Financials

v3.20.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 81,870,651 $ 31,748,686
Restricted cash 350,000
Prepaid expenses and other current assets 2,177,383 3,724,932
Contract asset 960,091 2,681,065
Total current assets 85,358,125 38,154,683
Restricted cash 669,900
Property and equipment, net 4,402,022 5,083,865
Operating lease right of use assets 5,396,248 5,818,983
Other assets 13,041 84,968
Total assets 95,839,336 49,142,499
Current liabilities:    
Notes payable 752,659
Accounts payable 11,080,717 11,091,363
Accrued expenses 28,593,049 22,447,939
Derivative liability 757,000
Operating lease liabilities, current 972,464 595,745
Total current liabilities 41,403,230 34,887,706
Long-term debt, net of debt discount 17,856,589
Operating lease liabilities, noncurrent 7,353,765 8,097,228
Total liabilities 66,613,584 42,984,934
Stockholders’ equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at September 30, 2020 and December 31, 2019
Common stock, $0.0001 par value; 150,000,000 shares authorized, 82,207,405 and 64,672,893 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively 8,220 6,467
Additional paid-in capital 324,698,962 198,975,056
Accumulated deficit (295,481,430) (192,823,958)
Total stockholders’ equity 29,225,752 6,157,565
Total liabilities and stockholders’ equity $ 95,839,336 $ 49,142,499

Source

v3.20.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
Revenue from awards and licenses $ 1,230,621 $ 2,589,783 $ 3,279,026 $ 33,570,048
Operating expenses:        
Research and development 27,522,989 22,152,001 82,156,926 66,117,114
General and administrative 7,681,573 5,534,493 23,120,020 17,367,202
Total operating expenses 35,204,562 27,686,494 105,276,946 83,484,316
Operating loss (33,973,941) (25,096,711) (101,997,920) (49,914,268)
Other income (expense), net:        
Other income (expense), net (4,972) 4,109,338 4,005 4,109,338
Interest income (expense), net (454,319) 292,854 (348,654) 1,076,166
Change in fair value of derivative liability (211,000) (211,000)
Foreign currency exchange loss, net (251,117) (96,282) (103,903) (144,193)
Other income (expense), net (921,408) 4,305,910 (659,552) 5,041,311
Net loss $ (34,895,349) $ (20,790,801) $ (102,657,472) $ (44,872,957)
Net loss per share, basic and diluted [1] $ (0.43) $ (0.32) $ (1.37) $ (0.71)
Weighted average number of common shares outstanding, basic and diluted [1] 81,879,119 64,660,017 75,037,418 63,638,447
[1] Warrants and options that have not been exercised have been excluded from the diluted calculation as all periods presented have a net loss and the impact of these securities would be anti-dilutive

Source

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (102,657,472) $ (44,872,957)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 10,116,775 8,884,001
Depreciation and amortization 841,755 466,104
(Gain)/Loss on foreign exchange (134,368) 115,654
Operating lease right of use asset amortization 422,735 358,615
Amortization of debt discount 118,977
Change in fair value of derivative liability 211,000
Changes in operating assets and liabilities:    
Decrease in customer receivable 5,000,000
Decrease (increase) in prepaid expenses 1,547,550 (194,079)
Decrease in contract asset 1,720,974 107,545
Decrease (increase) in other assets 71,927 (90,211)
Increase (decrease) in accounts payable 458,646 (836,296)
Increase in accrued expenses 6,186,850 13,486,408
Decrease in deferred revenue (6,570,048)
(Decrease) increase in operating lease liabilities (366,744) 986,401
Net cash used in operating activities (81,461,395) (23,158,863)
Cash flows from investing activities:    
Purchases of property and equipment (536,577) (1,451,069)
Net cash used in investing activities (536,577) (1,451,069)
Cash flows from financing activities:    
Principal payments on notes payable (752,659) (394,305)
Proceeds from issuance of common stock 120,501,589 40,677,061
Issuance costs paid for common stock financings (5,365,114) (2,571,552)
Proceeds from issuance of debt, net 18,756,021
Principal payments on capital lease obligation (375)
Net cash provided by financing activities 133,139,837 37,710,829
Net increase in cash, cash equivalents, and restricted cash 51,141,865 13,100,897
Cash, cash equivalents, and restricted cash at beginning of the period 31,748,686 41,748,468
Cash, cash equivalents, and restricted cash at end of the period 82,890,551 54,849,365
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 192,417 20,629
Fair value of warrants issued with K2HV loan agreement 472,409
Write off of fully depreciated property and equipment 156,645
Purchases of property and equipment included in accounts payable or accrued expenses 1,229,916
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

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