Financials

v3.19.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 41,748,468 $ 62,537,495
Restricted cash 158,991
Prepaid expenses and other current assets 2,491,844 2,808,244
Total current assets 44,240,312 65,504,730
Property and equipment, net 2,705,206 1,432,655
Other assets 43,823 40,776
Total assets 46,989,341 66,978,161
Current liabilities:    
Notes payable 394,305 332,861
Accounts payable 6,345,335 3,130,295
Accrued expenses 9,851,191 4,741,519
Deferred revenue, current 1,462,503
Deferred rent, current 35,996
Total current liabilities 18,089,330 8,204,675
Deferred rent, noncurrent 1,375,891 989,550
Other liabilities 375
Total liabilities 19,465,221 9,194,600
Commitments and Contingencies
Stockholders' equity    
Preferred Stock $0.0001 par value:10,000,000 shares authorized, no shares issued and outstanding at December 31, 2018 and 2017
Common stock, $0.0001 par value; 150,000,000 shares authorized at December 31, 2018 and 2017, 57,247,496 and 55,603,427 shares issued and outstanding at December 31, 2018 and 2017, respectively 5,725 5,560
Additional paid-in capital 148,888,635 123,476,102
Accumulated deficit (121,370,240) (65,698,101)
Total stockholders' equity 27,524,120 57,783,561
Total liabilities and stockholders' equity $ 46,989,341 $ 66,978,161

Source

v3.19.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Income Statement [Abstract]    
Revenue from awards $ 4,822,272 $ 2,440,195
Operating expenses:    
Research and development 48,613,957 26,038,965
General and administrative 12,956,022 8,964,046
Total operating expenses 61,569,979 35,003,011
Operating loss (56,747,707) (32,562,816)
Other income (expense), net:    
Interest income, net 982,777 183,112
Foreign currency exchange gain (loss) 92,791 (41,908)
Other income, net 1,075,568 141,204
Net loss $ (55,672,139) $ (32,421,612)
Net loss per share, basic and diluted $ (0.98) $ (0.65)
Weighted average number of common shares outstanding, basic and diluted 56,999,741 50,176,953

Source

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net loss $ (55,672,139) $ (32,421,612)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 7,609,508 5,694,489
Depreciation and amortization 493,938 255,652
Loss(gain) on foreign exchange 70,448 (8,490)
Deferred rent 422,337 913,563
Changes in operating assets and liabilities:    
Decrease in customer receivable 12,500,000 1,000,000
Decrease (increase) in prepaid expenses and other current assets 281,625 (1,877,983)
Increase in other assets (3,047) (40,776)
Increase (decrease) in accounts payable 3,904,021 (885,797)
Increase in accrued expenses 5,113,551 1,514,521
Decrease in deferred revenue (4,787,497) (1,940,195)
Net cash used in operating activities (30,067,255) (27,796,628)
Cash flows from investing activities:    
Purchases of property and equipment (2,300,416) (707,429)
Net cash used in investing activities (2,300,416) (707,429)
Cash flows from financing activities:    
Proceeds from issuance of notes payable 491,629 415,265
Principal payments on notes payable (430,184) (354,161)
Proceeds from issuance of common stock 12,052,645 78,891,699
Issuance costs paid for common stock financings (690,181) (2,940,685)
Principal payments under capital lease obligations (4,256) (3,832)
Net cash provided by financing activities 11,419,653 76,008,286
Net (decrease) increase in cash, cash equivalents, and restricted cash (20,948,018) 47,504,229
Cash, cash equivalents, and restricted cash at beginning of the year 62,696,486 15,192,257
Cash, cash equivalents, and restricted cash at end of the year 41,748,468 62,696,486
Supplemental disclosure of cash flow information and non cash transactions:    
Cash paid during the period for interest 10,437 12,377
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 1,168 579,734
Write off of fully amortized leasehold improvements 191,244
Unpaid stock issuance costs $ 225,501

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