Nature of Operations and Summary of Significant Accounting Policies (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Schedule of Statement of Operations |
The table below presents the impact
of the adoption of ASC 606 on our statement of operations for the year ended December 31, 2018.
| |
|
For the year ended December 31, 2018 |
|
| |
|
Under |
|
|
Effect of |
|
|
As Reported |
|
| |
|
ASC 605 |
|
|
ASC 606 |
|
|
Under ASC 606 |
|
| Revenues |
|
|
|
|
|
|
|
|
|
| Foundation revenues |
|
$ |
- |
|
|
$ |
2,796,000 |
|
|
$ |
2,796,000 |
|
| License revenues |
|
|
602,000 |
|
|
|
(602,000 |
) |
|
|
- |
|
| Total revenues |
|
|
804,000 |
|
|
|
2,194,000 |
|
|
|
2,998,000 |
|
| Loss from operations |
|
|
(60,360,000 |
) |
|
|
2,194,000 |
|
|
|
(58,166,000 |
) |
| Net loss |
|
|
(58,865,000 |
) |
|
|
2,194,000 |
|
|
|
(56,671,000 |
) |
| Basic and diluted loss per common share |
|
|
(1.24 |
) |
|
|
0.05 |
|
|
|
(1.19 |
) |
|
| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
We did not include the following
potentially dilutive securities in the computation of diluted net loss per common share during the periods presented:
| |
|
For the years ended December 31, |
|
| |
|
2019 |
|
|
2018 |
|
|
2017 |
|
| Warrants |
|
|
70,000 |
|
|
|
1,820,686 |
|
|
|
2,934,685 |
|
| Stock options |
|
|
6,055,395 |
|
|
|
5,841,805 |
|
|
|
5,429,727 |
|
| Total |
|
|
6,125,395 |
|
|
|
7,662,491 |
|
|
|
8,364,412 |
|
|
| Schedule of Stock Based Compensation |
The following table summarizes stock
option-based option compensation for 2019, 2018 and 2017, which was allocated as follows:
| |
|
For the years ended December 31, |
|
| |
|
2019 |
|
|
2018 |
|
|
2017 |
|
| Research and development |
|
$ |
3,932,000 |
|
|
$ |
3,913,000 |
|
|
$ |
1,668,000 |
|
| General and administrative |
|
|
3,406,000 |
|
|
|
4,265,000 |
|
|
|
2,976,000 |
|
| Stock option-based compensation expense included in operating expense |
|
|
7,338,000 |
|
|
|
8,178,000 |
|
|
|
4,644,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total stock option-based compensation expense |
|
|
7,338,000 |
|
|
|
8,178,000 |
|
|
|
4,644,000 |
|
| Tax benefit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Stock option-based compensation expense, net of tax |
|
$ |
7,338,000 |
|
|
$ |
8,178,000 |
|
|
$ |
4,644,000 |
|
|
| Restricted Stock [Member] |
|
| Schedule of Stock Based Compensation |
The following table summarizes restricted
stock-based compensation for 2019, 2018 and 2017, which was allocated as follows:
| |
|
For the years ended December 31, |
|
| |
|
2019 |
|
|
2018 |
|
|
2017 |
|
| Research and development |
|
$ |
454,000 |
|
|
$ |
- |
|
|
$ |
- |
|
| General and administrative |
|
|
445,000 |
|
|
|
688,000 |
|
|
|
1,272,000 |
|
| Restricted stock-based compensation expense included in operating expense |
|
|
899,000 |
|
|
|
688,000 |
|
|
|
1,272,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total restricted stock-based compensation expense |
|
|
899,000 |
|
|
|
688,000 |
|
|
|
1,272,000 |
|
| Tax benefit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Restricted stock-based compensation expense, net of tax |
|
$ |
899,000 |
|
|
$ |
688,000 |
|
|
$ |
1,272,000 |
|
|