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Liquidity
9 Months Ended
Sep. 30, 2018
Liquidity [Abstract]  
Liquidity

2. Liquidity



The Company has prepared its consolidated financial statements on a going concern basis, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business. However, the Company has incurred net losses since its inception and has negative operating cash flows. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of the uncertainty concerning the Company’s ability to continue as a going concern. 



As of September 30, 2018, the Company had cash and cash equivalents of $4.5 million. On October 16, 2018, the Company completed an underwritten public offering of common stock, pre-funded warrants and common warrants. The Company received aggregate gross proceeds from the offering of $6.8 million, before deducting the underwriting discount and commissions and other offering expenses payable by the Company (see Note 10). Considering the Company’s current cash resources, including the net proceeds received from the public offering in October 2018, management believes the Company’s existing resources will be sufficient to fund the Company’s planned operations until mid-2019. For the foreseeable future, the Company’s ability to continue its operations is dependent upon its ability to obtain additional capital.