Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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