Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.19.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net loss $ (2,920,584) $ (3,586,585)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 34,623 17,239
Stock-based compensation 763,659 978,708
Amortization of debt discount 105,085 1,976
Amortization of debt issuance costs 4,878 89
Discount on investments 8,940
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 48,826 (254,118)
Accounts payable (887,190) (52,668)
Accrued liabilities 118,657 22,622
Accrued payroll and other compensation (123,887) 29,751
Net cash used in operating activities (2,846,993) (2,842,986)
Cash flows from investing activities:    
Purchases of property and equipment (4,676)
Adjustment to capitalized patent costs 1,739
Purchases of investments (15,485,000) (1,498,889)
Proceeds from redemptions of investments 16,495,000 5,631,830
Net cash provided by investing activities 1,005,324 4,134,680
Cash flows from financing activities:    
Debt issuance costs (31,993)
Proceeds from exercise of warrants 57,500 588,499
Proceeds from private offering, net 2,142,500
Proceeds from exercise of employee stock options 151,601 146,438
Net cash provided by financing activities 209,101 2,845,444
Net (decrease) increase in cash (1,632,568) 4,137,138
Cash at beginning of period 5,722,342 2,823,450
Cash at end of period 4,089,774 6,960,588
Non-cash investing and financing activities:    
Warrants issued in connection with note payable $ 711,310