XML 22 R7.htm IDEA: XBRL DOCUMENT v3.19.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities      
Net loss $ (21,922,217) $ (34,433,662) $ (39,493,123)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation expense 228,158 324,548 277,231
Stock-based compensation expense 1,939,611 4,219,165 6,572,963
Amortization and accretion on investments 11,537 (68,139) 16,161
Other non-cash items 20,310 1,781 3,434
Changes in operating assets and liabilities:      
Accounts receivable 7,206 1,796 (12,181)
Inventory 227,979 22,241 (454,132)
Prepaid expenses and other current assets 600,121 148,881 (17,409)
Other assets 0 64,800 (64,800)
Accounts payable (1,661,910) 819,357 309,437
Accrued expenses and other current liabilities (2,951,420) 1,124,648 746,879
Deferred revenue 0 (16,156) 88,344
Deferred rent (98,035) 68,542 (9,475)
Other long term liabilities 0 0 (15,442)
Net cash used in operating activities (23,598,660) (27,722,198) (32,052,113)
Investing activities      
Purchases of marketable securities (1,997,751) (32,987,697) (38,682,081)
Proceeds from maturities and sales of marketable securities 16,117,184 57,585,413 26,995,324
Purchases of property and equipment 0 (113,498) (559,378)
Proceeds from sales of property and equipment 4,805 5,344 5,255
Net cash provided by (used in) investing activities 14,124,238 24,489,562 (12,240,880)
Financing activities      
Proceeds from exercise of common stock 118,010 2,632 22,098
Net cash provided by financing activities 118,010 2,632 22,098
Net decrease in cash, cash equivalents and restricted cash (9,356,412) (3,230,004) (44,270,895)
Cash, cash equivalents and restricted cash at beginning of period 19,312,631 22,542,635 66,813,530
Cash, cash equivalents and restricted cash at end of period 9,956,219 19,312,631 22,542,635
Supplemental cash flow information      
Property and equipment purchases included in accounts payable $ 0 $ 0 $ 7,100