v3.10.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net loss $ (11,515,740) $ (6,999,756)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 53,602 49,502
Stock-based compensation 3,400,532 1,180,835
Amortization of debt discount 206,039 59
Amortization of debt issuance costs 9,148
Discount on investments (15,059)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (74,181) (2,474)
Accounts payable (272,207) 472,046
Accrued liabilities 87,119 42,493
Accrued payroll and other compensation (321,775) (300,576)
Net cash used in operating activities (8,442,522) (5,557,871)
Cash flows from investing activities:    
Purchases of property and equipment (73,046) (3,259)
Patent costs 1,739 (23,693)
Payment for security deposit (3,367) (3,655)
Purchases of investments (24,873,187) (16,707,352)
Proceeds from redemptions of investments 14,983,057 14,109,000
Net cash used in investing activities (9,964,804) (2,628,959)
Cash flows from financing activities:    
Deferred offering costs
Proceeds from notes payable 3,902,500
Debt issuance costs (57,923)
Proceeds from the Controlled Equity Offering, net 19,304,081
Proceeds from exercise of warrants 678,240 2,404,993
Repayment of note payable (205,260)
Proceeds from private offering, net 5,024,742
Proceeds from exercise of employee stock options 446,492 19,825
Net cash provided by financing activities 24,273,390 7,244,300
Net increase (decrease) in cash 5,866,064 (942,530)
Cash at beginning of period 2,823,450 3,257,458
Cash at end of period 8,689,514 2,314,928
Non-cash investing and financing activities:    
Warrants issued in connection with note payable 1,253,390
Cash paid:    
Income taxes paid 2,057
Cash paid for interest $ 29,007

Source