Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net (loss) income $ (25,195,722) $ 2,920,109
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation 84,747 84,413
Stock-based compensation expense 1,285,168 693,701
Change in fair value of warrant liabilities 6,889,499 (16,435,761)
Issuance costs allocated to warrants 2,174,653  
Net amortization of premium on marketable securities 8,305 121,592
Changes in operating assets and liabilities:    
Decrease (increase) in prepaid expenses and other current and non-current assets 1,229,610 (1,009,217)
Decrease in accounts payable, accrued liabilities and other liabilities (4,169,779) (2,489,141)
Net cash used in operating activities (17,693,519) (16,114,304)
Cash flows from investing activities    
Purchases of marketable securities (37,515,338)  
Proceeds from sales of marketable securities 9,981,087 15,191,125
Purchases of property and equipment   (19,999)
Net cash (used in) provided by investing activities (27,534,251) 15,171,126
Cash flows from financing activities    
Proceeds from issuance of securities 55,499,990  
Payment of financing costs of securities sold (3,636,963)  
Net cash provided by financing activities 51,863,027 0
Net increase (decrease) in cash and cash equivalents 6,635,257 (943,178)
Cash and cash equivalents at beginning of period 24,184,140 8,320,317
Cash and cash equivalents at end of period 30,819,397 7,377,139
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