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Statements of Cash Flows - USD ($) | 12 Months Ended
--- | ---
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016
Operating activities |  |  |
Net loss | $ (48,273,633) | $ (33,281,068) | $ (31,809,838)
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
Depreciation | 275,123 | 263,541 | 190,540
Loss on disposal of property and equipment | 168 |  |
Stock-based compensation expense | 4,587,098 | 3,760,802 | 2,964,767
Changes in assets and liabilities |  |  |
Prepaid expenses and other current assets | 943,360 | (2,816,381) | (36,693)
Prepaid research and development expenses | (1,356,243) | 555,167 | (63,000)
Deposits |  |  | (52,320)
Accounts payable | 16,488 | 1,061,880 | 1,000,975
Accrued expenses and bonuses | 551,146 | 724,797 | (2,504,179)
Deferred rent | (74,637) | (37,099) | 578,483
Net cash used in operating activities | (43,331,130) | (29,768,361) | (29,731,265)
Investing activities |  |  |
Purchases of property and equipment | (125,618) | (294,107) | (704,202)
Net cash used in investing activities | (125,618) | (294,107) | (704,202)
Financing activities |  |  |
Proceeds from issuance of common stock, net of issuance costs | 128,425,080 | 113,572,189 | 23,601,955
Proceeds from exercise of stock options and warrants | 1,024,525 | 373,376 | 72,593
Net cash provided by financing activities | 129,449,605 | 113,945,565 | 23,674,548
Net change in cash and cash equivalents | 85,992,857 | 83,883,097 | (6,760,919)
Cash and cash equivalents, beginning of period | 123,924,738 | 40,041,641 | 46,802,560
Cash and cash equivalents, end of period | $ 209,917,595 | 123,924,738 | 40,041,641
Non-cash investing activities and financing activities |  |  |
Property acquisition costs included in accounts payable and accrued expenses |  | 20,000 | $ 21,292
Issuance costs associated with financing included in accounts payable and accrued expenses |  | $ 25,005 |

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