v3.8.0.1
Consolidated Balance Sheets - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 4,297,503 $ 3,806,984
Marketable securities available-for-sale 48,254,552 31,354,170
Prepaid expenses and other current assets 1,259,521 1,017,645
Total current assets 53,811,576 36,178,799
Property and equipment, net 1,148,138 1,281,152
Other assets 164,519 164,519
Total assets 55,124,233 37,624,470
Current liabilities:    
Accounts payable 1,235,480 1,549,845
Accrued liabilities 1,694,232 2,868,352
Total current liabilities 2,929,712 4,418,197
Deferred rent 704,240 994,439
Warrant liabilities 16,024,207 12,698,980
Total liabilities 19,658,159 18,111,616
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.0001 par value, 25,000,000 shares authorized and none outstanding at September 30, 2017 and December 31, 2016
Common stock, $0.0001 par value, 200,000,000 shares and 100,000,000 shares authorized at September 30, 2017 and December 31, 2016, respectively; 73,656,006 shares and 41,656,006 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively 7,366 4,166
Additional paid-in capital 192,360,418 165,678,164
Accumulated other comprehensive loss (23,750) (51,666)
Accumulated deficit (156,877,960) (146,117,810)
Total stockholders' equity 35,466,074 19,512,854
Total liabilities and stockholders' equity $ 55,124,233 $ 37,624,470

Source

v3.8.0.1
Unaudited Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Operating expenses        
Research and development $ 4,934,788 $ 5,948,026 $ 12,893,655 $ 17,650,395
General and administrative 1,800,400 1,943,484 6,265,668 9,173,714
Total operating expenses 6,735,188 7,891,510 19,159,323 26,824,109
Loss from operations (6,735,188) (7,891,510) (19,159,323) (26,824,109)
Other income (expense):        
Interest income 123,960 54,620 245,979 126,370
Other expense (905,014) (1,569,341) (905,014) (1,569,341)
Change in fair value of warrant liabilities 5,941,144 (1,124,353) 9,058,208 (865,688)
Total other income (expense) 5,160,090 (2,639,074) 8,399,173 (2,308,659)
Net loss $ (1,575,098) $ (10,530,584) $ (10,760,150) $ (29,132,768)
Per share information:        
Net loss per share of common stock, basic and diluted $ (0.02) $ (0.28) $ (0.22) $ (0.94)
Basic and diluted weighted average shares outstanding 64,960,354 37,446,087 49,509,486 30,833,362

Source

v3.8.0.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net loss $ (10,760,150) $ (29,132,768)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 133,014 385,015
Stock-based compensation expense 1,087,179 1,886,033
Issuance costs allocated to warrants 905,014 1,569,341
Issuance of common stock in exchange for services   93,930
Change in fair value of warrant liabilities (9,058,208) 865,688
(Decrease) increase in deferred rent (290,199) 22,320
Net amortization of premium paid on marketable securities 547,266 374,168
Changes in operating assets and liabilities:    
(Increase) decrease in prepaid expenses and other current and non-current assets (241,876) 8,099
(Decrease) increase in accounts payable and accrued liabilities (1,488,485) 2,653,063
Net cash used in operating activities (19,166,445) (21,275,111)
Cash flows from investing activities    
Purchases of marketable securities (45,656,691) (32,786,486)
Proceeds from maturities of marketable securities 28,236,959 22,804,030
Purchases of property and equipment   (113,192)
Net cash provided by investing activities (17,419,732) (10,095,648)
Cash flows from financing activities    
Proceeds from issuance of securities 40,000,000 35,000,000
Payment of financing costs of securities sold (2,923,304) (2,952,889)
Proceeds from exercise of warrants   16,000
Net cash provided by financing activities 37,076,696 32,063,111
Net increase in cash and cash equivalents 490,519 692,352
Cash and cash equivalents at beginning of period 3,806,984 9,972,781
Cash and cash equivalents at end of period 4,297,503 10,665,133
Supplemental disclosures of cash flow information:    
Issuance of warrants to purchase common stock $ 12,383,435 $ 18,601,228

Source