Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows (Unaudited)

v3.8.0.1
Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities    
Net income (loss) $ 14,961,458 $ (14,832,899)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation 17,050 20,468
Stock-based compensation expense 852,210 1,439,194
Non-cash interest expense 20,365 134,096
Change in fair value of warrant liability and unit purchase option liability 1,586 57,595
Changes in assets and liabilities:    
Grants receivable 102,337 (379,256)
Prepaid expenses and other assets 50,228 191,527
Escrowed funds receivable (3,750,803) 0
Restricted cash (18,067) (79,051)
Accounts payable (697,695) 109,908
Accrued expenses and other liabilities 341,109 2,478,234
Income taxes payable 3,230,000 0
Net cash provided by (used in) operating activities 15,109,778 (10,860,184)
Investing activities    
Purchase of property and equipment (7,990) (25,646)
Net cash used in investing activities (7,990) (25,646)
Financing activities    
Proceeds from sale of shares under common stock purchase agreements, net 1,693,498 1,000,000
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, net 35,430 0
Principal payments on term debt (2,374,031) (2,459,493)
Payment of financing costs (279,246) (1,467)
Net cash provided by (used in) financing activities 3,725,651 (1,460,960)
Increase (decrease) in cash and cash equivalents 18,827,439 (12,346,790)
Cash and cash equivalents at beginning of period 5,127,958 21,161,967
Cash and cash equivalents at end of period 23,955,397 8,815,177
Supplemental disclosures of cash flow information    
Cash paid for interest 72,526 287,841
Supplemental disclosures of noncash financing activities    
Accrued financing costs $ 0 $ 101,728