XML 16 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net loss $ (10,050,005) $ (10,247,450)
Depreciation and amortization 341,058 243,750
Change in fair value of earn-out milestone liability 575,979 (106,028)
Deferred revenue (250,000) (250,000)
Stock-based compensation costs 804,592 898,520
Shares issued out of treasury 41,113
Amortization of deferred finance charges and debt discount associated with notes payable 35,370 145,586
Change in deferred rent liability 24,488 (16,716)
Loss realized on sale of investment securities 3,858
Accrued interest on short term investments 4,008 26,708
Advances, deposits and other current assets 94,461 (311,222)
Accounts payable 665,605 118,925
Accrued liabilities 428,135 458,775
Net cash (used in) operating activities: (7,326,309) (8,994,181)
Cash flows from investing activities:    
Proceeds from sale and maturity of investment securities 1,680,000 10,799,890
Purchases of investment securities (2,160,000)
Refund of security for letter of credit 100,000
Purchases of property and equipment (21,126) (42,758)
Net cash provided by investing activities 1,758,874 8,597,132
Cash flows from financing activities:    
Proceeds from sale of common stock equity, net of issuance costs 4,252,948 5,430,364
Proceeds from exercise of common stock warrants, net of issuance costs 4,915,286
Principal payment and end of term charges on note payable (2,595,923) (1,990,670)
Net cash provided by financing activities 6,572,311 3,439,694
Increase in cash and cash equivalents 1,004,876 3,042,645
Cash and cash equivalents at beginning of period 2,624,162 9,265,144
Cash and cash equivalents at end of period 3,629,038 12,307,789
Supplemental disclosures of cash flow information:    
Interest paid $ 56,386 $ 301,996