v3.21.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 15,484,899 $ 24,184,140
Marketable securities 27,005,388  
Prepaid expenses and other current assets 4,164,615 6,575,375
Total current assets 46,654,902 30,759,515
Property and equipment, net 910,075 1,099,948
Operating lease right-of-use assets 2,810,632 3,043,826
Other assets 739,970 105,420
Total assets 51,115,579 35,008,709
Current liabilities:    
Accounts payable 1,805,854 2,622,272
Accrued liabilities 3,609,722 6,803,789
Current portion of lease liabilities 644,527 631,889
Total current liabilities 6,060,103 10,057,950
Warrant liabilities 29,404,089 6,068,978
Long-term portion of lease liabilities 2,958,895 3,264,128
Other liabilities 72,747 72,747
Total liabilities 38,495,834 19,463,803
Commitments and contingencies (Note 8)  
Stockholders' equity:    
Preferred stock, $0.0001 par value, 25,000,000 shares authorized and none outstanding at December 31, 2020 and 2019  
Common stock, $0.0001 par value, 125,000,000 shares authorized; 27,810,161 and 15,332,042 shares issued and outstanding at December 31, 2020 and 2019 2,781 1,533
Additional paid-in capital 252,907,942 227,657,758
Accumulated other comprehensive loss (20,920)  
Accumulated deficit (240,270,058) (212,114,385)
Total stockholders' equity 12,619,745 15,544,906
Total liabilities and stockholders' equity $ 51,115,579 $ 35,008,709

Source

v3.21.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating expenses:      
Research and development, including stock-based compensation of $469,357, $626,002 and $451,334, respectively $ 22,613,968 $ 18,057,025 $ 22,416,651
General and administrative, including stock-based compensation of $977,192, $929,521 and $1,171,794, respectively 11,625,621 9,809,423 8,707,774
Total operating expenses 34,239,589 27,866,448 31,124,425
Loss from operations (34,239,589) (27,866,448) (31,124,425)
Other income (expense):      
Interest income 192,702 359,270 672,227
Other expense (2,165,044)    
Change in fair value of warrant liabilities 8,056,258 14,712,685 (7,232,226)
Total other income (expense) 6,083,916 15,071,955 (6,559,999)
Net loss $ (28,155,673) $ (12,794,493) $ (37,684,424)
Per share information:      
Net loss per share of common stock, basic and diluted $ (1.24) $ (1.54) $ (4.95)
Basic and diluted weighted average shares outstanding 22,763,528 8,283,509 7,606,266

Source

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net loss $ (28,155,673) $ (12,794,493) $ (37,684,424)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 168,249 169,159 151,292
Stock-based compensation expense 2,576,456 1,446,549 1,555,523
Issuance costs allocated to warrants 2,174,653    
Change in fair value of warrant liabilities (8,056,258) (14,712,685) 7,232,226
Decrease in deferred rent     (25,058)
Net amortization of premium paid on marketable securities 378,310 171,111 486,736
Changes in operating assets and liabilities:      
Decrease (increase) in prepaid expenses and other current and non-current assets 1,738,433 (1,262,809) 897,447
(Decrease) increase in accounts payable, accrued liabilities and other liabilities (4,010,485) (444,725) 1,127,409
Net cash used in operating activities (33,186,315) (27,427,893) (26,258,849)
Cash flows from investing activities      
Purchases of marketable securities (47,555,466)   (23,846,176)
Proceeds from maturities of marketable securities 20,150,848 21,991,125 41,130,888
Purchases of property and equipment   (19,999) (133,488)
Net cash (used in) provided by investing activities (27,404,618) 21,971,126 17,151,224
Cash flows from financing activities      
Proceeds from issuance of equity securities 55,499,990 23,034,000 11,500,000
Payment of financing costs of securities sold (3,636,963) (1,713,410) (1,072,607)
Proceeds from exercise of warrants 28,665   5,503
Net cash provided by financing activities 51,891,692 21,320,590 10,432,896
Net (decrease) increase in cash and cash equivalents (8,699,241) 15,863,823 1,325,271
Cash and cash equivalents at beginning of period 24,184,140 8,320,317 6,995,046
Cash and cash equivalents at end of period 15,484,899 24,184,140 $ 8,320,317
Supplemental disclosures of cash flow information:      
Prepaid expenses in accrued liabilities   4,096,832  
Right-of-use assets obtained in exchange for lease obligations   4,148,672  
Leasehold improvement obtained in exchange for lease incentive obligations   $ 189,227  
Issuance of warrants to purchase common stock $ 31,391,369    

Source