v3.20.2
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (16,105,958) $ (11,799,820)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 173,246 148,918
Loss on disposal of equipment 6,417
Stock based compensation expense 3,344,577 2,297,483
Amortization of operating lease right-of-use assets 360,071 336,192
Amortization of finance lease right-of-use assets 50,319 97,794
Changes in operating assets and liabilities:    
Operating lease liabilities (309,860) (262,405)
Prepaid expenses and other current assets (406,869) (783,715)
Accounts payable (306,244) 390,148
Accrued expenses and other liabilities 140,592 375,899
Net cash used in operating activities (13,060,126) (9,193,089)
Cash flows from investing activities:    
Purchase of marketable securities (74,200,602)
Proceeds from sales of marketable securities 24,450,000
Purchases of leasehold improvements and equipment (5,749) (405,604)
Net cash used in investing activities (49,756,351) (405,604)
Cash flows from financing activities:    
Net proceeds from public offering of common stock 46,639,210 30,103,306
Proceeds from exercise of warrants 797,581
Proceeds from exercise of options 107,327
Payments of capital lease liability - principal (46,854) (61,827)
Payments of note payable (199,842)
Net cash provided by financing activities 47,497,264 29,841,637
Net (decrease)/increase in cash, cash equivalents and restricted cash (15,319,213) 20,242,944
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 7,437,225 33,250,782
Supplemental non-cash financing and investing activities:    
Unrealized gains on marketable securities 364,425
Preferred stock conversion into common stock - Series B 21,771 173,296
Cashless exercise of warrants 441,189
Unearned restricted stock grants 125,600
Stock dividends issued 682,800 2,234,429
Stock dividends accrual 1,060,145
Right-of-use assets obtained in exchange for liabilities 4,453,028
Preferred stock conversion into common stock - Series A $ 5,583,686

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