Cash Flows
The following table sets forth a summary of the primary sources and uses of cash for each of the periods presented below:
| | | | | | | | |
| | Nine Months Ended September 30, | |
| | 2022 | | | 2021 | |
Net cash used in operating activities | | $ | (13,794,729 | ) | | $ | (10,201,234 | ) |
Net cash used in investing activities | | | (20,968,717 | ) | | | — | |
Net cash (used in) provided by financing activities | | | (204,769 | ) | | | 41,093,671 | |
| | | | | | | | |
Net (decrease) increase in cash | | $ | (34,968,215 | ) | | $ | 30,892,437 | |
| | | | | | | | |
Net Cash Flows Used in Operating Activities
Net cash flows used in operating activities for the nine months ended September 30, 2022, totaled $13,794,729, and consisted primarily of a net loss of $13,775,103 adjusted for non-cash stock compensation of $357,784, non-cash consulting fees of $67,000, a decrease of $825,419 in prepaid research and development, an increase in prepaid expenses and other assets of $996,801, a decrease in accrued expenses and other current liabilities of $449,718, a decrease in accounts payable of $308,555, and an increase in grants receivable of $96,299.
Net cash flows used in operating activities for the nine months ended September 30, 2021, totaled $10,201,234, and consisted primarily of a net loss of $9,744,444 adjusted for non-cash stock compensation of $1,266,026, non-cash warrant expense of $658,945, non-cash consulting fees of $60,391, non-cash PPP loan forgiveness of $27,550, a decrease in grants receivable of $217,482, a decrease in prepaid expenses of $486,551, a decrease of $509,975 in prepaid research and development, a decrease in accounts payable of $1,166,879, an increase in accrued expenses of $1,272,076, and a decrease in deferred revenue of $2,325,741.
Cash Used in Investing Activities
Net cash flows used in investing activities for the nine months ended September 30, 2022, totaled $20,968,717, of which $243,255 was used for the purchase of equipment and $20,725,462 was used for the purchase of marketable securities investments.
Cash Provided by Financing Activities
Net cash flows used in financing activities for the nine months ended September 30, 2022, totaled $204,769, which primarily was from the full settlement of the CEO Note on January 3, 2022 offset by proceeds from a stock option exercise.
Net cash flows provided by financing activities for the nine months ended September 30, 2021, totaled $41,093,671, which primarily consisted of cash flows from capital raises of $41,149,608.
Off-Balance Sheet Arrangements
We have not entered into any off-balance sheet arrangements.
Contractual Obligations and Commitments
In June 2018, the Company entered into a one-year, noncancelable operating lease for space in Boston, Massachusetts. The total lease obligation was $54,000, payable in 12 equal monthly installments commencing
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