v3.20.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash $ 7,054,387 $ 10,367,920
Prepaid expenses and other 937,596 722,079
Total current assets 7,991,983 11,089,999
Property and equipment, net 0 757
Indefinite-lived intangible assets 0 9,243,128
Other assets 704,431 1,213,042
Total assets 8,696,414 21,546,926
Current liabilities:    
Accounts payable 251,033 931,128
Accrued expenses and other current liabilities 537,440 484,029
Total current liabilities 788,473 1,415,157
Deferred tax liability 0 2,918,518
Total liabilities 788,473 4,333,675
Commitments (Note 11)
Stockholders' equity:    
Common stock, $0.001 par value; 12,500,000 shares authorized as of September 30, 2020 and December 31, 2019; 6,323,218 and 6,092,432 shares issued as of September 30, 2020 and December 31, 2019, respectively; 6,296,227 and 6,065,441 shares outstanding as of September 30, 2020 and December 31, 2019, respectively 6,322 6,092
Additional paid in capital 188,628,352 188,240,451
Accumulated deficit (175,702,061) (166,008,620)
Accumulated other comprehensive income 253,734 253,734
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 7,907,941 17,213,251
Total liabilities and stockholders' equity 8,696,414 21,546,926
Preferred Class A [Member]    
Stockholders' equity:    
Preferred stock, 10,000,000 shares authorized 970 970
Preferred Class B [Member]    
Stockholders' equity:    
Preferred stock, 10,000,000 shares authorized $ 1,804 $ 1,804

Source

v3.20.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenue        
Total revenues $ 115,934 $ 0 $ 285,610 $ 0
Operating costs and expenses:        
Research and development (573,061) (3,520,638) (1,240,612) (4,471,939)
General and administrative (804,149) (2,142,505) (2,519,515) (3,896,657)
Asset impairment charges (9,243,128) (3,283,379) (9,243,128) (3,283,379)
Total operating costs and expenses (10,620,338) (8,946,522) (13,003,255) (11,651,975)
Loss from operations (10,504,404) (8,946,522) (12,717,645) (11,651,975)
Other income (expense):        
Other income (expense) 585 (223) 643 267
Interest income, net 24,931 46,617 105,043 46,930
Total other income 25,516 46,394 105,686 47,197
Loss before income taxes (10,478,888) (8,900,128) (12,611,959) (11,604,778)
Income tax benefit 2,918,518 0 2,918,518 0
Net loss (7,560,370) (8,900,128) (9,693,441) (11,604,778)
Deemed dividend 0 (1,404,932) 0 (5,284,379)
Net loss applicable to common stockholders $ (7,560,370) $ (10,305,060) $ (9,693,441) $ (16,889,157)
Basic and diluted loss per share $ (1.20) $ (2.67) $ (1.55) $ (9.07)
Weighted-average shares of common stock outstanding, basic and diluted 6,296,227 3,862,936 6,272,722 1,861,867
Royalty [Member]        
Revenue        
Total revenues $ 115,934 $ 0 $ 285,610 $ 0

Source

v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (9,693,441) $ (11,604,778)
Adjustments to reconcile net loss to net cash used in operating activities:    
Acquired in-process research and development 0 3,031,226
Asset impairment charges 9,243,128 3,283,379
Deferred income taxes (2,918,518) 0
Depreciation 757 3,366
Amortization of right of use asset 20,042 16,629
Gain on sale of property and equipment 0 (2,000)
Gain on settlement with vendor (143,639) 0
Share-based expense 388,131 683,104
Issuance of warrants in connection with reverse stock split 0 63,536
Vendor share-based payments 0 47,427
Changes in operating assets and liabilities:    
Prepaid expenses and other assets 273,052 (297,712)
Accounts payable, accrued expenses and other liabilities (483,045) 54,171
Net cash used in operating activities (3,313,533) (4,721,652)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of property and equipment 0 2,000
Net cash provided by investing activities 0 2,000
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from issuance of common stock and warrants in July 2019 public offering 0 13,421,950
Net proceeds from issuance of common stock and warrants in March 2019 registered direct offering 0 2,699,050
Proceeds from exercise of warrants 0 5,009
Net cash provided by financing activities 0 16,126,009
Net change in cash (3,313,533) 11,406,357
Cash at beginning of period 10,367,920 638,115
Cash at end of period 7,054,387 12,044,472
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 0 8
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Right of use assets obtained in exchange for lease liability 0 43,330
Issuance of common stock to vendor 1 7
Issuance of common stock to acquire in-process research and development 0 3,031,226
Issuance of common stock to adjust for Reverse Stock Split 0 1
Issuance of common stock from cashless exercise of purchase warrants $ 229 $ 1,890

Source