Financials

v3.19.1
Balance Sheets - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 29,348,925 $ 20,208,301
Prepaid expenses and other current assets 1,724,078 1,724,975
Total current assets 31,073,003 21,933,276
Property and equipment, net 103,607 116,276
Operating lease right-of-use assets 132,264  
Total assets 31,308,874 22,049,552
Current liabilities:    
Accounts payable and accrued expenses 1,975,113 1,043,356
Short-term notes payable 77,525 124,213
Operating lease liabilities 132,465  
Total current liabilities 2,185,103 1,167,569
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 March 31, 2019 and December 31, 2018, respectively 6,513,396 6,100,182
Common stock, $0.001 par value; 200,000,000 shares authorized; 46,112,303 and 29,433,135 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively 46,112 29,433
Additional paid-in capital 137,676,802 126,125,976
Accumulated deficit (115,112,539) (111,373,608)
Total shareholders’ equity 29,123,771 20,881,983
Total liabilities and shareholders’ equity $ 31,308,874 $ 22,049,552

Source

v3.19.1
Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating expenses:    
Research and development $ 2,413,762 $ 1,326,241
General and administrative 980,448 795,463
Total operating expenses 3,394,210 2,121,704
Loss from operations (3,394,210) (2,121,704)
Other income (expense):    
Interest income 70,090 3,474
Interest expense (1,297) (837)
Local business tax (300) (330)
Total other income (expense), net 68,493 2,307
Loss before income taxes (3,325,717) (2,119,397)
Income tax benefit 0 0
Net loss $ (3,325,717) $ (2,119,397)
Basic and diluted net loss per share $ (0.11) $ (0.42)
Shares used to compute basic and diluted net loss per share 30,552,302 4,991,475

Source

v3.19.1
Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net loss $ (3,325,717) $ (2,119,397)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 12,870 7,709
Stock-based compensation expense 145,829 118,324
Stock issued in exchange for services 6,000  
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 18,585 333,317
Accounts payable and accrued expenses 931,757 293,397
Net cash used in operating activities (2,210,676) (1,366,650)
Cash flows from financing activities:    
Payments on short-term notes payable (64,376) (41,630)
Net proceeds from issuance of common stock and warrants 11,415,676  
Net cash provided by (used in) financing activities 11,351,300 (41,630)
Net increase (decrease) in cash and cash equivalents 9,140,624 (1,408,280)
Cash and cash equivalents at beginning of period 20,208,301 6,166,143
Cash and cash equivalents at end of period 29,348,925 4,757,863
Supplemental disclosure of cash flow information:    
Interest paid 1,297 4,495
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 13  
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

Source