Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.19.3
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net loss $ (2,439,009) $ (43,620,120)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 126,786 110,263
Stock-based compensation expense 1,085,706 1,236,972
Change in fair value of warrant liabilities (18,622,471) 21,830,377
Decrease in deferred rent   (19,292)
Net amortization of premium on marketable securities 171,111 406,211
Changes in operating assets and liabilities:    
(Increase) decrease in prepaid expenses and other current and non-current assets (1,369,019) 82,865
Increase in accounts payable, accrued liabilities and other liabilities 1,257,043 770,661
Net cash used in operating activities (19,789,854) (19,202,063)
Cash flows from investing activities    
Purchases of marketable securities   (20,267,927)
Proceeds from sales of marketable securities 21,991,125 33,130,888
Purchases of property and equipment (19,999) (133,488)
Net cash provided by investing activities 21,971,126 12,729,473
Cash flows from financing activities    
Proceeds from issuance of securities   11,500,000
Payment of financing costs of securities sold   (1,072,607)
Proceeds from exercise of warrants   5,503
Net cash provided by financing activities   10,432,896
Net increase in cash and cash equivalents 2,181,272 3,960,306
Cash and cash equivalents at beginning of period 8,320,317 6,995,046
Cash and cash equivalents at end of period 10,501,589 $ 10,955,352
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