Financials

v3.19.3.a.u2
Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 18,267,994 $ 20,208,301
Prepaid expenses and other current assets 570,071 1,724,975
Total current assets 18,838,065 21,933,276
Property and equipment, net 91,968 116,276
Operating lease right-of-use assets 822,684
Total assets 19,752,717 22,049,552
Current liabilities:    
Accounts payable and accrued expenses 1,541,415 1,043,356
Short-term notes payable 143,864 124,213
Operating lease liabilities 165,096
Total current liabilities 1,850,375 1,167,569
Long-term liabilities    
Operating lease liabilities 670,690
Total long-term liabilities 670,690
Shareholders' equity:    
Preferred stock, no par value; 50,000,000 shares authorized; 9,417,000 and 9,417,000 Series A shares, 6,600,000 and 6,600,000 Series B shares, 113.941 and 101.733 Series C shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively 6,513,396 6,100,182
Common stock, $0.001 par value; 200,000,000 shares authorized 46,124,803 and 29,433,135 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively 46,125 29,433
Additional paid-in capital 138,024,957 126,125,976
Accumulated deficit (127,352,826) (111,373,608)
Total shareholders' equity 17,231,652 20,881,983
Total liabilities and shareholders' equity $ 19,752,717 $ 22,049,552

Source

v3.19.3.a.u2
Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Operating expenses:    
Research and development $ 12,120,318 $ 5,971,833
General and administrative 3,757,251 4,022,307
Total operating expenses 15,877,569 9,994,140
Loss from operations (15,877,569) (9,994,140)
Other income (expense):    
Interest income 320,011 86,527
Interest expense (7,300) (5,786)
Local business tax (1,601) (1,188)
Other income 456 446
Total other income (expense), net 311,566 79,999
Loss before income taxes (15,566,003) (9,914,141)
Income tax benefit
Net loss (15,566,003) (9,914,141)
Deemed dividend of Series D preferred stock (1,412,041)
Net loss applicable to common shareholders $ (15,566,003) $ (11,326,182)
Basic and diluted net loss per share $ (0.37) $ (0.87)
Shares used to compute basic and diluted net loss per share 42,283,947 13,039,123

Source

v3.19.3.a.u2
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net loss $ (15,566,003) $ (9,914,141)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 62,622 30,110
Stock issued as compensation to non-employee directors 24,320
Stock-based compensation expense 552,997 996,038
Stock issued in exchange for services 12,001 12,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,427,481 (453,456)
Accounts payable and accrued expenses 498,059 225,312
Net cash used in operating activities (13,012,843) (9,079,817)
Cash flows from investing activities:    
Purchase of property and equipment (25,214) (124,727)
Net cash used by investing activities (25,214) (124,727)
Cash flows from financing activities:    
Payments on short-term notes payable (252,926) (200,755)
Net proceeds from issuance of common stock, convertible preferred stock, and warrants 11,350,676 12,431,629
Proceeds from issuance of common stock for warrant exercise 9,505,501
Net proceeds from issuance of common stock and warrants 1,510,327
Net cash provided by financing activities 11,097,750 23,246,702
Net (decrease) increase in cash and cash equivalents (1,940,307) 14,042,158
Cash and cash equivalents at beginning of period 20,208,301 6,166,143
Cash and cash equivalents at end of period 18,267,994 20,208,301
Supplemental disclosure of cash flow information:    
Interest paid 7,300 5,786
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 272,577 244,490
Par value of restricted shares issued 16
Stock dividend on Series C preferred stock 413,214 58,670
Deemed dividend on Series D preferred stock 1,412,041
Par value of common stock issued in exchange for services 25 25
Series A Preferred Stock [Member]    
Non-cash investing and financing activities:    
Par value of common stock issued in connection with stock conversion 259
Conversion of preferred stock into common stock 268,096
Series D Preferred Stock [Member]    
Non-cash investing and financing activities:    
Par value of common stock issued in connection with stock conversion 9,364
Conversion of preferred stock into common stock $ 4,464,107

Source