Financials

v3.20.2
Consolidated Balance Sheets - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 10,043,613 $ 18,267,994
Prepaid expenses and other current assets 485,655 570,071
Total current assets 10,529,268 18,838,065
Property and equipment, net 55,026 91,968
Operating lease right-of-use assets 697,910 822,684
Total assets 11,282,204 19,752,717
Current liabilities:    
Accounts payable and accrued expenses 456,794 1,541,415
Short-term notes payable 472,148 143,864
Operating lease liabilities 173,536 165,096
Total current liabilities 1,102,478 1,850,375
Long-term liabilities:    
Operating lease liabilities 539,381 670,690
Total long-term liabilities 539,381 670,690
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, 133.483 and 113.941 Series C shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively 7,174,854 6,513,396
Common stock, $0.001 par value; 200,000,000 shares authorized; 61,004,917 and 46,124,803 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively 61,005 46,125
Additional paid-in capital 152,440,386 138,024,957
Accumulated deficit (150,035,900) (127,352,826)
Total shareholders' equity 9,640,345 17,231,652
Total liabilities and shareholders' equity $ 11,282,204 $ 19,752,717

Source

v3.20.2
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Operating expenses:        
Research and development $ 3,498,361 $ 3,067,612 $ 18,755,013 $ 9,360,520
General and administrative 1,010,006 852,841 3,337,422 2,858,997
Total operating expenses 4,508,367 3,920,453 22,092,435 12,219,517
Loss from operations (4,508,367) (3,920,453) (22,092,435) (12,219,517)
Other income (expense):        
Interest income 16,292 86,705 77,302 256,222
Interest expense (3,885) (2,501) (6,478) (4,531)
Local business tax (600) (300) (1,800) (900)
Miscellaneous income 1,795
Total other income, net 11,807 83,904 70,819 250,791
Loss before income taxes (4,496,560) (3,836,549) (22,021,616) (11,968,726)
Income tax benefit
Net loss $ (4,496,560) $ (3,836,549) $ (22,021,616) $ (11,968,726)
Basic and diluted net loss per share $ (0.08) $ (0.08) $ (0.42) $ (0.29)
Shares used to compute basic and diluted net loss per share 59,670,038 46,124,803 52,706,277 40,989,592

Source

v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (22,021,616) $ (11,968,726)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 38,847 44,344
Stock-based compensation expense 1,217,208 542,592
Stock issued in exchange for services 12,001
Stock issued for purchase of Noachis Terra 8,030,699
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 498,200 1,442,087
Accounts payable and accrued expenses (1,084,621) 851,374
Net cash used in operating activities (13,321,283) (9,076,328)
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:    
Borrowings under short-term notes payable 132,088
Payments on short-term notes payable (217,588) (179,371)
Proceeds from issuance of common stock for warrant exercise 5,182,402
Net proceeds from issuance of common stock and warrants 11,350,676
Net cash provided by financing activities 5,096,902 11,171,305
Net (decrease) increase in cash and cash equivalents (8,224,381) 2,083,623
Cash and cash equivalents at beginning of period 18,267,994 20,208,301
Cash and cash equivalents at end of period 10,043,613 22,291,924
Supplemental disclosure of cash flow information:    
Interest paid 4,245 4,531
Non-cash investing and financing activities:    
Borrowings under short term notes payable for prepaid expense 413,784 272,577
Stock dividend on Series C preferred stock 661,458 413,215
Par value of common stock issued in exchange for services $ 25

Source