Financials

v3.19.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 54,849,365 $ 41,748,468
Prepaid expenses and other current assets 2,685,923 2,491,844
Total current assets 57,535,288 44,240,312
Property and equipment, net 4,891,063 2,705,206
Operating lease right of use assets 5,569,999
Other assets 134,034 43,823
Total assets 68,130,384 46,989,341
Current liabilities:    
Notes payable 394,305
Accounts payable 6,193,507 6,345,335
Accrued expenses 23,969,303 9,851,191
Deferred revenue 1,462,503
Operating lease liabilities, current 386,618
Deferred rent, current 35,996
Total current liabilities 30,549,428 18,089,330
Operating lease liabilities, noncurrent 7,940,283
Deferred rent, noncurrent 1,375,891
Total liabilities 38,489,711 19,465,221
Commitments and Contingencies
Stockholders' equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at September 30, 2019 and December 31, 2018
Common stock, $0.0001 par value; 150,000,000 shares authorized, 64,672,893 and 57,247,496 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively 6,467 5,725
Additional paid-in capital 195,877,403 148,888,635
Accumulated deficit (166,243,197) (121,370,240)
Total stockholders' equity 29,640,673 27,524,120
Total liabilities and stockholders' equity $ 68,130,384 $ 46,989,341

Source

v3.19.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
Revenue from awards and licenses $ 2,589,783 $ 1,090,878 $ 33,570,048 $ 2,894,966
Operating expenses:        
Research and development 22,152,001 12,807,800 66,117,114 32,833,029
General and administrative 5,534,493 3,181,071 17,367,202 9,218,652
Total operating expenses 27,686,494 15,988,871 83,484,316 42,051,681
Operating loss (25,096,711) (14,897,993) (49,914,268) (39,156,715)
Other income (expense), net:        
Other income 4,109,338 4,109,338
Interest income, net 292,854 268,335 1,076,166 738,052
Foreign currency exchange gain (loss), net (96,282) 28,447 (144,193) 52,716
Other income, net 4,305,910 296,782 5,041,311 790,768
Net loss $ (20,790,801) $ (14,601,211) $ (44,872,957) $ (38,365,947)
Net loss per share, basic and diluted $ (0.32) $ (0.26) $ (0.71) $ (0.67)
Weighted average number of common shares outstanding, basic and diluted 64,660,017 57,218,832 63,638,447 56,917,897

Source

v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net loss $ (44,872,957) $ (38,365,947)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 8,884,001 5,659,928
Depreciation and amortization 466,104 338,651
Loss on foreign exchange 115,654 36,164
Operating lease right of use asset amortization 358,615
Deferred rent 392,846
Changes in operating assets and liabilities:    
Decrease in customer receivable 5,000,000 12,500,000
Increase in prepaid expenses (194,079) (26,554)
(Increase) decrease in other assets (90,211) 20,837
Increase (decrease) in accounts payable (836,296) 3,654,483
Increase in accrued expenses 13,486,408 2,646,852
Decrease in deferred revenue (6,462,503) (2,860,191)
Increase in operating lease liabilities 986,401
Net cash used in operating activities (23,158,863) (16,002,931)
Cash flows from investing activities:    
Purchases of property and equipment (1,451,069) (2,050,662)
Net cash used in investing activities (1,451,069) (2,050,662)
Cash flows from financing activities:    
Principal payments on notes payable (394,305) (332,861)
Proceeds from issuance of common stock 40,677,061 12,042,645
Issuance costs paid for common stock financings (2,571,552) (690,181)
Principal payments on capital lease obligation (375) (3,150)
Net cash provided by financing activities 37,710,829 11,016,453
Net increase (decrease) in cash and cash equivalents 13,100,897 (7,037,140)
Cash and cash equivalents at beginning of the period 41,748,468 62,696,486
Cash and cash equivalents at end of the period 54,849,365 55,659,346
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 20,629 8,019
Fair value of warrant issued in connection with Investment Agreement 6,215,225
Purchases of property and equipment included in accounts payable or accrued expenses 1,229,916 92,696
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
Write off of fully amortized leasehold improvements $ 191,244

Source