Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.3.1.900
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Operating activities:    
Net loss $ (50,528,240) $ (49,700,875)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 207,897 239,390
Stock-based compensation 3,426,730 2,383,399
Noncash interest expense on loans 179,747 33,442
Loss on disposal of assets 10,520 5,015
Revaluation of warrant liability 70,387 (122,412)
Amortization of bond premium on marketable securities 1,210,205  
Changes in operating assets and liabilities:    
Prepaid expenses, offering costs and other assets (1,223,272) 3,196,559
Accounts payable and other liabilities 2,821,066 4,187,552
Deferred revenue 3,750,000  
Net cash used in operating activities (40,074,960) (39,777,930)
Investing activities:    
Purchase of property and equipment (361,247) (440,381)
Purchase of intangible asset (15,000)  
Purchases of marketable securities (56,563,087) (70,717,422)
Net cash provided by (used in) investing activities (56,939,334) (71,157,803)
Financing activities:    
Proceeds from exercise of common stock options 905,787 111,778
Proceeds from loans payable, net 16,368,443 1,775,012
Proceeds from issuance of common stock, net 90,310,634 107,290,323
Capital lease payments (2,563) (1,019)
Net cash provided by financing activities 107,582,301 109,176,094
Net increase (decrease) in cash and cash equivalents 10,568,007 (1,759,639)
Cash and cash equivalents-beginning of period 36,205,559 37,965,198
Cash and cash equivalents-end of period 46,773,566 36,205,559
Supplemental disclosure of cash flow information:    
Cash paid for interest 154,618 37,209
Capital lease additions   14,259
Common Stock    
Supplemental disclosure of cash flow information:    
Fair value of stock warrants issued $ 4,000 $ 1,000