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Unaudited Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities    
Net loss $ (7,662,604) $ (14,083,897)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 68,191 70,441
Non-cash lease expense 164,262 149,686
Stock-based compensation expense 1,822,148 1,382,443
Changes in assets and liabilities:    
Prepaid expenses and other current assets 2,267,641 (561,897)
Accounts payable 1,698,622 (832,560)
Accrued expenses (2,059,678) (300,817)
Noncurrent accrued expenses 393,273  
Operating lease liabilities (191,994) (171,084)
Net cash used in operating activities (3,500,139) (14,347,685)
Investing activities    
Purchases of property and equipment (8,136) (39,538)
Net cash used in investing activities (8,136) (39,538)
Financing activities    
Proceeds from exercise of stock options 129,972 30,554
Net cash provided by financing activities 129,972 30,554
Net change in cash and cash equivalents (3,378,303) (14,356,669)
Cash and cash equivalents, beginning of period 158,201,441 209,917,595
Cash and cash equivalents, end of period $ 154,823,138 195,560,926
Non-cash investing and financing activities    
Property acquisition costs included in accrued expenses   $ 35,918