XML 40 R6.htm IDEA: XBRL DOCUMENT v3.19.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net loss $ (6,569,434) $ (5,179,424)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,034,346 413,640
Amortization of held-to-maturity securities, net 141,362 598,464
Foreign currency exchange loss (gain), net 24,693 1,921
Changes in operating assets and liabilities:    
Interest receivable 58,800 176,617
Accounts receivable (110,807) 66,574
Income tax receivable 497,460 0
Prepaid research and development 253,446 705,836
Prepaid expenses and other current assets (164,590) (39,732)
Accounts payable 429,955 35,345
Accrued expenses 70,541 92,616
Deferred research and development obligation (47,726) 51,786
Income taxes payable 0 (102,000)
Net cash used in operating activities (4,381,954) (3,178,357)
Cash flows from investing activities    
Purchases of held-to-maturity investment securities (37,585,548) (39,320,144)
Proceeds from maturities of investment securities 43,953,000 40,739,000
Net cash provided by investing activities 6,367,452 1,418,856
Cash flows from financing activities    
Repurchases of common stock 0 (2,304,042)
Proceeds from exercise of options 328,590 4,500
Net cash provided by (used in) financing activities 328,590 (2,299,542)
Effect of exchange rate changes on cash (38,075) (12,600)
Net increase (decrease) in cash and cash equivalents 2,276,013 (4,071,643)
Cash and cash equivalents at beginning of period 2,386,314 5,786,348
Cash and cash equivalents at end of period 4,662,327 1,714,705
Supplemental cash flow information    
Cash received from income tax refund $ 506,866 $ 0