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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities    
Net loss $ (8,307,965) $ (5,691,756)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 1,171,079 467,203
Amortization of held-to-maturity securities, net 198,208 676,644
Foreign currency exchange loss (gain), net 27,725 20,778
Changes in operating assets and liabilities:    
Interest receivable (35,471) 195,601
Accounts receivable (252,772) (59,984)
Income tax receivable 506,866 (1,007,482)
Prepaid research and development 253,446 913,013
Prepaid expenses and other current assets (105,707) (17,395)
Accounts payable 657,658 (195,755)
Accrued expenses 166,399 251,617
Deferred research and development obligations (62,358) 141,002
Income taxes payable 0 (100,675)
Net cash used in operating activities (5,782,892) (4,407,189)
Cash flows from investing activities    
Purchases of held-to-maturity investment securities (47,615,550) (49,734,681)
Proceeds from maturities of investment securities 55,323,000 53,063,000
Net cash provided by investing activities 7,707,450 3,328,319
Cash flows from financing activities    
Repurchases of common stock 0 (2,304,042)
Proceeds from exercise of options 550,188 4,500
Net cash provided by (used in) financing activities 550,188 (2,299,542)
Effect of exchange rate changes on cash (37,516) (21,622)
Net decrease in cash and cash equivalents 2,437,230 (3,400,034)
Cash and cash equivalents at beginning of period 2,386,314 5,786,348
Cash and cash equivalents at end of period 4,823,544 2,386,314
Supplemental cash flow information    
Cash received from income tax refund $ 506,866 $ 0