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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating activities    
Net loss $ (9,999,537) $ (10,262,518)
Adjustments to reconcile net loss to net cash used in operating activities:    
Impairment loss 485,000 0
Depreciation and amortization 330,968 156,821
Stock based compensation expense 920,799 2,811,108
Accretion of final fee premium 125,012 93,062
Amortization of discount on debt 68,223 27,631
Amortization of premiums on short-term investments 10,877 0
Deferred rent (66,119) 0
Interest income accrued on short-term investments 151,583 0
Change in fair value of derivative financial instruments—warrants (555,506) (533,750)
Changes in operating assets and liabilities:    
Decrease in other assets 0 2,761
Decrease in accounts receivable 20,112 36,801
Decrease (increase) in prepaid expenses 110,957 (51,272)
(Decrease) increase in accounts payable and accrued expenses (360,577) 1,072,343
Decrease in other liabilities 0 (268,694)
Net cash used in operating activities (8,758,208) (6,915,707)
Investing activities:    
Capital expenditures, net (11,452) (352,023)
Maturities of short-term investments 14,000,000 0
Purchases of short-term investments (8,804,604) 0
Net cash provided by (used in) investing activities 5,183,944 (352,023)
Financing activities:    
Proceeds from exercise of options 0 133,613
Borrowings under equipment line of credit 0 550,297
Repayments of long-term debt 0 (919,864)
Repayments of equipment line of credit (156,526) 0
Net cash used in financing activities (156,526) (235,954)
Effect of exchange rate changes on cash and cash equivalents (844) (34)
Net change in cash and equivalents (3,731,634) (7,503,718)
Cash and cash equivalents—Beginning of period 13,915,094 67,493,047
Cash and cash equivalents—End of period 10,183,460 59,989,329
Supplementary disclosure of cash flow activity:    
Cash paid for interest 300,040 276,214
Supplemental disclosure of non-cash investing and financing activities:    
Preferred stock dividends accrued 6,060 6,060
Leasehold improvements paid for by lessor $ 0 $ 1,860,000