v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 15,236,736 $ 7,217,469
Restricted cash 55,000 55,000
Prepaid expenses 440,389 250,944
Research and development tax rebate receivable 626,011 358,277
Other current assets 50,035 16,344
Total current assets 16,408,171 7,898,034
Furniture and equipment, net 60,926 11,467
Intangible assets, net 59,882 75,686
Other assets 48,867 178,907
Total assets 16,577,846 8,164,094
Current liabilities    
Accounts payable 191,217 334,901
Accrued expenses 286,713 90,105
Payroll liabilities 952,657 784,867
Stock-based compensation liability 1,557,163  
Other current liabilities 23,331 15,534
Total current liabilities 3,011,081 1,225,407
Commitments and contingencies (note 11)
Stockholders' equity    
Preferred stock - $0.001 par value; 10,000,000 shares authorized, consisting of: Series A convertible preferred stock-$0.001 par value; 4,000 shares authorized, and 0 shares outstanding as of June 30, 2018 and December 31, 2017; Series B convertible preferred stock- $0.001 par value; 25,000 and 0 shares authorized, and 5,802 and 0 shares issued and outstanding, as of June 30, 2018 and December 31, 2017, respectively 6  
Additional paid-in capital-Series B convertible preferred stock 5,234,116  
Common stock - $0.18 par value; 175,000,000 shares authorized, 4,874,099 and 2,651,952 shares issued and outstanding, as of June 30, 2018 and December 31, 2017, respectively 877,329 477,342
Additional paid-in capital 78,898,602 71,887,674
Accumulated deficit (71,443,288) (65,426,329)
Total stockholders' equity 13,566,765 6,938,687
Total liabilities and stockholders' equity $ 16,577,846 $ 8,164,094

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Operating expenses:        
Research and development $ 1,467,736 $ 824,094 $ 1,938,712 $ 1,368,396
General and administrative 2,674,920 1,072,169 4,078,385 2,231,458
Total operating expenses 4,142,656 1,896,263 6,017,097 3,599,854
Operating loss (4,142,656) (1,896,263) (6,017,097) (3,599,854)
Change in fair value of common stock warrants   (152,447)   (152,447)
Warrant financing expense   (192,817)   (192,817)
Other income 79 38 138 75
Loss before income taxes (4,142,577) (2,241,489) (6,016,959) (3,945,043)
Net loss (4,142,577) (2,241,489) (6,016,959) (3,945,043)
Deemed dividends attributable to preferred stock (4,782,100) (2,568,132) (4,782,100) (2,568,132)
Net loss applicable to common stockholders $ (8,924,677) $ (4,809,621) $ (10,799,059) $ (6,513,175)
Loss per common share - basic and diluted (in dollars per share) $ (2.90) $ (7.72) $ (3.77) $ (13.85)
Weighted average shares outstanding, basic and diluted (in shares) 3,073,803 623,004 2,864,033 470,139

Source

v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES          
Net loss $ (4,142,577) $ (2,241,489) $ (6,016,959) $ (3,945,043)  
Compensation cost for stock options granted     394,189 336,115  
Loss on disposal of intangible asset       17,695  
Change in stock-based compensation liability 179,050 181,408 1,557,163    
Depreciation and amortization     17,838 73,193  
Change in fair value of common stock warrants   152,447   152,447  
Warrant financing expense   192,817   192,817  
Changes in operating assets and liabilities:          
Prepaid expenses     (189,445) (56,769)  
Research and development tax rebate receivable     (267,734)    
Other assets     56,644 25,831  
Accounts payable     (143,684) 241,491  
Payroll liabilities     167,790 (287,479)  
Accrued expenses     196,608 27,053  
Other current liabilities     7,797 13,074  
Net cash used in operating activities     (4,219,793) (3,209,575)  
CASH FLOWS FROM INVESTING ACTIVITIES          
Purchase of furniture and equipment     (51,491)  
Net cash used in investing activities     (51,491)  
CASH FLOWS FROM FINANCING ACTIVITIES          
Proceeds from issuance of Class A and Class B Units, net of issuance costs       3,871,636  
Proceeds from issuance of Series B convertible preferred stock, net of issuance costs     12,290,551    
Net cash provided by financing activities     12,290,551 3,871,636  
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH     8,019,267 662,061  
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING BALANCE     7,272,469 3,082,962 $ 3,082,962
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, ENDING BALANCE $ 15,291,736 $ 3,745,023 15,291,736 $ 3,745,023 $ 7,272,469
NONCASH INVESTING AND FINANCING ACTIVITIES          
Common stock issued for cashless exercise of common stock warrants       900,488  
Amount receivable for warrant exercise       $ 2,600  
Allocation of Class A and Class B Unit proceeds to warrant liability       1,612,416  
Amortization of commitment shares     $ 39,703 $ 39,705  

Source