XML 19 R6.htm IDEA: XBRL DOCUMENT v3.19.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:    
Net loss $ (11,883,359) $ (20,402,176)
Non-cash items included in net loss:    
Depreciation and amortization 356,859 553,010
Change in fair value of earn-out milestone liability (3,630,861) (649,701)
Impairment of in-process research and development 4,510,000 2,520,000
Stock-based compensation 4,604,415 1,105,245
Shares issued in exchange for services 29,841
Shares issued to satisfy certain obligations 235,072
Amortization of deferred finance charges and debt discount associated with note payable 199,153 35,370
Change in deferred rent liability (8,432) 59,358
Net changes in:    
Interest receivable on investments (13,869) (50,432)
Advances and deposits on clinical programs and other current assets (362,107) 115,222
Other assets (250,172)
Accounts payable - trade (396,225) 537,885
Deferred revenue (500,000) (500,000)
Other accrued liabilities 303,071 (200,929)
Net cash used in operating activities (7,041,686) (16,642,076)
Cash flows from investing activities:    
Purchases of investment securities (16,973,942) (12,734,184)
Proceeds from sale and maturity of investment securities 15,480,000 1,680,000
Refund on security for letter of credit 100,000
Purchases of property and equipment (138,399) (38,629)
Net cash (used in) provided by investing activities (1,632,341) (10,992,813)
Cash flows from financing activities:    
Proceeds from issuance of common stock equity, net of issuance costs 858,515 17,910,401
Proceeds from note payable, net of issuance costs 9,725,000
Proceeds from exercise of common stock warrants 21,140,304
Principal payments on note payable (2,595,923)
Net cash provided by financing activities 10,583,515 36,454,782
Increase in cash and cash equivalents 1,909,488 8,819,893
Cash and cash equivalents at beginning of period 11,444,055 2,624,162
Cash and cash equivalents at end of period 13,353,543 11,444,055
Cash (paid for) received from:    
Interest paid (512,872) (56,386)
Income tax benefit 10,419,115
Non-cash financing activities:    
Fair value of common stock issued as equity issuance costs charged against paid in capital 450,000
Fair value of common stock and warrants issued in connection with notes payable 507,116
Fair value of stock issued in exchange for cancelation of warrants 8,207
Fair value of modification of warrant exercise prices included in paid in capital 345,685
Fair value of deemed dividend related to modification of warrant exercise prices charged against paid in capital $ (345,685)