Financials

v3.8.0.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 70,955,652 $ 62,537,495
Restricted cash 158,991
Prepaid expenses and other current assets 3,531,259 2,808,244
Total current assets 74,486,911 65,504,730
Property and equipment, net 2,593,172 1,432,655
Other assets 59,639 40,776
Total assets 77,139,722 66,978,161
Current liabilities:    
Notes payable 208,648 332,861
Accounts payable 4,169,781 3,130,295
Accrued expenses 5,898,274 4,741,519
Total current liabilities 10,276,703 8,204,675
Deferred rent, noncurrent 1,323,415 989,550
Other liabilities 375
Total liabilities 11,600,118 9,194,600
Commitments and Contingencies  
Stockholders’ equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2018 and December 31, 2017
Common stock, $0.0001 par value; 150,000,000 shares authorized, 57,139,892 and 55,603,427 shares issued and outstanding at March 31, 2018 and December 31, 2017 5,714 5,560
Additional paid-in capital 142,927,376 123,476,102
Accumulated deficit (77,393,486) (65,698,101)
Total stockholders’ equity 65,539,604 57,783,561
Total liabilities and stockholders’ equity $ 77,139,722 $ 66,978,161

Source

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
Revenue from awards $ 950,442 $ 1,293,697
Operating expenses:    
Research and development 9,765,362 6,366,112
General and administrative 3,050,032 2,380,125
Total operating expenses 12,815,394 8,746,237
Operating loss (11,864,952) (7,452,540)
Other income (expense):    
Interest income, net 203,421 1,366
Foreign currency exchange loss, net (33,854) (14,265)
Other income (expense), net 169,567 (12,899)
Net loss $ (11,695,385) $ (7,465,439)
Net loss per share, basic and diluted $ (0.21) $ (0.16)
Weighted average number of common shares outstanding, basic and diluted 56,367,548 46,381,482

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net loss $ (11,695,385) $ (7,465,439)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 1,884,916 1,583,156
Depreciation and amortization 81,898 31,489
Loss on foreign exchange 9,245 14,265
Deferred rent 333,865 (1,372)
Changes in operating assets and liabilities:    
Decrease in customer receivable 6,250,000 1,000,000
Increase in prepaid expenses (757,790) (140,181)
Increase in other assets (18,863)
Increase in accounts payable 1,192,558 191
Increase (decrease) in accrued expenses 1,120,245 (364,557)
Decrease in deferred revenue (1,293,697)
Net cash used in operating activities (1,599,311) (6,636,145)
Cash flows from investing activities:    
Purchases of property and equipment (1,269,711) (40,131)
Net cash used in investing activities (1,269,711) (40,131)
Cash flows from financing activities:    
Principal payments on notes payable (124,213) (116,031)
Proceeds from issuance of common stock 11,856,655 41,349,957
Issuance costs paid for common stock financings (603,576) (621,862)
Principal payments under capital lease obligation (678) (920)
Net cash provided by financing activities 11,128,188 40,611,144
Net increase in cash, cash equivalents, and restricted cash 8,259,166 33,934,868
Cash, cash equivalents, and restricted cash at beginning of the period 62,696,486 15,192,257
Cash, cash equivalents, and restricted cash at end of the period 70,955,652 49,127,125
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 1,826 1,527
Fair value of warrant issued in connection with Investment Agreement 6,215,225
Stock issuance costs included in accounts payable or accrued expenses 127,293 44,926
Purchases of property and equipment included in accounts payable or accrued expenses 507,800
Write off of fully amortized leasehold improvements $ 191,244

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