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 ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net loss $ (6,348,164) $ (8,923,162)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 45,559 134,381
Stock-based compensation expense 380,911 1,080,806
Change in fair value of warrant liabilities 79,801 (188,270)
(Decrease) increase in deferred rent (2,363) 15,141
Net amortization of premium paid on marketable securities 95,008 133,529
Changes in operating assets and liabilities:    
(Increase) decrease in prepaid expenses and other current and non-current assets (444,208) 67,187
Increase in accounts payable and accrued liabilities 8,734 1,161,894
Net cash used in operating activities (6,184,722) (6,518,494)
Cash flows from investing activities    
Purchases of marketable securities   (1,994,030)
Proceeds from sales of marketable securities 7,092,320 6,210,000
Purchases of property and equipment   (31,611)
Net cash provided by investing activities 7,092,320 4,184,359
Cash flows from financing activities    
Net cash provided by financing activities 0 0
Net increase (decrease) in cash and cash equivalents 907,598 (2,334,135)
Cash and cash equivalents at beginning of period 3,806,984 9,972,781
Cash and cash equivalents at end of period $ 4,714,582 $ 7,638,646