Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.3.0.814
Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating activities    
Net loss $ (6,841,545) $ (13,532,284)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 17,360 21,062
Stock-based compensation expense 321,228 917,996
Non-cash interest expense 204,759 944,966
Change in fair value of warrant liability and Investor Rights Obligation (1,127,683) (734,279)
Changes in assets and liabilities:    
Prepaid expenses and other assets 255,248 62,193
Restricted cash 58,333 (350)
Accounts payable 318,218 (321,501)
Accrued expenses and other liabilities 178,982 1,091,447
Net cash used in operating activities (6,615,100) (11,550,750)
Investing activities    
Purchase of property and equipment (19,984) (19,502)
Net cash used in investing activities (19,984) (19,502)
Financing activities    
Proceeds from issuance of convertible promissory notes and demand notes   2,249,666
Proceeds from issuance of term loan, net of costs   7,390,000
Proceeds from issuance of Series B Convertible Preferred Stock and Common Stock Warrants, net of offering costs   14,584,307
Principal payments on term debt (1,023,798)  
Deferred financing costs (775,475) (343,816)
Net cash provided by (used in) financing activities (1,799,273) 23,880,157
Increase (decrease) in cash and cash equivalents (8,434,357) 12,309,905
Cash and cash equivalents at beginning of period 11,742,349 3,421,480
Cash and cash equivalents at end of period 3,307,992 15,731,385
Supplemental disclosures of cash flow information    
Cash paid for interest 434,971 $ 72,413
Supplemental disclosures of noncash financing activities    
Accrued deferred financing costs $ 1,104,316