Financials

v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 36,080,292 $ 85,433,441
Marketable securities 70,371,664
Restricted cash 100,000 350,000
Stock subscriptions receivable 960,033
Prepaid expenses and other current assets 2,625,425 3,712,861
Contract asset 2,402,678 1,618,296
Total current assets 111,580,059 92,074,631
Restricted cash 569,900 669,900
Property and equipment, net 3,517,677 4,067,837
Operating lease right of use assets 4,938,889 5,248,525
Other assets 2,614 234,038
Total assets 120,609,139 102,294,931
Current liabilities:    
Notes payable 102,693 710,158
Accounts payable 1,878,244 7,381,183
Accrued expenses 15,087,681 22,005,432
Derivative liability 599,000 797,000
Operating lease liabilities, current 1,069,181 1,004,063
Total current liabilities 18,736,799 31,897,836
Long-term debt, net of debt discount 18,373,099 18,029,005
Operating lease liabilities, noncurrent 6,540,040 7,093,165
Total liabilities 43,649,938 57,020,006
Stockholders’ equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2021 and December 31, 2020
Common stock, $0.0001 par value; 300,000,000 shares authorized, 125,083,006 shares issued and outstanding at June 30, 2021 and 150,000,000 shares authorized, and 98,852,696 shares issued and outstanding at December 31, 2020 12,508 9,885
Additional paid-in capital 414,249,029 349,358,378
Accumulated deficit (337,296,882) (304,093,338)
Accumulated other comprehensive loss (5,454)
Total stockholders’ equity 76,959,201 45,274,925
Total liabilities and stockholders’ equity $ 120,609,139 $ 102,294,931

Source

v3.21.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]        
Revenue from awards and licenses $ 136,558 $ 286,346 $ 784,382 $ 2,048,405
Operating expenses:        
Research and development 11,265,220 30,686,071 21,986,043 54,633,937
General and administrative 5,572,397 7,738,968 10,913,594 15,438,447
Total operating expenses 16,837,617 38,425,039 32,899,637 70,072,384
Operating loss (16,701,059) (38,138,693) (32,115,255) (68,023,979)
Other income (expense), net:        
Other income (expense), net (227,609) (242,703)  
Interest income (expense), net (401,170) 12,649 (1,047,720) 114,642
Change in fair value of derivative liability 204,000 198,000
Foreign currency exchange gain (loss), net (12,538) 20,721 4,134 147,214
Other income (expense), net (437,317) 33,370 (1,088,289) 261,856
Net loss $ (17,138,376) $ (38,105,323) $ (33,203,544) $ (67,762,123)
Net loss per share, basic and diluted $ (0.15) $ (0.52) $ (0.28) $ (0.95)
Weighted average number of common shares outstanding, basic and diluted 116,364,131 73,885,548 120,722,622 71,578,975
Comprehensive loss:        
Net loss $ (17,138,376) $ (38,105,323) $ (33,203,544) $ (67,762,123)
Other comprehensive income (loss):        
Unrealized gain (loss) on marketable debt securities 23,311 (5,454)
Total other comprehensive income (loss) 23,311 (5,454)
Total comprehensive loss $ (17,115,065) $ (38,105,323) $ (33,208,998) $ (67,762,123)

Source

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net loss $ (33,203,544) $ (67,762,123)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 5,087,674 6,485,779
Depreciation and amortization 535,846 639,676
Net amortization on premium of marketable securities 152,524
Gain on foreign exchange (68,830) (120,098)
Operating lease right of use asset amortization 309,636 279,306
Amortization of debt discount 344,094
Change in fair value of derivative liability (198,000)
Loss on sale of property and equipment 7,914
Changes in operating assets and liabilities:    
Decrease in prepaid expenses 1,087,436 852,657
Decrease (increase) in contract asset (784,382) 2,681,065
Decrease in other assets 231,423 70,883
Increase (decrease) in accounts payable (5,434,110) 1,866,324
Increase (decrease) in accrued expenses (6,917,751) 5,737,946
Decrease in deferred revenue (4,729,470)
Decrease in operating lease liabilities (488,006) (210,227)
Net cash used in operating activities (39,338,076) (54,208,282)
Cash flows from investing activities:    
Purchases of property and equipment (479,779)
Purchases of marketable securities (70,529,641)
Proceeds from sale of property and equipment 6,400
Net cash used in investing activities (70,523,241) (479,779)
Cash flows from financing activities:    
Repayment of short-term borrowings (607,465) (643,723)
Proceeds from issuance of common stock 62,586,070 90,003,980
Issuance costs paid for common stock financings (1,820,437) (2,952,113)
Net cash provided by financing activities 60,158,168 86,408,144
Net increase (decrease) in cash, cash equivalents, and restricted cash (49,703,149) 31,720,083
Cash, cash equivalents, and restricted cash at beginning of the period 86,453,341 31,748,686
Cash, cash equivalents, and restricted cash at end of the period 36,750,192 63,468,769
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 870,649 12,752
Stock issuance costs included in accounts payable or accrued expenses 195,181
Stock subscriptions receivable $ 16,675,971

Source