Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

v3.6.0.2
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating activities      
Net loss $ (16,471,603) $ (10,490,103) $ (16,055,591)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 26,856 23,508 28,943
Loss on disposition of assets 0 0 17,806
Stock-based compensation expense 1,694,891 394,748 1,086,581
Write off of deferred public offering costs 0 0 1,064,106
Non-cash interest expense 162,270 293,748 989,258
Change in fair value of warrant liability, unit purchase option liability and investor rights obligation (72,625) (1,313,049) (2,266,161)
Changes in assets and liabilities:      
Grant receivable (132,472) 0 0
Prepaid expenses and other assets 22,047 (41,243) 353,973
Restricted cash (15,107) 116,666 (498)
Accounts payable 332,100 (268,709) (708,366)
Accrued expenses and other current liabilities (119,495) 1,121,054 (28,400)
Net cash used in operating activities (14,573,138) (10,163,380) (15,518,349)
Investing activities      
Purchase of property and equipment (34,883) (19,984) (19,502)
Net cash used in investing activities (34,883) (19,984) (19,502)
Financing activities      
Proceeds from issuance of convertible promissory notes and demand notes 0 0 2,249,666
Proceeds from issuance of term loan, net of costs 0 0 7,390,000
Proceeds from issuance of Series B convertible preferred stock and common stock warrants, net of offering costs 0 0 14,584,307
Payment of fractional shares upon conversion of preferred stock to common stock 0 (1,373) 0
Proceeds from initial public offering, including over-allotment, net of underwriting discounts, commissions and expenses 0 23,685,270 0
Proceeds from sale of shares under common stock purchase agreement 2,003,182 0 0
Principal payments on term debt (3,314,225) (1,811,744) 0
Payment of offering costs (114,945) (2,269,171) (365,253)
Net cash provided by (used in) financing activities (1,425,988) 19,602,982 23,858,720
Increase (decrease) in cash and cash equivalents (16,034,009) 9,419,618 8,320,869
Cash and cash equivalents at beginning of period 21,161,967 11,742,349 3,421,480
Cash and cash equivalents at end of period 5,127,958 21,161,967 11,742,349
Supplemental disclosures of cash flow information      
Cash paid for interest 348,888 568,299 173,514
Supplemental disclosures of non-cash financing activities:      
Accrued deferred financing costs 81,832 0 0
Conversion of promissory and demand notes into Series B convertible preferred stock 0 0 2,249,666
Reclassification of common stock warrants from liabilities to equity 0 0 426,303
Allocation of debt and equity proceeds to investor rights obligation 0 0 2,598,510
Extinguishment upon modification of Series A and A-1 convertible preferred stock $ 0 $ 0 $ 12,534,438