
	2019
	First Quarter		Second Quarter		Third Quarter			Fourth Quarter
Operating expenses:
Research and development	$	6,306,712	$	8,223,783	$	(1,604,399)	¹	$	7,457,953
General and administrative		3,159,657		3,287,276		3,530,617			3,958,211
Total operating expenses		9,466,369		11,511,059		1,926,218			11,416,164
Loss from operations		(9,466,369)		(11,511,059)		(1,926,218)			(11,416,164)
Other income (expense):
Interest income		350,951		439,201		436,846			295,140
Foreign exchange loss		(31,599)		(63,327)		(457,018)			406,033
Total other income (expense)		319,352		375,874		(20,172)			701,173
Net loss	$	(9,147,017)	$	(11,135,185)	$	(1,946,390)		$	(10,714,991)

Net loss per share basic and diluted	$	(0.47)	$	(0.50)	$	(0.08)		$	(0.46)
Basic and diluted weighted average shares outstanding		19,452,088		22,116,758		23,186,410			23,191,428

	2018
	First Quarter		Second Quarter		Third Quarter			Fourth Quarter
Revenue	$	—	$	—	$	—		$	86,000
Operating expenses:
Research and development		8,975,513		8,533,466		4,859,902			4,876,162
General and administrative		3,420,623		3,436,340		3,125,780			3,256,044
Total operating expenses		12,396,136		11,969,806		7,985,682			8,132,206
Loss from operations		(12,396,136)		(11,969,806)		(7,985,682)			(8,046,206)
Other income (expense):
Interest income		175,184		186,304		278,214			321,621
Foreign exchange loss		(85,382)		(223,731)		(99,897)			(65,658)
Total other income (expense)		89,802		(37,427)		178,317			255,963
Net loss	$	(12,306,334)	$	(12,007,233)	$	(7,807,365)		$	(7,790,243)

Net loss per share basic and diluted	$	(0.91)	$	(0.89)	$	(0.47)		$	(0.44)
Basic and diluted weighted average shares outstanding		13,467,694		13,504,485		16,587,353			17,616,373

(1)

During the three months ended September 30, 2019, the Company recorded $8.3 million as an incentive and tax receivable and recorded a corresponding credit to research and development expense for amounts expected to be received through the AOF for the period January 1, 2018 through September 30, 2019.