v3.20.2
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss $ (10,656,445) $ (7,395,435)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 115,433 96,936
Stock based compensation expense 2,391,694 1,626,594
Amortization of operating lease right-of-use assets 237,909 222,320
Amortization of finance lease right-of-use assets 41,678 72,789
Changes in operating assets and liabilities:    
Operating lease liabilities (200,762) (169,583)
Prepaid expenses and other current assets 861,530 (14,101)
Accounts payable (184,733) 252,476
Accrued expenses and other liabilities (439,630) 188,095
Net cash used in operating activities (7,833,326) (5,119,909)
Cash flows from investing activities:    
Purchase of marketable securities (67,670,491)
Proceeds from sales of marketable securities 20,700,000
Purchases of leasehold improvements and equipment (5,749) (332,174)
Net cash used in investing activities (46,976,240) (332,174)
Cash flows from financing activities:    
Net proceeds from public offering of common stock 46,639,210 30,103,307
Proceeds from exercise of warrants 797,581
Proceeds from exercise of options 42,500
Payments of capital lease liability - principal (36,235) (42,296)
Payments of note payable (199,842)
Net cash provided by financing activities 47,443,056 29,861,169
Net (decrease)/increase in cash, cash equivalents and restricted cash (7,366,510) 24,409,086
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 15,389,928 37,416,924
Supplemental non-cash financing and investing activities:    
Deferred offering costs included in accrued expenses 65,000
Unrealized gains on marketable securities 478,584
Preferred stock conversion into common stock - Series B 21,771 164,588
Cashless exercise of warrants 441,189
Unearned restricted stock grants 73,490
Stock dividends issued 682,800 473,001
Right-of-use assets obtained in exchange for liabilities $ 4,453,028

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