Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.20.2
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net loss $ (21,751,291) $ (2,439,009)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 126,143 126,786
Stock-based compensation expense 1,936,817 1,085,706
Change in fair value of warrant liabilities (3,800,356) (18,622,471)
Issuance costs allocated to warrants 2,174,653  
Net amortization of premium on marketable securities 161,142 171,111
Changes in operating assets and liabilities:    
Decrease (increase) in prepaid expenses and other current and non-current assets 720,191 (1,369,020)
(Decrease) increase in accounts payable, accrued liabilities and other liabilities (5,238,928) 1,257,043
Net cash used in operating activities (25,671,629) (19,789,854)
Cash flows from investing activities    
Purchases of marketable securities (47,555,466)  
Proceeds from sales and maturities of marketable securities 15,303,309 21,991,125
Purchases of property and equipment   (19,999)
Net cash (used in) provided by investing activities (32,252,157) 21,971,126
Cash flows from financing activities    
Proceeds from issuance of securities 55,499,990  
Payment of financing costs of securities sold (3,636,963)  
Proceeds from the exercise of warrants 28,665  
Net cash provided by financing activities 51,891,692  
Net (decrease) increase in cash and cash equivalents (6,032,094) 2,181,272
Cash and cash equivalents at beginning of period 24,184,140 8,320,317
Cash and cash equivalents at end of period 18,152,046 10,501,589
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