Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net loss $ (11,557,011) $ (9,328,053)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 121,053 107,119
Stock-based compensation 1,906,457 2,012,333
Equity modification expense 2,290,688
Amortization of debt discount 224,095 315,255
Amortization of debt issuance costs 11,165 14,633
Discount on investments 2,707 (2,848)
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (259,443) (223,725)
Accounts payable 28,208 (765,340)
Accrued liabilities 122,570 301,853
Accrued payroll and other compensation (323,840) (503,576)
Net cash used in operating activities (7,433,351) (8,072,349)
Cash flows from investing activities:    
Purchases of property and equipment (28,969) (21,314)
Payment for security deposit (3,161) (3,248)
Purchases of investments (9,117,699) (40,348,000)
Proceeds from redemptions of investments 249,000 43,419,000
Net cash (used in) provided by investing activities (8,900,829) 3,046,438
Cash flows from financing activities:    
Proceeds from public offering, net 13,655,531
Proceeds from the At-the-Market Offering, net 4,308,352
Proceeds from exercise of warrants 45,000 57,500
Proceeds from exercise of employee stock options 252,385 273,572
Net cash provided by financing activities 18,261,268 331,072
Net increase (decrease) in cash and cash equivalents 1,927,088 (4,694,839)
Cash and cash equivalents at beginning of period 12,563,853 5,722,342
Cash and cash equivalents at end of period 14,490,941 1,027,503
Supplemental disclosure of cash flow information:    
Cash paid for income taxes $ 1,300 $ 1,300