Financials

v3.21.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 36,500,856 $ 17,639,575
Prepaid expenses and other current assets 222,795 343,106
Total current assets 36,723,651 17,982,681
Property and equipment, net 30,399 42,713
Operating lease right-of-use assets 611,761 655,138
Total assets 37,365,811 18,680,532
Current liabilities:    
Accounts payable and accrued expenses 572,739 937,020
Short-term notes payable 114,881 228,227
Operating lease liabilities 181,260 176,900
Total current liabilities 868,880 1,342,147
Long-term liabilities:    
Operating lease liabilities 446,464 493,790
Total long-term liabilities 446,464 493,790
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, -0- and 133.483 Series C shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively 2,656,713 7,174,854
Common stock, $0.001 par value; 200,000,000 shares authorized; 115,638,266 and 91,766,928 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively 115,638 91,767
Additional paid-in capital 194,060,575 164,022,957
Accumulated deficit (160,782,459) (154,444,983)
Total shareholders' equity 36,050,467 16,844,595
Total liabilities and shareholders' equity $ 37,365,811 $ 18,680,532

Source

v3.21.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating expenses:    
Research and development $ 3,260,904 $ 3,712,679
General and administrative 1,976,576 1,519,083
Total operating expenses 5,237,480 5,231,762
Loss from operations (5,237,480) (5,231,762)
Other income (expense):    
Interest income 20,033 44,515
Interest expense (2,568) (1,708)
Local business tax (600) (600)
Miscellaneous income 670 1,795
Total other income, net 17,535 44,002
Loss before income taxes (5,219,945) (5,187,760)
Income tax benefit
Net loss $ (5,219,945) $ (5,187,760)
Basic and diluted net loss per share $ (0.05) $ (0.11)
Shares used to compute basic and diluted net loss per share 102,973,369 46,124,803

Source

v3.21.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (5,219,945) $ (5,187,760)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 12,725 13,125
Stock-based compensation expense 1,123,761 865,110
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 120,311 241,397
Accounts payable and accrued expenses (364,281) 245,256
Net cash used in operating activities (4,327,429) (3,822,872)
Cash flows from financing activities:    
Payments on short-term notes payable (113,346) (73,017)
Redemption of Series C Preferred stock (5,635,672)  
Proceeds from issuance of common stock for warrant exercise 2,261,336
Net proceeds from issuance of common stock 26,676,392
Net cash provided by (used in) financing activities 23,188,710 (73,017)
Net increase (decrease) in cash and cash equivalents 18,861,281 (3,895,889)
Cash and cash equivalents at beginning of period 17,639,575 18,267,994
Cash and cash equivalents at end of period 36,500,856 14,372,105
Supplemental disclosure of cash flow information:    
Interest paid 2,568 1,708
Non-cash investing and financing activities:    
Stock dividend on Series C Preferred stock $ 1,117,531 $ 661,458

Source