Financials

v3.19.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 73,154,916 $ 41,748,468
Prepaid expenses and other current assets 2,235,947 2,491,844
Total current assets 75,390,863 44,240,312
Property and equipment, net 2,912,335 2,705,206
Operating lease right of use assets 5,695,689
Other assets 123,226 43,823
Total assets 84,122,113 46,989,341
Current liabilities:    
Notes payable 99,333 394,305
Accounts payable 7,490,561 6,345,335
Accrued expenses 19,056,618 9,851,191
Deferred revenue 2,482,238 1,462,503
Operating lease liabilities, current 312,289
Deferred rent, current 35,996
Total current liabilities 29,441,039 18,089,330
Operating lease liabilities, noncurrent 7,307,274
Deferred rent, noncurrent 1,375,891
Total liabilities 36,748,313 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 June 30, 2019 and December 31, 2018
Common stock, $0.0001 par value; 150,000,000 shares authorized, 64,644,093 and 57,247,496 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively 6,465 5,725
Additional paid-in capital 192,819,731 148,888,635
Accumulated deficit (145,452,396) (121,370,240)
Total stockholders' equity 47,373,800 27,524,120
Total liabilities and stockholders' equity $ 84,122,113 $ 46,989,341

Source

v3.19.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Income Statement [Abstract]        
Revenue from awards and licenses $ 29,094,583 $ 853,646 $ 30,980,265 $ 1,804,088
Operating expenses:        
Research and development 22,181,409 10,259,868 43,965,113 20,025,229
General and administrative 5,207,962 2,987,549 11,832,709 6,037,581
Total operating expenses 27,389,371 13,247,417 55,797,822 26,062,810
Operating income (loss) 1,705,212 (12,393,771) (24,817,557) (24,258,722)
Other income (expense), net:        
Interest income, net 448,717 266,297 783,312 469,717
Foreign currency exchange gain (loss), net (1,276) 58,123 (47,911) 24,269
Other income, net 447,441 324,420 735,401 493,986
Net income (loss) $ 2,152,653 $ (12,069,351) $ (24,082,156) $ (23,764,736)
Net income (loss) per share, basic $ 0.03 $ (0.21) $ (0.38) $ (0.42)
Net income (loss) per share, diluted $ 0.03 $ (0.21) $ (0.38) $ (0.42)
Weighted average number of common shares outstanding, basic 64,546,628 57,157,955 63,119,196 56,764,935
Weighted average number of common shares outstanding, diluted 68,511,587 57,157,955 63,119,196 56,764,935

Source

v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net loss $ (24,082,156) $ (23,764,736)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 5,906,427 3,701,010
Depreciation and amortization 308,331 206,314
(Gain) loss on foreign exchange (591) 40,654
Operating lease right of use asset amortization 232,924
Deferred rent 363,355
Changes in operating assets and liabilities:    
Decrease in customer receivable 5,000,000 12,500,000
Decrease (increase) in prepaid expenses 255,897 (102,792)
Increase in other assets (79,402) (23,651)
Increase in accounts payable 1,097,910 628,212
Increase in accrued expenses 8,989,731 1,064,995
Decrease in deferred revenue (3,980,265) (1,769,313)
Increase in operating lease liabilities 279,063
Net cash used in operating activities (6,072,131) (7,155,952)
Cash flows from investing activities:    
Purchases of property and equipment (256,898) (1,944,865)
Net cash used in investing activities (256,898) (1,944,865)
Cash flows from financing activities:    
Principal payments on notes payable (294,972) (249,157)
Proceeds from issuance of common stock 40,596,961 12,003,266
Issuance costs paid for common stock financings (2,566,137) (671,168)
Principal payments on capital lease obligation (375) (2,072)
Net cash provided by financing activities 37,735,477 11,080,869
Net increase in cash and cash equivalents 31,406,448 1,980,052
Cash and cash equivalents at beginning of the period 41,748,468 62,696,486
Cash and cash equivalents at end of the period 73,154,916 64,676,538
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 6,300 2,763
Fair value of warrant issued in connection with Investment Agreement 6,215,225
Stock issuance costs included in accounts payable or accrued expenses 5,415 7,500
Purchases of property and equipment included in accounts payable or accrued expenses 259,731 35,148
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