Financials

v3.19.2
Balance Sheets - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 25,719,626 $ 20,208,301
Prepaid expenses and other current assets 355,413 1,724,975
Total current assets 26,075,039 21,933,276
Property and equipment, net 101,585 116,276
Operating lease right-of-use assets 756,337  
Total assets 26,932,961 22,049,552
Current liabilities:    
Accounts payable and accrued expenses 1,741,051 1,043,356
Short-term notes payable 12,526 124,213
Operating lease liabilities 140,327  
Total current liabilities 1,893,904 1,167,569
Long-term liabilities:    
Operating lease liabilities 616,157  
Total long-term liabilities 616,157  
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 June 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 June 30, 2019 and December 31, 2018, respectively 46,125 29,433
Additional paid-in capital 137,782,378 126,125,976
Accumulated deficit (119,918,999) (111,373,608)
Total shareholders’ equity 24,422,900 20,881,983
Total liabilities and shareholders’ equity $ 26,932,961 $ 22,049,552

Source

v3.19.2
Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Operating expenses:        
Research and development $ 3,879,146 $ 1,271,542 $ 6,292,908 $ 2,597,783
General and administrative 1,025,708 1,012,007 2,006,156 1,807,470
Total operating expenses 4,904,854 2,283,549 8,299,064 4,405,253
Loss from operations (4,904,854) (2,283,549) (8,299,064) (4,405,253)
Other income (expense):        
Interest income 99,427 3,254 169,517 6,728
Interest expense (733) (664) (2,030) (1,501)
Local business tax (300) (330) (600) (660)
Total other income, net 98,394 2,260 166,887 4,567
Loss before income taxes (4,806,460) (2,281,289) (8,132,177) (4,400,686)
Income tax benefit 0 0 0 0
Net loss $ (4,806,460) $ (2,281,289) $ (8,132,177) $ (4,400,686)
Basic and diluted net loss per share $ (0.10) $ (0.38) $ (0.21) $ (0.80)
Shares used to compute basic and diluted net loss per share 46,120,545 6,028,701 38,330,274 5,509,741

Source

v3.19.2
Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net loss $ (8,132,177) $ (4,400,686)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 26,192 11,016
Stock issued as compensation to non-employee directors   24,320
Stock-based compensation expense 310,417 200,310
Stock issued in exchange for services 12,001  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 1,387,250 (201,496)
Accounts payable and accrued expenses 697,695 719,077
Net cash used in operating activities (5,698,622) (3,647,459)
Cash flows from investing activities:    
Purchase of property and equipment (11,354)  
Net cash used in investing activities (11,354)  
Cash flows from financing activities:    
Payments on short-term notes payable (129,375) (88,481)
Net proceeds from issuance of common stock and warrants 11,350,676 1,510,327
Net cash provided by financing activities 11,221,301 1,421,846
Net increase (decrease) in cash and cash equivalents 5,511,325 (2,225,613)
Cash and cash equivalents at beginning of period 20,208,301 6,166,143
Cash and cash equivalents at end of period 25,719,626 3,940,530
Supplemental disclosure of cash flow information:    
Interest paid 2,045 1,501
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 17,688 28,915
Par value of common stock issued 25  
Par value of restricted stock issued   16
Series C Preferred Stock [Member]    
Non-cash investing and financing activities:    
Stock dividend on Series C preferred stock $ 413,215 58,670
Series A Preferred Stock [Member]    
Non-cash investing and financing activities:    
Par value of common stock issued   259
Value of Series A preferred stock converted into common stock   $ 268,096

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