Financials

v3.19.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 89,919,798 $ 41,748,468
Prepaid expenses and other current assets 2,904,215 2,491,844
Total current assets 92,824,013 44,240,312
Property and equipment, net 2,694,489 2,705,206
Operating lease right of use assets 5,839,435
Other assets 35,589 43,823
Total assets 101,393,526 46,989,341
Current liabilities:    
Notes payable 247,384 394,305
Accounts payable 8,962,750 6,345,335
Accrued expenses 15,563,853 9,851,191
Deferred revenue, current 27,000,000 1,462,503
Operating lease liabilities, current 266,807 35,996
Total current liabilities 52,040,794 18,089,330
Operating lease liabilities, noncurrent 7,051,781 1,375,891
Total liabilities 59,092,575 19,465,221
Commitments and Contingencies
Stockholders' equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2019 and December 31, 2018
Common stock, $0.0001 par value; 150,000,000 shares authorized, 64,455,221 and 57,247,496 shares issued and outstanding at March 31, 2019 and December 31, 2018 6,446 5,725
Additional paid-in capital 189,899,554 148,888,635
Accumulated deficit (147,605,049) (121,370,240)
Total stockholders' equity 42,300,951 27,524,120
Total liabilities and stockholders' equity $ 101,393,526 $ 46,989,341

Source

v3.19.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Income Statement [Abstract]    
Revenue from awards $ 1,885,682 $ 950,442
Operating expenses:    
Research and development 21,783,704 9,765,362
General and administrative 6,624,747 3,050,032
Total operating expenses 28,408,451 12,815,394
Operating loss (26,522,769) (11,864,952)
Other income (expense):    
Interest income, net 334,595 203,421
Foreign currency exchange loss, net (46,635) (33,854)
Other income, net 287,960 169,567
Net loss $ (26,234,809) $ (11,695,385)
Net loss per share, basic and diluted $ (0.43) $ (0.21)
Weighted average number of common shares outstanding, basic and diluted 61,675,904 56,367,548

Source

v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net loss $ (26,234,809) $ (11,695,385)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Stock-based compensation expense 3,088,939 1,884,916
Depreciation and amortization 152,622 81,898
Loss on foreign exchange 13,373 9,245
Operating lease right of use asset amortization 89,179 333,865
Changes in operating assets and liabilities:    
Decrease in customer receivable 6,250,000
Increase in prepaid expenses (412,371) (757,790)
Decrease (increase) in other assets 8,235 (18,863)
Increase in accounts payable 2,450,756 1,192,558
Increase in accrued expenses 5,646,790 1,120,245
Increase in deferred revenue 25,537,497
Decrease in operating lease liabilities (21,913)
Net cash provided by (used in) operating activities 10,318,298 (1,599,311)
Cash flows from investing activities:    
Purchases of property and equipment (73,615) (1,269,711)
Net cash used in investing activities (73,615) (1,269,711)
Cash flows from financing activities:    
Principal payments on notes payable (146,921) (124,213)
Proceeds from issuance of common stock 40,494,253 11,856,655
Issuance costs paid for common stock financings (2,420,310) (603,576)
Principal payments under capital lease obligation (375) (678)
Net cash provided by financing activities 37,926,647 11,128,188
Net increase in cash and cash equivalents 48,171,330 8,259,166
Cash, cash equivalents, and restricted cash at beginning of the period 41,748,468 62,696,486
Cash and cash equivalents, at end of the period 89,919,798 70,955,652
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 1,902 1,826
Fair value of warrant issued in connection with Investment Agreement 6,215,225
Stock issuance costs included in accounts payable or accrued expenses 151,242 127,293
Purchases of property and equipment included in accounts payable or accrued expenses 69,459 507,800
Right of use assets obtained in exchange for lease obligations 5,928,614
Write off of fully amortized leasehold improvements $ 191,244

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