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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating activities    
Net loss $ (4,786,177) $ (9,999,537)
Adjustments to reconcile net loss to net cash used in operating activities:    
Impairment loss 0 485,000
Depreciation and amortization 252,480 330,968
Stock based compensation expense 1,406,131 920,799
Accretion of final fee premium 0 125,012
Amortization of discount on debt 0 68,223
Amortization of premiums on short-term investments 0 10,877
Deferred rent (79,586) (66,119)
Interest income accrued on short-term investments 0 151,583
Change in fair value of derivative financial instruments—warrants 129,689 (555,506)
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable and unbilled receivable 72,674 20,112
Decrease in prepaid expenses and other current assets 97,684 110,957
Increase (decrease) in accounts payable and accrued expenses 50,958 (360,577)
Net cash used in operating activities (2,856,147) (8,758,208)
Investing activities:    
Capital expenditures, net (5,100) (11,452)
Maturities of short-term investments 0 14,000,000
Purchases of short-term investments 0 (8,804,604)
Net cash (used in) provided by investing activities (5,100) 5,183,944
Financing activities:    
Proceeds from exercise of warrants 1,449,167 0
Repayments of equipment line of credit (156,526) (156,526)
Net cash provided by (used in) financing activities 1,292,641 (156,526)
Effect of exchange rate changes on cash and cash equivalents 0 (844)
Net change in cash and equivalents (1,568,606) (3,731,634)
Cash and cash equivalents—Beginning of period 8,225,764 13,915,094
Cash and cash equivalents—End of period 6,657,158 10,183,460
Supplementary disclosure of cash flow activity:    
Cash paid for interest 16,417 300,040
Supplemental disclosure of non-cash investing and financing activities:    
Preferred stock dividends accrued $ 6,060 $ 6,060