Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2017 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Cash and Cash Equivalents and Restricted Cash |
Cash and cash equivalents
consist of the following:
| |
|
September 30, 2017 |
|
|
December 31, 2016 |
|
| Cash |
|
$ |
219,141 |
|
|
$ |
1,127,530 |
|
| Money market fund |
|
|
36,378,328 |
|
|
|
13,864,727 |
|
| Cash and cash equivalents |
|
|
36,597,469 |
|
|
|
14,992,257 |
|
| |
|
|
|
|
|
|
|
|
| Restricted cash, current |
|
|
200,000 |
|
|
|
150,000 |
|
| Restricted cash, noncurrent |
|
|
— |
|
|
|
50,000 |
|
| Restricted cash |
|
|
200,000 |
|
|
|
200,000 |
|
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows |
|
$ |
36,797,469 |
|
|
$ |
15,192,257 |
|
|
| Computation of Basic and Diluted Earnings Per Share |
The following table sets
forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2017 and 2016:
| |
|
Three Months Ended September 30 |
|
|
Nine Months Ended September 30 |
|
| |
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| Basic and diluted net loss per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(6,965,596 |
) |
|
$ |
(5,346,768 |
) |
|
$ |
(21,727,922 |
) |
|
$ |
(12,428,400 |
) |
| Weighted average shares of common stock outstanding |
|
|
50,221,597 |
|
|
|
43,783,504 |
|
|
|
48,946,335 |
|
|
|
40,059,364 |
|
| Net loss per share of common stock-basic and diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.31 |
) |
|
| Potentially Dilutive Securities Excluded from Computation of Dilutive Weighted Average Shares Outstanding |
The following potentially
dilutive securities for the three and nine months ended September 30, 2017 and 2016 have been excluded from the computation of
dilutive weighted average shares outstanding for the computation of dilutive net loss per share as the inclusion would be anti-dilutive
| |
|
Three and Nine Months Ended
September 30,
|
|
| |
|
2017 |
|
|
2016 |
|
| Warrants |
|
|
1,288,500 |
|
|
|
1,789,250 |
|
| Stock options |
|
|
7,724,779 |
|
|
|
5,932,679 |
|
| Total |
|
|
9,013,279 |
|
|
|
7,721,929 |
|
|