CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net loss	$ (2,175,258)	$ (2,043,292)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	309,563	269,596
Amortization of held-to-maturity securities, net	32,201	284,730
Foreign currency exchange loss, net	5,148	4,840
Changes in operating assets and liabilities:
Interest receivable	3,981	21,044
Accounts receivable	(106,781)	171,841
Income tax receivable	6,249	0
Prepaid research and development	83,112	360,711
Prepaid expenses and other current assets	5,049	55,209
Accounts payable	641,799	(57,039)
Accrued expenses	(96,606)	207,572
Deferred research and development obligation	(117,978)	166,024
Income taxes payable	0	(102,000)
Net cash used in operating activities	(1,409,521)	(660,764)
Cash flows from investing activities
Purchases of held-to-maturity investment securities	(13,190,855)	(17,761,999)
Proceeds from maturities of investment securities	16,197,000	17,639,000
Net cash provided by (used in) investing activities	3,006,145	(122,999)
Cash flows from financing activities
Repurchases of common stock	0	(374,820)
Net cash used in financing activities	0	(374,820)
Effect of exchange rate changes on cash	(7,177)	3,547
Net increase (decrease) in cash, cash equivalents and restricted cash	1,589,447	(1,155,036)
Cash, cash equivalents and restricted cash at beginning of period	2,386,314	5,786,348
Cash, cash equivalents and restricted cash at end of period	3,975,761	4,631,312
Supplemental cash flow information
Cash refund received from income tax	$ 6,249	$ 102,000

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