Financials

v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 37,118,654 $ 85,433,441
Marketable securities 69,744,151
Restricted cash 192,475 350,000
Stock subscriptions receivable 960,033
Prepaid expenses and other current assets 2,111,858 3,712,861
Contract asset 2,500,000 1,618,296
Total current assets 111,667,138 92,074,631
Restricted cash 477,425 669,900
Property and equipment, net 2,652,828 4,067,837
Operating lease right of use assets 4,776,571 5,248,525
Other assets 234,038
Total assets 119,573,962 102,294,931
Current liabilities:    
Notes payable 710,158
Accounts payable 2,545,919 7,381,183
Accrued expenses 13,368,133 22,005,432
Derivative liability 126,857 797,000
Operating lease liabilities, current 1,102,727 1,004,063
Total current liabilities 17,143,636 31,897,836
Long-term debt, net of debt discount 18,550,502 18,029,005
Operating lease liabilities, noncurrent 6,251,038 7,093,165
Total liabilities 41,945,176 57,020,006
Stockholders' equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at September 30, 2021 and December 31, 2020
Common stock, $0.0001 par value; 300,000,000 shares authorized, 125,230,881 shares issued and outstanding at September 30, 2021 and 150,000,000 shares authorized, and 98,852,696 shares issued and outstanding at December 31, 2020 12,523 9,885
Additional paid-in capital 417,098,261 349,358,378
Accumulated deficit (339,473,031) (304,093,338)
Accumulated other comprehensive loss (8,967)
Total stockholders’ equity 77,628,786 45,274,925
Total liabilities and stockholders’ equity $ 119,573,962 $ 102,294,931

Source

v3.21.2
Condensed Consolidated and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Statement [Abstract]        
Revenue from awards and licenses $ 97,323 $ 1,230,621 $ 881,705 $ 3,279,026
Operating expenses:        
Research and development 8,695,641 27,522,989 30,681,684 82,156,926
General and administrative 5,277,090 7,681,573 16,190,684 23,120,020
Total operating expenses 13,972,731 35,204,562 46,872,368 105,276,946
Operating loss (13,875,408) (33,973,941) (45,990,663) (101,997,920)
Other income (expense), net:        
Other income (expense), net 12,033,031 (4,972) 11,790,328 4,005
Interest income (expense), net (391,867) (454,319) (1,439,587) (348,654)
Change in fair value of derivative liability 472,143 (211,000) 670,143 (211,000)
Foreign currency exchange gain (loss), net (414,048) (251,117) (409,914) (103,903)
Other income (expense), net 11,699,259 (921,408) 10,610,970 (659,552)
Net loss $ (2,176,149) $ (34,895,349) $ (35,379,693) $ (102,657,472)
Net loss per share, basic and diluted $ (0.02) $ (0.43) $ (0.29) $ (1.37)
Weighted average number of common shares outstanding, basic and diluted 125,209,985 81,879,119 122,234,847 75,037,418
Comprehensive loss:        
Net loss $ (2,176,149) $ (34,895,349) $ (35,379,693) $ (102,657,472)
Other comprehensive income (loss):        
Unrealized gain (loss) on marketable debt securities (3,513) (8,967)
Total other comprehensive income (loss) (3,513) (8,967)
Total comprehensive loss $ (2,179,662) $ (34,895,349) $ (35,388,660) $ (102,657,472)

Source

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net loss $ (35,379,693) $ (102,657,472)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 7,686,921 10,116,775
Depreciation and amortization 792,132 841,755
Loss on impairment of fixed assets 606,078
Net amortization on premium of marketable securities 493,722
(Gain) Loss on foreign exchange 361,327 (134,368)
Operating lease right of use asset amortization 471,954 422,735
Amortization of debt discount 521,497 118,977
Change in fair value of derivative liability (670,143) 211,000
Loss on sale of property and equipment 9,099
Changes in operating assets and liabilities:    
Decrease in prepaid expenses 1,601,003 1,547,550
Decrease (increase) in contract asset (881,704) 1,720,974
Decrease in other assets 234,037 71,927
Increase (decrease) in accounts payable (5,196,591) 458,646
Increase (decrease) in accrued expenses (8,387,299) 6,186,850
Decrease in operating lease liabilities (743,462) (366,744)
Net cash used in operating activities (38,481,122) (81,461,395)
Cash flows from investing activities:    
Purchases of marketable securities (77,266,596)
Proceeds from sales and maturities of marketable securities 7,019,756
Purchases of property and equipment (536,577)
Proceeds from sale of property and equipment 7,700
Net cash used in investing activities (70,239,140) (536,577)
Cash flows from financing activities:    
Repayment of short-term borrowings (710,158) (752,659)
Proceeds from issuance of common stock 62,586,070 120,501,589
Issuance costs paid for common stock financings (1,820,437) (5,365,114)
Proceeds from issuance of debt, net 18,756,021
Net cash provided by financing activities 60,055,475 133,139,837
Net increase (decrease) in cash, cash equivalents, and restricted cash (48,664,787) 51,141,865
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 37,788,554 82,890,551
Supplemental disclosure of cash flow information and non-cash transactions:    
Cash paid during the period for interest 1,305,512 192,417
Fair value of warrants issued with K2HV loan agreement 472,409
Write off of fully depreciated property and equipment $ 156,645

Source