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Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (87,616,245) $ (54,578,751)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on sale of long-term securities 0 (33,042)
Noncash stock compensation expense 12,375,306 6,181,400
Depreciation 62,009 42,464
Amortization of premium on investment securities 53,860 367,673
Change in fair value of notes payable 113,281 (63,822)
Changes in assets and liabilities:    
Increase in restricted cash (3,051) (3,041)
Decrease (increase) in other current assets 147,826 (1,162,310)
Decrease (increase) in leasehold interest 88,179 (2,517,771)
Decrease in accrued interest receivable 83,852 77,563
Decrease (increase) in other assets 161,730 (3,523)
Increase in accounts payable and accrued expenses 2,666,164 6,447,215
Increase in deferred rent 72,942 793,968
Decrease in deferred revenue (114,286) (114,286)
Net cash used in operating activities (71,908,433) (44,566,263)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (2,227) (323,015)
Investment in held-to-maturity securities 0 (15,199,922)
Proceeds from the sale of long-term securities 0 18,000,000
Proceeds from maturity of short-term securities 19,800,000 12,589,219
Net cash provided by investing activities 19,797,773 15,066,282
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from the exercise of warrants 2,143,085 100,896
Proceeds from sale of common stock, net 116,778,462 3,504,261
Financing costs 0 (9,984)
Net cash provided by financing activities 118,921,547 3,595,173
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 66,810,887 (25,904,808)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 25,031,280 55,061,329
CASH AND CASH EQUIVALENTS AT END OF PERIOD 91,842,167 29,156,521
NONCASH TRANSACTIONS    
Reclassification of deferred financing costs to additional paid-in capital (2,645) (56,988)
Conversion of convertible notes payable to common stock $ 0 $ 30,601