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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (3,906,142) $ (6,853,562) $ (11,335,836)
Adjustments to reconcile net loss to net cash used in operating activities      
Compensation cost for stock options granted   1,724,236 5,594,629
Disposal of assets   2,226 5,806
Depreciation and amortization   24,711 27,549
Change in fair value of stock-based compensation liability   1,741,919
Changes in operating assets and liabilities:      
Prepaid expenses   (602,022) (303,335)
Research and development tax rebate receivable   (20,966) 111,792
Other assets   (237,827) 30,802
Accounts payable   739,536 (35,062)
Accrued expenses   14,967 (345,625)
Payroll liabilities   (244,012) (123,589)
Other current liabilities   (6,704) (20,101)
Net cash used in operating activities   (5,459,417) (4,651,051)
CASH FLOWS FROM INVESTING ACTIVITY      
Purchase of furniture and equipment   (6,610) (7,625)
Net cash used in investing activities   (6,610) (7,625)
CASH FLOWS FROM FINANCING ACTIVITY      
Proceeds from issuance of common stock, net of issuance costs   347,627
Proceeds from exercise of warrants 0 0 11,336,710
Net cash provided by financing activities   347,627 11,336,710
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   (5,118,400) 6,678,034
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING BALANCE   12,691,136 10,490,493
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE 7,572,736 7,572,736 17,168,527
SUPPLEMENTAL DISCLOSURES      
Cash and cash equivalents 7,462,736 7,462,736 17,058,527
Restricted cash 110,000 110,000 110,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE $ 7,572,736 7,572,736 17,168,527
NONCASH INVESTING AND FINANCING ACTIVITIES      
Reclassification of stock-based liability awards to equity upon cancellation   3,151,944
Conversion of Series B convertible preferred stock to common stock   $ 45,000 $ 1,703,000