v3.19.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 6,825,592 $ 8,320,317
Marketable securities 16,267,629 22,131,936
Prepaid expenses and other current assets 2,053,500 988,799
Total current assets 25,146,721 31,441,052
Property and equipment, net 1,243,285 1,076,099
Operating lease right-of-use assets 3,202,124  
Other assets 355,420 355,420
Total assets 29,947,550 32,872,571
Current liabilities:    
Accounts payable 3,162,113 1,427,287
Accrued liabilities 2,158,740 4,369,732
Current portion of lease liabilities 622,483
Total current liabilities 5,943,336 5,797,019
Deferred rent   679,182
Warrant liabilities 2,982,034 20,781,663
Long-term portion of lease liabilities 3,465,348
Other liabilities 72,747 72,747
Total liabilities 12,463,465 27,330,611
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.0001 par value, 25,000,000 shares authorized and none outstanding at March 31, 2019 and December 31, 2018
Common stock, $0.0001 par value, 200,000,000 shares authorized; 79,409,556 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively 7,941 7,941
Additional paid-in capital 205,207,985 204,884,211
Accumulated other comprehensive income (loss) 1,036 (30,300)
Accumulated deficit (187,732,877) (199,319,892)
Total stockholders' equity 17,484,085 5,541,960
Total liabilities and stockholders' equity $ 29,947,550 $ 32,872,571

Source

v3.19.1
Consolidated Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating expenses:    
Research and development $ 4,107,140 $ 4,735,340
General and administrative 2,254,593 2,248,829
Total operating expenses 6,361,733 6,984,169
Loss from operations (6,361,733) (6,984,169)
Other income (expense):    
Interest income 149,119 152,247
Change in fair value of warrant liabilities 17,799,629 (12,274,559)
Total other income (expense) 17,948,748 (12,122,312)
Net income (loss) $ 11,587,015 $ (19,106,481)
Per share information:    
Net income (loss) per share of common stock, basic and diluted $ 0.15 $ (0.26)
Basic and diluted weighted average shares outstanding 79,409,556 73,656,534

Source

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net income (loss) $ 11,587,015 $ (19,106,481)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation 42,040 34,355
Stock-based compensation expense 323,774 437,681
Change in fair value of warrant liabilities (17,799,629) 12,274,559
Decrease in deferred rent   (7,759)
Net amortization of premium on marketable securities 45,643 100,994
Changes in operating assets and liabilities:    
(Increase) decrease in prepaid expenses and other current and non-current assets (1,070,468) 69,114
Decrease in accounts payable, accrued liabilities and other liabilities (453,101) (612,721)
Net cash used in operating activities (7,324,726) (6,810,258)
Cash flows from investing activities    
Purchases of marketable securities   (3,603,756)
Proceeds from sales of marketable securities 5,850,000 6,964,888
Purchases of property and equipment (19,999) (79,276)
Net cash provided by investing activities 5,830,001 3,281,856
Cash flows from financing activities    
Proceeds from exercise of warrants   3,875
Net cash provided by financing activities   3,875
Net decrease in cash and cash equivalents (1,494,725) (3,524,527)
Cash and cash equivalents at beginning of period 8,320,317 6,995,046
Cash and cash equivalents at end of period 6,825,592 $ 3,470,519
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