| Quarterly Financial Information (Unaudited) |
| 14. |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) |
| |
|
Quarters Ended |
|
| |
|
March 31, 2017 |
|
|
June 30, 2017 |
|
|
September 30, 2017 |
|
|
December 31, 2017 |
|
| Revenue from awards |
|
$ |
1,293,697 |
|
|
$ |
350,186 |
|
|
$ |
796,312 |
|
|
$ |
— |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
|
6,366,112 |
|
|
|
5,763,660 |
|
|
|
5,622,511 |
|
|
|
8,286,682 |
|
| General and administrative |
|
|
2,380,125 |
|
|
|
1,878,090 |
|
|
|
2,130,587 |
|
|
|
2,575,244 |
|
| Total operating expenses |
|
|
8,746,237 |
|
|
|
7,641,750 |
|
|
|
7,753,098 |
|
|
|
10,861,926 |
|
| Operating loss |
|
|
(7,452,540 |
) |
|
|
(7,291,564 |
) |
|
|
(6,956,786 |
) |
|
|
(10,861,926 |
) |
| Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income (expense), net |
|
|
1,366 |
|
|
|
5,271 |
|
|
|
43,402 |
|
|
|
133,073 |
|
| Foreign currency exchange gain (loss) |
|
|
(14,265 |
) |
|
|
(10,594 |
) |
|
|
(52,212 |
) |
|
|
35,163 |
|
| Other income (expense), net |
|
|
(12,899 |
) |
|
|
(5,323 |
) |
|
|
(8,810 |
) |
|
|
168,236 |
|
| Net loss |
|
$ |
(7,465,439 |
) |
|
$ |
(7,296,887 |
) |
|
$ |
(6,965,596 |
) |
|
|
(10,693,690 |
) |
| Net loss per share, basic and diluted |
|
$ |
(0.16 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.14 |
) |
|
|
(0.20 |
) |
| Weighted average number of common shares outstanding, basic and diluted |
|
|
46,381,482 |
|
|
|
50,193,726 |
|
|
|
50,221,597 |
|
|
|
53,828,680 |
|
| |
|
Quarters Ended |
|
| |
|
March 31, 2016 |
|
|
June 30, 2016 |
|
|
September 30, 2016 |
|
|
December 31, 2016 |
|
| Revenue from awards |
|
$ |
396,598 |
|
|
$ |
396,598 |
|
|
$ |
742,558 |
|
|
$ |
375,670 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
|
2,173,933 |
|
|
|
3,567,003 |
|
|
|
4,315,632 |
|
|
|
5,380,167 |
|
| General and administrative |
|
|
1,109,889 |
|
|
|
1,021,225 |
|
|
|
1,760,696 |
|
|
|
2,567,937 |
|
| Total operating expenses |
|
|
3,283,822 |
|
|
|
4,588,228 |
|
|
|
6,076,328 |
|
|
|
7,948,104 |
|
| Operating loss |
|
|
(2,887,224 |
) |
|
|
(4,191,630 |
) |
|
|
(5,333,770 |
) |
|
|
(7,572,434 |
) |
| Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income (expense), net |
|
|
(5,360 |
) |
|
|
4,049 |
|
|
|
1,731 |
|
|
|
57 |
|
| Foreign currency exchange gain (loss) |
|
|
343 |
|
|
|
(1,810 |
) |
|
|
(14,729 |
) |
|
|
2,102 |
|
| Other income (expense), net |
|
|
(5,017 |
) |
|
|
2,239 |
|
|
|
(12,998 |
) |
|
|
2,159 |
|
| Net loss |
|
$ |
(2,892,241 |
) |
|
$ |
(4,189,391 |
) |
|
$ |
(5,346,768 |
) |
|
|
(7,570,275 |
) |
| Net loss per share, basic and diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.12 |
) |
|
|
(0.17 |
) |
| Weighted average number of common shares outstanding, basic and diluted |
|
|
37,605,210 |
|
|
|
38,748,452 |
|
|
|
43,783,504 |
|
|
|
44,348,543 |
|
|