v3.19.2
Condensed Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net loss $ (5,978,626) $ (6,902,698)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 70,651 34,312
Stock-based compensation 1,427,823 1,787,178
Amortization of debt discount 210,170 100,953
Amortization of debt issuance costs 9,755 4,290
Discount on investments (3,328)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (282,996) (142,974)
Accounts payable (948,315) 275,652
Accrued liabilities 196,306 77,490
Accrued payroll and other compensation (377,754) 204,200
Net cash used in operating activities (5,676,314) (4,561,597)
Cash flows from investing activities:    
Purchases of property and equipment (12,421)
Patent costs 1,739
Purchases of investments (26,924,000) (15,062,528)
Proceeds from redemptions of investments 30,373,000 7,126,461
Net cash provided by (used in) investing activities 3,436,579 (7,934,328)
Cash flows from financing activities:    
Debt issuance costs (57,288)
Proceeds from the Controlled Equity Offering, net 19,304,054
Proceeds from exercise of warrants 57,500 591,990
Proceeds from notes payable 3,902,500
Proceeds from exercise of employee stock options 273,572 389,158
Net cash provided by financing activities 331,072 24,130,414
Net (decrease) increase in cash (1,908,663) 11,634,489
Cash at beginning of period 5,722,342 2,823,450
Cash at end of period 3,813,679 14,457,939
Non-cash investing and financing activities:    
Warrants issued in connection with note payable 1,253,390
Cash paid for:    
Income taxes $ 1,300 $ 2,057

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