Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (unaudited)

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Consolidated Statements of Cash Flows (unaudited) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities    
Net loss $ (9,185,052) $ (18,602,184)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 91,099 268,853
Stock-based compensation expense 727,803 1,555,750
Issuance of common stock in exchange for services   93,930
Change in fair value of warrant liabilities (3,117,064) (258,665)
(Decrease) increase in deferred rent (1,779) 22,320
Net amortization of premium paid on marketable securities 319,313 267,560
Changes in operating assets and liabilities:    
Increase in prepaid expenses and other current and non-current assets (1,212,252) (308,738)
(Decrease) increase in accounts payable and accrued liabilities (787,286) 3,489,881
Net cash used in operating activities (13,165,218) (13,471,293)
Cash flows from investing activities    
Purchases of marketable securities (1,953,630) (1,994,030)
Proceeds from maturities of marketable securities 16,191,000 16,208,830
Purchases of property and equipment   (140,192)
Net cash provided by investing activities 14,237,370 14,074,608
Cash flows from financing activities    
Proceeds from exercise of warrants   16,000
Net cash provided by financing activities   16,000
Net increase (decrease) in cash and cash equivalents 1,072,152 619,315
Cash and cash equivalents at beginning of period 3,806,984 9,972,781
Cash and cash equivalents at end of period $ 4,879,136 $ 10,592,096