XML 20 R6.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net loss $ (102,900,600) $ (68,345,186) $ (30,965,464)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 14,756,206 6,115,160 1,754,974
Non-cash research and development license expense 7,155,337    
Amortization of debt discount 786,750 649,993 375,635
Loss on extinguishment of debt 1,247,012    
Amortization of operating lease right-of-use asset 53,854    
Change in fair value of warrants     (2,791,000)
Change in operating lease liability 8,967    
Depreciation 23,864 37,330 48,935
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets 264,722 833,265 32,058
Other assets (177,500) (27,530) 75,607
Accounts payable 2,560,697 7,256,080 251,789
Accrued expenses and other current liabilities (2,235,878) 7,105,829 1,163,765
Net cash used in operating activities (78,456,569) (46,375,059) (30,053,701)
Cash flows from investing activities      
Purchases of equipment (45,891) (16,121) (32,696)
Net cash used in investing activities (45,891) (16,121) (32,696)
Cash flows from financing activities      
Proceeds from issuance of term loan 50,000,000 20,000,000  
Payment of debt issuance costs (1,102,609)   (25,997)
Repayment of principal on term loan (21,660,000) (7,238,889) (3,333,333)
Proceeds from issuance of common stock upon financing, net 14,125,506 238,233,817 12,881,321
Proceeds from issuance of common stock upon exercise of warrants   249,836 131,703
Proceeds from issuance of common stock upon exercise of options 1,049,849 1,143,841 380,322
Net cash provided by financing activities 42,412,746 252,388,605 10,034,016
Net (decrease) increase in cash (36,089,714) 205,997,425 (20,052,381)
Cash at beginning of period 219,966,167 13,968,742 34,021,123
Cash at end of period 183,876,453 219,966,167 13,968,742
Supplemental disclosures of cash flow information:      
Interest paid 2,097,292 1,287,506 771,966
Operating lease right-of-use asset obtained in exchange for operating lease liability 1,793,328    
Supplemental disclosures of non-cash financing activity:      
Issuance of warrants in connection with debt financing $ 884,216 $ 387,000 $ 37,842