v3.20.2
Consolidated Balance Sheets - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 18,152,046 $ 24,184,140
Marketable securities 32,082,709  
Prepaid expenses and other current assets 5,828,086 6,575,375
Total current assets 56,062,841 30,759,515
Property and equipment, net 957,587 1,099,948
Operating lease right-of-use assets 2,870,431 3,043,826
Other assets 105,420 105,420
Total assets 59,996,279 35,008,709
Current liabilities:    
Accounts payable 2,190,813 2,622,272
Accrued liabilities 1,996,320 6,803,789
Current portion of lease liabilities 641,249 631,889
Total current liabilities 4,828,382 10,057,950
Warrant liabilities 33,659,991 6,068,978
Long-term portion of lease liabilities 3,038,056 3,264,128
Other liabilities 72,747 72,747
Total liabilities 41,599,176 19,463,803
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.0001 par value, 25,000,000 shares authorized and none outstanding at September 30, 2020 and December 31, 2019
Common stock, $0.0001 par value, 125,000,000 shares authorized, 27,810,082 shares issued and outstanding at September 30, 2020; 200,000,000 shares authorized, 15,332,042 shares issued and outstanding at December 31, 2019 2,781 1,533
Additional paid-in capital 252,268,303 227,657,758
Accumulated other comprehensive loss (8,305)  
Accumulated deficit (233,865,676) (212,114,385)
Total stockholders' equity 18,397,103 15,544,906
Total liabilities and stockholders' equity $ 59,996,279 $ 35,008,709

Source

v3.20.2
Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Operating expenses:        
Research and development $ 4,706,012 $ 5,250,327 $ 15,354,453 $ 14,161,543
General and administrative 2,607,472 2,376,248 8,186,169 7,234,244
Total operating expenses 7,313,484 7,626,575 23,540,622 21,395,787
Loss from operations (7,313,484) (7,626,575) (23,540,622) (21,395,787)
Other income (expense):        
Interest income 58,451 80,747 154,019 334,307
Other income (expense) 9,609   (2,165,044)  
Change in fair value of warrant liabilities 10,689,855 2,186,710 3,800,356 18,622,471
Total other income 10,757,915 2,267,457 1,789,331 18,956,778
Net income (loss) $ 3,444,431 $ (5,359,118) $ (21,751,291) $ (2,439,009)
Basic net income (loss) per share $ 0.12 $ (0.67) $ (1.03) $ (0.31)
Shares used in computing basic net income (loss) per share 27,809,169 7,940,931 21,069,057 7,940,931
Diluted net loss per share $ (0.19) $ (0.67) $ (1.03) $ (0.31)
Shares used in computing diluted net loss per share 29,079,107 7,940,931 21,069,057 7,940,931

Source

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net loss $ (21,751,291) $ (2,439,009)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 126,143 126,786
Stock-based compensation expense 1,936,817 1,085,706
Change in fair value of warrant liabilities (3,800,356) (18,622,471)
Issuance costs allocated to warrants 2,174,653  
Net amortization of premium on marketable securities 161,142 171,111
Changes in operating assets and liabilities:    
Decrease (increase) in prepaid expenses and other current and non-current assets 720,191 (1,369,020)
(Decrease) increase in accounts payable, accrued liabilities and other liabilities (5,238,928) 1,257,043
Net cash used in operating activities (25,671,629) (19,789,854)
Cash flows from investing activities    
Purchases of marketable securities (47,555,466)  
Proceeds from sales and maturities of marketable securities 15,303,309 21,991,125
Purchases of property and equipment   (19,999)
Net cash (used in) provided by investing activities (32,252,157) 21,971,126
Cash flows from financing activities    
Proceeds from issuance of securities 55,499,990  
Payment of financing costs of securities sold (3,636,963)  
Proceeds from the exercise of warrants 28,665  
Net cash provided by financing activities 51,891,692  
Net (decrease) increase in cash and cash equivalents (6,032,094) 2,181,272
Cash and cash equivalents at beginning of period 24,184,140 8,320,317
Cash and cash equivalents at end of period 18,152,046 10,501,589
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