Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating activities    
Net loss $ (5,140,013) $ (3,237,719)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 6,788 5,519
Stock-based compensation expense 937,308 50,188
Non-cash interest expense 52,120 69,444
Change in fair value of warrant liability, unit purchase option liability and investor rights obligation 47,104 535,291
Changes in assets and liabilities:    
Prepaid expenses and other assets 170,009 14,104
Restricted cash   58,333
Accounts payable (71,398) (209,084)
Accrued expenses and other liabilities 291,522 (355,325)
Net cash used in operating activities (3,706,560) (3,069,249)
Investing activities    
Purchase of property and equipment (8,898)  
Net cash used in investing activities (8,898)  
Financing activities    
Principal payments on term debt (803,900)  
Payment of offering costs of initial public offering (40,968) (15,796)
Net cash used in financing activities (844,868) (15,796)
Decrease in cash and cash equivalents (4,560,326) (3,085,045)
Cash and cash equivalents at beginning of period 21,161,967 11,742,349
Cash and cash equivalents at end of period 16,601,641 8,657,304
Supplemental disclosures of cash flow information    
Cash paid for interest $ 111,878 $ 149,063