Financials

v3.20.1
Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 14,372,105 $ 18,267,994
Prepaid expenses and other current assets 328,674 570,071
Total current assets 14,700,779 18,838,065
Property and equipment, net 79,654 91,968
Operating lease right-of-use assets 781,674 822,684
Total assets 15,562,107 19,752,717
Current liabilities:    
Accounts payable and accrued expenses 1,786,671 1,541,415
Short-term notes payable 70,847 143,864
Operating lease liabilities 167,864 165,096
Total current liabilities 2,025,382 1,850,375
Long-term liabilities:    
Operating lease liabilities 627,723 670,690
Total long-term liabilities 627,723 670,690
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, 133.483 and 113.941 Series C shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively 7,174,854 6,513,396
Common stock, $0.001 par value; 200,000,000 shares authorized; 46,124,803 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively 46,125 46,125
Additional paid-in capital 138,890,067 138,024,957
Accumulated deficit (133,202,044) (127,352,826)
Total shareholders' equity 12,909,002 17,231,652
Total liabilities and shareholders' equity $ 15,562,107 $ 19,752,717

Source

v3.20.1
Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating expenses:    
Research and development $ 3,712,679 $ 2,413,762
General and administrative 1,519,083 980,448
Total operating expenses 5,231,762 3,394,210
Loss from operations (5,231,762) (3,394,210)
Other income (expense):    
Interest income 44,515 70,090
Interest expense (1,708) (1,297)
Local business tax (600) (300)
Miscellaneous income 1,795
Total other income, net 44,002 68,493
Loss before income taxes (5,187,760) (3,325,717)
Income tax benefit
Net loss $ (5,187,760) $ (3,325,717)
Basic and diluted net loss per share $ (0.11) $ (0.11)
Shares used to compute basic and diluted net loss per share 46,124,803 30,552,302

Source

v3.20.1
Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net loss $ (5,187,760) $ (3,325,717)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 13,125 12,870
Stock-based compensation expense 865,110 145,829
Stock issued in exchange for services 6,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 241,397 18,585
Accounts payable and accrued expenses 245,256 931,757
Net cash used in operating activities (3,822,872) (2,210,676)
Cash flows from financing activities:    
Payments on short-term notes payable (73,017) (64,376)
Net proceeds from issuance of common stock and warrants 11,415,676
Net cash provided by (used in) financing activities (73,017) 11,351,300
Net increase (decrease) in cash and cash equivalents (3,895,889) 9,140,624
Cash and cash equivalents at beginning of period 18,267,994 20,208,301
Cash and cash equivalents at end of period 14,372,105 29,348,925
Supplemental disclosure of cash flow information:    
Interest paid 1,708 1,297
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 17,688
Stock dividend on Series C preferred stock 661,458 413,215
Par value of common stock issued in exchange for services $ 13

Source