Condensed Statements of Cash Flows - USD ($)
|
9 Months Ended |
Sep. 30, 2019 |
Sep. 30, 2018 |
| Cash flows from operating activities |
|
|
| Net loss |
$ (18,144,237)
|
$ (19,951,226)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Share-based compensation |
2,278,000
|
3,859,000
|
| Write-off of deferred offering costs |
100,056
|
0
|
| Accrued interest on convertible notes |
314,721
|
175,578
|
| Amortization of debt discount |
713,709
|
2,060,000
|
| Depreciation |
16,104
|
14,417
|
| Beneficial conversion feature |
0
|
3,077,887
|
| Change in fair value of derivative liability |
(511,000)
|
0
|
| Change in fair value of warrant liability |
(141,700)
|
0
|
| Extinguishment of derivative liability |
(370,000)
|
0
|
| Loss on extinguishment of debt |
1,049,166
|
0
|
| Changes in operating assets and liabilities: |
|
|
| Prepaid expenses and other assets |
(276,185)
|
(363,738)
|
| Accounts payable |
(708,219)
|
(754,435)
|
| Accrued expenses |
1,036,898
|
(878,181)
|
| Accrued interest |
(101,624)
|
0
|
| Net cash used in operating activities |
(14,744,311)
|
(12,760,698)
|
| Cash flows from investing activities |
|
|
| Purchase of property and equipment |
(9,475)
|
(13,943)
|
| Loan payments from related party |
0
|
75,000
|
| Net cash (used in) provided by investing activities |
(9,475)
|
61,057
|
| Cash flows from financing activities |
|
|
| Borrowings from convertible notes |
5,000,000
|
3,345,000
|
| Payments of convertible notes |
(6,745,833)
|
(275,000)
|
| Payments of debt issuance costs |
(57,000)
|
(20,000)
|
| Proceeds from the exercise of stock options |
30,064
|
0
|
| Proceeds from issuance of common stock and warrants |
20,706,919
|
18,132,661
|
| Payment of deferred offering costs |
(1,045,468)
|
(1,655,079)
|
| Proceeds from exercise of warrants |
0
|
928,178
|
| Net cash provided by financing activities |
17,888,682
|
20,455,760
|
| Net increase in cash and cash equivalents |
3,134,896
|
7,756,119
|
| Cash and cash equivalents as of beginning of period |
5,728,900
|
355,563
|
| Cash and cash equivalents as of end of period |
8,863,796
|
8,111,682
|
| Supplemental disclosure of cash flow information |
|
|
| Cash paid during the period for interest |
418,927
|
280,287
|
| Supplemental disclosure of non-cash financing activities |
|
|
| Conversion of convertible notes and accrued interest to common stock |
0
|
9,229,819
|
| Assumption of liabilities from reverse recapitalization transaction |
0
|
978,674
|
| Warrants issued to placement agents |
0
|
913,000
|
| Commissions payable in connection with exercise of warrants |
0
|
87,152
|
| Non-cash addition of derivative liability |
1,281,000
|
0
|
| Non-cash addition of deferred offering costs |
$ 151,137
|
$ 0
|