Financials

v3.10.0.1
Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 13,811,418 $ 6,166,143
Prepaid expenses and other current assets 1,660,710 1,027,029
Total current assets 15,472,128 7,193,172
Property and equipment, net 63,508 21,659
Total assets 15,535,636 7,214,831
Current liabilities:    
Accounts payable and accrued expenses 1,366,554 818,044
Short-term notes payable 190,407 80,478
Total current liabilities 1,556,961 898,522
Shareholders’ equity:    
Preferred stock, no par value; 50,000,000 shares authorized; 9,417,000 and 12,000,000 Series A shares, 6,600,000 and 6,600,000 Series B shares, 101.733 and 100 Series C shares, and 1,496,000 and -0- Series D shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively 6,813,369 6,309,608
Common stock, $0.001 par value; 200,000,000 shares authorized 18,419,135 and 4,928,335 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively 18,419 4,928
Additional paid-in capital 115,764,875 101,402,570
Accumulated deficit (108,617,988) (101,400,797)
Total shareholders’ equity 13,978,675 6,316,309
Total liabilities and shareholders’ equity $ 15,535,636 $ 7,214,831

Source

v3.10.0.1
Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Operating expenses:        
Research and development $ 1,580,511 $ 996,477 $ 4,178,294 $ 2,724,349
General and administrative 1,183,830 925,043 2,991,300 2,581,586
Total operating expenses 2,764,341 1,921,520 7,169,594 5,305,935
Loss from operations (2,764,341) (1,921,520) (7,169,594) (5,305,935)
Other income (expense):        
Interest income 9,066 3,004 15,794 6,771
Interest expense (2,142) (105,894) (3,643) (164,560)
Change in value of derivative liability   (42,918)   188,726
Local business tax (418) (588) (1,078) (2,988)
Other income   686   7,194
Total other income (expense), net 6,506 (145,710) 11,073 35,143
Loss before income taxes (2,757,835) (2,067,230) (7,158,521) (5,270,792)
Income tax benefit 0 0 0 0
Net loss (2,757,835) (2,067,230) (7,158,521) (5,270,792)
Net loss applicable to common shareholders $ (4,169,876) $ (2,067,230) $ (8,570,562) $ (5,270,792)
Basic and diluted net loss per share $ (0.35) $ (0.42) $ (1.12) $ (1.07)
Shares used to compute basic and diluted net loss per share 11,937,624 4,927,422 7,656,670 4,924,667
Series D Preferred Stock [Member]        
Other income (expense):        
Deemed dividend of Series D preferred stock $ (1,412,041)   $ (1,412,041)  

Source

v3.10.0.1
Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net loss $ (7,158,521) $ (5,270,792)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 18,393 53,342
Stock issued as compensation to non-employee directors 24,320 114,576
Stock-based compensation expense 848,612 307,630
Stock issued in exchange for services 6,001  
Warrants issued in exchange for services   118,237
Decrease in fair value of derivative liability   (188,726)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (389,191) (456,496)
Accounts payable and accrued expenses 548,510 317,179
Net cash used in operating activities (6,101,876) (5,005,050)
Cash flows from investing activities    
Purchase of property and equipment (60,242)  
Net cash used in investing activities (60,242)  
Cash flows from financing activities:    
Payments on short-term notes payable (134,561) (110,354)
Net proceeds from issuance of common stock and warrants 1,510,327  
Net proceeds from issuance of common stock, convertible preferred stock, and warrants 12,431,627  
Net proceeds from issuance of convertible preferred stock and warrants   2,935,792
Proceeds from issuance of note payable to shareholder   2,400,000
Proceeds from payment of stock subscription receivable   30,563
Restricted cash (receipts) released, net   (1,408,115)
Net cash provided by financing activities 13,807,393 3,847,886
Net increase (decrease) in cash and cash equivalents 7,645,275 (1,157,164)
Cash and cash equivalents at beginning of period 6,166,143 4,080,618
Cash and cash equivalents at end of period 13,811,418 2,923,454
Supplemental disclosure of cash flow information:    
Interest paid 3,643 3,040
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 244,490 172,047
Par value of restricted shares issued 16 160
Par value of common stock issued 13  
Fair market value of 483,870 warrants issued for financial advisory services   $ 118,237
Series C Preferred Stock [Member]    
Non-cash investing and financing activities:    
Stock dividend on Series C preferred stock 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  
Series D Preferred Stock [Member]    
Non-cash investing and financing activities:    
Par value of common stock issued 7,868  
Value of Series A preferred stock converted into common stock 3,750,920  
Deemed dividend on Series D preferred stock $ 1,412,041  

Source