Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net (loss) income $ (7,578,486) $ 11,587,015
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation 42,373 42,040
Stock-based compensation expense 632,902 323,774
Change in fair value of warrant liabilities (415,833) (17,799,629)
Net amortization of (discount) premium on marketable securities (6,818) 45,643
Changes in operating assets and liabilities:    
Decrease (increase) in prepaid expenses and other current and non-current assets 933,832 (1,070,468)
Decrease in accounts payable, accrued liabilities and other liabilities (1,157,290) (453,101)
Net cash used in operating activities (7,549,320) (7,324,726)
Cash flows from investing activities    
Purchases of marketable securities (9,999,457)  
Proceeds from maturities of marketable securities 3,996,580 5,850,000
Purchases of property and equipment   (19,999)
Net cash (used in) provided by investing activities (6,002,877) 5,830,001
Cash flows from financing activities    
Net cash provided by financing activities 0 0
Net decrease in cash and cash equivalents (13,552,197) (1,494,725)
Cash and cash equivalents at beginning of period 24,184,140 8,320,317
Cash and cash equivalents at end of period $ 10,631,943 6,825,592
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