• Filing Date: 2019-08-13
  • Form Type: 10-Q
  • Description: Quarterly report
v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net loss $ (4,871,050) $ (3,639,929)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 890,166 343,021
Amortization of held-to-maturity securities, net 90,785 492,398
Foreign currency exchange loss (gain), net 10,966 (10,358)
Changes in operating assets and liabilities:    
Interest receivable (105,002) 30,360
Accounts receivable (189,246) 265,121
Income tax receivable 506,866 0
Prepaid research and development 154,522 448,785
Prepaid expenses and other current assets 59,867 (14,973)
Accounts payable 665,126 (275,745)
Accrued expenses (3,535) 44,491
Deferred research and development obligation (50,430) 41,815
Income taxes payable 0 (102,000)
Net cash used in operating activities (2,840,965) (2,377,014)
Cash flows from investing activities    
Purchases of held-to-maturity investment securities (23,571,163) (30,320,705)
Proceeds from maturities of investment securities 28,676,000 30,507,000
Net cash provided by investing activities 5,104,837 186,295
Cash flows from financing activities    
Repurchases of common stock 0 (374,820)
Proceeds from exercise of options 149,180 0
Net cash provided by (used in) financing activities 149,180 (374,820)
Effect of exchange rate changes on cash (17,846) (1,989)
Net increase (decrease) in cash and cash equivalents 2,395,206 (2,567,528)
Cash and cash equivalents at beginning of period 2,386,314 5,786,348
Cash and cash equivalents at end of period 4,781,520 3,218,820
Supplemental cash flow information    
Cash received from income tax refund $ 506,866 $ 102,000