Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

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Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating activities    
Net loss $ (1,960,638) $ (5,140,013)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 5,830 6,788
Stock-based compensation expense 332,219 937,308
Non-cash interest expense 13,389 52,120
Change in fair value of warrant liability and unit purchase option liability 3,761 47,104
Changes in assets and liabilities:    
Grants receivable (54,891) 0
Prepaid expenses and other assets 141,650 170,009
Restricted cash (9,098) 0
Accounts payable (414,333) (71,398)
Accrued expenses and other liabilities (303,452) 291,522
Net cash used in operating activities (2,245,563) (3,706,560)
Investing activities    
Purchase of property and equipment (1,801) (8,898)
Net cash used in investing activities (1,801) (8,898)
Financing activities    
Proceeds from sale of shares under common stock purchase agreements 1,186,564 0
Principal payments on term debt (874,700) (803,900)
Payment of financing costs (190,905) (40,968)
Net cash provided by (used in) financing activities 120,959 (844,868)
Decrease in cash and cash equivalents (2,126,405) (4,560,326)
Cash and cash equivalents at beginning of period 5,127,958 21,161,967
Cash and cash equivalents at end of period 3,001,553 16,601,641
Supplemental disclosures of cash flow information    
Cash paid for interest 44,003 111,878
Supplemental disclosures of noncash financing activities    
Accrued financing costs $ 11,025 $ 0