Financials

v3.20.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 46,617,921 $ 31,748,686
Prepaid expenses and other current assets 3,596,908 3,724,932
Contract asset 4,443,124 2,681,065
Total current assets 54,657,953 38,154,683
Property and equipment, net 4,851,317 5,083,865
Operating lease right of use assets 5,680,467 5,818,983
Other assets 14,085 84,968
Total assets 65,203,822 49,142,499
Current liabilities:    
Notes payable 432,905 752,659
Accounts payable 9,960,544 11,091,363
Accrued expenses 23,516,354 22,447,939
Operating lease liabilities, current 742,893 595,745
Total current liabilities 34,652,696 34,887,706
Operating lease liabilities, noncurrent 7,859,636 8,097,228
Total liabilities 42,512,332 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 March 31, 2020 and December 31, 2019
Common stock, $0.0001 par value; 150,000,000 shares authorized, 72,490,449 and 64,672,893 shares issued and outstanding at March 31, 2020 and December 31, 2019 7,249 6,467
Additional paid-in capital 245,164,999 198,975,056
Accumulated deficit (222,480,758) (192,823,958)
Total stockholders' equity 22,691,490 6,157,565
Total liabilities and stockholders' equity $ 65,203,822 $ 49,142,499

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v3.20.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Income Statement [Abstract]    
Revenue from awards $ 1,762,059 $ 1,885,682
Operating expenses:    
Research and development 23,947,866 21,783,704
General and administrative 7,699,479 6,624,747
Total operating expenses 31,647,345 28,408,451
Operating loss (29,885,286) (26,522,769)
Other income (expense):    
Interest income, net 101,993 334,595
Foreign currency exchange gain (loss), net 126,493 (46,635)
Other income, net 228,486 287,960
Net loss $ (29,656,800) $ (26,234,809)
Net loss per share, basic and diluted $ (0.43) $ (0.43)
Weighted average number of common shares outstanding, basic and diluted 69,272,402 61,675,904

Source

v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net loss $ (29,656,800) $ (26,234,809)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Stock-based compensation expense 3,137,519 3,088,939
Depreciation and amortization 319,488 152,622
(Gain) loss on foreign exchange 126,493 (46,635)
Operating lease right of use asset amortization 138,516 89,179
Changes in operating assets and liabilities:    
Decrease in prepaid expenses and other current assets 128,024 10,808
Increase in contract asset (1,762,059) (423,179)
Decrease in other assets 70,883 8,235
(Decrease) increase in accounts payable (839,372) 2,450,756
Increase in accrued expenses 1,110,156 5,646,790
Increase in deferred revenue 25,537,497
Decrease in operating lease liabilities (90,444) (21,913)
Net cash (used in) provided by operating activities (27,601,162) 10,318,298
Cash flows from investing activities:    
Purchases of property and equipment (463,605) (73,615)
Net cash used in investing activities (463,605) (73,615)
Cash flows from financing activities:    
Principal payments on notes payable (319,754) (146,921)
Proceeds from issuance of common stock 46,015,996 40,494,253
Issuance costs paid for common stock financings (2,762,240) (2,420,310)
Principal payments under capital lease obligation (375)
Net cash provided by financing activities 42,934,002 37,926,647
Net increase in cash and cash equivalents 14,869,235 48,171,330
Cash, cash equivalents, at beginning of the period 31,748,686 41,748,468
Cash and cash equivalents, at end of the period 46,617,921 89,919,798
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 8,484 1,902
Stock issuance costs included in accounts payable or accrued expenses 200,550 151,242
Right of use assets obtained in exchange for lease obligations 5,928,614
Purchases of property and equipment included in accounts payable or accrued expenses $ 69,459

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