v3.10.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash $ 3,258,121 $ 5,533,062
Restricted cash 66,510 66,510
Prepaid expenses and other 675,566 285,005
Total current assets 4,000,197 5,884,577
Property and equipment, net 16,447 27,846
Goodwill 3,283,379 3,283,379
Indefinite-lived intangible assets 9,243,128 9,243,128
Other assets 714,027 724,713
Total assets 17,257,178 19,163,643
Current liabilities:    
Accounts payable 746,534 786,779
Accrued expenses 796,164 1,135,653
Other current liabilities 11,394 21,234
Total current liabilities 1,554,092 1,943,666
Deferred tax liability 2,918,518 2,918,518
Total liabilities 4,472,610 4,862,184
Commitments and contingent liabilities (Note 9)
Stockholders' equity:    
Common stock, $0.001 par value; 45,454,546 shares authorized as of June 30, 2018 and December 31, 2017; 9,727,774 and 9,041,426 shares issued as of June 30, 2018 and December 31, 2017, respectively; 9,403,889 and 8,717,541 shares outstanding as of June 30, 2018 and December 31, 2017, respectively 9,726 9,040
Additional paid in capital 167,581,345 165,249,912
Accumulated deficit (149,781,831) (145,933,137)
Accumulated other comprehensive income 253,734 253,734
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 12,784,568 14,301,459
Total liabilities and stockholders' equity 17,257,178 19,163,643
Series A [Member]    
Stockholders' equity:    
Preferred Stock, 10,000,000 shares authorized; Series B, $0.001 par value: 1,804,394 and 2,120,742 issued and outstanding as of June 30, 2018 and December 31, 2017, respectively; Series A, $0.001 par value: 970,000 shares issued and outstanding as of June 30, 2018 and December 31, 2017 970 970
Series B [Member]    
Stockholders' equity:    
Preferred Stock, 10,000,000 shares authorized; Series B, $0.001 par value: 1,804,394 and 2,120,742 issued and outstanding as of June 30, 2018 and December 31, 2017, respectively; Series A, $0.001 par value: 970,000 shares issued and outstanding as of June 30, 2018 and December 31, 2017 $ 1,804 $ 2,120

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v3.10.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Operating costs and expenses:        
Cost of research and development revenue $ 0 $ (59,091) $ 0 $ (59,091)
Research and development (927,069) (873,837) (1,633,340) (2,094,891)
General and administrative (1,066,517) (1,970,471) (2,188,589) (3,605,004)
Loss from operations (1,993,586) (2,903,399) (3,821,929) (5,759,076)
Other income (expense):        
Other income (expense) (35,529) (25,276) (27,131) (34,632)
Interest income (expense) (61) 9,745 366 9,157
Total other income (expense) (32,590) (15,531) (26,765) (25,475)
Net loss $ (2,026,176) $ (2,918,930) $ (3,848,694) $ (5,784,551)
Basic and diluted loss per share $ (0.23) $ (0.34) $ (0.44) $ (0.67)
Weighted-average shares of common stock outstanding, basic and diluted 8,747,011 8,706,387 8,732,357 8,613,127

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,848,694) $ (5,784,551)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 11,399 14,020
Share-based payments 753,215 1,225,490
Warrant expense for services 63,734 (95,906)
Vendor share-based payments 34,854 60,280
Changes in operating assets and liabilities:    
Accounts receivable 0 3,000,000
Prepaid expenses and other assets (379,875) (185,541)
Accounts payable, accrued expenses and other liabilities (389,574) 59,291
Net cash (used in) provided by operating activities (3,754,941) (1,706,917)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment 0 (9,264)
Net cash used in investing activities 0 (9,264)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of warrants 1,480,000 0
Net cash provided by financing activities 1,480,000 0
Net change in cash and restricted cash (2,274,941) (1,716,181)
Cash and restricted cash at beginning of period 5,599,572 4,114,641
Cash and restricted cash at end of period 3,324,631 2,398,460
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 678 1,100
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Conversion of Series B preferred stock to common stock 316 185
Reclassification of common shares issuable to accounts payable 0 65,977
Issuance of common stock for promissory note converted in 2016 $ 0 $ 125

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