v3.20.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 24,184,140 $ 8,320,317
Marketable securities   22,131,936
Prepaid expenses and other current assets 6,575,375 988,799
Total current assets 30,759,515 31,441,052
Property and equipment, net 1,099,948 1,076,099
Operating lease right-of-use assets 3,043,826  
Other assets 105,420 355,420
Total assets 35,008,709 32,872,571
Current liabilities:    
Accounts payable 2,622,272 1,427,287
Accrued liabilities 6,803,789 4,369,732
Current portion of lease liabilities 631,889  
Total current liabilities 10,057,950 5,797,019
Deferred rent   679,182
Warrant liabilities 6,068,978 20,781,663
Long-term portion of lease liabilities 3,264,128  
Other liabilities 72,747 72,747
Total liabilities 19,463,803 27,330,611
Commitments and contingencies (Note 8)
Stockholders' equity:    
Preferred stock, $0.0001 par value, 25,000,000 shares authorized and none outstanding at December 31, 2019 and 2018
Common stock, $0.0001 par value, 200,000,000 shares authorized, 15,332,042 shares issued and outstanding at December 31, 2019; 200,000,000 shares authorized, 7,940,931 shares issued and outstanding at December 31, 2018 1,533 7,941
Additional paid-in capital 227,657,758 204,884,211
Accumulated other comprehensive loss   (30,300)
Accumulated deficit (212,114,385) (199,319,892)
Total stockholders' equity 15,544,906 5,541,960
Total liabilities and stockholders' equity $ 35,008,709 $ 32,872,571

Source

v3.20.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating expenses:      
Research and development, including stock-based compensation of $469,357, $626,002 and $451,334, respectively $ 18,057,025 $ 22,416,651 $ 17,314,086
General and administrative, including stock-based compensation of $977,192, $929,521 and $1,171,794, respectively 9,809,423 8,707,774 9,249,671
Total operating expenses 27,866,448 31,124,425 26,563,757
Loss from operations (27,866,448) (31,124,425) (26,563,757)
Other income (expense):      
Interest income 359,270 672,227 418,135
Other expense     (905,014)
Change in fair value of warrant liabilities 14,712,685 (7,232,226) 11,532,978
Total other income (expense) 15,071,955 (6,559,999) 11,046,099
Net loss $ (12,794,493) $ (37,684,424) $ (15,517,658)
Per share information:      
Net loss per share of common stock, basic and diluted $ (1.54) $ (4.95) $ (2.79)
Basic and diluted weighted average shares outstanding 8,283,509 7,606,266 5,559,573

Source

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net loss $ (12,794,493) $ (37,684,424) $ (15,517,658)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 169,159 151,292 187,249
Stock-based compensation expense 1,446,549 1,555,523 1,623,128
Issuance costs allocated to warrants     905,014
Change in fair value of warrant liabilities (14,712,685) 7,232,226 (11,532,978)
Decrease in deferred rent   (25,058) (290,199)
Net amortization of premium paid on marketable securities 171,111 486,736 831,793
Changes in operating assets and liabilities:      
(Increase) decrease in prepaid expenses and other current and non-current assets (1,262,809) 897,447 (1,059,502)
(Decrease) increase in accounts payable, accrued liabilities and other liabilities (444,725) 1,127,409 324,160
Net cash used in operating activities (27,427,893) (26,258,849) (24,528,993)
Cash flows from investing activities      
Purchases of marketable securities   (23,846,176) (53,162,598)
Proceeds from maturities of marketable securities 21,991,125 41,130,888 43,802,957
Purchases of property and equipment (19,999) (133,488)  
Net cash provided by (used in) investing activities 21,971,126 17,151,224 (9,359,641)
Cash flows from financing activities      
Proceeds from issuance of equity securities 23,034,000 11,500,000 40,000,000
Payment of financing costs of securities sold (1,713,410) (1,072,607) (2,923,304)
Proceeds from exercise of warrants   5,503  
Net cash provided by financing activities 21,320,590 10,432,896 37,076,696
Net increase in cash and cash equivalents 15,863,823 1,325,271 3,188,062
Cash and cash equivalents at beginning of period 8,320,317 6,995,046 3,806,984
Cash and cash equivalents at end of period 24,184,140 $ 8,320,317 6,995,046
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     $ 12,383,435

Source