v3.19.3
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net loss $ (9,328,053) $ (11,515,740)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 107,119 53,602
Stock-based compensation 2,012,333 3,400,532
Amortization of debt discount 315,255 206,039
Amortization of debt issuance costs 14,633 9,148
Discount on investments (2,848) (15,059)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (223,725) (74,181)
Accounts payable (765,340) (272,207)
Accrued liabilities 301,853 87,119
Accrued payroll and other compensation (503,576) (321,775)
Net cash used in operating activities (8,072,349) (8,442,522)
Cash flows from investing activities:    
Purchases of property and equipment (21,314) (73,046)
Patent costs 1,739
Payment for security deposit (3,248) (3,367)
Purchases of investments (40,348,000) (24,873,187)
Proceeds from redemptions of investments 43,419,000 14,983,057
Net cash provided by (used in) investing activities 3,046,438 (9,964,804)
Cash flows from financing activities:    
Debt issuance costs (57,923)
Proceeds from the Controlled Equity Offering, net 19,304,081
Proceeds from exercise of warrants 57,500 678,240
Proceeds from notes payable 3,902,500
Proceeds from exercise of employee stock options 273,572 446,492
Net cash provided by financing activities 331,072 24,273,390
Net (decrease) increase in cash (4,694,839) 5,866,064
Cash at beginning of period 5,722,342 2,823,450
Cash at end of period 1,027,503 8,689,514
Non-cash investing and financing activities:    
Warrants issued in connection with note payable 1,253,390
Cash paid for:    
Income taxes $ 1,300

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