v3.20.4
Consolidated Balance Sheets - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash $ 11,527,552 $ 10,367,920
Prepaid expenses and other 841,958 722,079
Total current assets 12,369,510 11,089,999
Property and equipment, net 0 757
Goodwill and indefinite-lived intangible assets 0 9,243,128
Other assets 809,985 1,213,042
Total assets 13,179,495 21,546,926
Current liabilities:    
Accounts payable 327,396 931,128
Accrued expenses and other current liabilities 609,532 484,029
Total current liabilities 936,928 1,415,157
Deferred tax liability and other long-term liabilities 27,043 2,918,518
Total liabilities 963,971 4,333,675
Commitments and contingent liabilities (Note 14)
Stockholders' equity:    
Common stock, $0.001 par value; 50,000,000 and 12,500,000 shares authorized as of December 31, 2020 and December 31, 2019; 8,772,198 and 6,092,432 shares issued as of December 31, 2020 and December 31, 2019, respectively; 8,745,207 and 6,065,441 shares outstanding as of December 31, 2020 and December 31, 2019, respectively 8,771 6,092
Additional paid in capital 194,133,511 188,240,451
Accumulated deficit (176,902,086) (166,008,620)
Accumulated other comprehensive income 253,734 253,734
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 12,215,524 17,213,251
Total liabilities and stockholders' equity 13,179,495 21,546,926
Series B Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, 10,000,000 shares authorized; Series B, $0.001 par value: 1,804,394 shares issued and outstanding as of December 31, 2020 and December 31, 2019; Series A, $0.001 par value: 970,000 shares issued and outstanding as of December 31, 2020 and December 31, 2019 1,804 1,804
Series A Preferred Stock [Member]    
Stockholders' equity:    
Preferred stock, 10,000,000 shares authorized; Series B, $0.001 par value: 1,804,394 shares issued and outstanding as of December 31, 2020 and December 31, 2019; Series A, $0.001 par value: 970,000 shares issued and outstanding as of December 31, 2020 and December 31, 2019 $ 970 $ 970

Source

v3.20.4
Consolidated Statements of Comprehensive Loss - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Revenue    
Total revenues $ 436,942 $ 17,066
Operating costs and expenses:    
Research and development (1,731,406) (4,889,340)
General and administrative (3,400,071) (4,731,176)
Asset impairment charges (Note 7) (9,243,128) (3,283,379)
Total operating costs and expenses (14,374,605) (12,903,895)
Loss from operations (13,937,663) (12,886,829)
Other income (expense):    
Other income (expense) (492) 3,315
Interest income, net 126,171 108,489
Total other income 125,679 111,804
Loss before income taxes (13,811,984) (12,775,025)
Income tax benefit 2,918,518 0
Net loss (10,893,466) (12,775,025)
Deemed dividend 0 (5,284,379)
Net loss applicable to common stockholders $ (10,893,466) $ (18,059,404)
Basic and diluted loss per share $ (1.70) $ (6.33)
Weighted-average shares of common stock outstanding, basic and diluted 6,392,381 2,852,464
Royalty [Member]    
Revenue    
Total revenues $ 436,942 $ 17,066

Source

v3.20.4
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (10,893,466) $ (12,775,025)
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 4,199
Amortization of right of use asset 28,080 23,288
Gain on sale of property and equipment 0 (2,000)
Gain on settlement with vendor (143,639) 0
Share-based expense 468,914 806,090
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 325,662 (653,563)
Accounts payable, accrued expenses and other liabilities (378,111) (227,961)
Net cash used in operating activities (4,267,193) (6,399,404)
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 in registered direct offering 5,426,825 0
Net proceeds from issuance of common stock and warrants in public offering 0 13,421,950
Net proceeds from issuance of common stock and warrants in registered direct offering 0 2,699,050
Proceeds from exercise of warrants 0 6,209
Net cash provided by financing activities 5,426,825 16,127,209
Net change in cash 1,159,632 9,729,805
Cash at beginning of period 10,367,920 638,115
Cash at end of period 11,527,552 10,367,920
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 obligations 70,564 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 $ 2,202

Source