Financials

v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 63,468,769 $ 31,748,686
Customer receivable 5,000,000
Stock subscriptions receivable 16,675,971
Prepaid expenses and other current assets 2,872,275 3,724,932
Contract asset 2,681,065
Total current assets 88,017,015 38,154,683
Property and equipment, net 4,547,303 5,083,865
Operating lease right of use assets 5,539,677 5,818,983
Other assets 14,085 84,968
Total assets 98,118,080 49,142,499
Current liabilities:    
Notes payable 108,936 752,659
Accounts payable 12,697,845 11,091,363
Accrued expenses 28,144,144 22,447,939
Deferred revenue, current 270,530
Operating lease liabilities, current 873,525 595,745
Total current liabilities 42,094,980 34,887,706
Operating lease liabilities, noncurrent 7,609,221 8,097,228
Total liabilities 49,704,201 42,984,934
Commitments and Contingencies
Stockholders’ equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2020 and December 31, 2019
Common stock, $0.0001 par value; 150,000,000 shares authorized, 80,655,848 and 64,672,893 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively 8,065 6,467
Additional paid-in capital 308,991,895 198,975,056
Accumulated deficit (260,586,081) (192,823,958)
Total stockholders’ equity 48,413,879 6,157,565
Total liabilities and stockholders’ equity $ 98,118,080 $ 49,142,499

Source

v3.20.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Income Statement [Abstract]        
Revenue from awards and licenses $ 286,346 $ 29,094,583 $ 2,048,405 $ 30,980,265
Operating expenses:        
Research and development 30,686,071 22,181,409 54,633,937 43,965,113
General and administrative 7,738,968 5,207,962 15,438,447 11,832,709
Total operating expenses 38,425,039 27,389,371 70,072,384 55,797,822
Operating income (loss) (38,138,693) 1,705,212 (68,023,979) (24,817,557)
Other income (expense), net:        
Interest income, net 12,649 448,717 114,642 783,312
Foreign currency exchange gain (loss), net 20,721 (1,276) 147,214 (47,911)
Other income, net 33,370 447,441 261,856 735,401
Net income (loss) $ (38,105,323) $ 2,152,653 $ (67,762,123) $ (24,082,156)
Net income (loss) per share, basic $ (0.52) $ 0.03 $ (0.95) $ (0.38)
Net income (loss) per share, diluted $ (0.52) $ 0.03 $ (0.95) $ (0.38)
Weighted average number of common shares outstanding, basic 73,885,548 64,546,628 71,578,975 63,119,196
Weighted average number of common shares outstanding, diluted 73,885,548 68,511,587 71,578,975 63,119,196

Source

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net loss $ (67,762,123) $ (24,082,156)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 6,485,779 5,906,427
Depreciation and amortization 639,676 308,331
Gain on foreign exchange (120,098) (591)
Operating lease right of use asset amortization 279,306 232,924
Changes in operating assets and liabilities:    
Decrease in customer receivable 5,000,000
Decrease in prepaid expenses 852,657 255,897
Decrease in contract asset 2,681,065
Decrease (increase) in other assets 70,883 (79,402)
Increase in accounts payable 1,866,324 1,097,910
Increase in accrued expenses 5,737,946 8,989,731
Decrease in deferred revenue (4,729,470) (3,980,265)
(Decrease) increase in operating lease liabilities (210,227) 279,063
Net cash used in operating activities (54,208,282) (6,072,131)
Cash flows from investing activities:    
Purchases of property and equipment (479,779) (256,898)
Net cash used in investing activities (479,779) (256,898)
Cash flows from financing activities:    
Principal payments on notes payable (643,723) (294,972)
Proceeds from issuance of common stock 90,003,980 40,596,961
Issuance costs paid for common stock financings (2,952,113) (2,566,137)
Principal payments on capital lease obligation (375)
Net cash provided by financing activities 86,408,144 37,735,477
Net increase in cash and cash equivalents 31,720,083 31,406,448
Cash and cash equivalents at beginning of the period 31,748,686 41,748,468
Cash and cash equivalents at end of the period 63,468,769 73,154,916
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 12,752 6,300
Stock issuance costs included in accounts payable or accrued expenses 195,181 5,415
Stock subscriptions receivable 16,675,971
Purchases of property and equipment included in accounts payable or accrued expenses 259,731
Right of use assets obtained in exchange for lease obligation upon adoption of ASU 2016-02 2,399,524
Right of use assets obtained in exchange for lease obligation upon entry into February 2019 Lease Agreement $ 3,529,090

Source