Financials

v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 64,676,538 $ 62,537,495
Restricted cash 158,991
Prepaid expenses and other current assets 2,876,261 2,808,244
Total current assets 67,552,799 65,504,730
Property and equipment, net 2,671,258 1,432,655
Other assets 64,427 40,776
Total assets 70,288,484 66,978,161
Current liabilities:    
Notes payable 83,704 332,861
Accounts payable 3,081,212 3,130,295
Accrued expenses 5,804,815 4,741,519
Deferred revenue 4,480,687
Total current liabilities 13,450,418 8,204,675
Deferred rent, noncurrent 1,352,906 989,550
Other liabilities 375
Total liabilities 14,803,324 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 June 30, 2018 and December 31, 2017
Common stock, $0.0001 par value; 150,000,000 shares authorized, 57,192,496 and 55,603,427 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively 5,719 5,560
Additional paid-in capital 144,942,278 123,476,102
Accumulated deficit (89,462,837) (65,698,101)
Total stockholders' equity 55,485,160 57,783,561
Total liabilities and stockholders' equity $ 70,288,484 $ 66,978,161

Source

v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Revenue from awards $ 853,646 $ 350,186 $ 1,804,088 $ 1,643,883
Operating expenses:        
Research and development 10,259,868 5,763,660 20,025,229 12,129,772
General and administrative 2,987,549 1,878,090 6,037,581 4,258,215
Total operating expenses 13,247,417 7,641,750 26,062,810 16,387,987
Operating loss (12,393,771) (7,291,564) (24,258,722) (14,744,104)
Other income (expense), net:        
Interest income, net 266,297 5,271 469,717 6,637
Foreign currency exchange gain (loss) 58,123 (10,594) 24,269 (24,859)
Other income (expense), net 324,420 (5,323) 493,986 (18,222)
Net loss $ (12,069,351) $ (7,296,887) $ (23,764,736) $ (14,762,326)
Net loss per share, basic and diluted $ (0.21) $ (0.15) $ (0.42) $ (0.31)
Weighted average number of common shares outstanding, basic and diluted 57,157,955 50,193,726 56,764,935 48,298,135

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities:    
Net loss $ (23,764,736) $ (14,762,326)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 3,701,010 2,882,227
Depreciation and amortization 206,314 64,452
Loss on foreign exchange 40,654 24,859
Deferred rent 363,355 (4,915)
Changes in operating assets and liabilities:    
Decrease in customer receivable 12,500,000 1,000,000
(Increase) decrease in prepaid expenses (102,792) 85,406
Increase in other assets (23,651) (65,026)
Increase in accounts payable 628,212 589,421
Increase (decrease) in accrued expenses 1,064,995 (521,037)
Decrease in deferred revenue (1,769,313) (1,643,883)
Net cash used in operating activities (7,155,952) (12,350,822)
Cash flows from investing activities:    
Purchases of property and equipment (1,944,865) (81,816)
Net cash used in investing activities (1,944,865) (81,816)
Cash flows from financing activities:    
Principal payments on notes payable (249,157) (232,716)
Proceeds from issuance of common stock 12,003,266 41,370,512
Issuance costs paid for common stock financings (671,168) (662,788)
Principal payments on capital lease obligation (2,072) (1,865)
Net cash provided by financing activities 11,080,869 40,473,143
Net increase in cash, cash equivalents, and restricted cash 1,980,052 28,040,505
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 64,676,538 43,232,762
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 2,763 2,562
Fair value of warrant issued in connection with Investment Agreement 6,215,225
Stock issuance costs included in accounts payable or accrued expenses 7,500 26,235
Purchases of property and equipment included in accounts payable 35,148
Write off of fully amortized leasehold improvements $ 191,244

Source