Financials

v3.10.0.1
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 55,659,346 $ 62,537,495
Restricted cash 158,991
Prepaid expenses and other current assets 2,800,023 2,808,244
Total current assets 58,459,369 65,504,730
Property and equipment, net 2,702,266 1,432,655
Other assets 19,939 40,776
Total assets 61,181,574 66,978,161
Current liabilities:    
Notes payable 332,861
Accounts payable 6,153,041 3,130,295
Accrued expenses 7,385,596 4,741,519
Deferred revenue 3,389,809
Total current liabilities 16,928,446 8,204,675
Deferred rent, noncurrent 1,382,396 989,550
Other liabilities 375
Total liabilities 18,310,842 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 September 30, 2018 and December 31, 2017
Common stock, $0.0001 par value; 150,000,000 shares authorized, 57,237,496 and 55,603,427 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively 5,724 5,560
Additional paid-in capital 146,929,056 123,476,102
Accumulated deficit (104,064,048) (65,698,101)
Total stockholders' equity 42,870,732 57,783,561
Total liabilities and stockholders' equity $ 61,181,574 $ 66,978,161

Source

v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Revenue from awards $ 1,090,878 $ 796,312 $ 2,894,966 $ 2,440,195
Operating expenses:        
Research and development 12,807,800 5,622,511 32,833,029 17,752,283
General and administrative 3,181,071 2,130,587 9,218,652 6,388,802
Total operating expenses 15,988,871 7,753,098 42,051,681 24,141,085
Operating loss (14,897,993) (6,956,786) (39,156,715) (21,700,890)
Other income (expense), net:        
Interest income, net 268,335 43,402 738,052 50,039
Foreign currency exchange gain (loss) 28,447 (52,212) 52,716 (77,071)
Other income (expense), net 296,782 (8,810) 790,768 (27,032)
Net loss $ (14,601,211) $ (6,965,596) $ (38,365,947) $ (21,727,922)
Net loss per share, basic and diluted $ (0.26) $ (0.14) $ (0.67) $ (0.44)
Weighted average number of common shares outstanding, basic and diluted 57,218,832 50,221,597 56,917,897 48,946,335

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net loss $ (38,365,947) $ (21,727,922)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 5,659,928 4,233,511
Depreciation and amortization 338,651 191,093
Loss on foreign exchange 36,164 39,492
Deferred rent 392,846 26,754
Changes in operating assets and liabilities:    
Decrease in customer receivable 12,500,000 500,000
(Increase) decrease in prepaid expenses (26,554) 210,393
(Increase) decrease in other assets 20,837 (65,026)
Increase in accounts payable 3,654,483 517,677
Increase (decrease) in accrued expenses 2,646,852 (668,286)
Decrease in deferred revenue (2,860,191) (1,940,195)
Net cash used in operating activities (16,002,931) (18,682,689)
Cash flows from investing activities:    
Purchases of property and equipment (2,050,662) (127,246)
Net cash used in investing activities (2,050,662) (127,246)
Cash flows from financing activities:    
Principal payments on notes payable (332,861) (271,757)
Proceeds from issuance of common stock 12,042,645 41,378,762
Issuance costs paid for common stock financings (690,181) (689,023)
Principal payments on capital lease obligation (3,150) (2,835)
Net cash provided by financing activities 11,016,453 40,415,147
Net (decrease) increase in cash, cash equivalents, and restricted cash (7,037,140) 21,605,212
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 55,659,346 36,797,469
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 8,019 10,691
Fair value of warrant issued in connection with Investment Agreement 6,215,225
Purchases of property and equipment included in accounts payable 92,696
Write off of fully amortized leasehold improvements $ 191,244

Source