v3.20.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 10,631,943 $ 24,184,140
Marketable securities 6,018,894  
Prepaid expenses and other current assets 5,632,510 6,575,375
Total current assets 22,283,347 30,759,515
Property and equipment, net 1,052,169 1,099,948
Operating lease right-of-use assets 2,987,806 3,043,826
Other assets 105,420 105,420
Total assets 26,428,742 35,008,709
Current liabilities:    
Accounts payable 6,634,890 2,622,272
Accrued liabilities 1,633,881 6,803,789
Current portion of lease liabilities 634,932 631,889
Total current liabilities 8,903,703 10,057,950
Warrant liabilities 5,653,145 6,068,978
Long-term portion of lease liabilities 3,190,626 3,264,128
Other liabilities 72,747 72,747
Total liabilities 17,820,221 19,463,803
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.0001 par value, 25,000,000 shares authorized and none outstanding at March 31, 2020 and December 31, 2019
Common stock, $0.0001 par value, 125,000,000 shares authorized, 15,332,042 shares issued and outstanding at March 31, 2020; 200,000,000 shares authorized, 15,332,042 shares issued and outstanding at December 31, 2019 1,533 1,533
Additional paid-in capital 228,290,660 227,657,758
Accumulated other comprehensive income 9,199  
Accumulated deficit (219,692,871) (212,114,385)
Total stockholders' equity 8,608,521 15,544,906
Total liabilities and stockholders' equity $ 26,428,742 $ 35,008,709

Source

v3.20.1
Consolidated Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating expenses:    
Research and development $ 5,104,441 $ 4,107,140
General and administrative 2,959,900 2,254,593
Total operating expenses 8,064,341 6,361,733
Loss from operations (8,064,341) (6,361,733)
Other income:    
Interest income 70,022 149,119
Change in fair value of warrant liabilities 415,833 17,799,629
Total other income 485,855 17,948,748
Net (loss) income $ (7,578,486) $ 11,587,015
Per share information:    
Net (loss) income per share of common stock, basic and diluted $ (0.49) $ 1.46
Basic and diluted weighted average shares outstanding 15,332,042 7,940,931

Source

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net (loss) income $ (7,578,486) $ 11,587,015
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation 42,373 42,040
Stock-based compensation expense 632,902 323,774
Change in fair value of warrant liabilities (415,833) (17,799,629)
Net amortization of (discount) premium on marketable securities (6,818) 45,643
Changes in operating assets and liabilities:    
Decrease (increase) in prepaid expenses and other current and non-current assets 933,832 (1,070,468)
Decrease in accounts payable, accrued liabilities and other liabilities (1,157,290) (453,101)
Net cash used in operating activities (7,549,320) (7,324,726)
Cash flows from investing activities    
Purchases of marketable securities (9,999,457)  
Proceeds from maturities of marketable securities 3,996,580 5,850,000
Purchases of property and equipment   (19,999)
Net cash (used in) provided by investing activities (6,002,877) 5,830,001
Cash flows from financing activities    
Net cash provided by financing activities 0 0
Net decrease in cash and cash equivalents (13,552,197) (1,494,725)
Cash and cash equivalents at beginning of period 24,184,140 8,320,317
Cash and cash equivalents at end of period $ 10,631,943 6,825,592
Supplemental disclosures of cash flow information:    
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