v3.19.2
Condensed Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net loss $ (20,823,464) $ (25,741,828)
Adjustments to reconcile net loss to Net cash used in operating activities:    
Depreciation and amortization 476,863 574,815
Stock based compensation 5,969,325 8,952,088
Amortization of operating lease right-of-use assets 293,210  
Amortization of prepaid rent from stock issuance to landlord   40,392
Changes in operating assets and liabilities:    
Accounts receivable (2,950) (205,773)
Prepaid expenses and other current assets 94,681 436,360
Accounts payable (534,124) 361,302
Accrued expenses 332,767 211,518
Operating lease liabilities (230,219)  
Net cash used in operating activities (14,423,911) (15,371,126)
Cash flows from investing activities:    
Purchases of property and equipment (172,811) (548,800)
Net cash used in investing activities (172,811) (548,800)
Cash flows from financing activities:    
Net proceeds from the sales of common stock 23,319,156 38,846,815
Proceeds from the exercise of stock options 400,103 983,224
Proceeds from contributions to employee stock purchase plan 318,589 370,814
Net cash provided by financing activities 23,698,482 40,200,853
Net increase in cash and cash equivalents 9,101,760 24,280,927
Cash and cash equivalents – beginning 20,106,485 12,795,254
Cash and cash equivalents – ending 29,208,245 37,076,181
Restricted Stock Units (RSUs) [Member]    
Cash flows from financing activities:    
Shares repurchased for tax withholdings on vesting (10,207)  
Supplemental disclosure of non-cash financing activities:    
Common stock issued 6 4
Performance Shares [Member]    
Cash flows from financing activities:    
Shares repurchased for tax withholdings on vesting $ (329,159)  
Supplemental disclosure of non-cash financing activities:    
Common stock issued   $ 1

Source