v3.20.2
Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 30,819,397 $ 24,184,140
Short-term marketable securities 8,831,981  
Prepaid expenses and other current assets 5,327,699 6,575,375
Total current assets 44,979,077 30,759,515
Long-term marketable securities 18,686,836  
Property and equipment, net 1,004,389 1,099,948
Operating lease right-of-use assets 2,930,022 3,043,826
Other assets 105,420 105,420
Total assets 67,705,744 35,008,709
Current liabilities:    
Accounts payable 3,019,097 2,622,272
Accrued liabilities 2,237,185 6,803,789
Current portion of lease liabilities 638,051 631,889
Total current liabilities 5,894,333 10,057,950
Warrant liabilities 44,349,846 6,068,978
Long-term portion of lease liabilities 3,115,284 3,264,128
Other liabilities 72,747 72,747
Total liabilities 53,432,210 19,463,803
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.0001 par value, 25,000,000 shares authorized and none outstanding at June 30, 2020 and December 31, 2019
Common stock, $0.0001 par value, 125,000,000 shares authorized, 27,804,232 shares issued and outstanding at June 30, 2020; 200,000,000 shares authorized, 15,332,042 shares issued and outstanding at December 31, 2019 2,780 1,533
Additional paid-in capital 251,587,990 227,657,758
Accumulated other comprehensive loss (7,129)  
Accumulated deficit (237,310,107) (212,114,385)
Total stockholders' equity 14,273,534 15,544,906
Total liabilities and stockholders' equity $ 67,705,744 $ 35,008,709

Source

v3.20.2
Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Operating expenses:        
Research and development $ 5,544,000 $ 4,804,076 $ 10,648,441 $ 8,911,216
General and administrative 2,618,797 2,603,403 5,578,697 4,857,996
Total operating expenses 8,162,797 7,407,479 16,227,138 13,769,212
Loss from operations (8,162,797) (7,407,479) (16,227,138) (13,769,212)
Other (expense) income:        
Interest income 25,546 104,441 95,568 253,560
Other expense (2,174,653)   (2,174,653)  
Change in fair value of warrant liabilities (7,305,332) (1,363,868) (6,889,499) 16,435,761
Total other (expense) income (9,454,439) (1,259,427) (8,968,584) 16,689,321
Net (loss) income $ (17,617,236) $ (8,666,906) $ (25,195,722) $ 2,920,109
Basic net (loss) income per share $ (0.88) $ (1.09) $ (1.43) $ 0.37
Shares used in computing basic net (loss) income per share 19,991,894 7,940,931 17,661,968 7,940,931
Diluted net (loss) income per share $ (0.88) $ (1.09) $ (1.43) $ 0.37
Shares used in computing diluted net (loss) income per share 19,991,894 7,940,931 17,661,968 7,945,768

Source

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net (loss) income $ (25,195,722) $ 2,920,109
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation 84,747 84,413
Stock-based compensation expense 1,285,168 693,701
Change in fair value of warrant liabilities 6,889,499 (16,435,761)
Issuance costs allocated to warrants 2,174,653  
Net amortization of premium on marketable securities 8,305 121,592
Changes in operating assets and liabilities:    
Decrease (increase) in prepaid expenses and other current and non-current assets 1,229,610 (1,009,217)
Decrease in accounts payable, accrued liabilities and other liabilities (4,169,779) (2,489,141)
Net cash used in operating activities (17,693,519) (16,114,304)
Cash flows from investing activities    
Purchases of marketable securities (37,515,338)  
Proceeds from sales of marketable securities 9,981,087 15,191,125
Purchases of property and equipment   (19,999)
Net cash (used in) provided by investing activities (27,534,251) 15,171,126
Cash flows from financing activities    
Proceeds from issuance of securities 55,499,990  
Payment of financing costs of securities sold (3,636,963)  
Net cash provided by financing activities 51,863,027 0
Net increase (decrease) in cash and cash equivalents 6,635,257 (943,178)
Cash and cash equivalents at beginning of period 24,184,140 8,320,317
Cash and cash equivalents at end of period 30,819,397 7,377,139
Supplemental disclosures of cash flow information:    
Issuance of warrants to purchase common stock $ 31,391,369  
Right-of-use assets obtained in exchange for lease obligations   4,148,672
Leasehold improvement obtained in exchange for lease incentive obligations   $ 189,227

Source