Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

v3.5.0.2
Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating activities    
Net loss $ (14,832,899) $ (6,841,545)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 20,468 17,360
Stock-based compensation expense 1,439,194 321,228
Non-cash interest expense 134,096 204,759
Change in fair value of warrant liability, unit purchase option liability and investor rights obligation 57,595 (1,127,683)
Changes in assets and liabilities:    
Grants receivable (379,256)  
Prepaid expenses and other assets 191,527 255,248
Restricted cash (79,051) 58,333
Accounts payable 109,908 318,218
Accrued expenses and other liabilities 2,478,234 178,982
Net cash used in operating activities (10,860,184) (6,615,100)
Investing activities    
Purchase of property and equipment (25,646) (19,984)
Net cash used in investing activities (25,646) (19,984)
Financing activities    
Proceeds from sale of shares under common stock purchase agreement 1,000,000  
Principal payments on term debt (2,459,493) (1,023,798)
Payment of deferred financing costs (1,467) (775,475)
Net cash used in financing activities (1,460,960) (1,799,273)
Decrease in cash and cash equivalents (12,346,790) (8,434,357)
Cash and cash equivalents at beginning of period 21,161,967 11,742,349
Cash and cash equivalents at end of period 8,815,177 3,307,992
Supplemental disclosures of cash flow information    
Cash paid for interest 287,841 434,971
Supplemental disclosures of noncash financing activities    
Accrued deferred financing costs $ 101,728 $ 1,104,316