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Summarized Quarterly Data (Unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Summarized Quarterly Data (Unaudited)

10. 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, 2018 and 2017 are as follows:

 

 

 

For the Quarters Ended

 

 

 

March 31,

 

 

June 30,

 

 

September 30,

 

 

December 31,

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development expense

 

$

1,385,366

 

 

$

1,388,791

 

 

$

625,497

 

 

$

695,360

 

General and administrative expense

 

$

1,032,245

 

 

$

917,305

 

 

$

897,060

 

 

$

1,073,061

 

Gain from change in fair value of warrant
   liability

 

$

433,392

 

 

—

 

 

—

 

 

—

 

Net loss

 

$

(1,982,786

)

 

$

(2,303,193

)

 

$

(1,519,468

)

 

$

(1,760,633

)

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

 

$

(0.13

)

 

$

(0.14

)

 

$

(0.09

)

 

$

(0.10

)

Weighted average shares outstanding, basic

   and diluted

 

 

15,427,037

 

 

 

16,425,468

 

 

 

17,129,649

 

 

 

17,427,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Gain (loss) from 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

)

 

$

(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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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.