Financials

v3.19.3
Balance Sheets - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 22,291,924 $ 20,208,301
Prepaid expenses and other current assets 555,465 1,724,975
Total current assets 22,847,389 21,933,276
Property and equipment, net 89,651 116,276
Operating lease right-of-use assets 714,925
Total assets 23,651,965 22,049,552
Current liabilities:    
Accounts payable and accrued expenses 1,894,730 1,043,356
Short-term notes payable 217,419 124,213
Operating lease liabilities 135,120
Total current liabilities 2,247,269 1,167,569
Long-term liabilities:    
Operating lease liabilities 586,170
Total long-term liabilities 586,170
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 September 30, 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 September 30, 2019 and December 31, 2018, respectively 46,125 29,433
Additional paid-in capital 138,014,553 126,125,976
Accumulated deficit (123,755,548) (111,373,608)
Total shareholders' equity 20,818,526 20,881,983
Total liabilities and shareholders' equity $ 23,651,965 $ 22,049,552

Source

v3.19.3
Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Operating expenses:        
Research and development $ 3,067,612 $ 1,580,511 $ 9,360,520 $ 4,178,294
General and administrative 852,841 1,183,830 2,858,997 2,991,300
Total operating expenses 3,920,453 2,764,341 12,219,517 7,169,594
Loss from operations (3,920,453) (2,764,341) (12,219,517) (7,169,594)
Other income (expense):        
Interest income 86,705 9,066 256,222 15,794
Interest expense (2,501) (2,142) (4,531) (3,643)
Local business tax (300) (418) (900) (1,078)
Total other income, net 83,904 6,506 250,791 11,073
Loss before income taxes (3,836,549) (2,757,835) (11,968,726) (7,158,521)
Income tax benefit
Net loss (3,836,549) (2,757,835) (11,968,726) (7,158,521)
Deemed dividend of Series D preferred stock (1,412,041) (1,412,041)
Net loss applicable to common shareholders $ (3,836,549) $ (4,169,876) $ (11,968,726) $ (8,570,562)
Basic and diluted net loss per share $ (0.08) $ (0.35) $ (0.29) $ (1.12)
Shares used to compute basic and diluted net loss per share 46,124,803 11,937,624 40,989,592 7,656,670

Source

v3.19.3
Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net loss $ (11,968,726) $ (7,158,521)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 44,344 18,393
Stock issued as compensation to non-employee directors 24,320
Stock-based compensation expense 542,592 848,612
Stock issued in exchange for services 12,001 6,001
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,442,087 (389,191)
Accounts payable and accrued expenses 851,374 548,510
Net cash used in operating activities (9,076,328) (6,101,876)
Cash flows from investing activities:    
Purchase of property and equipment (11,354) (60,242)
Net cash used in investing activities (11,354) (60,242)
Cash flows from financing activities:    
Payments on short-term notes payable (179,371) (134,561)
Net proceeds from issuance of common stock and warrants 11,350,676 1,510,327
Net proceeds from issuance of common stock, convertible preferred stock, and warrants 12,431,627
Net cash provided by financing activities 11,171,305 13,807,393
Net increase in cash and cash equivalents 2,083,623 7,645,275
Cash and cash equivalents at beginning of period 20,208,301 6,166,143
Cash and cash equivalents at end of period 22,291,924 13,811,418
Supplemental disclosure of cash flow information:    
Interest paid 4,531 3,643
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 272,577 244,490
Par value of restricted stock issued 16
Stock dividend on Series C preferred stock 413,215 58,670
Deemed dividend on Series D preferred stock 1,412,041
Par value of common stock issued in exchange for services 25 13
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 7,868
Conversion of preferred stock into common stock $ 3,750,920

Source