become known, we adjust our accrued
estimates. Although we do not expect our estimates to be materially different
from amounts actually incurred, our understanding of the status and timing of
services performed, the number of patients enrolled and the rate of patient
enrollment in any of our clinical trials may vary from our estimates and could
result in our reporting amounts that are too high or too low in any particular
period. Our accrued expenses are dependent, in part, upon the receipt of timely
and accurate reporting from contract research organizations (“CROs”) and other
third-party service providers. To date, there have been no material differences
from our accrued expenses to actual expenses.




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Income Taxes


Deferred tax assets or liabilities are recorded for temporary differences
between financial statement and tax basis of assets and liabilities, using
applicable rates in effect for the year in which the differences are expected to
reverse. A valuation allowance is recorded if it is more likely than not that a
deferred tax asset will not be realized. We have provided a full valuation
allowance on our deferred tax assets, which primarily consist of cumulative net
operating losses from April 1, 2009 (inception) to September 30, 2022. Due to
our history of operating losses since inception and losses expected to be
incurred in the foreseeable future, a full valuation allowance was considered
necessary.

Impairment of Long-Lived Assets

Management reviews long-lived assets for impairment whenever events or changes
in circumstances indicate that the carrying amount may not be realizable or at a
minimum annually during the fourth quarter of the year. If an evaluation is
required, the estimated future undiscounted cash flows associated with the asset
are compared to the asset’s carrying value to determine if an impairment of such
asset is necessary. The effect of any impairment would be to expense the
difference between the fair value of such asset and its carrying value.

Components of our Results of Operations and Financial Condition



Operating expenses


We classify our operating expenses into three categories: research and
development, general and administrative and depreciation.

Research and development. Research and development expenses consist primarily
of:



  • costs incurred to conduct research, such as the discovery and development of
    our current and potential product candidates;
  • costs related to the production and storage of supplies for engineering
    purposes and storage and usage of clinical supplies, including waste created
    in the process of producing clinical materials, spoilage, and testing of
    clinical materials;
  • costs related to the use of contract manufacturers, manufacturing consultants,
    testing organizations, cold-storage facilities, and logistics service
    providers;
  • fees paid to clinical consultants, clinical trial sites and vendors, including
    CROs in conjunction with implementing and monitoring our clinical trials and
    acquiring and evaluating clinical trial data, including all related fees, such
    as patient screening fees, laboratory work, and statistical compilation and
    analysis;
  • costs related to compliance with drug development regulatory requirements; and
  • costs related to staffing and personnel associated with research and
    development activities, including wages, taxes, benefits, leases, overheads,
    supplies, and share-based compensation.



We recognize all research and development costs as they are incurred. Clinical
trial costs, contract manufacturing and other development costs incurred by
third parties are expensed as the contracted work is performed.

We expect our research and development expenses to increase in the future as we
advance our current and future product candidates into and through clinical
trials, as we pursue regulatory approval of our current and potential product
candidates in the United States and Europe, and as we expand our research
programs to include new therapies and new therapy combinations. The process of
conducting the necessary clinical research to obtain regulatory approval is
costly and time-consuming. The actual probability of success for our current and
potential product candidates may be affected by a variety of factors including
the quality of our current and potential product candidates, early clinical
data, investment in our clinical program, competition, manufacturing capability
and commercial viability, and limited contracted partners. We may never succeed
in achieving regulatory approval for any of our current or future product
candidates. As a result of the uncertainties discussed above, we are unable to
determine the duration and completion costs of our research and development
projects or when and to what extent we will generate revenue from the
commercialization and sale of our product candidates, if at all.

General and administrative. General and administrative expense consists of
personnel related costs, which include salaries, as well as the costs of
professional services, such as accounting and legal, travel, facilities,
information technology and other administrative expenses. We expect our general
and administrative expense to increase in future periods due to the anticipated
growth of our business and related infrastructure as well as accounting,
insurance, investor relations, and other costs associated with being a public
company.

Depreciation. Depreciation expense consists of depreciation from our fixed
assets consisting of our property, equipment, and furniture. We depreciate our
assets over their estimated useful life. We estimate furniture and computer and
office equipment to have a five-year life.




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Results of Operations


Comparison of the Three and Nine Months Ended September 30, 2022, and 2021

The following summarizes our results of operations for the three and nine months
ended September 30, 2022 and 2021.

Research and Development Expense

Research and Development (“R&D”) expense for the three months ended September
30, 2022
, was $3,593,309, compared to $1,431,999 for the three months ended
September 30, 2021, or an increase of $2,161,310, or 151%. This increase is
primarily due to increases in R&D personnel, pre-clinical
research, manufacturing activities, and clinical operations expenses associated
with the advancements of our Acclaim-1 and Acclaim-2 clinical trials.

R&D expense for the nine months ended September 30, 2022, was $8,191,172,
compared to $5,127,419 for the nine months ended September 30, 2021, or
an increase of 3,063,753, or 60%. This increase is primarily due to increases in
R&D personnel, pre-clinical research, manufacturing activities, and clinical
operations expenses associated with the advancements of our Acclaim-1 and
Acclaim-2 clinical trials.

General and Administrative Expense

General and administrative (“G&A”) expense for the three months ended September
30, 2022
, was $2,511,121, compared to $2,000,437 for the three months ended
September 30, 2021, or an increase of $510,684, or 26%. This increase is
primarily due to increases in professional services and increases in personnel
expenses related to insurance premiums and contributions to a
newly implemented 401(k) plan.

G&A expense for the nine months ended September 30, 2022, was
$8,798,417 compared to $8,774,844 for the nine months ended September 30, 2021,
or an increase of $23,573, or 0%. A one-time finance fee of $1,750,000 in the
nine months ended September 30, 2021, was offset in the nine months ended
September 30, 2022, by increases in equity-based compensation due to the vesting
of stock options by employees and consultants, and increases in personnel
expenses, including insurance premiums and contributions to a newly implemented
401(k) plan.

Interest Income. Interest income was $27,877 and $1,060 for the three months
ended September 30, 2022, and 2021, respectively, representing an increase of
$26,817, or 2530%. The increase associated with interest income for the three
months ended September 30, 2022 were due to cashback incentives associated with
credit cards and changes in interest rates associated with the cash balances
held in money market instruments.

Depreciation Expense. Depreciation expense was $6,224 and $6,489 for the three
months ended September 30, 2022, and 2021, respectively, representing
a decrease of $265, or 4%. The changes in associated depreciation expense for
the three months ended September 30, 2022 were due to the timing of purchases of
computer equipment for new employees.

Net Loss. We had a net loss of $6,082,777 and $3,437,865 for the three months
ended September 30, 2022, and 2021, respectively, representing an increase of
$2,644,912, or 77%. The increase in net loss is primarily due to an increase in
headcount from 17 to 22 employees since September 30, 2021 as well as R&D
expenses associated with the commencement of our Acclaim-1 and Acclaim-2
clinical trials.

Liquidity and Capital Resources

From inception through September 30, 2022, we have never generated revenue from
product sales and have incurred net losses in each year. As of September 30,
2022
, we had an accumulated deficit of $94,992,440. We have funded our
operations primarily through the sale and issuance of capital stock. For the
year ended December 31, 2021, we sold an aggregate of 4,000,000 shares of common
stock for total net proceeds of $23,192,500 pursuant to a registered direct
offering and issued 670,889 shares of common stock upon the exercise of options
for gross proceeds of $677,912. During the nine months ended September 30, 2022,
we sold an aggregate of 116,973 shares of common stock upon the exercise
of options for gross proceeds of $1,755.




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As of September 30, 2022, we had $25,516,054 in cash and cash equivalents.

We do not expect to generate revenue from product sales unless and until we
successfully complete development of, obtain regulatory approval for and begin
to commercialize one or more of our current or potential product candidates,
which we expect will take several years and which is subject to significant
uncertainty. Accordingly, we anticipate that we will need to raise additional
capital to fund our future operations, which include conducting our Acclaim-1
and our Acclaim-2 clinical trials, launching a SCLC clinical trial, continuing
the development of our gene therapy for diabetes, and advancing other product
candidates in our discovery pipeline. Our Acclaim 1 and Acclaim 2 trials are
both open for enrollment. The first patient in Acclaim-1 was dosed in February
2022
and in August 2022 the Safety Review Committee approved escalating the dose
in the second cohort of patients. The first patient in Acclaim-2 was dosed in
April 2022. We expect the Phase 1 portion of the Acclaim-1 trial to be completed
during the first quarter of 2023 and we expect the Phase 1 portion of the
Acclaim-2 trial to be completed by the middle of 2023. We expect to initiate a
clinical trial in SCLC investigating REQORSA in a combination study by the end
of 2022. Until such time as we can generate substantial revenue from product
sales, if ever, we expect to finance our operating activities through a
combination of equity offerings and debt financings and we may seek to raise
additional capital through strategic collaborations. However, we may be unable
to raise additional funds or enter into such arrangements when needed on
favorable terms, or at all, which would have a negative impact on our financial
condition and could force us to delay, limit, reduce or terminate our
development programs or commercialization efforts or grant rights to
others to develop or market product candidates that we would otherwise prefer to
develop and market ourselves. Failure to receive additional funding could cause
us to curtail or cease our operations. Furthermore, even if we believe we have
sufficient funds for our current or future operating plans, we may seek
additional capital due to favorable market conditions or strategic
considerations.

Based on our current cash and cash equivalents, we estimate that we will be able
to fund our expenditure requirements for our current operations and planned
clinical trial activities into 2024. We have based this estimate on assumptions
that may prove to be wrong, and we could utilize our available capital resources
sooner than we currently plan due to economic factors, such as inflation,
incorrect assumptions, including the rate at which our clinical trials enroll
patients, or due to a decision to expand our activities, or innovate existing
activities beyond those currently planned. Until recently, we have been
experiencing delays in engaging clinical sites for our Acclaim-1 and Acclaim-2
trials because of a backlog of clinical trial protocols at the sites requiring
review created by an accumulation of protocols while clinical trials have been
widely disrupted during the COVID-19 pandemic and workforce shortages impacting
the U.S. economy in general. Although delays enable us to fund our expenditure
requirements for our current operations and planned clinical trial activities
longer, we would not be advancing our clinical trials as anticipated and
utilizing our available capital resources to support our operations only.

The following table sets forth the primary sources and uses of cash and cash
equivalents during the nine months ended September 30, 2022, and 2021:




                                                          Nine Months Ended September 30,
                                                             2022                  2021
Net cash used in operating activities                  $     (13,192,625 )    $  (11,066,850 )
Net cash provided by investing activities                         78,049              89,781
Net cash provided by financing activities                          1,754          25,677,911

Net (decrease) increase in cash and cash equivalents $ (13,112,822 ) $ 14,700,842

Cash used in operating activities

Net cash used in operating activities was $13,192,625 and $11,066,850 for the
nine months ended September 30, 2022, and 2021, respectively, or
an increase of $2,125,775, or 19%. This increase was due to our personnel
expenses growing as a result of an increase in headcount from 17 to 22 employees
as well as increases in contract manufacturing and clinical operation expenses
associated with our Acclaim-1 and Acclaim-2 trials while offsetting a one-time
finance fee of $1,750,000 in the nine months ended September 30, 2021.

Cash provided (used) in investing activities

Net cash provided by investing activities was $78,049 for the nine months ended
September 30, 2022, and the net cash used by investing activities was $89,781
for the nine months ended September 30, 2021. This decrease of $11,732, or
13%, was due to timing and use of materials for our clinical trials.

Cash provided by financing activities

Net cash provided by financing activities was $1,754 and $25,677,911 during the
nine months ended September 30, 2022, and 2021, respectively. The decrease of
$25,676,157, or 100%, in net cash provided by financing activities was due to
significant sales of common stock in capital raising activities and option and
warrant exercises during the nine months ended September 30, 2021, compared
to the nine months ended September 30, 2022, in which we only sold common stock
through the exercise of one option.




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