Financials

v3.21.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 66,613,246 $ 85,433,441
Marketable securities 57,399,179
Restricted cash 350,000 350,000
Stock subscriptions receivable 960,033
Prepaid expenses and other current assets 3,658,794 3,712,861
Contract asset 2,266,120 1,618,296
Total current assets 130,287,339 92,074,631
Restricted cash 669,900 669,900
Property and equipment, net 3,787,596 4,067,837
Operating lease right of use assets 5,096,165 5,248,525
Other assets 304,037 234,038
Total assets 140,145,037 102,294,931
Current liabilities:    
Notes payable 408,278 710,158
Accounts payable 3,615,366 7,381,183
Accrued expenses 17,742,474 22,005,432
Derivative liability 803,000 797,000
Operating lease liabilities, current 1,036,297 1,004,063
Total current liabilities 23,605,415 31,897,836
Long-term debt, net of debt discount 18,199,289 18,029,005
Operating lease liabilities, noncurrent 6,823,339 7,093,165
Total liabilities 48,628,043 57,020,006
Stockholders’ equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2021 and December 31, 2020
Common stock, $0.0001 par value; 150,000,000 shares authorized, 125,033,006 and 98,852,696 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively 12,503 9,885
Additional paid-in capital 411,691,762 349,358,378
Accumulated deficit (320,158,506) (304,093,338)
Accumulated other comprehensive loss (28,765)
Total stockholders’ equity 91,516,994 45,274,925
Total liabilities and stockholders’ equity $ 140,145,037 $ 102,294,931

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v3.21.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]    
Revenue from awards and licenses $ 647,824 $ 1,762,059
Operating expenses:    
Research and development 10,720,823 23,947,866
General and administrative 5,341,197 7,699,479
Total operating expenses 16,062,020 31,647,345
Operating loss (15,414,196) (29,885,286)
Other income (expense), net:    
Other income (expense), net (15,094)
Interest income (expense), net (646,550) 101,993
Change in fair value of derivative liability (6,000)
Foreign currency exchange gain (loss), net 16,672 126,493
Other income (expense), net (650,972) 228,486
Net loss $ (16,065,168) $ (29,656,800)
Net loss per share, basic and diluted [1] $ (0.14) $ (0.43)
Weighted average number of common shares outstanding, basic and diluted [1] 116,344,900 69,272,402
Comprehensive loss:    
Net loss $ (16,065,168) $ (29,656,800)
Other comprehensive loss:    
Unrealized loss on marketable debt securities (28,765)
Total other comprehensive loss (28,765)
Total comprehensive loss $ (16,093,933) $ (29,656,800)
[1] Warrants and options that have not been exercised have been excluded from the diluted calculation as all periods presented have a net loss and the impact of these securities would be anti-dilutive

Source

v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net loss $ (16,065,168) $ (29,656,800)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 2,580,402 3,137,519
Depreciation and amortization 272,186 319,488
Net amortization on premium of marketable securities (901)
Gain on foreign exchange (73,976) (157,073)
Operating lease right of use asset amortization 152,360 138,516
Amortization of debt discount 170,284
Change in fair value of derivative liability 6,000
Loss on sale of property and equipment 5,456  
Changes in operating assets and liabilities:    
Decrease in prepaid expenses 54,067 128,024
Increase in contract asset (647,824) (1,762,059)
Decrease (increase) in other assets (70,000) 70,883
Decrease in accounts payable (3,691,841) (839,372)
Increase (decrease) in accrued expenses (4,262,958) 1,110,156
Decrease in operating lease liabilities (237,592) (90,444)
Net cash used in operating activities (21,809,505) (27,601,162)
Cash flows from investing activities:    
Purchases of property and equipment (463,605)
Purchases of marketable securities (57,427,043)
Proceeds from sale of property and equipment 2,600
Net cash used in investing activities (57,424,443) (463,605)
Cash flows from financing activities:    
Repayment of short-term borrowings (301,880) (319,754)
Proceeds from issuance of common stock 62,536,070 46,015,996
Issuance costs paid for common stock financings (1,820,437) (2,762,240)
Net cash provided by financing activities 60,413,753 42,934,002
Net increase (decrease) in cash, cash equivalents, and restricted cash (18,820,195) 14,869,235
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 67,633,146 46,617,921
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 432,455 8,484
Stock issuance costs included in accounts payable or accrued expenses $ 200,550

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