Quarterly report pursuant to Section 13 or 15(d)

Condensed Statements of Cash Flows (Unaudited)

v3.19.3
Condensed Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net loss $ (9,688,127) $ (10,243,605)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 4,550 4,257
Amortization of right-of-use assets 78,341
Stock-based compensation 363,730 561,755
Settlement of Covance accounts payable (893,823)
Amortization of discount on available-for-sale debt securities (9,769)
Unrealized gain on available-for-sale securities 923
Changes in operating assets and liabilities:    
Accrued interest receivable 52,987
Prepaid expenses (349,677) (298,384)
Other assets (10,000)
Accounts payable (1,945,831) 786,723
Accrued expenses (1,266,621) (45,692)
Lease liabilities (68,971)
Other liabilities (13,359) (1,362)
Net cash used in operating activities (12,851,824) (10,130,131)
Cash flows from (used in) investing activities    
Purchase of property and equipment (1,589) (2,008)
Sale of investments in marketable debt securities 6,998,549
Net cash flows from investing activities 6,996,960 (2,008)
Cash flows used in financing activities    
Payout to stockholders for fractional shares (3,256)
Net cash used in financing activities (3,256)
Net decrease in cash and cash equivalents (5,854,864) (10,135,395)
Cash and cash equivalents at beginning of period 7,812,259 22,631,971
Cash and cash equivalents at end of period 1,957,395 12,496,576
Supplemental disclosure of cash flow activities:    
Cash paid for taxes 187,079
Supplemental disclosure of non-cash financing activities:    
Conversion of preferred stock to common stock 4,257,975 1,784,327
Right-of-use assets obtained in exchange for lease liabilities (198,319)
Lease liabilities arising from obtaining right-of-use assets $ 184,644