Financials

v3.10.0.1
Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 37,076,181 $ 12,795,254
Accounts receivable 205,773 0
Prepaid expenses and other current assets 589,950 1,026,310
Prepaid rent, current 80,784 80,784
Total current assets 37,952,688 13,902,348
Property and equipment, net 1,387,902 1,413,917
Prepaid rent, non-current 16,276 56,668
Other assets 32,512 32,512
Total assets 39,389,378 15,405,445
Current liabilities:    
Accounts payable 2,385,992 2,024,690
Accrued expenses 1,833,543 1,622,025
Total current liabilities 4,219,535 3,646,715
Commitments and contingencies
Stockholders’ equity:    
Preferred Stock, $0.00001 par value, 10,000,000 shares authorized at June 30, 2018 and December 31, 2017; no shares issued or outstanding
Common Stock, $0.00001 par value, 50,000,000 shares authorized at June 30, 2018 and December 31, 2017; 25,561,610 and 22,584,588 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively. 254 225
Additional paid-in capital 234,812,866 185,659,954
Accumulated deficit (199,643,277) (173,901,449)
Total stockholders’ equity 35,169,843 11,758,730
Total liabilities and stockholders’ equity $ 39,389,378 $ 15,405,445

Source

v3.10.0.1
Condensed Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Revenue $ 205,773 $ 299,506 $ 230,773 $ 874,874
Operating expenses:        
Research and development 7,639,974 8,692,003 16,361,526 17,045,187
Sales and marketing 1,602,137 1,187,313 3,074,533 2,782,765
General and administrative 3,268,028 3,341,563 6,548,243 6,444,314
Total operating expenses 12,510,139 13,220,879 25,984,302 26,272,266
Loss from operations (12,304,366) (12,921,373) (25,753,529) (25,397,392)
Other income (expense):        
Loss on sales of property and equipment, net       (726)
Interest income 5,995 2,363 11,701 5,968
Total 5,995 2,363 11,701 5,242
Net loss $ (12,298,371) $ (12,919,010) $ (25,741,828) $ (25,392,150)
Basic and diluted loss per common share $ (0.48) $ (0.63) $ (1.03) $ (1.23)
Weighted average shares outstanding, basic and diluted 25,479,861 20,643,261 25,042,529 20,564,561

Source

v3.10.0.1
Condensed Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net loss $ (25,741,828) $ (25,392,150)
Adjustments to reconcile net loss to Net cash used in operating activities:    
Depreciation and amortization 574,815 681,985
Stock based compensation 8,952,088 7,904,154
Amortization of prepaid rent from stock issuance to landlord 40,392 40,392
Loss on sales of property and equipment, net   726
Changes in operating assets and liabilities:    
Accounts receivable (205,773) (101,000)
Prepaid expenses and other current assets 436,360 555,285
Other assets   9,619
Accounts payable 361,302 (2,329,892)
Accrued expenses 211,518 (222,299)
Deferred revenue   (102,823)
Net cash used in operating activities (15,371,126) (18,956,003)
Cash flows from investing activities:    
Purchases of property and equipment (548,800) (420,193)
Proceeds from sales of property and equipment   2,800
Net cash used in investing activities (548,800) (417,393)
Cash flows from financing activities:    
Net proceeds from the sales of common stock 38,846,815  
Proceeds from the exercise of stock options 983,224 727,653
Proceeds from contributions to employee stock purchase plan 370,814 471,466
Net cash provided by financing activities 40,200,853 1,199,119
Net increase (decrease) in cash and cash equivalents 24,280,927 (18,174,277)
Cash and cash equivalents - beginning 12,795,254 31,258,637
Cash and cash equivalents - ending 37,076,181 13,084,360
Restricted Stock Units (RSUs) [Member]    
Supplemental disclosure of non-cash financing activities:    
Common stock issued 4 $ 3
Performance Shares [Member]    
Supplemental disclosure of non-cash financing activities:    
Common stock issued $ 1  

Source