Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

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Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating activities    
Net loss $ (3,759,152) $ (8,664,174)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 11,689 13,416
Stock-based compensation expense 587,963 1,151,420
Non-cash interest expense 21,352 97,150
Change in fair value of warrant liability and unit purchase option liability 1,650 (43,651)
Changes in assets and liabilities:    
Grants receivable 57,230 (650,488)
Prepaid expenses and other assets (11,040) 90,770
Restricted cash (2,202) 0
Accounts payable (682,907) 61,193
Accrued expenses and other liabilities (222,303) 518,138
Net cash used in operating activities (3,997,720) (7,426,226)
Investing activities    
Purchase of property and equipment (1,801) (19,157)
Net cash used in investing activities (1,801) (19,157)
Financing activities    
Proceeds from sale of shares under common stock purchase agreements 1,693,498 0
Proceeds from sale of shares pursuant to private placement, net 4,650,000 0
Proceeds from sales of common stock under employee stock purchase plan 35,431 0
Principal payments on term debt (1,767,421) (1,623,019)
Payment of financing costs (279,246) (214,020)
Net cash provided by (used in) financing activities 4,332,262 (1,837,039)
Increase (decrease) in cash and cash equivalents 332,741 (9,282,422)
Cash and cash equivalents at beginning of period 5,127,958 21,161,967
Cash and cash equivalents at end of period 5,460,699 11,879,545
Supplemental disclosures of cash flow information    
Cash paid for interest 70,180 208,537
Supplemental disclosures of noncash financing activities    
Accrued financing costs $ 0 $ 17,162