Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities    
Net loss $ (43,620,120) $ (10,760,150)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 110,263 133,014
Stock-based compensation expense 1,236,972 1,087,179
Issuance costs allocated to warrants 0 905,014
Change in fair value of warrant liabilities 21,830,377 (9,058,208)
Decrease in deferred rent (19,292) (290,199)
Net amortization of premium on marketable securities 406,211 547,266
Changes in operating assets and liabilities:    
Decrease (increase) in prepaid expenses and other current and non-current assets 82,865 (241,876)
Increase (decrease) in accounts payable, accrued liabilities and other liabilities 770,661 (1,488,485)
Net cash used in operating activities (19,202,063) (19,166,445)
Cash flows from investing activities    
Purchases of marketable securities (20,267,927) (45,656,691)
Proceeds from sales of marketable securities 33,130,888 28,236,959
Purchases of property and equipment (133,488)  
Net cash provided by (used in) investing activities 12,729,473 (17,419,732)
Cash flows from financing activities    
Proceeds from issuance of securities 11,500,000 40,000,000
Payment of financing costs of securities sold (1,072,607) (2,923,304)
Proceeds from exercise of warrants 5,503  
Net cash provided by financing activities 10,432,896 37,076,696
Net increase in cash and cash equivalents 3,960,306 490,519
Cash and cash equivalents at beginning of period 6,995,046 3,806,984
Cash and cash equivalents at end of period 10,955,352 4,297,503
Supplemental disclosures of cash flow information:    
Issuance of warrants to purchase common stock $ 0 $ 12,383,435