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Summarized Quarterly Data (Unaudited)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Summarized Quarterly Data (Unaudited)

11. Summarized Quarterly Data (Unaudited)

The following financial information reflects all adjustments, which include only normal recurring adjustments, which are, in the opinion of management, necessary for a fair statement of the financial results of the interim periods. Summarized quarterly data for the years ended December 31, 2017 and 2016 are as follows:  

 

 

For the Quarters Ended

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expense

 

$

770,686

 

 

$

2,017,569

 

 

$

2,717,698

 

 

$

1,631,540

 

General and administrative expense

 

$

1,209,570

 

 

$

871,979

 

 

$

984,047

 

 

$

1,027,594

 

Change in fair value of warrant liability

 

$

3,072,747

 

 

$

(1,261,912

)

 

$

1,544,138

 

 

$

(2,349,624

)

Net loss

 

$

(5,052,039

)

 

$

(1,625,969

)

 

$

(5,243,061

)

 

$

(308,443

)

Net loss per common share, basic (1)

 

$

(0.37

)

 

$

(0.11

)

 

$

(0.34

)

 

$

(0.02

)

Net loss per common share, diluted (1)

 

$

(0.37

)

 

$

(0.13

)

(2)

$

(0.34

)

 

$

(0.07

)

Weighted average shares outstanding, basic

 

 

13,528,311

 

 

 

15,343,325

 

 

 

15,351,295

 

 

 

15,368,610

 

Weighted average shares outstanding, diluted

 

 

13,528,311

 

 

 

15,420,954

 

 

 

15,351,295

 

 

 

15,503,583

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expense

 

$

2,015,076

 

 

$

2,095,149

 

 

$

1,339,343

 

 

$

1,502,032

 

General and administrative expense

 

$

1,137,753

 

 

$

802,655

 

 

$

830,092

 

 

$

822,325

 

Change in fair value of warrant liability

 

—

 

 

—

 

 

$

198,945

 

 

$

(796,560

)

Net loss

 

$

(3,225,409

)

 

$

(2,970,498

)

 

$

(3,025,281

)

 

$

(1,527,343

)

Net loss per common share, basic and diluted (1)

 

$

(0.45

)

 

$

(0.41

)

 

$

(0.29

)

 

$

(0.12

)

Weighted average shares outstanding,

  basic and diluted

 

 

7,168,005

 

 

 

7,217,577

 

 

 

10,614,692

 

 

 

12,305,360

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Net loss per share is computed independently for each of the quarters presented.  Therefore, the sum of the quarterly per-share calculations will not necessarily equal the annual per share calculation.

(2)

Net loss per common share, diluted, for the quarter ended June 30, 2017 was revised from ($0.19) to ($0.13) to correct the computation of diluted loss per share under the treasury stock method.  No adjustments were made to any other quarters.