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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net loss $ (32,943,583) $ (39,911,175) $ (32,012,304)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 133,879 99,572 94,211
Stock-based compensation 5,561,895 6,625,743 5,646,852
Changes in operating assets and liabilities:      
Incentive and tax receivables (11,169,349) 538,984 (369,661)
Prepaid expenses and other assets 1,561,780 (1,291,186) (324,304)
Deferred grant revenue   (833,975)  
Right-of-use assets (5,307)    
Accounts payable 209,613 1,103,013 1,492,171
Accrued expenses 1,833,096 1,271,673 (369,416)
Net cash used in operating activities (34,817,976) (32,397,351) (25,842,451)
Cash flows from investing activities:      
Purchases of property and equipment (129,390) (286,658) (115,356)
Net cash used in investing activities (129,390) (286,658) (115,356)
Cash flows from financing activities:      
Proceeds from the issuance of common stock, net of issuance costs 45,187,070 29,937,505 57,293,041
Payment of deferred financing costs (129,935)   (225,439)
Proceeds from the exercise of stock options 189,700   434,691
Net cash provided by financing activities 45,246,835 29,937,505 57,502,293
Net increase (decrease) in cash and cash equivalents 10,299,469 (2,746,504) 31,544,486
Cash and cash equivalents at beginning of year 59,763,773 62,510,277 30,965,791
Cash and cash equivalents at end of year 70,063,242 59,763,773 62,510,277
Supplemental disclosures of cash flow information:      
Deferred financing costs included in accounts payable and accrued expenses 63,570 60,000 $ 15,000
Changes in property and equipment acquired but not paid 4,750 $ 20,350  
Reclassification of deferred rent liability to right-of-use assets upon adoption of ASC 842 12,824    
Right-of-use assets and lease liability recorded upon adoption of ASC 842 $ 325,683