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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2016
Dec. 31, 2015
Current Assets:    
Cash and cash equivalents $ 84,155,000 $ 61,653,000
Available-for-sale securities 0 50,097,000
Prepaid expenses and other current assets 3,361,000 3,305,000
Total Current Assets 87,516,000 115,055,000
Property and equipment, net 534,000 531,000
Security deposits 343,000 343,000
Total Assets 88,393,000 115,929,000
Current Liabilities:    
Accounts payable 13,561,000 13,263,000
Accrued expenses 3,229,000 4,328,000
Interest payable on Senior Convertible Debentures 2,474,000 1,988,000
Total Current Liabilities 19,264,000 19,579,000
Senior Convertible Notes, net of deferred financing costs of $3,617 and $7,769 as of March 31, 2016 and December 31, 2015, respectively 75,565,000 151,241,000
Derivative financial instruments, at estimated fair value-warrants 62,000 322,000
Total Liabilities $ 94,891,000 $ 171,142,000
Commitments and contingencies
Stockholders’ Deficit:    
Preferred stock, Authorized 20,000,000 shares and none outstanding, at March 31, 2016 and December 31, 2015 $ 0 $ 0
Common stock, par value of $.0001, 350,000,000 shares authorized at March 31, 2016 and December 31, 2015. Issued and outstanding 149,821,088 shares and 113,694,606 shares at March 31, 2016 and December 31, 2015, respectively. 15,000 11,000
Additional paid-in capital 437,813,000 329,161,000
Accumulated deficit (444,326,000) (384,385,000)
Total Stockholders’ Deficit (6,498,000) (55,213,000)
Total Liabilities and Stockholders’ Deficit $ 88,393,000 $ 115,929,000