Financials

v3.20.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash $ 21,686 $ 7,418
Restricted cash 50 50
Accounts receivable 644 644
Prepaid expenses and other current assets 202 169
Total current assets 22,582 8,281
Property and equipment, net 494 431
Deposits 39 50
Operating lease right-of-use assets, net (including $40 to related party) 634 677
Goodwill 19,092 19,092
Total assets 42,841 28,531
Current liabilities:    
Accounts payable and accrued expenses 1,659 1,999
Current maturities of finance lease liabilities 50 103
Current maturities of operating lease liabilities (including $59 to related party) 182 177
Derivative liabilities 34 7
Total current liabilities 1,925 2,286
Long-term liabilities:    
Finance lease liabilities 10 14
Operating lease liabilities (including $40 to related party) 475 523
Total long-term liabilities 485 537
Total liabilities 2,410 2,823
Commitments and contingencies  
Stockholders' equity:    
Common stock, $0.001 par value; 100,000 shares authorized as of March 31, 2020 and December 31, 2019; 52,141 and 35,150 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively 53 36
Additional paid-in capital 277,628 260,932
Accumulated deficit (237,250) (235,260)
Total stockholders' equity 40,431 25,708
Total liabilities and stockholders' equity $ 42,841 $ 28,531

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v3.20.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues:    
Collaboration revenue $ 461 $ 5,078
Operating expenses:    
Research and development 1,283 878
General and administrative 1,139 1,323
Total operating expenses 2,422 2,201
Income (loss) from operations (1,961) 2,877
Other (expense) income:    
Interest expense, net (2) (6)
Change in fair value of derivative liabilities (27) 100
Total other income (expense), net (29) 94
Net income (loss) $ (1,990) $ 2,971
Net income (loss) per common share, basic and diluted $ (0.05) $ 0.1
Weighted average number of common shares outstanding, basic 41,662,000 30,337,000
Weighted average number of common shares outstanding, diluted 41,662,000 30,371,000

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v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net income (loss) $ (1,990) $ 2,971
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 30 23
Amortization of right of use assets 44 43
Stock-based compensation 107 33
Payments on operating lease liabilities (44) (27)
Change in fair value of derivative liabilities 27 (100)
Changes in operating assets and liabilities:    
Accounts receivable (1,078)
Prepaid expenses and other current assets (33) 22
Deposits 11
Accounts payable and accrued expenses (340) 134
Deferred rent (3)
Net cash (used in) provided by operating activities (2,188) 2,018
Investing activities:    
Purchases of property and equipment (93) (25)
Net cash used in investing activities (93) (25)
Financing activities:    
Payments on finance lease liabilities (57) (52)
Proceeds from sale of common stock, net of transaction costs 16,606 3,928
Net cash provided by financing activities 16,549 3,876
Net increase in cash and restricted cash 14,268 5,869
Cash and restricted cash at beginning of period 7,468 2,752
Cash and restricted cash at end of period 21,736 8,621
SUPPLEMENTAL DISCLOSURE OF NON-CASH OPERATING ACTIVITIES:    
Recognition of operating lease right-of-use assets and operating lease liabilities upon adoption of ASC Topic 842, Leases $ 833

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