Financials

v3.20.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 12,226,487 $ 36,278,519
Short-term investments 102,690,508 80,164,823
Other receivable 7,529
Lease payments receivable – short term 74,633 73,091
Prepaid expenses 246,007 423,863
Total current assets 115,245,164 116,940,296
Fixed assets, net of accumulated depreciation 3,964 5,010
Other assets 25,000 25,000
Lease payments receivable – long term 146,588 165,834
Total assets 115,420,716 117,136,140
Current liabilities:    
Accounts payable 1,102,815 522,663
Accrued expenses 1,158,368 824,936
Notes payable 110,247
Total current liabilities 2,261,183 1,457,846
Stockholders' Equity:    
Preferred stock
Common stock, $0.001 par value, 50,000,000 shares authorized, 14,940,668 and 14,457,013 shares issued and outstanding, respectively 14,941 14,457
Additional paid-in capital 243,676,817 235,522,746
Accumulated deficit (130,532,225) (119,858,909)
Total stockholders' equity 113,159,533 115,678,294
Total liabilities and stockholders' equity 115,420,716 117,136,140
Class A convertible preferred stock    
Stockholders' Equity:    
Preferred stock

Source

v3.20.1
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating expenses:    
Research and development $ 4,507,784 $ 1,275,948
General and administrative 5,466,654 1,426,056
Total operating expenses 9,974,438 2,702,004
Loss from operations (9,974,438) (2,702,004)
Other (expenses) income:    
Interest/investment income, net 407,652 15,939
Realized loss on short-term investments (171,611)
Unrealized loss on short-term investments (934,919)
Total other (expenses) income (698,878) 15,939
Net loss $ (10,673,316) $ (2,686,065)
Loss per common share – basic and diluted $ (0.72) $ (0.36)
Weighted average number of common shares outstanding – basic and diluted 14,738,230 7,509,493

Source

v3.20.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net loss $ (10,673,316) $ (2,686,065)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 1,046 1,075
Stock-based compensation 5,039,362 394,692
Fair value of shares relinquished in litigation (394,410)
Realized loss on short-term investments 171,611
Unrealized loss on short-term investments 934,919
Change in operating assets and liabilities:    
Other receivable (7,529)
Other assets (25,000)
Lease payment receivable 17,704 16,285
Prepaid expenses 177,855 329,872
Accounts payable 580,153 721,220
Accrued expenses 333,432 (369,598)
Net cash used in operating activities (3,424,763) (2,011,929)
Cash flows from investing activities    
Purchase of short-term investments (37,230,631)
Sale of short-term investments 13,598,416
Net cash used in investing activities (23,632,215)
Cash flows from financing activities    
Principal payments of notes payable (110,247) (85,969)
Proceeds from issuance of common stock 1,725,000
Proceeds from options exercised for common stock 73,020
Proceeds from warrants exercised for common stock 3,042,173
Net cash provided by financing activities 3,004,946 1,639,031
Net decrease in cash and cash equivalents (24,052,032) (372,898)
Cash and cash equivalents at beginning of the period 36,278,519 2,426,751
Cash and cash equivalents at end of the period 12,226,487 2,053,853
Cash paid during the period for:    
Income taxes
Interest 2,415 4,357
Non-cash investing and financing activities:    
Cashless exercise of warrants for common stock $ 34

Source