Financials

v3.8.0.1
Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 44,857,735 $ 12,795,254
Accounts receivable 25,000 0
Prepaid expenses and other current assets 654,289 1,026,310
Prepaid rent, current 80,784 80,784
Total current assets 45,617,808 13,902,348
Property and equipment, net 1,353,008 1,413,917
Prepaid rent, non-current 36,472 56,668
Other assets 32,512 32,512
Total assets 47,039,800 15,405,445
Current liabilities:    
Accounts payable 1,904,031 2,024,690
Accrued expenses 2,182,485 1,622,025
Total current liabilities 4,086,516 3,646,715
Commitments and contingencies
Stockholders’ equity:    
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at March 31, 2018 and December 31, 2017; no shares issued or outstanding
Common Stock, $0.00001 par value, 50,000,000 shares authorized at March 31, 2018 and December 31, 2017; 25,415,798 and 22,584,588 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively. 253 225
Additional paid-in capital 230,297,937 185,659,954
Accumulated deficit (187,344,906) (173,901,449)
Total stockholders’ equity 42,953,284 11,758,730
Total liabilities and stockholders’ equity $ 47,039,800 $ 15,405,445

Source

v3.8.0.1
Condensed Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
Revenue $ 25,000 $ 575,368
Operating expenses:    
Research and development 8,721,552 8,353,184
Sales and marketing 1,472,396 1,595,452
General and administrative 3,280,215 3,102,751
Total operating expenses 13,474,163 13,051,387
Loss from operations (13,449,163) (12,476,019)
Other income (expense):    
Loss on sales of property and equipment, net   (726)
Interest income 5,706 3,605
Total 5,706 2,879
Net loss $ (13,443,457) $ (12,473,140)
Basic and diluted loss per common share $ (0.55) $ (0.61)
Weighted average shares outstanding, basic and diluted 24,536,274 20,484,987

Source

v3.8.0.1
Condensed Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net loss $ (13,443,457) $ (12,473,140)
Adjustments to reconcile net loss to Net cash used in operating activities:    
Depreciation and amortization 299,520 326,563
Stock based compensation 4,609,208 3,538,191
Amortization of prepaid rent from stock issuance to landlord 20,196 20,196
Loss on sales of property and equipment, net   726
Changes in operating assets and liabilities:    
Accounts receivable (25,000) (102,500)
Prepaid expenses and other current assets 372,021 727,215
Accounts payable (120,659) (1,754,121)
Accrued expenses 560,460 (215,182)
Deferred revenue   (75,593)
Net cash used in operating activities (7,727,711) (10,007,645)
Cash flows from investing activities:    
Purchases of property and equipment (238,611) (79,768)
Proceeds from sales of property and equipment   2,800
Net cash used in investing activities (238,611) (76,968)
Cash flows from financing activities:    
Net proceeds from the sales of common stock 38,846,815  
Proceeds from the exercise of stock options 981,053 26,905
Proceeds from contributions to employee stock purchase plan 200,935 245,959
Net cash provided by financing activities 40,028,803 272,864
Net increase (decrease) in cash and cash equivalents 32,062,481 (9,811,749)
Cash and cash equivalents - beginning 12,795,254 31,258,637
Cash and cash equivalents - ending 44,857,735 21,446,888
Restricted Stock Units (RSUs) [Member]    
Supplemental disclosure of non-cash financing activities:    
Common stock issued 3 $ 2
Performance Shares [Member]    
Supplemental disclosure of non-cash financing activities:    
Common stock issued $ 1  

Source