v3.20.1
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net loss $ (5,045,898) $ (4,050,708)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 57,622 47,867
Stock based compensation expense 1,447,178 804,463
Amortization of operating lease right-of-use assets 117,909 110,277
Amortization of finance lease right-of-use assets 22,922 36,395
Changes in operating assets and liabilities:    
Operating lease liabilities (99,214) (83,786)
Prepaid expenses and other current assets (680,642) 89,519
Accounts payable 274,016 99,040
Accrued expenses and other liabilities (758,439) (76,279)
Net cash used in operating activities (4,664,546) (3,023,212)
Cash flows from investing activities:    
Purchase of marketable securities (61,211,960)
Proceeds from sales of marketable securities 6,250,000
Purchases of leasehold improvements and equipment (5,749) (14,246)
Net cash used in investing activities (54,967,709) (14,246)
Cash flows from financing activities:    
Net proceeds from public offering of common stock 46,619,210 30,168,307
Proceeds from exercise of warrants 797,581
Proceeds from exercise of options 42,500
Payments of capital lease liability - principal (19,947) (20,236)
Payments of note payable (119,905)
Net cash provided by financing activities 47,439,344 30,028,166
Net (decrease)/increase in cash, cash equivalents and restricted cash (12,192,911) 26,990,708
Cash, cash equivalents and restricted cash at beginning of period 22,756,438 13,007,838
Cash, cash equivalents and restricted cash at end of period 10,563,527 39,998,546
Supplemental non-cash financing and investing activities:    
Deferred offering costs included in accrued expenses and other liabilities 75,000
Unrealized gains on marketable securities 523,246
Preferred stock conversion into common stock - Series B 21,771 77,504
Cashless exercise of warrants 165,008
Unearned restricted stock grants 151,253
Right-of-use assets obtained in exchange for liabilities $ 4,453,028

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