v3.19.1
Balance Sheets - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 36,129,119 $ 20,106,485
Accounts receivable 66,650 44,550
Prepaid expenses and other current assets 490,295 637,708
Operating lease right-of-use assets 287,134  
Total current assets 36,973,198 20,788,743
Property and equipment, net 1,144,897 1,219,016
Other assets 2,410 2,410
Total assets 38,120,505 22,010,169
Current liabilities:    
Accounts payable 1,855,306 1,861,385
Accrued expenses 1,858,519 1,778,349
Operating lease liabilities 331,261  
Total current liabilities 4,045,086 3,639,734
Commitments and contingencies
Stockholders’ equity:    
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at March 31, 2019 and December 31, 2018; no shares issued or outstanding
Common Stock, $0.00001 par value, 50,000,000 shares authorized at March 31, 2019 and December 31, 2018; 30,328,549 and 26,526,303 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively. 303 265
Additional paid-in capital 269,836,155 243,111,741
Accumulated deficit (235,761,039) (224,741,571)
Total stockholders’ equity 34,075,419 18,370,435
Total liabilities and stockholders’ equity $ 38,120,505 $ 22,010,169

Source

v3.19.1
Condensed Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Income Statement [Abstract]    
Revenue $ 66,500 $ 25,000
Operating expenses:    
Research and development 6,800,678 8,721,552
Sales and marketing 1,599,452 1,472,396
General and administrative 2,761,911 3,280,215
Total operating expenses 11,162,041 13,474,163
Loss from operations (11,095,541) (13,449,163)
Other income:    
Interest income 76,073 5,706
Total other income 76,073 5,706
Net loss $ (11,019,468) $ (13,443,457)
Basic and diluted loss per common share $ (0.39) $ (0.55)
Weighted average shares outstanding, basic and diluted 27,939,166 24,536,274

Source

v3.19.1
Condensed Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net loss $ (11,019,468) $ (13,443,457)
Adjustments to reconcile net loss to Net cash used in operating activities:    
Depreciation and amortization 235,368 299,520
Stock based compensation 3,171,392 4,609,208
Amortization of operating lease right-of-use assets 127,293  
Amortization of prepaid rent from stock issuance to landlord   20,196
Changes in operating assets and liabilities:    
Accounts receivable (22,100) (25,000)
Prepaid expenses and other current assets 147,413 372,021
Accounts payable (6,079) (120,659)
Accrued expenses 80,170 560,460
Operating lease liabilities (83,166)  
Net cash used in operating activities (7,369,177) (7,727,711)
Cash flows from investing activities:    
Purchases of property and equipment (161,249) (238,611)
Net cash used in investing activities (161,249) (238,611)
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 400,103 981,053
Proceeds from contributions to employee stock purchase plan 173,167 200,935
Net cash provided by financing activities 23,553,060 40,028,803
Net increase in cash and cash equivalents 16,022,634 32,062,481
Cash and cash equivalents - beginning 20,106,485 12,795,254
Cash and cash equivalents - ending 36,129,119 44,857,735
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 4 $ 3
Performance Shares [Member]    
Cash flows from financing activities:    
Shares repurchased for tax withholdings on vesting $ (329,159)  

Source