v3.20.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash $ 10,367,920 $ 571,605
Restricted cash 0 66,510
Prepaid expenses and other 722,079 555,856
Total current assets 11,089,999 1,193,971
Property and equipment, net 757 4,956
Goodwill 0 3,283,379
Indefinite-lived intangible assets 9,243,128 9,243,128
Other assets 1,213,042 705,660
Total assets 21,546,926 14,431,094
Current liabilities:    
Accounts payable 931,128 934,147
Accrued expenses and other current liabilities 484,029 665,641
Total current liabilities 1,415,157 1,599,788
Deferred tax liability 2,918,518 2,918,518
Total liabilities 4,333,675 4,518,306
Commitments and contingent liabilities (Note 13)
Stockholders' equity:    
Common stock, $0.001 par value; 12,500,000 shares authorized as of December 31, 2019 and December 31, 2018; 6,092,432 and 810,856 shares issued as of December 31, 2019 and December 31, 2018, respectively; 6,065,441 and 783,865 shares outstanding as of December 31, 2019 and December 31, 2018, respectively 6,092 811
Additional paid in capital 188,240,451 168,170,244
Accumulated deficit (166,008,620) (153,233,595)
Accumulated other comprehensive income 253,734 253,734
Treasury stock (5,281,180) (5,281,180)
Total stockholders' equity 17,213,251 9,912,788
Total liabilities and stockholders' equity 21,546,926 14,431,094
Preferred Class A [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, 2019 and December 31, 2018; Series A, $0.001 par value: 970,000 shares issued and outstanding as of December 31, 2019 and December 31, 2018 970 970
Preferred Class B [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, 2019 and December 31, 2018; Series A, $0.001 par value: 970,000 shares issued and outstanding as of December 31, 2019 and December 31, 2018 $ 1,804 $ 1,804

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v3.20.1
Consolidated Statements of Comprehensive Loss - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Revenue    
Total revenues $ 17,066 $ 0
Operating costs and expenses:    
Research and development (4,889,340) (2,883,952)
General and administrative (4,731,176) (4,392,375)
Goodwill impairment (Note 6) (3,283,379) 0
Total operating costs and expenses (12,903,895) (7,276,327)
Loss from operations (12,886,829) (7,276,327)
Other income (expense):    
Other income (expense) 3,315 (24,640)
Interest income, net 108,489 509
Total other income (expense) 111,804 (24,131)
Net loss (12,775,025) (7,300,458)
Deemed dividend (5,284,379) 0
Net loss applicable to common stockholders $ (18,059,404) $ (7,300,458)
Basic and diluted loss per share $ (6.33) $ (9.66)
Weighted-average shares of common stock outstanding, basic and diluted 2,852,464 756,015
Royalty [Member]    
Revenue    
Total revenues $ 17,066 $ 0

Source

v3.20.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (12,775,025) $ (7,300,458)
Adjustments to reconcile net loss to net cash used in operating activities:    
Acquired in-process research and development 3,031,226 0
Goodwill impairment 3,283,379 0
Depreciation 4,199 15,827
Amortization of right of use asset 23,288 0
Gain on sale of property and equipment (2,000) (15,437)
Share-based expense 806,090 1,362,079
Vendor share-based payments 47,427 69,708
Issuance of warrants in connection with reverse stock split 63,536 0
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (653,563) (251,798)
Accounts payable, accrued expenses and other liabilities (227,961) (343,878)
Net cash used in operating activities (6,399,404) (6,463,957)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of property and equipment 2,000 22,500
Net cash provided by investing activities 2,000 22,500
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net proceeds from issuance of common stock and warrants in public offering 13,421,950 0
Net proceeds from issuance of common stock and warrants in registered direct offering 2,699,050 0
Proceeds from exercise of warrants 6,209 1,480,000
Net cash provided by financing activities 16,127,209 1,480,000
Net change in cash and restricted cash 9,729,805 (4,961,457)
Cash and restricted cash at beginning of period 638,115 5,599,572
Cash and restricted cash at end of period 10,367,920 638,115
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 8 599
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Right of use assets obtained in exchange for lease obligations 43,330 0
Issuance of common stock to vendor 7 0
Issuance of common stock to acquire in-process research and development 3,031,226 0
Issuance of common stock to adjust for Reverse Stock Split 1 0
Issuance of common stock from cashless exercise of purchase warrants 2,202 0
Conversion of Series B preferred stock to common stock $ 0 $ 316

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