12. Subsequent Events

On October 15, 2013, the Company completed a $25.9 million underwritten public offering. In the offering, the Company sold and issued 11.5 million shares of common stock at a price of $2.25 per share. Net of underwriting discounts, legal, accounting and other offering expenses, the Company received proceeds of approximately $24.1 million. Immediately after the sale, the Company had approximately 42.1 million shares of common stock outstanding, without giving effect to the possible exercise of any of the Company’s outstanding warrants or stock options.

The following selected pro forma balance sheet data is derived from our balance sheet as of September 30, 2013 and gives retroactive effect to the completion of the underwritten offering, but does not give effect to other events that occurred since September 30, 2013 and thus may not be indicative of our current financial condition. The information should be read in conjunction with our balance sheet as of September 30, 2013 and related notes.

	Actual as of September 30, 2013			Adjustments Related to October 2013 Equity Financing		Pro Forma as of September 30, 2013
	(Unaudited)			(Unaudited)		(Unaudited)
ASSETS

Current assets:
Cash and cash equivalents	$	6,036,220		$	24,100,000	$	30,136,220
Short-term investments		17,000,000			—		17,000,000
Prepaid and other current assets		955,504			—		955,504
Total current assets		23,991,724			24,100,000		48,091,724
Non-current assets		475,286			—		475,286
Total assets	$	24,467,010		$	24,100,000	$	48,567,010

LIABILITIES AND STOCKHOLDERS’ EQUITY

Total current liabilities	$	13,325,029		$	—	$	13,325,029

Stockholders’ equity:

Common stock		30,609			11,500		42,109
Additional paid-in-capital		262,656,237			24,088,500		286,744,737
Treasury stock		(2,373,442	)		—		(2,373,442	)
Accumulated deficit		(249,171,423	)		—		(249,171,423	)
Total stockholders’ equity		11,141,981			24,100,000		35,241,981
Total liabilities and stockholders’ equity	$	24,467,010		$	24,100,000	$	48,567,010