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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (10,344,633) $ (14,621,750)
Adjustments to reconcile net loss to net cash used in operating activities    
Compensation cost for stock options granted 2,387,829 6,346,281
Disposal of assets 4,149 5,806
Depreciation and amortization 37,265 40,289
Change in fair value of stock-based compensation liability 1,741,919
Changes in operating assets and liabilities:    
Prepaid expenses (621,907) 79,791
Research and development tax rebate receivable 300,451 (50,882)
Other assets (152,781) 28,878
Accounts payable 389,441 148,102
Accrued expenses 7,285 (165,343)
Payroll liabilities (146,573) 48,398
Other current liabilities 1,779 (21,524)
Net cash used in operating activities (8,137,695) (6,420,035)
CASH FLOWS FROM INVESTING ACTIVITY    
Purchase of furniture and equipment (9,367) (7,625)
Net cash used in investing activities (9,367) (7,625)
CASH FLOWS FROM FINANCING ACTIVITY    
Proceeds from issuance of common stock, net of issuance costs 4,686,298
Payment of taxes related to net-exercise of employee stock options (14,422)
Proceeds from exercise of warrants 0 11,336,710
Net cash provided by financing activities 4,671,876 11,336,710
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (3,475,186) 4,909,050
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING BALANCE 12,691,136 10,490,493
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE 9,215,950 15,399,543
SUPPLEMENTAL DISCLOSURES    
Cash and cash equivalents 9,105,950 15,289,543
Restricted cash 110,000 110,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE 9,215,950 15,399,543
NONCASH INVESTING AND FINANCING ACTIVITIES    
Reclassification of stock-based liability awards to equity upon cancellation 3,151,944
Common stock issued upon cashless exercise of stock options 541,100
Conversion of Series B convertible preferred stock to common stock $ 48,000 $ 1,707,999